Neuralbase AI Ltd. reported no revenue for the fiscal years ending December 31, 2024, and 2023, as the company remains in the development stage with its primary focus on the Multidoc.ai platform. The company recorded a net loss of $1.28 million for 2024, an increase from a loss of $414,273 in 2023. Operating expenses decreased significantly to $76,877 in 2024 from $247,709 in the previous year, primarily due to reduced stock-based compensation. The company’s total liabilities stood at $662,997 as of December 31, 2024, compared to $2.66 million in the prior year, indicating a reduction in its working capital deficit.
In terms of strategic developments, Neuralbase AI has undergone significant organizational changes, including the appointment of Frank Gomez as the new CEO following the resignation of Charandeep Gopishetty. The company has also entered into an Asset Purchase Agreement to acquire proprietary AI assets related to the Multidoc.ai platform, which allows businesses to create AI assistants for document management. This acquisition was executed in exchange for 9 million shares of the company’s Series A Preferred Stock. However, the company later unwound this agreement, indicating a dynamic approach to its asset management strategy.
Operationally, Neuralbase AI has issued 422 beta test licenses to individuals and organizations, with four corporate users currently integrating the technology into their systems. The company is focused on enhancing its platform's capabilities, including natural language processing and document automation, to improve user engagement and operational efficiency. The company aims to expand its customer base and is in discussions with various sectors, including oil, legal, and laboratory industries, to implement its technology.
Looking ahead, Neuralbase AI plans to raise $400,000 to fund its operations, with a minimum of $50,000 needed to sustain activities over the next 12 months. The funds will be allocated to research and development, marketing, and operational infrastructure. The company anticipates achieving several milestones, including securing pilot customers and expanding its product offerings based on initial feedback. However, the company acknowledges the risks associated with its ability to raise additional capital and the uncertainty surrounding its future operations, which could impact its growth trajectory.