VERB's MARKET.live Livestream Shopping Business Plan Is Now Fully Funded; Company Disclosed That It Had Cash And Cash Equivalents Of ~$14.2M And Notes Payable Of ~$1.2M

Author: Benzinga Newsdesk | April 02, 2024 09:38am

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 $14.2 million and notes payable of approximately $1.2 million. This represents an increase in cash and cash equivalents of $10.9 million and a decrease in notes payable of approximately $7.3 million over the same period last year as previously disclosed in the Company's 2022 Form 10-K filed on April 17, 2023.

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. 

Posted In: VERB