Summary by Moomoo AI
Aclarion, Inc. reported its financial results for the quarter ended March 31, 2024, with a revenue of $10,114, a decrease from the previous year's $25,470. The company experienced a gross loss of $9,362 compared to a gross profit of $8,017 in the same quarter of the previous year. Operating expenses totaled $1,265,945, with sales and marketing at $181,056, research and development at $239,042, and general and administrative expenses at $845,847. The net loss for the quarter was $2,399,102, a larger loss than the $1,183,460 reported in the same period last year. The company completed a public offering, raising approximately $3.0 million before expenses, and also raised about $1.4 million from an equity line. As of March 31, 2024, Aclarion had cash, including restricted cash, of $2,142,635. The company's management believes that current funds will be sufficient to support operations into the third quarter of 2024. Aclarion is focused on leveraging magnetic resonance spectroscopy (MRS) and a proprietary biomarker to optimize clinical treatments. The company is also working on improving its internal control over financial reporting and addressing material weaknesses identified in its disclosure controls and procedures.