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Asset Entities Inc. (ASST-1.02%) 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 revenues to $202,921 from $60,135 in the same quarter the previous year. The increase is attributed to a higher number of Discord server paying subscribers.
Operating expenses for the quarter were $1,518,290, up from $1,250,626 in the same quarter of the previous year. This increase is due to higher advertising, marketing, payroll, and administrative costs.
The company reported a net loss of $1,315,369 for the quarter, compared to $1,190,491 in the previous year, with the increase attributed to higher operating expenses.
Asset Entities had a cash balance of $2,098,406 as of September 30, 2024, down from $2,924,323 at the beginning of the period. The decrease is due to cash used in operating and investing activities.
The company issued 330 shares of Series A Convertible Preferred Stock during the nine months ended September 30, 2024, raising $2,647,500 in net proceeds.
Asset Entities entered into several agreements, including a Sales Agreement with A.G.P./Alliance Global Partners for an at-the-market offering of up to $1,791,704 of Class B Common Stock.
The company also completed the acquisition of assets from TommyBoyTV, LLC for $200,000 in cash and 5,000 shares of Class B Common Stock.
Asset Entities does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its services across Discord, TikTok, and other social media platforms, and aims to increase its subscriber base and revenue streams.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Asset Entities Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.