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Amaze Holdings Inc. (AMZE+3.11%) has filed its Form 10-K annual report for the fiscal year ending December 31, 2024. The report is available for review filing.
The company reported a net revenue of approximately $299,065 for the year, a decrease from $1.8 million in the previous year. This decline was attributed to reduced sales and marketing activities in anticipation of a potential merger and business combination.
Cost of revenues for the year was $304,884, resulting in a gross loss of $5,819. This is a significant improvement from the gross loss of $2,585,929 reported in the previous year.
Selling, general, and administrative expenses were $3,112,840, a decrease from $6,322,184 in the prior year. The reduction was largely due to lower staffing levels and decreased operational activity.
The company incurred a net loss of $2,518,986 for the year, compared to a net loss of $10,615,035 in 2023. The decrease in net loss was partly due to a gain on extinguishment of liabilities amounting to $757,854.
Amaze Holdings Inc. completed the acquisition of Amaze Software, Inc. on March 7, 2025. The acquisition was executed through an Amended and Restated Agreement and Plan of Merger, with Amaze Software becoming a wholly owned subsidiary.
The company issued 750,000 shares of Series D Convertible Preferred Stock and warrants to purchase 8,750,000 shares of common stock as part of the merger consideration.
As of December 31, 2024, Amaze Holdings Inc. had total assets of $4,412,325 and total liabilities of $2,933,479, resulting in stockholders' equity of $1,478,846.
The company continues to face challenges related to its stock listing on the NYSE American exchange. It received notifications regarding non-compliance with certain listing standards but has since resolved the stockholders' equity deficiency.
Amaze Holdings Inc. has acknowledged substantial doubt about its ability to continue as a going concern due to its history of operating losses and insufficient cash flows. The company is seeking additional financing to sustain operations beyond the second quarter of 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Amaze Holdings Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.