Amesite Inc.
For the period ended Jun 30, 2026. Filed Sep 23, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Sep 23, 2026
AMST$0.52-4.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2025-06-30; filed 2025-09-29.
0001213900-25-093213
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-06-30; filed 2026-09-23.
0001213900-26-102676
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 59 previous paragraphs and 59 current paragraphs.
38 unchanged; 12 reworded; 7 added; 8 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 0 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
General and administrative expenses for the year ended June 30, 2026 were relatively consistent at $2,510,264 as compared to $2,477,888 for the year ended June 30, 2025.
Current report
On April 28, 2026, we closed on a registered direct offering of 696,866 shares of common stock at a purchase price of $1.435 per share, a concurrent private placement of pre-funded warrants to purchase 696,866 shares of common stock and common warrants to purchase an aggregate of 2,787,464 shares of common stock, and an insider-led private placement of 418,118 shares of common stock and common warrants to purchase an aggregate of 836,236 shares of common stock. The aggregate gross proceeds from the registered direct offering and private placement were approximately $2.0 million, and the aggregate gross proceeds from the insider-led private placement were approximately $600,000, in each case prior to deducting placement agent fees and other offering expenses.
Current report
Cash Flows
Current report
The following table summarizes our cash flows for the fiscal years ended June 30, 2026 and 2025:
Current report
During the fiscal year ended June 30, 2026, net cash used in operating activities was approximately $2,147,000 consisting primarily of our net loss, adjusted for non-cash items, and driven principally by payroll and professional fees. Net cash used in investing activities was approximately $231,000 attributable to capitalized software development costs, which consist largely of payroll for internal development personnel. Net cash provided by financing activities was approximately $2,343,000 resulting from the April 2026 registered direct offering and concurrent private placement.
Current report
During the fiscal year ended June 30, 2025, net cash used in operating activities was approximately $2,455,000 driven principally by payroll and professional fees. Net cash used in investing activities was approximately $378,000 attributable to capitalized software development costs, consisting largely of payroll for internal development personnel. Net cash provided by financing activities was approximately $3,096,000 resulting principally from the January 2025 public offering.
Removed paragraphs (8)
Previous report
General and administrative expenses for the year ended June 30, 2025, were $2,477,888 as compared to $2,908,289 for the year ended June 30, 2024. The decrease of $430,401 is primarily due to significant savings in the areas of employee payroll and Board of Directors compensation due to the resignation of two Board members in December 2024.
Previous report
During the period from November 14, 2017 (date of incorporation) to September 30, 2020, we raised net proceeds of approximately $11,760,000 from private placement financing transactions (stock and debt). On September 25, 2020, we completed the Offering of 250,000 shares of our common stock, $0.0001 par value per share, at an offering price of $60.00 per share (total net proceeds of approximately $12.8 million after underwriting discounts, commissions, and other offering costs).
Previous report
On August 2, 2021, we entered into a purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), under which, subject to specified terms and conditions, we may sell up to $16.5 million of shares of common stock. Our net proceeds under the Purchase Agreement will depend on the frequency of sales and the number of shares sold to Lincoln Park and the prices at which we sell shares to Lincoln Park. On August 2, 2021, we sold 63,260 shares of our common stock to Lincoln Park in an initial purchase under the Purchase Agreement for a total purchase price of $1,500,000. We also issued 12,726 shares of our common stock to Lincoln Park as consideration for its irrevocable commitment to purchase our common stock under the Purchase Agreement.
Previous report
On September 1, 2022, we closed a public offering of 348,485 shares of common stock and a concurrent private placement of warrants to purchase 348,485 shares of common stock at a combined purchase price of $6.60 per share. The net proceeds to the Company were approximately $1.85 million.
Previous report
In late fiscal year 2024, management determined to transition away from the Company’s education-focused offerings and to pursue alternative AI-powered solutions. After evaluating several options, the Company selected what became NurseMagic™ (NM), which officially launched in June 2024. Initial NM sales were recorded in the second quarter of fiscal 2025. In February 2025, the product became available for online subscription, followed shortly thereafter by its release on Google Play and the Apple App Store. In April 2025, NM achieved HIPAA compliance, and the Company introduced NurseMagic™ Teams+, which contributed to accelerated customer adoption and revenue growth.
Previous report
The table below illustrates the Company’s strategic shift from its education platform to NM. Although revenues declined in fiscal year 2024 (and overall in fiscal 2025 compared to fiscal 2024), the Company experienced a turnaround in fiscal year 2025 as the NM customer base expanded.
Previous report
FY-2024 and FY-2025 Quarterly Revenue
Previous report
In July 2025, the Company introduced NurseMagic™ Enterprise, designed for larger-scale customers with features such as electronic medical record (EMR) integration, tailored compliance and billing documentation, and a patient census–based pricing model.
Reworded paragraphs (12)
Previous wording
We are not currently profitable, and we cannot provide any assurance that we will ever be profitable. We incurred a net loss of $3,617,086 for the twelve months ended June 30, 2025, and we incurred a net loss of $41,450,587 for the period from November 14, 2017 (date of incorporation) to June 30, 2025.
Current wording
We are not currently profitable, and we cannot provide any assurance that we will ever be profitable. We incurred a net loss of $3,095,838 for the twelve months ended June 30, 2026, and we incurred a net loss of $44,546,425 for the period from November 14, 2017 (date of incorporation) to June 30, 2026.
Previous wording
The assessment of the Company’s ability to meet its future obligations is inherently judgmental, subjective and susceptible to change. Based on their current forecast, management believes that it will have sufficient cash and cash equivalents to maintain the Company’s planned operations for the next twelve months following the issuance of these financial statements; however, there is uncertainty in the forecast and therefore the Company cannot assert that it is probable. The Company has considered both quantitative and qualitative factors that are known or reasonably knowable as of the date of these financial statements are issued and concluded that there are conditions present in the aggregate that raise substantial doubt about the Company’s ability to continue as a going concern.
Current wording
The assessment of the Company’s ability to meet its future obligations is inherently judgmental, subjective and susceptible to change. Based on their current forecast, management believes that it may not have sufficient cash and cash equivalents to maintain the Company’s planned operations for the next twelve months following the issuance of these financial statements; however, there is uncertainty in the forecast and therefore the Company cannot assert that it is probable. The Company has considered both quantitative and qualitative factors that are known or reasonably knowable as of the date of these financial statements are issued and concluded that there are conditions present in the aggregate that raise substantial doubt about the Company’s ability to continue as a going concern.
Previous wording
We generated revenues of $110,459 for the year ended June 30, 2025 as compared to $166,881 for the year ended June 30, 2024. Revenue compared to the prior year was primarily from license fee revenues related to the NurseMagic TM app.
Current wording
We generated revenues of $364,777 for the year ended June 30, 2026 as compared to $110,459 for the year ended June 30, 2025. Revenue was primarily from B2B license fee revenues related to the NurseMagic TM app.
Previous wording
We have strongly pivoted to grow our customer base while reducing risk and losses, resulting in a larger client base, a short-term reduction in overall revenue and a dramatic reduction in cash burn. Larger, cash-upfront deals were struggling to produce sustainable revenue, as administrative barriers within nonprofits, high price points set by customers, and inability or unwillingness of customers to partner with schools, businesses and other entities to purchase products hampered growth. During the fiscal year ended June 30, 2025 we began to market and sell to individuals (B2C) which accounted for 24% of sales.
Current wording
We have undertaken a strategic pivot aimed at growing our customer base while reducing risk and losses, resulting in a larger client base and a dramatic reduction in cash burn.
Previous wording
We continue to believe that AI-powered programs, priced affordably, will supplant other academic products in the mid to long term, but have defocused on securing academic customers, and are now offering solutions for the healthcare industry. We have focused all new development work on delivering AI tools to markets hungry for increased capability that immediately impacts both their performance and their bottom line. The NurseMagic TM app is the first of these and has already gained traction with larger entities.
Current wording
We continue to believe that AI-powered programs, priced affordably, will supplant other academic products in the mid to long term, but have defocused on securing academic customers, and are now offering solutions for the healthcare industry. We have focused all new development work on delivering AI tools to markets hungry for increased capability that immediately impacts both their performance and their bottom line.
Previous wording
Technology and content development expenses for the year ended June 30, 2025, were $691,154 as compared to $1,074,328 for the year ended June 30, 2024. The decrease of $383,174 is primarily due to savings in employee payroll and lower capitalized software amortization.
Current wording
Technology and content development expenses for the year ended June 30, 2026, were $613,578 as compared to $691,154 for the year ended June 30, 2025. The decrease of $77,576 is primarily due to savings in employee payroll.
Previous wording
Sales and marketing expenses for the year ended June 30, 2025 were $545,030 as compared to $763,915 for the year ended June 30, 2024. The decrease of $218,885 is primarily due to lower marketing costs and savings in employee payroll.
Current wording
Sales and marketing expenses for the year ended June 30, 2026 were $384,041 as compared to $545,030 for the year ended June 30, 2025. The decrease of $160,989 is primarily due to lower advertising costs and savings in employee payroll.
Previous wording
For the year ended June 30, 2025, interest income totaled $77,396 as compared to interest income of $176,469 for the year ended June 30, 2024 due to lower cash balances until the January 2025 public offering.
Current wording
For the year ended June 30, 2026, interest income totaled $47,268 as compared to interest income of $77,396 for the year ended June 30, 2025 due to declining cash balances until the April 2026 registered direct offering and concurrent private placement.
Previous wording
During the fiscal years ended June 30, 2025 and 2024, the Company recognized impairment losses of $90,869 and $0, respectively, related to capitalized software in the accompanying statement of operations. The impairment was triggered by management’s decision to discontinue development of the higher ed/professional learning app due to a shift in strategic focus to the NurseMagic™ app.
Current wording
During the fiscal years ended June 30, 2026 and 2025, the Company recognized impairment losses of $0 and $90,869, respectively, related to capitalized software in the accompanying statement of operations. The impairment in fiscal 2025 was triggered by management’s decision to discontinue development of the higher ed/professional learning app due to a shift in strategic focus to the NurseMagic™ app.
Previous wording
Our net loss for the year ended June 30, 2025 was approximately $3,617,000 as compared to a net loss for the year ended June 30, 2024 of approximately $4,403,000. The loss was approximately $786,000 lower during the year ended June 30, 2025 compared to 2024 primarily due to the significant savings in the areas discussed above offset by the impairment charge.
Current wording
Our net loss for the year ended June 30, 2026 was approximately $3,096,000 as compared to a net loss for the year ended June 30, 2025 of approximately $3,617,000. The loss was $521,248 lower during the year ended June 30, 2026 compared to 2025 primarily due to the significant savings in the areas discussed above.
Previous wording
During the years ended June 30, 2025 and 2024, we had capital asset additions of $378,300 and $375,866, respectively, which were all comprised of capitalized technology and content development. There were no significant additions to property and equipment for the fiscal years ended June 30, 2025 and 2024. We will continue to capitalize significant software development costs, comprised primarily of internal payroll, payroll related and contractor costs, as we build out and complete our technology platforms.
Current wording
During the years ended June 30, 2026 and 2025, we had capital asset additions of $225,098 and $378,300, respectively, which were all comprised of capitalized technology and content development. There were no significant additions to property and equipment for the fiscal years ended June 30, 2026 and 2025. We will continue to capitalize significant software development costs, comprised primarily of internal payroll, payroll related and contractor costs, as we build out and complete our technology platforms.
Previous wording
As of June 30, 2025, our cash balance totaled $2,433,418.
Current wording
As of June 30, 2026, our cash balance totaled $2,398,809, inclusive of $100,000 restricted cash.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
The Company is developing its customer base and has not completed its efforts to establish a stabilized source of revenue sufficient to cover its expenses. The Company has had a history of net losses and negative cash flows from operating activities since inception and expects to continue to incur net losses and use cash in its operations in the foreseeable future.
Current report — wording carried from elsewhere
Based on management’s current forecast, management believes that it may not have sufficient cash and cash equivalents to maintain the Company’s planned operations for the next twelve months following the issuance of these financial statements.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
On February 16, 2022, we closed on an offering of common stock and received approximately $2.51 million of cash proceeds, net of underwriting discounts, commissions, and other offering costs (Note 4 to the Financial Statements).