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目錄

美國

證券和交易委員會

華盛頓特區 20549

表格 10-Q/A

(修訂版 1)

x 根據證券交易法第13或15(d)條款的季度報告

1934年的

截至季度結束日期的財務報告2024年9月30日

o 根據《1934證券交易法》第13或15(d)條規定的過渡報告

1934年證券交易法

在從______________到______________的過渡期間

委託文件號碼：001-41252

t Stamp公司(D/B/A 信任印章)

(根據其章程規定的註冊人準確名稱)

特拉華州

7372

81-3777260

（註冊地或其他組織機構的州或其他轄區）

(主要標準產業分類號)

（IRS僱主識別號）

3017 Bolling Way NE，2樓, 亞特蘭大, 佐治亞 30305

（註冊人主要行政辦公室地址）（郵政編碼）

(404) 806-9906

公司電話號碼，包括區號

在法案12(b)下注冊的證券:

每個類別的標題

交易 符號:

在其上註冊的交易所的名稱

每股普通股A類股票，面值爲0.01美元

IDAI

納斯達克股票交易所有限責任公司

根據該法第12（g）條註冊的證券： 沒有。

如果註冊人符合證券法規則405中定義的老牌發行人，則請用複選標記表示。是的 o 不是 x

如果註冊者不必根據《法案》第13條或第15(d)條提交報告，則請打勾號。 是 o 不是 x

請勾選以下是否發行人（1）在過去12個月內（或註冊人被要求提交此類報告的較短期間）已提交《1934年證券交易法》第13節或第15(d)節要求提交的報告，並且（2）在過去90天內是否一直受到此類提交要求的限制。 是 x 不是 o

請在以下勾選方框表示註冊人是否已在Regulation S-T Rule 405規定的前12個月(或在註冊人需要提交此類文件的較短期間內)提交了每個互動數據文件。是 x 不是 o

請勾選符合註冊人是大型加速申報人、加速申報人、非加速申報人、小型報告公司還是新興成長型公司的選項。「大型加速申報人」、「加速申報人」、「小型報告公司」和「新興成長型公司」的定義請參見交易所法120億.2號規定。

大型加速報告人

o

加速文件提交人

o

非加速文件提交人

x

較小的報告公司

x

新興成長公司

x

如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 o

請勾選表示註冊申請人是否根據薩班斯-豪利法案第404(b)條的規定，由負責編制或發佈其審計報告的註冊會計師事務所提交了關於其內部財務報告控制有效性評估的報告和保證。 o

如果證券根據《證券法》第12(b)條登記，請勾選印記，以表示註冊人包括在文件中的財務報表反映了對之前發佈的財務報表的更正。o

請在檢查標記中表示這些錯誤更正是否重述需要根據§240.10D-1(b)規定在相關恢復期間接受任何註冊人執行官員獲得獎勵的補救分析。o

請勾選以下選項以指示註冊人是否爲外殼公司(根據交易所法規則12b-2定義)。是o 不是 x

截至2024年11月20日，有 23,145,179 註冊公司的A級普通股，面值每股0.01美元，已發行在外。

---

目錄

說明：

t Stamp Inc.（以下簡稱「公司」）正在提交本修正案第1號，形式爲10-Q/A（以下簡稱「修正案」），用於其截至2024年9月30日的季度報告，文件形式爲10-Q（以下簡稱「原始備案」），該報告於2024年11月15日提交給證券交易委員會（以下簡稱「SEC」），以修訂和重述第I部分，第1項，「簡明合併基本報表的附註」，涉及附註2 "借款" 中某些GAAP財務披露。具體而言，本修正案修正了原始備案中附註2 "借款" 下的一個無意錯誤，原始備案表明「應付票據」已於2024年11月15日全額償還，而實際上，「次級商業貸款」於2024年11月15日全額償還，而「應付票據」仍未結清。

根據1934年修訂後的《證券交易法》第120億.15條款（「交易所法」），本修正案還修改了原備案的第II部分，第6項「陳列」內容，以包括公司首席執行官和首席財務官根據《薩班斯-豪利法案》第302和906條的最新認證作爲附件31.1、31.2和32.1。

除了上述描述外，本修正案不修訂、更新或更改原始申報文件中包含的任何其他項目或披露，因此，本修正案中包含的所有其他信息均爲原始申報日期的信息，並不反映原始申報日期之後的信息或事件，即2024年11月7日。因此，本修正案應與原始申報之後向SEC提交的其他申報文件一起閱讀，包括對這些文件的任何修正。本文中未明確定義的專有名詞應具有原始申報文件中賦予的含義。

在本修正案中，萬億印章公司（連同其子公司）被稱爲「公司」、「Trust Stamp」、「我們」、「我們」或「我們的」。

---

目錄

T STAMP INC。

目錄

						頁面
第一部分			財務信息
第 1 項。			財務報表			3
			截至2024年9月30日（未經審計）和2023年12月31日的簡明合併資產負債表			3
			截至2024年9月30日和2023年9月30日的三個月和九個月的簡明合併運營報表（未經審計）			4
			截至2024年9月30日和2023年9月30日的三個月和九個月的簡明綜合虧損報表（未經審計）			5
			截至2024年9月30日和2023年9月30日的三個月和九個月的簡明合併股東權益報表（未經審計）			6
			截至2024年9月30日和2023年9月30日的九個月簡明合併現金流量表（未經審計）			8
			簡明合併財務報表附註（未經審計）			10
第二部分			其他信息
第 6 項。			展品			29
			簽名			32

2

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目錄

第一部分：財務信息

項目1. 縮合的綜合財務 報表。

T STAMP INC。

簡明合併資產負債表

			2024 年 9 月 30 日						2023 年 12 月 31 日
			（未經審計）
資產
流動資產：
現金和現金等價物			$	598,031					$	3,140,747
應收賬款，淨額（包括未開票的應收賬款）4,463 和 $143,219 分別截至 2024 年 9 月 30 日和 2023 年 12 月 31 日）			375,732						686,327
關聯方應收款			23,781						44,087
預付費用和其他流動資產			1,213,924						826,781
流動資產總額			2,211,468						4,697,942
資本化的內部使用軟件，淨值			1,532,357						1,472,374
善意			1,248,664						1,248,664
無形資產，淨額			193,304						223,690
財產和設備，淨額			39,825						56,436
經營租賃使用權資產			198,634						164,740
投資			5,100,000						—
其他資產			35,375						29,468
總資產			$	10,559,627					$	7,893,314
負債和股東權益
流動負債：
應付賬款			$	1,107,276					$	1,232,118
關聯方應付賬款			48,235						82,101
應計費用			1,670,260						1,143,890
遞延收入			95,750						10,800
應繳所得稅			—						1,975
應付貸款			645,536						—
短期經營租賃負債			95,367						81,236
短期金融負債			—						162,130
流動負債總額			3,662,424						2,714,250
認股證負債			250,694						256,536
應付票據，包括應計利息 $45,383 和 $40,317，分別截至 2024 年 9 月 30 日和 2023 年 12 月 31 日			1,007,213						953,877
長期經營租賃負債			70,555						53,771
負債總額			4,990,886						3,978,434
承諾，附註11
股東權益：
普通股 $0.01 面值， 50,000,000 已授權的股份， 18,819,750 和 9,198,089 已發行的股票，以及 18,819,750 和 9,143,355 分別於 2024 年 9 月 30 日和 2023 年 12 月 31 日尚未到期			188,198						91,434
庫存股，按成本計算： 0 和 54,734 分別截至2024年9月30日和2023年12月31日持有的股份			—						—
額外的實收資本			60,579,359						54,375,622
累計其他綜合收益			86,436						139,670
累計赤字			(55,446,691)						(50,853,285)
Total T Stamp Inc. 股東權益			5,407,302						3,753,441
非控股權益			161,439						161,439
股東權益總額			5,568,741						3,914,880
負債和股東權益總額			$	10,559,627					$	7,893,314

未經審計的簡明合併基本報表附註是這些報表的一部分。

3

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目錄

T STAMP INC。

簡明綜合經營表

(未經審計)

						截至2029年9月30日結束的三個月												截至九月三十日止九個月。
						2024						2023						2024						2023
淨營業收入						$	511,081					$	3,065,804					$	1,585,153					$	3,985,242
營業費用：
服務成本（不包括下方單獨列出的折舊和攤銷）						254,892						239,313						796,925						660,199
研發						569,506						605,196						1,586,085						1,811,962
銷售、一般和行政						2,181,907						2,053,524						6,805,995						5,900,715
折舊和攤銷						181,472						189,655						547,467						596,109
總營業費用						3,187,777						3,087,688						9,736,472						8,968,985
營業虧損						(2,676,696)						(21,884)						(8,151,319)						(4,983,743)
非經營性收入（支出）：
利息費用，淨額						(114,320)						(9,759)						(149,644)						(29,753)
權證責任公允價值變動						974						(2,142)						5,842						3,473
其他收入						5,000,563						—						5,235,417						261,217
其他費用						(1,526,997)						(1,377)						(1,533,702)						(4,174)
淨其他收益（費用）總額						3,360,220						(13,278)						3,557,913						230,763
淨收入（損失）						683,524						(35,162)						(4,593,406)						(4,752,980)
視爲股息						(1,939,439)						—						(1,939,439)						—
非控股權益前的淨虧損						(1,255,915)						(35,162)						(6,532,845)						(4,752,980)
歸屬於少數股東的淨虧損						—						—						—						—
歸屬於t Stamp Inc.的淨虧損。						$	(1,255,915)					$	(35,162)					$	(6,532,845)					$	(4,752,980)
歸屬於t Stamp Inc.的基本和稀釋後的每股淨虧損。						$	(0.07)					$	—					$	(0.49)					$	(0.71)
計算基本和稀釋每股淨虧損使用的加權平均股數						17,717,247						8,155,617						13,368,169						6,658,205

未經審計的基本財務報表附註 簡明綜合財務報表的附註是這些報表的重要組成部分。

4

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目錄

T STAMP INC。

綜合損失簡明合併財務報表

(未經審計)

						在截至9月30日的三個月中												在截至9月30日的九個月中
						2024						2023						2024						2023
淨虧損包括非控股權益						$	(1,255,915)					$	(35,162)					$	(6,532,845)					$	(4,752,980)
其他綜合收益（虧損）：
外幣折算調整						(88,623)						18,204						(53,234)						(30,842)
其他綜合收益總額（虧損）						(88,623)						18,204						(53,234)						(30,842)
綜合虧損						(1,344,538)						(16,958)						(6,586,079)						(4,783,822)
歸屬於非控股權益的全面虧損						—						—						—						—
歸因於 t Stamp Inc. 的綜合虧損						$	(1,344,538)					$	(16,958)					$	(6,586,079)					$	(4,783,822)

未經審計的基本財務報表附註 簡明綜合財務報表的附註是這些報表的重要組成部分。

5

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目錄

T STAMP INC。

股東權益的簡明合併報表

（未經審計）

截至2024年和2023年9月30日三個月止

			普通股												額外 已付款 資本						國庫股												累積 其他 全面 收入						累積 赤字						非控制性 利息						總計
			股票						金額												股票						金額
餘額，2023 年 6 月 30 日			7,972,244						$	79,722					47,067,377						16,821						$	—					$	188,206					$	(44,017,544)					$	161,439					$	3,479,200
行使普通股認股權證			270,000						2,700						618,300						—						—						—						—						—						621,000
向全資子公司發行與既得限制性股票單位相關的普通股			2,248						23						(1,876)						(2,248)						—						—						—						—						(1,853)
基於股票的薪酬			—						—						148,040						—						—						—						—						—						148,040
貨幣折算調整			—						—						—						—						—						18,204						—						—						18,204
歸因於 t Stamp Inc. 的淨虧損			—						—						—						—						—						—						(35,162)						—						(35,162)
餘額，2023 年 9 月 30 日			8,244,492						$	82,445					$	47,831,841					14,573						$	—					$	206,410					$	(44,052,706)					$	161,439					$	4,229,429

			普通股												額外 已付款 資本						國庫股												累積 其他 全面 收入						累積 赤字						非控制性 利息						總計
			股票						金額												股票						金額
餘額，2024 年 6 月 30 日			11,384,139						$	113,841					$	56,591,713					—						$	—					$	175,059					$	(56,130,215)					$	161,439					$	911,837
行使預先注資的普通股認股權證			957,910						9,580						(9,580)						—						—						—						—						—						—
行使普通股認股權證，包括激勵措施			1,880,000						18,800						3,458,987						—						—						—						—						—						3,477,787
普通股認股權證協議的終止			—						—						(483,560)						—						—						—						—						—						(483,560)
視爲與激勵交易相關的股息			—						—						(1,939,439)						—						—						—						—						—						(1,939,439)
發行普通股、預先注資的認股權證和普通股認股權證，扣除費用			4,597,701						45,977						2,609,645						—						—						—						—						—						2,655,622
基於股票的薪酬			—						—						351,593						—						—						—						—						—						351,593
貨幣折算調整			—						—						—						—						—						(88,623)						—						—						(88,623)
歸屬於t Stamp Inc.的淨收益			—						—						—						—						—						—						683,524						—						683,524
餘額，2024 年 9 月 30 日			18,819,750						$	188,198					$	60,579,359					—						$	—					$	86,436					$	(55,446,691)					$	161,439					$	5,568,741

未經審計的簡明合併基本報表附註是這些報表的一部分。

6

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目錄

T STAMP INC。

股東權益的簡明合併報表

(未經審計)

截至2024年和2023年9月30日的九個月

			普通股												額外 已付款 資本						國庫股												股東 注意事項 應收款						累積 其他 全面 收入						累積 赤字						非控制性 利息						總計
			股票						金額												股票						金額
餘額，2023 年 1 月 1 日			4,854,302						$	48,543					$	39,496,183					56,513						$	—					$	(18,547)					$	237,252					$	(39,299,726)					$	161,439					$	625,144
行使普通股認股權證			1,823,250						18,233						604,321						—						—						—						—						—						—						622,554
行使普通股期權			1,740						17						1,983						—						—						—						—						—						—						2,000
發行普通股、預先注資的認股權證和普通股認股權證，扣除費用			1,312,468						13,124						7,451,188						—						—						—						—						—						—						7,464,312
向全資子公司發行與既得限制性股票單位相關的普通股			247,973						2,480						(27,136)						(41,940)						—						—						—						—						—						(24,656)
反向股票分割四捨五入			4,759						48						(48)						—						—						—						—						—						—						—
通過實物服務償還股東貸款			—						—						—						—						—						18,547						—						—						—						18,547
基於股票的薪酬			—						—						305,350						—						—						—						—						—						—						305,350
貨幣折算調整			—						—						—						—						—						—						(30,842)						—						—						(30,842)
歸因於 t Stamp Inc. 的淨虧損			—						—						—						—						—						—						—						(4,752,980)						—						(4,752,980)
餘額，2023 年 9 月 30 日			8,244,492						$	82,445					$	47,831,841					14,573						$	—					$	—					$	206,410					$	(44,052,706)					$	161,439					$	4,229,429

			普通股												額外 已付款 資本						國庫股												累積 其他 全面 收入						累積 赤字						非控制性 利息						總計
			股票						金額												股票						金額
餘額，2024 年 1 月 1 日			9,143,355						$	91,434					$	54,375,622					54,734						$	—					$	139,670					$	(50,853,285)					$	161,439					$	3,914,880
行使預先注資的普通股認股權證			2,382,010						23,821						(23,821)						—						—						—						—						—						—
行使普通股認股權證，包括激勵措施			1,880,000						18,800						3,458,987						—						—						—						—						—						3,477,787
普通股認股權證協議的終止			—						—						(483,560)						—						—						—						—						—						(483,560)
與既得限制性股票單位和補助金相關的普通股的發行			316,694						3,166						(60,158)						(54,734)						—						—						—						—						(56,992)
視爲與激勵交易相關的股息			—						—						(1,939,439)						—						—						—						—						—						(1,939,439)
發行普通股、預先注資的認股權證和普通股認股權證，扣除費用			5,097,691						50,977						4,295,125						—						—						—						—						—						4,346,102
基於股票的薪酬			—						—						956,603						—						—						—						—						—						956,603
貨幣折算調整			—						—						—						—						—						(53,234)						—						—						(53,234)
歸因於 t Stamp Inc. 的淨虧損			—						—						—						—						—						—						(4,593,406)						—						(4,593,406)
餘額，2024 年 9 月 30 日			18,819,750						$	188,198					$	60,579,359					—						$	—					$	86,436					$	(55,446,691)					$	161,439					$	5,568,741

未經審計的簡明合併基本報表附註是這些報表的一部分。

7

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T STAMP INC。

現金流量表簡明綜合報表

(未經審計)

			截至九月三十日止九個月。
			2024						2023
經營活動現金流量：
歸屬於t Stamp Inc.的淨虧損。			$	(4,593,406)					$	(4,752,980)
歸屬於少數股東的淨虧損			—						—
調整以協調淨損失與經營活動中使用的現金流量:
折舊和攤銷			547,467						596,109
基於股票的補償			956,603						305,350
權證責任公允價值變動			(5,842)						(3,473)
通過實物服務償還股東貸款			—						18,547
資本化內部使用軟件減值			23,595						16,819
出售固定資產取得的收益			—						(216,189)
非現金利息			133,146						28,958
非現金租賃費用			109,700						151,001
非現金對移動硬件的沖銷			(162,130)						(15,775)
設備退休損失			3,751						17,589
誘因協議損失			360,307						—
終止權證協議的損失			1,166,440						—
非現金投資收益			(5,000,000)						—
資產和負債變動：
應收賬款			310,595						467,129
關聯方應收款項			20,306						396
預付費用及其他流動資產			(387,143)						40,220
其他資產			(5,907)						(20,442)
應付賬款			(124,842)						(258,376)
應計費用			526,370						(238,431)
關聯方應付款			(33,866)						(145,274)
遞延收入			84,950						(1,724,202)
應交所得稅			(1,975)						(5,616)
營運租賃負債			(111,277)						(145,483)
經營活動產生的現金流量淨額			(6,183,158)						(5,884,123)
投資活動現金流量：
出售固定資產收益			—						377,360
投資			(100,000)						—
資本化的軟件開發成本			(502,206)						(478,338)
專利申請費用			(71,883)						(78,169)
購買物業和設備			(12,617)						(538)
投資活動產生的現金流量淨額			(686,706)						(179,685)
融資活動的現金流：
普通股、預籌款認股權證和普通股認股權淨額，扣除費用			3,985,795						7,464,312
支付終止普通股認股權協議			(1,650,000)						—
放棄普通股份以支付稅款			(56,992)						(24,656)
行使權證獲得的普通股款項			1,538,348						622,554
行使期權獲得的普通股款項			—						2,000
164,509			845,000						—
貸款本金償還額			(287,228)						—
財務負債本金償還額			—						(29,715)
來自籌資活動的淨現金流量			$	4,374,923					$	8,034,495
外幣翻譯對現金的影響			(47,775)						(42,678)
現金及現金等價物淨變動額			(2,542,716)						1,928,009
現金及現金等價物期初餘額			3,140,747						1,254,494
現金及現金等價物期末餘額			$	598,031					$	3,182,503

8

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T STAMP INC。

現金流量表簡明綜合報表

(未經審計)

現金流信息的補充披露：
期間支付的利息			$	2,356					$	580
非現金活動的補充披露:
對因發行warrants而非現金支付給公司的投資活動的調整			$	5,000,000					$	—
與續租相關的經營租賃使用權資產的調整			$	143,594					$	82,185
與續租相關的經營租賃負債的調整			$	142,192					$	83,298
與終止租賃相關的經營租賃使用權資產的調整			$	—					$	82,095
與終止租賃相關的經營租賃負債的調整			$	—					$	77,648
預付租金費用在租約終止後進行重新分類			$	—					$	5,335

未經審計的簡明合併基本報表附註是這些報表的一部分。

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T STAMP INC。

附註-簡明合併財務報表註釋

(未經審計)

1. 業務描述、重要會計政策摘要和持續經營

業務描述 t Stamp公司於2016年4月11日在特拉華州註冊成立。t Stamp公司及其子公司（以下簡稱「Trust Stamp」，「我們」，「我們的」或「公司」）開發並營銷面向企業和政府合作伙伴以及點對點市場的人工智能驅動或啓用的軟件解決方案。

Trust Stamp主要開發專有的人工智能解決方案，研究和利用機器學習人工智能，包括計算機視覺、密碼學和數據挖掘，以處理和保護數據，並提供洞察力輸出，識別和防禦欺詐，保護敏感用戶信息，促進自動化流程，並通過全球無障礙性延伸數字服務的範圍。我們利用GPU處理、邊緣計算、神經網絡和大型語言模型等技術的力量和敏捷性，比以往可能得更快更有效地處理和保護數據，以低成本顛覆性地交付結果，以供跨多個行業使用。

我們的團隊在創建和開發人工智能驅動的軟件產品方面具有豐富的專業知識。我們在多個領域許可我們的科技和專業知識，越來越重視通過與已建立的合作伙伴合作，解決各種市場需求，這些合作伙伴將我們的科技整合到特定領域的應用中。

逆向拆分 — 2023年2月15日，我們的董事會批准並於2023年2月20日，持有大部分表決權股份的股東批准了對公司修訂和重新批准章程的修正案（「修正書」），並批准進行了逆向拆分我們已發行和流通的A類普通股，比例爲每五股合併爲一股，四捨五入至最接近的整數股份 — 每五（5）股流通的A類普通股合併爲一（1）股A類普通股，四捨五入至最接近的整數股份（「逆向拆分」）。所有股份和每股金額已經更新，以反映在這些未經審計的簡明合併財務報表中的逆向拆分。逆向拆分已於2023年3月23日納斯達克交易所開盤時生效。逆向股票拆分於2023年3月23日生效，根據於2023年4月13日向美國證券交易委員會提交的最終代理聲明書，得到了公司股東的書面同意。截至2023年5月13日，大多數股東已經給予了書面同意。

修訂後的公司章程 — 在2023年7月6日，公司收到了德拉瓦州國務卿對其第三次修訂和重述的公司章程（"第三次重述章程"）的接受確認。第三次重述章程經過公司的股東通過書面同意進行批准，該書面同意是依據於2023年4月13日向證券交易委員會提交的最終代理聲明。截止到2023年5月13日，已收到大多數股東的書面同意。第三次重述章程維持了 50,000,000 普通股的授權股份，並取消了優先股的授權。第三次重述章程還創建了公司的分級董事會，設有三個類別的董事，並將在不同的年份進行選舉。

持續經營 —— 附帶的未經審計的簡明合併基本報表已基於持續經營假設編制，考慮到在正常業務過程中資產的實現和負債的滿足。該公司是一家尚未產生利潤的業務，在截至2024年9月30日的九個月內淨虧損爲$4.59 百萬，同期淨經營現金流出爲$6.18 百萬，營運資金爲負$1.45 $55.45 1000萬美元截至2024年9月30日。

公司未經審計的簡明綜合財務報表發佈後的未來十二個月內，公司能否作爲持續經營實體存在，取決於其能否產生營業收入和/或獲得足夠的融資來滿足當前和未來的義務，並將其用於產生盈利的經營結果。管理層已評估了這些條件，並計劃產生營業收入並根據需要籌集資金以滿足公司的資金需求。儘管重要額外收入的談判已經進行得很深入，但尚未達到可以納入持續經營評估的階段。此外，儘管公司此前在籌集資金方面取得了成功，並已經制定了計劃以及重新安排開支以滿足公司的現金需求，但不能保證公司將成功籌集資金。

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其中一些因素極大地質疑了公司在一個合理期間內能否繼續作爲運行正常的實體。

呈現基礎 — 附帶的未經審計的簡明合併基本報表是根據美國公認會計原則（「US GAAP」）以及美國證券交易委員會（「SEC」）的規則和法規編制的。附帶的未經審計的簡明合併基本報表是基於公司將繼續作爲持續經營主體的假設編制的，這意味着在正常業務過程中實現資產並滿足負債和承諾。

合併基礎 — 附表中的未經審計的簡明合併財務報表反映了公司及其子公司Trusted Mail Inc.（「Trusted Mail」）、Finnovation LLC（「Finnovation」）、Trust Stamp Malta Limited（「Trust Stamp Malta」）、AIID Payments Limited、Biometric Innovations Limited（「Biometrics」）、Trust Stamp Rwanda Limited、Trust Stamp Denmark ApS、Quantum Foundation、TSI GovTech Corporation、全球貨幣管理公司、 Chelten杉樹人工智能有限公司和Trust Stamp Nigeria Limited的業務活動。所有重要的公司間交易和帳戶已予以消除。

公司已經完成了對AIID Payments Limited的行政解散程序，解散於2024年10月29日生效。

此外，我們繼續 consoli發Tstamp Incentive Holdings（TSIH），這被我們視爲一個變量利益實體。

根據管理層的意見，這些未經審計的基本報表反映了截至2024年9月30日的公司財務狀況的公允呈現所需的所有必要調整（這些調整屬於正常和經常性質）。 2023年12月31日以及截至2024年9月30日和2023年的三個月和九個月的經營結果。截至2024年9月30日的三個月和九個月的經營結果不一定代表全年預期的結果。根據SEC的規定，按照GAAP編制的合併財務報表通常包含的某些信息和附註披露已被省略。這些未經審計的基本財務報表應與公司年度10-k表格中截至 2023年12月31日的合併財務報表和合並財務報表註釋一起閱讀。所採用的會計政策基本與其中包含的合併財務報表附註1中顯示的相同。

可變利益實體 2019年4月9日，管理層創建了一個新實體TSIH。此外，2019年4月25日，公司發行 320,513 股份給TSIH，用於供董事會董事會（「董事會」）用於員工股票激勵的股份池，最初記錄爲庫存股。自成立TSIH以來， 264,000 股份已轉給各個員工作爲已取得且未解決的股票獎勵。2023年2月15日，信託印花發行 206,033 股份給TSIH，用於滿足已授予的員工股票獎勵。截至2024年9月30日， 沒有 股份的Class A普通股由TSIH持有，所有股份均已根據員工受限制的股票單位發行。

公司將該實體視爲變量利益實體（「VIE」），因爲它資本薄弱且持有現金。由於公司不持有TSIH的股份，管理層認爲這使公司擁有一個變量利益。此外，公司的管理層也作爲TSIH的管理層，並且是決策者，因爲管理層將TSIH持有的股份授予公司的員工。由於該VIE的主要目的是不時持有公司的股份，並且不持有其他負債或資產，因此公司是TSIH的主要受益人，並將合併該VIE。

主要客戶和風險集中度— 可能使公司面臨大量信用風險集中的金融工具主要包括現金和現金等價物以及應收賬款。我們在高質量的金融機構（主要是美國）維持現金和現金等價物；我們定期監控這些機構的構成。聯邦存款保險公司承保 $250,000 適用於幾乎所有的存款帳戶。公司的存款金額可能會不時超過保險限額。截至 2024 年 9 月 30 日，該公司有 $30,342 的 存款超過保險限額，同時，截至2023年12月31日，該公司的存款額爲美元2,620,765 在超過保險限額的美國銀行帳戶中。管理層認爲，這些金融機構的信用風險微乎其微，而且公司沒有因此而遭受任何損失。

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對於應收賬款，我們面臨着信用風險，如果客戶未支付的話，在合併資產負債表中記錄的金額將會受到影響。我們爲應收賬款的預期收回能力設定不同水平的信用額度，並根據此設定潛在信用損失的準備金。我們通過定期評估客戶的信用價值和應用其他信用風險監控程序來管理與客戶有關的信用風險。

三位客戶代表了 86.87% 或 65.12%, 17.12%，以及 4.63% 截至2024年9月30日的應收賬款總餘額的 91.11大約53.55%, 30.43%，以及 7.13%的應收賬款總餘額截至2023年12月31日。公司通過與大型商業客戶和政府機構簽約，以及定期監控應收賬款餘額的賬齡，來降低其應收賬款的信用風險。 截至2024年9月30日和2023年12月31日該公司在其應收賬款上並未經歷任何重大損失。

截至2024年9月30日的三個月內，公司主要向三位客戶出售商品，這些客戶大約佔總營業收入的 93.24的比例，包括 66.34%, 17.60%，以及 9.30其中來自標普500銀行、萬事達和Triton的比例分別爲

此外，在截至2023年9月30日的三個月內，公司主要向三位客戶出售，約佔總營業收入的 95.85% 81.87%, 7.91%，以及 6.07%來自IGS、萬事達和標普500銀行。

截至2024年9月30日的九個月期間，本公司主要向三位客戶銷售，約佔總營業收入的 94.68百分之 63.66%, 21.07%，以及 9.95來自一家標準普爾500銀行、萬事達和特里頓，分別佔

此外，截至2023年9月30日的九個月期間，公司主要銷售給三名客戶，約佔總淨營業收入的 90.53% 62.98%, 14.95%，以及 12.60來自IGS，一家標準普爾500銀行，以及萬事達，分別佔

物業和設備，淨值 — 物業和設備淨值按成本減去累計折舊方式確認。折舊採用直線法，依據各類資產的預計使用壽命進行確認。對於不改善或延長資產使用壽命的維護和修理費用，在發生時計入費用，而新增和重大改進則資本化。在資產出售或退休時，成本及相關的累計折舊從合併資產負債表中註銷，任何產生的收益或損失在實現的期間記錄在合併經營報表中。

長期資產減值的會計處理 — 有限使用壽命的長期資產包括：物業和設備淨額、資本化內部使用軟件、經營租賃使用權資產和受攤銷的無形資產淨額。公司會在出現事件或情況變化時，檢查長期資產是否減值，以判斷資產或資產組的賬面價值是否可回收。持有和使用的資產的可回收性通過比較資產或資產組的賬面價值與預計產生的未來未折現淨現金流進行測量。如果資產的賬面價值超過這些預計的未來現金流，則應按賬面價值超過資產或資產組公允價值的金額確認減值損失。待處置的資產按賬面價值或減去售賣成本的公允價值中較低者報告。

截至 2024年9月30日, 公司確定$24 千美元的資本化內部使用軟件已減值. 減值的資本化內部使用軟件已費用化 研發 在 2024年9月30日結束的九個月截至2023年12月31日，公司確定19 資本化內部使用軟件的金額爲$千，12 無形資產的金額爲$千，發生了減值。減值的資本化內部使用軟件在 研發 截至2023年12月31日的年度內被計入費用。

商譽 — 商譽的會計處理遵循財務會計準則委員會（"FASB"）會計準則彙編（"ASC"）第350條， 無形資產-商譽和其他公司將收購業務的成本分配到所購資產和承擔的負債上，基於其在收購日期的估計公允價值。轉移的購買對價超過所購淨資產的公允價值部分，包括其他無形資產的淨額，記錄爲商譽。商譽的減值測試至少在每個報告單位的季度進行，或在發生事件或情況時更頻繁進行，這些事件或情況表明商譽減值很可能已經發生。在評估商譽減值時，公司首先評估定性因素，以判斷是否有必要進行定量商譽減值測試。在定性評估中，公司考慮的因素包括

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在評估報告單位的公允價值是否低於賬面價值時，應考慮經濟狀況、行業板塊和市場狀況及發展、整體財務表現和其他相關的特定實體事件。如果公司得出結論認爲記錄的商譽金額很可能已經減值，則公司將進行減值測試。當報告單位的賬面價值超過其公允價值時，就存在商譽減值。在評估商譽減值時會應用重大判斷。截至2024年9月30日和2023年12月31日，商譽沒有減值費用。

剩餘履約義務 — 公司的客戶安排通常具有跨越多年的條款。然而，公司一般允許客戶在未滿十二個月通知的情況下，方便地終止合同。分配給剩餘履行義務的營業收入代表尚未確認的不可取消的合同收入，包括遞延收入以及在某些情況下，將進行開票的金額。公司選擇了實務簡便措施，允許公司不披露原始條款爲十二個月或更短時間的合同的剩餘履行義務。可取消的合同收入，包括客戶存入資金負債，不被視爲剩餘履行義務。截止到2024年9月30日和2023年12月31日，公司沒有任何與超過十二個月的合同相關的履行義務。

訂閱和支持收入包括以下內容（以百萬美元爲單位）：

						截至2029年9月30日結束的三個月												截至九月三十日止九個月。
						2024						2023						2024						2023
專業服務（隨時間推移）						$	424,831					$	2,990,804					$	1,326,403					$	3,760,242
許可費用（隨時間推移）						86,250						75,000						258,750						225,000
營業總收入						$	511,081					$	3,065,804					$	1,585,153					$	3,985,242

最近未採納的會計聲明 — 在2023年12月，FASB發佈了ASU 2023-09收入稅（主題740）——改善收入稅披露ASU 2023-09 要求對某些收入稅披露進行增強和進一步的透明度，最顯著的是稅率調節和已支付的所得稅。該ASU自2024年12月15日後開始的財政年度生效，採用前瞻性基礎，並允許追溯適用。公司目前正在評估新標準的影響，但不預計對其 未經審計的 簡明合併基本報表或相關披露產生重大影響。

2022年6月，FASB發佈了ASU 2022-03，修訂了第820號主題中的指引， 公允價值計量(Topic 820): 適用合同銷售限制的股票公允價值計量本次ASU中的修訂澄清了實體應當以與未受合同銷售限制的相同方式來衡量受合同銷售限制的股權證券的公允價值。FASB表示，對股權證券銷售的合同限制並不被視爲股權證券的計量單位的一部分，因此不應影響其公允價值。本ASU於2023年12月15日後開始的財政年度及財政年度內的中間期間對上市實體生效。允許提前採納。公司預計該指引不會對其基本報表產生重大影響。 未經審計的 壓縮合並財務報表或相關披露。

2023年11月，FASB發佈了ASU 2023-07，細分報告（主題280），改進可報告分部披露ASU 2023-07通過改進關於可報告部門披露要求，主要通過增加對重要部門費用的披露，來改善。修訂將在2023年12月15日後開始的財政年度和2024年12月15日後開始的財政年度內，生效。允許提前採納修訂。公司目前正在評估新標準的影響，但預計不會對其基本報表產生重大影響。 未經審計的 簡明化合並基本報表或相關披露不會受到實質影響。

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2. 借款

應付票據

			2024年9月30日						2023年12月31日
馬耳他貸款收據3 - 2022年6月3日			$	511,262					$	507,035
馬耳他貸款收據2 - 2021年8月10日			315,673						313,063
馬耳他貸款收據1 - 2021年2月9日			64,807						64,271
將利息加入本金			70,088						29,191
未償還本金總額			961,830						913,560
加：應計利息			45,383						40,317
應付票據總額			$	1,007,213					$	953,877

在2020年5月，公司在馬耳他共和國成立了一家子公司，Trust Stamp Malta，旨在藉助馬耳他政府的潛在撥款和貸款建立一個研發中心。作爲該實體創建的一部分，我們與馬耳他政府簽訂了一項協議，申請最高爲€的可償還預付款。800 千，或美元$858 千歐元，以幫助覆蓋任何員工在執行協議後開始的個月的工資成本。 755%24 個月的工資成本。 36 從2020年7月8日協議執行開始的月份。892 在2021年2月9日，公司開始收到所有基金類型，截至2024年9月30日，收到的餘額爲$千，這包括外幣匯率的變化。

公司將支付年利率 2%，超過歐洲中央銀行（ECB）在審查年初設定的基準利率。如果ECB利率低於負 1%，利率將固定爲 1%。公司每年將償還Trust Stamp Malta稅前利潤的最低 10%，上限爲應付給公司的金額的 15%，直到已發放的所有基金類型償還爲止。目前，Trust Stamp Malta沒有任何產生營業收入的合同，因此，我們認爲不會有任何金額被歸類爲當前。馬耳他貸款利率從 4.5%，2023年9月30日的九個月期間，上升至 6.5%，2024年9月30日的九個月期間，因ECB指出的利率上升。

次級業務貸款

			2024年9月30日						2023年12月31日
靈活貸款協議 1 - 2024年7月9日			$	315,000					$	—
靈活貸款協議 2 - 2024年8月29日			530,000						—
貸款協議 1 的利息 - 2024年7月9日			54,450						—
貸款協議 2 的利息 - 2024年8月29日			33,314
未清本金和利息總額			932,764						—
減：貸款還款			287,228						—
應付票據總額			$	645,536					$	—

2024年7月9日，公司與領頭借方敏捷融資有限責任公司（「敏捷」）和抵押品代理敏捷資金融資有限責任公司簽訂了下屬擔保期票據，同意向公司提供貸款，金額爲$454 千，其中本金爲$315 千，利息爲$139 千。自2024年7月18日起，公司需要每週支付$16 千，直至到期日2025年1月23日。貸款可以提前還清，但需支付預付款費用。貸款上支付了$15 千的管理代理費。爲了這筆貸款，敏捷獲發了一張下屬擔保期票據，日期爲2024年7月9日，金額爲 $315千的主要部分，並由所有借款方的資產（包括應收賬款）作爲擔保。這筆負債於2024年11月15日全額償還。

在2024年8月29日，公司與Agile Lending, LLC（作爲主要貸款人"Agile"）和Agile Capital Funding, LLC（作爲擔保代理）簽訂了另一份次級有擔保的 promissory note，提供給公司的定期貸款金額爲$763 千，本金爲$530 千和利息爲$233 千。從2024年9月6日起，公司需每週支付$27 千直到到期日2025年3月14日。該貸款可提前還款，但需支付提前還款費。貸款支付了$27 千的管理代理費。在

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與貸款相關，Agile發行了一份次級擔保的應收票據，日期爲2024年8月29日，總額爲 $530千美元的票據由借款人的所有資產，包括應收款項擔保。 這筆負債於2024年11月15日全額支付。

3. 認購權證

分類爲認股權證的負債

下表顯示了與分類爲warrants的負債餘額的變化，這些warrants在公允價值層級中被分類爲第3級，從2023年1月1日起至 2024年9月30日:

			認股權證 ($)
2023年1月1日餘額			$	261,569
新增認股權證			—
公允價值變動			(5,033)
截至2023年12月31日的餘額			$	256,536
新增認股權證			—
公允價值變動			(5,842)
截至2024年9月30日的餘額			$	250,694

截至 2024年9月30日公司已向客戶發行了一項認股權證，以購買最多$1.00 未來一輪融資中的資本股值$ 20%的折扣，折算爲另一投資者支付的最低價格。該認股權證於 2016年11月9日發行。沒有任何歸屬期限，認股權證將於 2026年11月30日到期公司評估了ASC 480的規定，區分負債和股本，注意認股權應被分類爲負債，因其結算是以可變數量的股份進行的，可能是對尚未獲得授權的一類股份。認股權被確定爲公允價值爲$的一項負債250 千，該金額被記錄爲一項遞延的合同收入資產，在年終以及一項認股權利 2016年12月31日的年度費用。 於之前的報告期內，作爲營業收入的折價攤銷。認股權的公允價值是在授予日估算的，通過估算整個公司的公允價值來評估認股權的內在價值，並且其餘額爲$。250 千，截至 2024年9月30日.

2016年12月16日，公司發行了一份投資者認股權證，可購買價值$50 千美元價值我們的A類普通股股票。認股權證沒有解除期，於2026年12月16日到期。認股權協議規定投資者有權獲得“截止日期的公允市值的普通股股份數爲 $50,000”。確定日期定義爲「投資者票據轉換爲公司權益或票據到期的較早日期」。投資者於2020年6月30日轉換了所述票據，因此定義了確定日期。截至2020年6月30日，將購買的股份數量爲 6,418 ，行權價格將在行權日期之前變動。

公司使用布萊克-肖爾斯-莫頓定價模型來判斷權證的公允價值，並使用該模型評估權證負債的公允價值。截止到 2024年9月30日，權證負債記錄爲$1 千，減少了$6千，記錄到權證負債公允價值變動中，餘額爲$7千，截止到2023年12月31日。

以下假設被用來計算截至2024年9月30日九個月內認股權責任的公允價值：

期權的公允價值			$0.11 — $0.64
行使價格			$0.26 — $0.49
無風險利率			3.51%— 4.50%
預期股息收益率			—		%
預期波動率			79.19% — 79.59%
預期期限			1 年份 - 3 年

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公司發放了權益分類權證，可購買高達公司普通股的

權證發行日期						執行價格						2024年9月30日						2023年12月31日
2016年11月9日						$	3.12					80,128						80,128
2020年1月23日						$	8.00					186,442						186,442
2020年1月23日						$	8.00					524,599						524,599
2023年4月18日						$	1.34					—						775,330
2023年6月5日						$	0.32					—						1,279,700
2023年12月21日						$	0.32					2,893,030						3,600,000
2024年4月3日						$	0.97					—						—
2024年4月3日						$	1.06					—						—
2024年9月3日						$	0.32					1,432,399						—
2024年9月3日						$	0.32					2,864,798						—
2024年9月3日						$	0.32					9,546,060						—
2024年9月10日						$	0.23					3,763,950						—
待行權期權總數												21,291,406						6,446,199

2016年11月9日

公司已經向客戶發行了一張購買股票的認購權。 80,128 ，行使價格爲$3.12 每股股票。該認購權於2016年11月9日發放，無限制期，將於2026年11月30日到期。

2020年1月23日

2020年1月，公司向關聯方Reach® 簽發了購買權證 186,442 公司A類普通股的股份，行使價爲美元8.00 每股以換取取消一美元100 該公司的子公司Trusted Mail Inc.於2017年8月18日發行了千SAFE，價值爲美元125 千。認股權證於2020年1月23日發行。沒有歸屬期，認股權證將於2024年12月20日到期。

2020年1月23日

2020年1月，公司向關聯方SCV簽發了購買權證 932,111 公司A類普通股的股份，行使價爲美元8.00 每股以美元換取300 千美元現金和 「高級」 贊助資格，存入金額爲 $100 3 年每年一千美元，總計 $300 千。這種 「高級」 贊助資格爲公司提供了營銷和網絡方面的某些好處，例如公司在投資者網站上上市，以及爲公司提供投資者組織的某些其他促銷機會。認股權證於2020年1月23日發行。沒有歸屬期，認股權證將於2024年12月20日到期。

在2021年12月21日，SCV執行了某些購買warrants的行使通知， 407,512 分享A類普通股，行使價格爲$8.00 每股總購買價格爲$3.26 百萬。交易在2022年1月10日完成，3,260,000 此次warrant行使爲公司帶來了總計$的現金收入。

購買剩餘股份的認股權證仍然持續有效 524,599 截至目前，公司A類普通股的剩餘股份認股權證仍然持續有效 2024年9月30日.

2023年4月18日

2023年4月14日，該公司與Armistice Capital Master Fund Ltd.簽訂了一份證券購買協議（「SPA」）。 根據該協議，公司同意向投資者發行和銷售（i）在註冊直接發行中的每股公司股票，售價爲$ 563,380 美金的一類普通股股份0.01 每股，同時發行預先融資認股權證，以$3.30 每股的價格購買高達 1,009,950 股A類普通股的股票，並且（ii）在一項同時進行的私人定向增發中，發行普通股購買認股權證，這些認股權證的行使額可達3.299 股。每份預先融資認股權證的行使價格爲$0.001 股A類普通股，售價爲$每股。 1,573,330 每股。Oaktree權證將以無現金方式行使，公司已同意爲Oaktree權證下的A類普通股轉讓進行註冊。3.30 每股。在2023年4月18日，公司賣出 563,380 份A類普通股給機構

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投資者以每股$的價格購買3.30 ，每股共計收益爲$1,859,154。此外，在同一日期，機構投資者購買並行使了 1,009,950 預先融資的認股權證，公司總收益爲$3,332,835，導致公司發行了 1,573,330 股A類普通股，淨收益爲$4,778,550 ，在扣除放置費和法律費用後，公司通過註冊直接發行獲得的淨收益爲$363,439 and $50,000分別爲。

2023年12月21日，公司與Armistice Capital Master Fund Ltd.簽署了一份誘導協議。根據誘導協議的條款，購買剩餘的 warrants 的行使價格被降低至 1,573,330 公司的A類普通股1.34 的總購買價格爲$2,108,262.

2023年12月21日，剩餘的普通股購買權被行使 1,573,330 每股A類普通股的購買權以$1.34 每份權證獲得的總收益爲$2,108,262.

截至2023年12月31日，公司已收到行使通知， 798,000 普通股購股認購權，導致公司發行了 798,000 A類普通股的股份。由於誘導協議中的有益持股限制條款，截至2023年12月31日，剩餘的 775,330 於2023年12月21日行使的普通股購股認購權未被髮行，暫時保留，以便於機構投資者的利益，直至接到機構投資者的通知，允許在符合有益持股限制的情況下發行股份。2024年2月7日和2024年2月27日，公司發行了 320,000 和 455,330每股未分配利潤分別爲140,731美元和121,261美元。

所有板塊與此投資相關的warrants都已被行使，並且截止到現在不再存在。 2024年9月30日.

2023年6月5日

2023年6月1日，公司與Armistice Capital Master Fund Ltd.簽署了一項證券購買協議（「SPA」），根據該協議，公司同意向投資者發行並出售（i）在註冊直接發行中， 736,400 美金的一類普通股股份0.01 每股，同時發行預先融資認股權證，以$2.30 每股的價格購買高達 543,300 股A類普通股的股票，並且（ii）在一項同時進行的私人定向增發中，發行普通股購買認股權證，這些認股權證的行使額可達2.299 股。每份預先融資認股權證的行使價格爲$0.001 股A類普通股，售價爲$每股。 1,279,700 每股。Oaktree權證將以無現金方式行使，公司已同意爲Oaktree權證下的A類普通股轉讓進行註冊。2.30 每股。2023年6月5日，公司以每股$出售 736,400 類A普通股的股份給機構投資者，價格爲$2.30 總收入爲$1,693,720。此外，在同一天，機構投資者購買了 543,300 預先資金的warrants，價格爲$2.299 每個預先資助的warrant，給公司的總收入爲$1,249,047，結果公司發行了 736,400 類A普通股的股份，以淨收入$2,686,773 從註冊的定向增發中扣除發行費用和法律費用後的金額爲$205,994 and $50,000分別爲。

在2023年6月12日，該機構投資者行使了 322,300 預融資權證，價格爲$0.001 每份預融資權證，導致公司發行了 322,300 份A類普通股，總收益爲$322此外，在2023年6月23日，該機構投資者行使了 221,000 預融資權證，價格爲$0.001 每份預融資權證，導致公司發行了 221,000 份A類普通股，總收益爲$221.

2023年12月21日，公司與停戰資本主基金有限公司簽訂了誘導協議。根據誘導協議的條款，用於購買剩餘股票的普通股購買認股權證的行使價格爲 1,279,700 每股A類普通股的剩餘股份的購買價格降至$1.34 ，總購買價格爲$1,714,798.

在2023年12月21日，機構投資者行使了 106,670 warrant以購買公司A級普通股，價格爲$1.34 每個warrant的總收益爲$142,938.

截至2023年12月31日，由於誘導協議中的有益擁有權限制條款， 106,670 warrants尚未發行，併爲機構投資者保留，直到收到機構投資者的通知，表明可以根據有益擁有權限制發行股份。這些股份隨後於2024年2月27日發行。

2024年9月3日，公司與停戰資本主基金有限公司簽訂了誘因協議。根據誘因協議的條款，普通股購買權證的行使價格爲

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剩餘的板塊 1,173,030 美股A類普通股的股份減少至$0.3223。所有板塊 1,173,030 股份已於2024年9月4日行使併發行。

所有板塊與此投資相關的warrants均已行使，現已不再有效。 2024年9月30日.

2023年12月21日

在2023年12月21日，公司與某位現有機構投資者簽訂了一份認股權證行使協議（「WEA」），根據該協議，機構投資者同意行使（「行使」）(i) 在2023年6月5日向機構投資者發行的部分認股權證，至2023年12月21日，該認股權證可行使爲106,670的認股權證， 1,279,700 該認股權證可行使爲公司A類普通股，面值$0.01 每股（「A類普通股」），當前行使價格爲$2.30 每股（「2023年6月認股權證」），(ii) 在2022年9月14日向機構投資者發行的所有認股權證，2023年6月5日進行了修訂，該認股權證可行使爲 120,000 的A類普通股，當前行使價格爲$2.30 每股（「2022年9月認股權證」），以及(iii) 在2023年4月18日向機構投資者發行的所有認股權證，該認股權證可行使爲 1,573,330 的A類普通股，當前行使價格爲$3.30 每股（「2023年4月的warrants」以及與所有2023年6月的warrants和2022年9月的warrants合稱爲「現有warrants」）。考慮到立即行使 1,800,000 現有warrants的現金，公司同意將所有現有warrants的行使價格，包括任何未行使部分，降低至$1.34 每股，這等於在執行WEA之前公司A類普通股在納斯達克證券市場的最新收盤價。截至2024年9月30日，該機構投資者已提交了對所有 1,800,000 現有warrants的行使通知，分爲兩批， 918,000 和 882,000並且A類普通股已發行給warrant持有人。

此外，作爲行權的考慮，出售股東獲得了新的未註冊認股權證，用於購買總計 3,600,000 股份的A類普通股，相當於 200%與行權相關發行的A類普通股，行權價格爲每股1.34 美元的「新認股權證」，以便根據1933年證券法案(「證券法」)第4(a)(2)條進行定向增發

2024年9月3日，公司與一家機構投資者簽訂了誘導協議。根據該誘導協議的條款，用於購買剩餘股份的普通股購買權的行權價格 3,600,000 A類普通股的剩餘股份的行權價格被降至$0.3223。 3,600,000 行使了股票認股權，導致公司收到了1,160,280 現金收入。

由於誘導協議中的有益擁有權限制條款， 706,970 股票於2024年9月4日發行。

購買剩餘股份的認股權證仍然持續有效 2,893,030 股份被暫停，以符合受益機構投資者的要求，直到收到通知，方可發行股份，符合受益所有權限制。這些股份隨後於2024年11月5日發行。

2024年4月3日

在2024年4月3日，公司與某機構投資者簽署了證券購買協議。根據證券購買協議的條款，投資者同意從公司購買 499,990 美金的一類普通股股份0.01 公司的股份和預先融資的warrants，以購買 1,500,010 的公司A類普通股（「Warrant A」），購買價格爲$0.968 每股，導致總購買價格爲$1,936,000。公司支付了$245,520 的發行成本，導致淨收益爲$1,690,480.

此外，根據證券購買協議，作爲上述股份和認股權證A購買的額外對價，公司同意向出售股東發行一份股票購買認股權證，以購買 2,000,000 股公司A類普通股，行使價格爲$0.968 每股（「認股權證B」），以及一份股票購買認股權證，以購買 1,600,000 股公司A類普通股，行使價格爲$1.06 每股（「認股權證C」）。

2024年5月24日，機構投資者行使了預融資權證，以每張權證$的行使價格購買了公司A類普通股的股份，共計獲得$的收益 542,100 預融資權證，從權證A購買公司A類普通股的股份，行使價格爲$0.00 每張權證，共獲得$的總收益0.

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On July 26, 2024 , the institutional investor exercised a further 799,091 pre-funded warrants from Warrant A to purchase shares of Class A Common Stock of the Company at an exercise price of $0.00 per warrant for total proceeds of $0.

On August 20, 2024, the institutional investor exercised the remaining 158,819 pre-funded warrants from Warrant A to purchase shares of Class A Common Stock of the Company at an exercise price of $0.00 per warrant for total proceeds of $0. Subsequent to the August 20, 2024 exercise, there were no remaining securities in Warrant A.

On September 3, 2024, the Company entered into a Termination and Release Agreement under which the transaction entered into between the Company and institutional investor that terminated the remaining 2,000,000 stock purchase warrants in Warrant B and 1,600,000 stock purchase warrants in Warrant C. In consideration of the termination of the Transaction Documents, the Company made a $1,650,000 payment to the institutional investor.

All warrants related to this investment have been exercised or terminated and are no longer outstanding as of September 30, 2024.

September 3, 2024

On September 3, 2024, the Company entered into a securities purchase agreement with a single institutional investor to purchase 1,432,399 shares of Class A Common Stock, par value $0.01 of the Company (or pre-funded warrants in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules. The shares were purchased at $0.3213 resulting in proceeds of $460,230.

In a concurrent private placement, the Company also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 2,864,798 shares of Class A Common Stock, par value $0.01 of the Company. The exercise price for each share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrant is $0.3223. The private placement warrants will be exercisable upon receipt of shareholder approval and will expire five years from the initial exercise date and will have an exercise price of $0.3223 per share. As of the date of this Quarterly Report on Form 10-Q, the Company has not received shareholder approval but will hold a vote on November 18, 2024.

The warrants to purchase the remaining 1,432,399 shares of the Company’s Class A Common Stock are held in abeyance as of September 30, 2024 and 2,864,798 shares of the Company’s Class A Common Stock remain outstanding as of September 30, 2024. On November 6, 2024, the 1,432,399 shares were issued upon the exercise of the warrants for $0.0010 per share resulting in $1,432 in proceeds.

September 3, 2024

On September 3, 2024, the Company also entered into a warrant inducement agreement with a single institutional investor to exercise 1,173,030 outstanding warrants that the Company issued on June 5, 2023 (as amended on December 20, 2023) and 3,600,000 outstanding warrants that the Company issued on December 20, 2023. These warrant exercises are discussed under the June 5, 2023 and December 20, 2023 sections above. In consideration for the immediate exercise of the warrants, the Company also agreed to issue to the investor unregistered warrants to purchase an aggregate of 9,546,060 shares of the Company's common stock. These warrants will have an exercise price of $0.3223 per share, will be exercisable upon receipt of shareholder approval and will expire five years from the initial exercise date. As of the date of this Quarterly Report on Form 10-Q, the Company has not received shareholder approval but will hold a vote on November 18, 2024.

In accordance with the Inducement Agreement we recognized a deemed dividend of $1.94 million calculated as the fair value of the warrants and reduction in exercise price of the warrants as described above immediately following the Inducement Agreement. The fair values were determined using the Black Sholes Model. This deemed dividend is added to net loss to arrive at net loss attributable to common stockholders on the statements of operations.

The warrants to purchase the remaining 9,546,000 shares of the Company’s Class A Common Stock remain outstanding as of September 30, 2024.

September 10, 2024

On September 10, 2024, T Stamp Inc., a Delaware corporation (the “Company”), entered into a Securities Purchase Agreement the (“SPA”) with a certain institutional investor. The investor and the Company previously entered into that certain Securities Purchase Agreement dated July 13, 2024, in which the Company issued 4,597,701 shares of Class A

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Common Stock, par value $0.01 of the Company (the “Class A Common Stock”) in exchange for the issuance by the investor to the Company of (i) a $500,000 promissory note payable on July 31, 2024; (ii) a $500,000 promissory note payable on August 31, 2024; and (iii) a $1,000,000 promissory note payable within three (3) trading days of an effective resale registration statement. As of the date of this report, all promissory notes have been repaid.

Pursuant to the terms of the SPA, the Company agreed, at the closing of the SPA and upon the terms and subject to the conditions set forth in the SPA, to issue shares certain warrants to purchase 3,763,950 shares of Class A Common Stock, with an exercise price equal to $0.2273, subject to adjustment in certain circumstances.

The warrants to purchase the remaining 3,763,950 shares of the Company’s Class A Common Stock remain outstanding as of September 30, 2024.

4. Investment

Boumarang License Agreement — On August 6, 2024, the Company entered into a License Agreement (the “Agreement”) with Boumarang Inc. (“Boumarang”), a developer, manufacturer, and seller of hydrogen-powered UAV and USV drones.

Pursuant to the Agreement, the Company agreed to grant a non-exclusive license to Boumarang to exploit certain of the Company’s patents for the purpose of producing, selling, marketing, and distributing drones. As consideration for the grant of the non-exclusive license, Boumarang agreed to pay the Company a non-refundable license fee of $5,000,000 in the form of a prepaid warrant issued by Boumarang to the Company for 5,000,000 shares of common stock of Boumarang at $1.00 per share (the “Prepaid Warrant”).

The Prepaid Warrant may be exercised in whole or in part at any time prior to the tenth annual anniversary of the issuance date of the Prepaid Warrant. No additional exercise price must be paid by the Company to exercise any portion of the Prepaid Warrant. The Prepaid Warrant also provides that the Company will receive any dividends declared by Boumarang that it would have been entitled to had the Prepaid Warrant been fully exercised, even if the Prepaid Warrant has not been exercised as of such time the distribution is made. Boumarang agreed to reserve a number a sufficient number of shares at all times to allow the Company to fully exercise the Prepaid Warrant. The Prepaid Warrant has certain anti-dilution protections, whereby the number of shares issuable upon the exercise of the Prepaid Warrant will proportionately adjust in the case of a stock-split or stock dividend of Boumarang’s common stock.

The investment in Boumarang was recorded in accordance with ASC 321, Investments – Equity Securities (“ASC 321”). Under this guidance, investments in equity securities in privately-held companies without readily determinable fair values are generally recorded at cost, plus or minus subsequent observable price changes in identical or similar investments, less impairments. The Company elected the practical expedient permitted by ASC 321 and recorded the above investment on a cost basis. As a part of the assessment for impairment indicators, the Company considers significant deterioration in the earnings performance and overall business prospects of the investee as well as significant adverse changes in the external environment the investment operate. If qualitative assessment indicates the investment is impaired, the fair value of the Prepaid Warrants would be estimated, which would involve a significant degree of judgement and subjectivity.

The Company qualitatively assessed the investment for impairment in accordance with ASC 321. As of September 30, 2024, the Company determined that there was no impairment for the investment.

Boumarang Subscription Agreement — On August 6, 2024, Trust Stamp executed a Subscription Agreement with Boumarang to participate in a Regulation D offering being conducted by Boumarang, subscribing for 100,000 shares of Boumarang's common stock at a price per share of $1.00. The Company made the $100,000 subscription payment on August 6, 2024.

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5. Balance Sheet Components

Prepaid expenses and other current assets

Prepaid expenses and other current assets as of September 30, 2024 and December 31, 2023 consisted of the following:

			September 30, 2024						December 31, 2023
Prepaid operating expenses			$	253,973					$	216,875
Rent deposit			27,458						28,400
Value added tax receivable			48,177						116,095
Tax credit receivable (short-term)			25,045						102,151
Miscellaneous receivable			859,271						363,260
Prepaid expenses and other current assets			$	1,213,924					$	826,781

Capitalized internal-use software, net

Capitalized internal-use software, net as of as of September 30, 2024 and December 31, 2023 consisted of the following:

			Useful Lives						September 30, 2024						December 31, 2023
Internally developed software			5 Years						$	4,363,338					$	3,901,801
Less: Accumulated depreciation									(2,830,981)						(2,429,427)
Capitalized internal-use software, net									$	1,532,357					$	1,472,374

Amortization expense is recognized on a straight-line basis and during the three months ended September 30, 2024 and 2023 totaled $141 thousand and $140 thousand, respectively. Amortization expense during the nine months ended September 30, 2024 and 2023 totaled $419 thousand, respectively.

As of September 30, 2024, the Company determined that $24 thousand of Capitalized internal-use software were impaired. The impaired Capitalized internal-use software was expensed to Research and development during the nine months ended September 30, 2024.

Property and equipment, net

Property and equipment, net as of as of September 30, 2024 and December 31, 2023 consisted of the following:

			Useful Lives						September 30, 2024						December 31, 2023
Computer equipment			3-4 Years						$	154,181					$	152,014
Furniture and fixtures			10 Years						34,675						28,052
Property and equipment, gross									188,856						180,066
Less: Accumulated depreciation									(149,031)						(123,630)
Property and equipment, net									$	39,825					$	56,436

Depreciation expense is recognized on a straight-line basis and during the three months ended September 30, 2024 and 2023 totaled $8 thousand and $10 thousand, respectively. Depreciation expense during the nine months ended September 30, 2024 and 2023 totaled $27 thousand and $62 thousand, respectively.

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Accrued expenses

Accrued expenses as of September 30, 2024 and December 31, 2023 consisted of the following:

			September 30, 2024						December 31, 2023
Compensation payable			$	672,587					$	377,403
Commission liability			19,885						26,863
Accrued employee taxes			890,411						624,525
Other accrued liabilities			87,377						115,099
Accrued expenses			$	1,670,260					$	1,143,890

6. Goodwill and Intangible Assets, Net

There were no changes in the carrying amount of Goodwill for the nine months ended September 30, 2024.

Intangible assets, net as of September 30, 2024 and December 31, 2023 consisted of the following:

			Useful Lives						September 30, 2024						December 31, 2023
Patent application costs			3 Years						$	555,918					$	484,035
Trade name and trademarks			3 Years						71,033						70,446
Intangible assets, gross									626,951						554,481
Less: Accumulated amortization									(433,647)						(330,791)
Intangible assets, net									$	193,304					$	223,690

The Company added 6 new issued patents during the nine months ended September 30, 2024. The patents issued during the nine months ended September 30, 2024 increased our total number of patents to 23 and include:

•On January 2, 2024, the Company received Notice of Issuance for a patent that is a continuation of “Systems and Processes for Lossy Biometric Representation.” This patent is a continuation addresses a long-felt but unresolved need for a system or process that can transform size-variant, personally-identifying biometric templates into fixed-size, privacy-secured representations, while maintaining sufficiently accurate biometric matching capabilities.

•On January 30, 2024, the Company received Notice of Issuance for a patent that is a continuation of “Systems and Processes for Lossy Biometric Representation.” This technology provides a system or process that can transform size-variant, personally-identifying biometric templates into fixed-size, privacy-secured representations, while maintaining sufficiently accurate biometric matching capabilities.

•On March 19, 2024, the Company received Notice of Issuance for a patent entitled “Systems and Methods for Enhanced Hash Transforms.” Conventional cryptographic hashing techniques generally include functions that generate unique signatures given a piece of data, accepting binary strings of characters as an input, and producing a string (e.g., a digital signature) as an output. Our new patent addresses the need for improved techniques for securely handling sensitive data.

•On April 23, 2024, the Company received Notice of Issuance for a patent entitled “Face Cover-compatible Biometrics and Processes for Generating and Using Same.” which allows for enrollment of biometric information from individuals wearing face coverings such that subsequent biometric identification and verification processes may not require the individuals to remove their face coverings.

•On April 30, 2024, the Company received Notice of Issuance for a patent entitled “Systems and Methods for Liveness-verified, Biometric-based Encryption.” This patent fulfills a long-felt but unresolved need for a system or method that permits encryption/decryption based on liveness-verified biometric data that cannot be stolen or spoofed.

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•On September 3, 2024 the Company received Notice of Issuance by the US Patent of Trademark Office of Patent No. 17/719,975 entitled, “Personal Identifiable Information Encoder." This technology provides the means to maintain the essential utility of PII without storing highly sensitive data. Anyone processing or storing PII should embrace this technology to fulfill their data protection obligations and mitigate damage and losses in the event of a data breach.”

Intangible asset amortization expense is recognized on a straight-line basis and during the three months ended September 30, 2024 and 2023 totaled $32 thousand and $40 thousand, respectively. Intangible asset amortization expense during the nine months ended September 30, 2024 and 2023 totaled $102 thousand and $115 thousand, respectively.

Estimated future amortization expense of Intangible assets, net is as follows:

Years Ending December 31,						Amount
2024						$	31,949
2025						99,005
2026						52,529
2027						9,821
Total future amortization						$	193,304

7. Net Loss per Share Attributable to Common Stockholders

The following table presents the calculation of basic and diluted net loss per share:

						For the three months ended September 30,												For the nine months ended September 30,
						2024						2023						2024						2023
Numerator:
Net loss attributable to common stockholders						$	(1,255,915)					$	(35,162)					$	(6,532,845)					$	(4,752,980)
Denominator:
Weighted average shares used in computing net loss per share attributable to common stockholders						17,717,247						8,155,617						13,368,169						6,658,205
Net loss per share attributable to common stockholders						$	(0.07)					$	—					$	(0.49)					$	(0.71)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive:

			As of September 30,
			2024						2023
Options, RSUs, and grants			1,596,479						791,410
Warrants			26,979,642						4,528,193
Total			28,576,121						5,319,603

8. Stock Awards and Stock-Based Compensation

From time to time, the Company may issue stock awards in the form of Class A Common Stock grants, Restricted Stock Units (RSUs), or Class A Common Stock options with vesting/service terms. Stock awards are valued on the grant date using the Company’s common stock share price quoted on an active market. Stock options are valued using the Black-Scholes-Merton pricing model to determine the fair value of the options. We generally issue our awards in terms of a fixed monthly value, resulting in a variable number of shares being issued, or in terms of a fixed monthly share number.

Stock Options

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The following table summarizes stock option activity for the three and nine months ended September 30, 2024:

			Options Outstanding						Weighted Average Exercise Price Per Share						Weighted Average Remaining Contractual Life (years)						Aggregate Intrinsic Value
Balance as of January 1, 2023			387,109						$	6.40					1.45						$	—
Options granted			11,890						2.28
Options exercised			(1,230)						3.25
Options canceled and forfeited			(4,186)						5.73
Balance as of December 31, 2023			393,583						6.27						1.95						—
Options granted			3,825						1.57
Options exercised			—						—
Options canceled and forfeited			(1,425)						4.21
Balance as of March 31, 2024			395,983						6.24						1.72						—
Options granted			4,375						1.37
Options exercised			—						—
Options canceled and forfeited			(510)						3.92
Balance as of June 30, 2024			399,848						6.19						1.49						—
Options granted			6,550						0.92
Options exercised			—						—
Options canceled and forfeited			(1,530)						3.92
Options vested and exercisable as of September 30, 2024			404,868						$	6.11					1.27						—

			Options Outstanding						Weighted Average Exercise Price Per Share						Weighted Average Remaining Contractual Life (years)						Aggregate Intrinsic Value
Balance as of January 1, 2024			393,583						$	6.27					1.95						$	—
Options granted			14,750						1.22
Options exercised			—						—
Options canceled and forfeited			(3,465)						4.02
Balance as of September 30, 2024			404,868						6.11						1.27						—
Options vested and exercisable as of September 30, 2024			404,868						$	6.11					1.27						$	—

The aggregate intrinsic value of options outstanding, exercisable, and vested is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2024 and 2023 was $0.

The weighted average grant-date fair value of options granted during the nine months ended September 30, 2024 and 2023 was $0.29 and $1.25 per share, respectively. The total grant-date fair value of options that vested during the nine months ended September 30, 2024 and 2023 was $4 thousand and $10 thousand, respectively.

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The following assumptions were used to calculate the fair value of options granted during the nine months ended September 30, 2024:

Fair value of Class A Common Stock			$0.06 — 0.72
Exercise price			$0.80 — 1.64
Risk free interest rate			3.51 — 4.71%
Expected dividend yield			0.00		%
Expected volatility			77.54 — 79.80%
Expected term			3 Years

As of September 30, 2024, the Company had 404,868 stock options outstanding of which all are fully vested options.

Stock Grants

As of September 30, 2024, the Company has 100,188 common stock grants outstanding of which 82,111 were vested but not issued and 18,077 were not yet vested. All granted and outstanding common stock grants will fully vest by September 30, 2025. The Company had unrecognized stock-based compensation related to common stock grants of $6 thousand as of September 30, 2024.

RSU

As of September 30, 2024, the Company had 1,091,423 RSUs outstanding of which 51,412 were vested but not issued and 1,040,011 were not yet vested. All granted and outstanding RSUs will fully vest by January 2, 2025. The Company had unrecognized stock-based compensation related to RSUs of $343 thousand as of September 30, 2024.

During the nine months ended September 30, 2024 the Company issued 54,734 of Class A Common Stock to employees that were designated for employee stock awards and were previously recorded as treasury stock.

A summary of outstanding RSU activity as of September 30, 2024 is as follows:

			RSU Outstanding Number of Shares
Balance as of January 1, 2023			292,564
Granted			410,516
Vested (issued)			(159,776)
Forfeited			(97,202)
Balance as of December 31, 2023			446,102
Granted			1,040,011
Vested (issued)			(318,812)
Forfeited			(75,878)
Balance as of September 30, 2024			1,091,423

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Stock-based compensation expense

Our consolidated statements of operations include stock-based compensation expense as follows:

						For the three months ended September 30,												For the nine months ended September 30,
						2024						2023						2024						2023
Cost of services						$	3,144					$	11,169					$	3,406					$	11,825
Research and development						23,878						48,336						38,087						79,956
Selling, general, and administrative						324,571						88,535						915,110						213,569
Total stock-based compensation expense						$	351,593					$	148,040					$	956,603					$	305,350

9. Related Party Transactions

Related party payables of $48 thousand and $82 thousand as of September 30, 2024 and December 31, 2023, respectively, primarily relate to amounts owed to 10Clouds, the Company’s contractor for software development and investor in the Company, and smaller amounts payable to members of management as expense reimbursements. Total costs incurred in relation to 10Clouds for the three months ended September 30, 2024 and 2023, totaled approximately $1 thousand and $164 thousand, respectively. Total costs incurred in relation to 10Clouds for the nine months ended September 30, 2024 and 2023, totaled approximately $112 thousand and $699 thousand, respectively.

Mutual Channel Agreement

On November 15, 2020, the Company entered into a Mutual Channel Agreement with Vital4Data, Inc., a company at which one of our Directors serves as Chief Executive Officer. Pursuant to the agreement, the Company engaged Vita4Data, Inc. as a non-exclusive sales representative for the Company’s products and services. Vital4Data, Inc. is entitled to compensation in the form of commissions, receiving a 20% of commission-eligible on net revenue from sales generated by Vital4Data, Inc. in the first year of the contract term, which is reduced to 10% in the second year, and 5% in the third year. The Company has not earned or expensed any commissions pursuant to the Vital4Data, Inc. agreement to date. As of September 30, 2024 and December 31, 2023, the Vital4Data, Inc. commission due was $0.

10. Malta Grant

During July 2020 the Company entered into an agreement with the Republic of Malta that would provide for a grant of up to €200 thousand or $251 thousand as reimbursement for operating expenses over the first twelve months following Trust Stamp Malta’s incorporation in the Republic of Malta. The Company must provide an initial capital amount of €50 thousand or $62 thousand, which is matched with a €50 thousand or $62 thousand grant. The remaining €150 thousand or $190 thousand are provided as reimbursement of operating expenses twelve months following incorporation.

U.S. GAAP does not provide authoritative guidance regarding the receipt of economic benefits from government entities in return for compliance with certain conditions. Therefore, based on ASC 105-10-05-2, non-authoritative accounting guidance from other sources was considered by analogy in determining the appropriate accounting treatment, the Company elected to apply International Accounting Standards 20 – Accounting for Government Grants and Disclosure of Government Assistance and recognizes the expected reimbursements from the Republic of Malta as deferred income. As reimbursable operating expenses are incurred, a receivable is recognized (reflected within “Prepaid expenses and other current assets” in the consolidated balance sheets) and income is recognized in a similar systematic basis over the same periods in the consolidated statements of operations. During the nine months ended September 30, 2023, the Company incurred $0 in expenses that are reimbursable under the grant. As of September 30, 2024, all amounts provided for under this grant were received.

On January 25, 2022, the Company entered into an additional agreement with the government of Malta for a grant of up to €100 thousand or $107 thousand, in terms of the ‘Investment Aid to produce the COVID-19 Relevant Product’ program, to support the proposed investment. The estimated value of the grant is €137 thousand or $146 thousand, at an aid intensity of 75% to cover eligible wage costs incurred after February 1, 2022 in relation to new employees engaged specifically for the implementation of the project. On September 22, 2022, the Company entered into an amendment agreement that enables the Company to submit eligible employee expenses for reimbursement by October 31, 2022. The grant was approved in January 2022, however, the request for payment was not approved and management abandoned the agreement. Hence,

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during the nine months ended September 30, 2024 and 2023, the Company incurred $0, respectively, in expenses that are reimbursable under the grant. As of September 30, 2024, no amounts provided under this grant were received.

11. Leases and Commitments

Operating Leases — The Company leases office space in Atlanta, Georgia, which serves as its corporate headquarters, office space in Malta, which serves as its research and development facility, and vehicles in Malta that are considered operating lease arrangements under ASC 842 guidance. In addition, the Company contracts for month-to-month coworking arrangements in other office spaces in North Carolina, Denmark, Poland, Rwanda, and Japan to support its dispersed workforce. As of September 30, 2024, there were no minimum lease commitments related to month-to-month lease arrangements.

Initial lease terms are determined at commencement date, the date the Company takes possession of the property, and the commencement date is used to calculate straight-line expense for operating leases. Certain leases contain renewal options for varying periods, which are at the Company’s sole discretion. For leases where the Company is reasonably certain to exercise a renewal option, such option periods have been included in the determination of the Company’s Operating lease right-of-use assets and Operating lease liabilities. The Company’s leases have remaining terms of 1 to 4 years. As the Company’s leases do not provide an implicit rate, the present value of future lease payments is determined using the Company’s incremental borrowing rate based on information available at the commencement date.

Lease term and discount rate						September 30, 2024
Weighted average remaining lease term						1.88 years
Weighted average discount rate						5.0		%

During the nine months ended September 30, 2024, the Company did terminate one operating lease for office space located in the United States. The lease was terminated upon the conclusion of the agreed upon lease term, therefore, there were no termination fees, Right-of-use assets derecognized, Lease liabilities derecognized, or losses recognized.

Balance sheet information related to leases as of as of September 30, 2024 and December 31, 2023 was as follows:

			September 30, 2024						December 31, 2023
Operating lease right-of-use assets
Operating lease right-of-use assets			$	198,634					$	164,740
Operating lease liabilities
Short-term operating lease liabilities			$	95,367					$	81,236
Long-term operating lease liabilities			70,555						53,771
Total operating lease liabilities			$	165,922					$	135,007

Future maturities of ASC 842 lease liabilities as of September 30, 2024 are as follows:

Years Ending December 31,						Principal Payments						Imputed Interest Payments						Total Payments
2024						$	36,976					$	1,921					$	38,897
2025						88,889						3,696						92,585
2026						22,735						1,170						23,905
2027						8,831						626						9,457
2028						8,491						178						8,669
Total future maturities						$	165,922					$	7,591					$	173,513

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Total lease expense, under ASC 842, was included in Selling, general, and administrative expenses in our unaudited condensed consolidated statement of operations for the three and nine months ended September 30, 2024 and 2023 as follows:

						For the three months ended September 30,												For the nine months ended September 30,
						2024						2023						2024						2023
Operating lease expense – fixed payments						$	39,368					$	40,060					$	117,221					$	169,496
Short term lease expense						10,710						10,846						34,929						48,399
Total lease expense						$	50,078					$	50,906					$	152,150					$	217,895

Supplemental cash flows information related to leases was as follow:

						For the nine months ended September 30,
						2024						2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	(111,277)					$	(145,483)

During the nine months ended September 30, 2024, the Company did not incur variable lease expense.

Financial Liability Obligation — The Company’s financial liability totaled $0 and $162 thousand as of September 30, 2024 and December 31, 2023, respectively, for an executed agreement with a telecommunications company for acquiring mobile hardware. On March 3, 2023, the Company provided a 30-day termination notice to the telecommunications company which terminates the mobile hardware data service. Under the contract terms with the telecommunications company, upon termination of the data service the Company must pay the remaining financial liability during the final data service billing period. The remaining financial liability was resolved with a settlement and no further payment is due as of September 30, 2024.

Litigation — The Company is not currently involved with and does not know of any pending or threatening litigation against the Company or any of its officers or directors in connection with its business.

12. Subsequent Events

Securities Purchase Agreement — On October 27, 2024, the Company entered into a Securities Purchase Agreement (the “SPA”) with DQI Holdings, Inc. (“DQI”). Pursuant to the terms of the SPA, the Company agreed to sell, and DQI agreed to purchase from, at the closing of the SPA (the “Closing”) and upon the terms and subject to the conditions set forth in the SPA, 1,363,636.36 shares of Class A Common Stock, par value $0.01 of the Company (the “Class A Common Stock”) at $0.22 per share, subject to adjustment in certain circumstances.

On October 28, 2024 (the “Closing Date”), the Closing of the SPA occurred, and the Company received a cash payment of $300,000. The 1,363,636.36 shares of Class A Common Stock are held abeyance as of the date of this Quarterly Report on Form 10-Q. The Closing of the SPA was subject to a number of customary closing conditions, including, but not limited to, the Company’s entry into a Registration Rights Agreement, the execution of which were conditions to the Closing of the SPA.

Secured Promissory Note — On November 13, 2024, the Company received a loan pursuant a secured promissory note in the principal amount of $3.00 million. The note accrues interest at a rate of 14% per annum, computed as simple interest on the basis of a year of 365 days. Principal and any accrued but unpaid interest under this note shall be due and payable by the Company upon demand of the noteholder at any time after January 12, 2025. The note is secured by all of the Company's assets, including its receivables.

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PART II - OTHER INFORMATION

Item 6. Exhibits.

Exhibit No.						Exhibit Description
3.1						Third Amended and Restated Certificate of Incorporation (incorporated by reference to the Company’s Form 8-K filed with the SEC on July 7, 2023).
3.2						Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed with the SEC on December 12, 2022).
4.1						Form of Warrant dated November 9, 2016 ($5,000 per share) (incorporated by reference to Exhibit 3.9 to the Company’s Form DOS filed with the SEC on December 30, 2019).
4.2						Form of Warrant dated November 9, 2016 ($1,000,000) (incorporated by reference to Exhibit 3.10 to the Company’s Form DOS filed with the SEC on December 30, 2019).
4.3						Form of Warrant dated September 30, 2016 (incorporated by reference to Exhibit 3.11 to the Company’s Form DOS filed with the SEC on December 30, 2019).
4.4						Form of Warrant dated December 16, 2016 (incorporated by reference to Exhibit 3.12 to the Company’s Form DOS filed with the SEC on December 30, 2019).
4.5						Warrant issued by the Company to Reach® Ventures 2017 LP (incorporated by reference to Exhibit 3.14 to the Company’s Form 1-A filed with the SEC on March 12. 2020).
4.6						Warrant issued by the Company to Second Century Ventures, LLC (incorporated by reference to Exhibit 3.15 to the Company’s Form 1-A filed with the SEC on March 12. 2020).
4.7						Form of Private Placement Warrant (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the SEC on April 18, 2023).
4.8						Form of Promissory Note due and payable on July 31, 2024 ($500,000) (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 18, 2024).
4.9						Form of Promissory Note due and payable on August 31, 2024 ($500,000) (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the SEC on July 18, 2024).
4.10						Form of Promissory Note due and payable within three days of an effective resale registration statement ($1,000,000) (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed with the SEC on July 18, 2024).
4.11						Prepaid Warrant issued by Boumarang Inc. to the Company (incorporated by reference to Exhibit 4.17 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024).
4.12						Form of New Warrant dated September 3, 2024 (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the SEC on September 5, 2024).
4.13						Form of Common Stock Purchase Warrant dated September 10, 2024 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 13, 2024).
10.1						Emergent Agreement dated June 11, 2020 (incorporated by reference to Exhibit 6.11 to the Company’s Form 1-SA for the six months ended June 30, 2020 filed with the SEC on September 28, 2020).
10.2						Executive Employment Agreements of Gareth Genner and Andrew Gowasack, effective as of December 8, 2020 (incorporated by reference to Exhibit 6.13 to the Company’s Form 1-K for the year ended December 31, 2020 filed with the SEC on April 30, 2021).
10.3						Malta Enterprise Letter dated July 8, 2020 sent to the Company (Repayable Advance of €800,000) (incorporated by reference to Exhibit 6.14 to the Company’s Form 1-A/A filed with the SEC on January 12, 2022).
10.4						Purchase Order executed September 23, 2021 issued by U.S. Immigration and Customs Enforcement to the Company (as Contractor) (incorporated by reference to Exhibit 6.15 to the Company’s Form 1-A/A filed with the SEC on January 12, 2022).
10.5						Letter of Appointment effective December 1, 2021 sent by the Company to Berta Pappenheim (as non-executive director appointee) (incorporated by reference to Exhibit 6.16 to the Company’s Form 1-A/A filed with the SEC on January 12, 2022).

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10.6						Letter of Appointment effective December 1, 2021 sent by the Company to Kristin Stafford (as non-executive director appointee) (incorporated by reference to Exhibit 6.17 to the Company’s Form 1-A/A filed with the SEC on January 12, 2022).
10.7						Warrant Agency Agreement between the Company and Colonial Stock Transfer Company, Inc. dated August 20, 2021. (incorporated by reference to Exhibit 6.18 to the Company’s Form 1-A/A filed with the SEC on January 12, 2022).
10.8						Mutual Channel Agreement dated November 15, 2020 between the Company and Vital4Data, Inc. (incorporated by reference to Exhibit 6.19 to the Company’s Form 1-A/A filed with the SEC on January 12, 2022).
10.9						Warrant to Purchase Common Stock between the Company and Second Century Ventures, LLC dated April 22, 2020 (incorporated by reference to Exhibit 6.9 to the Company’s Form 1-A/A filed with the SEC on April 30, 2020).
10.10						Settlement Agreement dated July 1, 2019 between Emergent Technology Holdings, LP and the Company . (Incorporated by reference to Exhibit 6.1 to the Company’s Form 1-A filed with the SEC on March 12, 2020).
10.11						Amendment dated April 15, 2022 to Purchase Order executed September 23, 2021 issued by U.S. Immigration and Customs Enforcement to the Company (as Contractor) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 21, 2022).
10.12						Amendment dated July 15, 2022 to Purchase Order executed September 23, 2021 issued by U.S. Immigration and Customs Enforcement to the Company (as Contractor) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 21, 2022).
10.13						Executive Employment Agreement of Alex Valdes, effective as of December 8, 2020 (incorporated by reference to Exhibit 6.12 to the Company’s Form 1-K for the year ended December 31, 2020 filed with the SEC on April 30, 2021).
10.14						Executive Employment Agreement of Andrew Scott Francis, effective as of December 8, 2020 (incorporated by reference to Exhibit 6.13 to the Company’s offering statement on Form 1-A filed with the SEC on November 19, 2021).
10.15						Form of Securities Purchase Agreement by and between the Company and a certain institutional investor dated April 14, 2023 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 18, 2023).
10.16						Form of Securities Purchase Agreement by and between the Company and a certain institutional investor dated June 1, 2023 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 5, 2023).
10.17						Warrant Amendment by and between the Company and a certain institutional investor dated June 1, 2023 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on June 5, 2023).
10.18						Form of Warrant Exercise Agreement, dated December 21, 2023 by and between T Stamp Inc. and the Institutional Investor (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on December 21, 2023).
10.19						Securities Purchase Agreement dated April 1, 2024 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on April 4, 2024).
10.20						Registration Rights Agreement dated April 1, 2024 (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed by the Company on April 4, 2024).
10.21						Placement Agent Agreement dated April 1, 2024 (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed by the Company on April 4, 2024)
10.22						Securities Purchase Agreement dated July 13, 2024 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 18, 2024).
10.23						Registration Rights Agreement dated July 13, 2024 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on July 18, 2024).
10.24						Voting Limitation Agreement Registration dated July 13, 2024 (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on July 18, 2024).
10.25						License Agreement between the Company and Boumarang Inc. dated July August 6, 2024 (incorporated by reference to Exhibit 10.29 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024).

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10.26						Form of Securities Purchase Agreement by and between the Company and a certain institutional investor dated September 3, 2024 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 5, 2024).
10.27						Form of Warrant Exercise Agreement, dated September 3, 2024, by and between the Company and the institutional investor (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on September 5, 2024).
10.28						Form of Termination and Release Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on September 5, 2024).
10.29						Form of Lock-Up Agreement (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the SEC on September 5, 2024).
10.30						Form of Securities Purchase Agreement by and between the Company and DQI dated September 10, 2024 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 13, 2024).
10.31						Form of Registration Rights Agreement by and between the Company and DQI dated September 10, 2024 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on September 13, 2024).
10.32						Form of Securities Purchase Agreement by and between the Company and a DQI dated October 27, 2024 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on November 1, 2024).
10.33						Registration Rights Agreement by and between the Company and DQI dated October 27, 2024 incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on November 1, 2024).
31.1*						Certification of the principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of the principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*						Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH*						Inline XBRL Taxonomy Extension Schema
101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase
101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase
101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase
101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase
104						Cover Page Interactive Data File—the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

_________________________

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

T STAMP INC.
/s/ Gareth Genner
Gareth Genner, Chief Executive Officer
Trust Stamp

The following persons in the capacities and on the dates indicated have signed this report.

/s/ Gareth Genner
Gareth Genner, Principal Executive Officer, Chief Executive Officer, Director
Date: November 21, 2024
/s/ Alex Valdes
Alex Valdes, Principal Financial Officer, Principal Accounting Officer
Date: November 21, 2024
/s/ Andrew Gowasack
Andrew Gowasack, President, Director
Date: November 21, 2024
/s/ William McClintock
William McClintock, Director
Date: November 21, 2024
/s/ Charles Potts
Charles Potts, Director
Date: November 21, 2024
/s/ Kristin Stafford
Kristin Stafford, Director
Date: November 21, 2024
/s/ Berta Pappenheim
Berta Pappenheim, Director
Date: November 21, 2024
/s/ Andrew Scott Francis
Andrew Scott Francis, Director
Date: November 21, 2024

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