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Amesite Inc. (AMST-1.45%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a net loss of $908,045 for the quarter, compared to a net loss of $890,693 in the same period the previous year. The company's accumulated deficit reached $38.7 million as of September 30, 2024.
Revenue for the quarter was $11,250, down from $63,333 in the previous year. The decrease is attributed to a shift in strategy to expand the customer base while minimizing risks.
Operating expenses for the quarter totaled $938,594, with general and administrative expenses at $633,122, technology and content development at $139,658, and sales and marketing expenses at $165,814.
The company reported cash and cash equivalents of $1,434,753 as of September 30, 2024, a decrease from $2,071,016 at the end of the previous quarter.
Amesite's management has expressed substantial doubt about the company's ability to continue as a going concern, citing the need for additional financing to support operations.
The company is exploring options to generate cash through financing transactions, including potential offerings of common stock, though these plans are subject to market conditions.
The report includes financial statements and notes, highlighting the company's focus on AI-driven solutions and its ongoing efforts to develop its customer base.
Amesite's stock-based compensation for the quarter included options and deferred stock units, with no new options granted during the period.
The company continues to capitalize software development costs and reported $148,000 in capitalized software additions for the quarter.
Amesite has not recognized any income tax benefits due to its history of net losses and has a full valuation allowance against its deferred tax assets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Amesite Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.