Financial Performance - BEN reported revenues of $49,790 for Q1 2024, compared to $0 in Q1 2023[13] - The net loss for Q1 2024 was $6,884,409, compared to a net loss of $2,637,956 in Q1 2023, reflecting an increase in losses of approximately 161%[13] - Operating expenses for Q1 2024 totaled $6,848,553, significantly higher than $2,637,956 in Q1 2023, marking an increase of about 160%[13] - Net loss for the three months ended March 31, 2024, was $6,884,409, compared to a net loss of $2,637,956 for the same period in 2023, representing an increase of 161%[14] - Depreciation and amortization expense increased to $117,347 from $19,232 year-over-year[14] - Net cash used in operating activities was $4,549,929, significantly higher than $55,470 in the prior year[14] Assets and Liabilities - Total current assets increased to $4,353,776 as of March 31, 2024, up from $1,896,306 as of December 31, 2023, representing a growth of approximately 129%[11] - Total liabilities rose to $16,249,572 as of March 31, 2024, compared to $4,314,286 as of December 31, 2023, indicating an increase of about 276%[11] - BEN's accumulated deficit increased to $(20,186,129) as of March 31, 2024, compared to $(13,301,720) as of December 31, 2023, indicating a rise in accumulated losses[12] - Cash and cash equivalents increased to $3,304,283 as of March 31, 2024, up from $1,685,013 as of December 31, 2023, a growth of approximately 96%[11] - Cash and cash equivalents at the end of the period were $3,304,283, up from $1,685,013 at the beginning of the period[14] Financing Activities - Net cash provided by financing activities was $6,340,264, compared to $53,460 in the same period last year[14] - The company raised $6,325,000 from the sale of common stock during the quarter[14] Strategic Initiatives - The company launched BENAuto in partnership with AFG Companies, providing unique AI Assistants for automotive applications[3] - BEN announced a pilot partnership with MedAdvisor Solutions to implement its AI Assistant technology in pharmacies[3] - The company strengthened its Board of Directors with new appointments, enhancing governance and strategic oversight[3] Other Financial Information - Capitalized internal-use software costs amounted to $158,028, with an additional $50,075 capitalized in accrued expenses[14] - Stock-based compensation capitalized as part of capitalized software costs was $291,725[14] - The company recorded a write-off of deferred financing fees totaling $1,427,729[14] - The change in fair value of warrant liabilities was $60,823, indicating potential volatility in financial instruments[14]
Brand Engagement Network Inc.(BNAI) - 2024 Q1 - Quarterly Results