Summary by Moomoo AI
Minim reported zero revenue for Q3 2024, compared to $6.7 million in Q3 2023, reflecting the complete wind-down of its Motorola-branded networking product operations. The company posted a net loss of $625,067 for the quarter, significantly reduced from a $6.8 million loss in the same period last year. Operating expenses decreased 83.2% to $625,067, primarily due to the cessation of sales, marketing and R&D activities.The company ended the quarter with $191,724 in cash, down from $709,322 at year-end 2023, and negative working capital of $776,219. Management acknowledged substantial doubt about the company's ability to continue as a going concern without additional funding. In response, Minim entered into a Securities Purchase Agreement in November 2024 to raise $2.6 million through the sale of preferred stock.The company is currently appealing Nasdaq's decision to delist its shares, with trading suspended since July 2024. An SEC administrative stay was granted on November 1, 2024, temporarily halting the delisting process while the appeal is reviewed. The completion of the new funding agreement is contingent upon regaining Nasdaq listing by December 31, 2024.
