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Verb Technology | 253G3: Others

SEC announcement ·  Mar 20 05:29
Summary by Futu AI
Verb Technology Company, Inc., a Nevada corporation specializing in Software-as-a-Service (SaaS) applications, has undergone significant changes in its business operations and financial strategies. As of June 13, 2023, Verb sold its SaaS assets to SW Direct Sales LLC for $6.5 million, with $4.75 million paid in cash and an additional $1.75 million contingent on future profitability targets. This strategic move allows Verb to focus on its MARKET.live platform, a multi-vendor, multi-presenter, livestream social shopping platform. Despite this sale, Verb continues to face financial challenges, including a net loss from continuing operations of $11.957 million and cash used in operations of $6.619 million for the nine months ended September 30, 2023. These challenges raise substantial doubt about the company's ability to continue as...Show More
Verb Technology Company, Inc., a Nevada corporation specializing in Software-as-a-Service (SaaS) applications, has undergone significant changes in its business operations and financial strategies. As of June 13, 2023, Verb sold its SaaS assets to SW Direct Sales LLC for $6.5 million, with $4.75 million paid in cash and an additional $1.75 million contingent on future profitability targets. This strategic move allows Verb to focus on its MARKET.live platform, a multi-vendor, multi-presenter, livestream social shopping platform. Despite this sale, Verb continues to face financial challenges, including a net loss from continuing operations of $11.957 million and cash used in operations of $6.619 million for the nine months ended September 30, 2023. These challenges raise substantial doubt about the company's ability to continue as a going concern. To address these concerns, Verb has engaged in equity financing, including a public offering that raised approximately $6.6 million net proceeds, and debt financing, with a recent note purchase agreement for $1 million. The company also settled various legal disputes and implemented a cost savings plan, including a 25% reduction in cash compensation for senior management in exchange for equity awards. Verb's financial statements for the years ended December 31, 2022, and 2021, have been audited by Weinberg & Company, P.A., which raised concerns about the company's ability to continue as a going concern. The company's stock trades on the Nasdaq Capital Market under the symbol 'VERB.'

This announcement is a separate document:

Doc 1

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