Latest news with #Thakker
Time of India
28-05-2025
- Entertainment
- Time of India
Dill Mill Gayye fame Pankit Thakker responds after advertising company files complaint against him
'Dill Mill Gayye' fame Pankit Thakker has broken his silence regarding the recent issue involving a complaint lodged by an advertising agency against him. A complaint has been filed against actor Pankit Thakker currently seen in TV show, Saru and a notice has been issued to him by the Advertising Standards Council of India (ASCI). The complaint against Thakker is related to his recent ad campaign, which some have alleged is misleading or deceptive. While details about the complaint are still emerging, According to reports, the actor has been given 7 days to respond to the complaint. Failure to do so may lead to further action, which could potentially impact his reputation and future endorsement deals. When we reach out to the actor, he confirmed and added, "I shot for the D247 gaming app ad film. Upon receiving a complaint from the Advertising Standards Council of India, I'm consulting my legal team and will fully cooperate with the process. I will do whatever is required to address the concerns regarding potential violations of laws in the advertisement." Pankit Thakker stepped into the world of OTT with his debut film Moh Maaya, directed by Ankush Bhatt. Reflecting on his first digital venture, Pankit had earlier expressed, "It's a challenging role, I'm enjoying the process of bringing this character to life. This is a lead role, and I see this film as an opportunity. I love exploring new characters and bringing their stories to life. I think it's all about understanding the character's motivations and backstory. I try to connect with their emotions and experiences and then bring that to life on screen. This helps me manage to fully inhabit my characters and make them unique and memorable." Pankit Thakker has made a name for himself with notable roles in several popular television shows, including Kabhii Sautan Kabhii Sahelii, Dill Mill Gayye, Bahu Hamari Rajni Kant, Aapki Nazron Ne Samjha, and Bohot Pyaar Karte Hai, among others. Ankita steals the spotlight in a snazzy outfit
Business Upturn
13-05-2025
- Business
- Business Upturn
Giftify, Inc. Reports First Quarter 2025 Financial Results, Reports Revenue Growth to $22.3 Million
By GlobeNewswire Published on May 13, 2025, 17:30 IST Company achieves gross profit increase of 10% to $3.6 million Strategic initiatives in AI implementation and new market expansion generating positive momentum SCHAUMBURG, IL, May 13, 2025 (GLOBE NEWSWIRE) — Giftify, Inc. (NASDAQ: GIFT) (the 'Company'), the owner and operator of and and a leader in the incentives and rewards industry, today announced financial and operational results for the first quarter ended March 31, 2025. Key Highlights for the Three Months Ended March 31, 2025, Compared to Prior Year Period Revenue increased 3.5% to $22.3 million Gross profit increased 10.0% to $3.6 million Gross margin increased to 16.1% from 15.1% Modified EBITDA loss improved to $0.63 million from $0.66 million Net loss of $3.2 million (Of note, net loss for the three months ended March 31, 2025 included $2.6 million in non-cash expenses, including $1.8 million in stock option and other non-cash compensation, $0.54 million in amortization of intangible assets, $0.16 million in amortization of capitalized software costs, and $0.03 million from fair value of stock issued on vendor settlement.) Strong balance sheet with total assets of $33.9 million and stockholders' equity of $21.3 million Growth Initiatives The Company's strategic execution against previously outlined growth priorities is generating positive momentum across multiple fronts: Successful deployment of enterprise-wide AI solutions driving measurable operational efficiencies and cost reductions Expansion into high-margin vertical markets including pharmacy savings, sports merchandise and travel Enhanced synergies between and platforms Introduction of innovative savings solutions for consumers facing rising costs in everyday expenses Subsequent Events Subsequent to March 31, 2025, the Company repaid in full its GameIQ acquisition note payable Amended the Company's secured line of credit releasing $0.25 million of restricted cash Continued expansion of the At-the-Market offering to strengthen the Company's cash position Management Commentary Ketan Thakker, Chief Executive Officer of Giftify, Inc., commented, 'Our first quarter results demonstrate solid execution against our growth strategy, with revenue increasing and gross profit climbing. Most importantly, we've improved our gross margin to 16.1%, showing our ability to enhance profitability even in a challenging economic environment. Our focus on operational efficiency and strategic expansion into high-growth vertical markets is beginning to yield results.' Thakker continued, 'During the quarter, we continued our strategic AI implementation, which is creating measurable benefits across our organization from marketing to customer service. We're also seeing strong traction in our targeted vertical market expansions in pharmacy savings, sports merchandise and travel, which provides consumers with practical solutions to combat inflation in everyday expenses. As we move through 2025, we remain focused on scaling our platforms, enhancing user engagement, and building sustainable value for our shareholders.' About Giftify, Inc. Giftify, Inc. is a pioneer in the incentive and rewards industry with a focus on retail, dining & entertainment experiences, as the owner and operator of leading digital platforms, and is a leading secondary gift card exchange platform, allowing consumers and retailers to realize value by buying and selling gift cards at various scales. Its is the nation's largest restaurant-focused digital deals brand. and our Corporate Incentives division connect digital consumers, businesses and communities offering thousands of dining, retail and entertainment deals options nationwide at over 184,000 restaurants and retailers. prides itself on offering the best deal, every meal. Our gift cards and restaurant certificates allow customers to save at thousands of restaurants across the country with just a few clicks. For more information, visit: and and . Modified EBITDA In addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity. We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based compensation, and fair value of common stock issued for services. Management considers our core operating performance to be that which our managers can affect in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results prepared in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Forward-Looking Statements Press Releases may include forward-looking statements. In particular, the words 'believe,' 'may,' 'could,' 'should,' 'expect,' 'anticipate,' 'estimate,' 'project,' 'propose,' 'plan,' 'intend,' and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Giftify, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Giftify, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company's ability identify a suitable business model for the corporation. Investors Contacts: [email protected] GIFTIFY, INC. AND SUBSIDIARIES (FKA RDE, INC.) CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2025 December 31, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents (includes restricted cash of $1,258,826 at March 31, 2025 and December 31, 2024) $ 2,121,814 $ 3,574,876 Accounts receivable 1,591,180 891,666 Inventories 3,825,181 4,116,180 Prepaid expenses and other current assets 308,440 63,210 Total current assets 7,846,615 8,645,932 Property and equipment, net 928,441 1,089,984 Operating lease right of use asset, net 1,329,181 1,406,242 Deposits 65,556 65,556 Intangible assets, net 3,724,415 4,268,332 Goodwill 20,007,670 20,007,670 Total assets $ 33,901,878 $ 35,483,716 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,085,508 $ 1,966,616 Accrued expenses 1,714,629 1,768,607 Customer deposits 271 95,000 Deferred revenue 113,360 77,051 Secured revolving line of credit 3,682,328 3,805,080 Convertible promissory notes 43,887 43,137 Secured note payable — related party, net of debt discount of $0 and $4,000, at March 31, 2025 and December 31, 2024, respectively – 2,060,274 Notes payable, current portion, net of debt discount of $12,857 and $0, at March 31, 2025 and December 31, 2024, respectively 1,906,361 1,717,632 Operating lease liability, current portion 326,770 316,612 Total current liabilities 9,873,114 11,850,009 Notes payable, net of current portion 664,500 615,000 Deferred income taxes 976,142 1,123,000 Operating lease liability, net of current portion 1,048,620 1,133,371 Total liabilities 12,562,376 14,721,380 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value, 10,000,000 shares authorized; – – Common stock, $0.001 par value, 750,000,000 shares authorized; 29,273,359 and 27,021,423 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 29,267 27,015 Additional paid-in-capital 112,471,311 108,679,065 Common stock issuable, 350,843 and 383,343 shares, respectively 350,843 350,843 Accumulated deficit (91,511,919 ) (88,294,587 ) Total stockholders' equity 21,339,502 20,762,336 Total liabilities and stockholders' equity $ 33,901,878 $ 35,483,716 GIFTIFY, INC. AND SUBSDIARIES (FKA RDE, INC.) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2025 2024 (Unaudited) (Unaudited) Net Sales $ 22,277,013 $ 21,521,894 Cost of sales 18,695,377 18,264,618 Gross profit 3,581,636 3,257,276 Operating Expenses Selling, general and administrative expenses 6,043,841 5,214,041 Depreciation of capitalized software costs 161,543 378,737 Amortization of intangible assets 543,917 607,917 Total operating expenses 6,749,301 6,200,695 Loss from operations (3,167,665 ) (2,943,419 ) Other expense: Interest expense (209,571 ) (247,301 ) Total other expense, net (209,571 ) (247,301 ) Net loss before income tax benefit (3,377,236 ) (3,190,720 ) Income tax benefit 159,904 – Net loss $ (3,217,332 ) $ (3,190,720 ) Net loss per share – basic and diluted $ (0.11 ) $ (0.13 ) Weighted average common shares outstanding – basic and diluted 28,354,277 25,004,222 GIFTIFY, INC. AND SUBSDIARIES (FKA RDE, INC.) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 (Unaudited) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (3,217,332 ) $ (3,190,720 ) Adjustments to reconcile net loss to net cash provided by operating activities Fair value of vested stock options 994,295 37,126 Fair value of vested restricted common stock 568,709 1,044,250 Fair value of common stock issued for services 239,130 217,500 Loss on fair value of common stock issued for settlement of vendor 33,750 – Depreciation of capitalized software costs 161,543 378,737 Amortization of intangible assets 543,917 607,917 Amortization of debt discount 6,143 – Accrued interest (62,438 ) 15,934 Changes in operating assets and liabilities: Accounts receivable (699,514 ) 569,794 Inventories 290,999 678,068 Prepaid expenses and other current assets (245,230 ) (127,172 ) Right of use assets 77,061 65,632 Accounts payable 193,893 (374,262 ) Accrued expenses (53,978 ) 305,141 Customer deposits (94,729 ) – Deferred revenue 36,309 (168,818 ) Deferred taxes (146,858 ) – Operating lease liability (74,594 ) (65,763 ) Net cash used in operating activities (1,448,924 ) (6,636 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures – (224,815 ) Net cash provided by investing activities – (224,815 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from line of credit 30,435,894 26,070,274 Repayment of line of credit (30,558,645 ) (26,746,739 ) Proceeds from note payable 985,000 – Repayment of notes payable (750,000 ) – Repayment of notes payable – related party (2,000,000 ) – Proceeds from sale of common stock, net of expenses, under at-the-market sale agreement 1,031,113 – Proceeds from sale of common stock, net of expenses, under stock purchase agreement 374,500 – Proceeds from public offering of common stock 478,000 – Repayment of acquisition obligation – (500,000 ) Proceeds from private placement of common stock – 2,709,000 Net cash provided by (used in) financing activities (4,138 ) 1,532,535 Net increase (decrease) in cash and cash equivalents (1,453,062 ) 1,301,084 Cash and cash equivalents beginning of period 3,574,876 4,099,737 Cash and cash equivalents end of period $ 2,121,814 $ 5,400,821 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Interest paid $ 232,877 $ – Taxes paid $ – $ – NON-CASH INVESTING AND FINANCING ACTIVITIES Common shares issued for trade accounts payable $ 108,675 $ – Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Associated Press
13-05-2025
- Business
- Associated Press
Giftify, Inc. Reports First Quarter 2025 Financial Results, Reports Revenue Growth to $22.3 Million
Company achieves gross profit increase of 10% to $3.6 million Strategic initiatives in AI implementation and new market expansion generating positive momentum SCHAUMBURG, IL, May 13, 2025 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ: GIFT) (the 'Company'), the owner and operator of and and a leader in the incentives and rewards industry, today announced financial and operational results for the first quarter ended March 31, 2025. Key Highlights for the Three Months Ended March 31, 2025, Compared to Prior Year Period Growth Initiatives The Company's strategic execution against previously outlined growth priorities is generating positive momentum across multiple fronts: Subsequent Events Management Commentary Ketan Thakker, Chief Executive Officer of Giftify, Inc., commented, 'Our first quarter results demonstrate solid execution against our growth strategy, with revenue increasing and gross profit climbing. Most importantly, we've improved our gross margin to 16.1%, showing our ability to enhance profitability even in a challenging economic environment. Our focus on operational efficiency and strategic expansion into high-growth vertical markets is beginning to yield results.' Thakker continued, 'During the quarter, we continued our strategic AI implementation, which is creating measurable benefits across our organization from marketing to customer service. We're also seeing strong traction in our targeted vertical market expansions in pharmacy savings, sports merchandise and travel, which provides consumers with practical solutions to combat inflation in everyday expenses. As we move through 2025, we remain focused on scaling our platforms, enhancing user engagement, and building sustainable value for our shareholders.' About Giftify, Inc. Giftify, Inc. is a pioneer in the incentive and rewards industry with a focus on retail, dining & entertainment experiences, as the owner and operator of leading digital platforms, and is a leading secondary gift card exchange platform, allowing consumers and retailers to realize value by buying and selling gift cards at various scales. Its is the nation's largest restaurant-focused digital deals brand. and our Corporate Incentives division connect digital consumers, businesses and communities offering thousands of dining, retail and entertainment deals options nationwide at over 184,000 restaurants and retailers. prides itself on offering the best deal, every meal. Our gift cards and restaurant certificates allow customers to save at thousands of restaurants across the country with just a few clicks. For more information, visit: and and Modified EBITDA In addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity. We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based compensation, and fair value of common stock issued for services. Management considers our core operating performance to be that which our managers can affect in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results prepared in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Forward-Looking Statements Press Releases may include forward-looking statements. In particular, the words 'believe,' 'may,' 'could,' 'should,' 'expect,' 'anticipate,' 'estimate,' 'project,' 'propose,' 'plan,' 'intend,' and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Giftify, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Giftify, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company's ability identify a suitable business model for the corporation. Investors Contacts: [email protected] GIFTIFY, INC. AND SUBSIDIARIES (FKA RDE, INC.) CONDENSED CONSOLIDATED BALANCE SHEETS GIFTIFY, INC. AND SUBSDIARIES (FKA RDE, INC.) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS GIFTIFY, INC. AND SUBSDIARIES (FKA RDE, INC.) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Yahoo
13-05-2025
- Business
- Yahoo
Giftify, Inc. Reports First Quarter 2025 Financial Results, Reports Revenue Growth to $22.3 Million
Company achieves gross profit increase of 10% to $3.6 million Strategic initiatives in AI implementation and new market expansion generating positive momentum SCHAUMBURG, IL, May 13, 2025 (GLOBE NEWSWIRE) -- Giftify, Inc. (NASDAQ: GIFT) (the "Company"), the owner and operator of and and a leader in the incentives and rewards industry, today announced financial and operational results for the first quarter ended March 31, 2025. Key Highlights for the Three Months Ended March 31, 2025, Compared to Prior Year Period Revenue increased 3.5% to $22.3 million Gross profit increased 10.0% to $3.6 million Gross margin increased to 16.1% from 15.1% Modified EBITDA loss improved to $0.63 million from $0.66 million Net loss of $3.2 million (Of note, net loss for the three months ended March 31, 2025 included $2.6 million in non-cash expenses, including $1.8 million in stock option and other non-cash compensation, $0.54 million in amortization of intangible assets, $0.16 million in amortization of capitalized software costs, and $0.03 million from fair value of stock issued on vendor settlement.) Strong balance sheet with total assets of $33.9 million and stockholders' equity of $21.3 million Growth Initiatives The Company's strategic execution against previously outlined growth priorities is generating positive momentum across multiple fronts: Successful deployment of enterprise-wide AI solutions driving measurable operational efficiencies and cost reductions Expansion into high-margin vertical markets including pharmacy savings, sports merchandise and travel Enhanced synergies between and platforms Introduction of innovative savings solutions for consumers facing rising costs in everyday expenses Subsequent Events Subsequent to March 31, 2025, the Company repaid in full its GameIQ acquisition note payable Amended the Company's secured line of credit releasing $0.25 million of restricted cash Continued expansion of the At-the-Market offering to strengthen the Company's cash position Management Commentary Ketan Thakker, Chief Executive Officer of Giftify, Inc., commented, "Our first quarter results demonstrate solid execution against our growth strategy, with revenue increasing and gross profit climbing. Most importantly, we've improved our gross margin to 16.1%, showing our ability to enhance profitability even in a challenging economic environment. Our focus on operational efficiency and strategic expansion into high-growth vertical markets is beginning to yield results." Thakker continued, "During the quarter, we continued our strategic AI implementation, which is creating measurable benefits across our organization from marketing to customer service. We're also seeing strong traction in our targeted vertical market expansions in pharmacy savings, sports merchandise and travel, which provides consumers with practical solutions to combat inflation in everyday expenses. As we move through 2025, we remain focused on scaling our platforms, enhancing user engagement, and building sustainable value for our shareholders." About Giftify, Inc. Giftify, Inc. is a pioneer in the incentive and rewards industry with a focus on retail, dining & entertainment experiences, as the owner and operator of leading digital platforms, and is a leading secondary gift card exchange platform, allowing consumers and retailers to realize value by buying and selling gift cards at various scales. Its is the nation's largest restaurant-focused digital deals brand. and our Corporate Incentives division connect digital consumers, businesses and communities offering thousands of dining, retail and entertainment deals options nationwide at over 184,000 restaurants and retailers. prides itself on offering the best deal, every meal. Our gift cards and restaurant certificates allow customers to save at thousands of restaurants across the country with just a few clicks. For more information, visit: and and Modified EBITDA In addition to our GAAP results, we present Modified EBITDA as a supplemental measure of our performance. However, Modified EBITDA is not a recognized measurement under GAAP and should not be considered as an alternative to net income, income from operations or any other performance measure derived in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of liquidity. We define Modified EBITDA as net income (loss), plus interest expense, depreciation and amortization, stock-based compensation, and fair value of common stock issued for services. Management considers our core operating performance to be that which our managers can affect in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period. Non-GAAP adjustments to our results prepared in accordance with GAAP are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Modified EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Modified EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Forward-Looking Statements Press Releases may include forward-looking statements. In particular, the words 'believe,' 'may,' 'could,' 'should,' 'expect,' 'anticipate,' 'estimate,' 'project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although Giftify, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, Giftify, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company's ability identify a suitable business model for the corporation. Investors Contacts: IR@ GIFTIFY, INC. AND SUBSIDIARIES (FKA RDE, INC.)CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31,2025 December 31, 2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents (includes restricted cash of $1,258,826 at March 31, 2025 and December 31, 2024) $ 2,121,814 $ 3,574,876 Accounts receivable 1,591,180 891,666 Inventories 3,825,181 4,116,180 Prepaid expenses and other current assets 308,440 63,210 Total current assets 7,846,615 8,645,932 Property and equipment, net 928,441 1,089,984 Operating lease right of use asset, net 1,329,181 1,406,242 Deposits 65,556 65,556 Intangible assets, net 3,724,415 4,268,332 Goodwill 20,007,670 20,007,670 Total assets $ 33,901,878 $ 35,483,716 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,085,508 $ 1,966,616 Accrued expenses 1,714,629 1,768,607 Customer deposits 271 95,000 Deferred revenue 113,360 77,051 Secured revolving line of credit 3,682,328 3,805,080 Convertible promissory notes 43,887 43,137 Secured note payable — related party, net of debt discount of $0 and $4,000, at March 31, 2025 and December 31, 2024, respectively - 2,060,274 Notes payable, current portion, net of debt discount of $12,857 and $0, at March 31, 2025 and December 31, 2024, respectively 1,906,361 1,717,632 Operating lease liability, current portion 326,770 316,612 Total current liabilities 9,873,114 11,850,009 Notes payable, net of current portion 664,500 615,000 Deferred income taxes 976,142 1,123,000 Operating lease liability, net of current portion 1,048,620 1,133,371 Total liabilities 12,562,376 14,721,380 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value, 10,000,000 shares authorized; - - Common stock, $0.001 par value, 750,000,000 shares authorized; 29,273,359 and 27,021,423 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively 29,267 27,015 Additional paid-in-capital 112,471,311 108,679,065 Common stock issuable, 350,843 and 383,343 shares, respectively 350,843 350,843 Accumulated deficit (91,511,919 ) (88,294,587 ) Total stockholders' equity 21,339,502 20,762,336 Total liabilities and stockholders' equity $ 33,901,878 $ 35,483,716 GIFTIFY, INC. AND SUBSDIARIES (FKA RDE, INC.)CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2025 2024 (Unaudited) (Unaudited) Net Sales $ 22,277,013 $ 21,521,894 Cost of sales 18,695,377 18,264,618 Gross profit 3,581,636 3,257,276 Operating Expenses Selling, general and administrative expenses 6,043,841 5,214,041 Depreciation of capitalized software costs 161,543 378,737 Amortization of intangible assets 543,917 607,917 Total operating expenses 6,749,301 6,200,695 Loss from operations (3,167,665 ) (2,943,419 ) Other expense: Interest expense (209,571 ) (247,301 ) Total other expense, net (209,571 ) (247,301 ) Net loss before income tax benefit (3,377,236 ) (3,190,720 ) Income tax benefit 159,904 - Net loss $ (3,217,332 ) $ (3,190,720 ) Net loss per share – basic and diluted $ (0.11 ) $ (0.13 ) Weighted average common shares outstanding – basic and diluted 28,354,277 25,004,222 GIFTIFY, INC. AND SUBSDIARIES (FKA RDE, INC.)CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 (Unaudited) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Net loss $ (3,217,332 ) $ (3,190,720 ) Adjustments to reconcile net loss to net cash provided by operating activities Fair value of vested stock options 994,295 37,126 Fair value of vested restricted common stock 568,709 1,044,250 Fair value of common stock issued for services 239,130 217,500 Loss on fair value of common stock issued for settlement of vendor 33,750 - Depreciation of capitalized software costs 161,543 378,737 Amortization of intangible assets 543,917 607,917 Amortization of debt discount 6,143 - Accrued interest (62,438 ) 15,934 Changes in operating assets and liabilities: Accounts receivable (699,514 ) 569,794 Inventories 290,999 678,068 Prepaid expenses and other current assets (245,230 ) (127,172 ) Right of use assets 77,061 65,632 Accounts payable 193,893 (374,262 ) Accrued expenses (53,978 ) 305,141 Customer deposits (94,729 ) - Deferred revenue 36,309 (168,818 ) Deferred taxes (146,858 ) - Operating lease liability (74,594 ) (65,763 ) Net cash used in operating activities (1,448,924 ) (6,636 ) CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditures - (224,815 ) Net cash provided by investing activities - (224,815 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from line of credit 30,435,894 26,070,274 Repayment of line of credit (30,558,645 ) (26,746,739 ) Proceeds from note payable 985,000 - Repayment of notes payable (750,000 ) - Repayment of notes payable – related party (2,000,000 ) - Proceeds from sale of common stock, net of expenses, under at-the-market sale agreement 1,031,113 - Proceeds from sale of common stock, net of expenses, under stock purchase agreement 374,500 - Proceeds from public offering of common stock 478,000 - Repayment of acquisition obligation - (500,000 ) Proceeds from private placement of common stock - 2,709,000 Net cash provided by (used in) financing activities (4,138 ) 1,532,535 Net increase (decrease) in cash and cash equivalents (1,453,062 ) 1,301,084 Cash and cash equivalents beginning of period 3,574,876 4,099,737 Cash and cash equivalents end of period $ 2,121,814 $ 5,400,821 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Interest paid $ 232,877 $ - Taxes paid $ - $ - NON-CASH INVESTING AND FINANCING ACTIVITIES Common shares issued for trade accounts payable $ 108,675 $ - Sign in to access your portfolio
