NFTG(US:NFTG)2025-03-28 21:27Revenue and Income - In 2024, the company generated revenues of $4,027 from health coaching packages, a significant increase from $256 in 2023[223] - The company reported other income of $279,322 in 2024, up from $67,188 in 2023, primarily from interest income and realized gains[232] - The company sold 1,449,277 common shares at $3.45 per share, generating net proceeds of $4,449,055 after fees[235] Expenses and Losses - Operating expenses decreased by $307,909, or 7.7%, from $4,015,541 in 2023 to $3,707,632 in 2024[224] - Research and development expenses increased by $80,669, or 8.8%, from $915,818 in 2023 to $996,487 in 2024, primarily due to costs associated with Gaxos Health[225] - General and administrative expenses totaled $2,711,145 in 2024, down from $3,047,360 in 2023, reflecting a decrease of $336,215[226] - The company reported a net loss of $3,424,283 in 2024, a decrease of $523,814, or 13.3%, from the net loss of $3,948,097 in 2023[233] - The company expects to continue generating operating losses in the foreseeable future due to corporate overhead and R&D costs[236] Cash Flow and Financial Position - As of December 31, 2024, the company had a cash balance of $14,398,099 and working capital of $16,427,618[234] - For the year ended December 31, 2024, net cash used in operations was $3,280,397, primarily due to a net loss of $3,424,283[237] - For the year ended December 31, 2023, net cash used in operations was $2,980,592, with a net loss of $3,948,097[238] - The company reported net cash provided by financing activities of $16,586,051 for the year ended December 31, 2024, mainly from common stock sales and warrant exercises[241] - The company had net cash provided by investing activities of $67,735 for the year ended December 31, 2024, from short-term investment sales[239] Strategic Initiatives - The company launched four proprietary games in 2023, enhancing user engagement through AI personalization and NFT minting[214] - Gaxos Health was initiated to provide AI-driven health optimization solutions, integrating biometric data for personalized wellness strategies[215] - RNK Health, a subsidiary formed in September 2024, focuses on marketing health-related products, holding a 70% membership interest[218] - The company plans to pursue research and development of new technologies, requiring additional capital beyond current resources[243] Shareholder Actions and Compliance - The company purchased and canceled 6,846 treasury shares for $19,602 at an average price of $2.86 per share in 2024[241] - The company had no off-balance sheet arrangements for the years ended December 31, 2024 and 2023[244] - The company intends to rely on exemptions available to emerging growth companies under the JOBS Act for compliance with new accounting standards[247]