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Aeluma Inc Com (ALMU+5.63%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $480,735 from $32,400 in the same quarter the previous year. The increase is attributed to government contracts and commercial product sales.
Operating expenses for the quarter were $1,212,115, down from $1,515,111 in the same quarter of the previous year. This decrease is primarily due to reduced consulting and professional expenses.
The company reported a net loss of $729,619 for the quarter, compared to $1,482,309 in the previous year. The decrease in net loss is due to increased revenue and reduced operating expenses.
Aeluma issued convertible promissory notes totaling $3,145,000 to 10 accredited investors during the quarter. These notes are convertible into common stock upon certain events.
The company received a $11.717 million DARPA contract for developing nano-scale semiconductors, with $5.974 million provided over 18 months, and the remaining $5.743 million over the following 18 months.
Cash provided by financing activities was $3,145,000, while cash used in operating and investing activities was $931,915 and $1,637, respectively.
Aeluma had a working capital of $1,395,817 as of September 30, 2024. The company acknowledges its need for additional capital to continue operations and achieve profitability.
The filing also details stock-based compensation, with $167,091 recognized in expenses for the quarter, and unrecognized compensation expense of $675,461 as of September 30, 2024.
Aeluma's disclosure controls and procedures were deemed not effective due to insufficient staffing resources in the finance department.
The company continues to focus on developing its optoelectronic devices for sensing and communications applications, leveraging its compound semiconductor materials technology.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Aeluma Inc Com quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.