2023 Q4 Form 10-Q Financial Statement

#000121390023088510 Filed on November 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $1.346M $895.0K $787.0K
YoY Change 71.03% -21.7% 656.73%
Cost Of Revenue $1.486M $971.0K $606.0K
YoY Change 145.21% -5.45% 461.11%
Gross Profit -$140.0K -$76.00K $181.0K
YoY Change -177.35% -165.52% -4625.0%
Gross Profit Margin -10.4% -8.49% 23.0%
Selling, General & Admin $2.512M $1.097M $1.469M
YoY Change 71.0% -43.13% -64.97%
% of Gross Profit 811.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.000K $4.000K $455.0K
YoY Change -99.78% -99.12% 0.22%
% of Gross Profit 251.38%
Operating Expenses $2.510M $1.104M $1.921M
YoY Change 30.66% -53.65% -58.64%
Operating Profit -$2.650M -$1.180M -$1.740M
YoY Change 52.3% -47.93% -62.57%
Interest Expense $4.715M -$2.000K $10.00K
YoY Change 47050.0% -300.0% 66.67%
% of Operating Profit
Other Income/Expense, Net $96.00K -$2.000K -$100.0K
YoY Change -196.0% -300.0% 9900.0%
Pretax Income $2.161M -$1.182M -$5.430M
YoY Change -139.8% -47.81% 16.93%
Income Tax
% Of Pretax Income
Net Earnings $2.098M -$1.187M -$5.446M
YoY Change -138.52% -47.82% 17.22%
Net Earnings / Revenue 155.87% -132.63% -691.99%
Basic Earnings Per Share -$0.53
Diluted Earnings Per Share $0.67 -$0.53 -$3.95
COMMON SHARES
Basic Shares Outstanding 2.720M shares 2.103M shares 16.72M shares
Diluted Shares Outstanding 2.228M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $205.0K $1.057M $466.0K
YoY Change -56.01% -49.86% -92.95%
Cash & Equivalents $205.0K $1.057M $466.0K
Short-Term Investments
Other Short-Term Assets $76.00K $94.00K $14.00K
YoY Change 442.86% 64.91% -91.36%
Inventory
Prepaid Expenses
Receivables $7.000K $860.0K $209.0K
Other Receivables $1.472M $1.055M $0.00
Total Short-Term Assets $1.760M $2.105M $689.0K
YoY Change 155.44% -13.34% -89.84%
LONG-TERM ASSETS
Property, Plant & Equipment $13.00K $4.000K $6.000K
YoY Change 116.67% -55.56% 200.0%
Goodwill
YoY Change
Intangibles $19.00K $168.0K $28.00K
YoY Change -32.14% -95.88% -99.49%
Long-Term Investments $2.928M $3.000M $776.0K
YoY Change 277.32% 236.32% 1942.11%
Other Assets
YoY Change
Total Long-Term Assets $2.960M $3.172M $810.0K
YoY Change 265.43% -36.32% -85.21%
TOTAL ASSETS
Total Short-Term Assets $1.760M $2.105M $689.0K
Total Long-Term Assets $2.960M $3.172M $810.0K
Total Assets $4.720M $5.277M $1.499M
YoY Change 214.88% -28.79% -87.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.497M $1.412M $1.231M
YoY Change 21.61% 16.12% 51.98%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $26.00K $118.0K $109.0K
YoY Change -76.15% 11.32% 12.37%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.689M $3.186M $2.134M
YoY Change 119.73% 17.13% -21.52%
LONG-TERM LIABILITIES
Long-Term Debt $101.0K $89.00K $89.00K
YoY Change 13.48% 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $101.0K $89.00K $89.00K
YoY Change 13.48% 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.689M $3.186M $2.134M
Total Long-Term Liabilities $101.0K $89.00K $89.00K
Total Liabilities $4.790M $3.275M $2.223M
YoY Change 115.47% 16.59% -20.83%
SHAREHOLDERS EQUITY
Retained Earnings -$54.95M -$57.04M -$52.75M
YoY Change 4.16% 20.59% 38.02%
Common Stock $54.91M $59.08M $19.00K
YoY Change 288894.74% 347423.53% 26.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $29.00K
YoY Change
Treasury Stock Shares
Shareholders Equity $2.500M $2.002M -$724.0K
YoY Change
Total Liabilities & Shareholders Equity $4.720M $5.277M $1.499M
YoY Change 214.88% -28.79% -87.77%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income $2.098M -$1.187M -$5.446M
YoY Change -138.52% -47.82% 17.22%
Depreciation, Depletion And Amortization $1.000K $4.000K $455.0K
YoY Change -99.78% -99.12% 0.22%
Cash From Operating Activities -$992.0K -$851.0K -$1.614M
YoY Change -38.54% -64.21% -23.25%
INVESTING ACTIVITIES
Capital Expenditures $161.0K $73.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $301.0K -$5.000K $0.00
YoY Change -100.0%
Cash From Investing Activities $140.0K -$78.00K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 1.710M -28.00K
YoY Change -100.0% -36.38%
NET CHANGE
Cash From Operating Activities -992.0K -851.0K -1.614M
Cash From Investing Activities 140.0K -78.00K 0.000
Cash From Financing Activities 0.000 1.710M -28.00K
Net Change In Cash -852.0K 781.0K -1.642M
YoY Change -48.11% 151.94% -23.38%
FREE CASH FLOW
Cash From Operating Activities -$992.0K -$851.0K -$1.614M
Capital Expenditures $161.0K $73.00K $0.00
Free Cash Flow -$1.153M -$924.0K -$1.614M
YoY Change -28.56% -61.14% -23.25%

Facts In Submission

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1057000 usd
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2108000 usd
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233000 usd
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us-gaap Nature Of Operations
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -56.7pt">NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Cuentas, Inc. (the “Company”) together with its subsidiaries, is mainly focused on financial technology (“FINTECH”) services, delivering mobile financial services, prepaid debit and digital content services to unbanked, underbanked and underserved communities. During 2023-Q1, the Company initiated its first investment into the Real Estate market and, made its second, more significant investment in Real Estate in the second quarter of 2023. The Company derived its revenue from GPR “Debit” Card fees and the sales of prepaid products and services including third party digital content, gift cards, remittances, mobile phone topups and other digital services.   Additionally, the Company has an agreement with Interactive Communications International, Inc. (“InComm”) a leading processor of general purpose reloadable (“GPR”) debit cards, to market and distribute a line of prepaid digital content and gift cards targeted towards the Latin American market. Cuentas is able to purchase InComm’s prepaid digital content and gift cards at a discount and resell these same products in real time through its mobile app and through the Cuentas SDI network of over 31,000 bodegas. Cuentas is able to offer these digital products to the public through its mobile app and the Cuentas SDI distribution network, many at discounted prices, while making a small profit margin which varies from product to product.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company was incorporated under the laws of the State of Florida on September 21, 2005 to act as a holding company for its subsidiaries. Its subsidiary is Meimoun and Mammon, LLC (100% owned) (“M&amp;M”), Tel3, a business segment of the Company, provides prepaid calling cards to consumers directly and operates in a complimentary space as Meimoun and Mammon, LLC. The Company invested $46, of which $20 were invested during 2023, for 50% of CUENTASMAX LLC which installs WiFi6 shared network (“WSN”) systems in locations in the New York metropolitan tristate area using access points and small cells to provide users with access to the WSN.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On February 3, 2023, 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 for 295,282 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The company used the measurement alternative which provides an accounting framework for valuing an equity security investment in the absence of a readily determinable fair value. Accordingly, the investment was accounted for at a cost basis.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On April 13, 2023, the Company signed an Operating Agreement to be a majority member in Brooksville Development Partners, LLC (“Brooksville”) with 2 minority members for the purpose of acquiring land for the development of a residential apartment community consisting of approximately 360 apartments. All real and personal property owned by Brooksville shall be owned by Brooksville as an entity, and neither the Members nor the Manager will have any ownership interest in such property. One of the minority members will be the manager of the project.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On April 28, 2023, the Company and minority partners in Brooksville closed on the transaction to acquire a 21.8 acre site for development of the Brooksville project. The Company had deposited an “Initial Capital Contribution” of $2,000 into a title insurance escrow account which was released from escrow by the Title Agent to fund the balance of the purchase price of the Vacant Land, together with a $3,050 bank loan to Brooksville from Republic Bank of Chicago. The Company is currently a 63% interest holder in Brooksville but that may change in the future if the Company is not able to raise sufficient financing to complete the project. Since the Company does not manage or control the LLC and its losses are limited to the cost amount, the Brooksville transaction was accounted for as an investment in an unconsolidated entity in accordance with ASC 323, using the equity method of accounting with the Company as the acquirer. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">NASDAQ</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On June 21, 2022, the Nasdaq Listing Qualifications Staff (the “Staff”) issued the Company a delist letter citing its failure to comply with the minimum bid price requirement under Listing Rule 5550(a)(2). In accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until December 19, 2022, to regain compliance with Rule 5550(a)(2). On December 20, 2022, the Staff notified the Company that it had determined to delist the Company as it did not comply with bid price requirement for listing on the Exchange. On April 14, 2023, the Nasdaq Listing Qualifications Staff issued the Company a compliance letter citing that that the Company had regained compliance with the minimum bid price requirement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On August 18, 2023, the Company received a deficiency letter from Nasdaq Regulation stating that based upon its Quarterly Report on Form 10-Q for the period ended June 30, 2023 which reported shareholders’ equity of $1,471, the Company was not in compliance with Nasdaq Marketplace Rule 5550(b)(1) which requires the Company to maintain shareholders’ equity of not less than $2,500 for continued listing on The Nasdaq Capital Market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On October 3 2023, the Company received a Staff Determination Letter from Nasdaq Regulation stating that due to the Company’s failure by October 2, 2023, to submit a plan to regain compliance with Nasdaq Listing Rule 5550(b)(1), the $2,500 stockholders’ equity requirement, the Company would be subject to delisting unless it timely requests a hearing before a Nasdaq Hearings Panel (the “Panel”). The Company has requested a hearing before the Panel which is scheduled to be held on December 7, 2023. The hearing request will stay any suspension or delisting action through the hearing and the expiration of any additional extension granted by the Panel following the hearing. In that regard, pursuant to the Nasdaq Listing Rules, the Panel has the discretion to grant the Company an extension not to exceed April 1, 2024. Notwithstanding, there can be no assurance that the Panel will grant the Company an extension or that the Company will ultimately regain compliance with all applicable requirements for continued listing on The Nasdaq Capital Market.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">REVERSE SPLIT</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">On March 24, 2023, the Company completed a reverse stock split of its common stock. 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)</span> the number of authorized shares of common stock has been proportionately reduced; (iii) <span style="font-family: Times New Roman, Times, Serif">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 (iv) 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">GOING CONCERN</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As of September 30, 2023, the Company had $1,057 in cash and cash equivalents, $1,081 in negative working capital, shareholder’s equity of $2,002 and an accumulated deficit of $57,044. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Company’s ability to continue as a going concern is dependent upon raising capital from financing transactions and revenue from operations. Management anticipates their business will require substantial additional investments that have not yet been secured. Management is continuing in the process of fund raising in the private equity and capital markets as the Company will need to finance future activities. These financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">SECURITIES OFFERING</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">On February 6, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor (the “Investor”) for the purpose of raising approximately $5,000 in gross proceeds for the Company. Pursuant to the terms of the Purchase Agreement, the Company agreed to sell, in a registered direct offering, an aggregate of (i) 163,344 shares (the “Shares”) of the Company’s common stock (“Common Stock”) and (ii) pre-warrants to purchase up to 128,031 shares of Common Stock (the “Pre-Funded Warrants” and such shares of Common Stock issuable upon exercise of the Pre-Funded Warrants, the “Pre-Funded Warrant Shares”) and, in a concurrent private placement, warrants (the “Purchase Warrants”) to purchase 291,375 shares of Common Stock (the shares of Common Stock issuable upon exercise of the Purchase Warrants, the “Purchase Warrant Shares”). The combined purchase price per Share and Purchase Warrant is $17.16 and the combined purchase price per Pre-Funded Warrant and Purchase Warrant of $17.16. The Pre-Funded Warrants were sold, in lieu of shares of Common Stock, to any Investor whose purchase of shares of Common Stock in the Registered Offering would otherwise result in such Investor, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at such Investor’s option upon issuance, 9.99%) of the Company’s outstanding Common Stock immediately following the consummation of the Registered Offering. Each Pre-Funded Warrant represents the right to purchase one share of Common Stock at an exercise price of $0.0013 per share. As of March 31, 2023 the Pre-Funded Warrants were exercised in full. The Purchase Warrants will be exercisable on or before August 5, 2023 and will expire on August 5, 2028 at an exercise price of $17.36 per share. The closing of the sales of these securities under the Purchase Agreement occurred on or about February 8, 2023. H.C. Wainwright &amp; Co., LLC (“Wainwright”) acted as exclusive placement agent for the offering pursuant to an engagement agreement between the Company and Wainwright dated as of December 13, 2022.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">As compensation for such placement agent services, the Company agreed to pay Wainwright an aggregate cash fee equal to 7.0% of the gross proceeds received by the Company from the offering, plus a management fee equal to 1.0% of the gross proceeds received by the Company from the offerings, a non-accountable expense of $65 and $16 for clearing expenses. The Company has also agreed to issue to Wainwright or its designees warrants to purchase 20,397 shares of Common Stock (the “PA Warrants” and the shares of Common Stock issuable upon exercise of the PA Warrants, the “PA Warrant Shares”). The PA Warrants have a term of five years from the issuance date and have an exercise price of $23.17 per share. The net proceeds to the Company from the registered direct offering and concurrent private placement, after deducting the Placement Agent’s fees and expenses and the Company’s offering expenses were $4,319.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On August 21, 2023, the Company entered into a common stock warrant exercise inducement offer letter (the “Inducement Letter”) with a certain holder (the “Holder”) of existing warrants to purchase shares of the Company’s common stock at an exercise price of $7.67 per share, issued on August 8, 2022 and of the Purchase Warrants having an exercise price of $17.16 per share which were issued on February 8, 2023 (together, the “Existing Warrants”). Pursuant to the Inducement Letter, the Holder agreed to exercise for cash its Existing Warrants to purchase an aggregate of 616,303 shares of the Company’s common stock, at a reduced exercised price of $3.30 per share, in consideration for the Company’s agreement to issue a new warrant (the “Inducement Warrant”), to purchase up to 1,232,606 shares of the Company’s common stock at an exercise price of $3.30, </span><span style="font-size: 10pt">subject to certain anti-dilution adjustments. The Inducement Warrant is exercisable for five and a half years commencing on the date shareholders of the Company approve the issuance of the Inducement Warrant (“Shareholder Approval”) under applicable rules of Nasdaq<span style="font-family: Times New Roman, Times, Serif">. The Company received aggregate gross proceeds of approximately $2,033,799 from the exercise of the Existing Warrants by the Holder and the sale of the Inducement Warrants, before deducting placement agent fees and other offering expenses payable by the Company. The Company engaged H.C. Wainwright &amp; Co., LLC (“Wainwright”) to act as its exclusive placement agent in connection with the transactions summarized above and paid Wainwright a cash fee </span>of $142,366 <span style="font-family: Times New Roman, Times, Serif">(7.0% of the gross proceeds received from the exercise of the Existing Warrants) as well as a management fee </span></span>of $20,338 <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1.0% of the gross proceeds from the exercise of the Existing Warrants). The Company </span>also paid <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wainwright $65,000 for non-accountable expenses and $15,950 as a closing fee. The Company also issued to </span>designees of <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wainwright warrants to purchase up to </span>an aggregate of <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43,141 shares of common stock of the Company having the same terms as the Inducement Warrant except for an exercise price equal to $4.455 per share.</span></p>
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us-gaap Payments To Acquire Projects
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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 for 295,282 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.
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CY2023Q4 us-gaap Stockholders Equity
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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 authorized shares of common stock has been proportionately reduced; (iii) 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 (iv) 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.
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CY2023Q3 us-gaap Stockholders Equity
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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>
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CY2022Q4 us-gaap Other Receivables Net Current
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425000 usd
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115000 usd
CY2023Q1 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
30 usd
CY2021Q2 us-gaap Payments For Rent
PaymentsForRent
9000 usd
CY2023Q3 cuen Payment Of Outstanding Invoice
PaymentOfOutstandingInvoice
229000 usd
CY2023Q3 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
21000 usd
us-gaap Revenues
Revenues
1000000 usd
us-gaap Revenues
Revenues
2207000 usd
CY2023Q3 us-gaap Revenues
Revenues
895000 usd
CY2022Q3 us-gaap Revenues
Revenues
1143000 usd
us-gaap Gross Profit
GrossProfit
-247000 usd
us-gaap Gross Profit
GrossProfit
305000 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
-76000 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
116000 usd
us-gaap Impairment Of Investments
ImpairmentOfInvestments
537000 usd
CY2023Q2 us-gaap Supplemental Deferred Purchase Price
SupplementalDeferredPurchasePrice
850000 usd
CY2023Q2 us-gaap Impairment Of Investments
ImpairmentOfInvestments
537000 usd
cuen Gain On Fair Value Measurement Of Stock Based Liabilities
GainOnFairValueMeasurementOfStockBasedLiabilities
usd
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.53
cuen Stock Issued During Period Value Stock Splits
StockIssuedDuringPeriodValueStockSplits
usd
us-gaap Production Related Impairments Or Charges
ProductionRelatedImpairmentsOrCharges
usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
usd
cuen Investment In Nonconsolidated Entity In Nonconsolidated Entity Against Accounts Receivables
InvestmentInNonconsolidatedEntityInNonconsolidatedEntityAgainstAccountsReceivables
usd
us-gaap Stock Issued1
StockIssued1
usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2022Q4 us-gaap Other Receivables
OtherReceivables
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001424657

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0001213900-23-088510.txt Edgar Link pending
0001213900-23-088510-xbrl.zip Edgar Link pending
cuen-20230930.xsd Edgar Link pending
f10q0923ex31-1_cuentasinc.htm Edgar Link pending
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f10q0923ex32-1_cuentasinc.htm Edgar Link pending
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f10q0923_cuentasinc.htm Edgar Link pending
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