GivBux, Inc. reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company generated total revenues of $544,327, a substantial increase from $196,326 in the previous year, marking a growth rate of approximately 277%. However, GivBux also reported a net loss of $3,316,192 for the year, compared to a loss of $757,462 in 2023. This increase in losses is attributed to rising operational expenses, which totaled $3,265,104, up from $883,726 in the prior year, largely due to increased professional fees and stock-based compensation.
The company has been actively expanding its user base and merchant partnerships. As of December 31, 2024, GivBux had 11,202 users and 258 merchants, including 140 charities. The GivBux Super App, which allows users to make purchases while donating to charities, has been downloaded over 20,000 times. The company is focusing on enhancing its app's features and expanding its merchant network, particularly by recruiting more local retailers to diversify its offerings beyond national brands.
Operationally, GivBux has faced challenges related to its rapid growth, which has strained its resources. The company has been in a recruiting phase for GivBux associates, which has increased its user and merchant counts but has not yet translated into proportional revenue growth. The management has acknowledged the need for effective growth management to maintain service levels and customer satisfaction amidst this expansion.
Looking ahead, GivBux's management plans to raise additional capital through equity and debt offerings to support its operations and growth initiatives. However, there is substantial doubt about the company's ability to continue as a going concern, given its accumulated deficit of $6,953,358 and current liabilities exceeding current assets by $3,109,331. The company is actively seeking financing options but has not secured any definitive agreements as of the filing date.
About GIVBUX, INC.
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