Aclarion(US:ACON)2024-08-14 19:34Financial Performance - Total revenue for Q2 2024 was $10,971, a decrease of $6,101 or 36% from $17,072 in Q2 2023[117] - Total revenues for the six months ended June 30, 2024, were $21,085, a decrease of 50% from $42,542 in the same period of 2023[126] - The company recorded a net loss of $1,238,077 in Q2 2024, an improvement of $226,480 compared to a net loss of $1,464,557 in Q2 2023[126] Expenses - Cost of revenue increased by 21% to $23,294 in Q2 2024 from $19,301 in Q2 2023, primarily due to increased partner fees[117] - Sales and marketing expenses rose by 8% to $225,037 in Q2 2024, driven by increased post-market clinical expenses related to the Clarity trial[118] - Research and development expenses decreased by 19% to $202,102 in Q2 2024, with no accrued bonus expense for the quarter[119] - General and administrative expenses decreased by 26% to $696,099 in Q2 2024, attributed to reduced bonus accruals and lower legal fees[119] - Interest expense increased significantly to $127,848 in Q2 2024, up by $80,709 from $47,139 in Q2 2023, due to increased debt[120] Cash Flow and Financing - As of June 30, 2024, the Company had cash of $1,182,687, which includes $10,000 of restricted cash, sufficient to fund operations into Q3 2024[145] - For the six months ended June 30, 2024, cash used in operating activities was $3,293,096, compared to $1,960,653 for the same period in 2023, indicating a 68% increase in cash outflow[146][147] - Cash provided by financing activities for the six months ended June 30, 2024, was $3,602,237, up from $1,165,000 in 2023, representing a 209% increase[146] - The Company completed a public offering of 5,175,000 units at $0.58 per unit, generating gross proceeds of approximately $3.0 million before expenses[149] - The Company raised approximately $1.4 million from an equity line in January 2024 and $0.3 million in April 2024[145] - During the six months ended June 30, 2024, the Company issued 452,343 common shares for proceeds of $1,449,532 and 1,050,000 common shares for $304,500[150] - The Company paid $300,973 of principal and interest on unsecured non-convertible notes, leaving a remaining balance of $898,380[150] - The Company issued 644,142 shares in exchange for $1,519,779 of principal and accrued interest on notes, with a remaining balance of $5,145,037[152] Future Funding Needs - The company anticipates needing additional funding to continue its technology development and maintain liquidity[141] - The Company anticipates needing to raise additional funds to continue technology development, which may involve dilution of existing stockholders' interests[154] Off-Balance Sheet Arrangements - The Company does not have any off-balance sheet arrangements as of June 30, 2024[156]