NFTG(US:NFTG)2024-11-14 21:15Revenue - Revenue for the three months ended September 30, 2024, was $2,704, primarily from health coaching packages, compared to no revenue in the same period of 2023[126] Operating Expenses - Operating expenses for the three months ended September 30, 2024, were $908,573, an increase of 4.0% from $873,616 in 2023[127] - Total operating expenses for the nine months ended September 30, 2024, decreased by 11.9% to $2,806,934 from $3,184,549 in 2023[127] - General and administrative expenses for the three months ended September 30, 2024, were $655,916, an increase of 6.6% from $615,211 in 2023[130] - Compensation and related benefits for the three months ended September 30, 2024, decreased by 17.2% to $172,502 from $208,365 in 2023[132] Research and Development - Research and development expenses for the three months ended September 30, 2024, were $252,657, a decrease of 2.2% from $258,405 in 2023[129] - The company expects to launch an AI solution for game developers in Q4 2024, aimed at transforming content generation in the gaming industry[117] Losses - For the three months ended September 30, 2024, the company reported a loss from operations of $905,869, an increase of $32,253, or 3.7% compared to the same period in 2023[138] - The net loss for the three months ended September 30, 2024, was $864,410, or $0.61 per common share, compared to a net loss of $857,059, or $0.85 per common share in the same period of 2023, reflecting an increase of $7,351, or 0.86%[141] - For the nine months ended September 30, 2024, the net loss was $2,585,793, a decrease of $561,341, or 17.8% compared to the same period in 2023[142] - The company anticipates continued operating losses in the foreseeable future due to corporate overhead and research and development costs[146] Cash and Financing - As of September 30, 2024, the company had a cash balance of $5,227,894 and working capital of $6,525,650[143] - The company raised aggregate gross proceeds of $3,499,484 from a private placement on March 13, 2024, with net proceeds of $3,056,984 after offering costs[144] - On September 20, 2024, the company received net proceeds of $2,834,843 from the exercise of March 2024 Common Warrants at a reduced exercise price, generating gross proceeds of $3,242,374[145] - For the nine months ended September 30, 2024, net cash used in operations was $2,512,166, primarily due to the net loss of $2,585,793[148] - The company reported net cash provided by financing activities of $5,872,746 for the nine months ended September 30, 2024, compared to $5,908,760 in the same period of 2023[152] Product Development - Gaxos Gaming launched four proprietary games by December 31, 2023, enhancing user experience through AI and NFT integration[114] - Gaxos Health initiative aims to provide AI-powered health optimization solutions, with a product launch expected in Q3 2024[118][119]