DETROIT, June 17, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ:AMST), a leading artificial intelligence software company offering a cloud-based learning platform for business and education markets, announced today it is extending its partnership with EWIE Group of Companies (EGC), a global leader in commodity management services and supply chain optimization with over 30 years of experience. This is the third year that Amesite will deliver enterprise upskilling needs for EGC's global teams on EGC's proprie ...

DETROIT, May 30, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ:AMST), a leading artificial intelligence software company offering a cloud-based learning platform for business and education markets, announced today Amesite Founder & CEO, Dr. Ann Marie Sastry will be a panelist at the Mackinac Policy Conference 2024 on Thursday, May 30, 2024 at 11:35 am ET. She is joined by speaker Alex Rampell, General Partner of Andreessen Horowitz, panelist Varun Krishna, CEO of Rocket Companies, panelist Greg Williams, Co ...

DETROIT, May 30, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ:AMST), a leading artificial intelligence software company offering a cloud-based learning platform for business and education markets, announced today Amesite Founder & CEO, Dr. Ann Marie Sastry will be a panelist at the Mackinac Policy Conference 2024 on Thursday, May 30, 2024 at 11:35 am ET. She is joined by speaker Alex Rampell, General Partner of Andreessen Horowitz, panelist Varun Krishna, CEO of Rocket Companies, panelist Greg Williams, Co ...

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The company reported significantly decreased revenue, a stable net loss of $3.2 million, and a weakened balance sheet with total assets at $3.8 million, raising going concern doubts [Condensed Balance Sheets](index=7&type=section&id=Condensed%20Balance%20Sheets) Total assets decreased to $3.8 million, driven by a drop in cash to $3.0 million, while stockholders' equity fell to $3.6 million Condensed Balance Sheet Highlights (unaudited) | Account | March 31, 2024 | June 30, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $2,972,531 | $5,360,661 | | Total current assets | $3,152,686 | $5,482,340 | | Total assets | $3,834,688 | $6,349,752 | | **Liabilities & Equity** | | | | Total current liabilities | $211,741 | $265,327 | | Total stockholders' equity | $3,622,947 | $6,084,425 | | Total liabilities and stockholders' equity | $3,834,688 | $6,349,752 | [Condensed Statements of Operations](index=8&type=section&id=Condensed%20Statements%20of%20Operations) Revenue significantly declined for both three and nine-month periods, with the three-month net loss widening to $1.43 million and the nine-month net loss stable at $3.2 million Condensed Statements of Operations (unaudited) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Nine Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Revenue | $34,261 | $204,589 | $139,037 | $722,010 | | Total operating expenses | $1,498,045 | $1,150,067 | $3,508,895 | $3,961,738 | | Loss from Operations | ($1,463,784) | ($945,478) | ($3,369,858) | ($3,239,728) | | Net Loss | ($1,425,912) | ($927,997) | ($3,222,216) | ($3,204,819) | | Basic and diluted loss per share | ($0.56) | ($0.37) | ($1.27) | ($1.31) | [Condensed Statements of Cash Flows](index=10&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operations improved slightly to $2.16 million, with no financing activities, resulting in a $2.39 million decrease in cash Cash Flow Summary (unaudited) | Cash Flow Activity | Nine Months Ended March 31, 2024 | Nine Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($2,159,364) | ($2,583,495) | | Net cash used in investing activities | ($228,766) | ($293,763) | | Net cash provided by financing activity | $0 | $1,850,501 | | **Net decrease in cash** | **($2,388,130)** | **($1,026,757)** | | Cash at beginning of period | $5,360,661 | $7,155,367 | | Cash at end of period | $2,972,531 | $6,128,610 | [Notes to Condensed Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes detail the AI platform business, express substantial doubt about going concern, highlight significant customer concentration, and mention $25 million in NOL carryforwards - Management has concluded there is **substantial doubt** about the Company's ability to continue as a going concern, as it may not have sufficient cash to maintain planned operations for the next twelve months[24](index=24&type=chunk)[25](index=25&type=chunk) - For the nine months ended March 31, 2024, three customers accounted for approximately **24% each of total revenue**, indicating significant customer concentration[37](index=37&type=chunk) - The company has approximately **$25 million of net operating loss (NOL) carryforwards** available to reduce future income taxes, though a full valuation allowance has been recorded against these deferred tax assets[59](index=59&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses ongoing unprofitability, a $3.2 million net loss, $3.0 million cash balance, and reiterates going concern doubts amid declining revenue and mixed operating expenses [Financial Position, Liquidity, and Capital Resources](index=17&type=section&id=Financial%20Position%20%2C%20Liquidity%2C%20and%20Capital%20Resources) The company remains unprofitable with a $3.2 million net loss and $36.7 million accumulated deficit, holding $3 million in cash and a history of capital raises - The company incurred a **net loss of $3.2 million** for the nine months ended March 31, 2024, and has an **accumulated deficit of $36.7 million** since its incorporation in 2017[64](index=64&type=chunk) - As of March 31, 2024, the company's **cash and cash equivalent balance was $3 million**[66](index=66&type=chunk) [Going Concern](index=18&type=section&id=Going%20Concern) Management expresses substantial doubt about going concern, citing insufficient cash for the next twelve months and uncertain capital raising plans - Management believes it may not have sufficient cash and cash equivalents to maintain the Company's planned operations for the next twelve months[68](index=68&type=chunk) - Management's plans to raise capital through offerings of common stock are not within the Company's control and cannot be deemed probable, therefore not alleviating the substantial doubt about its ability to continue as a going concern[69](index=69&type=chunk) [Results of Operations](index=19&type=section&id=Results%20of%20Operations) Revenue significantly decreased, G&A expenses rose due to a non-cash stock issuance, while technology and sales & marketing expenses declined from cost reductions Revenue Comparison | Period | Revenue (2024) | Revenue (2023) | | :--- | :--- | :--- | | Three months ended March 31 | $34,000 | $205,000 | | Nine months ended March 31 | $139,000 | $722,000 | - General and administrative expenses increased primarily due to a March 2024 issuance of **$600,000 in restricted stock units** with no cash outlay, which offset savings from deliberate cost reductions[81](index=81&type=chunk) - Technology, content, sales, and marketing expenses decreased due to cost-cutting measures, including headcount reductions and more focused marketing efforts[83](index=83&type=chunk)[84](index=84&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=21&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As a smaller reporting company, Amesite Inc. is exempt from providing quantitative and qualitative market risk disclosures - The Company is a "smaller reporting company" and is not required to provide the information for this item[91](index=91&type=chunk) [Controls and Procedures](index=21&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, management concluded that the company's disclosure controls and procedures were effective[91](index=91&type=chunk) - There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[92](index=92&type=chunk) [PART II – OTHER INFORMATION](index=22&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=22&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reported no legal proceedings during the period - None[94](index=94&type=chunk) [Risk Factors](index=22&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to risk factors, but substantial doubt about going concern is highlighted due to insufficient cash for planned operations - The company explicitly states there is **substantial doubt about its ability to continue as a going concern**, as current cash may be insufficient for the next twelve months of planned operations[94](index=94&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=22&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities during the period - None[95](index=95&type=chunk) [Other Information](index=22&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the quarter[95](index=95&type=chunk) [Exhibits](index=23&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits, including CEO and CFO certifications required by the Sarbanes-Oxley Act of 2002 - The report includes certifications from the Chief Executive Officer and Chief Financial Officer as required by the Sarbanes-Oxley Act of 2002[96](index=96&type=chunk)

DETROIT, May 10, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ:AMST), a leading artificial intelligence software company offering a cloud-based learning platform for business and education markets, today announced the addition of a suite of AI-powered job application tools on the beta NurseMagicTM app. These new tools can provide support to over 5.2 million nurses when applying for jobs. NurseMagic™ jobs tools include: NurseResumeBuilder: Build an updated resume in as little as 10 minutes.NurseCoverLetter: ...

DETROIT, May 07, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ:AMST), a leading artificial intelligence software company offering a cloud-based learning platform for business and education markets, announces a five-year (5) partnership with Franciscan Missionaries of Our Lady University to deliver healthcare training programs for working healthcare professionals in subjects ranging from leadership and management, quality improvement, healthcare finance, nursing continuing education (CNE), physical therapy c ...

DETROIT, April 30, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ:AMST), a leading artificial intelligence software company offering a cloud-based learning platform for business and education markets, announced today the launch of non-degree AI and technical training programs for industry certification and workforce development in partnership with Volunteer State Community College. "The ability to provide Artificial Intelligence (AI) and technical training programs is vital for the workforce development need ...

Amesite (NASDAQ:AMST) stock is rocketing higher on Wednesday after the artificial intelligence (AI) company announced the launch of a beta version of its NurseMagic app.NurseMagic is a tool designed by Amesite that assists nurses with their daily tasks. The company says it could help up to 5.2 million nurses be more efficient by helping them with its AI tools.Amesite also notes that it’s a Joint Provider with PACE. This means it can offer accredited continuing education to nurses through the app. This can a ...

DETROIT, April 24, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ:AMST), a leading artificial intelligence software company offering a cloud-based learning platform for business and education markets, today announced the beta release of NurseMagic™, an innovative and proprietary app designed for nurses. This new web app uses AI to provide helpful and easy-to-use tools for over 5.2 million nurses, making their daily tasks easier and more efficient. Additionally, with its status as a Joint Provider with PACE, ...

DETROIT, March 11, 2024 (GLOBE NEWSWIRE) -- Amesite Inc. (NASDAQ:AMST), a leading artificial intelligence software company offering a cloud-based learning platform for business and education markets, announces a five-year partnership with Joliet Junior College (JJC). "Partnering with Amesite allows us to grow our educational capabilities and reach," said Dave Lantz, Manager, Corporate & Community Services at JJC. "This collaboration will help us drive economic impact through partnerships with our community. ...