Summary by Moomoo AI
180 Life Sciences Corp. reported Q3 2024 financial results with a net loss of $836,720, compared to a $10.3 million loss in Q3 2023. Total operating expenses decreased 72% to $979,093, driven by reduced research and development spending and lower general administrative costs. The company ended the quarter with $194,920 in cash and a working capital deficit of $5.2 million.On September 29, 2024, the company acquired blockchain casino technology assets from Elray Resources for consideration of 1 million shares of Series B Convertible Preferred Stock and warrants to purchase 3 million common shares. The acquired assets include backend gaming platform infrastructure, blockchain payment processing capabilities, and player management systems. Management expects to launch online casino operations between Q1-Q2 2025.The company regained Nasdaq compliance in October 2024 following the technology acquisition but remains subject to a one-year mandatory panel monitor. In October 2024, the company raised $3.3 million through warrant exercises. Management estimates $3-5 million in additional capital will be needed to fully commercialize the gaming platform, including frontend development, licensing and marketing costs.
