Tue, May 14, 8:35 PM (206 days ago)
Auddia Inc.'s Q1 2024 financial report shows an increase in total assets to $6.2 million from $4.4 million in Q4 2023, primarily due to a rise in cash and cash equivalents following a $3.6 million equity raise. However, the company continues to face significant challenges, including a net loss of $2.2 million, slightly higher than the $2.15 million loss in Q1 2023. Operating expenses increased by 11.2% due to higher general and administrative costs, despite reductions in sales and marketing, and R&D expenses. The company’s cash flow from operations was negative $1.4 million, with additional cash used for capitalized software development. Financing activities provided $3.6 million from equity sales, which was used to repay $2.75 million in bridge notes. Auddia remains focused on developing and marketing its faidr app, which combines ad-free AM/FM radio and podcasts, and plans to secure further funding to sustain operations and pursue growth strategies, including potential acquisitions. The company also regained compliance with Nasdaq's minimum bid price requirement but must still meet equity requirements by May 20, 2024.