Revenue Performance - Total revenue for the three months ended March 31, 2025, was $171,000, a significant increase from $19,000 in the same period of 2024, representing an increase of 800%[30] - Revenue for the three months ended March 31, 2025, was $171,000, representing an increase of 800% compared to $19,000 in the same period of 2024[222] - Revenue increased by $0.2 million, or 800%, for the three months ended March 31, 2025 compared to the same period in 2024, primarily due to increased sales from the Vegan Silk Technology Platform, including the b-silk product[226] Financial Losses and Improvements - The net loss for the three months ended March 31, 2025, was $5,959,000, a decrease from a net loss of $6,594,000 in the same period of 2024, showing a trend towards reduced losses[30] - The net loss for the three months ended March 31, 2025, was $5,959,000, a decrease of 10% from a net loss of $6,594,000 in the same period of 2024[222] - For the three months ended March 31, 2025, the company incurred a net loss of $6.0 million and used $2.5 million of cash in operations[51] Expenses and Cost Management - Gross loss for the first quarter of 2025 was $1,000, compared to a gross loss of $46,000 in Q1 2024, indicating an improvement in cost management[30] - Research and development expenses increased to $925,000 in Q1 2025 from $413,000 in Q1 2024, reflecting a focus on innovation and product development[30] - Research and development expenses rose to $925,000, a 124% increase from $413,000 in the prior year[222] - Sales and marketing expenses increased by 97% to $120,000, compared to $61,000 in the same period last year[222] - General and administrative expenses decreased slightly to $4,354,000, down 8% from $4,752,000[222] Cash Flow and Financial Position - Cash and cash equivalents decreased to $984,000 as of March 31, 2025, down from $3,512,000 at the end of 2024, indicating cash flow challenges[28] - Total liabilities increased to $21,196,000 as of March 31, 2025, compared to $20,840,000 at the end of 2024, reflecting growing financial obligations[28] - The company estimates that its cash and cash equivalents are insufficient to fund operating, investing, and financing cash flow needs for the next twelve months[52] - The company may seek additional capital through public or private equity offerings, debt financing, or restructuring current debt obligations[53] Stock and Equity - The company reported a weighted-average common shares outstanding of 1,985,621 for Q1 2025, a significant increase from 233,660 in Q1 2024, indicating potential dilution[30] - The Company has 881,007 warrants outstanding for future issuance of Common stock as of March 31, 2025, an increase from 729,166 warrants as of December 31, 2024[155] - The Company authorized the issuance of up to 500,000,000 shares of Common stock with a par value of $0.0001 per share[153] - As of March 31, 2025, there were 2,061,779 shares of Common stock issued and outstanding, compared to 1,714,792 shares as of December 31, 2024[154] Tax and Compliance Issues - The company currently owes approximately $2.8 million in excise tax related to redemptions of shares, with a proposed payment plan to the IRS[175] - The company has proposed a payment plan to the IRS to pay approximately $2.8 million in excise tax liability over time[200] - The company received a Bid Price Notice from Nasdaq on November 6, 2024, indicating non-compliance with the minimum bid price requirement, but regained compliance by May 7, 2025[171] Strategic Focus and Development - The company is focused on developing biomaterials products, including its flagship Vegan Silk Technology Platform, which aims to replace silicone elastomers in beauty and personal care[38] - The company discontinued the commercial development of Mylo to focus exclusively on the commercialization of its Vegan Silk Technology Platform[207] - Future plans include investments in research and development to maintain a competitive position in the market[209] Accounting and Financial Reporting - The company is currently evaluating the impact of new accounting standards on its consolidated financial statements, including ASU 2023-09 and ASU 2024-03[87][88] - The company has corrected a misclassification of $0.2 million in expenses between general and administrative and research and development for the three months ended March 31, 2024[57] - The misclassification of expenses had no impact on the Company's total operating expenses, net loss, or net loss per share[223]
Golden Arrow Merger (GAMC) - 2025 Q1 - Quarterly Report