BOULDER, CO, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) (“Auddia” or the “Company”), a proprietary AI platform for audio identification and classification and related technologies, reinventing how consumers engage with AM/FM radio, podcasts, and other audio content, today announced that it will be presenting at the upcoming Virtual Investor Summit on August 20, 2024. Investors may request a one-on-one meeting with management by registering here: https://investorsummitgroup.co ...

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's unaudited condensed financial statements for June 30, 2024, show increased assets and equity, reduced liabilities, and continued net losses [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) Condensed Balance Sheet Highlights (Unaudited) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,882,205 | $804,556 | | Total current assets | $2,020,853 | $862,808 | | Total assets | $5,140,550 | $4,403,048 | | **Liabilities & Equity** | | | | Total current liabilities | $363,163 | $3,982,628 | | Total liabilities | $431,988 | $3,982,628 | | Total shareholders' equity | $4,708,562 | $420,420 | | Total liabilities and shareholders' equity | $5,140,550 | $4,403,048 | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) Statement of Operations Summary (Unaudited) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Revenue | $0 | $0 | | Total operating expenses | $3,709,010 | $3,631,696 | | Loss from operations | ($3,709,010) | ($3,631,696) | | Net loss | ($4,510,753) | ($4,478,174) | | Net loss per share (basic and diluted) | ($2.38) | ($7.96) | [Condensed Statements of Changes in Shareholders' Equity](index=6&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) - Total shareholders' equity increased from **$420,420** at December 31, 2023, to **$4,708,562** at June 30, 2024. This was driven by the issuance of common and preferred stock, and conversion of debt to equity, which offset the net loss for the period[19](index=19&type=chunk) [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | ($2,633,821) | ($2,214,728) | | Net cash used in investing activities | ($537,120) | ($529,503) | | Net cash provided by financing activities | $4,248,590 | $4,687,941 | | Net increase in cash | $1,077,649 | $1,943,710 | | Cash, end of period | $1,882,205 | $3,605,144 | [Notes to Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) - The company executed a **1-for-25 reverse stock split** effective February 26, 2024. All stock amounts have been retrospectively adjusted[29](index=29&type=chunk)[30](index=30&type=chunk) - There is substantial doubt about the company's ability to continue as a **going concern** due to recurring losses and the need for additional financing. Current cash is not sufficient to execute the business plan beyond the fourth quarter of 2024[35](index=35&type=chunk)[36](index=36&type=chunk) - In April 2024, the company repaid **$2.75 million** in principal on its Secured Bridge Notes and converted **$911,384** of accrued interest and original issue discount into equity securities[63](index=63&type=chunk) - The company regained compliance with Nasdaq's minimum bid price and stockholders' equity requirements in March and May 2024, respectively. It will be subject to a **Mandatory Panel Monitor** for one year[73](index=73&type=chunk)[75](index=75&type=chunk) - During the six months ended June 30, 2024, the company raised approximately **$4.9 million** through its equity line with White Lion and received **$2.314 million** in gross proceeds from a convertible preferred stock and warrants financing[87](index=87&type=chunk)[88](index=88&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the AI-powered audio Superapp 'faidr,' ongoing operating losses, and recent financing activities to support growth and Nasdaq compliance [Overview](index=20&type=section&id=MD%26A%20Overview) - Auddia is a technology company developing a proprietary **AI platform for audio**, primarily leveraged in its "faidr" Superapp. The app provides consumers with commercial-free AM/FM radio, ad-reduced podcasts, and exclusive content[97](index=97&type=chunk)[98](index=98&type=chunk) - The company's AI platform can differentiate between various audio content types (e.g., commercials, songs, news) to enable real-time content replacement for a personalized listening experience[100](index=100&type=chunk) - The company has incurred significant operating losses since inception, with an accumulated deficit of **$85.1 million** as of June 30, 2024, and expects expenses to increase with the national launch and enhancement of the faidr App[109](index=109&type=chunk) [Recent Developments](index=23&type=section&id=Recent%20Developments) - The company is actively exploring mergers and acquisitions to accelerate user adoption and scale the business, though it terminated the planned acquisition of RadioFM in March 2024[114](index=114&type=chunk)[115](index=115&type=chunk) - Auddia regained compliance with Nasdaq's minimum bid price and stockholders' equity requirements in Q2 2024, resolving prior deficiency notices[117](index=117&type=chunk)[119](index=119&type=chunk) - A **1-for-25 reverse stock split** was effected on February 26, 2024, to help regain compliance with Nasdaq's minimum bid price rule[120](index=120&type=chunk) [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Comparison of Operations for the Three Months Ended June 30 | Metric | 2024 | 2023 | Change % | | :--- | :--- | :--- | :--- | | Total operating expenses | $1,654,390 | $1,784,289 | (7.3%) | | General and administrative | $734,325 | $892,510 | (17.7%) | | Interest expense | ($16,647) | ($538,572) | (96.9%) | | Net loss | ($2,303,425) | ($2,322,861) | (0.8%) | Comparison of Operations for the Six Months Ended June 30 | Metric | 2024 | 2023 | Change % | | :--- | :--- | :--- | :--- | | Total operating expenses | $3,709,010 | $3,631,696 | 2.1% | | General and administrative | $1,945,124 | $1,819,336 | 6.9% | | Interest expense | ($169,355) | ($846,478) | (80.0%) | | Net loss | ($4,510,753) | ($4,478,174) | 0.7% | - For the six months ended June 30, 2024, the increase in General and Administrative expenses was driven by higher salary and professional fees related to potential acquisitions and compliance, partially offset by lower stock compensation expense[144](index=144&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2024, the company had cash and cash equivalents of **$1,882,205**. Despite raising **$7.1 million** in 2024, current funds are only sufficient to support operations into the fourth quarter of 2024[147](index=147&type=chunk) - On April 26, 2024, the company repaid **$2.75 million** of principal on its Secured Bridge Notes after raising over **$6 million** in new equity financing[153](index=153&type=chunk) - Through June 30, 2024, the company sold **1,940,000 shares** to White Lion under its equity line agreement for total net proceeds of **$4,852,508**[160](index=160&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing disclosures about market risk - As a smaller reporting company, Auddia is exempt from providing disclosures about market risk under this item[183](index=183&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2024, following remedial actions for prior material weaknesses - Management concluded that disclosure controls and procedures were effective as of the end of the period covered by this report (June 30, 2024)[184](index=184&type=chunk) - The company has taken several remedial actions to address previously identified material weaknesses, including hiring a new CFO in 2023, engaging outside consultants, and implementing new internal control procedures[185](index=185&type=chunk) [PART II – OTHER INFORMATION](index=35&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal matters, including a pre-IPO investor claim, but expects no material adverse effect - The company faces routine legal proceedings but does not expect a material adverse impact on its business or financial condition[188](index=188&type=chunk) - A pre-IPO investor has asserted a claim for damages of less than approximately **$300,000**. No complaint has been filed, and no accrual has been made as the outcome is not probable or estimable[70](index=70&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the Annual Report on Form 10-K for 2023 - There have been no material changes to the company's risk factors from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[189](index=189&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section is not applicable, as the company did not repurchase any equity securities during the quarter - The company did not repurchase any of its equity securities during the quarter ended June 30, 2024[189](index=189&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None reported[189](index=189&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures - None reported[189](index=189&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter ended June 30, 2024 - No director or officer of the Company adopted or terminated a Rule 10b5-1 trading arrangement during the quarter ended June 30, 2024[190](index=190&type=chunk) [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the quarterly report, including CEO and CFO certifications - The report includes a list of exhibits filed, including CEO and CFO certifications under Section 302 and Section 906 of the Sarbanes-Oxley Act[192](index=192&type=chunk)[194](index=194&type=chunk)

Ultimate Motorcycling Magazine’s Podcast Motos And Friends Will be the First Partner for faidr’s Subscription Beta faidr’s Beta Program Pays Podcast Owners per Listen While Delivering an Ad-reduced Experience for Users BOULDER, CO, July 09, 2024 (GLOBE NEWSWIRE) -- Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) (“Auddia” or the “Company”), a proprietary AI platform for audio identification and classification and related technologies, reinventing how consumers engage with AM/FM radio, podcasts, and other audio con ...

Ultimate Motorcycling Magazine's Podcast Motos And Friends Will be the First Partner for faidr's Subscription Beta faidr's Beta Program Pays Podcast Owners per Listen While Delivering an Ad-reduced Experience for Users BOULDER, CO, July 09, 2024 (GLOBE NEWSWIRE) -- Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or the "Company"), a proprietary AI platform for audio identification and classification and related technologies, reinventing how consumers engage with AM/FM radio, podcasts, and other audio con ...

Common Stock, par value $0.001 per share AUUD The Nasdaq Stock Market | --- | --- | --- | |------------------------------------------------------------------|-------|-------------------------------| | | | | | Warrants, each exercisable for one share of Common | AUUDW | The Nasdaq Stock Market | | Stock | | | Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quar ...

Proprietary AI and NLP Technology Used for Audio Stream Processing and Content Detection Being Ported to the Cloud Cloud Infrastructure Brings Scale Required to Attract and Enable SaaS  Partnerships With Largest Audio Broadcasting and Publishing Companies, Enabling More Rapid Distribution of Auddia's Technology  BOULDER, CO, April 30, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or the "Company"), developer of a proprietary AI platform for audio and innovati ...

3 Things That Could Change in the Next Year With Penny StocksThe dynamic landscape of investing in penny stocks is poised for notable shifts in the coming year, presenting both seasoned and novice traders with a plethora of opportunities. Key factors contributing to this evolution include technological advancements, regulatory changes, and market sentiment shifts. Firstly, technology is set to revolutionize the way traders engage with penny stocks, offering more accessible, real-time data and analysis tools ...

Auddia (NASDAQ:AUUD) stock is rocketing higher on Monday after the company announced it has been awarded a patent for its core artificial intelligence (AI) technology.This patent is tied to the company’s flagship faidr app that delivers ad-free music to its subscribers. What’s interesting to note here is that it does so through radio stations instead of over wireless networks.To go along with this, Auddia advancing the provisional patent application it filed last year. This covers its use of AI to improve l ...

U.S. Patent 11,935,520 titled ‘Identifying Shifts in Audio Content Via Machine Learning' supports the core AM/FM AI model used within faidr   Company advances its patent application for using AI prompts to interface with large language models (LLMs) to a non-provisional application BOULDER, CO, April 08, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or the "Company"), developer of a proprietary AI platform for audio and innovative technologies for podcasts ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transaction period from _____________ to _____________ Commission File No. 001-40071 AUDDIA INC. (Exact Name of Registrant as Specified in Its Charter) | --- | --- | --- | |------ ...