Wed, Nov 13, 8:13 PM (65 days ago)
Vemanti Group, Inc. (VMNT) filed an amended quarterly report (Form 10-Q/A) for the period ending June 30, 2024, correcting the accounting treatment of Preferred Series B shares from mezzanine equity to permanent equity. This adjustment reflects the conversion rights of the shares, which are set at a fixed number upon issuance. For the quarter, Vemanti reported net sales of $579,463, with a loss of $172,113, primarily due to $220,832 in interest expenses. Year-to-date, sales totaled $674,967 against a net loss of $243,749. Operating expenses were $530,744 for the quarter and $544,166 for the six months, leading to operating profits of $48,719 and $130,801, respectively. The company generated a positive cash flow from operations of $125,558 but faced significant liabilities totaling $9,185,742. The restatement of financials aims to enhance transparency and accuracy in reporting. Vemanti's future operations depend on its ability to secure additional funding and manage ongoing losses, with no guarantees of future financial stability. The company remains focused on digital innovations in the hospitality sector, leveraging its subsidiary, VinHMS Pte. Ltd., to drive growth in Southeast Asia.