STARTENGINE CROWDFUNDING, INC.

2024 Q3 Form 10-Q Financial Statement

#000155837024012252 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.24M
YoY Change 2.49%
Cash & Equivalents $10.80M $14.20M
Short-Term Investments $1.860K
Other Short-Term Assets $1.077M $1.911M
YoY Change -43.65% -12.52%
Inventory
Prepaid Expenses
Receivables $851.9K $1.092M
Other Receivables $0.00
Total Short-Term Assets $12.77M $17.25M
YoY Change -25.97% -2.5%
LONG-TERM ASSETS
Property, Plant & Equipment $120.1K $119.2K
YoY Change 0.76% 37.44%
Goodwill
YoY Change
Intangibles $20.18M $24.14M
YoY Change -16.42% 120605.19%
Long-Term Investments $14.02M
YoY Change 12.43%
Other Assets $33.85K $78.48K
YoY Change -56.86% -16.37%
Total Long-Term Assets $38.89M $38.36M
YoY Change 1.39% 202.73%
TOTAL ASSETS
Total Short-Term Assets $12.77M $17.25M
Total Long-Term Assets $38.89M $38.36M
Total Assets $51.66M $55.60M
YoY Change -7.09% 83.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $302.0K $125.9K
YoY Change 139.91% -79.22%
Accrued Expenses $4.647M $2.165M
YoY Change 114.66% 22.42%
Deferred Revenue $2.879M $3.435M
YoY Change -16.19% 22.24%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.828M $5.726M
YoY Change 36.72% 10.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.828M $5.726M
Total Long-Term Liabilities $0.00
Total Liabilities $7.828M $5.726M
YoY Change 36.72% 10.44%
SHAREHOLDERS EQUITY
Retained Earnings -$51.68M -$32.02M
YoY Change 61.38% 25.9%
Common Stock $6.979K $341.00
YoY Change 1946.63% 3.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.89M
YoY Change
Total Liabilities & Shareholders Equity $51.66M $55.60M
YoY Change -7.09% 83.16%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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StartEngine Crowdfunding, Inc.
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4100 West Alameda Avenue
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us-gaap Net Cash Provided By Used In Operating Activities
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none Payments To Acquire Collectibles
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none Payments To Acquire Collectibles
PaymentsToAcquireCollectibles
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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none Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration
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us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1 – NATURE OF OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">StartEngine Crowdfunding, Inc. (the “Company”) was formed on March 19, 2014 (“Inception”) in the State of Delaware. The Company was originally incorporated as StartEngine Crowdsourcing, Inc. and changed to the current name on May 8, 2014. The Company’s headquarters are located in Burbank, California.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company aims to revolutionize the startup financing model by helping both accredited and non-accredited investors invest in private companies on a public platform. StartEngine Crowdfunding Inc. has wholly-owned subsidiaries, StartEngine Capital LLC, StartEngine Secure LLC, StartEngine Assets LLC and StartEngine Primary LLC. StartEngine Capital LLC is a funding portal registered with the US Securities and Exchange Commission (SEC) and a member of the Financial Industry Regulatory Authority (FINRA), StartEngine Secure LLC is a transfer agent registered with the SEC. StartEngine Assets LLC was formed in 2020 to buy, hold and manage assets in various asset classes such as real estate, automobiles, luxury goods and royalty-producing intangible assets. StartEngine Primary LLC was formed in October 2017 and received approval to operate as a registered broker-dealer in July 2019. On April 16, 2020, StartEngine Primary LLC received approval to operate as an alternative trading system. Since 2023, the Company has been providing accredited investors the opportunity to purchase membership interests in funds (“SE Funds”) which own shares of venture capital backed, late-stage private companies via its StartEngine Private product offering. The SE Funds are managed by StartEngine Private Manager LLC and advised by StartEngine Adviser LLC, an exempt reporting adviser. The Company’s mission is to empower thousands of companies to raise capital and create significant amounts of jobs over the coming years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Management Plans</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s revenue producing activities commenced in 2015 with the approved start of Title IV of the JOBS Act, which created new rules for Regulation A, and increased since then with the start of Regulation Crowdfunding under Title III of the JOBS Act. Because this is a relatively new industry, there is a level of uncertainty about how fast the volume of activity will increase and how future regulatory requirements may change the landscape as well as the cost of maintaining our market share as well as entrance of other players. Because there is a level of uncertainty and because we are still in the early stages of these new regulations, the Company is expected to incur losses until such time that the volume of Regulation A, Regulation D and Regulation Crowdfunding campaigns and the investments in those campaigns is sufficient for revenues derived from those campaigns to cover its costs. These factors could indicate substantial doubt about the Company’s ability to continue as a going concern.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has cash and cash equivalents of approximately $10.8 million, which its management believes will cover losses for the foreseeable future. The Company’s management believes that any substantial doubt about the Company’s ability to continue as a going concern has been alleviated.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:12pt;text-align:justify;margin:0pt;">On May 6, 2024, StartEngine Crowdfunding Inc. split its designated “Common Stock” and “Preferred Stock” on a <span style="-sec-ix-hidden:Hidden_WIZymldWHEmnQqwDlNwCfQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">20</span></span> for 1 basis. The total number of shares of Common Stock that the Company is authorized to issue was increased to 1,500,000,000 shares after the split. The total number of shares of Preferred Stock that the Company is authorized to issue was increased to 519,000,000 after the split. Accordingly, all share and per share amounts for all periods presented in the condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this stock split.</p>
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10800000
CY2024Q2 none Common Stock Shares Authorized After Split
CommonStockSharesAuthorizedAfterSplit
1500000000
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PreferredStockSharesAuthorizedAfterSplit
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, and the reported amount of expenses during the reporting periods. Significant estimates include the value of marketable securities, the value of stock and warrants received as compensation and collectability of accounts receivable. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term.</p>
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
50972
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
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CY2024Q2 none Accounts Receivable Over Ninety Days
AccountsReceivableOverNinetyDays
0
none Warrant Assets Received In Connection With Services
WarrantAssetsReceivedInConnectionWithServices
0
CY2024Q2 none Investment Private Non Current
InvestmentPrivateNonCurrent
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us-gaap Cost Of Revenue
CostOfRevenue
10941182
none Increase In Cost Of Revenue During Period
IncreaseInCostOfRevenueDuringPeriod
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us-gaap Cost Of Revenue
CostOfRevenue
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CY2024Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2023Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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none Dilutive Shares
DilutiveShares
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none Weighted Average Shares Outstanding Basic
WeightedAverageSharesOutstandingBasic
697223232
none Weighted Average Shares Outstanding Diluted
WeightedAverageSharesOutstandingDiluted
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none Weighted Average Shares Outstanding Basic
WeightedAverageSharesOutstandingBasic
690384440
none Weighted Average Shares Outstanding Diluted
WeightedAverageSharesOutstandingDiluted
690384440
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company maintains its cash with a major financial institution located in the United States of America which it believes to be creditworthy. Balances are insured by the Federal Deposit Insurance Corporation up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">At times, the Company may have certain vendors or customers that make up over 10% of the balance at any given time. However, the Company is not dependent on any single or group of vendors or customers, and accordingly, the loss of any such vendors or customers would not have a significant impact on the Company’s operations.</p>
us-gaap Federal Deposit Insurance Corporation Premium Expense
FederalDepositInsuranceCorporationPremiumExpense
250000
CY2024Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
1856
CY2023Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
1856
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
120096
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
119723
CY2024Q2 us-gaap Depreciation
Depreciation
3273
us-gaap Depreciation
Depreciation
6545
CY2023Q2 us-gaap Depreciation
Depreciation
3273
us-gaap Depreciation
Depreciation
6545
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
519000000
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1500000000
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
177980
none Incurred Offering Costs
IncurredOfferingCosts
0
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3024964
none Incurred Offering Costs
IncurredOfferingCosts
1572899
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5319914
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2824918
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2824918
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y2M4D
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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