Wed, May 15, 8:01 PM (219 days ago)
Vemanti Group, Inc. reported a net loss of $97,189 for Q1 2024, a significant improvement from a net loss of $355,065 in Q1 2023. The company did not generate any revenue from continuing operations in either period. Operating expenses decreased to $100,977 from $356,208, primarily due to reduced stock-based compensation and other expenses. Other expenses increased to $6,453 due to higher interest expenses. Discontinued operations, related to VoiceStep LLC, showed a net profit of $10,241 for Q1 2024, compared to $666 in Q1 2023. This was driven by higher sales and recovery of previously written-off revenue. The company’s cash flow from operating activities was positive at $2,251, compared to a negative $61,636 in Q1 2023. Vemanti has sufficient cash to operate for the next 12 months but may seek additional financing for strategic initiatives. The company recently entered into a share exchange agreement to acquire VinHMS, a technology solutions provider for the hospitality industry.