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OneMeta Inc (ONEI+9.80%). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's focus on developing artificial intelligence products for interpretation and translation services using natural language processing technology. The company aims to eliminate language barriers in communications.
OneMeta reported revenue of $31,304 for 2024, a decrease from $70,903 in 2023. The decrease is attributed to limited customer contracts as the company remains in the product development stage.
Operating expenses for 2024 were $4,552,969, down from $6,174,797 in 2023. The reduction was primarily due to a decrease in general and administrative expenses.
The company recorded a net loss of $4,595,555 for 2024, compared to a net loss of $6,147,063 for 2023. The decrease in net loss was due to reduced operating expenses.
OneMeta's balance sheet showed total assets of $314,847 and total liabilities of $2,999,667 as of December 31, 2024. The company highlighted substantial doubt about its ability to continue as a going concern.
The filing details several agreements aimed at generating future revenue, including partnerships with inContact, Genesys, and Five9. These agreements are expected to contribute to revenue once operational.
OneMeta's primary sources of capital have been cash from common stock sales and debt financing, including loans from the company's President and CFO, Rowland W. Day II.
The company issued convertible notes totaling $650,000 in December 2024, with terms for conversion into common shares based on future financing or corporate transactions.
OneMeta's management acknowledges the need for additional funds to continue operations and is seeking equity financing and related party advances, though there is no assurance of additional funding being available.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OneMeta Inc annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.