Vocodia Holdings Corp reported significant financial challenges in its latest 10-Q filing for the third quarter of 2024, revealing a net loss of approximately $9.8 million, compared to a loss of $7.1 million for the same period in 2023. Revenue for the nine months ended September 30, 2024, plummeted by 80% to $50,231, down from $252,820 in the prior year. The decline in revenue was attributed to the suspension of sales for its DISA product, which the company is currently updating to better meet customer needs. The company anticipates launching the improved product in the first quarter of 2025.
In terms of operational metrics, Vocodia's total current assets surged to $209,583 as of September 30, 2024, a dramatic increase from $12,770 at the end of 2023. This increase was primarily driven by the completion of an Initial Public Offering (IPO) in February 2024, which raised approximately $5.95 million in gross proceeds. Conversely, current liabilities decreased significantly by 70% to $2,329,828, largely due to the conversion and settlement of convertible notes and associated derivative liabilities.
The company has also seen a notable increase in operating expenses, which rose by 22% to $5,706,554 for the nine months ended September 30, 2024, compared to $4,676,396 in the same period last year. This increase was primarily due to heightened general and administrative expenses associated with operating as a public company, which rose by 176% to $3,188,266. Salaries and wages, however, decreased by 49% to $1,179,038, reflecting a reduction in staff.
Vocodia's workforce has also undergone changes, with the company reporting a significant reduction in employee headcount, contributing to lower salary expenses. The company is classified as a smaller reporting company and is currently not a large accelerated or accelerated filer. As of January 13, 2025, the company had 300,213,026 shares of common stock outstanding.
Looking ahead, Vocodia Holdings Corp faces substantial doubt regarding its ability to continue as a going concern, as indicated by its management. The company plans to rely on cash from operations and potential equity and debt offerings to meet its liquidity needs. However, management acknowledges that without additional capital, the implementation of its business plan and overall financial condition may be adversely affected.
About Vocodia Holdings Corp
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