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Nature of Business and Liquidity
6 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Nature of Business and Liquidity

Note 1 - Nature of Business and Liquidity

 

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.

 

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

Prior to February 16, 2022, the Company had concluded that it did not have sufficient cash on hand or liquidity available to fund future operations for at least twelve months from expected date of issuance of these financial statements. The Company had concluded that this was a condition that raised substantial doubt about the Company’s ability to continue as a going concern, and that management’s plans did not alleviate substantial doubt about the Company’s ability to continue as a going concern.

 

On February 16, 2022, the Company closed on an offering of common stock and received approximately $2.49 million of cash proceeds, net of underwriting discounts, commissions, and other offering costs (Note 7). These cash proceeds, when considered with the Company’s currently available cash balance, will provide sufficient capital to meet the obligations of the Company as they become due through February of 2023. As such, management of the Company has concluded that the conditions that raised substantial doubt were resolved.