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on of the publicly traded companies I follow is VerticalScope.
the reason: they own 1200+ online forums, have over 100 million active daily users, and seem to be the only 1 that are publicly traded company from the online forum world where companies
among us, there are few forum owners, for example: @Daniel - Monetize.info (Romania) with whom I regularly have mastermind calls, and, of course, @MapleDots (Frank) from Canada.
.. just checked the VerticalScope financial report for q1 2025 (the attached file was downloaded from the https://investors.verticalscope.com/financials/Financial-Reports/default.aspx), and, wuhh.. it is interseting (at least for me), so let me share it here, in the 'off topic' zone
here is the summary done by Grok:
```
The provided document is the Condensed Consolidated Interim Financial Statements for VerticalScope Holdings Inc. for Q1 2025, ending March 31, 2025, with comparative figures for 2024. Below is a detailed analysis of key financial metrics, trends, and insights based on the available data. Note that some sections are truncated, limiting the depth of analysis for certain areas (e.g., complete cash flow statements, full long-term debt details). The analysis focuses on the statements of financial position, loss and comprehensive loss, and notes.
The Statement of Financial Position compares assets, liabilities, and equity as of March 31, 2025, and December 31, 2024.
Assets
Liabilities and Equity
The Condensed Consolidated Interim Statements of Loss and Comprehensive Loss provide data for the three months ended March 31, 2025, compared to 2024.
Revenue
Operating Expenses
Other Expenses/Income
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.. the document also provides data suitable for charts.. I'm not sure DNForum is prepared to to display charts using bb code (@DNF Admin, can we?). I will try to put these charts in the 1st comment, as Grok has prepared these .. fun times with these large language models
the reason: they own 1200+ online forums, have over 100 million active daily users, and seem to be the only 1 that are publicly traded company from the online forum world where companies
among us, there are few forum owners, for example: @Daniel - Monetize.info (Romania) with whom I regularly have mastermind calls, and, of course, @MapleDots (Frank) from Canada.
.. just checked the VerticalScope financial report for q1 2025 (the attached file was downloaded from the https://investors.verticalscope.com/financials/Financial-Reports/default.aspx), and, wuhh.. it is interseting (at least for me), so let me share it here, in the 'off topic' zone
here is the summary done by Grok:
```
Analysis of VerticalScope Holdings Inc. Q1 2025 Financial Statements
The provided document is the Condensed Consolidated Interim Financial Statements for VerticalScope Holdings Inc. for Q1 2025, ending March 31, 2025, with comparative figures for 2024. Below is a detailed analysis of key financial metrics, trends, and insights based on the available data. Note that some sections are truncated, limiting the depth of analysis for certain areas (e.g., complete cash flow statements, full long-term debt details). The analysis focuses on the statements of financial position, loss and comprehensive loss, and notes.
1. Financial Position (Condensed Consolidated Interim Statements of Financial Position)
The Statement of Financial Position compares assets, liabilities, and equity as of March 31, 2025, and December 31, 2024.
Assets
- Current Assets:
- Cash: Decreased from $5,189,315 (Dec 31, 2024) to $5,014,293 (Mar 31, 2025), a reduction of $175,022 (-3.4%). This suggests a modest decline in liquidity, possibly due to operational outflows or investments.
- Restricted Cash: Decreased from $97,244 to $93,915 (-3.4%), indicating stable restricted cash holdings.
- Trade and Other Receivables: Decreased significantly from $14,874,882 to $11,954,451 (-19.6%). This could reflect lower sales, faster collections, or write-offs. Note 4 (partially provided) likely details receivables composition.
- Lease Receivable: Decreased from $326,267 to $187,936 (-42.4%), possibly due to lease payments or reclassification.
- Income Taxes Receivable: Dropped from $784,332 to $442,085 (-43.6%), suggesting tax refunds or adjustments.
- Prepaid Expenses: Increased from $761,652 to $891,834 (+17.0%), indicating higher prepayments for future expenses.
- Observation: Total current assets likely decreased due to drops in receivables and income taxes receivable, partially offset by increased prepaid expenses. The receivables reduction may indicate improved collections or lower revenue.
Liabilities and Equity
- The document lacks complete liability and equity details due to truncation. Key points from Notes 8 and 9:
- Long-Term Debt: Note 8 references a term loan and revolving loan. The revolving loan’s fair value approximates its carrying value due to variable interest rates (Note 14).
- Share Capital: As of March 31, 2025, the company had 2,957,265 Multiple Voting Shares (MVS) valued at $91,707 and 18,667,797 Subordinate Voting Shares (SVS) valued at $160,155,459. This compares to 2,957,265 MVS ($91,707) and 18,444,155 SVS as of December 31, 2024. The increase in SVS by 223,642 shares is due to exercised Restricted Share Units (RSUs) and Deferred Share Units (DSUs).
- Observation: Share capital shows stability in MVS and a slight SVS increase due to share-based compensation. Incomplete liability data limits leverage insights.
2. Statement of Loss and Comprehensive Loss
The Condensed Consolidated Interim Statements of Loss and Comprehensive Loss provide data for the three months ended March 31, 2025, compared to 2024.
Revenue
- 2025: $13,565,517
- 2024: $14,723,444
- Change: -7.9% ($1,157,927 decrease)
- Analysis: Revenue declined year-over-year, possibly reflecting challenges in advertising or subscription income. Note 15 shows U.S. revenue dropped from $11,892,382 (2024) to $10,783,257 (2025), a -9.3% decline, indicating market-specific issues.
Operating Expenses
- Specific expenses (incomplete):
- Wages and Consulting: $4,423,575 (2025) vs. $4,664,628 (2024), a -5.2% decrease, suggesting cost control.
- Share-Based Compensation: Not quantified for 2025, but Note 10 indicates RSU and DSU activity.
- Total Operating Expenses: $15,537,835 (2025), leading to an operating loss of $1,972,318, compared to an operating income of $61,382 in 2024.
- Analysis: Higher operating expenses despite lower wages suggest increased costs elsewhere (e.g., depreciation, per Notes 6 and 7). The shift from operating income to a significant loss indicates margin pressure from revenue decline.
Other Expenses/Income
- Gain on Sale of Assets: $87,577 (2025) vs. $26,453 (2024), indicating higher asset disposal gains.
- Net Interest and Financing Expense: $897,183 (2025) vs. $1,170,294 (2024), a -23.3% decrease, reflecting lower borrowing costs.
- Other Losses: Foreign exchange and other losses mentioned but not quantified.
- Loss Before Income Taxes: $2,669,xxx (incomplete for 2025), driven by operating loss and other expenses.
- Observation: The shift to a significant operating loss in 2025 from near-breakeven in 2024 reflects revenue challenges, partially offset by lower interest expenses.
3. Geographical Information (Note 15)
- United States: Revenue decreased from $11,892,382 (2024) to $10,783,257 (2025), a -9.3% decline.
- Canada: Data for 2025 incomplete, but the U.S. is the dominant revenue source.
- Analysis: The U.S. revenue drop suggests challenges in the primary market, possibly due to reduced advertising, competition, or macroeconomic factors.
4. Share-Based Compensation (Notes 10, 14, 15)
- The Omnibus Incentive Plan allows share options, PSUs, RSUs, and DSUs, capped at 12% of outstanding shares.
- In Q1 2025, 38,757 SVS were issued due to exercised RSUs and DSUs.
- No dilutive securities included in diluted EPS due to net loss (anti-dilutive).
- Analysis: Share-based compensation supports talent retention, with no dilution impact due to losses.
5. Key Accounting Policies and Estimates (Notes 3, 8)
- Impairment of Long-Lived Assets and Goodwill: Uses discounted cash flow models, relying on cash flow, discount rate, and growth assumptions, indicating valuation risks.
- Measurement Uncertainty: Monitors Israel conflict (impacting subsidiary HomeTalk IL Development Ltd.) and potential Canada-U.S. tariffs, which could materially affect operations.
- IAS 21 Amendments: Adopted January 1, 2025, with no material impact.
- Analysis: Geopolitical and trade risks introduce uncertainty, and impairment testing reliance on estimates suggests potential volatility.
6. Financial Instruments (Note 14)
- Fair values of cash, receivables, and payables approximate carrying amounts due to short-term maturities.
- Revolving loan’s fair value aligns with carrying value due to variable interest rates.
- Fair value measurements use Levels 1, 2, and 3, with no transfers in Q1 2025 or 2024.
- Analysis: Financial instruments are straightforward, with variable-rate loans mitigating interest rate risk.
7. Key Observations and Insights
- Revenue Decline: The 7.9% drop, especially in the U.S. (-9.3%), signals challenges in digital advertising or subscription models.
- Operating Loss: Shift to a $1,972,318 loss in 2025 from $61,382 income in 2024 reflects margin compression.
- Liquidity and Receivables: Declines in cash and receivables suggest tighter liquidity, offset by prepaid expense increases.
- Debt and Financing: Lower interest expenses indicate debt cost management, but incomplete data limits leverage insights.
- Geopolitical and Trade Risks: Exposure to Israel conflict and Canada-U.S. tariffs introduces uncertainty.
- Share-Based Compensation: Ongoing equity awards focus on talent retention, with no dilution due to losses.
8. Limitations of Analysis
- Truncated Data: Missing cash flow, expense, and debt details limit insights.
- Incomplete Loss Calculation: Loss before income taxes not fully provided.
- Lack of Contextual Notes: Partial notes restrict details on receivables, leases, and debt.
9. Recommendations for Further Analysis
- Obtain full Q1 2025 financial statements for cash flow, expense, and debt details.
- Investigate U.S. revenue decline drivers (market trends, competition).
- Monitor Israel conflict and Canada-U.S. trade policy impacts.
- Analyze operating expense increases for cost optimization opportunities.
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.. the document also provides data suitable for charts.. I'm not sure DNForum is prepared to to display charts using bb code (@DNF Admin, can we?). I will try to put these charts in the 1st comment, as Grok has prepared these
.. fun times with these large language models 
