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NEURAXIS, INC.

NYSE AMERICAN: NRXS

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Company: NeurAxis, Inc.
Ticker: NYSE American: NRXS
Sector: Healthcare
Investor Contact: Ben Shamsian
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NeurAxis, Inc. Financials

Financials – Current & Historical

BALANCE SHEETS
v3.25.1
Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 3,696,870 $ 78,560
Accounts receivable, net of credit losses of $5,000 and $11,993 as of December 31, 2024 and 2023, respectively 244,618 73,167
Inventories, net of reserves of $4,454 and $0 as of December 31, 2024 and 2023, respectively 44,328 21,220
Prepaids and other current assets 280,367 69,663
Total current assets 4,266,183 242,610
Property and Equipment, at cost: 464,402 436,626
Less - accumulated depreciation (374,420) (348,074)
Property and equipment, net 89,982 88,552
Other Assets:    
Operating lease right of use asset, net 284,656 70,263
Intangible assets, net 96,588 108,073
Security deposit 20,163
Total Assets 4,757,572 509,498
Current Liabilities:    
Accounts payable 596,946 1,204,219
Accrued expenses 1,577,780 401,088
Notes payable 154,152 148,062
Current portion of operating lease payable 62,754 49,127
Customer deposits 32,527 74,947
Warrant liabilities 9,166 8,225
Total current liabilities 2,433,325 1,885,668
Non-current Liabilities:    
Operating lease payable, net of current portion 256,499 27,071
Total non-current liabilities 256,499 27,071
Total liabilities 2,689,824 1,912,739
Commitments and contingencies (see note 16)
Stockholders’ Equity (Deficit)    
Convertible Series B Preferred stock, $0.01 par value; 5,000,000 and 0 shares authorized, 4,280,939 and 0 shares issued and outstanding as of December 31, 2024 and 2023, respectively 4,281
Common stock, $0.001 par value; 100,000,000 shares authorized; 6,990,227 and 6,508,897 issued and outstanding as of December 31, 2024 and 2023, respectively 6,990 6,509
Additional paid in capital 58,856,089 47,148,361
Accumulated deficit (56,799,612) (48,558,111)
Total stockholders’ equity (deficit) 2,067,748 (1,403,241)
Total Liabilities and Stockholders’ Equity (Deficit) $ 4,757,572 $ 509,498
BALANCE SHEETS (PARENTHETICAL)
v3.25.1
Balance Sheets (Parenthetical) - USD ($)
Dec. 31, 2024
Nov. 11, 2024
Dec. 31, 2023
Accounts receivable, net of credit losses $ 5,000   $ 11,993
Inventories, net of reserves $ 4,454   $ 0
Preferred stock, par value $ 0.001    
Preferred stock, shares authorized 1,120,000    
Common stock, par value $ 0.001   $ 0.001
Common stock, shares authorized 100,000,000   100,000,000
Common stock, shares issued 6,990,227   6,508,897
Common stock, shares outstanding 6,990,227   6,508,897
Convertible Series B Preferred Stock [Member]      
Preferred stock, par value $ 0.01   $ 0.01
Preferred stock, shares authorized 5,000,000 5,000,000 0
Preferred stock, shares issued 4,280,939   0
Preferred stock, shares outstanding 4,280,939   0
STATEMENTS OF INCOME
v3.25.1
Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]    
Net sales $ 2,685,925 $ 2,460,049
Cost of goods sold 362,002 303,345
Gross profit 2,323,923 2,156,704
Selling expenses 324,708 323,569
Research and development 206,107 169,315
General and administrative 8,949,925 8,328,315
Operating loss (7,156,817) (6,664,495)
Other (expense) income:    
Financing charges (230,824) (2,772)
Interest expense (174,328) (476,416)
Change in fair value of warrant liability (941) 844,854
Change in fair value of derivative liability 198,551
Amortization of debt discount and issuance cost (126,387) (4,881,622)
Extinguishment of debt liabilities (3,649,561)
Other income 33,620 15,133
Other expense (585,824) (10,355)
Total other (expense) income, net (1,084,684) (7,962,188)
Net loss (8,241,501) (14,626,683)
Preferred stock dividends (211,268)
Net loss available to common stockholders $ (8,452,769) $ (14,626,683)
Per-share data    
Basic loss per share $ (1.22) $ (4.50)
Diluted loss per share $ (1.22) $ (4.50)
Weighted average shares outstanding    
Basic 6,918,887 3,252,328
Diluted 6,918,887 3,252,328
STATEMENTS OF CASH FLOWS
v3.25.1
Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities    
Net Loss $ (8,241,501) $ (14,626,683)
Adjustments to reconcile net loss to net cash used by operating activities:    
Amortization of debt discount and issuance cost 126,387 4,881,622
Depreciation and amortization 37,831 40,725
Provisions for losses on accounts receivable 7,395 25,281
Provision for losses on inventory 4,454
Non-cash lease expense 32,075 31,119
Non-cash interest expense 260,777
Stock based compensation 227,000
Extinguishment of debt liabilities 3,649,561
Issuance of common stock for non-cash consideration 1,177,187 750,000
Fair value of warrants issued for non-cash consideration 157,745
Finance charges 230,824 2,772
Change in fair value of derivative liabilities (198,551)
Change in fair value of warrant liabilities 941 (844,854)
Changes in operating assets and liabilities:    
Accounts receivable (178,845) 75,951
Inventory (32,500) 26,913
Prepaids and other current assets 56,157 (68,937)
Accounts payable (607,273) (387,897)
Accrued expenses 949,693 (294,154)
Customer deposits (42,420) 15,773
Operating lease liability (3,414) (33,396)
Net cash used by operating activities (6,098,264) (6,693,978)
Cash Flows from Investing Activities    
Additions to property and equipment (27,776) (30,781)
Additions to intangible assets (41,000)
Net cash used by investing activities (27,776) (71,781)
Cash Flows from Financing Activities    
Proceeds from issuance of common stock, net of issuance costs 4,847,457
Proceeds from issuance of Series B preferred stock 5,253,663
Deferred offering costs paid
Proceeds from exercised warrants 26,180 209,097
Principal payments on notes payable (275,994) (3,553,765)
Proceeds from notes payable 159,831
Proceeds from convertible notes 4,935,003 5,460,000
Financing fees paid (194,502) (552,000)
Net cash provided by financing activities 9,744,350 6,590,620
Net Increase (Decrease) in Cash and Cash Equivalents 3,618,310 (175,139)
Cash and Cash Equivalents at Beginning of Period 78,560 253,699
Cash and Cash Equivalents at End of Period 3,696,870 78,560
Supplemental Disclosure of Non-Cash Operating Activities    
Cash paid for interest 33,830 214,562
Cash received for income taxes 10,164
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Recognition of right of use asset 284,339
Conversion of convertible promissory notes to Series B preferred stock 4,935,000
Fair value of warrants from debt discount in convertible notes classified as additional paid in capital 97,465
Write-off of debt discount on convertible notes classified as additional paid in capital 165,577
Issuance of note payable to financing company for insurance premiums 282,086
Fair value of warrant liabilities of warrants from convertible notes 2,446,502
Fair value of derivative liabilities of conversion feature from convertible notes 2,375,378
Reclassification of warrant liability to equity 3,720,997
Conversion of preferred stock to common stock $ 1,244
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
v3.25.1
Statements of Stockholders' Equity (Deficit) - USD ($)
Preferred Stock [Member]
Convertible Series A Preferred stock [Member]
Preferred Stock [Member]
Convertible Series Seed Preferred Stock [Member]
Preferred Stock [Member]
Convertible Series B Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance at Dec. 31, 2022 $ 507 $ 115 $ 1,963 $ 28,355,230 $ (33,931,428) $ (5,573,613)
Balance, shares at Dec. 31, 2022 506,637 115,477 1,963,322      
Common stock issued upon initial public offering $ 1,099 4,109,578 $ 4,110,677
Common stock issued upon initial public offering, shares       1,098,667     1,098,667
Common stock issued upon preferred stock conversion $ (507) $ (115) $ 1,244 (622)
Common stock issued upon preferred stock conversion, shares (506,637) (115,477)   1,244,228      
Common stock issued upon debt conversion $ 1,650 9,897,833 9,899,483
Common stock issued upon debt conversion, shares       1,649,900      
Common stock issued from agreements $ 425 749,575 750,000
Common stock issued from agreements, shares       425,000      
Additional paid in capital from warrants issued under advisory agreement 3,720,997 3,720,997
Warrants exercised $ 128 315,770 315,898
Warrants exercised, shares       127,780      
Net loss (14,626,683) (14,626,683)
Balance at Dec. 31, 2023 $ 6,509 47,148,361 (48,558,111) $ (1,403,241)
Balance, shares at Dec. 31, 2023 6,508,897      
Common stock issued upon initial public offering, shares             245,955
Common stock issued from agreements $ 470 1,407,541 $ 1,408,011
Common stock issued from agreements, shares       470,330      
Additional paid in capital from warrants issued under advisory agreement 157,745 157,745
Warrants exercised $ 11 26,169 26,180
Warrants exercised, shares       11,000      
Net loss (8,241,501) (8,241,501)
Additional paid in capital from warrants issued as debt discount 97,465 97,465
Debt discount on mandatory conversion of convertible promissory notes to Series B Preferred Stock (165,577) (165,577)
Conversion of convertible promissory notes to Series B Preferred Stock $ 2,074 4,932,929 4,935,003
Conversion of convertible promissory notes to Series B Preferred Stock, shares     2,073,524        
Issuance of Series B Preferred Stock $ 2,207 5,251,456   5,253,663
Issuance of Series B Preferred Stock, shares     2,207,415        
Balance at Dec. 31, 2024 $ 4,281 $ 6,990 $ 58,856,089 $ (56,799,612) $ 2,067,748
Balance, shares at Dec. 31, 2024 4,280,939 6,990,227      
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