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) | --- | --- | --- | |------ ...

Financing - Auddia Inc. raised approximately $3.5 million by selling 1.3 million shares of common stock[6] - The total outstanding shares of common stock increased to 2,150,337 as of March 15, 2024[6]

Participating podcasts will be paid on a "pay-per-play" basis for each ad-free podcast episode played on the faidr audio Superapp Episode payments mimic the song play model and are expected to be greater than the ad revenue received per episode Company details Seamless Play and Forward+ as two key features of its Enhanced Podcasts suite, which will be released in faidr later this year BOULDER, CO, March 14, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or t ...

Partnership with Sounds Profitable will support a renewed focus on SaaS and integration partnerships for Auddia's podcast technology Auddia continues discussions with podcast publishers, offering improved economics through subscription BOULDER, CO, March 12, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- 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/ ...

Radio FM has 4.6 million MAUs listening to streaming AM/FM radio stations, generating $2.23M in high margin revenue Radio FM delivers $1.4M in operating cash flow to significantly reduce Auddia's burn BOULDER, CO, Feb. 27, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire - Auddia Inc. (NASDAQ:AUUD) (NASDAQ:AUUDW) ("Auddia" or the "Company"), a proprietary AI platform for audio identification and classification and related technologies, that is reinventing how consumers engage with AM/FM radio, podcasts, and othe ...

BOULDER, CO, Feb. 23, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Auddia Inc., ("Auddia" or the "Company") (NASDAQ:AUUD, AUUDW))), a proprietary AI platform for audio identification and classification and related technologies, that is reinventing how consumers engage with AM/FM radio, podcasts, and other audio content, today announced that effective before market open on Tuesday February 27, 2024, it will complete a 1-for-25 reverse stock split of its common stock. On December 29, 2023, the Company's stockh ...

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201%2E%20Financial%20Statements) This section presents Auddia Inc.'s unaudited condensed financial statements, including the balance sheets, statements of operations, changes in shareholders' equity, and cash flows, along with accompanying notes [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets) The balance sheet shows a decrease in total assets and shareholders' equity, primarily driven by an increased accumulated deficit and a significant rise in related-party notes payable Condensed Balance Sheet Highlights (September 30, 2023 vs. December 31, 2022) | Metric | Sep 30, 2023 (Unaudited) | Dec 31, 2022 (Audited) | Change ($) | Change (%) | | :------------------------------------- | :----------------------- | :--------------------- | :--------- | :--------- | | Cash | $2,199,678 | $1,661,434 | $538,244 | 32.4% | | Total Current Assets | $2,256,956 | $1,661,571 | $595,385 | 35.8% | | Total Assets | $6,042,273 | $6,111,526 | $(69,253) | (1.1%) | | Accounts payable and accrued liabilities | $587,641 | $324,138 | $263,503 | 81.3% | | Notes payable to related party, net | $2,993,639 | $1,775,956 | $1,217,683 | 68.6% | | Total Current Liabilities | $3,627,261 | $2,261,443 | $1,365,818 | 60.4% | | Accumulated deficit | $(78,330,490) | $(71,735,834) | $(6,594,656) | 9.2% | | Total Shareholders' Equity | $2,415,012 | $3,850,083 | $(1,435,071) | (37.3%) | | Common Stock Outstanding (shares) | 19,947,223 | 12,654,949 | 7,292,274 | 57.6% | [Condensed Statements of Operations](index=6&type=section&id=Condensed%20Statements%20of%20Operations) Auddia reported no revenue for both periods, with net losses significantly increasing year-over-year due to higher operating expenses and a substantial rise in interest expense Condensed Statements of Operations Highlights (Three Months Ended September 30) | Metric | 2023 ($) | 2022 ($) | Change ($) | Change (%) | | :------------------------------------ | :------- | :------- | :--------- | :--------- | | Revenue | $0 | $0 | $0 | 0.0% | | Total Operating Expenses | $1,829,562 | $1,328,291 | $501,271 | 37.7% | | Loss from Operations | $(1,829,562) | $(1,328,291) | $(501,271) | 37.7% | | Interest Expense | $(286,920) | $(2,023) | $(284,897) | 14082.9% | | Net Loss | $(2,116,482) | $(1,330,314) | $(786,168) | 59.1% | | Net Loss Per Share (Basic & Diluted) | $(0.11) | $(0.11) | $0.00 | 0.0% | | Weighted Average Common Shares Outstanding | 19,947,223 | 12,514,763 | 7,432,460 | 59.4% | Condensed Statements of Operations Highlights (Nine Months Ended September 30) | Metric | 2023 ($) | 2022 ($) | Change ($) | Change (%) | | :------------------------------------ | :------- | :------- | :--------- | :--------- | | Revenue | $0 | $0 | $0 | 0.0% | | Total Operating Expenses | $5,461,258 | $5,128,901 | $332,357 | 6.5% | | Loss from Operations | $(5,461,258) | $(5,128,901) | $(332,357) | 6.5% | | Interest Expense | $(1,133,398) | $(5,058) | $(1,128,340) | 22308.0% | | Net Loss | $(6,594,656) | $(5,133,959) | $(1,460,697) | 28.4% | | Net Loss Per Share (Basic & Diluted) | $(0.41) | $(0.41) | $0.00 | 0.0% | | Weighted Average Common Shares Outstanding | 16,043,086 | 12,498,206 | 3,544,880 | 28.4% | [Condensed Statements of Changes in Shareholders' Equity](index=7&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity decreased from **$3.85 million** at the beginning of 2023 to **$2.42 million** by September 30, 2023, primarily due to the net loss, partially offset by proceeds from common share and warrant issuances Changes in Shareholders' Equity (Nine Months Ended September 30, 2023) | Item | Number of Shares | Par Value ($) | Additional Paid-In Capital ($) | Accumulated Deficit ($) | Total ($) | | :---------------------------------- | :--------------- | :------------ | :----------------------------- | :---------------------- | :---------- | | Balance, January 1, 2023 | 12,654,949 | 12,654 | 75,573,262 | (71,735,834) | 3,850,083 | | Issuance of common shares, net of costs | 7,096,514 | 7,097 | 3,956,787 | – | 3,963,884 | | Issuance of warrants | – | – | 383,004 | – | 383,004 | | Net loss | – | – | – | (6,594,656) | (6,594,656) | | Balance, September 30, 2023 | 19,947,223 | 19,947 | 80,725,555 | (78,330,490) | 2,415,012 | [Condensed Statements of Cash Flows](index=9&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Auddia experienced a net increase in cash of **$538,244** for the nine months ended September 30, 2023, driven by substantial cash provided by financing activities, which offset cash used in operating and investing activities Condensed Statements of Cash Flows Highlights (Nine Months Ended September 30) | Activity | 2023 ($) | 2022 ($) | Change ($) | | :------------------------------------ | :--------- | :--------- | :--------- | | Net Cash Used in Operating Activities | $(3,404,954) | $(3,622,112) | $217,158 | | Net Cash Used in Investing Activities | $(743,208) | $(1,677,326) | $934,118 | | Net Cash Provided by (Used in) Financing Activities | $4,686,406 | $(88,723) | $4,775,129 | | Net Increase (Decrease) in Cash | $538,244 | $(5,388,161) | $5,926,405 | | Cash, End of Period | $2,199,678 | $957,130 | $1,242,548 | [Notes to Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) The notes detail Auddia's business, accounting policies, and financial statement items, including going concern, software costs, related-party debt, and recent equity financings - Auddia Inc. is a technology company focused on reinventing audio engagement through a proprietary AI platform for audio and innovative podcast technologies, primarily via its **faidr Superapp**[29](index=29&type=chunk)[82](index=82&type=chunk) - The Company has **recurring losses from operations** and needs **additional funding**, raising **substantial doubt about its ability to continue as a going concern** within one year. Management plans to secure funding through an equity line of credit and future financing agreements[36](index=36&type=chunk)[37](index=37&type=chunk) Software Development Costs (Nine Months Ended September 30) | Metric | 2023 ($) | 2022 ($) | Change ($) | Change (%) | | :------------------------------------ | :------- | :------- | :--------- | :--------- | | Capitalized Software Development Costs | $743,208 | $1,673,517 | $(930,309) | (55.6%) | | Amortization Expense | $1,331,823 | $693,441 | $638,382 | 92.1% | - The company entered into Secured Bridge Notes with an existing shareholder in November 2022 and April 2023, resulting in a balance of **$2,993,639** (net of debt issuance costs) as of September 30, 2023. These notes bear interest and include warrant issuances[52](index=52&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) - In April and June 2023, Auddia issued an aggregate of **2,361,514 common shares** under the White Lion Purchase Agreement, generating approximately **$1.3 million in proceeds**. Additionally, a registered public offering in June 2023 sold **4,735,000 common shares**, yielding **$2.7 million in net proceeds**[77](index=77&type=chunk)[78](index=78&type=chunk) - On November 6, 2023, Auddia entered into a new Common Stock Purchase Agreement with White Lion Capital, LLC, granting the company the right to sell up to **$10,000,000 in common stock** until **December 31, 2024**, replacing the previous agreement[79](index=79&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Auddia's financial condition, operations, and business model, focusing on faidr app development, liquidity challenges, funding needs, and recent Nasdaq compliance issues - Auddia is developing a proprietary AI platform for audio and innovative podcast technologies, leveraging them in its **'faidr' Superapp**, which offers commercial-free AM/FM radio, podcasts, and exclusive content[82](index=82&type=chunk)[83](index=83&type=chunk)[86](index=86&type=chunk) - The faidr app launched fully in **February 2022**, with faidrRadio added in **February 2023** and podcast functionality rolled out to iOS (**Q1 2023**) and Android (**May 2023**). The podcast platform aims to provide tools for content creation, monetization (Flex Revenue), and interactive digital feeds[88](index=88&type=chunk)[90](index=90&type=chunk)[92](index=92&type=chunk) - The company has incurred **significant operating losses**, with an **accumulated deficit of $78.3 million** as of **September 30, 2023**. Existing cash of **$2.2 million** is only sufficient until **February 2024**, necessitating **substantial additional funding** for product development, national launch, and growth strategy, including potential acquisitions[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - Auddia regained compliance with the Nasdaq Stockholders' Equity Requirement by **August 25, 2023**, but received a **delisting notice on October 24, 2023**, for failing to meet the **$1.00 Minimum Bid Price requirement**. The company has requested a hearing to appeal this decision[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) Operating Expenses and Net Loss (Nine Months Ended September 30, 2023 vs. 2022) | Expense Category | 2023 ($) | 2022 ($) | Change ($) | Change (%) | | :-------------------------- | :------- | :------- | :--------- | :--------- | | Direct cost of services | 130,809 | 128,806 | 2,003 | 1.6% | | Sales and marketing | 765,176 | 1,396,010 | (630,834) | (45.2%) | | Research and development | 617,622 | 481,611 | 136,011 | 28.2% | | General and administrative | 2,596,831 | 2,400,503 | 196,328 | 8.2% | | Depreciation and amortization | 1,350,820 | 721,971 | 628,849 | 87.1% | | Total Operating Expenses | 5,461,258 | 5,128,901 | 332,357 | 6.5% | | Interest expense | (1,133,398) | (5,058) | (1,128,340) | 22308.0% | | Net Loss | (6,594,656) | (5,133,959) | (1,460,697) | 28.4% | Cash Flow Summary (Nine Months Ended September 30, 2023 vs. 2022) | Activity | 2023 ($) | 2022 ($) | Change ($) | | :------------------------ | :--------- | :--------- | :--------- | | Operating activities | (3,404,954) | (3,622,112) | 217,158 | | Investing activities | (743,208) | (1,677,326) | 934,118 | | Financing activities | 4,686,406 | (88,723) | 4,775,129 | | Change in cash | 538,244 | (5,388,161) | 5,926,405 | Contractual Obligations (as of September 30, 2023) | Obligation | Total ($) | Less Than 1 Year ($) | 1-3 Years ($) | 4-5 Years ($) | More Than 5 Years ($) | | :---------------------- | :-------- | :------------------- | :------------ | :------------ | :-------------------- | | Office lease | 25,000 | 25,000 | – | – | – | | Insurance premiums | 18,000 | 18,000 | – | – | – | | Total | 43,000 | 43,000 | – | – | – | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Auddia Inc. is not required to provide quantitative and qualitative disclosures about market risk - The company is a **smaller reporting company** and is **not required to provide market risk disclosures**[151](index=151&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that Auddia's disclosure controls and procedures were not effective as of September 30, 2023, due to material weaknesses in internal control over financial reporting, with remediation efforts underway - Management concluded that **disclosure controls and procedures were not effective** at a reasonable assurance level as of **September 30, 2023**, due to **material weaknesses in internal control over financial reporting**[152](index=152&type=chunk) - Remedial actions taken include strengthening internal policies, processes, and reviews; engaging outside consultants for expertise and internal control documentation; and hiring additional accounting resources[153](index=153&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) Auddia is involved in ordinary course legal disputes, with no active litigations, and believes pending matters, including a pre-IPO investor claim, will not have a material adverse effect - As of the financial statement issuance date, there are **no active litigations**[59](index=59&type=chunk)[155](index=155&type=chunk) - A pre-IPO investor has claimed damages of **less than $300,000** due to alleged acts and omissions from a private financing, but no complaint has been filed, and the outcome is neither probable nor estimable[59](index=59&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the 10-K, except for new risks associated with the recently announced growth strategy involving potential acquisitions - No material changes to risk factors from the **2022 Form 10-K**, except for risks associated with the recently announced **growth strategy of seeking acquisitions**[156](index=156&type=chunk) - Acquisition risks include capital market volatility limiting funds, adverse effects from stock price volatility on using common stock for acquisitions, difficulty identifying suitable candidates, challenges in negotiating terms, and potential failures in due diligence and integration[157](index=157&type=chunk)[158](index=158&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This item is not applicable, as the company did not repurchase any equity securities during the three months ended September 30, 2023 - Item is **not applicable**[159](index=159&type=chunk) - **No equity securities were repurchased** during the three months ended **September 30, 2023**[159](index=159&type=chunk) [Item 3. Defaults Upon Senior Securities](index=33&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - **None**[161](index=161&type=chunk) [Item 4. Mine Safety Disclosures](index=33&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) There are no mine safety disclosures to report - **None**[161](index=161&type=chunk) [Item 5. Other Information](index=33&type=section&id=Item%205.%20Other%20Information) No other information is reported under this item - **None**[161](index=161&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists all required exhibits by Item 601 of Regulation S-K and Item 15(b) of the Quarterly Report, incorporated by reference - Lists all required exhibits, incorporated by reference[162](index=162&type=chunk) [Signatures](index=35&type=section&id=Signatures) The report is duly signed by Michael Lawless, President, CEO, Interim CFO, and Director of Auddia Inc., dated November 14, 2023 - Signed by **Michael Lawless**, President, CEO, Interim CFO, and Director[166](index=166&type=chunk) - Date: **November 14, 2023**[166](index=166&type=chunk)