$GXAI
GAXOS.AI INC.

2024 Q4 Form 10-Q Financial Statement

#000121390024098442 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $2.704K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $655.9K
YoY Change 6.62%
% of Gross Profit
Research & Development $252.7K
YoY Change -2.22%
% of Gross Profit
Depreciation & Amortization $14.19K
YoY Change 1927.14%
% of Gross Profit
Operating Expenses $908.6K
YoY Change 4.0%
Operating Profit -$905.9K
YoY Change 3.69%
Interest Expense $41.46K
YoY Change 149.76%
% of Operating Profit
Other Income/Expense, Net $41.46K
YoY Change 150.4%
Pretax Income -$864.4K
YoY Change 0.85%
Income Tax
% Of Pretax Income
Net Earnings -$864.4K
YoY Change 0.86%
Net Earnings / Revenue -31967.83%
Basic Earnings Per Share -$0.61
Diluted Earnings Per Share -$0.61
COMMON SHARES
Basic Shares Outstanding 2.871M shares 1.197M shares
Diluted Shares Outstanding 1.419M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.844M
YoY Change 57.84%
Cash & Equivalents $5.228M
Short-Term Investments $1.616M
Other Short-Term Assets $86.61K
YoY Change 8.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables $0.00
Total Short-Term Assets $6.931M
YoY Change 56.96%
LONG-TERM ASSETS
Property, Plant & Equipment $56.38K
YoY Change 135.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $188.9K
YoY Change 663.33%
TOTAL ASSETS
Total Short-Term Assets $6.931M
Total Long-Term Assets $188.9K
Total Assets $7.119M
YoY Change 60.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $329.3K
YoY Change 83.09%
Accrued Expenses $73.24K
YoY Change 238.32%
Deferred Revenue $2.376K
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $404.9K
YoY Change 100.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $404.9K
Total Long-Term Liabilities $0.00
Total Liabilities $404.9K
YoY Change 100.95%
SHAREHOLDERS EQUITY
Retained Earnings -$7.967M
YoY Change 73.94%
Common Stock $189.00
YoY Change -84.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.715M
YoY Change
Total Liabilities & Shareholders Equity $7.119M
YoY Change 60.34%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$864.4K
YoY Change 0.86%
Depreciation, Depletion And Amortization $14.19K
YoY Change 1927.14%
Cash From Operating Activities -$674.3K
YoY Change -22.83%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $695.0K
YoY Change
Cash From Investing Activities $695.0K
YoY Change -2913.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.835M
YoY Change -11262.44%
NET CHANGE
Cash From Operating Activities -674.3K
Cash From Investing Activities 695.0K
Cash From Financing Activities 2.835M
Net Change In Cash 2.856M
YoY Change -409.12%
FREE CASH FLOW
Cash From Operating Activities -$674.3K
Capital Expenditures $0.00
Free Cash Flow -$674.3K
YoY Change -24.94%

Facts In Submission

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101 Eisenhower Pkwy
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1 – <span style="text-decoration:underline">NATURE OF OPERATIONS</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gaxos.ai 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 Gaming Company, Inc. to Gaxos.ai Inc. The Company is a technology-based company that is developing applications aimed at redefining the way we utilize artificial intelligence (“AI”) to optimize the user experience. The Company’s flagship product is its gaming platform called “Gaxos” (the “Platform” or “Gaxos Gaming”), created with a vision to develop, design, acquire, and manage conventional games and to combine these games with unconventional game mechanisms, such as the ability for gamers and developers to utilize artificial intelligence to create and design in-game features, as well as to mint unique in-game features, such as skins, characters, weapons, gear, levels, and virtual lands, in the form of non-fungible tokens, or “NFTs,” that will allow users to have unique experiences and more control over in-game assets. Recently, we began to develop a new initiative, Gaxos Health, which is dedicated to revolutionizing personal health and wellness by developing a suite of innovative AI-powered health optimization solutions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 23, 2024, the Company formed a wholly-owned subsidiary, RNK Health, LLC (“RNK Health”), a company incorporated under the laws of the State of Delaware as a limited liability company. RNK Health was formed in order to form a partnership and potential relationship with Nekwellness, LLC (“Nekwellness”), a third party, to engage in the proposed business of marketing certain products, including GLP-1 products</span> (<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GLP-1 is short for glucagon-like peptide-1), TRT (Testosterone replacement therapy) products and other potential products. In October 2024, the Company and Nekwellness entered into an operating agreement (See Note 8 – Subsequent Events).</span></p>
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