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10-Q: Q2 2024 Earnings Report

SEC ·  Aug 14, 2024 13:51

Summary by Moomoo AI

Collective Audience, Inc. reported financial results for Q2 2024, with a net loss of $1.3 million for the quarter and $2.5 million for the six months ended June 30, 2024. The company ended the period with $838,225 in cash and a working capital deficit of $2.5 million. Operating expenses increased to $1.3 million, primarily due to higher legal and administrative costs post-business combination.The company completed two strategic acquisitions during the period - DSL Digital LLC on June 28, 2024, and BeOp on August 1, 2024, expanding its digital marketing and advertising technology capabilities. DSL brings proprietary AI technology for Fortune 500 clients, while BeOp adds conversational advertising solutions. The acquisitions were primarily funded through stock issuances totaling over 6.2 million shares.Facing Nasdaq listing compliance challenges, including minimum bid price and market value requirements...Show More
Collective Audience, Inc. reported financial results for Q2 2024, with a net loss of $1.3 million for the quarter and $2.5 million for the six months ended June 30, 2024. The company ended the period with $838,225 in cash and a working capital deficit of $2.5 million. Operating expenses increased to $1.3 million, primarily due to higher legal and administrative costs post-business combination.The company completed two strategic acquisitions during the period - DSL Digital LLC on June 28, 2024, and BeOp on August 1, 2024, expanding its digital marketing and advertising technology capabilities. DSL brings proprietary AI technology for Fortune 500 clients, while BeOp adds conversational advertising solutions. The acquisitions were primarily funded through stock issuances totaling over 6.2 million shares.Facing Nasdaq listing compliance challenges, including minimum bid price and market value requirements, the company is pursuing remediation plans and appealing delisting notices. Management secured a $30 million financing commitment from its sponsor to support operations, though substantial doubt exists about the company's ability to continue as a going concern without raising additional capital. The company is actively exploring strategic partnerships and investment opportunities to address liquidity needs.

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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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