Cuentas, Inc., a financial technology service provider, reported its financial performance for the quarter ended March 31, 2024. The company saw a significant increase in total revenues, reaching $639,000 compared to $64,000 in the same period last year. This increase was primarily due to a rise in wholesale telecommunication services, which contributed $569,000. However, the company experienced a gross loss of $69,000, with a gross loss margin of 11%. Operating expenses decreased by 52% to $774,000, down from $1,627,000 in the previous year, mainly due to reduced selling, general, and administrative expenses. Despite these reductions, Cuentas incurred a net loss of $445,000, an improvement from the net loss of $1,695,000 in the prior year's quarter. The company's cash position stood at $28,000, with a working capital deficit of $3,249,000. Cuentas is actively...Show More

Cuentas, Inc., a financial technology service provider, reported its financial performance for the quarter ended March 31, 2024. The company saw a significant increase in total revenues, reaching $639,000 compared to $64,000 in the same period last year. This increase was primarily due to a rise in wholesale telecommunication services, which contributed $569,000. However, the company experienced a gross loss of $69,000, with a gross loss margin of 11%. Operating expenses decreased by 52% to $774,000, down from $1,627,000 in the previous year, mainly due to reduced selling, general, and administrative expenses. Despite these reductions, Cuentas incurred a net loss of $445,000, an improvement from the net loss of $1,695,000 in the prior year's quarter. The company's cash position stood at $28,000, with a working capital deficit of $3,249,000. Cuentas is actively seeking additional financing and has entered into a Membership Interest Purchase Agreement with OLB Group, Inc. for the sale of a 19.99% membership interest in Cuentas SDI, LLC for $215,500. The company is also in the process of selling the Brooksville Property, which is expected to provide between $1.625 million and $1.9 million in net proceeds.