In This Story
DatChat Inc. (DATS+9.38%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing minimal net revenues of $62, down from $175 in the same quarter the previous year.
Operating expenses for the quarter were $1,238,246, a decrease from $2,542,326 in the prior year. The decrease was attributed to reductions in compensation, marketing, and professional fees.
Research and development expenses were $363,472 for the quarter, slightly down from $380,017 the previous year, reflecting ongoing software development efforts.
The company reported a net loss of $1,183,458 for the quarter, compared to $2,364,580 in the previous year.
Cash used in operating activities was $3,507,202 for the nine months ended September 30, 2024, compared to $5,159,510 in the previous year.
DatChat had cash and cash equivalents of $632,497 as of September 30, 2024, with short-term investments of $3,919,697.
The company continues to focus on developing its Habytat platform and Myseum, a social network and multimedia storage platform.
DatChat plans to spin off its Habytat platform business into a standalone public company, subject to board approval and regulatory conditions.
The filing outlines risks related to market acceptance of products, intellectual property, and competitive positioning.
DatChat acknowledges substantial doubt about its ability to continue as a going concern due to continued net losses and minimal revenues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the DatChat Inc. Series A Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.