Press Release: Airship AI Reports First Quarter 2024 Financial Results

LOSS 
   Foreign currency 
    translation gain, 
    net                                  3,239                      - 
                              ----------------       ---------------- 
 
TOTAL COMPREHENSIVE LOSS   $       (31,961,230)   $        (1,712,176) 
                              ================       ================ 
 
   Basic and diluted 
    loss per share         $             (1.40)   $             (0.08) 
                              ================       ================ 
 
   Weighted average 
    shares of common 
    stock outstanding- 
    basic and diluted      $        22,898,487    $        22,812,048 
                              ================       ================ 
 

AIRSHIP AI HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the three months ended March 31, 2024 and 2023

 
                           Three Months Ended     Three Months Ended 
                             March 31, 2024         March 31, 2023 
                          --------------------   -------------------- 
                              (Unaudited)            (Unaudited) 
 
CASH FLOWS FROM 
OPERATING ACTIVITIES: 
   Net loss                $       (31,964,469)   $        (1,712,176) 
   Adjustments to 
   reconcile net loss 
   to net cash used in 
   operating 
   activities 
      Depreciation and 
       amortization                      1,861                  3,720 
      Stock-based 
       compensation- 
       stock option 
       grants                          268,989                136,709 
      Amortization of 
       operating lease 
       right of use 
       asset                            80,291                205,906 
      Loss from change 
       in fair value of 
       warrant 
       liability                     6,847,091                      - 
      Loss from change 
       in fair value of 
       earnout 
       liability                    21,484,850                      - 
      Loss from change 
       in fair value of 
       convertible note              2,039,377                      - 
      Loss on note 
       conversions                     158,794                      - 
   Changes in operating 
   assets and 
   liabilities: 
      Accounts 
       receivable                      (55,525)            (1,636,283) 
      Prepaid expenses 
       and other                         2,010                   (460) 
      Other assets                       1,901                      - 
      Operating lease 
       liability                       (67,211)              (148,920) 
      Payroll and income 
       tax receivable                   (2,410)               939,850 
      Accounts payable - 
       trade and accrued 
       expenses                        433,415              1,150,141 
      Deferred revenue                (924,048)                71,400 
                              ----------------       ---------------- 
NET CASH USED IN 
 OPERATING ACTIVITIES               (1,695,084)              (990,113) 
                              ----------------       ---------------- 
 
CASH FLOWS FROM 
FINANCING ACTIVITIES: 
   Proceeds from 
    convertible 
    promissory note                          -                950,000 
   Proceeds from warrant 
    exercise                           293,249                      - 
   Repayment of small 
    business loan and 
    line of credit                           -                (84,471) 
                              ----------------       ---------------- 
 
NET CASH PROVIDED BY 
 FINANCING ACTIVITIES                  293,249                865,529 
                              ----------------       ---------------- 
 
NET DECREASE IN CASH AND 
 CASH EQUIVALENTS                   (1,401,835)              (124,584) 
 
   Effect from exchange 
    rate on cash                         3,239                      - 
 
CASH AND CASH 
 EQUIVALENTS, beginning 
 of period                           3,124,413                298,614 
                              ----------------       ---------------- 
 
CASH AND CASH 
 EQUIVALENTS, end of 
 period                    $         1,725,817    $           174,030 
                              ================       ================ 
 
Supplemental 
disclosures of cash 
flow information: 
   Interest paid           $                 -    $             5,064 
   Taxes paid              $             2,410    $            17,247 
 
Noncash investing and 
financing 
   Elimination of 
    advances to founders 
    in connection with 
    contribution of 
    Zeppelin by 
    shareholders           $                 -    $         1,100,000 
   Elimination of 
    payables to founders 
    in connection with 
    contribution of 
    Zeppelin by 
    shareholders           $                 -    $         1,100,000 
   Issuance of common 
    stock for debt 
    conversion             $           835,610    $                 - 
 

(END) Dow Jones Newswires

May 15, 2024 08:31 ET (12:31 GMT)