Algorhythm Holdings Inc

NASDAQ:RIMEUnited States

NASDAQ FSI:D. Deficient (Issuer failed to meet continued listing requirements)

(Unaudited)
For the Nine Months Ended ------------------------- September September 30, 2024 30, 2023 ----------- ----------- Cash flows from operating activities Net loss $(7,513,000) $(5,348,000) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 159,000 289,000 Amortization of intangible assets 44,000 - Provision for estimated cost of returns 839,000 1,095,000 Provision for inventory obsolescence - 271,000 Credit losses 92,000 104,000 Gain on termination of operating lease (246,000) - Net gain from disposal of property and equipment - (42,000) Stock based compensation 616,000 174,000 Amortization of right of use assets 194,000 520,000 Change in net deferred tax assets - 1,399,000 Changes in operating assets and liabilities: Accounts receivable 3,079,000 (3,982,000) Due from banks (22,000) (152,000) Accounts receivable - related parties (303,000) 117,000 Inventories (456,000) (3,424,000) Prepaid expenses and other current assets (718,000) 87,000 Other non-current assets 151,000 (248,000) Accounts payable 394,000 10,442,000 Accrued expenses (198,000) (486,000) Refunds due to customers (1,967,000) 1,212,000 Reserve for sales returns (1,180,000) (646,000) Operating lease liabilities 116,000 (622,000) Payment of early termination fee on operating lease termination settlement (150,000) - ---------- ---------- Net cash (used in) provided by operating activities (7,069,000) 760,000 ---------- ---------- Cash flows from investing activities Purchase of property and equipment (70,000) (163,000) Cash received from purchase of SemiCab Inc 17,000 - Disposal of property and equipment - 55,000 ---------- ---------- Net cash used in investing activities (53,000) (108,000) ---------- ---------- Cash flows from financing activities Proceeds from sale of stock, net of offering costs 1,489,000 1,640,000 Payments on merchant cash advances payable (327,000) - Net payment from revolving lines of credit - (1,761,000) Other (122,000) (113,000) ---------- ---------- Net cash provided by (used in) financing activities 1,040,000 (234,000) ---------- ---------- Net change in cash (6,082,000) 418,000 Cash at beginning of year 6,703,000 2,795,000 ---------- ---------- Cash at end of period $ 621,000 $ 3,213,000 ========== ========== Supplemental disclosures of cash flow information: Cash paid for interest $ 320,000 80,000 ========== ========== Non-Cash investing and financing cash flow information: Common stock issued for purchase of SemiCab Inc $ 569,000 $ - ========== ========== Equipment purchased under capital lease $ - $ 55,000 ========== ========== Right of use assets exchanged for lease liabilities $ 136,000 $ 3,874,000 ========== ==========

Fort Lauderdale, FL, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Algorhythm Holdings, Inc. ("Algorhythm Holdings" or the "Company") (NASDAQ: RIME) -- an AI technology and consumer electronics holding company -- today announced that its earnings for its third quarter 2024 will be released on Tuesday, November 19, 2024. On Wednesday, November 20, 2024, Management will host a conference call at 10:00 am Eastern time to discuss the financial results and provide a business update.