Financial Performance - Total revenues for Q3 2024 were 14,407,adecreaseof4,658 or 24% from 19,065inQ32023,primarilyduetotheconclusionofcertainclinicalactivities[126].−NetlossforQ32024was1,366,176, compared to a net loss of 998,010inQ32023,reflectinganincreaseof368,166 [125]. - Total revenues for the nine months ended September 30, 2024 were 35,492,adecreaseof26,115 or 42% from 61,607inthesameperiodof2023[135].−TheCompanyincurredlossesfortheninemonthsendedSeptember30,2024,totaling1,066,732 from the first debt reduction transaction and 111,928fromthesecondtransaction[142][143].Expenses−Costofrevenueincreasedby921,332 in Q3 2024 from 19,558inQ32023,drivenbyachangeinrevenuemixthatincreasedpartnerfees[127].−Salesandmarketingexpensesroseby21232,775 in Q3 2024 from 192,896inQ32023,attributedtoincreasedpost−marketclinicalexpensesrelatedtotheClaritytrial[128].−Generalandadministrativeexpensesincreasedby12860,461 in Q3 2024 from 770,534inQ32023,duetohigherinvestmentsininvestorrelations[130].−CostofrevenuefortheninemonthsendedSeptember30,2024increasedby1464,102 from 56,312inthesameperiodof2023,drivenbyapriceincreaserelatedtohostingcosts[136].−SalesandmarketingexpensesfortheninemonthsendedSeptember30,2024were638,869, an increase of 60,900or11577,969 in the same period of 2023 [138]. - General and administrative expenses for the nine months ended September 30, 2024 decreased by 5% to 2,402,408from2,524,308 in the same period of 2023 [140]. Cash Flow and Financing - Cash used in operating activities for the nine months ended September 30, 2024, was 4,348,748,comparedto2,913,165 for the same period in 2023 [159]. - As of September 30, 2024, the Company had cash of 1,322,098,whichisexpectedtofundoperationsintoDecember2024[157].−TheCompanyraisedapproximately1.4 million from an equity line in January 2024 and 0.3millioninApril2024[155].−TheCompanycompletedapublicofferingof5,175,000unitsatapriceof0.58 per unit, generating gross proceeds of approximately 3.0million[155][163].−TheCompanyissued930sharesofSeriesBconvertiblepreferredstockinexchangefor930,052 of principal and accrued interest on the notes [166]. - The Company has raised $1,000,000 in gross proceeds from a securities purchase agreement for convertible preferred stock and warrants financing [167]. - The Company anticipates needing additional funds to continue technology development and maintain liquidity [152][153]. Internal Controls and Compliance - The Company’s disclosure controls and procedures are currently not effective due to limited resources, impacting timely reporting of material information required for SEC filings [182]. - As of December 31, 2023, the internal control over financial reporting was deemed ineffective due to material weaknesses, including limited segregation of duties and inadequate accounting resources [184]. - The Company engaged an outside firm in Q3 2023 to enhance accounting support and segregation of duties, continuing efforts to improve internal controls through best practices [185]. - No material changes to internal control over financial reporting occurred during the quarter ended September 30, 2024, that would materially affect the internal controls [186]. Legal Proceedings - The Company is not currently involved in any material legal proceedings that could adversely affect its operations or financial position [188].
