Liquidation: Cuentas Inc.

Form Type: 10-Q

Filing Date: 2025-07-02

Corporate Action: Liquidation

Type: Update

Accession Number: 000121390025060740

Filing Summary: Cuentas Inc. filed a 10-Q quarterly report for the period ending June 30, 2024. The company has experienced significant financial difficulties, with a cash balance of only $56 and a substantial accumulated deficit of $57,463. As part of its restructuring efforts, Cuentas announced the sale of its full interests in Brooksville Development Partners, LLC for a total of $800. During the reporting period, the company faced defaults on promissory notes, leading to losses recognized. A settlement agreement with 1800 Diagonal Lending, LLC was reached to resolve liabilities related to two promissory notes, for which $112 was paid. The financial statements raise substantial doubt about the company's ability to continue as a going concern, emphasizing the need for capital raising and financial stability. Revenue has been limited, and the company is primarily focused on providing financial technology services to underserved communities.

Form Type: 10-Q

Filing Date: 2025-07-02

Corporate Action: Liquidation

Type: Update

Accession Number: 000121390025060745

Filing Summary: Cuentas Inc. reported significant financial challenges in its quarterly report for the period ended September 30, 2024. The company has a negative cash balance of $15 and a working capital deficit of $2,700. It also recorded a stockholders’ deficit of $2,792 and an accumulated deficit of $57,862, indicating severe financial distress. The company expressed substantial doubt about its ability to continue as a going concern. In recent developments, Cuentas signed a Membership Interest Purchase Agreement for the sale of its interests in Brooksville Development Partners, LLC, generating $800. This transaction aimed to settle approximately $666.3k of liabilities owed to major creditors from a total of $1.14M. The company has been engaged in fundraising efforts in private equity and capital markets to secure necessary future investments for sustaining operations. Moreover, various promissory notes and associated defaults were highlighted, emphasizing the urgent need for financial restructuring.