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Appyea Inc (APYP0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing revenues of $1,000 and $16,000 for the three and nine months ended September 30, 2024, respectively, from sales of the AppySleep wristband.
Research and development expenses increased to $159,000 and $316,000 for the three and nine months ended September 30, 2024, respectively, primarily due to increased investment in intellectual property and product development.
Sales and marketing expenses rose to $153,000 and $310,000 for the three and nine months ended September 30, 2024, due to marketing efforts for the AppySleep wristband.
General and administrative expenses were $298,000 for the quarter and $797,000 for the nine months ended September 30, 2024, reflecting a reallocation of expenses towards research and development and marketing.
The company reported a net loss of $512,000 for the quarter and $1,575,000 for the nine months ended September 30, 2024, attributed to non-cash stock-based compensation expenses and changes in fair value of convertible loans and warrant liability.
As of September 30, 2024, Appyea had $56,000 in cash and $2,527,000 in current liabilities, highlighting the need for additional capital to maintain operations.
The company is actively seeking additional capital through various means, including private or public equity offerings, debt financings, and strategic alliances.
Appyea's financial statements have been prepared under the assumption of a going concern, but the company acknowledges substantial doubt about its ability to continue operations without additional funding.
The filing also notes ongoing legal proceedings involving the company's Chairman and subsidiary, SleepX, with a lawsuit filed in Israel alleging breach of partnership and loan agreements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Appyea Inc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.