AIxCrypto Holdings reports 97% cash decline, invests 12 million in Faraday Future

AIxCrypto Holdings, a pre-revenue AI crypto startup, ended Q3 with 577328 dollars in cash after a 97% decline over six months. The company's cash and cash equivalents dropped from 19330000 dollars at the end of 2022 to 577328 dollars by June 30, following a 10270000 dollar net loss in the first half and 7940000 dollars used in operations. A 12000000 dollar outflow for Faraday Future securities contributed to the cash decline. The investment included 500000 dollars in Class A common stock and 11500000 dollars in Series C preferred stock, with Faraday Future identified as the controlling majority stockholder. AIxCrypto's digital assets decreased in value from 10250000 dollars to 5210000 dollars, with a net loss of 2930000 dollars on these assets. Current liabilities stood at 1720000 dollars, nearly three times the cash balance. A common-stock purchase agreement could provide up to 50000000 dollars, but this is contingent on market conditions and shareholder approval. AIxCrypto launched its RoboShare platform in June, targeting initial marketplace activity in August and potential revenue in Q3, though it has yet to demonstrate the ability to generate recognized revenue quickly enough to mitigate the need for crypto sales or equity dilution.