$WYY
WIDEPOINT CORP

2024 Q4 Form 10-Q Financial Statement

#000165495424014263 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $34.62M
YoY Change 34.53%
Cost Of Revenue $29.93M
YoY Change 37.04%
Gross Profit $4.692M
YoY Change 20.48%
Gross Profit Margin 13.55%
Selling, General & Admin $4.883M
YoY Change 9.3%
% of Gross Profit 104.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $821.7K
YoY Change 5.35%
% of Gross Profit 17.51%
Operating Expenses $5.143M
YoY Change 8.8%
Operating Profit -$451.0K
YoY Change -45.84%
Interest Expense $52.91K
YoY Change -232.28%
% of Operating Profit
Other Income/Expense, Net $7.070K
YoY Change -109.42%
Pretax Income -$443.9K
YoY Change -51.1%
Income Tax -$18.71K
% Of Pretax Income
Net Earnings -$425.2K
YoY Change -53.84%
Net Earnings / Revenue -1.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.04
COMMON SHARES
Basic Shares Outstanding 9.802M shares 9.652M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.636M
YoY Change -33.69%
Cash & Equivalents $5.636M
Short-Term Investments
Other Short-Term Assets $2.020M
YoY Change 44.03%
Inventory $437.9K
Prepaid Expenses
Receivables $8.498M
Other Receivables $0.00
Total Short-Term Assets $40.94M
YoY Change 42.5%
LONG-TERM ASSETS
Property, Plant & Equipment $588.8K
YoY Change -31.37%
Goodwill $5.812M
YoY Change 0.0%
Intangibles $5.555M
YoY Change -22.13%
Long-Term Investments
YoY Change
Other Assets $489.7K
YoY Change -68.55%
Total Long-Term Assets $15.98M
YoY Change -18.72%
TOTAL ASSETS
Total Short-Term Assets $40.94M
Total Long-Term Assets $15.98M
Total Assets $56.92M
YoY Change 17.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.991M
YoY Change -27.89%
Accrued Expenses $25.06M
YoY Change 135.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.30M
YoY Change 40.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $4.650M
YoY Change -15.45%
Total Long-Term Liabilities $4.650M
YoY Change -15.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.30M
Total Long-Term Liabilities $4.650M
Total Liabilities $43.07M
YoY Change 31.2%
SHAREHOLDERS EQUITY
Retained Earnings -$88.73M
YoY Change 3.39%
Common Stock $9.487K
YoY Change 6.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.85M
YoY Change
Total Liabilities & Shareholders Equity $56.92M
YoY Change 17.63%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$425.2K
YoY Change -53.84%
Depreciation, Depletion And Amortization $821.7K
YoY Change 5.35%
Cash From Operating Activities $1.884M
YoY Change 129.8%
INVESTING ACTIVITIES
Capital Expenditures $62.70K
YoY Change -75.88%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$62.70K
YoY Change -204.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -178.3K
YoY Change 11.41%
NET CHANGE
Cash From Operating Activities 1.884M
Cash From Investing Activities -62.70K
Cash From Financing Activities -178.3K
Net Change In Cash 1.643M
YoY Change 128.26%
FREE CASH FLOW
Cash From Operating Activities $1.884M
Capital Expenditures $62.70K
Free Cash Flow $1.822M
YoY Change 225.3%

Facts In Submission

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dei Entity Central Index Key
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dei Amendment Flag
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dei Document Type
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dei Document Quarterly Report
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dei Document Period End Date
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dei Entity File Number
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dei Entity Registrant Name
EntityRegistrantName
WidePoint Corporation
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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11250 Waples Mill Road
dei Entity Address Address Line2
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dei Entity Address City Or Town
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dei Entity Address State Or Province
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dei Entity Address Postal Zip Code
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dei City Area Code
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dei Local Phone Number
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dei Security12b Title
Security12bTitle
Common Stock, $0.001 par value per share
dei Trading Symbol
TradingSymbol
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dei Security Exchange Name
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dei Entity Current Reporting Status
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<p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>1. Organization and Nature of Operations</strong></p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Organization</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">WidePoint Corporation (“WidePoint” or the “Company”) was incorporated in Delaware on May 30, 1997 and conducts operations through its wholly-owned operating subsidiaries throughout the continental United States, Ireland, the Netherlands and the United Kingdom. The Company’s principal executive and administrative headquarters is located in Fairfax, Virginia.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em>Nature of Operations</em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">The Company is a leading provider of Technology Management as a Service (TMaaS). The Company’s TMaaS platform and service solutions enable its customers to efficiently secure, manage and analyze the entire lifecycle of their mobile communications assets through its federally compliant platform Intelligent Technology Management System (ITMS™). The Company’s ITMS platform is SSAE 18 compliant and was granted an Authority to Operate by the U.S. Department of Homeland Security. Additionally, the Company was granted an Authority to Operate by the General Services Administration with regard to its identity credentialing component of its TMaaS platform. The Company’s TMaaS platform is internally hosted and accessible on-demand through a secure customer portal that is specially configured for each customer. The Company can deliver these solutions in a number of configurations ranging from utilizing the platform as a service to a full-service solution that includes full lifecycle support for all end users and the organization.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">A significant portion of the Company’s expenses, such as personnel and facilities costs, are fixed in the short term and may not be easily modified to manage through changes in the Company’s marketplace that may create pressure on pricing and/or costs to deliver its services.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">The Company has periodic capital expense requirements to maintain and upgrade its internal technology infrastructure tied to its hosted solutions and other such costs may be significant when incurred in any given quarter.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring use of estimates and judgment relate to revenue recognition, allowance for credit losses, ability to realize intangible assets and goodwill, ability to realize deferred income tax assets, fair value of certain financial instruments and the evaluation of contingencies and litigation. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates. There were no significant changes in accounting estimates used by management during the quarter.</p>
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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 45px; text-align:justify;">There were no significant changes in the Company’s significant accounting policies during the first nine months of 2024 from those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 26, 2024.</p>
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0.041 pure
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2024Q3 wyy Warrantsto Purchasec Cmmon Shares Outstanding
WarrantstoPurchasecCmmonSharesOutstanding
150000 shares
us-gaap Stock Or Units Available For Distributions
StockOrUnitsAvailableForDistributions
288570 shares
wyy Rs As Shares Of Common Stock
RSAsSharesOfCommonStock
323020 shares
us-gaap Revenues
Revenues
104868483 usd
us-gaap Revenues
Revenues
77770195 usd
CY2024Q3 wyy Revenue Related Approximately
RevenueRelatedApproximately
382900 usd
CY2023Q3 wyy Revenue Related Approximately
RevenueRelatedApproximately
352100 usd

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wyy-20240930_cal.xml Edgar Link unprocessable
0001654954-24-014263-index-headers.html Edgar Link pending
0001654954-24-014263-index.html Edgar Link pending
0001654954-24-014263.txt Edgar Link pending
0001654954-24-014263-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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wyy-20240930.xsd Edgar Link pending
wyy_10q.htm Edgar Link pending
wyy_ex311.htm Edgar Link pending
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wyy-20240930_lab.xml Edgar Link unprocessable
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wyy_10q_htm.xml Edgar Link completed