VERB's MARKET.live Livestream Shopping Business Plan is Now Fully Funded
- The Form 10-K for 2023 reveals no 'Going Concern' opinion for VERB, a first in the Company's history.
- Cash and cash equivalents increased by $10.9 million to $14.2 million, while notes payable decreased by $7.3 million to $1.2 million compared to the previous year.
- The Company's enhanced cash position and reduced operating costs ensure funding for at least the next 14 months, potentially longer with revenue generation.
- VERB's MARKET.live, a livestream social shopping platform, continues to be a popular force in the market.
- The positive financial disclosures indicate a strong financial outlook for VERB, instilling investor confidence.
- None.
Insights
The absence of a 'Going Concern' opinion in Verb Technology Company's latest Form 10-K is a positive signal to investors and stakeholders. This indicates that the auditors have confidence in the company's ability to continue its operations for the foreseeable future, which is typically the next 12 months. The increase in cash and cash equivalents by $10.9 million and the decrease in notes payable by $7.3 million are indicative of improved liquidity and reduced debt burden. These financial improvements could potentially lead to a more favorable credit rating and lower interest costs on future debt.
An enhanced cash position also provides the company with a buffer to navigate market uncertainties and invest in strategic initiatives. The assertion that operations are fully funded for the next 14 months suggests management has a clear plan for capital allocation and is not expecting to raise additional funds in the immediate future, which can dilute existing shareholders' equity.
Verb Technology's focus on MARKET.live, a livestream social shopping platform, positions the company within the burgeoning e-commerce sector. The platform's popularity can be a driver for revenue growth, especially considering the increasing consumer trend towards online shopping and interactive purchasing experiences. The company's improved financial health may allow it to capitalize on this trend by potentially increasing marketing spend, enhancing platform features, or expanding into new markets.
However, it is important to monitor the competitive landscape and consumer behavior. While the current financial stability is promising, the company's long-term success will depend on its ability to attract and retain users, convert user engagement into sales and scale operations without significantly increasing costs.
The broader economic context can have a substantial impact on companies like Verb Technology. Consumer discretionary spending is a key factor for the success of platforms like MARKET.live. In periods of economic downturn, such spending is often the first to be cut, which could affect the company's revenue generation. Conversely, in a growing economy, discretionary spending increases, potentially benefiting the company.
Moreover, the company's ability to operate without the need for additional funding for at least 14 months provides a cushion against short-term economic fluctuations. This financial resilience is important for weathering potential economic headwinds and could give the company a competitive edge over less financially stable peers.
Audited Form 10-K Financial Disclosures Contain No “Going Concern” Opinion
LOS ALAMITOS, Calif. and LAS VEGAS, April 02, 2024 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the force behind MARKET.live, the popular livestream social shopping platform, announces that for the first time in the history of the Company, as of March 28, 2024, the disclosures concerning the Company’s audited financial statements, as set forth in its 2023 Form 10-K filed on April 1, 2024 (the “Form 10-K”), do not contain a “Going Concern” opinion.
As further set forth in the Form 10-K, the Company disclosed that it had cash and cash equivalents of approximately
As further stated in the current Form 10-K “[W]e believe that our enhanced cash position coupled with our substantially reduced current operating costs means our operations are fully funded for at least the next 14 months, and possibly longer subject to revenue generation during that period. As a result, we have alleviated substantial doubt about the Company’s ability to continue as a going concern.”
“With our current new partnerships including TikTok, new technology integrations and innovations, new strategic relationships, and a plethora of opportunities, together with significant financial resources for a company our size, our management team can now focus our efforts exclusively on growing revenue and working to generate the kind of returns our stockholders deserve,” stated VERB CEO, Rory J. Cutaia.
For more information, please visit MARKET.live or follow the latest updates on social media.
About VERB
Verb Technology Company, Inc. (Nasdaq: VERB), is a market leader in interactive video-based sales applications. The Company’s MARKET.live platform is a multi-vendor, multi-presenter, livestream social shopping destination at the forefront of the convergence of ecommerce and entertainment, where hundreds of retailers, brands, creators and influencers can monetize their base of fans and followers across social media channels. Brands, retailers and creators that join MARKET.live have the ability to broadcast livestream shopping events simultaneously on numerous social media channels, including TikTok, as well as on MARKET.live, reaching exponentially larger audiences. Creators and entrepreneurs that join MARKET.live’s drop ship program and TikTok affiliate program can earn income selling products from popular MARKET.live retailers. The Company is headquartered in Las Vegas, NV and operates creator studios in Los Alamitos, California and Philadelphia, PA.
Follow VERB AND MARKET.LIVE here:
VERB on Facebook: https://www.facebook.com/market.liveofficial
VERB on TikTok: https://www.tiktok.com/@market.live_official
VERB on Instagram: https://www.instagram.com/market.liveofficial/
VERB on LinkedIn: https://www.linkedin.com/company/verb-tech/
VERB on YouTube: https://www.youtube.com/@market.liveofficial
FORWARD-LOOKING STATEMENTS
This communication contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as "anticipate," "expect," "project," "plan," or words or phrases with similar meaning. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. Investors are referred to our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Investor Relations:
investors@verb.tech
Media Contact:
info@verb.tech
FAQ
What is the ticker symbol for Verb Technology Company, Inc.?
What significant milestone did VERB achieve in its recent Form 10-K financial disclosures?
How much did VERB's cash and cash equivalents increase by in the latest financial disclosures?
What is the current notes payable amount for VERB as per the Form 10-K?
How long are VERB's operations funded according to the Form 10-K?
