Summary by Futu AI
Mobiquity Technologies reported a revenue increase to $266,892 in Q2 2024, up from $131,515 in Q2 2023, attributed to a rise in political revenue. Cost of revenues was $184,125, resulting in a gross profit of $82,767. Operating expenses decreased to $1,104,776, leading to a loss from operations of $1,022,009, an improvement from the previous year's $1,510,553 loss. For the first half of 2024, revenue was $530,174, with a gross profit of $134,780 and a loss from operations of $2,071,107. The company's focus on developing new products and services is reflected in the capitalization of software development costs and the continued operating loss. Cash at the end of the period was $23,892, with cash used in operations at $1,336,280. Financing activities provided $1,806,275, primarily from stock issuances and debt proceeds. The company's legal proceedings involve a lawsuit filed by a former Co-CEO, which the company intends to defend vigorously. Mobiquity's future plans include hiring sales personnel to drive revenue through its advertising platform, data intelligence platform, and publisher platform.
