SRAX INC: Needs More Significant Capital to Remain Going Concern

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SRAX, Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $3,003,000 on $351,000 of revenues for the three months ended March 31, 2020, compared to a net loss of $5,786,000 on $592,000 of revenues for the same period in 2019.

At March 31, 2020, the Company had total assets of $19,900,000, total liabilities of $9,983,000, and $9,917,000 in total stockholders’ equity.

The Company said, “In connection with preparing consolidated financial statements for the year ended December 31, 2019 and three months ended March 31, 2020, management evaluated whether there were conditions and events, considered in the aggregate, that could raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date that the financial statements are issued. Based on its evaluation, management concluded that without raising significant capital, there is substantial doubt that the Company will continue as a going concern past September 30, 2020.”

A copy of the Form 10-Q is available at:

SRAX, Inc., a digital marketing and data technology company, provides tools to reach and reveal audiences with marketing and advertising communication in the United States. The company markets and sells its services through its in-house sales team, as well as through industry specific events. The company was formerly known as Social Reality, Inc. and changed its name to SRAX, Inc. in August 2019. SRAX, Inc. was founded in 2009 and is headquartered in Los Angeles, California.

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