Brand Engagement Network Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 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 Mar 31, 2025
BNAI$4.84+7.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS
| Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(33,715,429) | $(11,731,266) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization expense | 2,728,411 | 637,990 |
| Allowance for uncollected receivables | 30,000 | 20,000 |
| Write off of deferred financing fees | 1,427,729 | — |
| Impairment of deferred customer acquisition costs | 13,475,000 | — |
| Change in fair value of warrant liabilities | (994,687) | — |
| Gain on debt extinguishment | (1,946,310) | — |
| SEPA financing costs | 525,000 | — |
| Stock based compensation, including the issuance of restricted shares | 1,814,048 | 4,878,655 |
| Non-cash interest expense | 90,624 | — |
| Reduction in right of use asset | 60,005 | — |
| Changes in operating assets and liabilities: | ||
| Prepaid expense and other current assets | (824,281) | (201,043) |
| Accounts receivable | (50,888) | (29,500) |
| Accounts payable | 6,012,259 | 101,396 |
| Accrued expenses | (2,610,971) | 1,257,879 |
| Other assets | — | 8,850 |
| Operating lease liability | (57,924) | — |
| Deferred revenue | (2,290) | 2,290 |
| Net cash used in operating activities | (14,039,704) | (5,054,749) |
| Cash flows from investing activities: | ||
| Purchase of property and equipment | (53,023) | (48,349) |
| Purchase of patents | — | (379,864) |
| Capitalized internal-use software costs | (228,367) | (453,709) |
| Asset acquisition (Note D) | — | (257,113) |
| Net cash used in investing activities | (281,390) | (1,139,035) |
| Cash flows from financing activities: | ||
| Cash and cash equivalents acquired in connection with the reverse recapitalization | 858,292 | — |
| Proceeds from the sale of common stock | 11,300,330 | 5,000,000 |
| Proceeds from Standby Equity Purchase Agreement liability | 1,490,000 | — |
| Proceeds from convertible notes | — | 3,075,000 |
| Proceeds from related party note | — | 620,000 |
| Proceeds received from option and warrant exercises | 100,024 | 35,000 |
| Payment of financing costs | (883,292) | (711,859) |
| Payment of related party note | (80,000) | (120,000) |
| Advances to related parties | — | (159,464) |
| Proceeds received from related party advance repayments | — | 138,110 |
| Net cash provided by financing activities | 12,785,354 | 7,876,787 |
| Net (decrease) increase in cash and cash equivalents | (1,535,740) | 1,683,003 |
| Cash and cash equivalents at the beginning of the period | 1,685,013 | 2,010 |
| Cash and cash equivalents at the end of the period | $149,273 | $1,685,013 |
CONSOLIDATED STATEMENT OF CASH FLOWS
| Years Ended December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental Cash Flow Information | ||
| Cash paid for interest | $— | $— |
| Cash paid for income taxes | $— | $— |
| Supplemental Non-Cash Information | ||
| Capitalized internal-use software costs in accrued expenses | $— | $54,756 |
| Issuance of common stock pursuant to Reseller Agreement | $13,475,000 | $— |
| Issuance of common stock for Standby Equity Purchase Agreement liability and commitment fee | $1,317,518 | $— |
| Stock-based compensation capitalized as part of capitalized software costs | $236,346 | $61,458 |
| Settlement of liabilities into common shares | $583,690 | $432,963 |
| Settlement of accounts payable into convertible note | $1,900,000 | $— |
| Right of use asset obtained in exchange of operating new lease liabilities | $567,187 | $— |
| Conversion of convertible notes into common shares | $760,000 | $3,075,000 |
| Warrants exercise through settlement of accounts payable | $— | $40,000 |
| Property and equipment in accounts payable | $— | $2,326 |
| Financing costs in accounts payable and accrued expenses | $200,000 | $785,870 |
| Issuance of common stock in connection with asset acquisition | $— | $16,012,750 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.