Financial Performance - BEN reported a net loss of $3,049,704 for Q2 2024, compared to a net loss of $3,108,552 in Q2 2023, representing a slight improvement [11]. - Net loss for the six months ended June 30, 2024, was $9,934,113, compared to a net loss of $5,746,508 for the same period in 2023, representing an increase of 73.8% [12]. - Operating expenses for Q2 2024 were $6,292,945, up from $3,076,802 in Q2 2023, representing an increase of about 105% [11]. - Net cash used in operating activities for the six months ended June 30, 2024, was $8,612,872, significantly higher than $1,251,563 for the same period in 2023 [12]. - The company reported a depreciation and amortization expense of $799,591 for the six months ended June 30, 2024, compared to $239,934 in the same period of 2023 [12]. Assets and Liabilities - Total assets increased to $34,053,644 as of June 30, 2024, up from $22,008,739 at the end of 2023, reflecting a growth of approximately 55% [9][10]. - Total current liabilities rose significantly to $12,893,627 from $3,145,612, marking an increase of approximately 310% [9]. - Cash and cash equivalents decreased to $1,431,425 from $1,685,013, indicating a decline of about 15% [9]. - Cash and cash equivalents at the end of the period were $1,431,425, compared to $288,083 at the end of the same period in 2023, indicating a substantial increase [12]. Capital and Financing - BEN closed a private placement raising $4.95 million at a premium to market price, enhancing its capital position [2]. - The company raised $8,518,750 from the sale of common stock during the six months ended June 30, 2024 [12]. - The issuance of common stock pursuant to a Reseller Agreement amounted to $13,475,000 in the six months ended June 30, 2024 [13]. - The company had a net cash provided by financing activities of $8,459,014 for the six months ended June 30, 2024, compared to $2,118,776 in the same period of 2023 [12]. - The company recorded a write-off of deferred financing fees amounting to $1,427,729 for the six months ended June 30, 2024 [12]. - BEN's additional paid-in capital increased to $43,874,341 as of June 30, 2024, compared to $30,993,846 at the end of 2023, reflecting a growth of approximately 42% [10]. Strategic Initiatives - The company achieved HIPAA compliance for its healthcare AI assistants, ensuring secure handling of sensitive patient data [3]. - BEN announced collaborations with OSF HealthCare and Provana to integrate its AI assistants into healthcare and contact center solutions, respectively [3]. - The company expects earlier engagements to mature into production-ready deployments in the second half of 2024, indicating positive future outlook [1]. Other Financial Metrics - Stock-based compensation capitalized as part of capitalized software costs was $205,154 for the six months ended June 30, 2024 [13]. - Proceeds from the exercise of warrants amounted to $20,264 during the six months ended June 30, 2024 [12].
DHC Acquisition (DHCA) - 2024 Q2 - Quarterly Results