Brand Engagement Network Inc. (BNAIW) announced its financial results for the first quarter ended March 31, 2025. The company reported immaterial revenues of $10,000, a decrease from $49,790 in the same period of 2024.
BNAIW posted a net loss of $3.61 million for Q1 2025, an improvement from the $6.88 million net loss in Q1 2024. The company's liquidity position remains critical, with only $236,229 in cash and cash equivalents as of March 31, 2025, and $2.63 million used in operating activities during the quarter.
The company is in default on the Yorkville Promissory Note with an unpaid balance of $416,667 and the Cohen Convertible Note with an unpaid balance of $760,000, both of which matured in March 2025. Management explicitly stated that existing cash and expected financing proceeds are insufficient to meet anticipated cash requirements for the next 12 months, raising substantial doubt about the company's ability to continue as a going concern.
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