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T Stamp Inc. (IDAI-4.26%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net revenue to $511,081 from $3,065,804 in the same quarter the previous year. This decrease is attributed to the termination of a significant contract with Interactive Global Solutions.
Operating expenses for the quarter were $3,187,777, compared to $3,087,688 in the same quarter of the previous year. The increase is primarily due to higher salaries and IT service costs.
The company reported an operating loss of $2,676,696 for the quarter, compared to a loss of $21,884 in the previous year, driven by reduced revenue and increased expenses.
Other income for the quarter was $5,000,563, primarily from a non-exclusive license agreement with Boumarang Inc.
Other expenses increased to $1,526,997 from $1,377, primarily due to costs associated with warrant terminations and inducements.
Net income for the quarter was $683,524, compared to a loss of $35,162 in the previous year. The improvement was largely due to the license agreement with Boumarang.
Cash used in operating activities was $6,183,158, while cash used in investing and financing activities was $686,706 and $4,374,923, respectively.
T Stamp had cash and cash equivalents of $598,031 as of September 30, 2024. The company acknowledges its need to raise additional capital to meet future obligations.
The filing also details various financial agreements, including subordinated business loans and a secured promissory note.
T Stamp does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting related to complex equity transactions.
T Stamp continues to focus on expanding its Orchestration Layer platform and leveraging AI technologies through strategic partnerships.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the T Stamp Inc. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.