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Freight Technologies Announces Full Year 2024 Results And Outlook For 2025
| FREIGHT TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS | ||||||||
| Years Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 13,728,922 | $ | 17,060,753 | ||||
| Cost and expenses | ||||||||
| Cost of revenue (exclusive of depreciation and amortization shown separately below) | 12,389,520 | 15,709,673 | ||||||
| Compensation and employee benefits | 5,349,764 | 5,963,713 | ||||||
| General and administrative | 1,983,901 | 3,163,639 | ||||||
| Sales and marketing | 65,574 | 80,328 | ||||||
| Depreciation and amortization | 430,414 | 404,598 | ||||||
| Total cost and expenses | 20,219,173 | 25,321,951 | ||||||
| Operating loss | (6,490,251 | ) | (8,261,198 | ) | ||||
| Other income and expenses | ||||||||
| Interest expense, net | (673,858 | ) | (807,939 | ) | ||||
| Other expense, net | - | (498,917 | ) | |||||
| Gain from extinguishment of debts | 1,607,766 | - | ||||||
| Change in fair value of convertible note | 22,602 | 345,396 | ||||||
| Income (loss) before provision for income taxes | (5,533,741 | ) | (9,222,658 | ) | ||||
| Income tax expense | 67,486 | 104,948 | ||||||
| Net loss | $ | (5,601,227 | ) | $ | (9,327,606 | ) | ||
| Net loss per share attributable to ordinary shareholders, basic and diluted | $ | (6.14 | ) | $ | (194.87 | ) | ||
| Weighted average number of ordinary shares | 912,837 | 47,867 | ||||||
| Net loss | $ | (5,601,227 | ) | $ | (9,327,606 | ) | ||
| Other comprehensive gain (loss) net of tax | ||||||||
| Foreign currency translation gain (loss) | (1,740,552 | ) | 452,917 | |||||
| Comprehensive loss | $ | (7,341,779 | ) | $ | (8,874,689 | ) | ||
The accompanying notes are an integral part of these consolidated financial statements.
Schedule II
| FREIGHT TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| ASSETS: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 204,032 | $ | 1,560,105 | ||||
| Accounts receivable, net | 3,533,330 | 5,360,493 | ||||||
| Unbilled receivables | 520,037 | 961,747 | ||||||
| Prepaid expenses and other current assets | 792,147 | 1,270,744 | ||||||
| Total current assets | 5,049,546 | 9,153,089 | ||||||
| Capitalized software, net | 574,109 | 771,133 | ||||||
| Property and equipment, net | 13,238 | 18,239 | ||||||
| Other long-term assets | 39,988 | 80,674 | ||||||
| Security deposits | 7,818 | 7,818 | ||||||
| Intangible assets, net | 5,546 | 6,359 | ||||||
| Total assets | $ | 5,690,245 | $ | 10,037,312 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT): | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,442,517 | $ | 1,875,727 | ||||
| Accrued expenses | 1,280,563 | 2,239,171 | ||||||
| Short-term borrowings | 3,343,710 | 2,819,620 | ||||||
| Income tax payable | 278,215 | 220,180 | ||||||
| Insurance financing payable | - | 13,191 | ||||||
| Total current liabilities | 6,345,005 | 7,167,889 | ||||||
| Convertible notes payable– long term | - | 242,442 | ||||||
| Total liabilities | 6,345,005 | 7,410,331 | ||||||
| COMMITMENTS AND CONTINGENCIES | ||||||||
| STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
| Series A preferred stock, $0.0001 par value, (*) shares authorized; 1,815,438 and 162,732,288 issued and outstanding at December 31, 2024 and 2023, respectively | 182 | 16,274 | ||||||
| Series B preferred stock, $0.0001 par value, 21,000,000 shares authorized; 1,262,074 and 1,262,074 issued and outstanding at December 31, 2024 and 2023, respectively | 126 | 126 | ||||||
| Series seed preferred stock, $0.0001 par value, 25,000 shares authorized; 7,020 and 7,020 issued and outstanding at December 31, 2024 and 2023, respectively | - | - | ||||||
| Ordinary shares, no par value, (**) unlimited shares authorized; 2,185,074 and 2,191,924 shares ($1.10 par value in 2023) issued and outstanding at December 31, 2024 and 2023, respectively | - | 2,411,118 | ||||||
| Additional paid-in capital | 45,510,375 | 39,023,126 | ||||||
| Accumulated deficit | (44,916,779 | ) | (39,315,551 | ) | ||||
| Accumulated other comprehensive income (loss) | (1,248,664 | ) | 491,888 | |||||
| Total stockholders' equity (deficit) | (654,760 | ) | 2,626,981 | |||||
| Total liabilities and stockholders' equity (deficit) | $ | 5,690,245 | $ | 10,037,312 | ||||
(*) List of authorized shares for Series A preferred
a. Series A1A preferred shares: 10,000,000 authorized shares
b. Series A2 preferred shares: 3,000,000 authorized shares
c. Series A4 preferred shares: unlimited authorized shares
(**) Ordinary Share par value was change to no par value in June 2024.
The accompanying notes are an integral part of these consolidated financial statements.
Schedule III
| FREIGHT TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| Years Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (5,601,227 | ) | $ | (9,327,606 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 430,414 | 404,598 | ||||||
| Share-based compensation | 981,023 | 1,153,787 | ||||||
| Non-cash interest | - | 449,147 | ||||||
| Change in fair market value of convertible note | (22,602 | ) | (345,396 | ) | ||||
| Conversion inducement expense | - | 129,259 | ||||||
| Gain from extinguishment of debt | (1,607,766 | ) | - | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 1,120,176 | 45,383 | ||||||
| Unbilled receivables | 334,728 | 1,070,440 | ||||||
| Prepaid expense and other assets | 591,263 | 288,272 | ||||||
| Security deposits | - | 11,457 | ||||||
| Accounts payable | (272,319 | ) | (181,880 | ) | ||||
| Accrued expenses | (217,893 | ) | 435,193 | |||||
| Income tax payable | 58,035 | 76,662 | ||||||
| Net cash used in operating activities | (4,206,168 | ) | (5,790,684 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Capitalization of software development costs | (336,153 | ) | (328,645 | ) | ||||
| Purchase of property and equipment | (9,570 | ) | (34,724 | ) | ||||
| Net cash used in investing activities | (345,723 | ) | (363,369 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from convertible notes | - | 7,675,000 | ||||||
| Proceeds from notes payable, net of discounts | 875,000 | - | ||||||
| Repayment of insurance financing payable | (236,082 | ) | (346,524 | ) | ||||
| Proceeds from issuance of common stock from ATM Offering | 3,079,016 | - | ||||||
| Repayment of short-term borrowings | (16,378,757 | ) | (19,385,421 | ) | ||||
| Proceeds from short-term borrowings | 16,902,846 | 18,857,667 | ||||||
| Net cash provided by financing activities | 4,242,023 | 6,800,722 | ||||||
| Net (decrease) increase in cash and cash equivalents | (309,868 | ) | 646,669 | |||||
| Effect of exchange rate changes on cash and cash equivalents | (1,046,205 | ) | (99,564 | ) | ||||
| Cash and cash equivalents at beginning of the period | 1,560,105 | 1,013,000 | ||||||
| Cash, cash equivalents and restricted cash at end of the period | $ | 204,032 | $ | 1,560,105 | ||||
| Supplemental disclosure of cash flow information | ||||||||
| Cash paid for interest | $ | 675,628 | $ | 816,819 | ||||
| Supplemental disclosure of non-cash activity | ||||||||
| Financing of insurance premiums | $ | 222,891 | $ | 341,653 | ||||
| Conversion of convertible notes to preferred stock | $ | - | $ | 7,054,065 | ||||
| Conversion of convertible notes to ordinary shares | $ | - | $ | 1,040,000 | ||||
| Conversion of preferred stock to ordinary shares | $ | - | $ | 1,368,907 | ||||
| Conversion of warrants to ordinary shares | $ | - | $ | 60,253 | ||||
| Reconciliation of cash, cash equivalents, and restricted cash reported in the consolidated balance sheet | ||||||||
| Cash and cash equivalents | $ | 204,032 | $ | 1,560,105 | ||||
| Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | $ | 204,032 | $ | 1,560,105 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
CONTACT: Fr8Tech Contact: Jason Finkelstein IGNITION Investor Relations ...
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