DarioHealth Corp
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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, 2024 · Filed Nov 7, 2024
DRIO$2.38-12.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-08.
0001558370-24-011453
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-07.
0001558370-24-014735
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 78 previous paragraphs and 81 current paragraphs.
48 unchanged; 17 reworded; 14 added; 13 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 7 previous and 4 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 (14)
Current report
New Research Reveals How Physical Activity Mediates the Impact of Depression on Blood Glucose Levels in Individuals with Diabetes or Prediabetes
Current report
In September 2024, we announced the publication of a new study in the peer-reviewed journal Frontiers in Endocrinology. The study demonstrates the effectiveness of our cardiometabolic solution for members living with diabetes or prediabetes and depression.
Current report
Integration of Twill Behavioral Health Capabilities into Cardiometabolic Health Solution
Current report
In September 2024, we announced the integration of condition-specific communities and peer groups with personalized navigation capabilities into our cardiometabolic solution to improve outcomes-based engagement, marking a significant milestone in the integration of the Dario-Twill product offering.
Current report
Twill by Dario to Offer a Benefit for AARP Members
Current report
In October 2024, we announced a new AARP member benefit that provides members with proven digital behavioral health and well-being solutions from Twill by Dario. The new benefit is expected to launch in January of 2025 for AARP members.
Current report
Integration of Twill Capabilities Across Full Multi-Condition Platform
Current report
In October 2024, we announced the full integration of Twill's advanced behavioral health and navigation capabilities into our platform. The integration completed our effort to create one of the most comprehensive and effective end-to-end digital health solutions in the market. By unifying data across mental and physical health, we offer a more personalized and effective approach to care.
Current report
Our sales and marketing expenses increased by $370, or 5.8%, to $6,733 for the three months ended September 30, 2024, compared to $6,363 for the three months ended September 30, 2023, and increased by $1,612, or 8.4%, to $20,775 for the nine months ended September 30, 2024, compared to $19,163 for the nine months ended September 30, 2023. The increase for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023, was mainly a result of higher payroll related expenses, amortization of customer relationship, software licenses and an increase in subcontractors and consulting expenses due to the consolidation of Twill, partially offset by a decrease in stock-based compensation expenses during the three and nine months ended September 30, 2024. Our sales and marketing expenses, excluding stock-based compensation, depreciation, and amortization of acquired brand and customer relationship, for the three and nine months ended September 30, 2024, were $5,096 and $15,562 compared to $4,445 and $13,484 for the three and nine months ended September 30, 2023, an increase of $651 and $2,078,
Current report
respectively. The increase was mainly due to an increase in payroll expenses, subcontractors and consulting services and software licenses resulting from the consolidation of Twill during the three andnine months ended September 30, 2024
Current report
Our general and administrative expenses decreased by $400, or 9.7%, to $3,728 for the three months ended September 30, 2024, compared to $4,128 for the three months ended September 30, 2023, and increased by $2,857 or 22.7% to $15,468 for thenine months ended September 30, 2024, compared to $12,611 for thenine months ended September 30, 2023. The decrease for the three months ended September 30, 2024, compared to the three months ended September 30, 2023 was mainly due to a decrease in stock-based compensation and legal expenses partially offset by higher payroll expenses. The increase in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, was mainly due to higher payroll related expenses, stock-based compensation expenses and acquisition costs related to the consolidation of Twill during the nine months ended September 30, 2024. Our general and administrative expenses, excluding stock-based compensation, depreciation, and acquisition related costs for the three and nine months ended September 30, 2024 were $2,614 and $7,757 compared to $2,053 and $6,521 for the three and nine months ended September 30, 2023, an increase of $561 and $1,236, respectively. The increase was mainly due to higher payroll expenses during the three and nine months ended September 30, 2024.
Current report
Net loss decreased by $3,402, or 21.6%, to $12,330 for the three months ended September 30, 2024, compared to a net loss of $15,732 for the three months ended September 30, 2023, and decreased by $12,027, or 26.6%, to $33,115 for the nine months ended September 30, 2024, compared to a net loss of $45,142 for the nine months ended September
Current report
On June 25, 2024, upon obtaining the vote of a majority of the holders of the relevant classes of preferred stock, we filed a Second Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of the Company’s Series B Preferred Stock (the “Series B Certificate of Designation”) and Second Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of the Company’s Series B-1 Preferred Stock, all with the Secretary of State of the State of Delaware (collectively, the “Certificates of Designation”).The Certificates of Designation were amended to (i) extend the mandatory conversion period from fifteen (15) to eighteen (18) months from the original issue date and (ii) increase the percentage of dividends the holders of Series B Certificate of Designation and Series B-1 Certificate of Designation will be entitled to receive by including a dividend of ten percent (10%) for the fifth full quarter from the closing date and a dividend of twenty five percent (25%) for the sixth quarter from the closing date.
Current report
On September 11, 2024, upon obtaining the vote of a majority of the holders of the relevant class of preferred stock, we filed a Second Amended and Restated Certificate of Designation of Preferences, Rights and Limitations of the Company’s Series B-3 Preferred Stock with the Secretary of State of the State of Delaware (the “Series B-3 Certificate of Designation”). The Series B-3 Certificate of Designation was amended to (i) extend the mandatory conversion period from fifteen (15) to eighteen (18) months from the original issue date and (ii) increase the percentage of dividends the holders of Series B-3 Certificate of Designation will be entitled to receive by including a dividend of ten percent (10%) for the fifth full quarter from the closing date and a dividend of twenty five percent (25%) for the sixth quarter from the closing date.
Removed paragraphs (13)
Previous report
New Chief Commercial Officer
Previous report
In June 2024, we announced the appointment of Steven Nelson as our Chief Commercial Officer
Previous report
GLP-1 Updates
Previous report
In June 2024, we announced a new contract with a national employer to provide its cardiometabolic solution with integrated support for GLP-1s to employees beginning in the third quarter of 2024.
Previous report
In June 2024, we presented two studies presented at the 84th Annual American Diabetes Association (ADA) Scientific Sessions in Orlando. The first study provides an analysis of member data for those tracking a GLP-1 medication in Dario's cardiometabolic solution. A retrospective analysis was conducted using data from members using Dario to manage Type 2 diabetes or prediabetes and taking either Metformin, a standard medication prescribed for diabetes, or a GLP-1. Both member groups were tracked for 12 months as they engaged with our digital chronic condition solution to measure blood glucose levels and track lifestyle activities such as diet and exercise. Members also utilized our Medication Cabinet feature to log Metformin or GLP-1 dataset reminders and report adherence. The data showed significant improvement in adopting healthy behaviors over a 12-month period across both groups as shown by increased tracking of healthy lifestyle behaviors as shown by logged meals and physical activity beginning in the first three months and sustained through the 12-month period.
Previous report
Additional research presented by us at the ADA conference examined Dario's ability to help members realize the goal of diabetes remission for people living with Type 2 diabetes. The ADA considers remission to be achieve when an individual with Type 2 diabetes sustains normal blood glucose levels of less than 6.5% HbA1c for three months without the aid of a diabetic medication.1 This retrospective study analyzed the data of 7,240 individuals with Type 2 diabetes using our platform to help manage their condition without the help of insulin for at least six months. The results demonstrated a significant impact:
Previous report
Revenues for the three and six months ended June 30, 2024, amounted to $6,255 and $12,013, compared to revenues of $6,152 and $13,218
Previous report
In the second quarter of fiscal 2024, the Company provided a price concession to the preferred partner in the amount of $1,088 to resolve an outstanding dispute. As a result, we have recorded the price concession amount as a reduction in revenue for the three and six month periods ended June 30, 2024.
Previous report
Our sales and marketing expenses increased by $672, or 10.4%, to $7,132 for the three months ended June 30, 2024, compared to $6,460 for the three months ended June 30, 2023, and increased by $1,242, or 9.7%, to $14,042 for the six months ended June 30, 2024, compared to $12,800 for the six months ended June 30, 2023. The increase was mainly due to the consolidation of Twill during the six months ended June 30, 2024. Our sales and marketing expenses, excluding
Previous report
stock-based compensation, depreciation, and amortization of acquired brand and customer relationship, for the three and six months ended June 30, 2024, were $5,388 and $10,466 compared to $4,591 and $9,039 for the three and six months ended June 30, 2023, an increase of $797 and $1,427 respectively. This increase was mainly due to the consolidation of Twill during the three and six months ended June 30, 2024, and the reduction of payroll costs included in the cost of revenues during the period.
Previous report
Our general and administrative expenses increased by $593, or 13.4%, to $5,005 for the three months ended June 30, 2024, compared to $4,412 for the three months ended June 30, 2023, and increased by $3,257 or 38.4% to $11,740 for the six months ended June 30, 2024, compared to $8,483 for the six months ended June 30, 2023. This increase was mainly due to an increase in stock-based compensation expenses related to the consolidation of Twill during the six months ended June 30, 2024. Our general and administrative expenses, excluding stock-based compensation, depreciation, and acquisition related costs for the three and six months ended June 30, 2024 were $2,993 and $5,143 compared to $2,229 and $4,468 for the three and six months ended June 30, 2023, an increase of $764 and $676, respectively. This increase was mainly due to the consolidation of Twill during the six months ended June 30, 2024.
Previous report
On October 22, 2021, we entered into a Sales Agreement (the “Sales Agreement”) with Cowen and Company, LLC (“Cowen”), as agent, pursuant to which we may issue and sell shares ofour common stock having an aggregate offering price of up to $50 million from time to time through Cowen. In April 2024, the funds available under the Sales Agreement was reduced to $21,000. As of June 30, 2024, we have sold an aggregate of $2.03 million of our common stock pursuant to the Sales Agreement at an average price per share of $4.22. During the six month period ended June 30, 2024, no sales were conducted pursuant to the Sales Agreement.
Previous report
On February 1, 2021, we entered into securities purchase agreements with institutional accredited investors relating to an offering with respect to the sale of an aggregate of 3,278,688 shares of common stock, at a purchase price of $21.35 per share. The aggregate gross proceeds were approximately $70,000.
Reworded paragraphs (17)
Previous wording
During the quarter ended June 30, 2024, as part of our effort to reduce operating expenses, we commenced a reduction in work force by 88 employees, reflecting a reduction of approximately 30% of our workforce. Following the reduction in work force, we currently have 54 employees located in Israel, 78 employees located in the United States and 91 employees located in India.
Current wording
During the second and the third quarters of 2024, as part of our effort to reduce operating expenses, we commenced a reduction in work force by 78 employees, reflecting a reduction of approximately 27% of our workforce. Following the reduction in work force, at the end implementing the work force reduction during the fourth quarter of this year we expect to have 66 employees located in Israel, 85 employees located in the United States and 77 employees located in India, and 21 employees located in the rest of the world.
Previous wording
Comparison of the three and six months ended June 30, 2024, and June 30, 2023 (dollar amounts in thousands)
Current wording
Comparison of the three and nine months ended September 30, 2024, and September 30, 2023 (dollar amounts in thousands)
Previous wording
during the three and six months ended June 30, 2023, representing an increase of 1.7% and a decrease of 9.1%. The increase in revenues for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, resulted from an increase in our revenues from the commercial channel, and the decrease for the six months ended June 30, 2024, compared to the six months ended June 30, 2023, resulted mainly from a decrease in revenues from the Company’s partnerships channel. The revenues also include the consolidation of Twill Inc.’s (“Twill”) revenues, as a result of its acquisition during the first quarter of 2024. The proforma revenues for the six months ended June 30, 2024, if the closing of the acquisition of Twill would have taken place on the first day of the year would have amounted to $13,976.
Current wording
Revenues for the three and nine months ended September 30, 2024, amounted to $7,423 and $19,436, compared to revenues of $3,518 and $16,736, during the three and nine months ended September 30, 2023, representing an increase of 111% and 16.1%. The increase in revenues for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023, resulted from an increase in our revenues from the commercial channel. The revenues also include the consolidation of Twill Inc.’s (“Twill”) revenues, as a result of its acquisition during the first quarter of 2024. The proforma revenues for the nine months ended September 30, 2024, if the closing of the acquisition of Twill would have taken place on the first day of the year would have amounted to $21,399.
Previous wording
During the three and six months ended June 30, 2024, we recorded costs related to revenues in the amount of $3,499 and $6,825, compared to costs related to revenues of $4,078 and $7,976 during the three and six months ended June 30, 2023, representing a decrease of 14.2% and 14.4%. The decrease in cost of revenues in the three and six months ended June 30, 2024, compared to the three and six months ended June 30, 2023, was mainly due to a reduction in payroll costs included in the cost of revenues during the period, offset by an increase in amortization of technology related to the acquisition of Twill.
Current wording
During the three and nine months ended September 30, 2024, we recorded costs related to revenues in the amount of $3,546 and $10,371, compared to costs related to revenues of $2,908 and $10,884 during the three and nine months ended September 30, 2023, representing an increase of 21.9% and a decrease of 4.7% respectively. The increase in cost of revenues in the three months ended September 30, 2024, compared to the three months ended September 30, 2023 was mainly a result of the increase in the sales of hardware, inventory write-off and amortization of technology related to the
Previous wording
Gross profit for the three and six months ended June 30, 2024, amounted to $2,756 (44.1% of revenues) and $5,188 (43.2% of revenues) compared to $2,074 (33.7% of revenues) and $5,242 (39.7% of revenues) during the three and six months ended June 30, 2023. The increase in gross profit as a percentage of revenues for the three and six months ended June 30, 2024, compared to the three and six months ended June 30, 2023, resulted mainly from the increase in the revenues from the commercial channel mainly related to the acquisition of Twill.
Current wording
Gross profit for the three and nine months ended September 30, 2024, amounted to $3,877 (52.2% of revenues) and $9,065 (46.6% of revenues) compared to $610 (17.3% of revenues) and $5,852 (35% of revenues) during the three and nine months ended September 30, 2023. The increase in gross profit as a percentage of revenues for the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023, resulted mainly from the increase in the revenues from the commercial channel mainly related to the acquisition of Twill.
Previous wording
Our research and development expenses increased by $1,588, or 30.4%, to $6,810 for the three months ended June 30, 2024, compared to $5,222 for the three months ended June 30, 2023, and increased by $3,065, or 29.5%, to $13,452 for the six months ended June 30, 2024, compared to $10,387 for the six months ended June 30, 2023. This increase was mainly a result of higher payroll related expenses due to the consolidation of Twill, offset by a decrease in stock-based compensation expenses during the three and six months ended June 30, 2024. Our research and development expenses, excluding stock-based compensation and depreciation, for the three and six months ended June 30, 2024, were $6,299 and $11,765 compared to $3,904 and $7,865 for the three and six months ended June 30, 2023, an increase of $2,395 and $3,900 respectively. This increase during the three and six months ended June 30, 2024 was mainly due to the increase in payroll and other research and development expenses resulting from the consolidation of Twill.
Current wording
Our research and development expenses decreased by $219, or 3.9%, to $5,446 for the three months ended September 30, 2024, compared to $5,665 for the three months ended September 30, 2023, and increased by $2,846, or 17.7%, to $18,898 for the nine months ended September 30, 2024, compared to $16,052 for the nine months ended September 30, 2023. The decrease for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, was mainly due to the decrease in payroll expenses and stock-based compensation, partially offset by an increase in subcontractors and consulting expenses mainly related to the acquisition of Twill. The increase for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, was mainly a result of higher payroll related expenses, software licenses and an increase in subcontractors and consulting expenses due to the consolidation of Twill, partially offset by a decrease in stock-based compensation expenses during the nine months ended September 30, 2024. Our research and development expenses, excluding stock-based compensation and depreciation, for the three and nine months ended September 30, 2024, were $4,635 and $16,400 compared to $4,417 and $12,282 for the three and nine months ended September 30, 2023, an increase of $218 and $4,118 respectively. The increase during the three months ended September 30, 2024, was mainly due to an increase in subcontractors and consulting services and software licenses resulting from the consolidation of Twill, partially offset by a decrease in payroll expenses. The increase for the nine months ended September 30, 2024 was mainly due to an increase in payroll expenses, subcontractors and consulting services and software licenses resulting from the consolidation of Twill.
Previous wording
Our financial income, net for the three months ended June 30, 2024, was $2,581, representing an increase of $5,146, compared to financial expenses of $2,565 for the three months ended June 30, 2023. Our financial income, net for the six months ended June 30, 2024, was $11,267 representing an increase of $14,249, compared to financial expenses of $2,982 for the six months ended June 30, 2023. The increase in our financial income was due to income from revaluation of the pre-funded warrants issued as part of the consideration for the acquisition of Twill, as these warrants are classified as a liability under U.S. GAAP (as hereinafter defined).
Current wording
Our financial expenses, net for the three months ended September 30, 2024, were $313, representing an increase of $127, compared to financial expenses of $186 for the three months ended September 30, 2023. The financial income, net for the nine months ended September 30, 2024, was $10,954 representing an increase of $14,122, compared to financial expenses of $3,168 for the nine months ended September 30, 2023. The increase in our financial expenses, net in the three months ended September 30, 2024, compared to the three months ended September 30, 2023 was mainly due to lower income from interest and a decrease in the revaluation of our loan and warrant. The increase in the financial income, net for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, was due to income from revaluation of the pre-funded warrants issued as part of the consideration for the acquisition of Twill, as these warrants are classified as a liability under U.S. GAAP (as hereinafter defined).
Previous wording
Income from tax was $0 for the three months ended June 30, 2024, as compared to $0 for the three months ended June 30, 2023. Our income tax for the six months ended June 30, 2024, was $1,994 representing an increase of $1,994, compared to income tax of $0 for the six months ended June 30, 2023. The increase in our income from tax was due to a change in the valuation allowance for deferred tax liability that resulted from the acquisition of Twill.
Current wording
Income from tax was $13 for the three months ended September 30, 2024, representing an increase of $13 as compared to $0 for the three months ended September 30, 2023. Our income tax for the nine months ended September 30, 2024, was $2,007 representing an increase of $2,007, compared to income tax of $0 for the nine months ended September 30, 2023. The increase in our income from tax was due to a change in the valuation allowance for deferred tax liability that resulted from the acquisition of Twill.
Previous wording
Net loss decreased by $2,975, or 17.9%, to $13,610 for the three months ended June 30, 2024, compared to a net loss of $16,585 for the three months ended June 30, 2023, and decreased by $8,625, or 29.3%, to $20,785 for the six months ended June 30, 2024, compared to a net loss of $29,410 for the six months ended June 30, 2023. The decrease in net loss for the six months ended June 30, 2024, compared to the six months ended June 30, 2023, was mainly due to the increase in our financial income for the three and six months ended June 30, 2024.
Current wording
30, 2023. The decrease in net loss for the three months ended September 30, 2024, compared to the three months ended September 30, 2023, was mainly due to the increase in our gross profit for the three months ended September 30, 2024. The decrease in net loss for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, was mainly due to the increase in our financial income and gross profit for the nine months ended September 30, 2024.
Previous wording
The factors described above resulted in net loss attributable to common stockholders for the three and six months ended June 30, 2024, amounted to $4,904 and $14,113, respectively, compared to net loss attributable to common stockholders of $18,276 and $31,101 for the three and six months ended June 30, 2023.
Current wording
The factors described above resulted in net loss attributable to common stockholders for the three and nine months ended September 30, 2024, amounted to $14,608 and $28,721, respectively, compared to net loss attributable to common stockholders of $16,904 and $48,005 for the three and nine months ended September 30, 2023.
Previous wording
As of June 30, 2024, we had approximately $22,938 in cash and cash equivalents compared to $36,797 on December 31, 2023.
Current wording
As of September 30, 2024, we had approximately $15,547 in cash and cash equivalents compared to $36,797 on December 31, 2023.
Previous wording
We have experienced cumulative losses of $363,474 since inception (August 11, 2011) through June 30, 2024, and have a stockholders’ equity of $68,055 as of June 30, 2024. In addition, we have not completed our efforts to establish a stable recurring source of revenues sufficient to cover our operating costs and expect to continue to generate losses for the foreseeable future.
Current wording
We have experienced cumulative losses of $378,082 since inception (August 11, 2011) through September 30, 2024, and have a stockholders’ equity of $58,511 as of September 30, 2024. In addition, we have not completed our efforts to establish a stable recurring source of revenues sufficient to cover our operating costs and expect to continue to generate losses for the foreseeable future.
Previous wording
All obligations under the LSA are guaranteed by our wholly owned subsidiary, Labstyle. All obligations under the LSA, and the guarantees of those obligations, are secured by substantially all of our, PsyInnovations’ and the guarantor's assets. Subject to certain milestones set forth in the LSA, the Borrowers shall make monthly payments to the Avenue Lenders of the interest at the then effective rate. If the Borrowers fail to meet the milestones set forth in the LSA, the Borrowers shall make monthly principal installments in advance in an amount sufficient to fully amortize the Loan. The Borrowers shall repay amounts outstanding under the Loan Facility in full immediately upon an acceleration as a result of an event of default as set forth in the LSA.
Current wording
All obligations under the LSA are guaranteed by our wholly owned subsidiary, Labstyle. All obligations under the LSA, and the guarantees of those obligations, are secured by substantially all of our, PsyInnovations’ and the guarantor's assets. Subject to certain milestones set forth in the LSA, the Borrowers shall make monthly payments to the Avenue Lenders of the interest at the then effective rate. If the Borrowers fail to meet the milestones set forth in the LSA,
Previous wording
Management believes that the proceeds from the prior private placements and the Avenue Loan Facility and the funds we may draw down from the Sales Agreement, combined with our cash on hand and short-term investments are sufficient to meet our obligations as they come due for at least a period of twelve months from the date of the issuance of these unaudited condensed consolidated financial statements. There are no assurances, however, that we will be able to obtain an adequate level of financial resources that are required for the long-term development and commercialization of our product offerings.
Current wording
There are no assurances, that we will be able to obtain an adequate level of financial resources that are required for the long-term development and commercialization of our product offerings.
Previous wording
Net cash used in operating activities was $24,473 for the six months ended June 30, 2024, an increase of 70% compared to $14,393 used in operations for the same period in 2023. Cash used in operations increased mainly due to the increase in our trade receivables, other accounts receivable and prepaid expenses.
Current wording
Net cash used in operating activities was $31,830 for the nine months ended September 30, 2024, an increase of 38.2% compared to $23,038 used in operations for the same period in 2023. Cash used in operations increased mainly due to the increase in our operating expenses.
Previous wording
Net cash used in investing activities was $8,881 for the six months ended June 30, 2024, compared to $183 net cash used in investing activities during the same period in 2023. The increase is mainly related to net fair value of assets acquired and liabilities assumed upon the acquisition of Twill during the six months ended June 30, 2024, compared to the same period in 2023.
Current wording
Net cash used in investing activities was $8,913 for the nine months ended September 30, 2024, compared to $464 net cash used in investing activities during the same period in 2023. The increase is mainly related to net fair value of assets acquired and liabilities assumed upon the acquisition of Twill during the nine months ended September 30, 2024, compared to the same period in 2023.
Previous wording
Net cash derived from financing activities was $20,206 for the six months ended June 30, 2024, compared to $18,049 net cash used by financing activities during the same period in 2023. The increase is mainly due to proceeds from the issuance of preferred shares in the six months ended June 30, 2024, compared to the six months ended June 30, 2023.
Current wording
Net cash derived from financing activities was $20,206 for the nine months ended September 30, 2024, compared to $18,253 net cash used by financing activities during the same period in 2023. The increase is mainly due to proceeds from the issuance of preferred shares in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
acquisition of Twill. The decrease in the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, was mainly due to a reduction in payroll costs included in the cost of revenues during the period, offset by an increase in hosting costs and amortization of technology related to the acquisition of Twill.
Current report — wording carried from elsewhere
the Borrowers shall make monthly principal installments in advance in an amount sufficient to fully amortize the Loan. The Borrowers shall repay amounts outstanding under the Loan Facility in full immediately upon an acceleration as a result of an event of default as set forth in the LSA.