Revenue and Financial Performance - In 2024, the company generated revenues of $4,027 from health coaching packages, a significant increase from $256 in 2023[223]. - The net loss for 2024 was $3,424,283, a decrease of $523,814, or 13.3%, compared to a net loss of $3,948,097 in 2023[233]. - The company reported a loss from operations of $3,703,605 in 2024, down from $4,015,285 in 2023, a decrease of $311,680, or 7.8%[231]. - 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]. Expenses - 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 expects to continue generating operating losses in the foreseeable future due to corporate overhead and R&D costs[236]. Cash Flow and Financing - 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 sold 1,449,277 common shares at $3.45 per share, generating net proceeds of $4,449,055 after fees[235]. - The company raised $3,600,656 from a securities purchase agreement on December 26, 2024, selling 1,346,669 shares at $3.00 each[235]. - Net cash provided by investing activities for the year ended December 31, 2024, was $67,735, resulting from short-term investment sales[239]. Initiatives and Subsidiaries - Gaxos Health, a new initiative, aims to provide AI-driven personalized wellness strategies, integrating biometric data and health goals[215]. - RNK Health, a subsidiary formed in September 2024, focuses on marketing health-related products, including GLP-1 medications[218]. - The company launched four proprietary games in 2023, enhancing user engagement through AI personalization and NFT minting[214]. Shareholder Actions - The company purchased and canceled 6,846 treasury shares for $19,602 at an average price of $2.86 per share in 2024[241]. - As of December 31, 2024, the company had a cash balance of $14,398,099 and working capital of $16,427,618[234]. Future Plans - The company plans to pursue research and development of new products, requiring additional capital from third-party sources[243]. - The company did not have any off-balance sheet arrangements for the years ended December 31, 2024, and 2023[244].
Gaxos.AI(GXAI) - 2024 Q4 - Annual Report