Summary by Moomoo AI
Asset Entities Inc. reported revenue of $633,489 for fiscal year 2024, a 128.7% increase from $277,038 in 2023, driven by growth in Discord server paying subscribers including acquisitions of OptionsSwing and Pure Profits Discord servers. The company's total operating expenses rose 35.1% to $7.0 million, primarily due to increased advertising, marketing, payroll and administrative costs of $1.1 million and higher management compensation of $0.7 million.The company strengthened its market position through strategic initiatives including launching "The Lounge" YouTube channel featuring celebrity interviews, partnering with Zendrop for payment processing solutions, and acquiring TommyBoyTV's Discord development assets. Asset Entities also completed private placements of Series A Preferred Stock raising $3 million and initiated an ATM offering program that has generated $4.8 million in net proceeds to date.As of December 31, 2024, Asset Entities had cash of $2.7 million and an accumulated deficit of $12.0 million. The company expects to have sufficient funds through December 2025 based on existing resources and planned financings. Management continues to focus on expanding its Discord communities, which had approximately 206,899 members across 25 server communities at year-end 2024.
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