In This Story
Brand Engagement Network Inc (BNAI-2.74%). 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 $50,000, compared to none in the same quarter the previous year.
Operating expenses for the quarter were $5,329,512, an increase from $2,567,613 in the same quarter of the previous year, primarily due to higher general and administrative costs.
The company reported a net loss of $5,823,083 for the quarter, compared to a net loss of $2,582,331 in the previous year.
Cash used in operating activities was $11,666,133 for the nine months ended September 30, 2024, compared to $2,752,377 in the same period of the previous year.
The company had cash and cash equivalents of $72,878 as of September 30, 2024, down from $1,685,013 as of December 31, 2023.
Brand Engagement Network Inc. entered into a Standby Equity Purchase Agreement with YA II PN, Ltd., allowing the company to sell up to $50,000,000 of its shares over a 36-month period.
The company issued a non-convertible unsecured promissory note to Yorkville for approximately $1.7 million, maturing on March 11, 2025.
Brand Engagement Network Inc. entered into a Share Purchase and Transfer Agreement to acquire Cataneo GmbH for $19,500,000, consisting of cash and shares.
The company continues to focus on expanding its AI platform and enhancing its product offerings, with recent acquisitions aimed at strengthening its market position.
Brand Engagement Network Inc. acknowledges its dependence on additional capital to fund operations and product development, with plans to raise capital through equity or debt investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Brand Engagement Network Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.