Eva Live Inc
For the period ended Dec 31, 2024. Filed Apr 14, 2025.
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.
FY2024 · Filed Apr 14, 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-K
Period ended 2023-12-31; filed 2024-04-10.
0001493152-24-014165
Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2024-12-31; filed 2025-04-14.
0001641172-25-004026
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 40 previous paragraphs and 47 current paragraphs.
28 unchanged; 8 reworded; 10 added; 4 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 1 previous and 0 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
COMPANY OVERVIEW
Current report
Eva Live Inc. (the “Company”) was incorporated under the laws of the State of Nevada on August 27, 2002, as International Pit Boss Gaming, Inc. On October 1, 2002, the Company merged with Pro Roads Systems, Inc. (a Florida corporation), a public shell company traded on the pink sheets. Pro Roads Systems, Inc. had no operations before the merger. The purpose of the merger was to change the Company’s domicile from Florida to Nevada. From its inception to 2006, the Company designed and developed software for the gaming industry. The Company changed its name on February 14, 2006, to Logo Industries Corporation and, on November 18, 2008, to Malwin Ventures Inc. On February 11, 2014, the Company announced negotiations with Impact Future Media LLC, and their President/Founder, Francois Garcia, acquired 100% of Impact Future Media LLC and its media and entertainment assets. The Company announced the closing of this transaction on March 25, 2014. From March 2014 to September 28, 2021, the Company was involved in the entertainment, publishing, and interactive industry.
Current report
On September 9, 2021, the Company completed a reverse split in the amount of 1 for 150, Changed the Company’s name to Eva Live Inc., Changed the Company’s trading Symbol from MLWN to GOAI, and executed an Acquisition Agreement resulting in a change of control of the Issuer. On September 10, 2021, the Financial Industry Regulatory Authority (“FINRA”) announced the effectiveness of a change in the Company’s name from “Malwin Ventures, Inc.” to “Eva Live, Inc.” (the “Name Change”) and a change in the Company’s ticker symbol from “MLWN” to the new trading symbol “GOAI” (the “Symbol Change”). Trading under the new ticker symbol began at market opening on July 11, 2021. The current shareholders do not require action from current shareholders concerning the change in the trading symbol. The Company’s CUSIP also changes to 98892100.
Current report
As of September 28, 2021, the Company’s vision is to build the world’s leading digital media platform to deliver measurable business outcomes at a scale for regional and global brands, agencies, and retailers across different marketing goals. Our system continually learns to achieve trusted and impactful digital advertising solutions, eliminating ad fraud, lag, and error to produce unmatched digital advertising optimization. Effective September 28, 2021, David Boulette is the Company’s Chief Executive Officer and Director. At present, the Company currently has four directors. The one non-executive director is Terry Fields. The three executive directors are David Boulette, Phil Aspin, and Daryl Walser.
Current report
Eva Live is a technology company that has developed an automated and intelligent advertiser campaign management platform, Eva Platform. Our Platform enables advertisers (‘customers, clients’) to buy advertising space on several digital channels to reach their desired audience. Our technology intends to address the needs of markets where high-volume advertisers want automated advertising purchases to have high conversion rates. We focus on data-driven marketing and cross-channel measurement, critical to businesses looking to optimize their marketing budget and reach audiences across all their integrated advertising efforts.
Current report
We operate at the junction of digital marketing and media monetization. We enable market awareness of companies and brands by providing best-in-class digital marketing and monetization services on the Internet. Our typical customers are advertising agencies (classified under SIC7319) and businesses in various industries seeking to market their products and services using our platform, including media companies, financial institutions, and other retail entities. Most of our customers are from North America, mainly the US and Canada.
Current report
For the three months ending September 30, 2024, we had nine (9) customers, primarily from North America, compared to seven (7) customers for the previous period ending September 30, 2023. The top three customers represent over 83% and 70% of revenue for the three months ending September 30, 2024, and 2023. 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. Such customers advertise with the media through us and engage in media buying services such as online traffic from the Eva Platform. We also deal with businesses (as described under NAICS 541810) that utilize our in-house digital marketing capabilities, including advice, creative services, account management, production of advertising material, media planning, and buying (i.e., placing advertising).
Current report
We execute our business through Eva Platform based on Artificial Intelligence, or AI, to match advertising campaigns to specific ad spots one at a time. Our system creates conversion mapping tables that allow us to increase conversion rates by analyzing those trends with optimized historical conversion rates and further capitalizing on and improving those rates. We leverage “big data,” an accumulation of data that is too large and complex for traditional database management tools to process. Since more companies are attempting to leverage big data to make strategic business decisions, we have built automated tools that analyze the data and feed the relevant information into our decision logic. We have designed our solution to optimize brand campaigns to create awareness and direct response campaigns with a fixed conversion point.
Current report
The Company also owns the Eva XML Platform, which buys traffic from various sources and sells that traffic to landing pages that display advertising via XML feeds. A price discrepancy exists between buying traffic on display and native platforms for specific keywords in an ad campaign and the XML search feeds. The Eval XML Platform manages the entire ad buying/selling process by integrating into Google, Microsoft, Taboola, Revcontent, Gemini, and Facebook. As a result, we can create thousands of ads with the push of a button. The Eva XML Platform manages the spending depending on the performance of keywords in the ad campaign to maximize the arbitrage revenue.
Current report
Management has evaluated the Company’s ability to meet its obligations over the next twelve months by considering a range of factors, including general economic conditions, key industry indicators, operating performance, capital expenditures, future commitments, and overall liquidity. If the Company is unable to generate sufficient revenues by December 31, 2024, we will require additional capital through funding from existing or new investors, further cost reductions, and strategic adjustments to improve operational cash flow.
Removed paragraphs (4)
Previous report
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): We present EBITDA as a non-GAAP financial measure. We provide this metric to give investors a clearer picture of our operational performance by removing the impact of our capital structure (interest), tax situation, and the effects of capital investments (depreciation and amortization). EBITDA provides useful information to management and investors by excluding certain expenses that may not indicate our core operating results. We have presented the reconciliation of net income (GAAP) to EBITDA (Non-GAAP) in our operations results.
Previous report
Reconciliation of Net Income (GAAP) to EBITDA (Non-GAAP):
Previous report
The table below reconciles our net income, the closest comparable GAAP measure, to EBITDA.
Previous report
Management has considered various factors in evaluating the Company’s sustainability and ability to manage obligations due within a year. These include general economic conditions, key industry metrics, operating results, capital expenditures, commitments, future obligations, and liquidity. If there is a delay in generating significant revenues by December 31, 2023, the Company will require capital infusion from new and existing investors, streamlining operating costs, and evaluating new business strategies to enhance cash flow from operations.
Reworded paragraphs (8)
Previous wording
While these are important metrics for our business, the specific key performance indicators (KPIs) may vary depending on our current business model, strategic goals, and the specifics of its 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 the specifics of its operations.
Previous wording
At December 31, 2023, and December 31, 2022, the Company had $472,509 and $38,506 cash to execute its business plan. At December 31, 2023, and December 31, 2022, the Company had accumulated a deficit of $24,176,091 and $18,131,587. The working capital deficit as of December 31, 2023, and 2022 were $61,141 and $1,492,334.
Current wording
At December 31, 2024, and December 31, 2023, the Company had $76,356 and $472,509 cash to execute its business plan. At December 31, 2024, and December 31, 2023, the Company had accumulated a deficit of $28,469,675 and $24,716,407. The working capital surplus and deficit as of December 31, 2024, and 2023 were $1,560,391 and $652,446.
Previous wording
The Company has consolidated the income statements for the fiscal year ending December 31, 2023, and 2022. We derived all revenues from the principal-based model for the fiscal year ending December 31, 2023, and 2022. The Company generated revenues of $5,377,273 and $1,350,941 for the fiscal year ended December 31, 2023, and 2022. The increase in revenue was mainly due to an increase in clients from seven (7) to nineteen (19) for the fiscal year ended December 2022 to December 2023. The Company incurred a net loss of $6,044,504 and $3,592,907 during the fiscal year ended December 31, 2023, and 2022. The increase in loss for the fiscal year ended December 31, 2023, was mainly due to high share-based expenses for the Company’s management.
Current wording
The Company has consolidated the income statements for the fiscal year ending December 31, 2024, and 2023. We derived all revenues from the principal-based model for the fiscal year ending December 31, 2024, and 2023. The Company generated revenues of $9,330,971 and $5,096,543 for the fiscal year ended December 31, 2024, and 2023. The increase in revenue was mainly due to an increase in clients’ spending for the fiscal year ended December 2023 to December 2024. The Company incurred a net loss of $3,753,268 and $6,610,119 during the fiscal year ended December 31, 2024, and 2023. The decrease in loss for the fiscal year ended December 31, 2024, was mainly due to a decrease in share-based expenses for the Company’s management.
Previous wording
During the fiscal year ended December 31, 2023, and 2022, the Company incurred general & administrative costs (“G and A”) of $8,393,556 and $2,120,352; the G and A expenses were 156.09% and 156.95% of the revenue. The increase in G and A expenses for the fiscal year ended December 31, 2023, was mainly due to high share-based expenses for the Company’s management. During the fiscal year that ended December 31, 2023, and 2022, the Company spent $2,834,723 and $1,105,718 on buying media traffic. During the fiscal year ended December 31, 2023, and 2022, the media traffic expenses were 52.72% and 81.85% of the revenue. In the fiscal year ended December 31, 2023, the Company streamlined and optimized its platform; as a result, the media expenses were lower compared to such costs for the fiscal year ending December 31, 2022. During the fiscal year ended December 31, 2023, and 2022, the amortization and depreciation expenses were $193,498 and $217,778.
Current wording
During the fiscal year ended December 31, 2024, and 2023, the Company incurred general & administrative costs (“G and A”) of $7,484,914 and $8,678,441; the G and A expenses were 80.22% and 170.28% of the revenue. The decrease in G and A expenses for the fiscal year ended December 31, 2023, was mainly due to reduced share-based expenses for the Company’s management. During the fiscal year that ended December 31, 2024, and 2023, the Company spent $ 5,570,972 and $2,834,723 on buying media traffic. During the fiscal year ended December 31, 2024, and 2023, the media traffic expenses were 59.70% and 55.62% of the revenue. During the fiscal year ended December 31, 2024, and 2023, the amortization and depreciation expenses were $0 and $193,498.
Previous wording
At December 31, 2023, and December 31, 2022, the Company had $472,509 and 38,506 cash to execute its business plan. At December 31, 2023, and December 31, 2022, the Company had accumulated a deficit of $24,176,091 and $18,131,587. The working capital deficit as of December 31, 2023, and 2022 were $61,141 and $1,492,334.
Current wording
At December 31, 2024, and December 31, 2023, the Company had $76,356 and $472,509 cash to execute its business plan. At December 31, 2024, and December 31, 2023, the Company had accumulated a deficit of $28,469,675 and $24,716,407. The working capital surplus and deficit as of December 31, 2024, and 2023 were $1,560,391 and $652,446.
Previous wording
We have yet to generate significant revenues and cash flow from operations to cover our ongoing expenses. As of December 31, 2023, the Company had an accumulated deficit of $24,176,091. Our independent auditors included an explanatory paragraph in their report on the audited financial statements for the fiscal year ended December 31, 2023, and 2022, regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that led 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
As of December 31, 2024, the Company had an accumulated deficit of $28,469,67 and has not yet generated significant revenues to achieve positive cash flow from operations sufficient to cover ongoing expenses. As a result, our independent auditors included an explanatory paragraph in their report on the audited financial statements for the fiscal years ended December 31, 2024, and 2023, expressing substantial doubt about the Company’s ability to continue as a going concern.
Previous wording
We are an “emerging growth company,” defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards after enacting the JOBS Act until those standards apply to private companies. We have applied for exemption as an emerging growth company; thus, the Company may delay adopting certain accounting standards until the standards would otherwise apply to private companies.
Current wording
We are an “emerging growth company,” defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards after enacting the JOBS Act until those standards apply to private companies. We have applied for exemption as an emerging growth company; thus, the Company may delay adopting certain accounting standards until the standards apply to private companies.
Previous wording
We have not engaged in any off-balance sheet arrangements defined in Item 303(c) of the SEC’s Regulation S-B. We had no relationships with unconsolidated organizations or financial partnerships, such as structured finance or special purpose entities that would have been established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes.
Current wording
We have not engaged in any off-balance sheet arrangements defined in Item 303(c) of SEC’s Regulation S-B. We had no relationships with unconsolidated organizations or financial partnerships, such as structured finance or special purpose entities that would have been established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Our financial statements include additional disclosures outlining the factors contributing to this assessment. They do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities, which may be necessary if the Company is unable to continue operations.