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AuthID Inc Com (New) (AUID-10.33%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing revenues of approximately $886,000, an increase from $190,000 in the previous year. The increase is attributed to new customer acquisitions.
Operating expenses for the year totaled $15,570,776, compared to $10,938,425 in the previous year, primarily due to higher general and administrative expenses and increased research and development costs.
The company reported a net loss from continuing operations of $14,277,994, compared to a net loss of $19,617,969 in the previous year. The decrease in net loss is partly due to the absence of conversion expenses and loss on debt extinguishment that were present in 2023.
AuthID raised approximately $10.0 million in June 2024 through a registered direct offering to support its operations and investments. The company plans to raise additional funds to continue its growth-oriented business plan.
The company has an accumulated deficit of approximately $173.8 million as of December 31, 2024, and acknowledges substantial doubt about its ability to continue as a going concern without additional capital.
AuthID's platform offers biometric identity verification and authentication services, with a focus on preventing cybercriminals from taking over accounts. The company continues to invest in technology and people to expand its customer base and product offerings.
The filing details the company's exit from non-core activities, including the sale of its MultiPay business in Colombia, which was completed in 2023, resulting in a gain of $216,000.
AuthID's management is focused on driving new customer growth, accelerating onboarding and usage, developing strategic partnerships, and advancing its platform through innovation.
The company faces competition from a broad range of identity management providers and acknowledges the risks associated with rapidly evolving market conditions and technological advancements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AuthID Inc Com (New) annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.