UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 82-3431718 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 AMST The Nasdaq Stock Market LLC FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2023 or ☐ TRANSITION REPORT PURS ...

PART I – FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) The company presents unaudited condensed financial statements as of March 31, 2023, reporting a reduced net loss and decreased total assets primarily due to cash used in operations [Condensed Balance Sheets](index=7&type=section&id=Condensed%20Balance%20Sheets) Total assets decreased to **$7.27 million** as of March 31, 2023, from **$8.88 million** at June 30, 2022, driven by reduced cash and cash equivalents Condensed Balance Sheet Highlights (unaudited) | Account | March 31, 2023 ($) | June 30, 2022 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $6,128,610 | $7,155,367 | | Total current assets | $6,346,356 | $7,729,996 | | Total assets | $7,268,354 | $8,883,860 | | **Liabilities & Equity** | | | | Total current liabilities | $311,171 | $748,108 | | Total stockholders' equity | $6,957,183 | $8,135,752 | | Total liabilities and stockholders' equity | $7,268,354 | $8,883,860 | [Condensed Statements of Operations](index=8&type=section&id=Condensed%20Statements%20of%20Operations) Net revenue for the nine months ended March 31, 2023, was **$722,010**, with a net loss of **$3.2 million**, reflecting significant reductions in operating expenses and net loss due to cost-cutting Statement of Operations Summary (unaudited) | Metric | Three Months Ended Mar 31, 2023 ($) | Three Months Ended Mar 31, 2022 ($) | Nine Months Ended Mar 31, 2023 ($) | Nine Months Ended Mar 31, 2022 ($) | | :--- | :--- | :--- | :--- | :--- | | Net Revenue | $204,589 | $209,518 | $722,010 | $539,383 | | Total Operating Expenses | $1,150,067 | $2,421,788 | $3,961,738 | $7,457,922 | | Loss from Operations | ($945,478) | ($2,212,270) | ($3,239,728) | ($6,918,539) | | Net Loss | ($927,997) | ($2,216,112) | ($3,204,819) | ($6,916,507) | | Basic and Diluted Loss Per Share | ($0.37) | ($1.12) | ($1.31) | ($3.80) | [Condensed Statements of Cash Flows](index=10&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for the nine months ended March 31, 2023, improved to **$2.58 million**, with cash and cash equivalents decreasing by **$1.03 million** to end at **$6.13 million** Cash Flow Summary for Nine Months Ended March 31 (unaudited) | Cash Flow Activity | 2023 ($) | 2022 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | ($2,583,495) | ($5,088,820) | | Net cash used in investing activities | ($293,763) | ($588,390) | | Net cash from financing activities | $1,850,501 | $3,869,550 | | Net (decrease) in cash | ($1,026,757) | ($1,807,660) | | Cash and cash equivalents, end of period | $6,128,610 | $8,905,431 | [Notes to Condensed Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) Notes detail the company's AI-driven platform business, key accounting policies including revenue recognition and software capitalization, and significant customer concentration - The company is an artificial intelligence-driven platform and course designer for businesses, universities, and K-12 schools[20](index=20&type=chunk) - Revenue is primarily derived from annual licensing arrangements and is recognized ratably over the contract term. For the nine months ended March 31, 2023, three customers accounted for about **70%** of total revenue, with one customer representing **34%**[36](index=36&type=chunk)[38](index=38&type=chunk) - The company capitalizes costs for internal-use software development and amortizes them over three years. Amortization expense for the nine months ended March 31, 2023, was approximately **$507,000**[34](index=34&type=chunk) - As of March 31, 2023, the company had approximately **$30.8 million** of net operating loss carryforwards available to reduce future income taxes[57](index=57&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=18&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the significant reduction in net loss due to cost-saving measures, revenue growth driven by contract renewals, and the company's sufficient cash position for future operations [Results of Operations](index=21&type=section&id=Results%20of%20Operations) Revenue for the nine months ended March 31, 2023, increased to **$722,010**, while operating expenses significantly decreased across all categories, leading to a substantially lower net loss of **$3.2 million** Revenue Comparison (unaudited) | Period | Revenue ($) | Prior Period Revenue ($) | Change (%) | | :--- | :--- | :--- | :--- | | Three Months Ended Mar 31, 2023 | $204,589 | $209,518 | -2.3% | | Nine Months Ended Mar 31, 2023 | $722,010 | $539,383 | +33.9% | Operating Expense Comparison - Nine Months Ended March 31 (unaudited) | Expense Category | 2023 ($) | 2022 ($) | Change (%) | | :--- | :--- | :--- | :--- | | General and Administrative | $1,945,796 | $3,926,901 | -50.4% | | Technology and Content Development | $1,191,273 | $2,377,077 | -49.9% | | Sales and Marketing | $824,669 | $1,153,944 | -28.5% | - The decrease in operating expenses is primarily due to deliberate cost reductions, including lower headcount, as certain platform features are now complete and require less staffing to maintain[78](index=78&type=chunk)[80](index=80&type=chunk) - Net loss for the nine months ended March 31, 2023, was **$3.2 million**, a significant improvement from the **$6.9 million** net loss in the same period of 2022, due to cost savings and more efficient operations[83](index=83&type=chunk) [Financial Position, Liquidity, and Capital Resources](index=23&type=section&id=Financial%20Position%2C%20Liquidity%2C%20and%20Capital%20Resources) The company's cash balance was **$6.1 million** as of March 31, 2023, with management believing it has sufficient liquidity for the next twelve months, alleviating going concern doubts - The company's cash balance was **$6.1 million** as of March 31, 2023[88](index=88&type=chunk) - In September 2022, the company closed a public offering of common stock and a private placement of warrants, receiving approximately **$1.85 million** in net proceeds[88](index=88&type=chunk) - Management believes it has sufficient cash to maintain planned operations for the next twelve months following the issuance of the financial statements[89](index=89&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=24&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As a smaller reporting company, the company is exempt from providing quantitative and qualitative disclosures about market risk - The Company is not required to provide the information required by this Item as it is a "smaller reporting company"[91](index=91&type=chunk) [Controls and Procedures](index=24&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2023, following remediation efforts for previously identified material weaknesses - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[91](index=91&type=chunk) - The company has taken steps to remediate previously identified material weaknesses, including a full risk assessment using the COSO framework, enhancing control activities, and implementing monitoring processes[92](index=92&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=25&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company reported no legal proceedings during the period - None[93](index=93&type=chunk) [Risk Factors](index=25&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company addresses its history of net losses, concluding that recent financing has alleviated substantial doubt about its ability to continue as a going concern - The company previously had substantial doubt about its ability to continue as a going concern due to a history of net losses[94](index=94&type=chunk) - After completing a public offering in September 2022 with net proceeds of **$1.85 million**, management has concluded that the current conditions no longer raise substantial doubt about its ability to continue as a going concern[95](index=95&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECU RITIES%20AND%20USE%20OF%20PROCEEDS) The company reported no unregistered sales of equity securities or use of proceeds during the period - None[95](index=95&type=chunk) [Exhibits](index=26&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - Key exhibits filed include certifications by the Chief Executive Officer and Chief Financial Officer pursuant to the Sarbanes-Oxley Act of 2002[97](index=97&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 82-3431718 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 AMST The Nasdaq Stock Market LLC FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: December 31, 2022 or ☐ TRANSITIO ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-39553 AMESITE INC. (Exact Name of Registrant as Specified in its Charter) | --- | --- | |---------- ...