10-K: Vynleads, Inc. Files 10-K Report for Fiscal Year Ended December 31, 2024

Vynleads, Inc. reports its financial results for the fiscal year 2024, highlighting ongoing losses and efforts to secure additional capital.

Summary

• Vynleads, Inc., a health and wellness information provider, filed its Form 10-K for the fiscal year ended December 31, 2024.
• The company has experienced recurring losses since its inception, resulting in an accumulated deficit of $2,785,530 as of December 31, 2024.
• Revenues for 2024 were $0, unchanged from 2023.
• Total costs and operating expenses increased by 1.49% to $239,239 in 2024.
• The net loss for the year ended December 31, 2024, was $261,192, slightly better than the $263,437 loss in 2023.
• The company's management expresses substantial doubt about its ability to continue as a going concern.
• Vynleads plans to raise additional capital through the sale of equity securities to meet its short and long-term operating requirements.
• The company estimates it needs approximately $5,500,000 in additional working capital over the next 12 months to fund its business objectives.
• As of March 24, 2025, Vynleads had 18,327,364 shares of common stock issued and outstanding, with 51 stockholders of record.
• The aggregate market value of the registrant's voting and non-voting common stock held by non-affiliates was approximately $4,968,207 as of June 30, 2024.

Sentiment

Score: 3

Explanation: The document presents a concerning financial situation with recurring losses, a significant accumulated deficit, and doubts about the company's ability to continue as a going concern. While there are some minor positives, the overall outlook is negative.

Positives

• The net loss decreased slightly from $263,437 in 2023 to $261,192 in 2024.
• Cost of revenue decreased by 58.13% to $14,893 in 2024 compared to $35,570 in 2023.
• The company converted notes payable and accrued interest to common stock, reducing liabilities.

Negatives

• The company reports $0 in revenue for both 2024 and 2023.
• Vynleads has an accumulated deficit of $2,785,530 as of December 31, 2024.
• The company faces a working capital deficit of $227,365.
• Management expresses substantial doubt about the company's ability to continue as a going concern.
• The company relies on raising additional capital to fund operations.

Risks

• The company's ability to continue as a going concern is uncertain.
• Vynleads requires additional capital to fund operations and growth.
• The company faces competition from larger, more established companies.
• The company's industry is subject to government regulations, including those related to advertising and consumer protection.
• The company's reliance on a supplement supplier poses a risk to its business.
• The company's internal control over financial reporting was not effective as of December 31, 2024.

Future Outlook

The company plans to expand its Lifestyle Blueprint model across various verticals, focusing on health and wellness support and chronic illness management, and may leverage AI to enhance its products and services. Vynleads anticipates needing approximately $5,500,000 in additional working capital during the next 12 months to meet its current business objectives.

Industry Context

Vynleads competes with larger, more established companies in the health and wellness content and nutritional supplement market, including Nutrisystem, Medifast, Weight Watchers, Virta Health Corp., and Dr. Axe. These competitors have greater brand awareness and financial resources.

Comparison to Industry Standards

• Vynleads operates in the competitive health and wellness market, facing established players like Nutrisystem, Medifast, and Weight Watchers.
• Unlike Vynleads, these competitors have significant brand recognition and financial resources.
• Virta Health Corp. is another competitor focusing on diabetes management, but with a different approach.
• Dr. Axe represents individual brands with strong media presence in the health and wellness space.
• Vynleads' niche proprietary content aims to differentiate it, but its limited financial resources pose a challenge against these well-capitalized companies.

Legal Proceedings

• In 2016, a third party initiated claims and filed unauthorized UCC financing statements against the company and certain officers, alleging non-payment of royalty amounts.
• The company disputes all claims and believes that all royalty amounts due have been paid in full.

Related Party Transactions

• On March 16, 2021, the Company executed a note payable to Mr. Sergei Stetsenko, a member of our Board of Directors, in the amount of $ 15,000 , interest accrues at 5 % per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first .
• On June 23, 2023, the Company executed a note payable to Mr. Sergei Stetsenko, a member of our Board of Directors, in the amount of $ 25,000 , interest accrues at 5 % per annum, unsecured, and due after six months of execution, or the date in which the Company secures one million dollars in total investment capital, whichever occurs first.
• On May 21, 2018, we entered into an Amended and Restated Strategic Financing & Corporate Development Agreement with CRG Finance AG (hereinafter CRG) which was amended and restated an earlier agreement entered into in October 2017.
• The Company noted that CRG is affiliated with Mr. Sergei Stetsenko, who serves as the Chief Executive Officer for CRG and is a board of director for Vynleads.

Stakeholder Impact

• Shareholders face the risk of losing their entire investment if the company is unable to continue as a going concern.
• Employees' jobs are at risk if the company is unable to secure additional funding and continue operations.
• Customers may be impacted if the company is forced to reduce its product offerings or discontinue services.
• Suppliers and creditors face the risk of non-payment if the company's financial situation does not improve.

Next Steps

• The company plans to expand its Lifestyle Blueprint model.
• The company intends to expand its product offerings with additional Lifestyle Blueprints.
• The company seeks to raise additional capital to fund its operating expenses and growth plans.

Key Dates

Keywords

Vynleads, financial results, 10-K, going concern, capital raise, health and wellness, diabetes, net loss, revenue, working capital, risk factors