Financial Performance - Total revenue for Q2 2024 was $1,903,602, a decrease of $121,020 or 6.0% compared to Q2 2023[131] - Professional services revenue decreased by $93,860 or 4.8% to $1,874,097 in Q2 2024 from $1,967,957 in Q2 2023[131] - Gross profit for Q2 2024 was $682,695, a decrease of $22,318 or 3.2% from $705,013 in Q2 2023[132] - Operating loss from continuing operations was $382,070 in Q2 2024, compared to operating income of $493,116 in Q2 2023, a decrease of $875,186[134] - Total revenue for the six months ended June 30, 2024, was $3,818,975, a decrease of $365,770 or 8.7% from the prior year[136] - Professional services revenue for the six months ended June 30, 2024, decreased by $311,449 or 7.6% to $3,759,966[136] - Gross profit for the six months ended June 30, 2024, increased by $20,142 or 1.5% to $1,381,953[137] - Operating loss from continuing operations for the six months ended June 30, 2024, was $1,056,041, an increase of $594,427 or 128.8% from the prior year[140] - For the six months ended June 30, 2024, the company reported a net loss from continuing operations of $1,056,041[145] Expenses and Cost Management - Significant reductions in SG&A expenses were noted, totaling $2,437,994 for the six months ended June 30, 2024, down $827,899 from $3,265,893 in the prior year[139] Cash Flow and Financial Position - As of June 30, 2024, the company had a net working capital deficit of $746,040, with cash and cash equivalents totaling $244,137[145] - The company anticipates cash usage from operations to be between $1.0 million to $1.5 million over the next twelve months[146] - The company expects to continue incurring negative cash flows from operations while investing in sales, marketing, and research and development of the next generation BNA Platform[147] - Significant costs are expected for at least two to four years to commercialize and distribute the BNA Platform, raising doubts about the company's ability to continue as a going concern[148] - The company plans to finance operations through equity sales, debt financing, or other sources until adequate revenues are generated[149] Development and Future Outlook - The BNA Platform is positioned for commercial launch, having taken 15 years and an investment of approximately $60 million to develop[126] Legal and Regulatory Matters - There were no changes in the company's internal control over financial reporting during the quarter ended June 30, 2024[152] - The merger on August 12, 2024, will affect the company's control environment and future reporting[153] - The company has no pending legal proceedings against it[156]
WaveDancer(WAVD) - 2024 Q2 - Quarterly Report