AI Unlimited Group Reports Increased Net Losses and No Significant Revenue in Q3 2024

AI Unlimited Group, Inc. reported its financial results for the third quarter of 2024, revealing a continued lack of revenue generation and significant net losses. For the three months ending September 30, 2024, the company recorded a net loss of $2.1 million, compared to a loss of $1.2 million in the same period last year. The nine-month figures also reflect a similar trend, with losses increasing to $3.1 million from $2.0 million year-over-year. The company has not generated any significant revenue during the reported periods, with total revenue for the nine months ending September 30, 2024, amounting to just $101.

The company’s financial position has seen notable changes, particularly in its cash reserves, which increased to $510,797 as of September 30, 2024, from $11,012 at the end of 2023. This improvement is attributed to capital raised through various financing activities, including the issuance of shares for cash and the conversion of notes payable into equity. The total liabilities decreased significantly from $621,909 at the end of 2023 to $359,362, indicating a reduction in financial obligations.

Strategically, AI Unlimited Group has made significant moves to enhance its product offerings and market presence. The company has acquired three AI-driven platforms—Nest Egg Investments, Resolve Debt, and Travl.App—aimed at expanding its fintech ecosystem. The Lever App, which focuses on student loan management, is set for a full launch in the second quarter of fiscal 2025, following a soft launch in 2022. The company plans to enhance the app's functionality to include features for negotiating and refinancing various types of loans, thereby broadening its appeal to consumers.

Operationally, the company has not reported any significant user engagement metrics, as it continues to develop its applications. The Lever App is expected to target the approximately 43 million Americans with student loans, particularly in regions with high concentrations of student debt. The company anticipates that the resumption of student loan payments will drive user engagement and subscription growth. AI Unlimited Group aims to acquire around 5,000 new subscribers monthly, with a customer acquisition cost estimated at $30 per user.

Looking ahead, AI Unlimited Group acknowledges the need for additional capital to support its growth plans and operational needs. The management has indicated that it will seek funding through private equity or public markets, although there are no guarantees regarding the availability or terms of such financing. The company’s ability to continue as a going concern remains uncertain, as highlighted by its independent auditors, who have raised concerns about the sustainability of its operations without significant revenue generation.