DETROIT, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ: AMST), a leading technology company specializing in AI-driven solutions for B2C and B2B markets, announced today the company’s app, NurseMagic™, is now available for direct subscription purchases by consumers. NurseMagic™ has seen strong user growth since its launch this summer and now supports users from eighty-seven (87) professions (ranging from registered nurses, to physicians, EMTs, occupational therapists, hospital managers, healthcare C ...

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) Unaudited Q3 2024 financial statements, management's analysis, and disclosures, noting net losses and going concern doubts - Amesite Inc. specializes in B2C and B2B AI-driven solutions, including a higher education platform and the NurseMagic™ mobile healthcare app[22](index=22&type=chunk) - The company has a history of net losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern[27](index=27&type=chunk)[30](index=30&type=chunk) - Management plans to generate cash through financing transactions, such as common stock offerings, but these are not guaranteed[30](index=30&type=chunk) [ITEM 1. FINANCIAL STATEMENTS](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) Presents unaudited Q3 2024 and 2023 condensed financial statements, including balance sheets, operations, equity, cash flows, and notes - The financial statements are unaudited and prepared in accordance with GAAP and SEC requirements[23](index=23&type=chunk)[24](index=24&type=chunk) - Interim results are not necessarily indicative of results for a full year[24](index=24&type=chunk) [Condensed Balance Sheets (unaudited)](index=8&type=section&id=Condensed%20Balance%20Sheets%20(unaudited)) Balance sheets show slight decreases in total assets and equity, increased current liabilities, and a significant drop in cash from June to September 2024 Condensed Balance Sheet Highlights (Unaudited) | Metric | September 30, 2024 | June 30, 2024 | Change (Absolute) | Change (%) | | :-------------------------- | :----------------- | :------------ | :---------------- | :--------- | | Cash and cash equivalents | $1,434,753 | $2,071,016 | $(636,263) | -30.72% | | Total current assets | $2,496,774 | $2,604,565 | $(107,791) | -4.14% | | Total noncurrent assets | $739,336 | $709,612 | $29,724 | 4.19% | | Total assets | $3,236,110 | $3,314,177 | $(78,067) | -2.36% | | Total current liabilities | $843,003 | $798,465 | $44,538 | 5.58% | | Total stockholders' equity | $2,393,107 | $2,515,712 | $(122,605) | -4.87% | [Condensed Statements of Operations (unaudited)](index=9&type=section&id=Condensed%20Statements%20of%20Operations%20(unaudited)) Operations statements show a significant revenue decrease for Q3 2024, leading to a slightly higher net loss despite reduced operating expenses Condensed Statements of Operations Highlights (Unaudited) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Change (Absolute) | Change (%) | | :-------------------------- | :------------------------------ | :------------------------------ | :---------------- | :--------- | | Net Revenue | $11,250 | $63,333 | $(52,083) | -82.24% | | Total Operating Expenses | $938,594 | $1,013,323 | $(74,729) | -7.37% | | Loss from Operations | $(927,344) | $(949,990) | $22,646 | -2.38% | | Interest Income | $19,299 | $59,297 | $(39,998) | -67.46% | | Net Loss | $(908,045) | $(890,693) | $(17,352) | 1.95% | | Basic and diluted loss per share | $(0.34) | $(0.35) | $0.01 | -2.86% | | Weighted average shares outstanding | 2,707,275 | 2,542,440 | 164,835 | 6.48% | [Condensed Statements of Stockholders' Equity (unaudited)](index=10&type=section&id=Condensed%20Statements%20of%20Stockholders'%20Equity%20(unaudited)) Stockholders' equity decreased from July 1 to September 30, 2024, primarily due to net loss, partially offset by stock issuance and compensation - Total stockholders' equity decreased from **$2,515,712** on July 1, 2024, to **$2,393,107** on September 30, 2024[18](index=18&type=chunk) - Net loss of **$(908,045)** contributed to the decrease in equity[18](index=18&type=chunk) - Issuance of **250,000 common shares** for consulting services added **$720,000** to additional paid-in capital[18](index=18&type=chunk) - Stock-based compensation expense was **$65,440** for the quarter[18](index=18&type=chunk) [Condensed Statements of Cash Flows (unaudited)](index=11&type=section&id=Condensed%20Statements%20of%20Cash%20Flows%20(unaudited)) Cash flows show a net decrease in cash for Q3 2024, driven by operating and investing activities, including significant capitalized software investment Condensed Statements of Cash Flows Highlights (Unaudited) | Metric | Three Months Ended Sep 30, 2024 | Three Months Ended Sep 30, 2023 | Change (Absolute) | Change (%) | | :------------------------------------------ | :------------------------------ | :------------------------------ | :---------------- | :--------- | | Net cash used in operating activities | $(488,263) | $(658,779) | $170,516 | -25.88% | | Net cash used in investing activities | $(148,000) | $(65,200) | $(82,800) | 127.00% | | Net decrease in cash and cash equivalents | $(636,263) | $(723,979) | $87,716 | -12.11% | | Cash and cash equivalents - End of period | $1,434,753 | $4,636,682 | $(3,201,929) | -69.05% | [Notes to Condensed Financial Statements (unaudited)](index=12&type=section&id=Notes%20to%20Condensed%20Financial%20Statements%20(unaudited)) These notes detail business operations, accounting policies, and financial items, reiterating liquidity concerns and going concern uncertainty - Financial statements are prepared in accordance with GAAP and SEC requirements, with certain disclosures condensed or omitted[23](index=23&type=chunk)[25](index=25&type=chunk) - The company's ability to continue as a going concern is uncertain due to historical losses and negative cash flows[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk) [Note 1 - Nature of Business and Liquidity](index=12&type=section&id=Note%201%20-%20Nature%20of%20Business%20and%20Liquidity) Amesite Inc. develops AI-driven solutions but faces liquidity challenges, with ongoing net losses raising substantial doubt about its going concern ability - Amesite Inc. develops and markets B2C and B2B AI-driven solutions, including a higher education platform and the NurseMagic™ mobile healthcare app[22](index=22&type=chunk) - The company has a history of net losses and negative cash flows from operating activities since inception[27](index=27&type=chunk) - Management believes it may not have sufficient cash for planned operations for the next twelve months, raising substantial doubt about its going concern ability[28](index=28&type=chunk) [Note 2 - Significant Accounting Policies](index=12&type=section&id=Note%202%20-%20Significant%20Accounting%20Policies) This note outlines accounting principles, including basis of presentation, going concern, estimates, and policies for cash, property, software, revenue, and taxes [Basis of Presentation](index=12&type=section&id=Basis%20of%20Presentation) Condensed financial statements adhere to GAAP and SEC requirements, with interim results not necessarily indicative of full-year performance - Statements adhere to GAAP and SEC rules[23](index=23&type=chunk) - Interim results may not predict full-year outcomes[24](index=24&type=chunk) [Going Concern](index=12&type=section&id=Going%20Concern) The company's history of net losses and negative cash flows raises substantial doubt about its ability to continue as a going concern, with financing plans uncertain - History of net losses and negative operating cash flows[27](index=27&type=chunk) - Substantial doubt exists regarding the company's ability to continue as a going concern[30](index=30&type=chunk) - Management plans to seek financing, but success is not assured[30](index=30&type=chunk) [Use of Estimates](index=13&type=section&id=Use%20of%20Estimates) Financial statements rely on management's estimates and assumptions, and actual results may differ from these projections - Financial statements rely on management estimates and assumptions[31](index=31&type=chunk) - Actual results could vary from estimates[31](index=31&type=chunk) [Cash and Cash Equivalents](index=13&type=section&id=Cash%20and%20Cash%20Equivalents) Cash equivalents include short-term investments, with the company

Company Overview - Amesite Inc. is a technology company focused on AI-driven solutions for both B2C and B2B markets, recently generating revenue in the home care market [1][6]. Industry Insights - The home care sector faces critical challenges such as staff turnover, documentation requirements, and operational costs, with approximately 77% of home care clients in the U.S. being turned away due to workforce and resource limitations [2]. - There are about 33,000 home care and hospice organizations in the U.S., employing roughly 1.4 million workers in 2023 [3]. - The aging population in the U.S. is projected to increase the demand for home-based elder care significantly, with the number of Americans living with Alzheimer's disease expected to rise from 6 million today to over 13 million by 2050 [3]. Company Solutions - Amesite's AI platform provides real-time support for all levels of staff in home care agencies, enhancing workflow efficiency and employee retention by reducing administrative burdens [5]. - The company claims to deliver a 15X return on investment (ROI) for its solutions, with significant interest from independently-owned agencies and franchisees participating in pilot agreements [4]. Market Potential - The urgent need for growth in the home care sector is constrained by workforce shortages and high operational costs, making AI-driven efficiency tools essential [3][5]. - The transition from pilot phases to trial usage of Amesite's solutions indicates a strong market interest and potential for broader corporate adoption [4].

Core Insights - Amesite Inc. is a pioneering technology company focused on AI-driven solutions for both B2C and B2B markets, with a particular emphasis on enhancing capabilities in healthcare [1][3] Group 1: AI Impact and Adoption - Dr. Ann Marie Sastry emphasized that AI enables individuals to reimagine their capabilities, particularly in healthcare, where technology can pass the U.S. Medical License Exam [2] - The company identified a significant market opportunity with approximately 5.2 million registered nurses (RNs) and 3.9 million caregivers, aiming to support these professionals through AI solutions [2] - Rapid adoption of AI in business is necessary to maintain competitiveness, highlighting the urgency for organizations to integrate AI technologies [2] Group 2: Ethical Considerations and Job Transformation - Ethical concerns regarding AI's lack of empathy were discussed, stressing the importance of responsible use and regulation in its application [2] - Generative AI is expected to automate tasks and shift job roles towards AI management, indicating a transformation in the workforce landscape [2] Group 3: Company Offerings - Amesite's NurseMagic™ app is designed to streamline nursing documentation, enhance patient communication, and provide personalized guidance to healthcare professionals [3] - The company leverages its proprietary AI infrastructure to deliver innovative applications that cater to both individual and professional needs in the education sector [3]

Core Insights - Amesite Inc. has launched NurseMagic, an app designed for various healthcare professions, allowing enterprises to provide customized features for employees across different roles with a single paid subscription [1][4] - The long-term care market, which includes skilled nursing, home health care, and assisted living, is valued at over $490 billion, highlighting significant opportunities for NurseMagic in addressing industry challenges [2] - NurseMagic simplifies the user experience by offering tailored functionalities, reducing the complexity often associated with traditional electronic health record systems [3][4] Company Overview - Amesite Inc. specializes in AI-driven solutions for both B2C and B2B markets, including a higher education platform for professional learning [5] - The company aims to enhance healthcare professionals' efficiency through NurseMagic, which streamlines nursing documentation and improves patient communication [5] Market Context - The healthcare industry faces high turnover rates, with 80% of employees leaving within their first 100 days, leading to significant replacement costs estimated at over $420,000 annually for agencies with 100 workers [2] - There is an anticipated demand for over 700,000 job openings for home health and personal care aides each year over the next decade, indicating a growing need for effective workforce solutions [2]

DETROIT, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ: AMST), a pioneering technology company specializing in the development and marketing of B2C and B2B AI-driven solutions, announced today the release of its 2025 Home Health Care Outlook report. The report provides an analysis of the current state of home health care and insights for organizations seeking to navigate the challenges and opportunities in 2025. Brandon Owens, VP of Sales at Amesite, said, “As home health care organizations enter b ...

DETROIT, Oct. 08, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ: AMST), a pioneering technology company specializing in the development and marketing of B2C and B2B AI-driven solutions, announced today that the company’s NurseMagic™ app is available in the App Store. Within days of launch in the App Store the app reached #33 in free medical/healthcare app tools. Launch of NurseMagic™ in Google Play Store quickly followed, and users can now download free versions of the app on either iPhone or Android device ...

Financial Performance - The company generated revenues of $166,881 for the year ended June 30, 2024, a decrease from $845,009 for the year ended June 30, 2023, primarily due to a pivot towards growing the customer base while reducing risk and losses [144]. - The net loss for the year ended June 30, 2024, was $4,403,182, compared to a net loss of $4,153,303 for the year ended June 30, 2023, reflecting an increase in loss of $249,879 primarily due to Board Compensation [151]. - General and administrative expenses increased to $2,908,289 for the year ended June 30, 2024, from $2,492,777 in the previous year, an increase of $415,512 [147]. - Technology and content development expenses decreased to $1,074,000 for the year ended June 30, 2024, from $1,523,547 in the previous year, a reduction of $449,219 [149]. - Sales and marketing expenses decreased to $763,915 for the year ended June 30, 2024, from $1,053,193 in the previous year, a decrease of $289,278 [150]. - The company has a history of net losses and negative cash flows from operating activities since inception and expects to continue incurring net losses in the foreseeable future [156]. Cash and Financing - The company has raised net proceeds of approximately $11.76 million from private placement financing transactions from November 14, 2017, to September 30, 2020 [154]. - On September 25, 2020, the company completed an offering of 250,000 shares at $60.00 per share, resulting in total net proceeds of approximately $12.8 million [154]. - The company closed a public offering on September 1, 2022, raising approximately $1.85 million from the sale of 348,485 shares of common stock [156]. - The company sold 63,260 shares to Lincoln Park for a total purchase price of $1.5 million under a purchase agreement dated August 2, 2021 [155]. - The company issued 12,726 shares to Lincoln Park as consideration for its commitment to purchase common stock [155]. - The company may sell up to $16.5 million of shares of common stock under the purchase agreement with Lincoln Park, depending on sales frequency and share prices [155]. Cash Position and Future Outlook - As of June 30, 2024, the company's cash balance totaled $2,171,016 [156]. - Management believes it will have sufficient cash and cash equivalents to maintain planned operations for the next twelve months, but there is uncertainty regarding this forecast [129]. - The company is developing its customer base but has not established a stabilized source of revenue sufficient to cover its expenses [156]. - The company is not currently profitable and has incurred a total net loss of $(37,833,501) since its incorporation on November 14, 2017, through June 30, 2024 [128]. Customer Concentration - Five customers comprised approximately 97% of total revenue for the year ended June 30, 2024, compared to 84% for the year ended June 30, 2023 [140]. Regulatory Classification - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures [157].

Core Insights - Amesite Inc. has launched pilot programs for its NurseMagic™ app in five home health agencies and skilled nursing facilities across the U.S., targeting a workforce of over 30,000 employees [1][2] Company Overview - Amesite Inc. specializes in AI-driven solutions for both B2C and B2B markets, including the NurseMagic™ mobile healthcare app that enhances nursing documentation and patient care [5] - The company aims to improve workforce productivity by at least 30% at a cost of less than 2% of total wages in the sector, which amounts to approximately $130 billion annually [3] Industry Insights - The home healthcare sector is projected to grow from $100 billion to over $176 billion by 2032, with an annual workforce growth rate of 21% [2] - As of 2023, the home health care sector employed about 3.9 million workers, with estimated annual wages exceeding $130 billion [2] - There are approximately 15,000 skilled nursing facilities and 11,000 home health agencies in the U.S. as of 2021 [2] Product Performance - NurseMagic™ has achieved a 93% accuracy rate in answering model NCLEX questions, indicating strong performance and reliability [3] - The app has gained users across all 50 U.S. states and six nations within just eight weeks of its public launch [3] Market Response - Positive feedback from nurse influencers has contributed to a social media following of over 20,000 in a few months, indicating strong market interest [3] - Enterprise customers have shown enthusiasm for the app, which can potentially bring thousands of users with each agreement [3]

Influencer Nurse Hailey Touts NurseMagic™, Demonstrating Utility in Answering Technical Questions, Reducing Nurses’ Stress, Improving Documentation DETROIT, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ: AMST), a pioneering technology company specializing in the development and marketing of B2C and B2B AI-driven solutions, announced a 27% increase in users following release of social media videos (TikTok and Instagram) created through its engagement with influencer Nurse Hailey. Nurse Hailey has o ...