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DatChat Inc. (DATS-4.69%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing net revenues of $436, a decrease from $672 in the previous year. Operating expenses also decreased to $5,281,339 from $8,784,703 in the prior year.
Compensation and related expenses were reported at $2,320,127, down from $4,760,180 in the previous year. This decrease was primarily due to a reduction in stock-based compensation expenses.
Marketing and advertising expenses decreased to $128,656 from $388,444, reflecting a reduction in promotional activities.
Professional and consulting expenses amounted to $1,031,898, compared to $1,324,640 in the previous year, with decreases in consulting fees and investor relations costs.
Research and development expenses were $857,668, down from $1,351,415, as the company ceased development of certain projects.
The company reported a net loss of $5,025,007, compared to $8,404,970 in the previous year. After accounting for noncontrolling interest, the net loss attributable to common shareholders was $4,239,160.
Cash and cash equivalents were $1,196,699 as of December 31, 2024, with short-term investments of $2,952,512. The company raised additional funds through a securities purchase agreement in January 2025.
DatChat Inc. continues to focus on its privacy platform and mobile application, DatChat Messenger & Private Social Network, and has expanded its business to include the Myseum platform and RPM Interactive, Inc.
The company acknowledges its dependence on raising capital and positive operating results to meet future obligations, with plans to use proceeds from recent offerings for general corporate purposes and development activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DatChat Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.