0001213900-21-008960.txt : 20210212 0001213900-21-008960.hdr.sgml : 20210212 20210212160520 ACCESSION NUMBER: 0001213900-21-008960 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210212 DATE AS OF CHANGE: 20210212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Amesite Inc. CENTRAL INDEX KEY: 0001807166 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 823431717 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39553 FILM NUMBER: 21627171 BUSINESS ADDRESS: STREET 1: 205 EAST WASHINGTON STREET STREET 2: SUITE B CITY: ANN ARBOR STATE: MI ZIP: 48104 BUSINESS PHONE: (650) 516-7633 MAIL ADDRESS: STREET 1: 205 EAST WASHINGTON STREET STREET 2: SUITE B CITY: ANN ARBOR STATE: MI ZIP: 48104 FORMER COMPANY: FORMER CONFORMED NAME: Amesite Operating Co DATE OF NAME CHANGE: 20200318 10-Q 1 f10q1220_amesiteinc.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: December 31, 2020

or

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to ___________

 

Commission File Number 001-39553

 

AMESITE INC.

(Exact Name of Registrant as Specified in its Charter)

 

Delaware   82-3431717
State or Other Jurisdiction of
Incorporation or Organization		   I.R.S. Employer
Identification No.
     

607 Shelby Street

Suite 700 PMB 214

Detroit, MI

   48226
Address of Principal Executive Offices   Zip Code

 

(734) 876-8130

Registrant’s Telephone Number, Including Area Code

 

N/A

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.0001   AMST   The Nasdaq Stock Market LLC

  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐ Accelerated filer ☐ 
Non-accelerated filer ☒  Smaller reporting company ☒ 
    Emerging growth company ☒ 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐  No ☒

  

There were 20,535,784 shares of the registrant’s common stock issued and outstanding as of February 12, 2021.

 

 

 

 

 

 

TABLE OF CONTENTS

 

    Page
     
PART I - FINANCIAL INFORMATION   1
     
ITEM 1. FINANCIAL STATEMENTS   1
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS   14
ITEM 3. QUALITATIVE AND QUANTITATIVE DISCUSSION ABOUT MARKET RISK   18
ITEM 4. CONTROLS AND PROCEDURES   18
     
PART II – OTHER INFORMATION   19
     
ITEM 1. LEGAL PROCEEDINGS   19
ITEM 1A. RISK FACTORS   19
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS   19
ITEM 3. DEFAULTS UPON SENIOR SECURITIES   19
ITEM 4. MINE SAFETY DISCLOSURES   19
ITEM 5. OTHER INFORMATION   19
ITEM 6. EXHIBITS   20
     
SIGNATURES   21

 

i

 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains forward-looking statements. These statements may be identified by such forward-looking terminology as “may,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue” or the negative of these terms or other comparable terminology. Our forward-looking statements are based on a series of expectations, assumptions, estimates and projections about our company, are not guarantees of future results or performance and involve substantial risks and uncertainty. We may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties, including the risks and uncertainties inherent in our statements regarding:

 

●our artificial intelligence (AI)-driven learning platform’s ability to enable businesses, universities and K-12 schools to offer timely, improved popular courses and certification programs, without becoming software tech companies;

 

●our planned online machine learning platform’s ability to result in opportunistic incremental revenue for colleges and universities, and improved ability to garner state funds due to increased retention and graduation rates through use of machine learning and natural language processing;

 

●our ability to obtain additional funds for our operations;

 

●our ability to obtain and maintain intellectual property protection for our technologies and our ability to operate our business without infringing the intellectual property rights of others;

 

●our reliance on third parties to conduct our business and studies;

 

●our reliance on third party designers, suppliers, and partners to provide and maintain our learning platform;

 

●our ability to attract and retain qualified key management and technical personnel;

 

●our expectations regarding the time during which we will be an emerging growth company under the Jumpstart Our Business Startups Act, or JOBS Act;

 

●our financial performance;

 

●the impact of government regulation and developments relating to our competitors or our industry; and

  

All of our forward-looking statements are as of the date of this Quarterly Report on Form 10-Q only. In each case, actual results may differ materially from such forward-looking information. We can give no assurance that such expectations or forward-looking statements will prove to be correct. An occurrence of, or any material adverse change in, one or more of the risk factors or risks and uncertainties referred to in this Quarterly Report on Form 10-Q or included in our other public disclosures or our other periodic reports or other documents or filings filed with or furnished to the U.S. Securities and Exchange Commission (the “SEC”) could materially and adversely affect our business, prospects, financial condition and results of operations. Except as required by law, we do not undertake or plan to update or revise any such forward-looking statements to reflect actual results, changes in plans, assumptions, estimates or projections or other circumstances affecting such forward-looking statements occurring after the date of this Quarterly Report on Form 10-Q, even if such results, changes or circumstances make it clear that any forward-looking information will not be realized. Any public statements or disclosures by us following this Quarterly Report on Form 10-Q that modify or impact any of the forward-looking statements contained in this Quarterly Report on Form 10-Q will be deemed to modify or supersede such statements in this Quarterly Report on Form 10-Q.

 

This Quarterly Report on Form 10-Q may include market data and certain industry data and forecasts, which we may obtain from internal company surveys, market research, consultant surveys, publicly available information, reports of governmental agencies and industry publications, articles and surveys. Industry surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but the accuracy and completeness of such information is not guaranteed. While we believe that such studies and publications are reliable, we have not independently verified market and industry data from third-party sources.

 

ii

 

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

 

Amesite Inc.

 

Condensed Financial Statements

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

Amesite, Inc.

 

Contents

 

 

Condensed Financial Statements   Page
Condensed Balance Sheets (unaudited)   3
     
Condensed Statements of Operations (unaudited)   4
     
Condensed Statements of Stockholders’ Equity (unaudited)   5
     
Condensed Statements of Cash Flows (unaudited)   6
     
Notes to Condensed Financial Statements   7-13

 

2

 

 

Amesite, Inc.

 

Condensed Balance Sheets (unaudited)

 
   December 31,
2020		   June 30,
2020		 
Assets  
Current Assets        
Cash and cash equivalents  $13,687,822   $4,093,874 
Accounts receivable   10,440    61,120 
Prepaid expenses and other current assets   1,117,233    227,274 
Property and Equipment - Net   84,976    45,308 
Capitalized Software - Net   1,351,001    1,277,097 
Total assets  $16,251,472   $5,704,673 
Liabilities and Stockholders’ Equity  
Current Liabilities          
Accounts payable  $73,294   $112,053 
Notes payable (Note 7)   -    2,025,600 
Accrued and other current liabilities:          
Accrued compensation   46,586    62,485 
Deferred revenue   739,529    380,000 
Other accrued liabilities   111,326    124,639 
Total current liabilities   970,735    2,704,777 
Stockholders’ Equity          
Common stock, $.0001 par value; 50,000,000 shares authorized; 20,535,784 and 16,231,820 shares issued and outstanding and December 31, 2020 and June 30, 2020, respectively   2,014    1,583 
Preferred stock, $.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2020 or June 30, 2020   -    - 
Additional paid-in capital   31,283,362    11,629,114 
Accumulated deficit   (16,004,639)   (8,630,801)
Total stockholders’ equity   15,280,737    2,999,896 
Total liabilities and stockholders’ equity  $16,251,472   $5,704,673 

 

See notes to condensed financial statements.

 

3

 

 

Amesite, Inc.

 

Condensed Statements of Operations (unaudited)

 

 

   Three Months
Ended
December 31,
2020		   Three Months
Ended
December 31,
2019		   Six Months
Ended
December 31,
2020		   Six Months
Ended
December 31,
2019		 
Net Revenue  $106,812   $32,607   $216,921   $40,307 
Operating Expenses                    
General and administrative expenses   1,611,223    472,520    2,474,131    998,909 
Technology and content development   511,014    317,985    978,777    579,671 
Sales and marketing   272,756    207,295    524,640    382,384 
Total operating expenses   2,394,993    997,800    3,977,548    1,960,964 
Other Income (Expense)                    
Interest Income   607    5,547    620    7,914 
Interest Expense (Note 7)   -    -    (3,613,831)   - 
Total other income (expense)   607    5,547    (3,613,211)   7,914 
Net Loss  $(2,287,574)  $(959,646)  $(7,373,838)  $(1,912,743)
Earnings per Share                    
Basic loss per share  $(.11)  $(.07)  $(.40)  $(.13)
Weighted average shares outstanding   20,425,165    14,674,861    18,464,576    14,299,223 

 

See notes to condensed financial statements.

 

4

 

 

Amesite, Inc.

 

Condensed Statements of Stockholders’ Equity (unaudited)

 

 

   Common
Stock		   Additional
Paid-In
Capital		   Accumulated
Deficit		   Total 
Balance - July 1, 2019  $1,309   $6,304,118   $(4,460,498)  $1,844,929 
Net loss   -    -    (953,097)   (953,097)
Stock compensation expense   -    179,870    -    179,870 
Issuance of restricted common stock   124    2,093,555    -    2,093,679 
Balance - September 30, 2019   1,433    8,577,543    (5,413,595)   3,165,381 
Net loss   -    -    (959,646)   (959,646)
Stock compensation expense   -    100,375    -    100,375 
Issuance of common stock   150    2,676,393    -    2,676,543 
Balance - December 31, 2019  $1,583   $11,354,311   $(6,373,241)  $4,982,653 

 

   Common
Stock		   Additional
Paid-In
Capital		   Accumulated
Deficit		   Total 
Balance - July 1, 2020  $1,583   $11,629,114   $(8,630,801)  $2,999,896 
Net loss   -    -    (5,086,264)   (5,086,264)
Issuance of common stock - net   300    12,795,930    -    12,796,230 
Stock compensation expense   -    212,413    -    212,413 
Conversion of notes payable   113    5,639,248    -    5,639,361 
Balance - September 30, 2020   1,996    30,276,705    (13,717,065)   16,561,636 
Net loss   -    -    (2,287,574)   (2,287,574)
Issuance of common stock   18    789,582    -    789,600 
Stock compensation expense   -    217,075    -    217,075 
Balance - December 31, 2020  $2,014   $31,283,362   $(16,004,639)  $15,280,737 

 

See notes to condensed financial statements.

 

5

 

 

Amesite, Inc.

 

Condensed Statements of Cash Flows (unaudited)

 

 

   Six months
ended
December 31,
2020		   Six months
ended
December 31,
2019		 
Cash Flows from Operating Activities        
Net loss  $(7,373,838)  $(1,912,743)
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:          
Depreciation and amortization   339,953    217,810 
Stock compensation expense   429,488    280,245 
Amortization of debt costs   182,900    - 
Interest expense on notes payable converted to common stock   3,430,931    - 
Value of common stock issued in exchange for consulting services   789,600    - 
Changes in operating assets and liabilities which (used) provided cash:          
Accounts receivable   55,680    (86,120)
Payments to university partners   -    (4,510)
Prepaid expenses and other assets   (894,959)   (1,385)
Accounts payable   (38,759)   (150,642)
Deferred revenue   359,529    99,593 
Accrued and other liabilities   (29,282)   26,682 
Net cash and cash equivalents used in operating activities   (2,748,757)   (1,531,070)
Cash Flows from Investing Activities          
Purchase of property and equipment   (46,749)   (7,810)
Investment in capitalized software   (406,776)   (474,472)
Net cash and cash equivalents used in investing activities   (453,525)   (482,282)
Cash Flows from Financing Activities – Issuance of common stock – net of issuance costs   12,796,230    4,770,222 
Net Increase in Cash and Cash Equivalents   9,593,948    2,756,870 
Cash and Cash Equivalents - Beginning of period   4,093,874    1,008,902 
Cash and Cash Equivalents - End of period  $13,687,822   $3,765,772 
Significant Noncash Transactions:          
Acquisition of capitalized software included in accounts payable and accrued liabilities  $56,285   $39,275 
Conversion of convertible notes payable, including accrued interest of $73,315, into $113 of common stock  $2,255,745   $- 
Issuance of common stock in exchange for consulting services  $789,600   $- 

 

See notes to condensed financial statements.

 

6

 

 

Amesite, Inc.

 

Notes to Condensed Financial Statements

 

December 31, 2020 and 2019

 

Note 1 - Nature of Business

 

Amesite Inc. (the “Company”) was incorporated in November 2017. The Company is an artificial intelligence driven platform and course designer, that provides customized, high performance and scalable online products for schools and businesses. The Company uses machine learning to provide a novel, mass customized experience to learners. The Company’s customers are businesses, universities and colleges, and K-12 schools. The Company’s activities are subject to significant risks and uncertainties. The Company’s operations are considered to be in one segment.

 

On September 18, 2020, we consummated a reorganizational merger (the “Reorganization”), pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated July 14, 2020, whereby we merged with and into Amesite Inc. (“Amesite Parent”) our former parent corporation, with our Company resulting as the surviving entity. In connection with the same, we filed a Certificate of Ownership and Merger with the Secretary of State of the State of Delaware, and changed our name from “Amesite Operating Company” to “Amesite Inc.” The stockholders of Amesite Parent approved the Merger Agreement on August 4, 2020. The directors and officers of Amesite Parent became our directors and officers.

 

Pursuant to the Merger Agreement, on the Effective Date, each share of the Amesite parent’s common stock, $0.0001 par value per share, issued and outstanding immediately before the Effective Date, was converted, on a one-for-one basis, into shares of our common stock.

 

Additionally, each option or warrant to acquire shares of Amesite Parent outstanding immediately before the Effective Date was converted into and became an equivalent option to acquire shares of our common stock, upon the same terms and conditions.

 

As discussed in Note 6, the Company completed a stock offering through which it raised approximately $12.8 million in net proceeds. These funds will be utilized to execute the Company’s strategic growth plans, including hiring additional sales staff as well as product engineers. These funds provide sufficient operating capital for the Company. As such, we have concluded there are no current conditions or events present that raise substantial doubt about the entity’s ability to continue as a going concern.

 

Note 2 - Significant Accounting Policies

 

Basis of Presentation

 

The condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and considering the requirements of the United States Securities and Exchange Commission (“SEC”). The Company has a fiscal year with a June 30 year end.

 

In the opinion of management, the financial statements of the Company as of December 31, 2020 and 2019 and for the three and six months ended December 31, 2020 and 2019 include all adjustments and accruals, consisting only of normal, recurring accrual adjustments, which are necessary for fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed in or omitted from this report pursuant to the rules and regulations of the SEC. These financial statements should be read together with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2020.

 

Certain operating expenses within the statement of operations from the prior year have been reclassified to conform with the current year presentation.

 

7

 

 

Amesite, Inc.

 

Notes to Condensed Financial Statements

 

December 31, 2020 and 2019

 

Use of Estimates

 

The preparation of condensed financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

Fair Value Measurements

 

Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.

 

Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

 

Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.

 

Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based primarily on management’s own estimates using pricing models, discounted cash flow methodologies, or similar techniques.

 

In instances whereby inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company’s assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.

 

Cash and Cash Equivalents

 

The Company considers all investments with an original maturity of three months or less when purchased to be cash equivalents. The total amount of bank deposits (checking, savings, and investment accounts) that was insured by the FDIC at December 31, 2020 was $500,000.

 

Property and Equipment

 

Property and equipment are recorded at cost. The straight-line method is used for computing depreciation and amortization. Assets are depreciated over their estimated useful lives. The cost of leasehold improvements is depreciated (amortized) over the lesser of the length of the related leases or the estimated useful lives of the assets. Costs of maintenance and repairs are charged to expense when incurred.

 

   Depreciable Life - Years
    
Leasehold improvements  Shorter of estimated lease term or 10 years
Furniture and fixtures  7 years
Computer equipment and software  5 years

 

8

 

 

Amesite, Inc.

 

Notes to Condensed Financial Statements

 

December 31, 2020 and 2019

 

Capitalized Software Costs

 

The Company capitalizes significant costs incurred in the development of software for internal use, including the costs of the software, materials, consultants, and payroll and payroll related costs for employees incurred in developing internal use computer software. Planning costs incurred prior to the development of software and costs not qualifying for capitalization are charged to expense. The company amortizes capitalized software over a period of three years, which is the expected useful life of the software. The Company recognized amortization expense of approximately $175,000 and $112,000 for the three month periods ended December 31, 2020 and 2019, respectively. The Company recognized amortization expense of approximately $333,000 and $204,000 for the six month periods ended December 31, 2020 and 2019, respectively. Accumulated amortization at December 31, 2020 and 2019 was $937,298 and $325,510, respectively.

 

Revenue Recognition

 

We generate substantially all of our revenue from contractual arrangements with our businesses, colleges and universities and K-12 schools to provide a comprehensive platform of tightly integrated technology and technology enabled services related to product offerings.

 

Performance Obligations and Timing of Recognition

 

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

 

We derive revenue from annual licensing arrangements, including maintenance fees, setup fees and other variable fees for course development and miscellaneous items. Our contracts with partners generally have two to five-year terms and have a single performance obligation. The promises to set up and provide a hosted platform of tightly integrated technology and services partners need to attract, enroll, educate and support students are not distinct within the context of the contracts. This performance obligation is satisfied as the partners receive and consume benefits, which occurs ratably over the contract term.

 

We do not disclose the value of unsatisfied performance obligations because the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a service that forms part of a single performance obligation (i.e., consideration received is based on the level of product offerings, which is unknown in advance).

 

We also receive fees that are fixed in nature, such as annual license and maintenance charges, in place of or in conjunction with variable consideration. The fees are independent of the number of students that are enrolled in courses with our customers and are allocated to and recognized ratably over the service period of the contract that the Company’s platform is made available to the customer (i.e. the customer simultaneously receives and consumes the benefit of the software over the contract service period).

 

The following factors affect the nature, amount, timing, and uncertainty of our revenue and cash flows:

 

  ● The majority of our customers are private and public learning institutions across various domestic regions, however the majority of our revenue is derived from enterprise customers

 

●The majority of our customers have annual payment terms

 

The following table shows revenue from contracts with customers by customer type for the six months ended December 31:  

 

Customer Type  2020   2019 
         
Enterprise  $189,548   $- 
K12   17,614    - 
University   9,759    40,307 
Total  $216,921   $40,307 

 

9

 

 

Amesite, Inc.

 

Notes to Condensed Financial Statements

 

December 31, 2020 and 2019

 

Contract Fulfilment Costs

 

We incur certain fulfilment costs related to software design of specific course offerings for our customers, primarily comprised of software development, configuration costs, and implementation costs. These costs are capitalized and recorded on a contract-by-contract basis and amortized using the straight-line method over the length of the contract (i.e. on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates). There were no costs to fulfill capitalized or amortized as of December 31, 2020 or 2019.

 

Accounts Receivable, Contract Assets and Liabilities

 

Balance sheet items related to contracts consist of accounts receivable (net) and contract liabilities on our condensed balance sheets. Accounts receivable (net) is stated at net realizable value, and we utilize the allowance method to provide for doubtful accounts based on management’s evaluation of the collectability of the amounts due. Our estimates are reviewed and revised periodically based on historical collection experience and a review of the current status of accounts receivable. Historically, actual write-offs for uncollectible accounts have not significantly differed from prior estimates. There was no allowance for doubtful accounts on accounts receivable balances as of December 31, 2020 and June 30, 2020.

 

We may recognize revenue prior to billing a customer when we have satisfied or partially satisfied our performance obligations as billings to our customers may not be made until after the service period has commenced. As of December 31, 2020 and June 30, 2020, we do not have any contract assets.

 

Contract liabilities as of each balance sheet date represent the excess of amounts billed or received as compared to amounts recognized in revenue on our condensed statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on our condensed balance sheets as deferred revenue. We generally receive payments prior to completion of the service period and our performance obligations. These payments are recorded as deferred revenue until the services are delivered or until our obligations are otherwise met, at which time revenue is recognized.

 

Some contracts also involve annual license fees, for which upfront amounts are received from customers. In these contracts, the license fees received in advance of the platform’s launch are recorded as contract liabilities.

 

The following table provides information on the changes in the balance of contract liabilities for the six months ended December 31:

 

   2020   2019 
         
Opening balance  $380,000   $- 
Billings   576,450    99,593 
Less revenue recognized from continuing operations (net of returns and allowances):   (216,921)   - 
Closing balance  $739,529   $99,593 

 

Technology and Content Development

 

Technology and content development expenditures consist primarily of personnel and personnel-related expense and contracted services associated with the maintenance of our platform as well as hosting and licensing costs and are charged to expense as incurred. It also includes amortization of capitalized software costs and research and development costs related to improving our platform and creating content that are charged to expense as incurred.

 

Stock-Based Payments

 

Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 “Compensation-Stock Compensation” requires companies to measure the cost of employee and nonemployee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. The Company accounts for shares of common stock, stock options and warrants issued to employees and nonemployees based on the fair value of the stock, stock option or warrant.

 

10

 

 

Amesite, Inc.

 

Notes to Condensed Financial Statements

 

December 31, 2020 and 2019

 

Income Taxes

 

In calculating the provision for interim income taxes, in accordance with Accounting Standards Codification (ASC) 740, Income Taxes, we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year.

 

Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the condensed statement of operations in the period that includes the enactment date.

 

Net Loss per Share

 

Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. For the three and six months ended December 31, 2020, the Company had 2,917,000 and 2,068,783 potentially dilutive shares of common stock related to common stock options and warrants, respectively, as determined using the if-converted method. For the three and six months ended December 31, 2019, the Company had 1,170,833 and 1,771,192 potentially dilutive shares of common stock related to common stock options and warrants, respectively, as determined using the if-converted method. For all periods presented, the dilutive effect of common stock options and common stock warrants has not been included in the average shares outstanding for the calculation of net loss per share as the effect would be anti-dilutive as a result of our net losses in these periods.

 

Risks and Uncertainties

 

The Company operates in an industry subject to rapid change. The Company’s operations will be subject to significant risk and uncertainties including financial, operational, technological, and other risks associated with an early stage company, including the potential risk of business failure.

 

On March 11, 2020, the World Health Organization declared the outbreak of a respiratory disease caused by a novel coronavirus as a “pandemic.” First identified in late 2019 and known now as COVID-19, the outbreak has impacted thousands of individuals worldwide. In response, many countries, including the United States, have implemented measures to combat the outbreak which have impacted global business operations. While management believes the Company’s operations have not been significantly impacted, the Company continues to monitor the situation. In addition, while the Company’s results of operations, cash flows and financial condition could be negatively impacted, the extent of the impact cannot be reasonably estimated at this time.

 

Note 3 – Prepaid Expenses and Other Assets

 

Prepaid expenses and other assets is comprised of the following:

 

   December  31,
2020		   June 30,
2020		 
         
Prepaid insurance  $540,093   $36,102 
Prepaid consulting services   533,973    - 
Prepaid offering costs   -    142,730 
Other prepaid services   43,167    43,442 
Total  $1,117,233   $222,274 

 

Note 4 - Stock-Based Compensation

 

The Company’s Equity Incentive Plan (the “Plan”) permits the grant of stock options, stock appreciation rights, restricted stock, or restricted stock units to officers, employees, directors, consultants, agents, and independent contractors of the Company. The Company believes that such awards better align the interests of its employees, directors, and consultants with those of its stockholders. Option awards are generally granted with an exercise price equal to the market price of the Company’s stock at the date of grant; those option awards generally vest over two years from the grant date and generally have ten-year contractual terms. Certain option awards provide for accelerated vesting (as defined in the Plan).

 

11

 

 

Amesite, Inc.

 

Notes to Condensed Financial Statements

 

December 31, 2020 and 2019

 

The Company has reserved 4,600,000 shares of common stock to be available for granting under the Plan.

 

The Company estimates the fair value of each option award using a Black-Scholes Model (“BSM”) that uses the weighted-average assumptions included in the table below. Expected volatilities are based on historical volatility of comparable companies. The Company uses historical data to estimate option exercise within the valuation model or estimates the expected option exercise when historical data is unavailable. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on its common stock in the foreseeable future. When calculating the amount of annual compensation expense, the Company has elected not to estimate forfeitures and instead accounts for forfeitures as they occur.

 

The following table summarizes the assumptions used for estimating the fair value of the stock options granted for the six-month periods presented:

 

   December 31,
2020		   December 31,
2019		 
         
Expected term (years)   6.00    6.00 
Risk-free interest rate   0.15%   2.13%
Expected volatility   46.30%   45.00%
Dividend yield   0%   0%

 

A summary of option activity for the six months ended December 31, 2020 is presented below:

 

Options   Number of Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (in years) 
              
Outstanding at July 1, 2020    2,962,833   $1.82    9.06 
Granted    164,000    3.53    9.76 
Terminated    (209,833)   1.65    - 
Outstanding at December 31, 2020    2,917,000    1.93    8.67 

 

The weighted-average grant-date fair value of options granted during the six month period ended December 31, 2020 was $1.51. The options contained time-based vesting conditions satisfied over periods ranging from two to five years from the grant date.

 

The Company recognized $217,075 and $100,375 in expense related to the Plan for the three month periods ended December 31, 2020 and 2019, respectively. The Company recognized $429,488 and $280,245 in expense related to the Plan for the six month periods ended December 31, 2020 and 2019, respectively.

 

As of December 31, 2020, there was approximately $1,281,000 of total unrecognized compensation cost for employees and non-employees related to nonvested options. That cost is expected to be recognized through June 2025.

 

12

 

 

Amesite, Inc.

 

Notes to Condensed Financial Statements

 

December 31, 2020 and 2019

 

Note 5 - Income Taxes

 

For the three and six months ended December 31, 2020 and prior periods since inception, the Company’s activities have not generated any taxable income or tax liabilities. Accordingly, the Company has not recognized an income tax benefit for the three and six month periods ended December 31, 2020 and 2019.

 

The Company has approximately $14,152,000 of net operating loss carryforwards available to reduce future income taxes, of which approximately $17,000 of net operating loss carryforwards expire in 2037. Due to uncertainty as to the realization of the net operating loss carryforwards and other deferred tax assets as a result of the Company’s limited operating history and operating losses since inception, a full valuation allowance has been recorded against the Company’s deferred tax assets.

 

Note 6 - Common Stock

 

On September 25, 2020, the Company completed an offering (“Offering”) of 3,000,000 shares of its common stock, $0.0001 par value per share, at an offering price of $5.00 per share (total net proceeds of approximately $12.8 million after underwriting discounts, commissions, and other offering costs). In connection with the Offering, the Company has agreed to issue five (5) year warrants to the placement agent to purchase five (5%) of the common shares sold for an exercise price equal to $6.00. Total warrants of 150,000 were issued to the underwriter on September 29, 2020.

 

The Company measures the warrants using the Black-Scholes Model (“BSM”) to estimate their fair value. The fair value of the warrants issued in connection with the Offering was approximately $249,000 based on the following inputs and assumptions using the BSM: (i) expected stock price volatility of 45.00%; (ii) risk-free interest rate of .14%; and (iii) expected life of the warrants of 5 years. The warrants are included in offering costs in the Statement of Stockholders’ Equity.

 

In connection with the Offering, the Company converted its outstanding convertible notes payable into 1,127,872 shares of its common stock (Note 7).

 

Additionally, in connection with the Offering, the Company cancelled 126,532 warrants previously issued to nonemployees in exchange for professional services to meet certain offering listing requirements, of which 6,665 were replaced and deemed vested in full. As a result, the Company recorded approximately $15,000 of additional warrant expense, which was recorded as additional paid-in-capital.

 

On November 3, 2020 and December 14, 2020, the Company issued 69,709 shares of its common stock totaling approximately $290,000 and 106,383 shares of its common stock totaling approximately $500,000 in value, respectively, to various consulting firms in exchange for strategic investor relations services. These shares vested immediately upon issuance.

 

Note 7 - Convertible Notes Payable

 

In April and May 2020, the Company issued unsecured, convertible notes payable (the “Notes”) to certain accredited investors, with an aggregate principal amount of $2,182,500, in an offering intended to be exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder.

 

The Notes were unsecured, bore interest at 8% per annum, and matured one year from their dates of issuance. The Notes were subject to automatic conversion into the Company’s common stock upon a qualified equity financing or change of control, based on a specified formula for the conversion price; using the lesser of $2.00 or 75% of the price paid per share in either of the conversion events.

 

The Company incurred issuance costs of $261,900. The issuance costs were amortized over six months, which was the estimated length of time that the Company believed the Notes would be outstanding until a conversion event occurred.

 

In connection with the Offering (Note 6), the Notes (totaling $2,255,815, including accrued interest) were converted into 1,127,872 shares of common stock at $2.00 per share. As the Offering price was $5.00 per share, the Company recognized an expense totaling $3,383,546 which represents the discount provided to the Note holders. This expense is recorded within interest expense in the condensed statement of operations. Additionally, upon completion of the Offering, the remaining unamortized debt issuance costs of $182,900 were fully amortized and included within interest expense.

 

13

 

 

Item 2. Management’s Discussion And Analysis Of Financial Condition And Results Of Operations.

 

The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and our audited financial statements and related notes for the year ended June 30, 2020 included in our final prospectus filed with the Securities and Exchange Commission, or SEC, pursuant to Rule 424(b) of the Securities Act, dated September 24, 2020, which we refer to as the Prospectus. In addition to historical information, this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors. We discuss factors that we believe could cause or contribute to these differences below and elsewhere in this Quarterly Report on Form 10-Q, including those factors set forth in the section entitled “Cautionary Note Regarding Forward-Looking Statements and Industry Data” and in the section entitled “Risk Factors” in Part II, Item 1A.

 

Overview

 

We were incorporated in the State of Delaware on November 14, 2017. We are an artificial intelligence driven platform and course designer that rapidly provides customized, high performance and scalable online products for schools and businesses. We use machine learning to provide a novel, mass customized experience to learners. Our customers are businesses, universities and colleges and K-12 schools. We are passionate about improving the learner experience and learner outcomes in online learning products, and improving our customers’ ability to create and deliver both. We are focused on creating the best possible technology solutions and have been awarded an innovation award for our product. We are committed to our team, and have twice been recognized with workplace excellence awards.

 

Our activities are subject to significant risks and uncertainties, including failure to secure additional funding to execute the current business plan.

 

The following discussion highlights our results of operations and the principal factors that have affected our financial condition as well as our liquidity and capital resources for the three months ended December 31, 2020 and provides information that management believes is relevant for an assessment and understanding of the statements of financial condition and results of operations presented herein. The following discussion and analysis are based on our unaudited condensed financial statements contained in this Quarterly Report on Form 10-Q, which we have prepared in accordance with United States generally accepted accounting principles, or GAAP. You should read the discussion and analysis together with such financial statements and the related notes thereto.

 

We are not currently profitable, and we cannot provide any assurance that we will ever be profitable. We incurred a net loss of $2,287,574 for the three months ended December 31,2020, and we incurred a net loss of $13,717,065 for the period from November 14, 2017 (date of incorporation) to October 1, 2020.

 

Basis of Presentation

 

The financial statements contained herein have been prepared in accordance with GAAP and the requirements of the Securities and Exchange Commission (“SEC”).

 

Critical Accounting Policies and Significant Judgments and Estimates

 

This management’s discussion and analysis of financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. In accordance with U.S. GAAP, we base our estimates on historical experience and on various other assumptions we believe to be reasonable under the circumstances. Actual results may differ from these estimates if conditions differ from our assumptions. While our significant accounting policies are more fully described in Note 2 in the “Notes to Condensed Financial Statements,” we believe the following accounting policies are critical to the process of making significant judgments and estimates in preparation of our financial statements.

 

14

 

 

Internally-Developed Capitalized Software

 

We capitalize certain costs related to internal-use software, primarily consisting of direct labor and third-party vendor costs associated with creating the software. Software development projects generally include three stages: the preliminary project stage (all costs are expensed as incurred), the application development stage (certain costs are capitalized and certain costs are expensed as incurred) and the post-implementation/operation stage (all costs are expensed as incurred). Costs capitalized in the application development stage include costs related to the design and implementation of the selected software components, software build and configuration infrastructure, and software interfaces. Capitalization of costs requires judgment in determining when a project has reached the application development stage, the proportion of time spent in the application development stage, and the period over which we expect to benefit from the use of that software. Once the software is placed in service, these costs are amortized on the straight-line method over the estimated useful life of the software, which is generally three years.

 

Stock-Based Compensation

 

We have issued three types of stock-based awards under our stock plans: stock options, restricted stock units and stock warrants. All stock-based awards granted to employees, directors and independent contractors are measured at fair value at each grant date. We rely on the Black-Scholes option pricing model for estimating the fair value of stock-based awards granted, and expected volatility is based on the historical volatilities of peer company’s common stock. Stock options generally vest over two years from the grant date and generally have ten-year contractual terms. Restricted stock units generally have a term of 20 months from the closing date of the agreement. Stock warrants issued have a term of five years from the closing date of the respective private placements. Information about the assumptions used in the calculation of stock-based compensation expense is set forth in Notes 4 and 6 in the “Notes to Condensed Financial Statements”.   

 

Revenue Recognition

 

We generate substantially all of our revenue from contractual arrangements with our businesses, colleges and universities and K-12 schools to provide a comprehensive platform of tightly integrated technology and technology enabled services related to product offerings.

 

Performance Obligations and Timing of Recognition

 

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

 

We derive revenue from annual licensing arrangements, including maintenance fees, setup fees and other variable fees for course development and miscellaneous items. Our contracts with partners generally have two to five-year terms and have a single performance obligation. The promises to set up and provide a hosted platform of tightly integrated technology and services partners need to attract, enroll, educate and support students are not distinct within the context of the contracts. This performance obligation is satisfied as the partners receive and consume benefits, which occurs ratably over the contract term.

 

We do not disclose the value of unsatisfied performance obligations because the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a service that forms part of a single performance obligation (i.e., consideration received is based on the level of product offerings, which is unknown in advance).

 

We also receive fees that are fixed in nature, such as annual license and maintenance charges, in place of or in conjunction with variable consideration. The fees are independent of the number of students that are enrolled in courses with our customers and are allocated to and recognized ratably over the service period of the contract that the Company’s platform is made available to the customer (i.e. the customer simultaneously receives and consumes the benefit of the software over the contract service period).

 

15

 

 

The following factors affect the nature, amount, timing, and uncertainty of our revenue and cash flows:

 

  ● The majority of our customers are private and public learning institutions across various domestic regions, however the majority of our revenue is derived from enterprise customers

 

  ● The majority of our customers have annual payment terms

 

Contract Fulfilment Costs

 

We incur certain fulfilment costs related to software design of specific course offerings for our customers, primarily comprised of software development, configuration costs, and implementation costs. These costs are capitalized and recorded on a contract-by-contract basis and amortized using the straight-line method over the length of the contract (i.e. on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates). There were no costs to fulfill capitalized or amortized as of December 31, 2020 or June 30, 2020.

 

Accounts Receivable, Contract Assets and Liabilities

 

Balance sheet items related to contracts consist of accounts receivable (net) and contract liabilities on our condensed balance sheets. Accounts receivable (net) is stated at net realizable value, and we utilize the allowance method to provide for doubtful accounts based on management’s evaluation of the collectability of the amounts due. Our estimates are reviewed and revised periodically based on historical collection experience and a review of the current status of accounts receivable. Historically, actual write-offs for uncollectible accounts have not significantly differed from prior estimates. There was no allowance for doubtful accounts on accounts receivable balances as of December 31, 2020 and June 30, 2020.

 

We may recognize revenue prior to billing a customer when we have satisfied or partially satisfied our performance obligations as billings to our customers may not be made until after the service period has commenced. As of December 31, 2020 and June 30, 2020, we do not have any contract assets.

 

Contract liabilities as of each balance sheet date represent the excess of amounts billed or received as compared to amounts recognized in revenue on our condensed statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on our condensed balance sheets as deferred revenue. We generally receive payments prior to completion of the service period and our performance obligations. These payments are recorded as deferred revenue until the services are delivered or until our obligations are otherwise met, at which time revenue is recognized.

 

Some contracts also involve annual license fees, for which upfront amounts are received from customers. In these contracts, the license fees received in advance of the platform’s launch are recorded as contract liabilities.

 

Results of Operations

 

Revenue

 

We generated revenues of $106,812 for the three months ended December 31, 2020 as compared to $32,607 for the three months ended December 31, 2019. We generated revenues of $216,921 for the six months ended December 31, 2020 as compared to $40,307 for the six months ended December 31, 2019.

 

Operating Expenses

 

General and Administrative

 

General and administrative expenses consist primarily of personnel and personnel-related expenses, including executive management, legal, finance, human resources and other departments that do not provide direct operational services. General and administrative expense also includes professional fees and other corporate expense.

 

16

 

 

General and administrative expenses for the three months ended December 31, 2020 were $1,611,223 as compared to $472,520 for the three months ended December 31, 2019. General and administrative expenses for the six months ended December 31, 2020 were $2,474,131 as compared to $998,909 for the six months ended December 31, 2019. The increases are due primarily to the hiring of new team members.

 

Technology and Content Development

 

Technology and content development expenses consist primarily of personnel and personnel-related expense and contracted services associated with the ongoing improvement and maintenance of our platform as well as hosting and licensing costs. Technology and content expense also include the amortization of capitalized software costs.

 

As we worked to position Amesite to close repeatable sales in Q2, we continued to create features and capabilities that supported customer needs at larger scale. On October 29, 2020, we announced a Course Manage feature, which can be used by teachers and administrators to launch online learning in less than a day. The drag and drop feature enables users to see a course develop as it is being built, without technical assistance.

 

Technology and content development expenses for the three months ended December 31, 2020 were $511,014 as compared to $317,885 for the three months ended December 31, 2019. Technology and content development expenses for the six months ended December 31, 2020 were $978,777 as compared to $579,671 for the six months ended December 31, 2019. The increases are due primarily to technical contract services that support the development of our technology.

 

Sales and Marketing

 

Sales and marketing expense consist primarily of activities to attract customers to our offerings. This includes personnel and personnel-related expenses, various search engine and social media costs as well as the cost of advertising.

 

We significantly increased expenditures on sales and marketing in Q2, following our IPO in September. We recruited several key people to the Company experienced in selling products that presently compete with our own, including two Directors of Sales for our Higher Education and Enterprise groups, both of whom have extensive experience in our industry. We increased marketing expenditures on creation of value-added content and social posts to support the expanding sales team.

 

Sales and marketing expenses for the three months ended December 31, 2020 were $272,756 as compared to $207,295 for the three months ended December 31, 2019. Sales and marketing expenses for the six months ended December 31, 2020 were $524,640 as compared to $382,384 for the six months ended December 31, 2019. The increases are due primarily to increased personnel and personnel-related costs and advertising.

 

We expect sales and marketing expenditure to build more rapidly over the next few quarters with the onboarding of new team members and more intensive marketing efforts.

 

Interest Income

 

For the three months ended December 31, 2020, interest income totaled $607 as compared to interest income of $5,547 for the three months ended December 31, 2019. For the six months ended December 31, 2020, interest income totaled $620 as compared to interest income of $7,914 for the six months ended December 31, 2019.

 

Net Loss

 

Our net loss for the three months ended December 31, 2020 was $2,287,574 as compared to a net loss for the three months ended December 31, 2019 of $959,646. Our net loss for the six months ended December 31, 2020 was $7,373,838 as compared to a net loss for the six months ended December 31, 2019 of $1,912,743. The loss was substantially higher during the six months ended December 31, 2020 compared to 2019 as a result of interest expensed incurred in connection with our Offering. Our operational loss increase as a result of increased operating expenses noted above.

 

17

 

 

Financial Position, Liquidity, and Capital Resources

 

Overview

 

We are not currently profitable, and we cannot provide any assurance that we will ever be profitable, as indicated by our losses noted above.

 

As of December 31, 2020, our cash balance totaled $13,687,822.

 

At present, we believe that our cash balances should be sufficient to satisfy our anticipated operating and investing needs through June 2022. However, it is possible that we will choose to accelerate our plan of operations in order to attract and sign more customers or to support current customers, and that we will require more funds than we currently have available to meet those needs. The source, timing and need for any future financing will depend principally upon market conditions, and, more specifically, on the decision to accelerate our plan of operations or alter our strategic growth plans. Funding may not be available when needed, at all, or on terms acceptable to us. Lack of necessary funds may require us to, among other things, delay, scale back or eliminate any decision to accelerate our plan of operations or alter our strategic growth plans.

 

Off-Balance Sheet Arrangements

 

We did not have during the periods presented, nor do we currently have, any off-balance sheet arrangements as defined under applicable SEC rules.

 

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

None. 

 

Item 3. Qualitative And Quantitative Discussion About Market Risk.

 

The Company is not required to provide the information required by this Item as it is a “smaller reporting company,” as defined in Rule 229.10(f)(1).

 

Item 4. Controls And Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

As of the end of the period covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (“Exchange Act”). Based on that evaluation, our management concluded that our disclosure controls and procedures were effective.

 

Changes in Internal Controls Over Financial Reporting

 

During the period covered by this Quarterly Report on Form 10-Q, there were no changes in our internal control over financial reporting (as defined in Rule 13(a)-15(f) or 15(d)-15(f)) that occurred during the period covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

18

 

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

Our business, financial condition, results of operations, and cash flows may be impacted by a number of factors, many of which are beyond our control, including those set forth in our Prospectus, the occurrence of any one of which could have a material adverse effect on our actual results. There have been no material changes in our risk factors from those previously disclosed in our Prospectus.

 

Item 2. Unregistered Sales Of Equity Securities And Use Of Proceeds.

 

(a)Sales of Unregistered Securities

 

During the quarter ended December 31, 2020, we issued an aggregate of 176,092 shares of common stock to consultants for services rendered.

 

The foregoing issuance was exempt from registration under Section 4(a)(2) of the Securities Act.

 

(b)Use of IPO Proceeds

 

On September 29, 2020, we completed our initial public offering (“IPO”), in which we issued 3,000,000 shares of our common stock, par value $0.0001 per share, at a public offering price of $5.00 per share, resulting in gross proceeds of $15.0 million. All of the shares of common stock issued and sold in our in the IPO were registered under the Securities Act pursuant to a Registration Statement on Form S-1 (File No. 333-248001), which was declared effective by the SEC on September 24, 2020. 

 

We received net proceeds of $12.8 million, after deducting underwriting discounts and commissions and offering expenses borne by us. No payments were made by us to directors, officers or persons owning ten percent or more of our common stock or to their associates, or to our affiliates, other than payments in the ordinary course of business to officers for salaries and to non-employee directors pursuant to our director compensation policy. Laidlaw & Company (UK) Ltd. acted as lead book-running manager of the offering and as representative of the underwriters for the offering.

 

There has been no material change in the planned use of proceeds from our IPO from that described in the final prospectus related to the offering, dated September 24, 2020, as filed with the SEC.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

19

 

 

Item 6. Exhibits

 

Exhibit       Incorporated by Reference   Filed
Number   Exhibit Description   Form   File No.   Exhibit   Filing Date   Herewith
                         
3.1   Certificate of Incorporation of the Registrant   10-Q   001-39553   3.1   November 16, 2020    
                         
3.2   Bylaws of the Registrant   10-Q   001-39553   3.2   November 16, 2020    
                         
31.1*   Certification of Principal Executive, Financial and Accounting Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                   X
                         
32.1*   Certification of Principal Executive, Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                   X
                         
101.INS   XBRL Instance Document                   X
                         
101.SCH   XBRL Taxonomy Extension Schema Document                   X
                         
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document                   X
                         
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document                   X
                         
101.LAB   XBRL Taxonomy Extension Label Linkbase Document                   X
                         
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document                   X

 

* This certification is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (Exchange Act), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

20

 

 

SIGNATURES

 

In accordance with Section 12 of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: February 12, 2021 AMESITE INC.
     
  By: /s/ Ann Marie Sastry, Ph.D.
    Ann Marie Sastry, Ph.D.
    Chief Executive Officer
    (Principal Executive Officer)
    (Principal Financial Officer)
    (Principal Accounting Officer)

 

 

21

 

 EX-31.1 2 f10q1220ex31-1_amesiteinc.htm CERTIFICATION

EXHIBIT 31.1

 

Certification Pursuant to Section 302 of the Sarbanes - Oxley Act of 2002

 

I, Ann Marie Sastry, Ph.D., certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q of Amesite Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: February 12, 2021 By: /s/ Ann Marie Sastry, Ph.D.
  Name:  Ann Marie Sastry, Ph.D.
  Title: Chief Executive Officer
(Principal Executive Officer)

 EX-32.1 3 f10q1220ex32-1_amesiteinc.htm CERTIFICATION

EXHIBIT 32.1

 

CERTIFICATIONS

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (A) and (B) of Section 1350, Chapter 63 of Title 18, United States Code)

 

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), I, Ann Marie Sastry, Ph.D., Chief Executive Officer of Amesite Inc., a Delaware corporation (the “Company”), hereby certify, to my knowledge, that:

 

The Quarterly Report on Form 10-Q for the quarter ended December 31, 2020 (the “Form 10-Q”) of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: February 12, 2021 By: /s/ Ann Marie Sastry, Ph.D.
  Name:  Ann Marie Sastry
  Title: Chief Executive Officer
(Principal Executive Officer)

 

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Document and Entity Information - shares
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Feb. 12, 2021
Document and Entity Information [Abstract]    
Entity Registrant Name Amesite Inc.  
Entity Central Index Key 0001807166  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Document Type 10-Q  
Document Period End Date Dec. 31, 2020  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2021  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Shell Company false  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity File Number 001-39553  
Entity Interactive Data Current Yes  
Entity Incorporation State Country Code DE  
Entity Common Stock, Shares Outstanding   20,535,784
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Condensed Balance Sheets (Unaudited) - USD ($)
Dec. 31, 2020
Jun. 30, 2020
Current Assets    
Cash and cash equivalents $ 13,687,822 $ 4,093,874
Accounts receivable 10,440 61,120
Prepaid expenses and other current assets 1,117,233 227,274
Property and Equipment - Net 84,976 45,308
Capitalized Software - Net 1,351,001 1,277,097
Total assets 16,251,472 5,704,673
Current Liabilities    
Accounts payable 73,294 112,053
Notes payable (Note 7) 2,025,600
Accrued and other current liabilities:    
Accrued compensation 46,586 62,485
Deferred revenue 739,529 380,000
Other accrued liabilities 111,326 124,639
Total current liabilities 970,735 2,704,777
Stockholders’ Equity    
Common stock, $.0001 par value; 50,000,000 shares authorized; 20,535,784 and 16,231,820 shares issued and outstanding and December 31, 2020 and June 30, 2020, respectively 2,014 1,583
Preferred stock, $.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2020 or June 30, 2020
Additional paid-in capital 31,283,362 11,629,114
Accumulated deficit (16,004,639) (8,630,801)
Total stockholders’ equity 15,280,737 2,999,896
Total liabilities and stockholders’ equity $ 16,251,472 $ 5,704,673
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Dec. 31, 2020
Jun. 30, 2020
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Common stock, shares authorized 50,000,000 50,000,000
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Common stock, shares outstanding 20,535,784 16,231,820
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Preferred stock, shares issued
Preferred stock, shares outstanding
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 3 Months Ended 6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]        
Net Revenue $ 106,812 $ 32,607 $ 216,921 $ 40,307
Operating Expenses        
General and administrative expenses 1,611,223 472,520 2,474,131 998,909
Technology and content development 511,014 317,985 978,777 579,671
Sales and marketing 272,756 207,295 524,640 382,384
Total operating expenses 2,394,993 997,800 3,977,548 1,960,964
Other Income (Expense)        
Interest Income 607 5,547 620 7,914
Interest Expense (Note 7) (3,613,831)
Total other income (expense) 607 5,547 (3,613,211) 7,914
Net Loss $ (2,287,574) $ (959,646) $ (7,373,838) $ (1,912,743)
Earnings per Share        
Basic loss per share $ (0.11) $ (0.07) $ (0.4) $ (0.13)
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Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Total
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Net loss (953,097) (953,097)
Issuance of restricted common stock 124 2,093,555 2,093,679
Stock compensation expense 179,870 179,870
Balance Ending at Sep. 30, 2019 1,433 8,577,543 (5,413,595) 3,165,381
Net loss (959,646) (959,646)
Issuance of common stock - net 150 2,676,393 2,676,543
Stock compensation expense 100,375 100,375
Balance Ending at Dec. 31, 2019 1,583 11,354,311 (6,373,241) 4,982,653
Balance at Jun. 30, 2020 1,583 11,629,114 (8,630,801) 2,999,896
Net loss (5,086,264) (5,086,264)
Issuance of common stock - net 300 12,795,930 12,796,230
Stock compensation expense 212,413 212,413
Conversion of notes payable 113 5,639,248   5,639,361
Balance Ending at Sep. 30, 2020 1,996 30,276,705 (13,717,065) 16,561,636
Net loss (2,287,574) (2,287,574)
Issuance of common stock - net 18 789,582 789,600
Stock compensation expense   217,075   217,075
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Condensed Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (7,373,838) $ (1,912,743)
Adjustments to reconcile net loss to net cash and cash equivalents from operating activities:    
Depreciation and amortization 339,953 217,810
Stock compensation expense 429,488 280,245
Amortization of debt costs 182,900  
Interest expense on notes payable converted to common stock 3,430,931
Value of common stock issued in exchange for consulting services 789,600  
Changes in operating assets and liabilities which (used) provided cash:    
Accounts receivable 55,680 (86,120)
Payments to university partners (4,510)
Prepaid expenses and other assets (894,959) (1,385)
Accounts payable (38,759) (150,642)
Deferred revenue 359,529 99,593
Accrued and other liabilities (29,282) 26,682
Net cash and cash equivalents used in operating activities (2,748,757) (1,531,070)
Cash Flows from Investing Activities    
Purchase of property and equipment (46,749) (7,810)
Investment in capitalized software (406,776) (474,472)
Net cash and cash equivalents used in investing activities (453,525) (482,282)
Cash Flows from Financing Activities    
Issuance of common stock – net of issuance costs 12,796,230 4,770,222
Net Increase in Cash and Cash Equivalents 9,593,948 2,756,870
Cash and Cash Equivalents - Beginning of period 4,093,874 1,008,902
Cash and Cash Equivalents - End of period 13,687,822 3,765,772
Significant Noncash Transactions:    
Acquisition of capitalized software included in accounts payable and accrued liabilities 56,285 39,275
Conversion of convertible notes payable, including accrued interest of $73,315, into $113 of common stock 2,255,745
Issuance of common stock in exchange for consulting services $ 789,600
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Condensed Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)
 6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Statement of Cash Flows [Abstract]    
Accrued interest $ 73,315 $ 113
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Nature of Business
 6 Months Ended
Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business

Note 1 - Nature of Business

 

Amesite Inc. (the "Company") was incorporated in November 2017. The Company is an artificial intelligence driven platform and course designer, that provides customized, high performance and scalable online products for schools and businesses. The Company uses machine learning to provide a novel, mass customized experience to learners. The Company's customers are businesses, universities and colleges, and K-12 schools. The Company's activities are subject to significant risks and uncertainties. The Company's operations are considered to be in one segment.

 

On September 18, 2020, we consummated a reorganizational merger (the "Reorganization"), pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), dated July 14, 2020, whereby we merged with and into Amesite Inc. ("Amesite Parent") our former parent corporation, with our Company resulting as the surviving entity. In connection with the same, we filed a Certificate of Ownership and Merger with the Secretary of State of the State of Delaware, and changed our name from "Amesite Operating Company" to "Amesite Inc." The stockholders of Amesite Parent approved the Merger Agreement on August 4, 2020. The directors and officers of Amesite Parent became our directors and officers.

 

Pursuant to the Merger Agreement, on the Effective Date, each share of the Amesite parent's common stock, $0.0001 par value per share, issued and outstanding immediately before the Effective Date, was converted, on a one-for-one basis, into shares of our common stock.

 

Additionally, each option or warrant to acquire shares of Amesite Parent outstanding immediately before the Effective Date was converted into and became an equivalent option to acquire shares of our common stock, upon the same terms and conditions.

 

As discussed in Note 6, the Company completed a stock offering through which it raised approximately $12.8 million in net proceeds. These funds will be utilized to execute the Company's strategic growth plans, including hiring additional sales staff as well as product engineers. These funds provide sufficient operating capital for the Company. As such, we have concluded there are no current conditions or events present that raise substantial doubt about the entity's ability to continue as a going concern.
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Significant Accounting Policies
 6 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies

Note 2 - Significant Accounting Policies

 

Basis of Presentation

 

The condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and considering the requirements of the United States Securities and Exchange Commission ("SEC"). The Company has a fiscal year with a June 30 year end.

 

In the opinion of management, the financial statements of the Company as of December 31, 2020 and 2019 and for the three and six months ended December 31, 2020 and 2019 include all adjustments and accruals, consisting only of normal, recurring accrual adjustments, which are necessary for fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed in or omitted from this report pursuant to the rules and regulations of the SEC. These financial statements should be read together with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2020.

 

Certain operating expenses within the statement of operations from the prior year have been reclassified to conform with the current year presentation.

 

Use of Estimates

 

The preparation of condensed financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

Fair Value Measurements

 

Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.

 

Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

 

Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.

 

Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based primarily on management's own estimates using pricing models, discounted cash flow methodologies, or similar techniques.

 

In instances whereby inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company's assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.

 

Cash and Cash Equivalents

 

The Company considers all investments with an original maturity of three months or less when purchased to be cash equivalents. The total amount of bank deposits (checking, savings, and investment accounts) that was insured by the FDIC at December 31, 2020 was $500,000.

 

Property and Equipment

 

Property and equipment are recorded at cost. The straight-line method is used for computing depreciation and amortization. Assets are depreciated over their estimated useful lives. The cost of leasehold improvements is depreciated (amortized) over the lesser of the length of the related leases or the estimated useful lives of the assets. Costs of maintenance and repairs are charged to expense when incurred.

 

   Depreciable Life - Years
    
Leasehold improvements  Shorter of estimated lease term or 10 years
Furniture and fixtures  7 years
Computer equipment and software  5 years

 

Capitalized Software Costs

 

The Company capitalizes significant costs incurred in the development of software for internal use, including the costs of the software, materials, consultants, and payroll and payroll related costs for employees incurred in developing internal use computer software. Planning costs incurred prior to the development of software and costs not qualifying for capitalization are charged to expense. The company amortizes capitalized software over a period of three years, which is the expected useful life of the software. The Company recognized amortization expense of approximately $175,000 and $112,000 for the three month periods ended December 31, 2020 and 2019, respectively. The Company recognized amortization expense of approximately $333,000 and $204,000 for the six month periods ended December 31, 2020 and 2019, respectively. Accumulated amortization at December 31, 2020 and 2019 was $937,298 and $325,510, respectively.

 

Revenue Recognition

 

We generate substantially all of our revenue from contractual arrangements with our businesses, colleges and universities and K-12 schools to provide a comprehensive platform of tightly integrated technology and technology enabled services related to product offerings.

 

Performance Obligations and Timing of Recognition

 

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

 

We derive revenue from annual licensing arrangements, including maintenance fees, setup fees and other variable fees for course development and miscellaneous items. Our contracts with partners generally have two to five-year terms and have a single performance obligation. The promises to set up and provide a hosted platform of tightly integrated technology and services partners need to attract, enroll, educate and support students are not distinct within the context of the contracts. This performance obligation is satisfied as the partners receive and consume benefits, which occurs ratably over the contract term.

 

We do not disclose the value of unsatisfied performance obligations because the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a service that forms part of a single performance obligation (i.e., consideration received is based on the level of product offerings, which is unknown in advance).

 

We also receive fees that are fixed in nature, such as annual license and maintenance charges, in place of or in conjunction with variable consideration. The fees are independent of the number of students that are enrolled in courses with our customers and are allocated to and recognized ratably over the service period of the contract that the Company's platform is made available to the customer (i.e. the customer simultaneously receives and consumes the benefit of the software over the contract service period).

 

The following factors affect the nature, amount, timing, and uncertainty of our revenue and cash flows:

 

  ● The majority of our customers are private and public learning institutions across various domestic regions, however the majority of our revenue is derived from enterprise customers

 

●The majority of our customers have annual payment terms

 

The following table shows revenue from contracts with customers by customer type for the six months ended December 31:  

 

Customer Type  2020   2019 
         
Enterprise  $189,548   $- 
K12   17,614    - 
University   9,759    40,307 
Total  $216,921   $40,307 

 

Contract Fulfilment Costs

 

We incur certain fulfilment costs related to software design of specific course offerings for our customers, primarily comprised of software development, configuration costs, and implementation costs. These costs are capitalized and recorded on a contract-by-contract basis and amortized using the straight-line method over the length of the contract (i.e. on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates). There were no costs to fulfill capitalized or amortized as of December 31, 2020 or 2019.

 

Accounts Receivable, Contract Assets and Liabilities

 

Balance sheet items related to contracts consist of accounts receivable (net) and contract liabilities on our condensed balance sheets. Accounts receivable (net) is stated at net realizable value, and we utilize the allowance method to provide for doubtful accounts based on management's evaluation of the collectability of the amounts due. Our estimates are reviewed and revised periodically based on historical collection experience and a review of the current status of accounts receivable. Historically, actual write-offs for uncollectible accounts have not significantly differed from prior estimates. There was no allowance for doubtful accounts on accounts receivable balances as of December 31, 2020 and June 30, 2020.

 

We may recognize revenue prior to billing a customer when we have satisfied or partially satisfied our performance obligations as billings to our customers may not be made until after the service period has commenced. As of December 31, 2020 and June 30, 2020, we do not have any contract assets.

 

Contract liabilities as of each balance sheet date represent the excess of amounts billed or received as compared to amounts recognized in revenue on our condensed statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on our condensed balance sheets as deferred revenue. We generally receive payments prior to completion of the service period and our performance obligations. These payments are recorded as deferred revenue until the services are delivered or until our obligations are otherwise met, at which time revenue is recognized.

 

Some contracts also involve annual license fees, for which upfront amounts are received from customers. In these contracts, the license fees received in advance of the platform's launch are recorded as contract liabilities.

 

The following table provides information on the changes in the balance of contract liabilities for the six months ended December 31:

 

   2020   2019 
         
Opening balance  $380,000   $- 
Billings   576,450    99,593 
Less revenue recognized from continuing operations (net of returns and allowances):   (216,921)   - 
Closing balance  $739,529   $99,593 

 

Technology and Content Development

 

Technology and content development expenditures consist primarily of personnel and personnel-related expense and contracted services associated with the maintenance of our platform as well as hosting and licensing costs and are charged to expense as incurred. It also includes amortization of capitalized software costs and research and development costs related to improving our platform and creating content that are charged to expense as incurred.

 

Stock-Based Payments

 

Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718 "Compensation-Stock Compensation" requires companies to measure the cost of employee and nonemployee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. The Company accounts for shares of common stock, stock options and warrants issued to employees and nonemployees based on the fair value of the stock, stock option or warrant.

 

Income Taxes

 

In calculating the provision for interim income taxes, in accordance with Accounting Standards Codification (ASC) 740, Income Taxes, we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year.

 

Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the condensed statement of operations in the period that includes the enactment date.

 

Net Loss per Share

 

Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. For the three and six months ended December 31, 2020, the Company had 2,917,000 and 2,068,783 potentially dilutive shares of common stock related to common stock options and warrants, respectively, as determined using the if-converted method. For the three and six months ended December 31, 2019, the Company had 1,170,833 and 1,771,192 potentially dilutive shares of common stock related to common stock options and warrants, respectively, as determined using the if-converted method. For all periods presented, the dilutive effect of common stock options and common stock warrants has not been included in the average shares outstanding for the calculation of net loss per share as the effect would be anti-dilutive as a result of our net losses in these periods.

 

Risks and Uncertainties

 

The Company operates in an industry subject to rapid change. The Company's operations will be subject to significant risk and uncertainties including financial, operational, technological, and other risks associated with an early stage company, including the potential risk of business failure.

 

On March 11, 2020, the World Health Organization declared the outbreak of a respiratory disease caused by a novel coronavirus as a "pandemic." First identified in late 2019 and known now as COVID-19, the outbreak has impacted thousands of individuals worldwide. In response, many countries, including the United States, have implemented measures to combat the outbreak which have impacted global business operations. While management believes the Company's operations have not been significantly impacted, the Company continues to monitor the situation. In addition, while the Company's results of operations, cash flows and financial condition could be negatively impacted, the extent of the impact cannot be reasonably estimated at this time.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.20.4
Prepaid Expenses and Other Assets
 6 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Prepaid Expenses and Other Assets

Note 3 – Prepaid Expenses and Other Assets

 

Prepaid expenses and other assets is comprised of the following:

 

   December  31,
2020		   June 30,
2020		 
         
Prepaid insurance  $540,093   $36,102 
Prepaid consulting services   533,973    - 
Prepaid offering costs   -    142,730 
Other prepaid services   43,167    43,442 
Total  $1,117,233   $222,274 
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.20.4
Stock-Based Compensation
 6 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation

Note 4 - Stock-Based Compensation

 

The Company's Equity Incentive Plan (the "Plan") permits the grant of stock options, stock appreciation rights, restricted stock, or restricted stock units to officers, employees, directors, consultants, agents, and independent contractors of the Company. The Company believes that such awards better align the interests of its employees, directors, and consultants with those of its stockholders. Option awards are generally granted with an exercise price equal to the market price of the Company's stock at the date of grant; those option awards generally vest over two years from the grant date and generally have ten-year contractual terms. Certain option awards provide for accelerated vesting (as defined in the Plan).

 

The Company has reserved 4,600,000 shares of common stock to be available for granting under the Plan.

 

The Company estimates the fair value of each option award using a Black-Scholes Model ("BSM") that uses the weighted-average assumptions included in the table below. Expected volatilities are based on historical volatility of comparable companies. The Company uses historical data to estimate option exercise within the valuation model or estimates the expected option exercise when historical data is unavailable. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on its common stock in the foreseeable future. When calculating the amount of annual compensation expense, the Company has elected not to estimate forfeitures and instead accounts for forfeitures as they occur.

 

The following table summarizes the assumptions used for estimating the fair value of the stock options granted for the six-month periods presented:

 

   December 31,
2020		   December 31,
2019		 
         
Expected term (years)   6.00    6.00 
Risk-free interest rate   0.15%   2.13%
Expected volatility   46.30%   45.00%
Dividend yield   0%   0%

 

A summary of option activity for the six months ended December 31, 2020 is presented below:

 

Options   Number of Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (in years) 
              
Outstanding at July 1, 2020    2,962,833   $1.82    9.06 
Granted    164,000    3.53    9.76 
Terminated    (209,833)   1.65    - 
Outstanding at December 31, 2020    2,917,000    1.93    8.67 

 

The weighted-average grant-date fair value of options granted during the six month period ended December 31, 2020 was $1.51. The options contained time-based vesting conditions satisfied over periods ranging from two to five years from the grant date.

 

The Company recognized $217,075 and $100,375 in expense related to the Plan for the three month periods ended December 31, 2020 and 2019, respectively. The Company recognized $429,488 and $280,245 in expense related to the Plan for the six month periods ended December 31, 2020 and 2019, respectively.

 

As of December 31, 2020, there was approximately $1,281,000 of total unrecognized compensation cost for employees and non-employees related to nonvested options. That cost is expected to be recognized through June 2025.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.20.4
Income Taxes
 6 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

Note 5 - Income Taxes

 

For the three and six months ended December 31, 2020 and prior periods since inception, the Company's activities have not generated any taxable income or tax liabilities. Accordingly, the Company has not recognized an income tax benefit for the three and six month periods ended December 31, 2020 and 2019.

 

The Company has approximately $14,152,000 of net operating loss carryforwards available to reduce future income taxes, of which approximately $17,000 of net operating loss carryforwards expire in 2037. Due to uncertainty as to the realization of the net operating loss carryforwards and other deferred tax assets as a result of the Company's limited operating history and operating losses since inception, a full valuation allowance has been recorded against the Company's deferred tax assets.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Common Stock
 6 Months Ended
Dec. 31, 2020
Common Stock [Abstract]  
Common Stock

Note 6 - Common Stock

 

On September 25, 2020, the Company completed an offering ("Offering") of 3,000,000 shares of its common stock, $0.0001 par value per share, at an offering price of $5.00 per share (total net proceeds of approximately $12.8 million after underwriting discounts, commissions, and other offering costs). In connection with the Offering, the Company has agreed to issue five (5) year warrants to the placement agent to purchase five (5%) of the common shares sold for an exercise price equal to $6.00. Total warrants of 150,000 were issued to the underwriter on September 29, 2020.

 

The Company measures the warrants using the Black-Scholes Model ("BSM") to estimate their fair value. The fair value of the warrants issued in connection with the Offering was approximately $249,000 based on the following inputs and assumptions using the BSM: (i) expected stock price volatility of 45.00%; (ii) risk-free interest rate of .14%; and (iii) expected life of the warrants of 5 years. The warrants are included in offering costs in the Statement of Stockholders' Equity.

 

In connection with the Offering, the Company converted its outstanding convertible notes payable into 1,127,872 shares of its common stock (Note 7).

 

Additionally, in connection with the Offering, the Company cancelled 126,532 warrants previously issued to nonemployees in exchange for professional services to meet certain offering listing requirements, of which 6,665 were replaced and deemed vested in full. As a result, the Company recorded approximately $15,000 of additional warrant expense, which was recorded as additional paid-in-capital.

 

On November 3, 2020 and December 14, 2020, the Company issued 69,709 shares of its common stock totaling approximately $290,000 and 106,383 shares of its common stock totaling approximately $500,000 in value, respectively, to various consulting firms in exchange for strategic investor relations services. These shares vested immediately upon issuance.
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.20.4
Convertible Notes Payable
 6 Months Ended
Dec. 31, 2020
Convertible Notes Payable [Abstract]  
Convertible Notes Payable

Note 7 - Convertible Notes Payable

 

In April and May 2020, the Company issued unsecured, convertible notes payable (the "Notes") to certain accredited investors, with an aggregate principal amount of $2,182,500, in an offering intended to be exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereof and Regulation D thereunder.

 

The Notes were unsecured, bore interest at 8% per annum, and matured one year from their dates of issuance. The Notes were subject to automatic conversion into the Company's common stock upon a qualified equity financing or change of control, based on a specified formula for the conversion price; using the lesser of $2.00 or 75% of the price paid per share in either of the conversion events.

 

The Company incurred issuance costs of $261,900. The issuance costs were amortized over six months, which was the estimated length of time that the Company believed the Notes would be outstanding until a conversion event occurred.

 

In connection with the Offering (Note 6), the Notes (totaling $2,255,815, including accrued interest) were converted into 1,127,872 shares of common stock at $2.00 per share. As the Offering price was $5.00 per share, the Company recognized an expense totaling $3,383,546 which represents the discount provided to the Note holders. This expense is recorded within interest expense in the condensed statement of operations. Additionally, upon completion of the Offering, the remaining unamortized debt issuance costs of $182,900 were fully amortized and included within interest expense.
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.20.4
Significant Accounting Policies (Policies)
 6 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and considering the requirements of the United States Securities and Exchange Commission ("SEC"). The Company has a fiscal year with a June 30 year end.

 

In the opinion of management, the financial statements of the Company as of December 31, 2020 and 2019 and for the three and six months ended December 31, 2020 and 2019 include all adjustments and accruals, consisting only of normal, recurring accrual adjustments, which are necessary for fair presentation of the results for the interim periods. These interim results are not necessarily indicative of results for a full year.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed in or omitted from this report pursuant to the rules and regulations of the SEC. These financial statements should be read together with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2020.

 

Certain operating expenses within the statement of operations from the prior year have been reclassified to conform with the current year presentation.
Use of Estimates

Use of Estimates

 

The preparation of condensed financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value Measurements

Fair Value Measurements

 

Accounting standards require certain assets and liabilities be reported at fair value in the financial statements and provide a framework for establishing that fair value. The framework for determining fair value is based on a hierarchy that prioritizes the inputs and valuation techniques used to measure fair value.

 

Fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

 

Fair values determined by Level 2 inputs use other inputs that are observable, either directly or indirectly. These Level 2 inputs include quoted prices for similar assets and liabilities in active markets and other inputs such as interest rates and yield curves that are observable at commonly quoted intervals.

 

Level 3 inputs are unobservable inputs, including inputs that are available in situations where there is little, if any, market activity for the related asset. These Level 3 fair value measurements are based primarily on management's own estimates using pricing models, discounted cash flow methodologies, or similar techniques.

 

In instances whereby inputs used to measure fair value fall into different levels in the above fair value hierarchy, fair value measurements in their entirety are categorized based on the lowest level input that is significant to the valuation. The Company's assessment of the significance of particular inputs to these fair value measurements requires judgment and considers factors specific to each asset or liability.
Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all investments with an original maturity of three months or less when purchased to be cash equivalents. The total amount of bank deposits (checking, savings, and investment accounts) that was insured by the FDIC at December 31, 2020 was $500,000.
Property and Equipment

Property and Equipment

 

Property and equipment are recorded at cost. The straight-line method is used for computing depreciation and amortization. Assets are depreciated over their estimated useful lives. The cost of leasehold improvements is depreciated (amortized) over the lesser of the length of the related leases or the estimated useful lives of the assets. Costs of maintenance and repairs are charged to expense when incurred.

 

   Depreciable Life - Years
    
Leasehold improvements  Shorter of estimated lease term or 10 years
Furniture and fixtures  7 years
Computer equipment and software  5 years
Capitalized Software Costs

Capitalized Software Costs

 

The Company capitalizes significant costs incurred in the development of software for internal use, including the costs of the software, materials, consultants, and payroll and payroll related costs for employees incurred in developing internal use computer software. Planning costs incurred prior to the development of software and costs not qualifying for capitalization are charged to expense. The company amortizes capitalized software over a period of three years, which is the expected useful life of the software. The Company recognized amortization expense of approximately $175,000 and $112,000 for the three month periods ended December 31, 2020 and 2019, respectively. The Company recognized amortization expense of approximately $333,000 and $204,000 for the six month periods ended December 31, 2020 and 2019, respectively. Accumulated amortization at December 31, 2020 and 2019 was $937,298 and $325,510, respectively.
Revenue Recognition

Revenue Recognition

 

We generate substantially all of our revenue from contractual arrangements with our businesses, colleges and universities and K-12 schools to provide a comprehensive platform of tightly integrated technology and technology enabled services related to product offerings.

 

Performance Obligations and Timing of Recognition

 

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

 

We derive revenue from annual licensing arrangements, including maintenance fees, setup fees and other variable fees for course development and miscellaneous items. Our contracts with partners generally have two to five-year terms and have a single performance obligation. The promises to set up and provide a hosted platform of tightly integrated technology and services partners need to attract, enroll, educate and support students are not distinct within the context of the contracts. This performance obligation is satisfied as the partners receive and consume benefits, which occurs ratably over the contract term.

 

We do not disclose the value of unsatisfied performance obligations because the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a service that forms part of a single performance obligation (i.e., consideration received is based on the level of product offerings, which is unknown in advance).

 

We also receive fees that are fixed in nature, such as annual license and maintenance charges, in place of or in conjunction with variable consideration. The fees are independent of the number of students that are enrolled in courses with our customers and are allocated to and recognized ratably over the service period of the contract that the Company's platform is made available to the customer (i.e. the customer simultaneously receives and consumes the benefit of the software over the contract service period).

 

The following factors affect the nature, amount, timing, and uncertainty of our revenue and cash flows:

 

  ● The majority of our customers are private and public learning institutions across various domestic regions, however the majority of our revenue is derived from enterprise customers

 

●The majority of our customers have annual payment terms

 

The following table shows revenue from contracts with customers by customer type for the six months ended December 31:  

 

Customer Type  2020   2019 
         
Enterprise  $189,548   $- 
K12   17,614    - 
University   9,759    40,307 
Total  $216,921   $40,307 

 

Contract Fulfilment Costs

 

We incur certain fulfilment costs related to software design of specific course offerings for our customers, primarily comprised of software development, configuration costs, and implementation costs. These costs are capitalized and recorded on a contract-by-contract basis and amortized using the straight-line method over the length of the contract (i.e. on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates). There were no costs to fulfill capitalized or amortized as of December 31, 2020 or 2019.

 

Accounts Receivable, Contract Assets and Liabilities

 

Balance sheet items related to contracts consist of accounts receivable (net) and contract liabilities on our condensed balance sheets. Accounts receivable (net) is stated at net realizable value, and we utilize the allowance method to provide for doubtful accounts based on management's evaluation of the collectability of the amounts due. Our estimates are reviewed and revised periodically based on historical collection experience and a review of the current status of accounts receivable. Historically, actual write-offs for uncollectible accounts have not significantly differed from prior estimates. There was no allowance for doubtful accounts on accounts receivable balances as of December 31, 2020 and June 30, 2020.

 

We may recognize revenue prior to billing a customer when we have satisfied or partially satisfied our performance obligations as billings to our customers may not be made until after the service period has commenced. As of December 31, 2020 and June 30, 2020, we do not have any contract assets.

 

Contract liabilities as of each balance sheet date represent the excess of amounts billed or received as compared to amounts recognized in revenue on our condensed statements of operations as of the end of the reporting period, and such amounts are reflected as a current liability on our condensed balance sheets as deferred revenue. We generally receive payments prior to completion of the service period and our performance obligations. These payments are recorded as deferred revenue until the services are delivered or until our obligations are otherwise met, at which time revenue is recognized.

 

Some contracts also involve annual license fees, for which upfront amounts are received from customers. In these contracts, the license fees received in advance of the platform's launch are recorded as contract liabilities.

 

The following table provides information on the changes in the balance of contract liabilities for the six months ended December 31:

 

   2020   2019 
         
Opening balance  $380,000   $- 
Billings   576,450    99,593 
Less revenue recognized from continuing operations (net of returns and allowances):   (216,921)   - 
Closing balance  $739,529   $99,593 
Technology and Content Development

Technology and Content Development

 

Technology and content development expenditures consist primarily of personnel and personnel-related expense and contracted services associated with the maintenance of our platform as well as hosting and licensing costs and are charged to expense as incurred. It also includes amortization of capitalized software costs and research and development costs related to improving our platform and creating content that are charged to expense as incurred.
Stock-Based Payments

Stock-Based Payments

 

Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 718 "Compensation-Stock Compensation" requires companies to measure the cost of employee and nonemployee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. The Company accounts for shares of common stock, stock options and warrants issued to employees and nonemployees based on the fair value of the stock, stock option or warrant.
Income Taxes

Income Taxes

 

In calculating the provision for interim income taxes, in accordance with Accounting Standards Codification (ASC) 740, Income Taxes, we apply an estimated annual effective tax rate to year-to-date ordinary income. At the end of each interim period, we estimate the effective tax rate expected to be applicable for the full fiscal year.

 

Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the condensed statement of operations in the period that includes the enactment date.
Net Loss per Share

Net Loss per Share

 

Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. For the three and six months ended December 31, 2020, the Company had 2,917,000 and 2,068,783 potentially dilutive shares of common stock related to common stock options and warrants, respectively, as determined using the if-converted method. For the three and six months ended December 31, 2019, the Company had 1,170,833 and 1,771,192 potentially dilutive shares of common stock related to common stock options and warrants, respectively, as determined using the if-converted method. For all periods presented, the dilutive effect of common stock options and common stock warrants has not been included in the average shares outstanding for the calculation of net loss per share as the effect would be anti-dilutive as a result of our net losses in these periods.
Risks and Uncertainties

Risks and Uncertainties

 

The Company operates in an industry subject to rapid change. The Company's operations will be subject to significant risk and uncertainties including financial, operational, technological, and other risks associated with an early stage company, including the potential risk of business failure.

 

On March 11, 2020, the World Health Organization declared the outbreak of a respiratory disease caused by a novel coronavirus as a "pandemic." First identified in late 2019 and known now as COVID-19, the outbreak has impacted thousands of individuals worldwide. In response, many countries, including the United States, have implemented measures to combat the outbreak which have impacted global business operations. While management believes the Company's operations have not been significantly impacted, the Company continues to monitor the situation. In addition, while the Company's results of operations, cash flows and financial condition could be negatively impacted, the extent of the impact cannot be reasonably estimated at this time.
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.20.4
Significant Accounting Policies (Tables)
 6 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of property and equipment estimated useful lives

   Depreciable Life - Years
    
Leasehold improvements  Shorter of estimated lease term or 10 years
Furniture and fixtures  7 years
Computer equipment and software  5 years
Schedule of revenue from contracts with customers

Customer Type  2020   2019 
         
Enterprise  $189,548   $- 
K12   17,614    - 
University   9,759    40,307 
Total  $216,921   $40,307 
Schedule of contract liabilities

   2020   2019 
         
Opening balance  $380,000   $- 
Billings   576,450    99,593 
Less revenue recognized from continuing operations (net of returns and allowances):   (216,921)   - 
Closing balance  $739,529   $99,593 
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.20.4
Prepaid Expenses and Other Assets (Tables)
 6 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Schedule of prepaid expense and other assets
   December  31,
2020		   June 30,
2020		 
         
Prepaid insurance  $540,093   $36,102 
Prepaid consulting services   533,973    - 
Prepaid offering costs   -    142,730 
Other prepaid services   43,167    43,442 
Total  $1,117,233   $222,274 
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.20.4
Stock-Based Compensation (Tables)
 6 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of assumptions used for estimating the fair value of the stock options
   December 31,
2020		   December 31,
2019		 
         
Expected term (years)   6.00    6.00 
Risk-free interest rate   0.15%   2.13%
Expected volatility   46.30%   45.00%
Dividend yield   0%   0%
Schedule of option activity
Options   Number of Shares   Weighted Average Exercise Price   Weighted Average Remaining Contractual Term (in years) 
              
Outstanding at July 1, 2020    2,962,833   $1.82    9.06 
Granted    164,000    3.53    9.76 
Terminated    (209,833)   1.65    - 
Outstanding at December 31, 2020    2,917,000    1.93    8.67 
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.20.4
Nature of Business (Details) - USD ($)
 6 Months Ended
Dec. 31, 2020
Jun. 30, 2020
Nature of Business (Textual)    
Common stock, par value $ 0.0001 $ 0.0001
Stock offering $ 12,800,000  
Merger Agreement [Member]    
Nature of Business (Textual)    
Common stock, par value $ 0.0001  
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.20.4
Significant Accounting Policies (Details)
 6 Months Ended
Dec. 31, 2020
Leasehold improvements [Member]  
Depreciable Life - Years, Description Shorter of estimated lease term or 10 years
Furniture and fixtures [Member]  
Depreciable Life - Years 7 years
Computer equipment and software [Member]  
Depreciable Life - Years 5 years
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.20.4
Significant Accounting Policies (Details 1) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Total Revenue $ 106,812 $ 32,607 $ 216,921 $ 40,307
Enterprise [Member]        
Total Revenue     189,548
K12 [Member]        
Total Revenue     17,614
University [Member]        
Total Revenue     $ 9,759 $ 40,307
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.20.4
Significant Accounting Policies (Details 2) - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]    
Opening balance $ 380,000
Billings 576,450 99,593
Less revenue recognized from continuing operations (net of returns and allowances): (216,921)
Closing balance $ 739,529 $ 99,593
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.20.4
Significant Accounting Policies (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Significant Accounting Policies (Textual)        
Amount of FDIC $ 500,000   $ 500,000  
Amortization expense $ 175,000 $ 112,000 333,000 $ 204,000
Accumulated amortization     $ 937,298 $ 325,510
Warrants [Member]        
Significant Accounting Policies (Textual)        
Potentially dilutive shares of common stock related to common stock options and warrants 2,917,000 1,170,833 2,068,783 1,771,192
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.20.4
Prepaid Expenses and Other Assets (Details) - USD ($)
Dec. 31, 2020
Jun. 30, 2020
Notes to Financial Statements    
Prepaid insurance $ 540,093 $ 36,102
Prepaid consulting services 533,973
Prepaid offering costs 142,730
Other prepaid services 43,167 43,442
Total $ 1,117,233 $ 227,274
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.20.4
Stock-Based Compensation (Details)
 6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]    
Expected term (years) 6 years 6 years
Risk-free interest rate 0.15% 2.13%
Expected volatility 46.30% 45.00%
Dividend yield 0.00% 0.00%
XML 35 R26.htm IDEA: XBRL DOCUMENT v3.20.4
Stock-Based Compensation (Details 1) - Options [Member]
 6 Months Ended
Dec. 31, 2020
$ / shares
shares
Number of Shares, Outstanding, Beginning | shares 2,962,833
Number of Shares, Granted | shares 164,000
Number of Shares, Terminated | shares (209,833)
Number of Shares, Outstanding, Ending | shares 2,917,000
Weighted Average Exercise Price, Outstanding, Beginning | $ / shares $ 1.82
Weighted Average Exercise Price, Granted | $ / shares 3.53
Weighted Average Exercise Price, Terminated | $ / shares 1.65
Weighted Average Exercise Price, Outstanding, Ending | $ / shares $ 1.93
Weighted Average Remaining Contractual Term (in years), Beginning 9 years 22 days
Weighted Average Remaining Contractual Term (in years), Granted 9 years 9 months 3 days
Weighted Average Remaining Contractual Term (in years), Ending 8 years 8 months 2 days
XML 36 R27.htm IDEA: XBRL DOCUMENT v3.20.4
Stock-Based Compensation (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Dec. 31, 2020
Dec. 31, 2019
Stock-Based Compensation (Textual)          
Weighted-average grant-date fair value of options granted       $ 1.51  
Recognized expense $ 217,075 $ 100,375   $ 429,488 $ 280,245
Restricted shares value related to nonqualified stock options     $ 2,093,679    
Nonvested options [Member]          
Stock-Based Compensation (Textual)          
Total unrecognized compensation cost for employees and non-employees related to nonvested options $ 1,281,000     $ 1,281,000  
Minimum [Member]          
Stock-Based Compensation (Textual)          
Option contained time-based vesting conditions       2 years  
Maximum [Member]          
Stock-Based Compensation (Textual)          
Option contained time-based vesting conditions       5 years  
Equity Incentive Plan [Member]          
Stock-Based Compensation (Textual)          
Common stock granted       4,600,000  
XML 37 R28.htm IDEA: XBRL DOCUMENT v3.20.4
Income Taxes (Details)
 6 Months Ended
Dec. 31, 2020
USD ($)
Income Taxes (Textual)  
Net operating loss carryforwards $ 14,152,000
Operating loss carryforwards $ 17,000
Net operating loss carryforwards expire, description Net operating loss carryforwards expire in 2037.
XML 38 R29.htm IDEA: XBRL DOCUMENT v3.20.4
Common Stock (Details) - USD ($)
 1 Months Ended 6 Months Ended
Dec. 14, 2020
Nov. 03, 2020
Sep. 25, 2020
Dec. 31, 2020
Common Stock (Textual)        
Shares of common stock     3,000,000  
Sale price, per share     $ 0.0001  
Offering per share price     $ 5.00  
Proceeds of net amount     $ 12,800,000  
Net proceeds, description     Total net proceeds of approximately $12.8 million after underwriting discounts, commissions, and other offering costs.  
Private placement offering, description     The Company has agreed to issue five (5) year warrants to the placement agent to purchase five (5%) of the common shares sold for an exercise price equal to $6.00. Total warrants of 150,000 were issued to the underwriter on September 29, 2020.  
Fair value of the warrants       $ 249,000
Description of Fair Value of the warrants       The fair value of the warrants issued in connection with the Offering was approximately $249,000 based on the following inputs and assumptions using the BSM: (i) expected stock price volatility of 45.00%; (ii) risk-free interest rate of .14%; and (iii) expected life of the warrants of 5 years. The warrants are included in offering costs in the Statement of Stockholders' Equity.
Description of offering       The Company cancelled 126,532 warrants previously issued to nonemployees in exchange for professional services to meet certain offering listing requirements, of which 6,665 were replaced and deemed vested in full. As a result, the Company recorded approximately $15,000 of additional warrant expense, which was recorded as additional paid-in-capital.
Convertible notes payable into shares       1,127,872
Common Stock [Member]        
Common Stock (Textual)        
Shares of issued 106,383 69,709    
Common stock totaling approximately $ 500,000 $ 290,000    
XML 39 R30.htm IDEA: XBRL DOCUMENT v3.20.4
Convertible Notes Payable (Details) - USD ($)
 6 Months Ended
Dec. 31, 2020
May 30, 2020
Apr. 30, 2020
Convertible Notes Payable (Textual)      
Aggregate principal amount   $ 2,182,500 $ 2,182,500
Unsecured bear interest 8.00%    
Convertible debt price, per share $ 2.00    
Convertible debt, percentage 75.00%    
Debt issuance costs $ 261,900    
Accrued interest 2,255,815    
Amortization of debt issuance costs $ 182,900    
Debt offering, description The Notes (totaling $2,255,815, including accrued interest) were converted into 1,127,872 shares of common stock at $2.00 per share. As the Offering price was $5.00 per share, the Company recognized an expense totaling $3,383,546 which represents the discount provided to the Note holders. This expense is recorded within interest expense in the condensed statement of operations. Additionally, upon completion of the Offering, the remaining unamortized debt issuance costs of $182,900 were fully amortized and included within interest expense.    
Shares of common stock converted 1,127,872    
Recognized expense $ 3,383,546    
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