Financial Performance - The company incurred a net loss of $2,693,100 for the nine months ended March 31, 2025, and a cumulative net loss of $40.5 million since its incorporation on November 14, 2017[92]. - Revenue for the three months ended March 31, 2025, was approximately $31,000, down from $34,000 for the same period in 2024, and revenue for the nine months ended March 31, 2025, was approximately $55,000 compared to $139,000 in 2024[112]. - The net loss for the three months ended March 31, 2025, was approximately $663,000, a decrease of about 53% compared to a net loss of approximately $1.4 million for the same period in 2024[123]. - For the nine months ended March 31, 2025, the net loss was approximately $2.7 million, which is about 16% lower than the $3.2 million loss for the same period in 2024[123]. Cash and Financing - As of March 31, 2025, the company's cash and cash equivalents totaled $2,858,963, an increase from $2,071,016 as of June 30, 2024[101][107]. - The company has raised net proceeds of approximately $11,760,000 from private placement financing transactions from its incorporation to September 30, 2020[97]. - The company has plans to generate cash through financing transactions, including offerings of common stock, but these plans are subject to market conditions and uncertainty[94][105]. Expenses - General and administrative expenses for the three months ended March 31, 2025, were approximately $428,000, a decrease from $1,135,000 in the same period in 2024[117]. - Technology and content development expenses for the nine months ended March 31, 2025, were approximately $524,000, down from $889,000 for the same period in 2024[119]. - Sales and marketing expenses for the three months ended March 31, 2025, were approximately $118,000, compared to $139,000 for the same period in 2024[121]. - Interest income for the nine months ended March 31, 2025, was approximately $53,000, down from $148,000 for the same period in 2024[122]. - Capital asset additions for the nine months ended March 31, 2025, were $292,200, compared to $228,000 for the same period in 2024, indicating an increase of approximately 28%[124]. Compliance and Internal Controls - The Company received a Nasdaq deficiency letter on November 26, 2024, due to non-compliance with the Stockholders' Equity Requirement of $2,500,000[125]. - On January 10, 2025, the Company submitted a plan to regain compliance and believed it had regained compliance following a public offering[126]. - The Company reported material weaknesses in its internal controls over financial reporting, which could lead to potential misstatements in financial statements[130][131]. - Management identified deficiencies in controls related to journal entries and stock compensation expense calculations[132]. - The Company plans to document processes and controls to address the identified material weaknesses and improve internal control effectiveness[136]. - There were no changes in internal control over financial reporting that materially affected the Company during the period ended March 31, 2025[135]. - The Company intends to take all reasonable measures to maintain compliance with Nasdaq Listing Rules[127]. Business Development - The company is focusing on developing AI-powered B2B and B2C solutions, with the NurseMagic app being a key product that has gained traction[114].
Amesite(AMST) - 2025 Q3 - Quarterly Report