Auddia Inc. Reports Net Loss of $4.5 Million for the First Half of 2023
Revenue Remains Unchanged, but Operating Expenses Impact Bottom Line
Auddia Inc.(AUUD), a technology comp any specializing in audio streaming solutions, has released its unaudited condensed financial statements for the first half of 2023. The company's financial performance reveals a net loss of $4.5 million for the six months ended June 30, 2023. While the company's revenue remained unchanged at $0, its operating expenses played a significant role in shaping its financial outcome.
Condensed Balance Sheets
The balance sheet indicates that Auddia's total assets grew to $7.7 million as of June 30, 2023, compared to $6.1 million at the end of 2022. Current assets increased to $3.7 million, reflecting growth in cash holdings, which surged to $3.6 million. The company's non-current assets slightly decreased to $4.05 million. On the liability side, Auddia's total liabilities reached $3.38 million, with current liabilities making up a significant portion due to accounts payable and accrued liabilities totaling $511,202.
