$AMST
Amesite Inc.

2024 Q1 Form 10-Q Financial Statement

#000121390024014049 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $34.26K $41.44K $237.1K
YoY Change -83.25% -82.52% 25.36%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.274M $666.3K $518.0K
YoY Change 46.35% 28.62% -79.42%
% of Gross Profit
Research & Development $331.2K
YoY Change
% of Gross Profit
Depreciation & Amortization $122.1K $139.7K $175.3K
YoY Change -25.19% -20.33% -21.18%
% of Gross Profit
Operating Expenses $1.498M $997.5K $949.1K
YoY Change 30.26% 5.1% -62.29%
Operating Profit -$1.464M -$956.1K -$712.0K
YoY Change 54.82% 34.28% -69.41%
Interest Expense $37.87K $50.47K $12.51K
YoY Change 116.65% 303.44% 122.99%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$1.426M -$905.6K -$699.5K
YoY Change 53.65% 29.47% -69.88%
Income Tax
% Of Pretax Income
Net Earnings -$1.426M -$905.6K -$699.5K
YoY Change 53.65% 29.47% -69.88%
Net Earnings / Revenue -4161.91% -2185.2% -294.97%
Basic Earnings Per Share -$0.56 -$0.04 -$0.02
Diluted Earnings Per Share -$0.56 -$0.04 -$0.02
COMMON SHARES
Basic Shares Outstanding 2.542M shares 2.542M shares 30.30M shares
Diluted Shares Outstanding 30.31M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.973M $3.663M $6.991M
YoY Change -51.5% -47.6% -9.8%
Cash & Equivalents $2.973M $3.663M $6.991M
Short-Term Investments
Other Short-Term Assets $180.2K $194.1K $261.2K
YoY Change 3.54% -25.69% -66.4%
Inventory
Prepaid Expenses
Receivables $105.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.153M $3.858M $7.357M
YoY Change -50.32% -47.57% -13.9%
LONG-TERM ASSETS
Property, Plant & Equipment $71.12K $77.46K $77.38K
YoY Change -3.54% 0.1% -15.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $682.0K $694.8K $969.6K
YoY Change -26.03% -28.35% -32.61%
TOTAL ASSETS
Total Short-Term Assets $3.153M $3.858M $7.357M
Total Long-Term Assets $682.0K $694.8K $969.6K
Total Assets $3.835M $4.552M $8.327M
YoY Change -47.24% -45.33% -16.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $63.01K $64.83K $112.9K
YoY Change -33.32% -42.56% -52.24%
Accrued Expenses $146.9K $98.01K $58.19K
YoY Change 32.66% 68.43% -53.73%
Deferred Revenue $276.7K
YoY Change -29.51%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $211.7K $176.0K $447.8K
YoY Change -31.95% -60.7% -40.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $211.7K $176.0K $447.8K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $211.7K $176.0K $447.8K
YoY Change -31.95% -60.7% -40.66%
SHAREHOLDERS EQUITY
Retained Earnings -$36.65M -$35.23M -$31.55M
YoY Change 12.84% 11.64%
Common Stock $255.00 $255.00 $3.034K
YoY Change 0.0% -91.6% -83.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.623M $4.376M $7.879M
YoY Change
Total Liabilities & Shareholders Equity $3.835M $4.552M $8.327M
YoY Change -47.24% -45.33% -16.59%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.426M -$905.6K -$699.5K
YoY Change 53.65% 29.47% -69.88%
Depreciation, Depletion And Amortization $122.1K $139.7K $175.3K
YoY Change -25.19% -20.33% -21.18%
Cash From Operating Activities -$581.5K -$919.1K -$1.027M
YoY Change -22.15% -10.49% -60.56%
INVESTING ACTIVITIES
Capital Expenditures $109.4K $54.17K $65.67K
YoY Change -5.44% -17.51% -127.79%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$109.4K -$54.17K -$65.67K
YoY Change -5.44% -17.51% -72.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -581.5K -919.1K -1.027M
Cash From Investing Activities -109.4K -54.17K -65.67K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -690.9K -973.2K -1.092M
YoY Change -19.9% -10.91% -61.53%
FREE CASH FLOW
Cash From Operating Activities -$581.5K -$919.1K -$1.027M
Capital Expenditures $109.4K $54.17K $65.67K
Free Cash Flow -$690.9K -$973.2K -$1.092M
YoY Change -19.9% -10.91% -53.85%

Facts In Submission

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AMESITE INC.
dei Entity Incorporation State Country Code
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="background-color: white"><b>Note 1 - Nature of Business</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">Amesite Inc. (the “Company”) was incorporated in November 2017. The Company is an artificial intelligence driven platform and course designer, which provides customized, high performance and scalable online products for schools and businesses. The Company uses machine learning to provide a novel, mass customized experience to learners. The Company’s Customers are businesses, universities and colleges, and K-12 schools. The Company’s activities are subject to significant risks and uncertainties. The Company’s operations are considered to be in one segment.</span></p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</span></p>
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CY2022Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
3425290 usd
CY2023Q2 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
2840544 usd
CY2022Q2 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
2183407 usd
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
279351 usd
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
349666 usd
CY2023Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
3119895 usd
CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
2533073 usd
CY2023Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
617295 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
892217 usd
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
105000 usd
us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
517000 usd
CY2022Q4 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.21 pure
us-gaap Increase Decrease In Commodity Contract Assets And Liabilities
IncreaseDecreaseInCommodityContractAssetsAndLiabilities
7500 usd
CY2023Q2 us-gaap Deferred Revenue
DeferredRevenue
53958 usd
CY2022Q2 us-gaap Deferred Revenue
DeferredRevenue
342672 usd
CY2023Q4 us-gaap Billings In Excess Of Cost
BillingsInExcessOfCost
63750 usd
CY2022Q4 us-gaap Billings In Excess Of Cost
BillingsInExcessOfCost
451490 usd
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
104583 usd
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
517422 usd
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
13125 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
276740 usd
us-gaap Deferred Income Revenue Recognized
DeferredIncomeRevenueRecognized
40800 usd
us-gaap Deferred Income Revenue Recognized
DeferredIncomeRevenueRecognized
207000 usd
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
753641 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
758079 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white"><b><i>Risks and Uncertainties</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The Company operates in an industry subject to rapid change. The Company’s operations will be subject to significant risk and uncertainties including financial, operational, technological, and other risks associated with an early-stage company, including the potential risk of business failure.</span></p>
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
58000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
237041 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.73
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M20D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
6355 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
16.47
amst Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Terminated Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerminatedTerm
P5Y2M26D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
1917 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
28.58
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P7Y29D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
232603 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.93
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y11M1D
CY2023Q3 amst Cash Retainer For Compensation Committee
CashRetainerForCompensationCommittee
7500 usd
CY2023Q3 amst Cash Retainer For Audit Committee
CashRetainerForAuditCommittee
10000 usd
CY2023Q4 us-gaap Deferred Compensation Arrangement With Individual Cash Award Granted Amount
DeferredCompensationArrangementWithIndividualCashAwardGrantedAmount
125000 usd
CY2023Q4 us-gaap Cash
Cash
27750 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
579331 shares
CY2023Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
521000 usd
CY2023Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
521000 usd
CY2023 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
2026010 usd
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.949 pure
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0354 pure
CY2023 us-gaap Share Based Goods And Nonemployee Services Transaction Valuation Method Expected Term1
ShareBasedGoodsAndNonemployeeServicesTransactionValuationMethodExpectedTerm1
P5Y6M
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
25400000 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
17000 usd
amst Operating Loss Carry Forwards Expiration Term
OperatingLossCarryForwardsExpirationTerm
expire in 2037
CY2023Q4 us-gaap Other Expenses
OtherExpenses
usd
CY2022Q4 us-gaap Other Expenses
OtherExpenses
usd
amst Value Of Common Stock Issued In Exchange For Consulting Services
ValueOfCommonStockIssuedInExchangeForConsultingServices
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--06-30
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Entity Central Index Key
EntityCentralIndexKey
0001807166

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0001213900-24-014049.txt Edgar Link pending
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