(Tables follow)
JANOVER INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
September 30, December 31,
2024 2023
--------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 2,768,398 $ 5,075,609
Accounts receivable 165,785 86,138
Prepaid expenses 129,206 130,430
Deferred offering costs 48,528 -
----------- ----------
Total current assets 3,111,917 5,292,177
Property and equipment, net 36,219 28,137
Intangible assets, net 510,283 675,957
Goodwill 606,666 606,666
Marketable securities 173,250 -
Other assets 20,742 18,107
Right of use asset 25,718 62,781
----------- ----------
Total assets $ 4,484,795 $ 6,683,825
=========== ==========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable and accrued
expenses $ 121,539 $ 539,136
Deferred revenue 200,948 83,228
Right of use liability, current
portion 27,659 52,731
----------- ----------
Total current liabilities 350,146 675,095
Contingent consideration 178,819 178,819
Right of use of liability - 13,933
----------- ----------
Total liabilities 528,965 867,847
----------- ----------
Commitments and contingencies
(Note 9)
Stockholders' equity:
Series A Preferred stock,
$0.00001 par value, 100,000
shares authorized, 10,000
shares issued and outstanding
as of both September 30, 2024
and December 31, 2023 - -
Series B Preferred stock,
$0.00001 par value, 1,000
shares authorized, 0 shares
issued and outstanding as of
both September 30, 2024 and
December 31, 2023 - -
Common stock, $0.00001 par
value, 100,000,000 shares
authorized, 11,299,592 and
11,046,981 shares issued and
outstanding as of September 30,
2024 and December 31, 2023,
respectively 113 110
Additional paid-in capital 12,839,903 12,459,343
Accumulated deficit (8,884,186) (6,643,475)
----------- ----------
Total stockholders' equity 3,955,830 5,815,978
----------- ----------
Total liabilities and
stockholders' equity $ 4,484,795 $ 6,683,825
=========== ==========
JANOVER INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2024 2023 2024 2023
----------- ----------- ----------- -----------
Revenues $ 618,669 583,785 $ 1,470,779 $ 1,652,965
Cost of revenues 7,631 - 24,298 -
---------- ---------- ---------- ----------
Gross profit 611,038 583,785 1,446,481 1,652,965
Operating
expenses:
Sales and
marketing 298,897 764,189 1,128,152 1,373,379
Research and
development 151,190 246,883 478,580 442,502
General and
administrative 564,437 1,211,252 1,990,573 1,996,057
Depreciation and
amortization 50,603 107 173,268 107
---------- ---------- ---------- ----------
Total
operating
expenses 1,065,127 2,222,431 3,770,573 3,812,045
---------- ---------- ---------- ----------
Loss from
operations (454,089) (1,638,646) (2,324,092) (2,159,080)
Other income
(expense):
Change in fair
value of future
equity
obligations - - - (119,826)
Change in fair
value of
marketable
securities (52,250) - (52,250) -
Interest income 34,288 57,587 129,220 77,115
Other income 796 2,531 6,411 5,226
---------- ---------- ---------- ----------
Total other
income
(expense) (17,166) 60,118 83,381 (37,485)
---------- ---------- ---------- ----------
Net loss $ (471,255) $(1,578,528) $(2,240,711) $(2,196,565)
========== ========== ========== ==========
Weighted average
common shares
outstanding -
basic and diluted 11,205,011 9,180,889 11,110,766 7,769,635
========== ========== ========== ==========
Net loss per common
share - basic and
diluted $ (0.04) $ (0.17) $ (0.20) $ (0.28)
========== ========== ========== ==========
JANOVER INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
September 30,
-------------------------
2024 2023
----------- -----------
Cash flows from operating activities:
Net loss $(2,240,711) $(2,196,565)
Adjustments to reconcile net loss to
net cash used in operating
activities:
Depreciation and amortization 173,268 107
Stock-based compensation 263,313 893,400
Change in fair value of marketable
securities 52,250 -
Issuance of common stock upon IPO
for services - 541,064
Change in fair value of future
equity obligations - 119,826
Changes in operating assets and
liabilities:
Accounts receivable (230,147) (89,422)
Prepaid expenses 91,695 (183,846)
Other assets (2,634) -
Accounts payable and accrued
expenses (386,806) 6,328
Deferred revenue 42,720 -
Right of use of liability, net (1,944) 969
---------- ----------
Net cash used in operating
activities (2,238,996) (908,139)
---------- ----------
Cash flows from investing activities:
Purchase of property and equipment (13,176) (9,073)
Intangible assets, net (2,500) -
---------- ----------
Net cash used in investing
activities (15,676) (9,073)
---------- ----------
Cash flows from financing activities:
Issuance of preferred stock - 1,000,000
Issuance of common stock - 5,023,500
Exercise of stock options 1,232 -
Repurchase of common stock (5,243) -
Deferred offering costs (48,528) (272,405)
---------- ----------
Net cash (used in) provided by
financing activities (52,539) 5,751,095
---------- ----------
Net change in cash (2,307,211) 4,833,883
Cash at beginning of period 5,075,609 981,125
---------- ----------
Cash at end of period $ 2,768,398 $ 5,815,008
========== ==========
Supplemental disclosure of cash flow
information:
Cash paid for interest $ 1,089 $ -
Cash paid for taxes $ - $ -
Supplemental disclosure of non-cash
financing activities:
Issuance of common stock for prepaid
and accrued services $ 121,262 $ -
Marketable securities received in
exchange for customer contract $ 225,500 $ -
Conversion of future equity
obligations into common stock in
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