Financial Performance - Revenue for the three months ended September 30, 2025, was $3,686,179, a decrease of 37.2% compared to $5,862,575 for the same period in 2024[5] - Net loss for the nine months ended September 30, 2025, was $12,968,288, an improvement from a net loss of $16,347,469 for the same period in 2024, reflecting a reduction of approximately 20.5%[5] - Revenue for the three months ended September 30, 2025, was $3,686,000, a decrease of 37% from $5,863,000 in 2024; for the nine months, revenue was $8,189,000, down from $10,111,000 in 2024[81] - The Company reported a change in non-cash working capital of $(3,289,433) for the nine months ended September 30, 2025, compared to $(2,319,094) in 2024[85] Assets and Liabilities - Total assets increased to $20,208,239 as of September 30, 2025, up from $14,889,205 at December 31, 2024, representing a growth of approximately 35.5%[3] - The company’s total liabilities decreased to $4,769,252 as of September 30, 2025, down from $10,967,934 at December 31, 2024, indicating a reduction of approximately 56.5%[3] - Cash and restricted cash at the end of the period increased to $3,510,499 from $181,730 at the beginning of the period, indicating a significant increase in liquidity[9] - Shareholders' equity rose to $15,438,987 as of September 30, 2025, compared to $3,921,271 at December 31, 2024, marking an increase of approximately 293.5%[7] Expenses - The company reported total operating expenses of $12,808,896 for the nine months ended September 30, 2025, which is slightly lower than $12,922,919 for the same period in 2024[5] - The company incurred amortization and depreciation expenses of $1,234,589 for the nine months ended September 30, 2025, compared to $1,262,180 for the same period in 2024[9] - Selling and marketing expenses for the nine months ended September 30, 2025, totaled $3,627,000, an increase of 4.5% from $3,470,000 in 2024[63] - General and administrative expenses increased to $4,879,000 for the nine months ended September 30, 2025, compared to $3,238,000 in 2024, reflecting a 50.8% increase[64] Shareholder Activity - As of September 30, 2025, the company had 3,096,806 common shares issued and outstanding, an increase from 196,933 as of December 31, 2024[41] - During the nine months ended September 30, 2025, the company issued 2,619,876 common shares under the Equity Line of Credit, generating total proceeds of $23,027,513[42] - The company converted 310 Class C preferred shares into 279,997 common shares, crediting $1,458,491 to share capital for the conversion[42] - The company issued a total of 796,789 common shares under the amended Equity Line of Credit agreement, generating gross proceeds of $5,511,200[46] Mergers and Acquisitions - The company merged with Core Gaming Inc. on October 3, 2025, expanding its operations into the casual gaming sector[12] - The Company entered into a Merger Agreement with Core Gaming, Inc., which will result in Core Gaming's shareholders owning approximately 90% of the merged entity[87] - The merger transaction was completed on October 3, 2025, with the Company issuing 16,825,577 common shares to Core Gaming's former shareholders[89] Debt and Financing - As of September 30, 2025, the closing balance of loans from financial institutions is $1,642,477, an increase from $2,077,290 as of December 31, 2024[27] - The company repaid a total of $2,803,273 related to the sale of future receipts during the period from January 1, 2025, to September 30, 2025, which included $679,598 in interest expense[33] - The company has entered into multiple agreements for the sale of future receipts, with the total sum of repayments amounting to $3,800,000 during the nine months ended September 30, 2025[34] - The company’s outstanding balance of unfunded letters of credit was $NIL as of September 30, 2025, down from $920,041 as of December 31, 2024[30] Stock and Warrant Activity - The company had 33 share purchase warrants outstanding as of September 30, 2025, with a weighted average exercise price of $702,565[60] - The company recorded a change in fair value of warrant liabilities amounting to $(2,487,294) during the reporting period[38] - The company filed an amendment to its Registration Statement to increase the number of common shares offered under the Equity Line of Credit by 20%[45] Customer and Revenue Concentration - Approximately 59% of the Company's revenue for the nine months ended September 30, 2025, is attributable to sales transactions with a single customer, up from 42% in the same period of 2024[67] - The Company had customers with overdue receivables leading to a bad debt provision of $39,410 as of September 30, 2025, compared to $26,990 in 2024[69] - More than 84% of the Company's customers have been active for over four years, indicating a stable customer base[70] Corporate Changes - On October 2, 2025, the Company changed its name from Siyata Mobile Inc. to Core AI Holdings, Inc.[91] - The Company's common shares began trading on the Nasdaq Capital Market under the symbol CHAI on October 7, 2025.[91] - A 1-for-4 reverse share split was executed on October 7, 2025, reducing outstanding common shares from 79,689,523 to approximately 19,922,423.[92] - The reverse share split was approved by the Board on August 22, 2025, to meet Nasdaq's minimum price requirement for initial listing.[92]
SIYATA MOBL.EQ.WARRT(SYTAW) - 2025 Q3 - Quarterly Report