I-ON Digital Corp. reported a net loss of $1.91 million for the fiscal year ending December 31, 2024, a significant increase from the $805,138 loss recorded in the previous year. The company's revenue from related party sales decreased to $32,625, down from $97,875 in 2023. Operating expenses surged to $1.29 million, compared to $740,404 in the prior year, primarily due to increased professional fees and general administrative costs. The company's accumulated deficit grew to $5.41 million as of December 31, 2024, reflecting ongoing financial challenges.
In 2023, I-ON made a strategic acquisition of Orebits Corp., enhancing its capabilities in gold digitization and asset-backed digital securities. This acquisition included a patent portfolio and 9,700 Orebits AU certificates, valued at approximately $17.6 million. The integration of these assets is expected to bolster I-ON's market position in the rapidly evolving Real World Asset (RWA) tokenization sector. The company also expanded its Software as a Service (SaaS) platform, aimed at providing advanced asset management tools for banks and financial intermediaries.
Operationally, I-ON's employee count remained low, with only four employees reported as of December 31, 2024. The company has focused on enhancing its technological infrastructure, particularly in blockchain and AI technologies, to improve operational efficiencies and drive future growth. Despite these efforts, the company faces significant challenges, including a working capital deficit of $707,969 and substantial interest expenses, which totaled $547,385 for the year.
Looking ahead, I-ON's management has indicated plans to conduct private placements to raise up to $100 million in 2025, which they believe will support ongoing operations and growth initiatives. However, the company acknowledges substantial doubt about its ability to continue as a going concern, given its limited revenue streams and recurring losses. The management's strategy includes leveraging its recent acquisitions and technological advancements to capture a larger share of the digital asset market, particularly in gold-backed securities, as institutional interest in such assets continues to grow.
About I-ON Digital Corp.
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