2024 Q4 Form 10-Q Financial Statement

#000121390024096114 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $7.008M
YoY Change -19.72%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.158M
YoY Change -53.75%
% of Gross Profit
Research & Development $7.000K
YoY Change -97.38%
% of Gross Profit
Depreciation & Amortization $32.00K
YoY Change -16.56%
% of Gross Profit
Operating Expenses $3.165M
YoY Change -55.39%
Operating Profit -$3.060M
YoY Change -56.46%
Interest Expense $620.0K
YoY Change 61.56%
% of Operating Profit
Other Income/Expense, Net $119.0K
YoY Change -8.78%
Pretax Income -$3.560M
YoY Change -51.2%
Income Tax
% Of Pretax Income
Net Earnings -$3.560M
YoY Change -51.2%
Net Earnings / Revenue -50.8%
Basic Earnings Per Share -$0.30
Diluted Earnings Per Share -$0.30
COMMON SHARES
Basic Shares Outstanding 13.75M shares 11.05M shares
Diluted Shares Outstanding 12.04M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $830.0K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.228M
Other Receivables
Total Short-Term Assets $14.89M
YoY Change -11.48%
LONG-TERM ASSETS
Property, Plant & Equipment $514.0K
YoY Change -22.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.00K
YoY Change -30.77%
Total Long-Term Assets $4.721M
YoY Change -74.88%
TOTAL ASSETS
Total Short-Term Assets $14.89M
Total Long-Term Assets $4.721M
Total Assets $19.61M
YoY Change -44.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.764M
YoY Change 21.37%
Accrued Expenses $2.957M
YoY Change -36.54%
Deferred Revenue $1.390M
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.18M
YoY Change -11.09%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities $20.47M
YoY Change 7.08%
Total Long-Term Liabilities $20.47M
YoY Change 7.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.18M
Total Long-Term Liabilities $20.47M
Total Liabilities $47.17M
YoY Change 5.15%
SHAREHOLDERS EQUITY
Retained Earnings -$97.70M
YoY Change 36.26%
Common Stock $70.12M
YoY Change 8978133.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$27.56M
YoY Change
Total Liabilities & Shareholders Equity $19.61M
YoY Change -44.94%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$3.560M
YoY Change -51.2%
Depreciation, Depletion And Amortization $32.00K
YoY Change -16.56%
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Gain Loss On Disposition Of Assets
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us-gaap Gain Loss On Sale Of Other Assets
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us-gaap Share Based Compensation
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mrai Increase Decrease In Accounts Receivable And Unbilled Receivable
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mrai Increase Decrease In Accounts Receivable And Unbilled Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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mrai Increase Decrease Due From Buyer For Saleof Business Unit
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us-gaap Increase Decrease In Security Deposits
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us-gaap Increase Decrease In Security Deposits
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Due To Related Parties
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dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Transition Report
DocumentTransitionReport
false
dei Entity File Number
EntityFileNumber
001-40904
dei Entity Registrant Name
EntityRegistrantName
MARPAI, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
86-1916231
dei Entity Address Address Line1
EntityAddressAddressLine1
615 Channelside Drive, Suite 207
dei Entity Address City Or Town
EntityAddressCityOrTown
Tampa
dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
33602
dei City Area Code
CityAreaCode
(855)
dei Local Phone Number
LocalPhoneNumber
389-7330
dei Security12b Title
Security12bTitle
Class A Common Stock, par value $0.0001 per share
dei Trading Symbol
TradingSymbol
MRAI
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
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dei Entity Filer Category
EntityFilerCategory
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dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
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CY2023Q3 us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Goodwill And Intangible Asset Impairment
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mrai Facilities Expense
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mrai Facilities Expense
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CY2024Q3 us-gaap Costs And Expenses
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us-gaap Operating Income Loss
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CY2024Q3 us-gaap Other Nonoperating Income Expense
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CY2023Q3 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
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CY2024Q3 us-gaap Interest Expense
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CY2023Q3 us-gaap Interest Expense
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
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CY2024Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q2 us-gaap Stockholders Equity
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CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Use of Estimates</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses reported in those financial statements. Descriptions of the Company’s significant accounting policies are discussed in the notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Management evaluates the related estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.</p>
us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Concentrations of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the three month periods ended September 30, 2024 and 2023, the Company had one customer that accounted for 14.6% and 11.3% of total revenue, respectively. For the nine month periods ended September 30, 2024 and 2023, the Company had one customer that had 15.4% and 10.9% of total revenue, respectively. At September 30, 2024, two customers accounted for 51.4%, and 11.3% of accounts receivable. At December 31, 2023, two customers accounted for 16.6% and 14.0% of accounts receivable.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2024Q3 us-gaap Guaranty Liabilities
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us-gaap Depreciation
Depreciation
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CY2024Q3 us-gaap Depreciation
Depreciation
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CY2023Q3 us-gaap Depreciation
Depreciation
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CY2024Q3 us-gaap Capitalized Computer Software Gross
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226000 usd
CY2023Q3 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
201000 usd
CY2023Q4 us-gaap Liability For Claims And Claims Adjustment Expense
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SupplementalInformationForPropertyCasualtyInsuranceUnderwritersCurrentYearClaimsAndClaimsAdjustmentExpense
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us-gaap Supplemental Information For Property Casualty Insurance Underwriters Prior Year Claims And Claims Adjustment Expense
SupplementalInformationForPropertyCasualtyInsuranceUnderwritersPriorYearClaimsAndClaimsAdjustmentExpense
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205000 usd
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PaymentsForLossesAndLossAdjustmentExpense
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CY2024Q3 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
226000 usd
CY2023Q3 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
201000 usd
CY2024Q2 us-gaap Deposits
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CY2024Q2 mrai Debentures Of Redemption Value
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5000000 usd
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DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
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CY2024Q3 us-gaap Convertible Debt
ConvertibleDebt
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CY2024Q3 us-gaap Convertible Debt Current
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1540000 usd
CY2024Q3 us-gaap Convertible Debt Noncurrent
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2024Q3 us-gaap Noncurrent Assets
NoncurrentAssets
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CY2023Q4 us-gaap Noncurrent Assets
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mrai Consulting Services
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CY2024Q3 us-gaap Accrued Bonuses Current
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259000 usd
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CY2024Q3 mrai Performance Guarantee Liabilities Current
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262000 usd
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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1271000 usd
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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mrai Maximum Percentage Of Taxable Income Can Be Utilized For Operating Losses
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CY2023Q3 us-gaap Gain Loss On Sale Of Business
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