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Amesite Inc. (AMST+0.81%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $1,121,637 for the three months ended December 31, 2024, compared to a net loss of $905,611 in the same period the previous year.
Revenue for the quarter was reported at $12,760, down from $41,443 in the same quarter of the previous year. The decrease in revenue is attributed to changes in the customer base and pricing strategy.
General and administrative expenses increased to $804,652 from $443,801, primarily due to increased legal and professional fees.
Technology and content development expenses decreased to $211,867 from $331,224, reflecting reductions in headcount and associated costs.
Sales and marketing expenses were $127,110, down from $222,502, as a result of refined marketing strategies.
The company reported cash and cash equivalents of $519,706 as of December 31, 2024, compared to $2,071,016 as of June 30, 2024.
Amesite highlighted its ongoing efforts to address material weaknesses in internal controls over financial reporting, specifically in areas related to stock compensation and deferred revenue.
The company also noted receipt of a Nasdaq deficiency letter regarding non-compliance with listing requirements, which it plans to address through a recent public offering.
Amesite continues to focus on developing its AI-driven solutions, including its NurseMagic™ healthcare app, and aims to expand its customer base while managing operational costs.
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 February 7, 2025. To report an error, please email earnings@qz.com.