SinglePoint Inc.

CIK:0001443611|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Revenues	$ 20,283,064	$ 26,319,863
Cost of revenues	12,254,880	18,648,991
Inventory Obsolescence	629,284	498,096
Gross profit	7,398,900	7,172,776
Operating expenses
Advertising	2,067,397	682,345
Compensation	6,043,254	7,455,570
Legal and professional	4,029,381	5,089,066
General and administrative	4,841,092	9,351,077
Depreciation and amortization	481,730	681,295
Impairment expense	9,960,512	0
Total operating expenses	27,423,366	23,259,353
Loss from operations	(20,024,466)	(16,086,577)
Other income (expense)
Interest expense	(514,029)	(1,477,380)
Amortization of debt discount	(2,913,510)	(656,951)
Other income (loss)	(134,376)	275,780
Financing costs	(3,288,643)	(1,928,028)
Gain on settlement of liabilities	856,810	1,766,183
Loss on settlement of liabilities	(5,742,370)	0
Loss on settlement of warrants	(542,000)	0
Loss on conversion of preferred stock to common	0	(1,394,817)
Change in fair value of derivative liability	3,368,539	735,127
Total other income (expense)	(8,909,579)	(2,680,086)
Net loss	(28,934,045)	(18,766,663)
Loss attributable to non-controlling interests	0	574,643
Net loss attributable to SinglePoint, Inc. common stockholders	(28,934,045)	(18,192,020)
Deemed dividends - Class A convertible preferred stock	0	10,568,730
Net income (loss) attributable to SinglePoint, Inc.	$ (28,934,045)	$ (7,623,290)
Income (loss) per share - basic and diluted	$ (3.58)	$ (2,681.62)
Weighted average shares outstanding - basic and diluted	8,075,296	2,843

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Operating activities
Net loss	$ (28,934,045)	$ (18,766,663)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	55,925	276,847
Amortization	425,805	404,448
Inventory obsolescence	629,284	498,096
Impairment	9,960,512	0
Loss on investments	134,376	0
Amortization of debt discount	2,913,510	656,951
Bad debt expense	194,558	331,622
Financing costs	3,288,643	1,928,028
Gain on settlement of liabilities	(856,810)	(1,766,183)
Loss on settlement of liabilities	5,742,370	0
Stock-based compensation	2,308,355	9,276,525
Loss from conversion of preferred stock into pre-funded warrants	0	1,394,817
Loss from settlement of pre-funded warrants	542,000	0
Change in fair value of derivative liability	(3,368,539)	(735,127)
Changes in operating assets and liabilities:
Accounts receivable, net	(30,169)	1,626,154
Prepaid expenses	1,269,751	203,636
Inventory, net	1,205,800	148,204
Contract assets	(48,348)	404,202
Accounts payable	1,269,984	(580,663)
Accrued expenses, including accrued officer salaries	2,262,561	1,823,649
Accrued warranty liability	(60,947)	28,171
Unearned revenue	(1,519,305)	(798,992)
Net cash used in operating activities	(2,614,729)	(3,646,278)
Investing activities
Cash issued for notes receivable from related party	(10,000)	(69,500)
Purchase of property	(44,195)	(105,900)
Net cash used in investing activities	(54,195)	(175,400)
Financing activities
Proceeds from sale of preferred stock	0	583,780
Proceeds from sale of common stock	1,339,416	3,422,147
Proceeds from advances from related party	33,114	150,637
Proceeds from advances	250,000	0
Proceeds from convertible notes payable	1,480,000	680,000
Proceeds from notes payable	0	49,980
Repayments on advances from related party	(52,696)	(147,113)
Repayments on convertible notes payable	(698,035)	(312,716)
Repayments on notes payable	(146,302)	(200,472)
Payments on lease obligation	0	(210,185)
Net cash provided by financing activities	2,205,497	4,016,058
Net increase (decrease) in cash	(463,427)	194,380
Cash - beginning of period	758,622	564,242
Cash - end of period	295,195	758,622
Cash paid for income taxes	0	0
Cash paid for interest	192,412	20,503
Supplemental schedule of non-cash investing and financing activities
Recognition of debt discounts related to derivative liability	2,897,504	285,371
Discounts on convertible notes payable	477,958	0
Settlement of derivative liability via debt conversions and cash payments	2,765,723	112,818
Common shares issued for exercise of prefunded warrants	0	62
Common shares issued for conversion and settlement of debt and accrued interest	4,465,147	0
Common shares issued for conversion of settlement liability	777,766	0
Issuance of convertible debt for remaining interest in partially owned subsidiary	1,671,157	0
Settlement of notes payable with formalized convertible note	817,000	0
Settlement of advances with formalized convertible note	250,000	0
Settlement of accounts payable with settlement liability	2,510,512	0
Deemed dividend on Class A preferred stock	0	10,568,730
Accrued preferred stock dividends	0	224,760
Common stock issued for prepaid services	0	1,364,858
Recognition of operating right of use assets and lease liabilities	$ 443,982	$ 290,104

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash	$ 295,195	$ 758,622
Accounts receivable, net	911,904	1,076,293
Prepaid expenses	153,093	1,422,844
Inventory, net	0	1,835,084
Contract assets	48,995	647
Notes receivable from related party	0	289,957
Total current assets	1,409,187	5,383,447
Non-current assets
Property, net	244,290	256,020
Right of use asset	1,391,768	1,391,700
Investment	0	134,376
Intangible assets, net	0	2,886,794
Goodwill	0	7,199,567
Total non-current assets	1,636,058	11,868,457
Total assets	3,045,245	17,251,904
Current liabilities
Accounts payable	3,926,618	4,216,791
Accrued expenses, including accrued officer salaries	3,360,025	2,218,397
Accrued warranty liability	173,728	234,840
Unearned revenue	2,608,925	4,128,230
Lease liability, current portion	422,589	345,442
Advances from related party	3,074	22,656
Convertible notes payable, current portion, net of discount	1,115,976	1,500,241
Notes payable, current portion, net of discount	379,845	1,920,778
Settlement liability	1,732,746	0
Derivative liability	4,271,555	388,983
Total current liabilities	17,995,081	14,976,358
Long-term liabilities
Lease liability, net of current portion	969,179	1,046,259
Notes payable, net of current portion and discount	0	346,113
Total long-term liabilities	969,179	1,392,372
Total liabilities	18,964,260	16,368,730
Stockholders' equity (deficit)
Common stock $0.0001 par value; authorized 6,000,000,000 shares with 40,923,495 and 43,516 shares issued and outstanding at December 31, 2024 and 2023, respectively	4,091	4
Additional paid-in capital	114,943,929	103,880,418
Accumulated deficit	(131,600,784)	(102,634,869)
Total SinglePoint Inc. stockholders' equity (deficit)	(16,652,664)	1,245,653
Non-controlling interest	733,649	(362,479)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(15,919,015)	883,174
Total liabilities and stockholders' equity (deficit)	3,045,245	17,251,904
Class A Convertible Preferred Stock [Member]
Stockholders' equity (deficit)
Preferred Stock Value	100	100
Class B Convertible Preferred Stock [Member]
Stockholders' equity (deficit)
Preferred Stock Value	0	0
Class C Convertible Preferred Stock [Member]
Stockholders' equity (deficit)
Preferred Stock Value	0	0
Class D Convertible Preferred Stock [Member]
Stockholders' equity (deficit)
Preferred Stock Value	0	0
Class E Convertible Preferred Stock [Member]
Stockholders' equity (deficit)
Preferred Stock Value	0	0
Undesignated Preferred Stock [Member]
Stockholders' equity (deficit)
Preferred Stock Value	$ 0	$ 0