10-Q - DatChat, Inc. (0001648960) (Filer)

Tue, May 14, 8:47 PM (253 days ago)

DatChat, Inc. reported a net loss of $1.56 million for Q1 2024, a significant improvement from a $2.4 million loss in Q1 2023. The company's revenue remains minimal, totaling $131 for the quarter. Operating expenses decreased by 31.3% year-over-year, primarily due to reductions in compensation, marketing, and research and development costs. Cash and cash equivalents were $249,983 as of March 31, 2024, with short-term investments of $5.84 million. Despite raising $1.42 million in net proceeds from a public offering in January 2024, the company continues to face substantial doubt about its ability to continue as a going concern due to ongoing net losses and minimal revenue generation. Management is focused on raising additional capital and may need to curtail operations if unable to secure further financing. Recent strategic moves include plans to spin off the Habytat platform into a standalone public company and ongoing development of new products like Myseum.