Overview

We are a private messaging, cybersecurity, and social media company that focuses on protecting user privacy. Our flagship product, DatChat Messenger & Private Social Network, allows users to control their messages and posts even after they are sent. We have also recently launched Myseum, an innovative social media platform that enables individuals, families, and groups to securely store and share digital content.

In October 2024, we acquired RPM Interactive, Inc., a company that develops AI-driven podcast and gaming technologies. As a result, our majority-owned subsidiary, Dragon Interact, Inc., has been renamed RPM Interactive, Inc. and is now focused on becoming an AI-generated publishing company.

Prior to the RPM Interactive acquisition, we had developed the Habytat, a virtual space that blends real-world and virtual realities. However, following the acquisition, we ceased the development of the Habytat platform and are evaluating ways to utilize the technology.

DatChat Messenger & Private Social Network

Our DatChat platform allows users to delete messages on their own and the recipient’s device, hide encrypted messages behind a cover, and prevent screenshots. It also provides encrypted live video chat and integrates with iMessage.

Myseum Social Media Platform

Myseum is our recently launched social media platform that enables individuals, families, and groups to securely store and share digital content such as messages, photos, videos, and documents.

RPM Interactive, Inc.

In October 2024, we acquired 100% of the equity interests of RPM Interactive, Inc., which has an AI tool for publishing AI-generated consumer gaming and podcasting/vodcasting applications. Following the acquisition, we hold approximately 34% of RPM Interactive’s outstanding shares.

The Habytat

Prior to the RPM Interactive acquisition, we had developed the Habytat, a virtual space that blends real-world and virtual realities. After the acquisition, we ceased the development of the Habytat platform and are evaluating ways to utilize the technology.

Recent Events

In January 2025, we returned 3,500,000 shares of our subsidiary’s common stock to the subsidiary, which were cancelled. We also raised approximately $5.1 million through the sale of 1,200,000 shares of our common stock.

Financial Performance

During the years ended December 31, 2024 and 2023, we generated revenues of $436 and $672, respectively, which consisted of subscription revenues. Our operating expenses decreased from $8,784,703 in 2023 to $5,281,339 in 2024, primarily due to reductions in compensation, marketing, and research and development costs.

Our net loss decreased from $8,404,970 in 2023 to $5,025,007 in 2024, a 40.2% decrease. This was mainly due to the reduction in operating expenses.

As of December 31, 2024, we had cash and cash equivalents of $1,196,699, short-term investments of $2,952,512, and working capital of $3,657,711. We believe our existing cash and cash equivalents, along with the $4.5 million in net proceeds from the January 2025 offering, will provide sufficient cash to meet our operating needs and debt requirements for the next 12 months.

Our primary uses of cash have been for research and development, compensation, professional services, marketing, and general and administrative expenses. We expect to continue generating operating losses in the foreseeable future as we implement our growth strategy and incur costs associated with being a public company.

Outlook

While we have seen a decrease in our financial performance in 2024 compared to 2023, we believe our focus on protecting user privacy and our recent expansion into new products and technologies, such as Myseum and the AI-driven initiatives of RPM Interactive, position us well for future growth. However, we will need to carefully manage our expenses and continue to seek additional funding to support our operations and growth plans.