Tue, May 14, 5:28 PM (245 days ago)
Janover Inc.'s Form 10-Q for the quarter ended March 31, 2024, reports a net loss of $964,051, significantly higher than the $220,186 loss in the same quarter of 2023. Revenues decreased by 12% to $411,137, primarily due to a decline in closed loan transactions. Operating expenses surged by 92% to $1,420,756, driven by increased sales, marketing, research, and administrative costs, including higher compensation and professional fees. The company’s cash and cash equivalents dropped from $5.1 million to $3.9 million, with $1.1 million used in operating activities. Despite the losses, management believes the current cash reserves are sufficient for at least one year. The acquisition of Groundbreaker, contributing to recurring SaaS revenue, and the launch of Janover Insurance Group are highlighted as strategic growth initiatives. The report also discusses the impact of economic uncertainties and interest rate volatility on future operations.