Thu, Sep 12, 12:02 PM (100 days ago)
For the fiscal year ended December 31, 2023, AiAdvertising, Inc. reported total revenue of $8,170,957, a significant increase from $6,744,297 in 2022, driven by new customer acquisitions and growth from existing clients. The company's net loss decreased to $6,265,359 from $8,489,924, reflecting improved operational efficiency despite rising costs. Operating expenses fell to $6,852,960, down from $7,952,193, primarily due to reduced employment levels and discretionary spending. Despite these gains, the company faces liquidity challenges, with a working capital deficit of $1,493,914. Cash flow from operations worsened to a negative $5,542,258, exacerbated by rising accounts receivable. The company has relied on financing activities, raising $5,599,428 through preferred stock sales, including a significant $5 million from Hexagon Partners. Strategically, AiAdvertising aims to leverage its AI-driven Campaign Performance Platform to adapt to industry changes, particularly the decline of cookie-based tracking. However, risks remain, including dependence on a limited customer base, credit risks, and regulatory challenges. The company continues to explore additional capital sources to sustain operations and growth.