$CUEN
Cuentas Inc.

2023 Q3 Form 10-Q Financial Statement

#000121390023067249 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $895.0K $40.00K
YoY Change -21.7% -94.03%
Cost Of Revenue $971.0K $153.0K
YoY Change -5.45% -75.12%
Gross Profit -$76.00K -$113.0K
YoY Change -165.52% -305.45%
Gross Profit Margin -8.49% -282.5%
Selling, General & Admin $1.097M $776.0K
YoY Change -43.13% -71.72%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.000K $5.000K
YoY Change -99.12% -98.89%
% of Gross Profit
Operating Expenses $1.104M $780.0K
YoY Change -53.65% -75.59%
Operating Profit -$1.180M -$893.0K
YoY Change -47.93% -71.57%
Interest Expense -$2.000K -$7.000K
YoY Change -300.0% -333.33%
% of Operating Profit
Other Income/Expense, Net -$2.000K -$517.0K
YoY Change -300.0% 1420.59%
Pretax Income -$1.182M -$1.403M
YoY Change -47.81% -55.81%
Income Tax
% Of Pretax Income
Net Earnings -$1.187M -$1.412M
YoY Change -47.82% -55.68%
Net Earnings / Revenue -132.63% -3530.0%
Basic Earnings Per Share -$0.53 -$0.67
Diluted Earnings Per Share -$0.53 -$0.67
COMMON SHARES
Basic Shares Outstanding 2.103M shares 2.103M shares
Diluted Shares Outstanding 2.228M shares 2.103M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.057M $271.0K
YoY Change -49.86% -84.93%
Cash & Equivalents $1.057M $271.0K
Short-Term Investments
Other Short-Term Assets $94.00K $36.00K
YoY Change 64.91% -63.64%
Inventory
Prepaid Expenses
Receivables $860.0K $233.0K
Other Receivables $1.055M $311.0K
Total Short-Term Assets $2.105M $628.0K
YoY Change -13.34% -69.0%
LONG-TERM ASSETS
Property, Plant & Equipment $4.000K $5.000K
YoY Change -55.56% -44.44%
Goodwill
YoY Change
Intangibles $168.0K $100.0K
YoY Change -95.88% -97.79%
Long-Term Investments $3.000M $3.000M
YoY Change 236.32% 232.59%
Other Assets
YoY Change
Total Long-Term Assets $3.172M $3.105M
YoY Change -36.32% -42.96%
TOTAL ASSETS
Total Short-Term Assets $2.105M $628.0K
Total Long-Term Assets $3.172M $3.105M
Total Assets $5.277M $3.733M
YoY Change -28.79% -50.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.412M $1.286M
YoY Change 16.12% -32.99%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $118.0K $115.0K
YoY Change 11.32% 11.65%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.186M $2.173M
YoY Change 17.13% -38.56%
LONG-TERM LIABILITIES
Long-Term Debt $89.00K $89.00K
YoY Change 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $89.00K $89.00K
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.186M $2.173M
Total Long-Term Liabilities $89.00K $89.00K
Total Liabilities $3.275M $2.262M
YoY Change 16.59% -37.62%
SHAREHOLDERS EQUITY
Retained Earnings -$57.04M -$55.86M
YoY Change 20.59% 24.05%
Common Stock $59.08M $2.000K
YoY Change 347423.53% -86.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $33.00K
YoY Change
Treasury Stock Shares
Shareholders Equity $2.002M $1.471M
YoY Change
Total Liabilities & Shareholders Equity $5.277M $3.733M
YoY Change -28.79% -50.03%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.187M -$1.412M
YoY Change -47.82% -55.68%
Depreciation, Depletion And Amortization $4.000K $5.000K
YoY Change -99.12% -98.89%
Cash From Operating Activities -$851.0K -$900.0K
YoY Change -64.21% -53.12%
INVESTING ACTIVITIES
Capital Expenditures $73.00K $78.00K
YoY Change
Acquisitions $850.0K
YoY Change
Other Investing Activities -$5.000K -$2.079M
YoY Change 236.95%
Cash From Investing Activities -$78.00K -$2.157M
YoY Change 249.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.710M 0.000
YoY Change -36.38%
NET CHANGE
Cash From Operating Activities -851.0K -900.0K
Cash From Investing Activities -78.00K -2.157M
Cash From Financing Activities 1.710M 0.000
Net Change In Cash 781.0K -3.057M
YoY Change 151.94% 20.5%
FREE CASH FLOW
Cash From Operating Activities -$851.0K -$900.0K
Capital Expenditures $73.00K $78.00K
Free Cash Flow -$924.0K -$978.0K
YoY Change -61.14% -49.06%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Document Type
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dei Document Quarterly Report
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dei Document Period End Date
DocumentPeriodEndDate
2023-06-30
dei Document Fiscal Year Focus
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dei Document Transition Report
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dei Entity File Number
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dei Entity Registrant Name
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CUENTAS, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
FL
dei Entity Tax Identification Number
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235 Lincoln Rd.
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466000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6607000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
271000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1798000 usd
cuen Investment In Nonconsolidated Entity In Nonconsolidated Entity Against Accounts Receivables
InvestmentInNonconsolidatedEntityInNonconsolidatedEntityAgainstAccountsReceivables
233000 usd
us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
700000 usd
CY2023Q2 cuen Cuentas Sdi Network Of Over Bodegas
CuentasSDINetworkOfOverBodegas
31000 pure
CY2023Q2 cuen Cuentas Accountholders Expenses
CuentasAccountholdersExpenses
500000 usd
CY2005Q3 cuen Subsidiary Of Limited Liability Company Or Limited Partnerships Ownership Interests
SubsidiaryOfLimitedLiabilityCompanyOrLimitedPartnershipsOwnershipInterests
1 pure
CY2023Q1 cuen Purchase Agreement Description
PurchaseAgreementDescription
the Company entered into a Membership Interest Purchase Agreement (MIPA) with Core Development Holdings Corporation (“Core”). Core holds approximately 29.3% of 4280 Lakewood Road Manager, LLC (“Lakewood Manager”), which in turn owns 86.45% of the membership interests in 4280 Lakewood Road, LLC (“4280 Project”), an affordable multi-family real estate project located in Lake Worth, Florida. Core agreed to sell to the Company 6% of its interest in the Lakewood Manager to the Company in exchange for295,282 shares of the Company’s common stock, representing 19.99% of the then outstanding shares of the Company’s common stock. The 6% equity in the Lakewood Manager was valued at approximately $700. The Company closed this transaction on or about March 9, 2023.The 295,282 of the Company’s shares were equal to 19.9% of the total number of issued and outstanding shares of the Company as of the date of the Agreement. The Company closed this transaction on or about March 9th, 2023
CY2023Q2 us-gaap Capital Units
CapitalUnits
2000 usd
CY2023Q2 us-gaap Other Borrowings
OtherBorrowings
3050000 usd
CY2023Q2 us-gaap Investment Interest Rate
InvestmentInterestRate
0.63 pure
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
As a result of the reverse stock split, the following changes have occurred (i) every thirteen shares of common stock have been combined into one share of common stock; (ii) the number of shares of common stock underlying each common stock option or common stock warrant have been proportionately decreased on a 1-for-13 basis, and the exercise price of each such outstanding stock option and common warrant has been proportionately increased on a 1-for-13 basis. Accordingly, all option numbers, share numbers, warrant numbers, share prices, warrant prices, exercise prices and losses per share have been adjusted within these consolidated financial statements, on a retroactive basis, to reflect this 1-for-13 reverse stock split.
CY2023Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
271000 usd
cuen Working Capital
WorkingCapital
1545000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
1471000 usd
CY2023Q1 us-gaap Demutualization By Insurance Entity Securities Issued Gross Cash Proceeds
DemutualizationByInsuranceEntitySecuritiesIssuedGrossCashProceeds
5000000 usd
CY2023Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
163344 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
128031 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
17.16
CY2023Q1 us-gaap Sale Of Stock Percentage Of Ownership Before Transaction
SaleOfStockPercentageOfOwnershipBeforeTransaction
0.0499 pure
CY2023Q1 cuen Investor Percentage
InvestorPercentage
0.0999 pure
CY2023Q1 us-gaap Stock Option Exercise Price Decrease
StockOptionExercisePriceDecrease
0.0013
us-gaap Stock Option Exercise Price Decrease
StockOptionExercisePriceDecrease
17.36
cuen Cash Fee Equal Percentage
CashFeeEqualPercentage
0.07 pure
cuen Management Fee Equal Percentage
ManagementFeeEqualPercentage
0.01 pure
cuen Nonaccountable Expense
nonaccountableExpense
65 usd
cuen Clearing Expenses
ClearingExpenses
16000 usd
cuen Warrant Term
WarrantTerm
P5Y
CY2023Q2 us-gaap Other Ownership Interests Offering Costs
OtherOwnershipInterestsOfferingCosts
4319000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, certain revenues and expenses, and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
198000 usd
CY2022Q2 cuen Gross Lossanddebit
GrossLossanddebit
-55000 usd
CY2022Q4 cuen Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number Beginning
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumberBeginning
128477 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
56.44
cuen Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitures
-6093 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
186.55
CY2023Q2 cuen Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number Beginning
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumberBeginning
122384 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
49.96
CY2023Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
311000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
120000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
958000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
120000 usd
us-gaap Payments For Fees
PaymentsForFees
700000 usd
us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
178000 usd
CY2022Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
599000 usd
CY2022Q2 us-gaap Payments For Fees
PaymentsForFees
525000 usd
CY2022Q2 us-gaap Payments To Develop Software
PaymentsToDevelopSoftware
34000 usd
CY2019Q2 us-gaap Product Liability Contingency Description
ProductLiabilityContingencyDescription
the Company received a notice of demand for arbitration from Secure IP Telecom, Inc. (“Secure IP), who allegedly had a Reciprocal Carrier Services Agreement (“RCS”) exclusively with Limecom and not with the Company. The arbitration demand originated from another demand for arbitration that Secure IP received from VoIP Capital International (“VoIP”) in March 2019, demanding $1,053 in damages allegedly caused by unpaid receivables that Limecom assigned to VoIP based on the RCS. On or about October 5, 2020, the trial court appointed a receiver over Limecom, Inc. (“Limecom”) in the matter of Spectrum Intelligence Communications Agency, LLC. v. Limecom, Inc., case no. 2018-027150-CA-01 pending in the 11th Circuit for Miami-Dade County, Florida. On June 5, 2020, Secure IP Telecom, Inc. (“Secure IP”) filed a complaint against Limecom, Heritage Ventures Limited (“Heritage”), an unrelated third party and owner of Limecom, and the Company, case no. 20-11972-CA-01. Secure IP alleges that the Company received certain transfers from Limecom during the period that the Company wholly owned Limecom that may be an avoidable under Florida Statute § 725.105. On July 13, 2021, the two cases were consolidated, and are now pending before the same trial court under the former case number. The Company has answered and denied any liability with respect to both complaints. To the extent the Company has exposure for any transfers from Limecom, Heritage has indemnified the Company for any such liability and the Company has a pending cross-claim against Heritage for purposes of enforcing the indemnification obligation. A review of the books and records of the Company reflect aggregate transfers from Limecom to the Company or its affiliates of less than $600. The Company’s books and records reflect that the Company fully reimbursed Limecom through direct payment of expenses of Limecom and through issuance of shares by the Company to employees or other vendors on behalf of Limecom for settlement and release of claims the employees or vendors may have asserted against Limecom. The books and records of the Company therefore do not reflect an identifiable avoidable transfer, but this analysis may change as the discovery process continues.
CY2019Q2 us-gaap Loss Contingency Receivable Noncurrent
LossContingencyReceivableNoncurrent
1053000 usd
cuen Accrued Amount
AccruedAmount
300000 usd
CY2022Q4 us-gaap Product Liability Contingency Loss Exposure In Excess Of Accrual Best Estimate
ProductLiabilityContingencyLossExposureInExcessOfAccrualBestEstimate
630000 usd
CY2023Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
50000 usd
us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
15000 usd
CY2023Q2 us-gaap Other Commitments Future Minimum Payments Remainder Of Fiscal Year
OtherCommitmentsFutureMinimumPaymentsRemainderOfFiscalYear
70000 usd
CY2023Q1 cuen Amount Of Breach Of Contract Of Employment Agreement In Excess
AmountOfBreachOfContractOfEmploymentAgreementInExcess
30000 usd
CY2021Q2 us-gaap Payments For Rent
PaymentsForRent
9000 usd
cuen Gross Lossanddebit
GrossLossanddebit
172000 usd
cuen Gross Lossanddebit
GrossLossanddebit
-189000 usd
CY2023Q2 cuen Gross Lossanddebit
GrossLossanddebit
113000 usd
us-gaap Impairment Of Investments
ImpairmentOfInvestments
537 usd
CY2023Q2 us-gaap Investment Interest Rate Floor
InvestmentInterestRateFloor
0.8001 pure
CY2023Q2 us-gaap Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
850 usd
CY2023Q2 us-gaap Impairment Of Investments
ImpairmentOfInvestments
537 usd
us-gaap Subsequent Event Description
SubsequentEventDescription
the Company $229 to satisfy outstanding invoices and, subject to the Company’s receipt of the first $100, for the Company to restore the services it had previously provided Cuentas-SDI on a purchase or services order basis (the “Payment Agreement”). On July 14, 2023 the Company and Cuentas-SDI entered into the Payment Agreement pursuant to which Cuentas-SDI agreed to pay amounts due under the outstanding invoices in the amount of $229. To date, Cuentas-SDI has paid the Company $121. The balance is payable in five monthly installments of $21 commencing September 1, 2023.
CY2022Q4 cuen Related Parties
RelatedParties
usd
CY2022Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
usd
cuen Stock Issued During Period Value Stock Splits
StockIssuedDuringPeriodValueStockSplits
usd
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
usd
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
cuen Purchase Of Treasury Stock
PurchaseOfTreasuryStock
usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
cuen Investment In Nonconsolidated Entity In Nonconsolidated Entity Against Accounts Receivables
InvestmentInNonconsolidatedEntityInNonconsolidatedEntityAgainstAccountsReceivables
usd
us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
usd
CY2023Q2 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001424657

Files In Submission

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cuen-20230630_cal.xml Edgar Link unprocessable
cuen-20230630_pre.xml Edgar Link unprocessable
cuen-20230630_def.xml Edgar Link unprocessable
0001213900-23-067249-index-headers.html Edgar Link pending
0001213900-23-067249-index.html Edgar Link pending
0001213900-23-067249.txt Edgar Link pending
0001213900-23-067249-xbrl.zip Edgar Link pending
cuen-20230630.xsd Edgar Link pending
f10q0623ex31-1_cuentasinc.htm Edgar Link pending
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f10q0623ex32-1_cuentasinc.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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cuen-20230630_lab.xml Edgar Link unprocessable
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f10q0623_cuentas_htm.xml Edgar Link completed
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