Amesite Inc. reported significant financial developments in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in net revenue, which fell to $11,250 from $63,333 in the same period of the previous year. This decrease in revenue was attributed to a reliance on a single customer, which accounted for 100% of total revenue for the quarter.

Total operating expenses for the three months ended September 30, 2024, were $938,594, down from $1,013,323 in the prior year. The reduction in expenses was primarily due to decreased technology and content development costs, which dropped to $139,658 from $333,434, reflecting a strategic shift towards increased capital asset additions and a reduction in headcount. General and administrative expenses rose to $633,122, compared to $438,262 in the previous year, largely due to board compensation and cost reductions.

Despite the decrease in operating expenses, Amesite reported a net loss of $908,045 for the quarter, slightly higher than the net loss of $890,693 recorded in the same period in 2023. The basic and diluted loss per share was $(0.34), compared to $(0.35) in the prior year.

As of September 30, 2024, Amesite's cash and cash equivalents stood at $1,434,753, a decrease from $2,071,016 at the end of the previous quarter. The company reported a net cash outflow from operating activities of $(488,263), an improvement from $(658,779) in the same quarter of 2023. The total assets decreased to $3,236,110 from $3,314,177, while total stockholders' equity also declined to $2,393,107 from $2,515,712.

Amesite continues to face challenges as it has a history of net losses and negative cash flows since its inception. Management expressed substantial doubt about the company's ability to continue as a going concern, citing insufficient cash to sustain planned operations for the next twelve months. To address this, the company plans to explore financing transactions, including potential offerings of common stock, although these plans are contingent on market conditions.

The company has also made strategic moves, including a reverse stock split approved in February 2023, which helped regain compliance with Nasdaq's minimum bid price requirement. As of September 30, 2024, Amesite had approximately $50,052 in unrecognized compensation costs related to nonvested options, expected to be recognized through December 2026.