OneMeta Inc. reported significant financial challenges in its 10-Q filing for the quarter ending September 30, 2024. The company generated revenue of $3.5 million for the three months ended September 30, 2024, a substantial decline from $9.2 million in the same period of 2023. For the nine months ended September 30, 2024, revenue totaled $14.4 million, down from $57.1 million year-over-year. This decline was primarily attributed to a drop in subscription and license revenue, which fell to $0 for the third quarter of 2024 from $3.4 million in 2023, and decreased to $10.9 million for the nine-month period from $44.7 million in the previous year.
Despite the revenue drop, OneMeta managed to reduce its total operating expenses to $904.3 million for the third quarter of 2024, down from $1.1 million in 2023. For the nine-month period, operating expenses decreased to $2.9 million from $5.1 million. The company reported a loss from operations of $900.8 million for the third quarter, an improvement from a loss of $1.05 million in the same quarter of 2023. The net loss for the third quarter of 2024 was $935.4 million, compared to $1.06 million in the prior year, reflecting a decrease of $122.4 million.
The nine-month net loss for 2024 was $2.9 million, a significant reduction from $5.1 million in 2023. The company’s cash position deteriorated, with cash at the end of the period reported at $24,254, down from $213,245 a year earlier. Total current liabilities surged to $1.86 million, resulting in a working capital deficit of $1.82 million.
Strategically, OneMeta has engaged in various financing activities, including the issuance of common shares, which raised $725.6 million in the nine months ended September 30, 2024, compared to $1.36 million in the same period of 2023. The company also entered into several secured promissory notes with Rowland Day, its prior CEO, totaling $549,000 as of September 30, 2024, with accrued interest of $37,904.
In terms of product development, OneMeta continues to focus on artificial intelligence products aimed at overcoming language barriers, with recent launches including the Verbum platform and Verbum SDK. The company anticipates future revenue growth as it expands its customer base and product offerings. However, it has not yet achieved profitability, raising concerns about its ability to continue as a going concern.
About OneMeta Inc.
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