Amesite Inc. (NASDAQ:AMST), a prepackaged software services company, announced the appointment of Sarah Berman as Principal Financial (NASDAQ:PFG) and Accounting Officer effective December 15, 2024. The company's board approved the transition, which also involves the non-renewal of Sherlyn W. Farrell's contract, who has served as Chief Financial Officer since December 15, 2022.
Ms. Berman, a Certified Public Accountant with extensive experience in accounting and auditing, will assume her new role under a one-year contract with a fixed monthly fee of $4,000. She brings a wealth of expertise to Amesite, having founded the accounting advisory firm Better Books Consulting in June 2019. Her prior roles include Senior Accountant at Big Red’s Equipment and Senior Audit Manager at Turner, Stone & Company, L.L.P.
The company's agreement with Ms. Berman, detailed in the Berman CFO Agreement, outlines the terms of her engagement but does not disclose any familial relationships with other directors or officers of the company. Furthermore, Ms. Berman has not been involved in any transactions requiring disclosure under Item 404(a) of Regulation S-K.
In addition to her appointment, the company filed financial statements and exhibits as part of its recent 8-K filing. The filing, dated November 26, 2024, provides investors and the public with updated information on Amesite's executive team changes and financial arrangements.
In other recent news, Amesite Inc., a developer of AI-driven solutions, announced a video update for shareholders on its website, highlighting the progress of its latest B2C application, NurseMagic™, and its B2B offerings. The company has experienced a surge in user numbers for its NurseMagic application, largely attributed to social media promotions.
The app, which assists healthcare professionals with technical questions and improves documentation, is currently ranked #33 in the medical category for free tools in the app store. Amesite also reported a 93% accuracy rate for the app in answering NCLEX model questions, a standard for nursing licensure exams.
The company continues its partnership with the EWIE Group of Companies, providing AI-enhanced enterprise upskilling through its cloud-based learning platform. Moreover, Amesite secured a five-year partnership with Volunteer State Community College, offering non-degree AI and technical training programs. Amesite plans to expand into the B2C AI app market with future apps, including a Public Safety app focusing on active shooter response training.
InvestingPro Insights
As Amesite Inc. (NASDAQ:AMST) undergoes this significant leadership change in its financial department, it's crucial to consider the company's current financial position. According to InvestingPro data, Amesite's market capitalization stands at $6.35 million, reflecting its small-cap status. The company's revenue for the last twelve months as of Q1 2025 was $0.11 million, with a concerning revenue growth decline of -81.72% over the same period.
InvestingPro Tips highlight that Amesite holds more cash than debt on its balance sheet, which could provide some financial flexibility during this transition. However, the company is also quickly burning through cash, a factor that the new Principal Financial and Accounting Officer, Sarah Berman, will need to address urgently.
Another InvestingPro Tip notes that analysts anticipate sales growth in the current year, which could be a positive sign for the company's future performance under new financial leadership. Investors seeking more comprehensive insights can access additional tips on InvestingPro, where 12 more tips are available for AMST.
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