2024 Q2 Form 10-Q Financial Statement
#000121390024042974 Filed on May 14, 2024
Income Statement
Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
---|---|---|---|
Revenue | $19.00 | ||
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $861.5K | $77.50K | |
YoY Change | 1011.61% | -50.86% | |
% of Gross Profit | |||
Research & Development | $249.3K | $182.3K | $104.6K |
YoY Change | -6.83% | 74.39% | -30.53% |
% of Gross Profit | |||
Depreciation & Amortization | $14.15K | $8.700K | $3.140K |
YoY Change | 124.96% | 177.07% | |
% of Gross Profit | |||
Operating Expenses | $854.5K | $1.044M | $1.542M |
YoY Change | 11.18% | -32.32% | 400.42% |
Operating Profit | -$854.5K | -$1.044M | -$1.542M |
YoY Change | 11.18% | -32.32% | 400.42% |
Interest Expense | $131.7K | $6.300K | |
YoY Change | 1990.48% | 1602.7% | |
% of Operating Profit | |||
Other Income/Expense, Net | $45.27K | $131.7K | $6.301K |
YoY Change | 210.95% | 1990.05% | 1598.38% |
Pretax Income | -$912.2K | -$1.536M | |
YoY Change | -40.61% | 398.97% | |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$809.2K | -$912.1K | -$1.536M |
YoY Change | 7.32% | -40.62% | 398.97% |
Net Earnings / Revenue | -4800763.16% | ||
Basic Earnings Per Share | -$0.72 | -$0.91 | -$0.14 |
Diluted Earnings Per Share | -$0.72 | -$0.91 | -$0.14 |
COMMON SHARES | |||
Basic Shares Outstanding | 1.094M shares | 1.094M shares | 12.10M shares |
Diluted Shares Outstanding | 1.120M shares | 1.006M shares | 11.26M shares |
Balance Sheet
Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $4.671M | $5.404M | $5.723M |
YoY Change | -10.48% | -5.56% | 209.48% |
Cash & Equivalents | $2.372M | $3.312M | $2.213M |
Short-Term Investments | $2.299M | $2.092M | $3.509M |
Other Short-Term Assets | $216.8K | $360.9K | $165.5K |
YoY Change | 85.94% | 118.04% | 86.84% |
Inventory | |||
Prepaid Expenses | |||
Receivables | $10.00 | ||
Other Receivables | $0.00 | ||
Total Short-Term Assets | $4.888M | $5.765M | $5.888M |
YoY Change | -8.37% | -2.09% | 203.87% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $63.07K | $67.73K | |
YoY Change | |||
Goodwill | |||
YoY Change | |||
Intangibles | $147.5K | $55.51K | |
YoY Change | 165.74% | ||
Long-Term Investments | |||
YoY Change | |||
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | $203.1K | $216.0K | $55.51K |
YoY Change | 289.22% | ||
TOTAL ASSETS | |||
Total Short-Term Assets | $4.888M | $5.765M | $5.888M |
Total Long-Term Assets | $203.1K | $216.0K | $55.51K |
Total Assets | $5.091M | $5.981M | $5.944M |
YoY Change | -4.57% | 0.63% | 206.74% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $297.7K | $393.2K | $125.6K |
YoY Change | 63.17% | 212.99% | 0.08% |
Accrued Expenses | $94.45K | $120.6K | $23.66K |
YoY Change | -0.11% | 409.73% | 80.64% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $392.1K | $513.8K | $149.3K |
YoY Change | 41.57% | 244.18% | 7.69% |
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 | $392.1K | $513.8K | $149.3K |
Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
Total Liabilities | $392.1K | $513.8K | $149.3K |
YoY Change | 41.57% | 244.18% | 7.69% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$7.103M | -$6.294M | -$2.969M |
YoY Change | 90.76% | 111.95% | |
Common Stock | $120.00 | $109.00 | $1.210K |
YoY Change | -90.06% | -90.99% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $4.699M | $5.468M | $5.794M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $5.091M | $5.981M | $5.944M |
YoY Change | -4.57% | 0.63% | 206.74% |
Cashflow Statement
Concept | 2024 Q2 | 2024 Q1 | 2023 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$809.2K | -$912.1K | -$1.536M |
YoY Change | 7.32% | -40.62% | 398.97% |
Depreciation, Depletion And Amortization | $14.15K | $8.700K | $3.140K |
YoY Change | 124.96% | 177.07% | |
Cash From Operating Activities | -$738.5K | -$1.099M | -$933.9K |
YoY Change | -48.5% | 17.73% | 403.67% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $2.010K | $171.3K | |
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$200.0K | $520.9K | -$3.491M |
YoY Change | -94.27% | -114.92% | |
Cash From Investing Activities | -$202.0K | $349.6K | -$3.491M |
YoY Change | -94.21% | -110.01% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 90.00 | $3.037M | $5.958M |
YoY Change | -100.0% | -49.02% | -13753.69% |
NET CHANGE | |||
Cash From Operating Activities | -738.5K | -$1.099M | -$933.9K |
Cash From Investing Activities | -202.0K | $349.6K | -$3.491M |
Cash From Financing Activities | 90.00 | $3.037M | $5.958M |
Net Change In Cash | -940.4K | $2.288M | $1.533M |
YoY Change | -193.19% | 49.19% | -769.45% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$738.5K | -$1.099M | -$933.9K |
Capital Expenditures | $2.010K | $171.3K | |
Free Cash Flow | -$740.5K | -$1.271M | |
YoY Change |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-1.64 | |
CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
938435 | shares |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1024710 | usd |
CY2024Q1 | dei |
Document Type
DocumentType
|
10-Q | |
CY2024Q1 | dei |
Document Quarterly Report
DocumentQuarterlyReport
|
true | |
CY2024Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2024-03-31 | |
CY2024Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2024 | |
CY2024Q1 | dei |
Document Transition Report
DocumentTransitionReport
|
false | |
CY2024Q1 | dei |
Entity File Number
EntityFileNumber
|
001-41620 | |
CY2024Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
GAXOS.AI INC. | |
CY2024Q1 | dei |
Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
|
DE | |
CY2024Q1 | dei |
Entity Tax Identification Number
EntityTaxIdentificationNumber
|
87-3288897 | |
CY2024Q1 | dei |
Entity Address Address Line1
EntityAddressAddressLine1
|
101 Eisenhower Pkwy, Suite 300 | |
CY2024Q1 | dei |
Entity Address City Or Town
EntityAddressCityOrTown
|
Roseland | |
CY2024Q1 | dei |
Entity Address State Or Province
EntityAddressStateOrProvince
|
NJ | |
CY2024Q1 | dei |
Entity Address Postal Zip Code
EntityAddressPostalZipCode
|
07068 | |
CY2024Q1 | dei |
City Area Code
CityAreaCode
|
(973) | |
CY2024Q1 | dei |
Local Phone Number
LocalPhoneNumber
|
275-7428 | |
CY2024Q1 | dei |
Security12b Title
Security12bTitle
|
Common Stock, par value $0.0001 per share | |
CY2024Q1 | dei |
Trading Symbol
TradingSymbol
|
GXAI | |
CY2024Q1 | dei |
Security Exchange Name
SecurityExchangeName
|
NASDAQ | |
CY2024Q1 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
CY2024Q1 | dei |
Entity Interactive Data Current
EntityInteractiveDataCurrent
|
Yes | |
CY2024Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | |
CY2024Q1 | dei |
Entity Small Business
EntitySmallBusiness
|
true | |
CY2024Q1 | dei |
Entity Emerging Growth Company
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true | |
CY2024Q1 | dei |
Entity Ex Transition Period
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|
false | |
CY2024Q1 | dei |
Entity Shell Company
EntityShellCompany
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false | |
CY2024Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
1093672 | shares |
CY2024Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3312277 | usd |
CY2024Q1 | us-gaap |
Short Term Investments
ShortTermInvestments
|
2092078 | usd |
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Short Term Investments
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|
2592689 | usd |
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Accounts Receivable Net Current
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|
10 | usd |
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Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
8 | usd |
CY2024Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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360913 | usd |
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Prepaid Expense And Other Assets Current
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|
25132 | usd |
CY2024Q1 | us-gaap |
Assets Current
AssetsCurrent
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5765278 | usd |
CY2023Q4 | us-gaap |
Assets Current
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|
3642539 | usd |
CY2024Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
67733 | usd |
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Property Plant And Equipment Net
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|
52606 | usd |
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Intangible Assets Net Excluding Goodwill
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|
147500 | usd |
CY2024Q1 | gxai |
Digital Currencies
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|
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Digital Currencies
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Assets Noncurrent
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Assets
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Assets
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Accounts Payable Current
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Accounts Payable Current
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Accrued Liabilities Current
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Liabilities Current
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Liabilities Current
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Liabilities
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Liabilities
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Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
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CY2023Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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0.0001 | |
CY2024Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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Preferred Stock Shares Authorized
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Common Stock Par Or Stated Value Per Share
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Common Stock Par Or Stated Value Per Share
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0.0001 | |
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Common Stock Shares Authorized
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Common Stock Shares Authorized
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Common Stock Shares Issued
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Common Stock Shares Outstanding
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Common Stock Shares Issued
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CY2023Q4 | us-gaap |
Common Stock Shares Outstanding
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|
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CY2024Q1 | us-gaap |
Common Stock Value
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|
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CY2023Q4 | us-gaap |
Common Stock Value
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|
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Additional Paid In Capital
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|
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Additional Paid In Capital
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|
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Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
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Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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Retained Earnings Accumulated Deficit
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|
-6293669 | usd |
CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
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CY2024Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
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CY2023Q4 | us-gaap |
Stockholders Equity
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|
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CY2024Q1 | us-gaap |
Liabilities And Stockholders Equity
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|
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CY2023Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
3695946 | usd |
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Revenues
Revenues
|
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CY2024Q1 | us-gaap |
Research And Development Expense
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|
182329 | usd |
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Research And Development Expense
ResearchAndDevelopmentExpense
|
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General And Administrative Expense
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|
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|
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Operating Expenses
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|
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CY2023Q1 | us-gaap |
Operating Expenses
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|
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Operating Income Loss
OperatingIncomeLoss
|
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Operating Income Loss
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Interest And Other Income
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|
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Interest And Other Income
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|
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Gain Loss On Investments
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|
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Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
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CY2023Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
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CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
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CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
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CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
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CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
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Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
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Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
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Comprehensive Income Net Of Tax
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|
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Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
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Earnings Per Share Basic
EarningsPerShareBasic
|
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CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.64 | |
CY2024Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
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CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
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CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3425910 | usd |
CY2024Q1 | gxai |
Stock Issued During Period Common And Warrant Value
StockIssuedDuringPeriodCommonAndWarrantValue
|
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CY2024Q1 | gxai |
Adjustments To Additional Paid In Capital Prefunded Warrants For Cash
AdjustmentsToAdditionalPaidInCapitalPrefundedWarrantsForCash
|
2897924 | usd |
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Stock Issued During Period Value Purchase And Cancellation Of Treasury Stock
StockIssuedDuringPeriodValuePurchaseAndCancellationOfTreasuryStock
|
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Adjustments To Additional Paid In Capital Accretion Of Stock Option Expense
AdjustmentsToAdditionalPaidInCapitalAccretionOfStockOptionExpense
|
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Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
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Net Income Loss
NetIncomeLoss
|
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CY2024Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
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Stockholders Equity
StockholdersEquity
|
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CY2023Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
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Adjustments To Additional Paid In Capital Accretion Of Stock Option Expense
AdjustmentsToAdditionalPaidInCapitalAccretionOfStockOptionExpense
|
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Other Comprehensive Income Loss Net Of Tax
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|
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Net Income Loss
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|
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Stockholders Equity
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|
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Net Income Loss
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|
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Net Income Loss
NetIncomeLoss
|
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Adjustment For Amortization
AdjustmentForAmortization
|
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CY2023Q1 | us-gaap |
Adjustment For Amortization
AdjustmentForAmortization
|
3142 | usd |
CY2024Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
15806 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
870572 | usd |
CY2024Q1 | us-gaap |
Realized Investment Gains Losses
RealizedInvestmentGainsLosses
|
119715 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
2 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
335781 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
165123 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
177268 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-119399 | usd |
CY2024Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
66469 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
12981 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1099417 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-933858 | usd |
CY2024Q1 | us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
2095707 | usd |
CY2023Q1 | us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
3491242 | usd |
CY2024Q1 | us-gaap |
Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
|
2616619 | usd |
CY2024Q1 | us-gaap |
Payments To Develop Software
PaymentsToDevelopSoftware
|
21310 | usd |
CY2024Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
150000 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
349602 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-3491242 | usd |
CY2024Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
159060 | usd |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
5958470 | usd |
CY2024Q1 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
2897924 | usd |
CY2024Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
19602 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
3037382 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
5958470 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
2287567 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
1533370 | usd |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
1024710 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
679781 | usd |
CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
3312277 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
2213151 | usd |
CY2023Q1 | gxai |
Reclassification Of Deferred Offering Costs To Equity
ReclassificationOfDeferredOfferingCostsToEquity
|
202599 | usd |
CY2024Q1 | gxai |
Unrealizedloss Income On Shortterm Investments
UnrealizedlossIncomeOnShorttermInvestments
|
-99414 | usd |
CY2023Q1 | gxai |
Unrealizedloss Income On Shortterm Investments
UnrealizedlossIncomeOnShorttermInvestments
|
18156 | usd |
CY2024Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span style="text-decoration:underline">NATURE OF OPERATIONS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaxos.ai Inc. (formerly The NFT Gaming Company, Inc.) (the “Company”) was incorporated in the state of Wyoming on October 27, 2021 (“Inception”). On March 30, 2022, the Company reincorporated to the State of Delaware pursuant to a Plan of Conversion approved by the Board of Directors and a majority of the shareholders. On January 5, 2024, the Company changed its name from The NFT Gamimg Company, Inc. to Gaxos.ai Inc. The Company develops, designs, acquires, and manages games that offer affordable non-fungible tokens (NFTs) for unique and exclusive features, rewards, and opportunities. In addition to developing proprietary games, the Company’s platform will onboard third-party game publishers and provide access to blockchain and NFT architecture, product experiences, exclusive content, and revenue opportunities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 9, 2024, the Staff notified the Company that it has not regained compliance with Listing Rule 5550(a)(2) and was not eligible for a second 180-day period (the “Delisting Determination”). Further, unless the Company requested an appeal of the Delisting Determination to a Hearings Panel (the “Panel”), the Company’s securities would be scheduled for delisting from The Nasdaq Capital Market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In early January 2024, the Company submitted a request to the Panel to appeal the Delisting Determination, and on January 16, 2024, the Panel notified the Company that it received the request which stayed the suspension of the Company’s securities and the filing of the Form 25-NSE, pending the Hearing Panel’s final written decision. On March 22, 2024, the Company received written notice from the Panel that the Company regained compliance with the minimum bid price requirement under NASDAQ Listing Rule 5550(a)(2) for continued listing on the Nasdaq Capital Market.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 28, 2024, a majority of the Company shareholders granted discretionary authority to the Company’s Board of Directors to amend the Company’s Certificate of Incorporation to effect one or more consolidations of the Company’s issued and outstanding shares of common stock, pursuant to which the shares of common stock would be combined and reclassified into on the basis of one share of common stock for each 12 shares of the Company’s common stock then issued and outstanding (the “Reverse Stock Split”). On March 7, 2024, the Company filed a Certificate of Amendment to the Amended and Restated Articles of Incorporation (the “Certificate of Amendment”) with the Secretary of State of the State of Delaware to effect a 1-for-12 reverse stock split with respect to the outstanding shares of the Company’s common stock. The Certificate of Amendment and the reverse stock split became effective on March 7, 2024. All share and per share data in the accompanying financial statements have been retroactively adjusted to reflect the effect of the Reverse Stock Split.</span></p> | |
CY2024Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
3312277 | usd |
CY2024Q1 | us-gaap |
Short Term Investments
ShortTermInvestments
|
2092078 | usd |
CY2024Q1 | gxai |
Working Capital
WorkingCapital
|
5251505 | usd |
CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-1099417 | usd |
CY2023Q1 | us-gaap |
Gain On Sale Of Investments
GainOnSaleOfInvestments
|
0 | usd |
CY2024Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0in 0in 0in 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates in the accompanying unaudited financial statements include valuation of intangible assets and other long-lived assets, estimates of deferred tax valuation allowances and the fair value of stock options issued for services.</span></p> | |
CY2024Q1 | us-gaap |
Cash Fdic Insured Amount
CashFDICInsuredAmount
|
250000 | usd |
CY2024Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
10 | usd |
CY2023Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
8 | usd |
CY2024Q1 | gxai |
Unrealizedloss Income
UnrealizedlossIncome
|
-99015 | usd |
CY2023Q1 | gxai |
Unrealizedloss Income
UnrealizedlossIncome
|
18156 | usd |
CY2024Q1 | us-gaap |
Gain On Sale Of Investments
GainOnSaleOfInvestments
|
119715 | usd |
CY2024Q1 | gxai |
Units Of Polygon Matic
UnitsOfPolygonMatic
|
1552.78 | pure |
CY2023Q4 | gxai |
Units Of Polygon Matic
UnitsOfPolygonMatic
|
1553.37 | pure |
CY2024Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1880057 | shares |
CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
49578 | shares |
CY2024Q1 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
2095707 | usd |
CY2024Q1 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
-3629 | usd |
CY2024Q1 | us-gaap |
Debt Securities Available For Sale And Held To Maturity Fair Value
DebtSecuritiesAvailableForSaleAndHeldToMaturityFairValue
|
2092078 | usd |
CY2023Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
2496904 | usd |
CY2023 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
95785 | usd |
CY2023Q4 | us-gaap |
Debt Securities Available For Sale And Held To Maturity Fair Value
DebtSecuritiesAvailableForSaleAndHeldToMaturityFairValue
|
2592689 | usd |
CY2024Q1 | us-gaap |
Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
|
P3Y | |
CY2024Q1 | us-gaap |
Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
|
78281 | usd |
CY2023Q4 | us-gaap |
Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
|
56971 | usd |
CY2024Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
10548 | usd |
CY2023Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
4365 | usd |
CY2024Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
67733 | usd |
CY2023Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
52606 | usd |
CY2024Q1 | us-gaap |
Regulatory Asset Amortization Period
RegulatoryAssetAmortizationPeriod
|
P36M | |
CY2024Q1 | us-gaap |
Other Depreciation And Amortization
OtherDepreciationAndAmortization
|
6183 | usd |
CY2023Q1 | us-gaap |
Other Depreciation And Amortization
OtherDepreciationAndAmortization
|
0 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P5Y | |
CY2024Q1 | us-gaap |
Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
|
150000 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
2500 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
147500 | usd |
CY2023 | us-gaap |
Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
|
52363 | usd |
CY2023 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
52363 | usd |
CY2024Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
150000 | usd |
CY2024Q1 | gxai |
Purchase Price Amount
PurchasePriceAmount
|
150000 | usd |
CY2024Q1 | gxai |
Installments Amount
InstallmentsAmount
|
37500 | usd |
CY2023Q1 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P5Y | |
CY2024Q1 | us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P5Y | |
CY2024Q1 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
2500 | usd |
CY2023Q1 | us-gaap |
Goodwill Impairment Loss
GoodwillImpairmentLoss
|
3142 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
|
30000 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
30000 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
30000 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
30000 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
27500 | usd |
CY2024Q1 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
147500 | usd |
CY2024Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2024Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2024Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
500000 | shares |
CY2022Q4 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
202599 | usd |
CY2024Q1 | gxai |
Percentage Of Wainwright Fee Expense
PercentageOfWainwrightFeeExpense
|
0.075 | pure |
CY2024Q1 | gxai |
Percentage Of Management Fee Expense
PercentageOfManagementFeeExpense
|
0.01 | pure |
CY2024Q1 | gxai |
Percentage Of Common Stock Underlying Warrant That Were Exercised
PercentageOfCommonStockUnderlyingWarrantThatWereExercised
|
0.075 | pure |
CY2022Q1 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
208333 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
33333 | shares |
CY2023 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate
|
2033-02-14 | |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
|
The options vest as to (i) 28,333 of such options on February 14, 2023; and (ii) the remaining 5,000 options vest quarterly (417 each quarter) beginning on May 14, 2023 and each quarter thereafter through February 14, 2026. | |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
1023290 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
5000 | shares |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
33972 | usd |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted
|
6249 | shares |
CY2024Q1 | us-gaap |
Stock Option Exercise Price Increase
StockOptionExercisePriceIncrease
|
6 | |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
33880 | usd |
CY2024Q1 | gxai |
Amount Of Annual Cash Fee Proceed
AmountOfAnnualCashFeeProceed
|
40000 | usd |
CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P3Y | |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
1.846 | pure |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0432 | pure |
CY2024Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
15806 | usd |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
870572 | usd |
CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Vested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueVested
|
138982 | usd |
CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
|
P1Y9M | |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
|
875 | usd |
CY2024Q1 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
CY2024Q1 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false | |
CY2024Q1 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false | |
CY2024Q1 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
CY2024Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2023Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
usd | |
CY2024Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2023Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
usd | |
CY2024Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2024Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2023Q1 | us-gaap |
Revenues
Revenues
|
usd | |
CY2023Q1 | us-gaap |
Gain Loss On Investments
GainLossOnInvestments
|
usd | |
CY2024Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.91 | |
CY2024Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
1005558 | shares |
CY2023Q1 | us-gaap |
Realized Investment Gains Losses
RealizedInvestmentGainsLosses
|
usd | |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
usd | |
CY2023Q1 | us-gaap |
Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
|
usd | |
CY2023Q1 | us-gaap |
Payments To Develop Software
PaymentsToDevelopSoftware
|
usd | |
CY2023Q1 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
usd | |
CY2023Q1 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
usd | |
CY2023Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
usd | |
CY2024Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
usd | |
CY2023Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
usd | |
CY2024Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
usd | |
CY2023Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
usd | |
CY2024Q1 | gxai |
Reclassification Of Deferred Offering Costs To Equity
ReclassificationOfDeferredOfferingCostsToEquity
|
usd | |
CY2023Q4 | us-gaap |
Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
|
usd | |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
usd | |
CY2023Q4 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
usd | |
CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
pure | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
pure | |
CY2024Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2024Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
shares | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
shares | |
CY2024Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2024Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
CY2024Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
CY2024Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001895618 |