Eva Live Inc
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
GOAI$0.61+1.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0001641172-25-021822
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001493152-25-021484
Item 2. 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 64 previous paragraphs and 72 current paragraphs.
43 unchanged; 17 reworded; 10 added; 3 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 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 (10)
Current report
During the quarter ended September 30, 2025, the Company appointed Imran Firoz as Interim Chief Financial Officer, effective September 22, 2025, with a monthly salary of $10,500.
Current report
As of September 30, 2025, the Company’s Days Sales Outstanding (DSO) was approximately 90 days. The elevated DSO reflects longer collection cycles associated with recently onboarded enterprise clients and may affect near-term liquidity. Management continues to prioritize accounts receivable collections and has instituted updated payment terms and follow-up procedures to reduce DSO in future quarters.
Current report
While these actions are expected to improve the Company’s liquidity profile, the Company’s ability to fund its operations and meet obligations as they become due depends on management’s ability to raise additional capital or generate sufficient revenue. To address these liquidity constraints, the Company undertook the following capital markets actions:
Current report
Public Offering of Units
Current report
On September 5, 2025, and again on September 24, 2025, the Company filed amended registration statements on Form S-1/A with the Securities and Exchange Commission to register the offering of up to 1,212,121 Units, each consisting of one share of common stock and one warrant to purchase one share of common stock. Each warrant is exercisable for a period of five years from the date of issuance at an exercise price equal to or greater than the Unit price. The warrants are expected to be classified as equity instruments under applicable GAAP.
Current report
The offering is being underwritten by Maxim Group LLC, which will receive:
Current report
The Company expects to raise gross proceeds of up to $5 million, before offering costs, which are intended to be used to:
Current report
Impact on Capitalization
Current report
The successful completion of the public offering will materially improve the Company’s shareholders’ equity, which is expected to meet the listing standards of the Nasdaq Capital Market. However, the issuance of warrants and the payment of underwriter compensation will result in future dilution to existing shareholders.
Current report
The Company believes that the offering proceeds, if raised in full, will provide sufficient runway to support operations through the next twelve months and help transition the Company toward commercial revenue generation and uplisting readiness.
Removed paragraphs (3)
Previous report
Since its inception, the Company has sustained losses and negative cash flows from operations. The Management believes that the Company’s cash on hand may not be sufficient to meet its working capital and corporate development needs as they become due in the ordinary course of business over the next twelve (12) months following June 30, 2025. The Company had not generated significant revenues or cash flow from operations in the past, and for the three months ended June 30, 2025. Prior to the quarter ended June 30, 2025, the Company had experienced negative cash flows from operations and the ongoing requirement for substantial additional capital investment to develop its financial technologies. We expect to conduct the planned operations for twelve months using currently available capital resources. The Management anticipates raising significant additional capital to achieve its growth plan over the next twelve months. We do not have any plans or specific agreements for new funding sources. The Management expects to seek additional funding through private equity or public markets. However, there can be no assurance about the availability or terms, such as financing and capital, that might be available.
Previous report
Over the next twelve months, the Company will continue to invest in sales, marketing, product support, technology development, and the enhancement of existing technology solutions to serve our customers. We expect capital expenditure to increase to up to $250,000 over the next twelve months to support growth, primarily through software development, acquisition of complementary software, and the purchase of computers and servers. In addition, the Company estimates the additional expenditure to be $250,000, which provides $100,000 for sales and marketing and $150,000 for working capital, respectively.
Previous report
For the next three to six months, we anticipate that our existing cash on hand, cash flows from operations, and access to funding will be sufficient to cover our operating activities and other cash commitments, including payments to related parties and material capital expenditures. However, we may need additional funds to achieve sustainable sales, which ongoing operations can fund out of revenues. There is no assurance that any additional financing will be available or, if available, on terms that will be acceptable to us.
Reworded paragraphs (17)
Previous wording
Since September 28, 2021, the Company has operated at the junction of digital marketing and media monetization. We enhance market awareness for companies and brands by delivering best-in-class digital marketing and monetization services on the Internet. Our typical customers are advertising agencies (classified under SIC 7319) and businesses across various industries that utilize our platform to market their products and services, including media companies, financial institutions, and other retail entities. Most of our customers are from North America, primarily the United States and Canada. As of June 30, 2025, and December 31, 2024, we had eleven (11) and six (6) customers, primarily from North America. The top three customers accounted for 88% and 85% of the receivables as of June 30, 2025, and December 31, 2024, respectively. Our Company’s financial health is highly dependent on these top customers. If any of them were to significantly reduce their spending or cease doing business with your company, it could have a major impact on your revenue and overall financial health. These clients utilize our platform to advertise with media outlets and participate in media buying services, including acquiring online traffic through the Eva Platform. We also work with businesses (as described under NAICS 541810) that utilize our in-house digital marketing capabilities, including advice, creative services, account management, production of advertising materials, media planning, and buying (i.e., placing advertisements).
Current wording
Since September 28, 2021, the Company has operated at the junction of digital marketing and media monetization. We enhance market awareness for companies and brands by delivering best-in-class digital marketing and monetization services on the Internet. Our typical customers are advertising agencies (classified under SIC 7319) and businesses across various industries that utilize our platform to market their products and services, including media companies, financial institutions, and other retail entities. Most of our customers are from North America, primarily the United States and Canada. As of September 30, 2025, and December 31, 2024, we had eleven (11) and six (6) customers, primarily from North America. The top three customers accounted for 88% and 85% of the receivables as of September 30, 2025, and December 31, 2024, respectively. Our Company’s financial health is highly dependent on these top customers. If any of them were to significantly reduce their spending or cease doing business with the company, it could have a major impact on your revenue and overall financial health. These clients utilize our platform to advertise with media outlets and participate in media buying services, including acquiring online traffic through the Eva Platform. We also work with businesses (as described under NAICS 541810) that utilize our in-house digital marketing capabilities, including advice, creative services, account management, production of advertising materials, media planning, and buying (i.e., placing advertisements).
Previous wording
We adhere to the Interactive Advertising Bureau (IAB) and the American Association of Advertising Agencies (4A’s) standard terms and conditions for internet advertising, applicable to media buys of one year or less. We execute an Insertion Order (IO) with our customers, a formal, contractual document used in advertising and media placement. It outlines the specifics of an advertising campaign a client has agreed to run with an advertising sales agency or a publisher. It serves as a purchase order but for media space or time slots, and its primary function is to specify the obligations of all parties involved. We comply with the IO, including all Ad placement restrictions, and provide Ads to the Site specified on the IO when an Internet user visits such a Site. We sent the initial invoice upon completion of the first month’s delivery or within 30 days of completion of the IO, whichever is earlier. Our customers will make payment 30 days from receipt of the invoice, or as otherwise stated in a payment schedule set forth on the invoice of purchase (IO). We hold customers liable for payments solely to the extent that the proceeds have cleared from the Advertiser to the Agency for Ads placed following the IO. We provide reports at least weekly, either electronically or in writing, unless otherwise specified in the IO. Our customers may cancel the entire IO, or any portion thereof, as follows:
Current wording
We adhere to the Interactive Advertising Bureau (IAB) and the American Association of Advertising Agencies (4A’s) standard terms and conditions for internet advertising, applicable to media buys of one year or less. We execute an Insertion Order (IO) with our customers, a formal, contractual document used in advertising and media placement. It outlines the specifics of an advertising campaign a client has agreed to run with an advertising sales agency or a publisher. It serves as a purchase order but for media space or time slots, and its primary function is to specify the obligations of all parties involved. We comply with the IO, including all Ad placement restrictions, and provide Ads to the Site specified on the IO when an Internet user visits such a Site. We sent the initial invoice upon completion of the first month’s delivery or within 30 days of completion of the IO, whichever is earlier. Our customers will make payment 30 days from receipt of the invoice, or as otherwise stated in a payment schedule set forth on the invoice of purchase (IO). We hold customers liable for payments solely to the extent that the proceeds have cleared from the Advertiser to the Agency for Ads placed following the IO. We provide reports at least weekly, either electronically or in writing, unless otherwise specified in the IO.
Previous wording
The Company has prepared consolidated financial statements on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the ordinary course of business.
Current wording
The Company has prepared consolidated financial statements on a going-concern basis, which assume the realization of assets and the settlement of liabilities and commitments in the ordinary course of business.
Previous wording
While these are important metrics for our business, specific performance indicators (KPIs) may vary depending on our current business model, strategic goals, and the specifics of our operations.
Current wording
While these are important metrics for our business, specific performance indicators (KPIs) may vary depending on our current business model, strategic goals, and operational specifics.
Previous wording
The Company believes it needs capabilities to develop and successfully further develop and innovate its AdTech technology solutions with AI-integrated solutions—the Company budgets at least $500,000 for sales and marketing campaigns over the next twelve months. We require additional capital to the extent that the Company’s operations are insufficient to fund its capital requirements. The Company will attempt to raise capital through the issuance of equity or debt. The Company’s ability to continue as a going concern may depend on the success of management’s plans. The consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and liabilities that might be necessary if the Company is unable to continue as a going concern.
Current wording
The Company believes it needs capabilities to develop and successfully launch its AdTech technology solutions, including AI-integrated solutions. The Company budgets at least $500,000 for sales and marketing campaigns over the next twelve months. We require additional capital to the extent that the Company’s operations are insufficient to fund its capital requirements. The Company will seek to raise capital through equity or debt issuances. The Company’s ability to continue as a going concern may depend on the success of management’s plans. The consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and liabilities that might be necessary if the Company is unable to continue as a going concern.
Previous wording
As of June 30, 2025, and December 31, 2024, the Company had $261,079 and $76,356 in cash, respectively, to execute its business plan. As of June 30, 2025, and December 31, 2024, the Company had accumulated deficits of $23,848,880 and $28,469,675, respectively. The Company had a working capital surplus of $6,078,645 and $1,560,391 as of June 30, 2025, and December 31, 2024, respectively.
Current wording
As of September 30, 2025, and December 31, 2024, the Company had $349,282 and $76,356 in cash, respectively, to execute its business plan. As of September 30, 2025, and December 31, 2024, the Company had accumulated deficits of $22,024,564 and $28,469,675, respectively. The Company had a working capital surplus of $7,996,828 and $1,560,391 as of September 30, 2025, and December 31, 2024, respectively.
Previous wording
Currently, we generate all our revenues from the principal-based model. The Company generated revenues of $4,138,712 and $2,188,616 for the three months ended June 30, 2025, and 2024. The number of customers for the three months ended June 30, 2025, and 2024 was eleven (11) and four (4), respectively. Additionally, this increase in revenue was further bolstered by the larger size of the contracts secured during the three months concluding on June 30, 2025. The Company incurred a net income of $2,625,101 and a net loss of $360,361 for the three months ended June 30, 2025, and 2024, respectively.
Current wording
Currently, we generate all our revenues from the principal-based model. The Company generated revenues of $4,913,318 and $1,982,252 for the three months ended September 30, 2025, and 2024, respectively. The number of customers for the three months ended September 30, 2025, and 2024 was twelve (12) and nine (9), respectively. Additionally, this increase in revenue was further bolstered by the larger contracts secured during the three months ending September 30, 2025. The Company incurred a net income of $1,824,316 and a net loss of $4,951,202 for the three months ended September 30, 2025, and 2024, respectively.
Previous wording
During the three months ended June 30, 2025, and 2024, the Company incurred general and administrative costs (“G and A”) of $331,451 and $588,447, representing 8.01% and 26.89% of the respective quarterly revenue, due to an increase in operational efficiency.
Current wording
During the three months ended September 30, 2025, and 2024, the Company incurred general and administrative costs (“G and A”) of $529,562 and $5,957,012, respectively, representing 10.78% and 300.52% of the respective quarterly revenue, mainly due to stock-based compensation of $5,561,354 for the period during the months ended September 31, 2024.
Previous wording
During the three months ended June 30, 2025, and 2024, the Company spent $1,175,780 and $1,954,051 on buying media traffic, representing 30.72% and 89.28% of the respective quarterly revenue, due to an increase in platform performance. During the three months ended June 30, 2025, and 2024, the amortization and depreciation expenses were $380 and $0.
Current wording
During the three months ended September 30, 2025, and 2024, the Company spent $2,472,788 and $960,567 on buying media traffic, representing 50.33% and 48.46% of the respective quarterly revenue, driven by improved platform performance. During the three months ended September 30, 2025, and 2024, the amortization and depreciation expenses were $48,643 and $0.
Previous wording
The Company’s rent expenses were $687 for both the three months ended June 30, 2025, and 2024, respectively. The rent expenses are included in the “G and A”.
Current wording
The Company’s rent expenses were $687 for both the three months ended September 30, 2025, and 2024. The rent expenses are included in the “G and A”.
Previous wording
Currently, we generate all our revenues from the principal-based model. The Company generated revenues of $7,820,232 and $4,425,566 for the six months ended June 30, 2025, and 2024. The number of customers for the six months ended June 30, 2025, and 2024 was eleven (11) and four (4), respectively. Additionally, this increase in revenue was further bolstered by the larger size of the contracts secured during the six months concluding on June 30, 2025. The Company incurred a net income of $4,620,795 and a net loss of $163,652 for the six months ended June 30, 2025, and 2024, respectively.
Current wording
Currently, we generate all our revenues from the principal-based model. The Company generated revenues of $12,733,550 and $6,407,818 for the nine months ended September 30, 2025, and 2024, respectively. The number of customers for the nine months ended September 30, 2025, and 2024 was fourteen (14) and fifteen (15), respectively. Additionally, this increase in revenue was further bolstered by the larger contract sizes secured during the nine months ending September 30, 2025. The Company incurred a net income of $6,445,111 and a net loss of $5,114,854 for the nine months ended September 30, 2025, and 2024, respectively.
Previous wording
During the six months ended June 30, 2025, and 2024, the Company incurred general and administrative costs (“G and A”) of $708,836 and $954,911, representing 9.06% and 21.58% of the respective quarterly revenue, due to an increase in operational efficiency.
Current wording
During the nine months ended September 30, 2025, and 2024, the Company incurred general and administrative costs (“G and A”) of $1,238,398 and $6,911,921, respectively, representing 9.73% and 107.87% of the respective quarterly revenue, mainly due to stock-based compensation of $5,561,354 for the period during the months ended September 31, 2024.
Previous wording
During the six months ended June 30, 2025, and 2024, the Company spent $2,476,546 and $3,627,830 on buying media traffic, representing 32.89% and 81.97% of the respective quarterly revenue, due to an increase in platform performance. During the six months ended June 30, 2025, and 2024, the amortization and depreciation expenses were $787 and $0.
Current wording
During the nine months ended September 30, 2025, and 2024, the Company spent $4,949,334 and $4,588,397 on buying media traffic, representing 38.87% and 71.61% of the respective quarterly revenue, driven by improved platform performance. During the nine months ended September 30, 2025, and 2024, the amortization and depreciation expenses were $49,430 and $0.
Previous wording
The Company’s rent expenses were $1,374 for both the six months ended June 30, 2025, and 2024, respectively. The rent expenses are included in the “G and A”.
Current wording
The Company’s rent expenses were $2,061 for both the nine months ended September 30, 2025 and 2024. Rent expenses are included in “G and A”.
Previous wording
As of June 30, 2025, and December 31, 2024, the Company had $261,079 and $76,356 in cash to execute its business plan. As of June 30, 2025, and December 31, 2024, the Company had accumulated deficits of $23,848,880 and $28,469,675, respectively. The Company had a working capital surplus of $6,078,645 and $1,560,391 as of June 30, 2025, and December 31, 2024, respectively.
Current wording
As of September 30, 2025, and December 31, 2024, the Company had $349,282 and $76,356 in cash to execute its business plan. As of September 30, 2025, and December 31, 2024, the Company had accumulated deficits of $22,024,564 and $28,469,675, respectively. The Company had a working capital surplus of $7,996,828 and $1,560,391 as of September 30, 2025, and December 31, 2024, respectively.
Previous wording
We have yet to generate significant revenues and cash flow from operations to cover our ongoing expenses. As of June 30, 2025, the Company had an accumulated deficit of $23,848,880. Our independent auditors included an explanatory paragraph in their report on the audited financial statements for the fiscal year ended December 31, 2024, and 2023, regarding concerns about our ability to continue as a going concern. Our financial statements include additional note disclosures that describe the circumstances leading to this disclosure by our independent auditors. Our financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.
Current wording
We have yet to generate significant revenues and cash flow from operations to cover our ongoing expenses. As of September 30, 2025, the Company had an accumulated deficit of $22,024,564. Our independent auditors included an explanatory paragraph in their report on the audited financial statements for the fiscal year ended December 31, 2024, and 2023, regarding concerns about our ability to continue as a going concern. Our financial statements include additional note disclosures that describe the circumstances leading to this disclosure by our independent auditors. Our financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.
Previous wording
We have based our management’s discussion and analysis of our financial condition and results of operations on our financial statements, which we have prepared in accordance with U.S. generally accepted accounting principles. In preparing our financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses for the reporting periods. Our actual results may differ from these estimates, and such differences could be material and uncertain, particularly in the current economic environment, given the impact of COVID-19.
Current wording
We have based our management’s discussion and analysis of our financial condition and results of operations on our financial statements, prepared in accordance with U.S. generally accepted accounting principles. In preparing our financial statements, we are required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses for the reporting periods. Our actual results may differ from these estimates, and such differences could be material and uncertain, particularly in the current economic environment, given the impact of COVID-19.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Our customers may cancel the entire IO, or any portion thereof, as follows:
Current report — wording carried from elsewhere
Nine Months Ending September 30, 2025, and 2024
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Six Months Ending June 30, 2025, and 2024