Amesite(AMST) - 2021 Q2 - Quarterly Report

PART I - FINANCIAL INFORMATION This section provides Amesite Inc.'s unaudited condensed financial statements and management's discussion and analysis for the periods ended December 31, 2020 ITEM 1. FINANCIAL STATEMENTS This section presents Amesite Inc.'s unaudited condensed financial statements, including the balance sheets, statements of operations, stockholders' equity, and cash flows, along with detailed notes explaining the company's business, significant accounting policies, and key financial events for the periods ended December 31, 2020 and 2019 Condensed Balance Sheets (unaudited) This table provides a snapshot of Amesite Inc.'s financial position, detailing assets, liabilities, and equity as of December 31, 2020, and June 30, 2020 Condensed Balance Sheets (unaudited) | Metric | Dec 31, 2020 | Jun 30, 2020 | Change ($) | Change (%) | | :---------------------- | :------------ | :------------ | :------------ | :--------- | | Cash and cash equivalents | $13,687,822 | $4,093,874 | $9,593,948 | 234.3% | | Total assets | $16,251,472 | $5,704,673 | $10,546,799 | 184.9% | | Total current liabilities | $970,735 | $2,704,777 | $(1,734,042) | -64.1% | | Total stockholders' equity| $15,280,737 | $2,999,896 | $12,280,841 | 409.4% | Condensed Statements of Operations (unaudited) This table outlines Amesite Inc.'s revenues, expenses, and net loss for the three and six months ended December 31, 2020, and 2019 Condensed Statements of Operations (unaudited) | Metric (Unaudited) | 3 Months Ended Dec 31, 2020 | 3 Months Ended Dec 31, 2019 | 6 Months Ended Dec 31, 2020 | 6 Months Ended Dec 31, 2019 | | :------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Revenue | $106,812 | $32,607 | $216,921 | $40,307 | | Total Operating Expenses | $2,394,993 | $997,800 | $3,977,548 | $1,960,964 | | Interest Expense | $- | $- | $(3,613,831) | $- | | Net Loss | $(2,287,574) | $(959,646) | $(7,373,838) | $(1,912,743) | | Basic Loss per Share | $(0.11) | $(0.07) | $(0.40) | $(0.13) | Condensed Statements of Stockholders' Equity (unaudited) This table details changes in Amesite Inc.'s stockholders' equity, including net loss and stock issuances, between July 1, 2020, and December 31, 2020 Condensed Statements of Stockholders' Equity (unaudited) | Metric (Unaudited) | July 1, 2020 | Dec 31, 2020 | | :-------------------------- | :------------ | :------------ | | Total Stockholders' Equity | $2,999,896 | $15,280,737 | | Net Loss (6 months) | - | $(5,086,264) | | Issuance of common stock - net | - | $12,796,230 | | Conversion of notes payable | - | $5,639,361 | Condensed Statements of Cash Flows (unaudited) This table summarizes Amesite Inc.'s cash flows from operating, investing, and financing activities for the six months ended December 31, 2020, and 2019 Condensed Statements of Cash Flows (unaudited) | Cash Flow Activity (Unaudited) | 6 Months Ended Dec 31, 2020 | 6 Months Ended Dec 31, 2019 | | :----------------------------- | :-------------------------- | :-------------------------- | | Net cash used in operating activities | $(2,748,757) | $(1,531,070) | | Net cash used in investing activities | $(453,525) | $(482,282) | | Cash from financing activities | $12,796,230 | $4,770,222 | | Net Increase in Cash | $9,593,948 | $2,756,870 | | Cash and Cash Equivalents - End of period | $13,687,822 | $3,765,772 | Notes to Condensed Financial Statements This section provides detailed explanations and disclosures supporting the condensed financial statements, covering accounting policies and key financial events Note 1 - Nature of Business This note describes Amesite Inc.'s core business as an AI-driven platform and course designer and highlights recent corporate restructuring and financing activities - Amesite Inc. is an artificial intelligence-driven platform and course designer providing customized, high-performance, and scalable online products for businesses, universities, colleges, and K-12 schools[18] - The company completed a reorganizational merger on September 18, 2020, changing its name from "Amesite Operating Company" to "Amesite Inc."[19] - A stock offering raised approximately $12.8 million in net proceeds, which will be utilized for strategic growth plans, including hiring additional sales staff and product engineers, and provides sufficient operating capital to alleviate going concern doubts[20] Note 2 - Significant Accounting Policies This note details the critical accounting policies and methods used in preparing Amesite Inc.'s financial statements, including revenue recognition and asset valuation Basis of Presentation This section clarifies that the financial statements adhere to GAAP and SEC requirements, with a fiscal year ending June 30 - The condensed financial statements are prepared in accordance with GAAP and SEC requirements, with a fiscal year ending June 30[21] Use of Estimates This section explains that financial statement preparation involves management estimates and assumptions, which may differ from actual results - The preparation of financial statements requires management to make estimates and assumptions that affect reported amounts, and actual results could differ from these estimates[24] Fair Value Measurements This section outlines the three-level hierarchy used for fair value measurements based on the observability of valuation inputs - Fair value measurements are categorized into a three-level hierarchy (Level 1, 2, 3) based on the observability of inputs, with the lowest level input significant to the valuation determining the overall categorization[25][26] Cash and Cash Equivalents This section defines cash equivalents and details the FDIC insurance coverage for bank deposits as of December 31, 2020 - Cash equivalents include all investments with an original maturity of three months or less when purchased[27] - The total amount of bank deposits insured by the FDIC at December 31, 2020, was $500,000[27] Property and Equipment This section describes the accounting policy for property and equipment, including recording at cost and straight-line depreciation over useful lives - Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, such as computer equipment and software over 5 years[28][29] Capitalized Software Costs This section details the capitalization and amortization of internal-use software development costs over an estimated three-year useful life - Significant costs incurred in the development of internal-use software are capitalized and amortized over an estimated useful life of three years[32] Amortization Expense | Metric (Unaudited) | 3 Months Ended Dec 31, 2020 | 3 Months Ended Dec 31, 2019 | 6 Months Ended Dec 31, 2020 | 6 Months Ended Dec 31, 2019 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Amortization Expense | $175,000 | $112,000 | $333,000 | $204,000 | Revenue Recognition This section explains how Amesite Inc. recognizes revenue from contractual arrangements with educational and business clients over two to five-year terms - Revenue is primarily generated from contractual arrangements with businesses, colleges, universities, and K-12 schools for a comprehensive platform of tightly integrated technology and technology-enabled services[33] - Contracts generally have two to five-year terms with a single performance obligation, which is satisfied ratably over the contract term as partners receive and consume benefits[34] - The majority of revenue is derived from enterprise customers, and most customers have annual payment terms[35] Revenue by Customer Type | Customer Type | 2020 | 2019 | | :------------ | :---------- | :--------- | | Enterprise | $189,548 | $- | | K12 | $17,614 | $- | | University | $9,759 | $40,307 | | Total | $216,921 | $40,307 | Contract Fulfilment Costs This section outlines the policy for capitalizing and amortizing software design costs related to specific course offerings over the contract length - Costs related to software design of specific course offerings are capitalized and amortized over the length of the contract[38] - No contract fulfillment costs were capitalized or amortized as of December 31, 2020, or 2019[38] Accounts Receivable, Contract Assets and Liabilities This section details the accounting for accounts receivable and contract liabilities, including deferred revenue from upfront license fees - Accounts receivable are stated at net realizable value, with no allowance for doubtful accounts as of December 31, 2020, and June 30, 2020[39] - Contract liabilities (deferred revenue) represent the excess of amounts billed or received compared to recognized revenue, typically from upfront annual license fees[40][41] Contract Liabilities | Metric | 2020 | 2019 | | :-------------- | :---------- | :--------- | | Opening balance | $380,000 | $- | | Billings | $576,450 | $99,593 | | Revenue recognized | $(216,921) | $- | | Closing balance | $739,529 | $99,593 | Technology and Content Development This section explains that expenditures for technology and content development are expensed as incurred, including personnel and amortization - Technology and content development expenditures, including personnel, contracted services, hosting, licensing, and amortization of capitalized software, are charged to expense as incurred[43] Stock-Based Payments This section describes the accounting for equity awards, where the cost of services is measured at fair value and expensed over the service period - The cost of employee and nonemployee services received for equity awards is measured at fair value at the grant date and recognized as expense over the service period[44] Income Taxes This section explains that no income tax benefit has been recognized due to a lack of taxable income and a full valuation allowance against deferred tax assets - The company has not recognized an income tax benefit for the periods presented due to not generating any taxable income or tax liabilities[47][64] - A full valuation allowance has been recorded against the company's deferred tax assets due to approximately $14,152,000 of net operating loss carryforwards and uncertainty regarding their realization[64] Net Loss per Share This section defines the calculation of basic net loss per share and the exclusion of anti-dilutive securities from diluted loss per share - Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding[48] - Potentially dilutive securities (options and warrants) are excluded from diluted loss per share calculations because their effect would be anti-dilutive due to net losses in these periods[48] Risks and Uncertainties This section highlights the significant financial, operational, and technological risks inherent in an early-stage company, including the COVID-19 pandemic's impact - The company operates in a rapidly changing industry and is subject to significant financial, operational, technological, and other risks associated with an early-stage company, including the potential risk of business failure[49] - The extent of the impact of the COVID-19 pandemic on the company's operations, cash flows, and financial condition cannot be reasonably estimated at this time[50] Note 3 – Prepaid Expenses and Other Assets This table details the composition of Amesite Inc.'s prepaid expenses and other assets as of December 31, 2020, and June 30, 2020 Prepaid Expenses and Other Assets | Item | December 31, 2020 | June 30, 2020 | | :------------------------ | :---------------- | :------------ | | Prepaid insurance | $540,093 | $36,102 | | Prepaid consulting services | $533,973 | $- | | Prepaid offering costs | $- | $142,730 | | Other prepaid services | $43,167 | $43,442 | | Total | $1,117,233 | $222,274 | Note 4 - Stock-Based Compensation This note describes Amesite Inc.'s Equity Incentive Plan, the valuation of stock options using the Black-Scholes Model, and related compensation expenses - The company's Equity Incentive Plan permits the grant of stock options, stock appreciation rights, restricted stock, or restricted stock units to officers, employees, directors, consultants, agents, and independent contractors[53] - Option awards generally vest over two years from the grant date and typically have ten-year contractual terms[54] - The fair value of each option award is estimated using a Black-Scholes Model with assumptions including a 6.00-year expected term, 0.15% risk-free interest rate (Dec 31, 2020), and 46.30% expected volatility (Dec 31, 2020)[57][59] Stock Compensation Expense | Period | 3 Months Ended Dec 31, 2020 | 3 Months Ended Dec 31, 2019 | 6 Months Ended Dec 31, 2020 | 6 Months Ended Dec 31, 2019 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Stock Compensation Expense | $217,075 | $100,375 | $429,488 | $280,245 | - As of December 31, 2020, there was approximately $1,281,000 of total unrecognized compensation cost for nonvested options, expected to be recognized through June 2025[61] Note 5 - Income Taxes This note reiterates that Amesite Inc. has not recognized an income tax benefit and has a full valuation allowance against deferred tax assets due to net operating losses - The company has not generated any taxable income or tax liabilities since inception and, therefore, has not recognized an income tax benefit for the periods presented[64] - The company has approximately $14,152,000 of net operating loss carryforwards, with a full valuation allowance recorded against deferred tax assets due to limited operating history and operating losses[64] Note 6 - Common Stock This note details recent common stock issuances, including a public offering, warrants, conversion of notes, and shares issued for consulting services - On September 25, 2020, the company completed an offering of 3,000,000 shares of common stock at $5.00 per share, generating approximately $12.8 million in net proceeds[65] - Five-year warrants to purchase 150,000 common shares were issued to the placement agent at an exercise price of $6.00, with a fair value of approximately $249,000[65][66] - Outstanding convertible notes payable were converted into 1,127,872 shares of common stock at $2.00 per share in connection with the offering[66] - The company issued 176,092 shares of common stock, totaling approximately $790,000, to various consulting firms for strategic investor relations services in November and December 2020[67][104] Note 7 - Convertible Notes Payable This note describes the issuance and subsequent conversion of unsecured, 8% convertible notes payable into common stock, resulting in a significant interest expense - In April and May 2020, the company issued unsecured, 8% convertible notes payable with an aggregate principal amount of $2,182,500[68] - The notes, totaling $2,255,815 (including accrued interest), were converted into 1,127,872 shares of common stock at $2.00 per share during the offering[69] - A $3,383,546 expense was recognized within interest expense due to the discount provided to note holders upon conversion, along with the full amortization of $182,900 in unamortized debt issuance costs[69] ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This section provides management's perspective on Amesite Inc.'s financial condition, results of operations, liquidity, and capital resources for the three and six months ended December 31, 2020. It highlights significant revenue growth, increased operating expenses, and a substantial net loss, while also discussing critical accounting policies and the impact of recent financing activities Overview This section introduces Amesite Inc.'s business model, acknowledges its current unprofitability, and highlights operational risks, including the need for additional funding - Amesite Inc. is an artificial intelligence-driven platform and course designer that provides customized, high-performance, and scalable online products for schools and businesses[71] - The company is not currently profitable, incurring a net loss of $2,287,574 for the three months ended December 31, 2020[73] - Operations are subject to significant risks and uncertainties, including the failure to secure additional funding to execute the current business plan[72] Basis of Presentation This section confirms that the financial statements are prepared in accordance with GAAP and SEC requirements - The financial statements are prepared in accordance with GAAP and the requirements of the Securities and Exchange Commission (SEC)[74] Critical Accounting Policies and Significant Judgments and Estimates This section discusses key accounting policies and the significant judgments and estimates management makes in preparing the financial statements Internally-Developed Capitalized Software This section outlines the capitalization of direct labor and third-party vendor costs for internal-use software, amortized over three years - The company capitalizes certain costs related to internal-use software, primarily direct labor and third-party vendor costs, during the application development stage[77] - Capitalized costs are amortized on the straight-line method over the estimated useful life of the software, generally three years, once placed in service[77] Stock-Based Compensation This section details the fair value measurement of stock-based awards using the Black-Scholes model and their typical two-year vesting period - Stock-based awards (stock options, restricted stock units, and stock warrants) are measured at fair value at each grant date using the Black-Scholes option pricing model[78] - Stock options generally vest over two years from the grant date and have ten-year contractual terms[78] Revenue Recognition This section describes the company's revenue generation from contractual arrangements with educational and business clients, recognized ratably over contract terms - Revenue is primarily generated from contractual arrangements with businesses, colleges, universities, and K-12 schools for a comprehensive platform of technology and services[79] - Contracts generally have two to five-year terms with a single performance obligation, satisfied ratably over the contract term[80] - The majority of revenue is derived from enterprise customers, and most customers have annual payment terms[83] Contract Fulfilment Costs This section explains the capitalization and amortization policy for software design costs related to specific course offerings - Certain fulfillment costs related to software design for specific course offerings are capitalized and amortized over the contract length[84] - No contract fulfillment costs were capitalized or amortized as of December 31, 2020, or June 30, 2020[84] Accounts Receivable, Contract Assets and Liabilities This section covers the accounting treatment for accounts receivable and contract liabilities, including deferred revenue - Accounts receivable are stated at net realizable value, with no allowance for doubtful accounts as of December 31, 2020, and June 30, 2020[84] - Contract liabilities (deferred revenue) represent the excess of amounts billed or received compared to recognized revenue, typically from upfront annual license fees[85][86] Results of Operations This section analyzes Amesite Inc.'s financial performance, focusing on revenue, operating expenses, and net loss for the reported periods Revenue This table presents Amesite Inc.'s net revenue and year-over-year growth for the three and six months ended December 31, 2020, and 2019 Revenue | Period | 3 Months Ended Dec 31, 2020 | 3 Months Ended Dec 31, 2019 | 6 Months Ended Dec 31, 2020 | 6 Months Ended Dec 31, 2019 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue | $106,812 | $32,607 | $216,921 | $40,307 | | YoY Growth (3 months) | 227.6% | | | | | YoY Growth (6 months) | | | 438.2% | | Operating Expenses This section details the trends and drivers behind Amesite Inc.'s general and administrative, technology, and sales and marketing expenses General and Administrative This section analyzes the increase in general and administrative expenses, primarily attributed to new team member hires General and Administrative Expenses | Period | 3 Months Ended Dec 31, 2020 | 3 Months Ended Dec 31, 2019 | 6 Months Ended Dec 31, 2020 | 6 Months Ended Dec 31, 2019 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | G&A Expenses | $1,611,223 | $472,520 | $2,474,131 | $998,909 | | YoY Growth (3 months) | 241.0% | | | | | YoY Growth (6 months) | | | 147.7% | | - The increases in general and administrative expenses are primarily due to the hiring of new team members[89] Technology and Content Development This section examines the increase in technology and content development expenses, driven by technical contract services and new feature launches Technology and Content Development Expenses | Period | 3 Months Ended Dec 31, 2020 | 3 Months Ended Dec 31, 2019 | 6 Months Ended Dec 31, 2020 | 6 Months Ended Dec 31, 2019 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Tech & Content Dev Expenses | $511,014 | $317,885 | $978,777 | $579,671 | | YoY Growth (3 months) | 60.8% | | | | | YoY Growth (6 months) | | | 68.9% | | - The increases are primarily due to technical contract services supporting the development of the company's technology, including the launch of a new Course Manage feature in October 2020[90][91] Sales and Marketing This section discusses the significant increase in sales and marketing expenditures following the IPO, driven by recruitment and intensified marketing efforts Sales and Marketing Expenses | Period | 3 Months Ended Dec 31, 2020 | 3 Months Ended Dec 31, 2019 | 6 Months Ended Dec 31, 2020 | 6 Months Ended Dec 31, 2019 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Sales & Marketing Expenses | $272,756 | $207,295 | $524,640 | $382,384 | | YoY Growth (3 months) | 31.6% | | | | | YoY Growth (6 months) | | | 37.2% | | - Expenditures significantly increased in Q2 following the IPO, driven by the recruitment of key sales personnel for Higher Education and Enterprise groups and increased marketing efforts[92][93] - Sales and marketing expenditure is expected to build more rapidly over the next few quarters with the onboarding of new team members and more intensive marketing efforts[93] Interest Income This table presents Amesite Inc.'s interest income and its year-over-year change for the three and six months ended December 31, 2020, and 2019 Interest Income | Period | 3 Months Ended Dec 31, 2020 | 3 Months Ended Dec 31, 2019 | 6 Months Ended Dec 31, 2020 | 6 Months Ended Dec 31, 2019 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Interest Income | $607 | $5,547 | $620 | $7,914 | | YoY Change (3 months) | -89.0% | | | | | YoY Change (6 months) | | | -92.2% | | Net Loss This section analyzes the substantial increase in net loss, primarily due to interest expense from the offering and higher operating expenses Net Loss | Period | 3 Months Ended Dec 31, 2020 | 3 Months Ended Dec 31, 2019 | 6 Months Ended Dec 31, 2020 | 6 Months Ended Dec 31, 2019 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Net Loss | $(2,287,574) | $(959,646) | $(7,373,838) | $(1,912,743) | | YoY Change (3 months) | 138.4% | | | | | YoY Change (6 months) | | | 285.5% | | - The net loss for the six months ended December 31, 2020, was substantially higher compared to 2019, primarily due to interest expense incurred in connection with the Offering, in addition to increased operational losses from higher operating expenses[95] Financial Position, Liquidity, and Capital Resources This section assesses Amesite Inc.'s financial health, liquidity, and capital resources, including cash balances and future funding needs - The company is not currently profitable[97] Cash Balance | Metric | December 31, 2020 | | :---------- | :---------------- | | Cash Balance| $13,687,822 | - Management believes current cash balances should be sufficient to satisfy anticipated operating and investing needs through June 2022[98] - Accelerating the plan of operations or altering strategic growth plans may require additional funds, which may not be available when needed, at all, or on terms acceptable to the company[98] Off-Balance Sheet Arrangements This section confirms that Amesite Inc. had no off-balance sheet arrangements during the reported periods - The company did not have any off-balance sheet arrangements during the periods presented or currently[99] Changes in and Disagreements with Accountants on Accounting and Financial Disclosure This section states that there were no changes in or disagreements with accountants regarding accounting and financial disclosure - There were no changes in or disagreements with accountants on accounting and financial disclosure[99] ITEM 3. QUALITATIVE AND QUANTITATIVE DISCUSSION ABOUT MARKET RISK As a "smaller reporting company," Amesite Inc. is not required to provide the information typically required by this item regarding qualitative and quantitative disclosures about market risk - The company is not required to provide information on market risk as it is a "smaller reporting company"[100] ITEM 4. CONTROLS AND PROCEDURES Management concluded that Amesite Inc.'s disclosure controls and procedures were effective as of December 31, 2020, and reported no material changes in internal controls over financial reporting during the period Evaluation of Disclosure Controls and Procedures This section confirms that management, including the CEO and CFO, deemed the company's disclosure controls effective as of December 31, 2020 - Management, including the Chief Executive Officer and Chief Financial Officer, concluded that the company's disclosure controls and procedures were effective as of December 31, 2020[100] Changes in Internal Controls Over Financial Reporting This section states that no material changes occurred in internal control over financial reporting during the quarter - There were no material changes in internal control over financial reporting during the period covered by this quarterly report[101] PART II – OTHER INFORMATION This section provides additional information not covered in the financial statements, including legal proceedings, risk factors, and equity sales ITEM 1. LEGAL PROCEEDINGS Amesite Inc. reported no legal proceedings during the period covered by this quarterly report - There are no legal proceedings to report[103] ITEM 1A. RISK FACTORS Amesite Inc. stated that there have been no material changes to the risk factors previously disclosed in its Prospectus - There have been no material changes in the company's risk factors from those previously disclosed in its Prospectus[103] ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS This section details Amesite Inc.'s issuance of unregistered equity securities to consultants and the use of proceeds from its initial public offering (IPO), confirming no material changes to the planned use of IPO funds Sales of Unregistered Securities This section reports the issuance of common stock to consultants for services, exempt from registration under Section 4(a)(2) - During the quarter ended December 31, 2020, the company issued an aggregate of 176,092 shares of common stock to consultants for services rendered, exempt from registration under Section 4(a)(2) of the Securities Act[104] Use of IPO Proceeds This section details the net proceeds from the IPO and confirms no material changes to the planned use of these funds - The company completed its initial public offering (IPO) on September 29, 2020, issuing 3,000,000 shares of common stock at $5.00 per share, resulting in gross proceeds of $15.0 million and net proceeds of $12.8 million[104][105] - There has been no material change in the planned use of proceeds from the IPO from that described in the final prospectus[105] ITEM 3. DEFAULTS UPON SENIOR SECURITIES Amesite Inc. reported no defaults upon senior securities during the period - There are no defaults upon senior securities[106] ITEM 4. MINE SAFETY DISCLOSURES This item is not applicable to Amesite Inc.'s operations - This item is not applicable to the company[106] ITEM 5. OTHER INFORMATION Amesite Inc. reported no other information under this item - No other information is reported under this item[106] ITEM 6. EXHIBITS This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, certifications, and XBRL taxonomy documents - The report includes Exhibit 31.1 (Certification of Principal Executive, Financial and Accounting Officer pursuant to Rules 13a-14(a) and 15d-14(a)), Exhibit 32.1 (Certification of Principal Executive, Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350), and various XBRL taxonomy extension documents[107] SIGNATURES The report is signed by Ann Marie Sastry, Ph.D., who serves as the Chief Executive Officer, Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer for Amesite Inc - The report was signed by Ann Marie Sastry, Ph.D., in her capacities as Chief Executive Officer, Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer[110]