Our pre-signalled reduction in net revenue from $5.39 million for year ended December 31, 2022 to $4.56 million for year ended December 31, 2023 resulted from the end of the ICE pilot and our new focusing on SaaS sales, and was more than offset by our reducing selling, general, and administrative expenses by $4.05 million, or 32.53%, including a 48.79% reduction in our cost of sales.
Our operating loss for year ended December 31, 2023 was $7.64 million, reduced from $12.08 million for the period ended December 31, 2022 with a corresponding reduction in our net loss. This resulted in a basic and net loss per share of $1.07 for year ended December 31, 2023 compared to $2.55 for year ended December 31, 2022.
Over the year, our balance sheet was strengthened by equity investments and $10.32 million in net proceeds were raised in total. The Company raised $4.78 million (Q2 2023), $2.69 million (Q2 2023), $621 thousand (Q3 2023), and $2.23 million (Q4 2023) in proceeds, from three separate securities purchase agreements with an Institutional Investor for the issuance of Class A Common Stock, pre-funded warrants, and common stock warrants."
Mr. Genner went on to comment, "While significantly reducing our SG&A expenses and increasing our sales resources, we have continued to invest in research and development resulting in a cutting-edge patent portfolio and an AI-powered technology stack. As of today we have 20 patents issued, and an additional 15 patents provisional or pending, and we believe that our patent portfolio is a significant asset that will power and differentiate our current and future generations of innovative products."