Financial Performance - Revenue for Q3 2024 reached $50,000, compared to $0 in Q3 2023, indicating a significant year-over-year growth[18] - Net loss for Q3 2024 was $5,823,083, compared to a net loss of $2,582,331 in Q3 2023, reflecting an increase in losses[18] - Operating expenses for Q3 2024 totaled $5,329,512, compared to $2,567,613 in Q3 2023, reflecting increased operational costs[18] - The net loss for the nine months ended September 30, 2024, is $(15,757,196), compared to $(8,328,839) for the same period in 2023, indicating a significant increase in losses[22] - The company reported a net cash used in operating activities of $(11,666,133) for the nine months ended September 30, 2024, compared to $(2,752,377) in the same period of 2023[22] Assets and Equity - Total assets as of September 30, 2024, were $31,949,080, up from $22,008,739 as of December 31, 2023, showing a substantial increase in asset base[16] - Total stockholders' equity as of September 30, 2024, is $17,751,577, with an accumulated deficit of $(29,058,916)[20] - The balance of additional paid-in capital increased to $46,806,699 as of September 30, 2024, from $26,734,828 as of September 30, 2023[21] Cash and Liquidity - Cash and cash equivalents decreased to $72,878 from $1,685,013 as of December 31, 2023, indicating a significant reduction in liquidity[16] - Cash and cash equivalents at the end of the period on September 30, 2024, are $72,878, down from $982,482 at the end of September 30, 2023[22] Shareholder Activity - The weighted-average common shares outstanding increased to 35,539,043 in Q3 2024 from 22,409,790 in Q3 2023, indicating dilution[18] - The total common shares outstanding increased from 22,756,825 on September 30, 2023, to 36,126,764 on September 30, 2024[21] - The company issued 280,899 common shares for a standby equity purchase agreement commitment fee during the period[20] - Issuance of common stock pursuant to Reseller Agreement amounted to $13,475,000[23] Financing and Agreements - The company entered into a $50 million Standby Equity Purchase Agreement (SEPA) with Yorkville Advisors, enhancing financial flexibility[4] - BEN announced the acquisition of Cantaneo Gmbh for $19.5 million in cash and stock, expected to close by the end of the year[8] Operational Developments - The company signed new contracts with INTERVENT and Members Only Health to deploy AI assistants for health coaching, enhancing patient engagement[3] - BEN's partnership with KangarooHealth aims to enhance remote patient monitoring and chronic care management through AI technology[2] Compensation and Liabilities - Stock-based compensation for the nine months ended September 30, 2024, amounts to $1,581,744, a decrease from $4,727,799 in the prior year[22] - Stock-based compensation capitalized as part of capitalized software costs reached $220,413, compared to $20,745 in the previous period[23] - Settlement of liabilities into common shares totaled $583,690, an increase from $432,963 in the prior period[23] - Settlement of accounts payable into convertible notes was $1,900,000[23] - Financing costs in accounts payable and accrued expenses were $200,000, down from $687,609 previously[23]
DHC Acquisition (DHCA) - 2024 Q3 - Quarterly Results