$QMCI

QUOTEMEDIA INC

CIK:0001101433|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
REVENUE (see note 3)	$ 5,450,127	$ 4,929,211	$ 10,980,399	$ 9,753,567
COST OF REVENUE	2,707,441	2,646,096	5,719,646	5,361,951
GROSS PROFIT	2,742,686	2,283,115	5,260,753	4,391,616
OPERATING EXPENSES
Sales and marketing	847,611	878,569	1,711,901	1,700,433
General and administrative	755,087	841,215	1,581,824	1,545,709
Software development	1,516,056	1,292,898	2,967,982	2,312,276
Total operating expenses	3,118,754	3,012,682	6,261,707	5,558,418
OPERATING LOSS	(376,068)	(729,567)	(1,000,954)	(1,166,802)
OTHER INCOME (EXPENSES)
Foreign exchange gain (loss)	24,393	(107,865)	54,467	(101,903)
Interest expense	(10,797)	(13,380)	(36,043)	(15,767)
Total other income (expenses)	13,596	(121,245)	18,424	(117,670)
NET LOSS BEFORE INCOME TAXES	(362,472)	(850,812)	(982,530)	(1,284,472)
Income tax expense	25	(2,770)	(529)	(68,921)
NET LOSS	$ (362,447)	$ (853,582)	$ (983,059)	$ (1,353,393)
LOSS PER SHARE (see note 7)
Basic loss per share - basic & diluted	$ (0.00)	$ (0.01)	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE SHARES OUTSTANDING (see note 7)
Basics & diluted	90,477,798	90,477,798	90,477,798	90,477,798

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net loss	$ (983,059)	$ (1,353,393)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,284,547	1,591,898
Allowance for doubtful accounts	(143,928)	211,870
Stock-based compensation expense - common stock warrants	0	42,294
Changes in assets and liabilities:
Accounts receivable	118,437	(272,513)
Prepaid expenses	(55,816)	3,571
Other current assets	(22,904)	(41,882)
Deposits	19,493	(573)
Accounts payable, accrued and other liabilities	321,712	487,991
Deferred revenue	(301,914)	24,794
Net cash provided by operating activities	236,568	694,057
INVESTING ACTIVITIES:
Purchase of property and equipment	(33,092)	(27,115)
Capitalized application software	(336,379)	(838,117)
Net cash used in investing activities	(369,471)	(865,232)
Net decrease in cash	(132,903)	(171,175)
Cash and equivalents, beginning of period	319,889	585,319
Cash and equivalents, end of period	$ 186,986	$ 414,144

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 186,986	$ 319,889
Accounts receivable, net	1,228,307	1,202,816
Prepaid expenses	134,310	78,494
Other current assets	265,184	242,280
Total current assets	1,814,787	1,843,479
Deposits	9,707	29,200
Property and equipment, net	162,002	173,937
Capitalized internal-use software development costs, net	2,507,935	3,405,884
Goodwill	110,000	110,000
Intangible assets	35,803	40,995
Operating lease right-of-use assets (see note 5)	341,962	169,735
Total assets	4,982,196	5,773,230
Current liabilities:
Accounts payable and accrued liabilities	4,902,849	4,569,306
Deferred revenue (see note 3)	1,500,198	1,589,900
Current portion of operating lease liabilities (see note 5)	55,379	53,757
Total current liabilities	6,458,426	6,212,963
Long-term liabilities:
Long-term portion of deferred revenue (see note 3)	70,544	282,756
Long-term portion of operating lease liabilities (see note 5)	276,627	117,853
Total long-term liabilities	347,171	400,609
Stockholders' deficit:
Preferred stock, 10,000,000 shares authorized: Series A Redeemable Convertible Preferred stock, $0.001 par value, 550,000 shares designated; shares issued and outstanding: 123,685 at June 30, 2026 and December 31, 2025 (see note 6)	2,983,857	2,983,857
Common stock, $0.001 par value, 150,000,000 shares authorized, shares issued and outstanding: 90,477,798 at June 30, 2026 and December 31, 2025	90,479	90,479
Additional paid-in capital	19,590,625	19,590,625
Accumulated deficit	(24,488,362)	(23,505,303)
Total stockholders' deficit	(1,823,401)	(840,342)
Total liabilities and stockholders' deficit	$ 4,982,196	$ 5,773,230