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Aclarion, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $14,407 from $19,065 in the same quarter the previous year. The decrease is attributed to the conclusion of certain clinical activities at customer sites.
Cost of revenue for the quarter was $21,332, compared to $19,558 in the same quarter of the previous year. This increase is due to a change in revenue mix affecting partner fees.
Sales and marketing expenses increased to $232,775 from $192,896, primarily due to post-market clinical expenses related to the Clarity trial and increased marketing activities.
Research and development expenses slightly decreased to $195,797 from $198,252, reflecting stable investment in development activities.
General and administrative expenses were $860,461, up from $770,534, with the increase driven by higher investor relations and consulting costs.
Interest expense decreased to $71,527 from $166,332, reflecting ongoing debt reduction efforts.
The company recorded a net loss of $1,366,176 for the quarter, compared to $998,010 in the previous year. After preferred dividends, the net loss attributable to common stockholders was $1,378,318, compared to $998,010 in the previous year.
Cash used in operating activities was $4,348,748, while cash used in investing activities was $261,220. Cash provided by financing activities was $4,900,996.
Aclarion had cash and cash equivalents of $1,322,098 as of September 30, 2024. The company anticipates the need for additional funding to continue operations beyond December 2024.
The filing also outlines various financial agreements and transactions, including the issuance of Series B and Series C preferred stock.
The company is addressing its Nasdaq compliance issues related to minimum bid price and stockholders' equity requirements.
Aclarion continues to focus on developing its medical technology products and managing its financial resources to support ongoing operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aclarion Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.