Jet.AI Reports Third Quarter 2024 Financial Results

GlobeNewswire11-14

LAS VEGAS, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Jet.AI (the “Company”) (Nasdaq: JTAI), an innovative private aviation and artificial intelligence (“AI”) company, today announced financial results for the...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2483805882?lang=en_US&edition=fundamental","thumbnail":"https://s.yimg.com/uu/api/res/1.2/kbqxipsbloOYbhKKytxaZg--~B/aD02MDt3PTE0MTthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/globenewswire.com/112a104ff4f193606bfb10aa28c6f763","is_english":true,"pubTime":"2024-11-14 21:30","share_image_url":"https://static.laohu8.com/5f26f4a48f9cb3e29be4d71d3ba8c038","id":"2483805882","market":"us","top_or_hot":-1,"title":"Jet.AI Reports Third Quarter 2024 Financial Results","media":"GlobeNewswire","content":"<div>\n<p>LAS VEGAS, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Jet.AI (the “Company”) (Nasdaq: JTAI), an innovative private aviation and artificial intelligence (“AI”) company, today announced financial results for the...</p>\n\n<a href=\"https://finance.yahoo.com/news/jet-ai-reports-third-quarter-133000308.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jet.AI Reports Third Quarter 2024 Financial Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJet.AI Reports Third Quarter 2024 Financial Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-14 21:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/jet-ai-reports-third-quarter-133000308.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>LAS VEGAS, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Jet.AI (the “Company”) (Nasdaq: JTAI), an innovative private aviation and artificial intelligence (“AI”) company, today announced financial results for the...</p>\n\n<a href=\"https://finance.yahoo.com/news/jet-ai-reports-third-quarter-133000308.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"JTAI","symbol_name":"Jet.AI Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/jet-ai-reports-third-quarter-133000308.html","article_id":"2483805882","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/kbqxipsbloOYbhKKytxaZg--~B/aD02MDt3PTE0MTthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/globenewswire.com/112a104ff4f193606bfb10aa28c6f763"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483805882","pubTimestamp":1731591000,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"LAS VEGAS, Nov. 14, 2024  -- Jet.AI  , an innovative private aviation and artificial intelligence  company, today announced financial results for the third quarter ended September 30, 2024.Authorized $2 million share repurchase program and withdrawal of S-1 registration statement. Announced new features and advancements to CharterGPT and Reroute AI. Participated in the 2024 NBAA Business Aviation Convention & Exhibition. Entered into warrant amendments after successful warrant exchange offer and consent solicitation. Launched DynoFlight 2.0 platform, an advanced AI web-based solution for aviation carbon management. Revenues were $3.9 million, an increase of $0.5 million compared to the same period last year and $0.8 million compared to the prior quarter. The primary reason for the increase was due to additional service revenue ari","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"JTAI":"Jet.AI Inc.","JTAIW":"JTAIW JETAI INC C/WTS 26/07/28(TO PUR COM)","JTAIZ":"JETAI INC C/WTS 26/07/28 (TO PUR COM)"},"translate_title":"Jet.AI报告2024年第三季度财务业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"JTAI":0.9,"JTAIW":0.9,"JTAIZ":0.9},"content_text":"LAS VEGAS, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Jet.AI (the “Company”) (Nasdaq: JTAI), an innovative private aviation and artificial intelligence (“AI”) company, today announced financial results for the third quarter ended September 30, 2024.\nThird Quarter 2024 and Recent Operational Highlights\n\nAuthorized $2 million share repurchase program and withdrawal of S-1 registration statement\nAnnounced reverse stock split\nParticipated in Corporate Jet Investor Miami 2024\nAnnounced new features and advancements to CharterGPT and Reroute AI\nParticipated in the 2024 NBAA Business Aviation Convention & Exhibition\nOpened new JetLeg.AI app to Beta Testers\nAnnounced updates around proprietary software solutions\nEntered into warrant amendments after successful warrant exchange offer and consent solicitation\nLaunched DynoFlight 2.0 platform, an advanced AI web-based solution for aviation carbon management\nCompleted exchange offer and consent solicitation relating to its outstanding warrants\n\nManagement Commentary\nJet.AI Chairman and CEO Mike Winston commented, “We’re seeing strength across our business, with improvements in our key financial metrics both year-over-year and quarter-over-quarter. To make our earnings more predictable, we entered an agreement with Textron Aviation to purchase three Cessna Citation CJ4 jets, which will be delivered in stages—one each in the first, second, and fourth quarters of 2026. This order complements a proposed fleet deal with Bombardier for Challenger 3500 jets, which would be expected a year later in the first, second and third quarters of 2027, respectively. Our plan is to pre-sell shares in fleet aircraft to customers before delivery, maintaining a ‘capital-light’ model in private aviation by reducing upfront costs.”\n“We’ve authorized a share buyback, completed a reverse split and pulled a Form S-1 due to its heavy warrant structure. On a related note, we also filed an S-3 as a continuation of our previously disclosed transaction with Ionic Ventures LLC. The Company now expects to regain compliance with NASDAQ’s listing standards by the November 26th deadline.”\nWinston also spoke about advancing CharterGPT, the company’s AI-based booking technology. “Over the next few quarters, we aim to develop CharterGPT into an ‘AI agent’ that can handle both the customer-facing and backend aspects of the booking process independently, returning results without extensive human oversight. Expanding sales by hiring more charter brokers isn’t particularly interesting to us, but expanding sales by using AI brokers with only the most crucial moments of human involvement is very interesting. Testing this approach is relatively low-cost and may reveal a product market fit for AI-driven sales.”\nThird Quarter 2024 Financial Results\nRevenues were $3.9 million, an increase of $0.5 million compared to the same period last year and $0.8 million compared to the prior quarter. The primary reason for the increase was due to additional service revenue arising from the Company entering into an agreement to manage a second customer aircraft in the second quarter of 2024.\nSoftware App and Cirrus Charter revenue, the gross amount of charters booked through CharterGPT and Cirrus, was $2.4 million, an increase of $0.5 million compared to the same period last year.\nManagement and Other Services revenue, which is comprised of revenues generated from managing and chartering our customer aircrafts, totaled $960,000 compared to $775,000 in the same period last year.\nJet Card and Fractional Programs revenue, which is generated from the sale and use of jet cards and service revenue related to ongoing utilization by the Company’s fractional customers, totaled $547,000 compared to $732,000 in the same period last year.\nCost of revenues totaled $3.9 million compared to $3.2 million in the same period last year. The increase is primarily due to an increase in Cirrus charter flight activity, costs related to the operation of aircraft and payments to Cirrus for their management.\nGross loss totaled approximately $14,000 compared to a gross profit of $170,000 in the same period last year and gross loss of $417,000 in the prior quarter. The result was largely driven by reduced flights performed for the Company’s jet card customers without a corresponding reduction in fixed costs.\nOperating expenses totaled $2.9 million compared to $4.4 million in the same period last year. The decrease was primarily due to the improvement in general and administrative, sales & marketing, and research & development expenses.\nOperating loss decreased to approximately $2.9 million compared to $4.3 million in the same period last year and $3.2 million in the prior quarter. The improvement was primarily due to the aforementioned reasons above.\nAs of September 30, 2024, the Company had cash and cash equivalents of approximately $312,000 compared to $528,000 as of June 30, 2024, and $2.5 million of cash and cash equivalents as of today, November 14th, 2024.\nAbout Jet.AI\nJet.AI operates in two segments, Software and Aviation, respectively. The Software segment features the B2C CharterGPT app and the B2B Jet.AI Operator platform. The CharterGPT app uses natural language processing and machine learning to improve the private jet booking experience. The Jet.AI operator platform offers a suite of stand-alone software products to enable FAA Part 135 charter providers to add revenue, maximize efficiency, and reduce environmental impact. The Aviation segment features jet aircraft fractions, jet cards, on-fleet charter, management, and buyer’s brokerage. Jet.AI is an official partner of the Las Vegas Golden Knights, 2023 NHL Stanley Cup® champions. The Company was founded in 2018 and is based in Las Vegas, NV and San Francisco, CA.\nForward-Looking Statements \nThis press release contains certain statements that may be deemed to be “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, with respect to the products and services offered by Jet.AI and the markets in which it operates, and Jet.AI’s projected future results. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our Company, our industry, our beliefs and our assumptions. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions or the negative of these terms or other similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. As a result, caution must be exercised in relying on forward-looking statements, which speak only as of the date they were made. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in the Company’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Readers are cautioned not to put undue reliance on forward-looking statements, and Jet.AI assumes no obligation and does not intend to update or revise these forward-looking statements, whether because of new information, future events, or otherwise, except as provided by law.\nJet.AI Investor Relations:Gateway Group, Inc. 949-574-3860Jet.AI@gateway-grp.com\nJET.AI, INC.(FORMERLY JET TOKEN, INC.) CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)\n\n\n\n \n \nSeptember 30,\n \n \nDecember 31,\n \n\n\n \n \n2024\n \n \n2023\n \n\n\n \n \n(Unaudited)\n \n \n(Audited)\n \n\n\n \n \n \n \n \n \n \n\n\nAssets\n \n \n \n \n \n \n \n \n\n\nCurrent assets:\n \n \n \n \n \n \n \n \n\n\nCash and cash equivalents\n \n$\n311,883\n \n \n$\n2,100,543\n \n\n\nAccounts receivable\n \n \n167,701\n \n \n \n96,539\n \n\n\nOther current assets\n \n \n78,403\n \n \n \n190,071\n \n\n\nPrepaid offering costs\n \n \n628,006\n \n \n \n800,000\n \n\n\nTotal current assets\n \n \n1,185,993\n \n \n \n3,187,153\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nProperty and equipment, net\n \n \n5,692\n \n \n \n7,604\n \n\n\nIntangible assets, net\n \n \n86,745\n \n \n \n73,831\n \n\n\nRight-of-use lease asset\n \n \n1,180,824\n \n \n \n1,572,489\n \n\n\nInvestment in joint venture\n \n \n100,000\n \n \n \n100,000\n \n\n\nDeposits and other assets\n \n \n798,111\n \n \n \n798,111\n \n\n\nTotal assets\n \n$\n3,357,365\n \n \n$\n5,739,188\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nLiabilities and Stockholders’ Deficit\n \n \n \n \n \n \n \n \n\n\nCurrent liabilities:\n \n \n \n \n \n \n \n \n\n\nAccounts payable\n \n$\n1,828,259\n \n \n$\n1,656,965\n \n\n\nAccrued liabilities\n \n \n3,050,068\n \n \n \n2,417,115\n \n\n\nDeferred revenue\n \n \n1,206,869\n \n \n \n1,779,794\n \n\n\nOperating lease liability\n \n \n521,625\n \n \n \n510,034\n \n\n\nNote payable, net\n \n \n-\n \n \n \n321,843\n \n\n\nNotes payable - related party, net\n \n \n-\n \n \n \n266,146\n \n\n\nTotal current liabilities\n \n \n6,606,821\n \n \n \n6,951,897\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nLease liability, net of current portion\n \n \n628,649\n \n \n \n1,021,330\n \n\n\nRedeemable preferred stock\n \n \n1,150,012\n \n \n \n1,702,000\n \n\n\nTotal liabilities\n \n \n8,385,482\n \n \n \n9,675,227\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nCommitments and contingencies (Note 2 and 5)\n \n \n-\n \n \n \n-\n \n\n\n \n \n \n \n \n \n \n \n \n\n\nStockholders’ Deficit\n \n \n \n \n \n \n \n \n\n\nPreferred Stock, 4,000,000 shares authorized, par value $0.0001, 0 issued and outstanding\n \n \n-\n \n \n \n-\n \n\n\nSeries B Convertible Preferred Stock, 5,000 shares authorized, par value $0.0001, 200 and 0 issued and outstanding\n \n \n-\n \n \n \n-\n \n\n\nCommon stock, 200,000,000 shares authorized, par value $0.0001,148,836 and 43,353 issued and outstanding\n \n \n14\n \n \n \n4\n \n\n\nSubscription receivable\n \n \n(6,724\n)\n \n \n(6,724\n)\n\n\nAdditional paid-in capital\n \n \n44,122,723\n \n \n \n35,343,069\n \n\n\nAccumulated deficit\n \n \n(49,144,130\n)\n \n \n(39,272,388\n)\n\n\nTotal stockholders’ deficit\n \n \n(5,028,117\n)\n \n \n(3,936,039\n)\n\n\nTotal liabilities and stockholders’ deficit\n \n$\n3,357,365\n \n \n$\n5,739,188\n \n\n\n\nJET.AI, INC.(FORMERLY JET TOKEN, INC.) CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)\n\n\n\n \n \nThree Months Ended\n \n \nNine Months Ended\n \n\n\n \n \nSeptember 30,\n \n \nSeptember 30,\n \n\n\n \n \n2024\n \n \n2023\n \n \n2024\n \n \n2023\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nRevenues\n \n$\n3,917,393\n \n \n$\n3,367,189\n \n \n$\n10,849,875\n \n \n$\n8,035,505\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nCost of revenues\n \n \n3,931,279\n \n \n \n3,196,748\n \n \n \n11,405,113\n \n \n \n8,140,905\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nGross (loss) profit\n \n \n(13,886\n)\n \n \n170,441\n \n \n \n(555,238\n)\n \n \n(105,400\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nOperating Expenses:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nGeneral and administrative (including stock-based compensation of $1,313,358, $2,669,071, $3,714,404, and $5,424,158, respectively)\n \n \n2,746,783\n \n \n \n4,231,142\n \n \n \n7,956,830\n \n \n \n8,834,864\n \n\n\nSales and marketing\n \n \n83,310\n \n \n \n156,991\n \n \n \n632,380\n \n \n \n380,699\n \n\n\nResearch and development\n \n \n37,959\n \n \n \n48,823\n \n \n \n107,901\n \n \n \n113,778\n \n\n\nTotal operating expenses\n \n \n2,868,052\n \n \n \n4,436,956\n \n \n \n8,697,111\n \n \n \n9,329,341\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nOperating loss\n \n \n(2,881,938\n)\n \n \n(4,266,515\n)\n \n \n(9,252,349\n)\n \n \n(9,434,741\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nOther expense (income):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nInterest expense\n \n \n-\n \n \n \n24,095\n \n \n \n79,314\n \n \n \n24,095\n \n\n\nOther income\n \n \n(56\n)\n \n \n(51\n)\n \n \n(176\n)\n \n \n(51\n)\n\n\nTotal other expense (income)\n \n \n(56\n)\n \n \n24,044\n \n \n \n79,138\n \n \n \n24,044\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nLoss before provision for income taxes\n \n \n(2,881,882\n)\n \n \n(4,290,559\n)\n \n \n(9,331,487\n)\n \n \n(9,458,785\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nProvision for income taxes\n \n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nNet Loss\n \n$\n(2,881,882\n)\n \n$\n(4,290,559\n)\n \n$\n(9,331,487\n)\n \n$\n(9,458,785\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nDeemed dividend from warrant exchange offer\n \n \n(540,255\n)\n \n \n-\n \n \n \n(540,255\n)\n \n \n-\n \n\n\nCumulative preferred stock dividends\n \n \n(18,708\n)\n \n \n-\n \n \n \n(78,163\n)\n \n \n-\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nNet Loss to common stockholders\n \n$\n(3,440,845\n)\n \n$\n(4,290,559\n)\n \n$\n(9,949,905\n)\n \n$\n(9,458,785\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nWeighted average shares outstanding - basic and diluted\n \n \n78,523\n \n \n \n31,192\n \n \n \n71,791\n \n \n \n23,800\n \n\n\nNet loss per share - basic and diluted\n \n$\n(43.82\n)\n \n$\n(137.55\n)\n \n$\n(138.60\n)\n \n$\n(397.43\n)\n\n\n\nJET.AI, INC.(FORMERLY JET TOKEN, INC.) CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)\n\n\n\n \n \nNine Months Ended\n\n\n \n \nSeptember 30,\n\n\n \n \n2024\n \n \n2023\n\n\n \n \n \n \n \n \n\n\nCASH FLOWS FROM OPERATING ACTIVITIES:\n \n \n \n \n \n \n \n\n\nNet loss\n \n$\n(9,331,487\n)\n \n$\n(9,458,785\n\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n \n \n \n \n \n \n \n\n\nAmortization and depreciation\n \n \n1,920\n \n \n \n101,439\n\n\nAmortization of debt discount\n \n \n80,761\n \n \n \n20,833\n\n\nStock-based compensation\n \n \n3,714,404\n \n \n \n5,424,158\n\n\nNon-cash operating lease costs\n \n \n391,665\n \n \n \n380,416\n\n\nChanges in operating assets and liabilities:\n \n \n \n \n \n \n \n\n\nAccounts receivable\n \n \n(71,162\n)\n \n \n17,977\n\n\nOther current assets\n \n \n111,668\n \n \n \n(24,019\n\n\nAccounts payable\n \n \n410,766\n \n \n \n790,530\n\n\nAccrued liabilities\n \n \n804,947\n \n \n \n(126,103\n\n\nDeferred revenue\n \n \n(572,925\n)\n \n \n498,765\n\n\nOperating lease liability\n \n \n(381,090\n)\n \n \n(369,841\n\n\nNet cash used in operating activities\n \n \n(4,840,533\n)\n \n \n(2,744,630\n\n\n \n \n \n \n \n \n \n \n\n\nCASH FLOWS FROM INVESTING ACTIVITIES:\n \n \n \n \n \n \n \n\n\nPurchase of property and equipment\n \n \n-\n \n \n \n(4,339\n\n\nPurchase of intangible assets\n \n \n(12,922\n)\n \n \n(30,056\n\n\nInvestment in joint venture\n \n \n-\n \n \n \n(100,000\n\n\nDeposits and other assets\n \n \n-\n \n \n \n(35,135\n\n\nNet cash used in investing activities\n \n \n(12,922\n)\n \n \n(169,530\n\n\n \n \n \n \n \n \n \n \n\n\nCASH FLOWS FROM FINANCING ACTIVITIES:\n \n \n \n \n \n \n \n\n\nProceeds - notes payable, net of discount\n \n \n-\n \n \n \n275,000\n\n\nProceeds - related party notes payable, net of discount\n \n \n-\n \n \n \n225,000\n\n\nRepayments - notes payable\n \n \n(371,250\n)\n \n \n-\n\n\nRepayments - related party notes payable\n \n \n(297,500\n)\n \n \n-\n\n\nOffering costs\n \n \n(236,233\n)\n \n \n(437,665\n\n\nExercise of warrants\n \n \n742,474\n \n \n \n-\n\n\nProceeds from sale of Series B Preferred Stock\n \n \n1,500,025\n \n \n \n-\n\n\nProceeds from sale of Common Stock\n \n \n1,727,279\n \n \n \n1,607,450\n\n\nProceeds from business combination\n \n \n-\n \n \n \n620,893\n\n\nNet cash provided by financing activities\n \n \n3,064,795\n \n \n \n2,290,678\n\n\n \n \n \n \n \n \n \n \n\n\nDecrease in cash and cash equivalents\n \n \n(1,788,660\n)\n \n \n(623,482\n\n\nCash and cash equivalents, beginning of period\n \n \n2,100,543\n \n \n \n1,527,391\n\n\nCash and cash equivalents, end of period\n \n$\n311,883\n \n \n$\n903,909\n\n\n \n \n \n \n \n \n \n \n\n\nSupplemental disclosures of cash flow information:\n \n \n \n \n \n \n \n\n\nCash paid for interest\n \n$\n79,314\n \n \n$\n-\n\n\nCash paid for income taxes\n \n$\n-\n \n \n$\n-\n\n\n \n \n \n \n \n \n \n \n\n\nNon cash financing activities:\n \n \n \n \n \n \n \n\n\nSubscription receivable from sale of Common Stock\n \n$\n-\n \n \n$\n6,724\n\n\nIssuance of Common Stock for settlement of accounts payable\n \n$\n239,472\n \n \n$\n-\n\n\nIssuance of Common Stock from warrant exchange\n \n$\n540,255\n \n \n$\n-\n\n\nSeries A Preferred Stock conversion\n \n$\n551,988\n \n \n$\n-\n\n\nIncrease in accounts payable due to Business Combination\n \n$\n-\n \n \n$\n1,047,438\n\n\nIncrease in redeemable preferred stock due to Business Combination\n \n$\n-\n \n \n$\n1,702,000\n\n\nIncrease in prepaid offering costs and accounts payable\n \n$\n-\n \n \n$\n800,000\n\n\nDecrease in prepaid offering costs and accrued liabilities from issuance of common stock\n \n$\n172,200\n \n \n$\n-","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483805882"}