Amesite Inc. Files Q3 2024 10-Q Report

Ticker: AMST · Form: 10-Q · Filed: Feb 7, 2025 · CIK: 1807166

Sentiment: neutral

Topics: 10-Q, quarterly-report, software

TL;DR

Amesite Inc. filed its 10-Q for Dec 31, 2024. Check financials.

AI Summary

Amesite Inc. filed its 10-Q report for the quarterly period ended December 31, 2024. The company, incorporated in Delaware, operates in the prepackaged software industry. Its principal executive offices are located in Detroit, Michigan, with a business address also in Ann Arbor, Michigan. The filing was made on February 7, 2025.

Why It Matters

This filing provides a quarterly update on Amesite Inc.'s financial performance and business operations, crucial for investors to assess the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it represents a routine financial disclosure, but the specific financial health and market position of Amesite Inc. would determine the actual risk level.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The quarterly period ended December 31, 2024.

When was this 10-Q report filed with the SEC?

The report was filed on February 7, 2025.

In which state is Amesite Inc. incorporated?

Amesite Inc. is incorporated in Delaware.

What is the Standard Industrial Classification code for Amesite Inc.?

The SIC code is 7372, which corresponds to SERVICES-PREPACKAGED SOFTWARE.

What are the principal executive offices of Amesite Inc.?

The principal executive offices are located at 607 Shelby Street Suite 700 PMB 214, Detroit, MI 48226.

Filing Stats: 4,427 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2025-02-07 16:30:37

Key Financial Figures

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS 1

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 20

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 20

- OTHER INFORMATION

PART II - OTHER INFORMATION 21

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 21

RISK FACTORS

ITEM 1A. RISK FACTORS 21

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 22

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 22

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 22

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 22

EXHIBITS

ITEM 6. EXHIBITS 23

SIGNATURES

SIGNATURES 24 -i- CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING This Quarterly Report on Form 10-Q contains "forward-looking statements" which include information relating to future events, future financial performance, financial projections, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking or results will be achieved. Forward-looking statements are based on information we have when those statements are made or management's good faith belief as of that time with respect to future events, and are subject to a number of risks, and uncertainties and assumptions that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks are more fully described in the "Risk Factors" section of this Quarterly Report on Form 10-Q. The following is a summary of such risks: our healthcare app's ability to enable our clients to offer AI-driven tools and resources to do their jobs more efficiently and effectively, without becoming software tech companies; our healthcare app's ability to result in opportunistic incremental revenue for our clients through use of AI-driven tools; our ability to continue as a going concern; our ability to obtain additional funds for our operations; our ability to obtain and maintain intellectual property protection for our technologies and our ability to operate our business without infringing the intellectual property rights of others; our reliance on third parties to conduct our business and studies; our re

forward-looking statements for any reason, even if new information becomes available in the future

forward-looking statements for any reason, even if new information becomes available in the future. This Quarterly Report on Form 10-Q also contains, or may contain, estimates, projections and other information concerning our industry, our business and the markets for our products, including data regarding the estimated size of those markets and their projected growth rates. Information that is based on estimates, forecasts, projections or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly by third parties, industry and general publications, government data and similar sources. In some cases, we do not expressly refer to the sources from which these data are derived. -ii-

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Amesite Inc. Condensed Financial Statements December 31, 2024 -1- Amesite Inc. Contents Condensed Financial Statements Page Condensed Balance Sheets (unaudited) 3 Condensed Statements of Operations (unaudited) 4 Condensed Statements of Stockholders' Equity (unaudited) 5 Condensed Statements of Cash Flows (unaudited) 6 Notes to Condensed Financial Statements 7 -2- Amesite, Inc. Condensed Balance Sheets (unaudited) December 31, 2024 June 30, 2024 Assets Current Assets Cash and cash equivalents $ 519,706 $ 2,071,016 Restricted cash 100,000 100,000 Accounts receivable - 30,060 Prepaid expenses and other current assets 825,495 403,489 Total current assets 1,445,201 2,604,565 Noncurrent Assets Property and equipment - net 52,110 64,784 Capitalized software - net 638,891 644,828 Total noncurrent assets 691,001 709,612 Total assets $ 2,136,202 $ 3,314,177 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 144,785 $ 48,907 Accrued and other current liabilities: Accrued compensation 685,365 655,275 Deferred revenue 15,925 - Other accrued liabilities 42,662 94,283 Total current liabilities 888,737 798,465 Commitments and Contingencies Stockholders' Equity Common stock, $ .0001 par value; 100,000,000 shares authorized; 2,792,440 and 2,542,440 shares issued and outstanding at December 31, 2024 and June 30, 2024, respectively 280 255 Preferred stock, $ .0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2024 and June 30, 2024 - - Additional paid-in capital 41,110,368 40,348,958 Accumulated deficit ( 39,863,183 ) ( 37,833,501 ) Total stockholders' equity 1,247,465 2,515,712 Total liabilities and stockholders' equity $ 2,136,202 $ 3,314,177 See accompanying Notes to Condensed Financial Statements. -3- Amesite, Inc. Condensed Statements of Operation

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