IDAI T Stamp Inc

---

---

---

---

---

---

---

---

---

Description of Business — T Stamp Inc. was incorporated in the State of Delaware on April 11, 2016. T Stamp Inc. and its subsidiaries (“Trust Stamp”, “we”, “us”, “our” or the “Company”) develops and markets artificial intelligence-powered software solutions for enterprise and government partners and peer-to-peer markets.

Trust Stamp develops proprietary artificial intelligence-powered solutions, researching and leveraging machine learning, artificial intelligence, biometric science, cryptography, and data mining, to deliver insightful identity and trust predictions that identify and defend against fraudulent identity attacks, protect sensitive user information, and extend the reach of digital services through global accessibility. We utilize the power and agility of technologies such as GPU processing, edge-computing, neural networks, and large language models to process and protect data faster and more effectively than has ever previously been possible in order to deliver results at a disruptively low cost for usage across multiple industries, including:

•Banking/FinTech

•KYC/AML Compliance

•Humanitarian and Development Services

•Government and Law Enforcement, including Alternative to Detention programs

•Cryptocurrency and Digital Assets

•Biometrically Secured Email and Digital Communications

•P2P Transactions, Social Media, and Sharing Economy

•Real Estate, Travel, and Healthcare

As our portfolio of intellectual property and solutions has developed, we have started to seek applications for our technology outside our traditional focus on identity and trust. We anticipate licensing our technology in numerous fields, typically through established partners who will integrate our technology into field-specific applications.

Reverse Split — On February 15, 2023 our Board of Directors approved and, as of February 20, 2023, the holders of a majority of our voting capital stock approved an amendment (the “Certificate of Amendment”) to the Company’s Amended and Restated Certificate of Incorporation and approved to effect a reverse split of our issued and outstanding shares of Class A Common Stock at a ratio of one share for every five shares currently held, rounded up to the nearest whole share – whereby every five (5) outstanding shares of Class A Common Stock was combined and became one (1) share of Class A Common Stock, rounding up to the nearest whole number of shares (the “Reverse Split”). All share and per share amounts have been updated to reflect the Reverse Split in these unaudited condensed consolidated financial statements. The Reverse Split was effective for trading on the market opening of Nasdaq on March 23, 2023. The Reverse Stock Split effective March 23, 2023, was ratified by the Company’s stockholders by written consent pursuant to a definitive proxy statement filed with the Securities and Exchange Commission on April 13, 2023. Written consent from the majority of stockholders was received as of May 13, 2023.

Amended and Restated Certificate of Incorporation — On July 6, 2023, the Company received confirmation of the acceptance of its Third Amended and Restated Certificate of Incorporation (the "Third Restated Certificate") from the Secretary of State of Delaware. The Third Restated Certificate was approved by the Company’s stockholders by written consent pursuant to a definitive proxy statement filed with the Securities and Exchange Commission on April 13, 2023. Written consent from the majority of stockholders was received as of May 13, 2023. The Third Restated Certificate maintained the 50,000,000 authorized shares of Common Stock and eliminated the authorized Preferred Stock. The Third Restated Certificate also created a classified Board of Directors of the Company with three classes of directors who will stand for election in staggered years.

Going Concern — The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is a business that has not yet generated profits, with a net loss during the six months ended June

---

30, 2024 of $5.28 million, negative net operating cash outflows of $3.76 million for the same period, working capital of negative $1.07 million and an accumulated deficit of $56.13 million as of June 30, 2024.

The Company’s ability to continue as a going concern in the next twelve months following the date the unaudited condensed consolidated financial statements were available to be issued is dependent upon its ability to produce revenues and/or obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results. Management has evaluated these conditions and plans to generate revenue and raise capital as needed to satisfy the Company’s capital needs. While the negotiation of significant additional revenue is well advanced, it has not reached a stage that allows it to be factored into a going concern evaluation. In addition, although the Company has previously been successful in raising capital as needed and has already made plans to do so as well as restructuring expenses to meet the Company’s cash needs, no assurance can be given that the Company will be successful in its capital raising efforts. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period.

On July 13, 2024, T Stamp Inc. entered into a Securities Purchase Agreement (the “SPA”) with a certain investor (the “Purchaser”). Pursuant to the terms of the SPA, the Purchaser agreed, at the closing of the SPA (the “Closing”) and upon the terms and subject to the conditions set forth in the SPA, to purchase from the Company 4,597,701 shares of Class A Common Stock, par value $0.01 of the Company (the “Class A Common Stock”) at $0.435 per share, which was equal to the closing price of the Company’s Class A Common Stock on the Nasdaq Stock Market on July 11, 2024. The total purchase price for the shares was agreed to be paid pursuant to three promissory notes issued by the Purchaser to the Company comprised of (i) a $500,000 promissory note payable on July 31, 2024, which was paid on July 25, 2024; (ii) a $500,000 promissory note payable on August 31, 2024; and (iii) a $1,000,000 promissory note payable within three (3) trading days of an effective resale registration statement as contemplated by the Registration Rights Agreement. The Company filed a resale registration statement on Form S-3 for this purpose on July 18, 2024 (File No.: 333-280884), which is currently under review by the Commission. As of the date of this Quarterly Report on Form 10-Q, the resale registration statement is not yet effective. None of the promissory notes accrue interest, and each may be repaid before their respective due dates.

On July 13, 2024 (the “Closing Date”), the Closing of the SPA occurred, and the Company issued 4,597,701 shares of Class A Common Stock to the Purchaser at $0.435 in exchange for the three promissory notes described above, totaling $2,000,000 in combined principal. The Closing of the SPA was subject to a number of customary closing conditions, including, but not limited to, the Company’s entry into a Registration Rights Agreement, the execution of which were conditions to the Closing of the SPA. Additionally, as part of the Closing of the SPA, the Purchaser executed a Voting Limitation Agreement.

Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with US Generally Accepted Accounting Principles (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.

Basis of Consolidation — The accompanying unaudited condensed consolidated financial statements reflect the activity of the Company and its subsidiaries, Trusted Mail Inc. (“Trusted Mail”), Finnovation LLC (“Finnovation”), Trust Stamp Malta Limited (“Trust Stamp Malta”), AIID Payments Limited, Biometric Innovations Limited (“Biometrics”), Trust Stamp Rwanda Limited, Metapresence Limited, Trust Stamp Denmark ApS, Quantum Foundation, TSI GovTech Corporation, Global Server Management Inc., Cheltenham AI LTD, and Trust Stamp Nigeria Limited. All significant intercompany transactions and accounts have been eliminated.

Further, we continue to consolidate Tstamp Incentive Holdings (“TSIH”) which we consider to be a variable interest entity.

In the opinion of management, these condensed consolidated financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of June 30, 2024 and December 31, 2023, and the results of operations for the three and six months ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial

---

statements and the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The accounting policies employed are substantially the same as those shown in note 1 of the notes to consolidated financial statements included therein.

Variable Interest Entity — On April 9, 2019, management created a new entity, TSIH. Furthermore, on April 25, 2019, the Company issued 320,513 shares of Class A Common Stock to TSIH, for the purpose of providing a pool of shares of Class A Common Stock of the Company that the Company’s Board of Directors (the “Board”) could use for employee stock awards and were recorded initially as Treasury stock. Since establishing TSIH, 264,000 shares were transferred to various employees as a stock award that were earned and outstanding. On February 15, 2023, Trust Stamp issued 206,033 shares of Class A Common Stock to TSIH to be used to satisfy vested employee stock awards. As of June 30, 2024, no shares of Class A Common Stock are held by TSIH as all shares have been issued pursuant to employee Restricted Stock Units.

The Company does not own any of the shares of Class A Common Stock of the Company held by TSIH. The Company considers this entity to be a variable interest entity (“VIE”) because it is thinly capitalized and holds no cash. Because the Company does not own shares in TSIH, management believes that this gives the Company a variable interest. Further, management of the Company also acts as management of TSIH and is the decision-maker as management grants shares held by TSIH to employees of the Company. As this VIE owns only shares in the Company and no other liabilities or assets, the Company is the primary beneficiary of TSIH and will consolidate the VIE.

Major Customers and Concentration of Risks — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of Cash and cash equivalents, and Accounts receivable. We maintain our Cash and cash equivalents with high-quality financial institutions, mainly in the United States; the composition of which are regularly monitored by us. The Federal Deposit Insurance Corporation covers $250,000 for substantially all depository accounts. The Company from time to time may have amounts on deposit in excess of the insured limits. As of June 30, 2024 and December 31, 2023, the Company had $206,821 and $2,620,765 in U.S. bank accounts, respectively, which exceeded these insured amounts. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts.

For Accounts receivable, we are exposed to credit risk in the event of nonpayment by customers to the extent the amounts are recorded in the consolidated balance sheets. We extend different levels of credit and maintain reserves for potential credit losses based upon the expected collectability of Accounts receivable. We manage credit risk related to our customers by performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures.

Three customers represented 95.42% or 48.95%, 38.80%, and 7.67% of the balance of total Accounts receivable as of June 30, 2024 and three customers represented 91.11% or 53.55%, 30.43%, and 7.13% of the balance of total Accounts receivable as of December 31, 2023. The Company seeks to mitigate its credit risk with respect to Accounts receivable by contracting with large commercial customers and government agencies, and regularly monitoring the aging of Accounts receivable balances. As of June 30, 2024 and December 31, 2023, the Company had not experienced any significant losses on its Accounts receivable.

During the three months ended June 30, 2024, the Company sold to primarily three customers which made up approximately 96.21% of total Net revenue, and consisted of 67.33%, 17.38%, and 11.50% from an S&P 500 Bank, Mastercard and Triton, respectively.

Additionally, during the three months ended June 30, 2023, the Company sold to primarily three customers which made up approximately 90.67% of total Net revenue, and consisted of 48.97%, 31.33%, and 10.37% from an S&P 500 Bank, Mastercard, and Triton, respectively.

During the six months ended June 30, 2024, the Company sold to primarily three customers which made up approximately 95.37% of total Net revenue, and consisted of 62.39%, 22.72%, and 10.26% from an S&P 500 Bank, Mastercard and Triton, respectively.

Additionally, during the six months ended June 30, 2023, the Company sold to primarily four customers which made up approximately 92.73% of total Net revenue, and consisted of 44.57%, 28.21%, 10.22%, and 9.73% from an S&P 500 Bank, Mastercard, FIS, and Triton, respectively.

Property and Equipment, Net — Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is recognized using the straight-line method over the estimated useful lives of the respective assets. Maintenance and

---

repairs that do not improve or extend the useful lives of the assets are expensed when incurred, whereas additions and major improvements are capitalized. Upon sale or retirement of assets, the cost and related accumulated depreciation are derecognized from the consolidated balance sheet and any resulting gain or loss is recorded in the consolidated statements of operations in the period realized.

Accounting for Impairment of Long-Lived Assets — Long-lived assets with finite lives include Property and equipment, net, Capitalized internal-use software, Operating lease right-of-use assets, and Intangible assets, net subject to amortization. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

As of June 30, 2024, the Company determined that $1 thousand of Capitalized internal-use software were impaired. The impaired Capitalized internal-use software was expensed to Research and development during the six months ended June 30, 2024. As of December 31, 2023, the Company determined that $19 thousand of Capitalized internal-use software and $12 thousand of Intangible assets was impaired. The impaired Capitalized internal-use software was expensed to Research and development during the year ended December 31, 2023.

Goodwill — Goodwill is accounted for in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 350, Intangibles—Goodwill and Other. The Company allocates the cost of an acquired business to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase consideration transferred over the fair value of the net assets acquired, including other Intangible assets, net, is recorded as Goodwill. Goodwill is tested for impairment at the reporting unit level at least quarterly or more frequently when events or circumstances occur that indicate that it is more likely than not that an impairment has occurred. In assessing Goodwill for impairment, the Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In the qualitative assessment, the Company considers factors including economic conditions, industry and market conditions and developments, overall financial performance and other relevant entity-specific events in determining whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. Should the Company conclude that it is more likely than not that the recorded Goodwill amounts have been impaired, the Company would perform the impairment test. Goodwill impairment exists when a reporting unit’s carrying value exceeds its fair value. Significant judgment is applied when Goodwill is assessed for impairment. There were no impairment charges to Goodwill as of June 30, 2024 and December 31, 2023.

Remaining Performance Obligations — The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company generally allows its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents non-cancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancellable contracted revenue, which includes customer deposit liabilities, is not considered a remaining performance obligation. As of June 30, 2024 and December 31, 2023, the Company did not have any related performance obligations for contracts with terms exceeding twelve months.

Disaggregation of Revenue

						For the three months ended June 30,												For the six months ended June 30,
						2024						2023						2024						2023
Professional services (over time)						$	414,145					$	385,804					$	901,571					$	769,438
License fees (over time)						86,250						75,000						172,500						150,000
Total Revenue						$	500,395					$	460,804					$	1,074,071					$	919,438

Recent Accounting Pronouncements Not Yet Adopted — In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. ASU 2023-09 requires enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is

---

permitted. The Company is currently evaluating the impacts of the new standard but does not expect a material impact to its unaudited condensed consolidated financial statements or related disclosures.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that an entity should measure the fair value of an equity security subject to contractual sale restriction the same way it measures an identical equity security that is not subject to such a restriction. The FASB said the contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not affect its fair value. The ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect this guidance to have a material impact to its unaudited condensed consolidated financial statements or related disclosures.

Promissory Notes Payable

			June 30, 2024						December 31, 2023
Malta loan receipt 3 – June 3, 2022			$	491,680					$	507,035
Malta loan receipt 2 – August 10, 2021			303,582						313,063
Malta loan receipt 1 – February 9, 2021			62,325						64,271
Interest added to principal			67,404						29,191
Total principal outstanding			924,991						913,560
Plus: accrued interest			28,808						40,317
Total promissory notes payable			$	953,799					$	953,877

In May 2020, the Company formed a subsidiary in the Republic of Malta, Trust Stamp Malta, with the intent to establish a research and development center with the assistance of potential grants and loans from the Maltese government. As part of the creation of this entity, we entered into an agreement with the government of Malta for a potentially repayable advance of up to €800 thousand or $858 thousand to assist in covering the costs of 75% of the first 24 months of payroll costs for any employee who begins 36 months from the execution of the agreement on July 8, 2020. On February 9, 2021 the Company began receiving funds and as of June 30, 2024, the balance received was $858 thousand which includes changes in foreign currency rates.

The Company will pay an annual interest rate of 2% over the European Central Banks (ECB) base rate as set on the beginning of the year in review. If the ECB rate is below negative 1%, the interest rate shall be fixed at 1%. The Company will repay a minimum of 10% of Trust Stamp Malta’s pre-tax profits per annum capped at 15% of the amount due to the Corporation until the disbursed funds are repaid. At this time, Trust Stamp Malta does not have any revenue-generating contracts and therefore, we do not believe any amounts shall be classified as current. The Malta loan interest rate increased from 4.5% for the six months ended June 30, 2023 to 6.5% for the six months ended June 30, 2024 due to the increased interest rate noted by the ECB.

---

Liability Classified Warrants

The following table presents the change in the liability balance associated with the liability classified warrants, which are classified in Level 3 of the fair value hierarchy from January 1, 2023 to June 30, 2024:

			Warrants ($)
Balance as of January 1, 2023			$	261,569
Additional warrants issued			—
Change in fair value			(5,033)
Balance as of December 31, 2023			$	256,536
Additional warrants issued			—
Change in fair value			(4,868)
Balance as of June 30, 2024			$	251,668

As of June 30, 2024, the Company has issued a customer a warrant to purchase up to $1.00 million of capital stock in a future round of financing at a 20% discount of the lowest price paid by another investor. The warrant was issued on November 9, 2016. There is no vesting period, and the warrant expires on November 30, 2026. The Company evaluated the provisions of ASC 480, Distinguishing Liabilities from Equity, noting the warrant should be classified as a liability due to its settlement being for a variable number of shares and potentially for a class of shares not yet authorized. The warrant was determined to have a fair value of $250 thousand which was recorded as a Deferred contract acquisition asset and to a Warrant liability during the year ended December 31, 2016 and was amortized as a revenue discount prior to the current periods presented. The fair value of the warrant was estimated on the date of grant by estimating the warrant’s intrinsic value on issuance using the estimated fair value of the Company as a whole and has a balance of $250 thousand as of June 30, 2024.

On December 16, 2016, the Company issued an investor warrant to purchase $50 thousand worth of shares of our Class A Common Stock. The warrants have no vesting period and expires on December 16, 2026. The warrant agreement states that the investor is entitled to the “number of shares of Common Stock with a Fair Market Value as of the Determination Date of $50,000”. The determination date is defined as the “date that is the earlier of (A) the conversion of the investor’s Note into the equity interests of the Company or (B) the maturity date of the Note.” The investor converted the referenced Note on June 30, 2020, therefore, defining the determination date. The number of shares to be purchased is settled as 6,418 shares as of June 30, 2020. The exercise price of the warrants is variable until the exercise date.

The Company used a Black-Scholes-Merton pricing model to determine the fair value of the warrants and uses this model to assess the fair value of the warrant liability. As of June 30, 2024, the warrant liability is recorded at $2 thousand which is a $5 thousand decrease, recorded to Change in fair value of warrant liability, from the balance of $7 thousand as of December 31, 2023.

The following assumptions were used to calculate the fair value of the warrant liability during the six months ended June 30, 2024:

Fair Value of Warrants			$0.26 — $0.64
Exercise price			$0.43 — $0.49
Risk free interest rate			4.38%— 4.50%
Expected dividend yield			—		%
Expected volatility			79.25% — 79.59%
Expected term			3 years

---

Equity Classified Warrants

Warrant Issuance Date						Strike Price						June 30, 2024						December 31, 2023
November 9, 2016						$	3.12					80,128						80,128
January 23, 2020						$	8.00					186,442						186,442
January 23, 2020						$	8.00					524,599						524,599
April 18, 2023						$	1.34					—						775,330
June 5, 2023						$	1.34					1,173,030						1,279,700
December 21, 2023						$	1.34					3,600,000						3,600,000
April 3, 2024						$	—					957,910						—
April 3, 2024						$	0.97					2,000,000						—
April 3, 2024						$	1.06					1,600,000						—
Total warrants outstanding												10,122,109						6,446,199

November 9, 2016

The Company has issued a customer a warrant to purchase 80,128 shares of Class A Common Stock with an exercise price of $3.12 per share. The warrant was issued on November 9, 2016. There is no vesting period, and the warrant expires on November 30, 2026.

January 23, 2020

In January 2020, the Company issued REach®, a related party, a warrant to purchase 186,442 shares of the Company’s Class A Common Stock at an exercise of $8.00 per share in exchange for the cancellation of a $100 thousand SAFE issued on August 18, 2017 by the Company’s affiliate Trusted Mail Inc. with a value of $125 thousand. The warrants were issued on January 23, 2020. There is no vesting period, and the warrants expire on December 20, 2024.

January 23, 2020

In January 2020, the Company issued SCV, a related party, a warrant to purchase 932,111 shares of the Company’s Class A Common Stock at a strike price of $8.00 per share in exchange for $300 thousand in cash and “Premium” sponsorship status with a credited value of $100 thousand per year for 3 years totaling $300 thousand. This “premium” sponsorship status provides the Company with certain benefits in marketing and networking, such as the Company being listed on the investor’s website, as well as providing the Company certain other promotional opportunities organized by the investor. The warrants were issued on January 23, 2020. There is no vesting period, and the warrants expire on December 20, 2024.

On December 21, 2021, SCV executed a Notice of Exercise for certain of its warrants to purchase 407,512 shares of Class A Common Stock at an exercise price of $8.00 per share for a total purchase price of $3.26 million. The closing occurred on January 10, 2022 and resulted in total cash proceeds of $3.26 million to the Company for the warrant exercise.

The warrants to purchase the remaining 524,599 shares of the Company’s Class A Common Stock remain outstanding as of June 30, 2024.

April 18, 2023

On April 14, 2023, the Company entered into a securities purchase agreement (“SPA”) with Armistice Capital Master Fund Ltd. Pursuant to which the Company agreed to issue and sell to the investor (i) in a registered direct offering, 563,380 shares of Class A Common Stock, par value $0.01 per share of the Company at a price of $3.30 per share, and pre-funded warrants to purchase up to 1,009,950 shares of Class A Common Stock, at a price of $3.299 per prefunded warrant, at an exercise price of $0.001 per share of Class A Common Stock, and (ii) in a concurrent private placement, common stock purchase warrants, exercisable for an aggregate of up to 1,573,330 shares of Class A Common Stock, at an exercise price of $3.30 per share. On April 18, 2023, the Company sold 563,380 shares of Class A Common Stock to the institutional investor at a price of $3.30 per share for total proceeds $1,859,154. Additionally, on same date, the institutional investor purchased and exercised the 1,009,950 pre-funded warrants, for total proceeds to the Company of $3,332,835, resulting in

---

an aggregate issuance by the Company of 1,573,330 shares of Class A Common Stock for net proceeds of $4,778,550 from the registered direct offering after deducting placement fee and legal expense of $363,439 and $50,000, respectively.

On December 21, 2023, the Company entered into an Inducement Agreement with Armistice Capital Master Fund Ltd. Pursuant to the terms of the Inducement Agreement, the exercise price for the warrants to purchase the remaining 1,573,330 shares of Class A Common Stock of the Company was reduced to $1.34 for a total purchase price of $2,108,262.

On December 21, 2023, the remaining 1,573,330 common stock purchase warrants to purchase shares of Class A Common Stock of the Company at a price of $1.34 per warrant were exercised for total proceeds of $2,108,262.

As of December 31, 2023, the Company had received Notice to Exercise for 798,000 common stock purchase warrants resulting in an issuance by the Company of 798,000 shares of Class A Common Stock. Due to the beneficial ownership limitation provisions in the Inducement Agreement, as of December 31, 2023 the remaining 775,330 common stock purchase warrants exercised on December 21, 2023 were unissued and held in abeyance for benefit of the institutional investor until notice from the institutional investor that the shares may be issued in compliance with the beneficial ownership limitation. On February 7, 2024 and February 27, 2024, the Company issued 320,000 and 455,330 shares, respectively.

All warrants related to this investment have been exercised and are no longer outstanding as of June 30, 2024.

June 5, 2023

On June 1, 2023, the Company entered into a securities purchase agreement (“SPA”) with an Armistice Capital Master Fund Ltd. Pursuant to which the Company agreed to issue and sell to the investor (i) in a registered direct offering, 736,400 shares of Class A Common Stock, par value $0.01 per share of the Company at a price of $2.30 per share, and pre-funded warrants to purchase up to 543,300 shares of Class A Common Stock, at a price of $2.299 per prefunded warrant, at an exercise price of $0.001 per share of Class A Common Stock, and (ii) in a concurrent private placement, common stock purchase warrants, exercisable for an aggregate of up to 1,279,700 shares of Class A Common Stock, at an exercise price of $2.30 per share. On June 5, 2023, the Company sold 736,400 shares of Class A Common Stock to the institutional investor at a price of $2.30 per share for total proceeds of $1,693,720. Additionally, on same date, the institutional investor purchased the 543,300 pre-funded warrants at a price of $2.299 per prefunded warrant, for total proceeds to the Company of $1,249,047, resulting in an issuance by the Company of 736,400 shares of Class A Common Stock for net proceeds of $2,686,773 from the registered direct offering after deducting placement fee and legal expense of $205,994 and $50,000, respectively.

On June 12, 2023, the institutional investor exercised 322,300 pre-funded warrants at a price of $0.001 per prefunded warrant, resulting in an issuance by the Company of 322,300 shares of Class A Common Stock for total proceeds of $322. Additionally, on June 23, 2023, the institutional investor exercised 221,000 pre-funded warrants at a price of $0.001 per prefunded warrant, resulting in an issuance by the Company of 221,000 shares of Class A Common Stock for total proceeds of $221.

On December 21, 2023, the Company entered into an Inducement Agreement with Armistice Capital Master Fund Ltd. Pursuant to the terms of the Inducement Agreement, the exercise price for the common stock purchase warrants to purchase the remaining 1,279,700 shares of Class A Common Stock of the Company was reduced to $1.34 for a total purchase price of $1,714,798.

On December 21, 2023, the institutional investor exercised 106,670 warrants to purchase shares of Class A Common Stock of the Company at a price of $1.34 per warrant for total proceeds of $142,938.

As of December 31, 2023, due to the beneficial ownership limitation provisions in the Inducement Agreement, the 106,670 warrants were unissued and held in abeyance for benefit of the institutional investor until notice from the institutional investor that the shares may be issued in compliance with the beneficial ownership limitation. These shares were subsequently issued on February 27, 2024.

The common stock purchase warrants to purchase 1,173,030 shares of the Company’s Class A Common Stock remain outstanding as of June 30, 2024.

December 21, 2023

---

On December 21, 2023, the Company entered into a warrant exercise agreement (the “WEA”) with a certain existing institutional investor, pursuant to which the institutional investor agreed to exercise (the “Exercise”) (i) a portion (106,670) of the warrants issued to the institutional investor on June 5, 2023, which, as of December 21, 2023, were exercisable for 1,279,700 shares of the Company’s Class A Common Stock, par value $0.01 per share (“Class A Common Stock”) with a current exercise price of $2.30 per share (the “June 2023 Warrants”), (ii) all of the warrants issued to the institutional investor on September 14, 2022, as amended on June 5, 2023, which are exercisable for 120,000 shares of Class A Common Stock, with a current exercise price of $2.30 per share (the “September 2022 Warrants”), and (iii) all of the warrants issued to the institutional investor on April 18, 2023, which are exercisable for 1,573,330 shares of Class A Common Stock, with a current exercise price of $3.30 per share (the “April 2023 Warrants” and collectively with all of the June 2023 Warrants and the September 2022 Warrants, the “Existing Warrants”). In consideration for the immediate exercise of 1,800,000 of the Existing Warrants for cash, the Company agreed to reduce the exercise price of all of the Existing Warrants, including any unexercised portion thereof, to $1.34 per share, which was equal to the most recent closing price of the Company’s Class A Common Stock on The Nasdaq Stock Market prior to the execution of the WEA. As of June 30, 2024, the institutional investor had submitted an Exercise Notice for all 1,800,000 Existing Warrants, in two batches, 918,000 and 882,000, respectively, and the shares of Class A Common Stock were issued to the warrant holders.

In addition, in consideration for such Exercise, the Selling Stockholder received new unregistered warrants to purchase up to an aggregate of 3,600,000 shares of Class A Common Stock, equal to 200% of the shares of Class A Common Stock issued in connection with the Exercise, with an exercise price of $1.34 per share (the “New Warrants”) in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”).

All 3,600,000 of the New Warrants remain outstanding as of June 30, 2024.

April 3, 2024

On April 3, 2024, the Company closed a Securities Purchase Agreement with a certain institutional investor. Pursuant to the terms of the Securities Purchase Agreement, the investor agreed to purchase from the Company 499,990 shares of Class A Common Stock, par value $0.01 of the Company and pre-funded warrants to purchase 1,500,010 shares of Class A Common Stock of the Company ("Warrant A") at a purchase price of $0.968 per share resulting in a total purchase price of $1,936,000. The Company paid offering costs of $245,520 resulting in net proceeds of $1,690,480.

Additionally, pursuant to the Securities Purchase Agreement, as additional consideration for the share and Warrant A purchase described above, the Company agreed to issue to the Selling Stockholder a stock purchase warrant for the purchase of 2,000,000 shares of the Company’s Class A Common Stock at an exercise price of $0.968 per share (“Warrant B”), and a stock purchase warrant for the purchase of 1,600,000 shares of the Company’s Class A Common Stock at an exercise price of $1.06 per share (“Warrant C”).

On May 24, 2024, the institutional investor exercised 542,100 pre-funded warrants from Warrant A to purchase shares of Class A Common Stock of the Company at an exercise price of $0.000 per warrant for total proceeds of $0.

As of June 30, 2024, 957,910 warrants of Warrant A, 2,000,000 warrants of Warrant B, and 1,600,000 warrants of Warrant C remain outstanding.

---

Prepaid expenses and other current assets

Prepaid expenses and other current assets as of June 30, 2024 and December 31, 2023 consisted of the following:

			June 30, 2024						December 31, 2023
Prepaid operating expenses			$	270,332					$	216,875
Rent deposit			30,333						28,400
Value added tax receivable			49,455						116,095
Tax credit receivable (short-term)			25,045						102,151
Miscellaneous receivable			351,447						363,260
Prepaid expenses and other current assets			$	726,612					$	826,781

Capitalized internal-use software, net

Capitalized internal-use software, net as of as of June 30, 2024 and December 31, 2023 consisted of the following:

			Useful Lives						June 30, 2024						December 31, 2023
Internally developed software			5 Years						$	4,215,099					$	3,901,801
Less: Accumulated depreciation									(2,705,919)						(2,429,427)
Capitalized internal-use software, net									$	1,509,180					$	1,472,374

Amortization expense is recognized on a straight-line basis and during the three months ended June 30, 2024 and 2023 totaled $139 thousand and $138 thousand, respectively. Amortization expense during the six months ended June 30, 2024 and 2023 totaled $278 thousand and $279 thousand, respectively.

As of June 30, 2024, the Company determined that $1 thousand of Capitalized internal-use software were impaired. The impaired Capitalized internal-use software was expensed to Research and development during the six months ended June 30, 2024.

Property and equipment, net

Property and equipment, net as of as of June 30, 2024 and December 31, 2023 consisted of the following:

			Useful Lives						June 30, 2024						December 31, 2023
Computer equipment			3-4 Years						$	146,596					$	152,014
Furniture and fixtures			10 Years						33,937						28,052
Property and equipment, gross									180,533						180,066
Less: Accumulated depreciation									(137,021)						(123,630)
Property and equipment, net									$	43,512					$	56,436

Depreciation expense is recognized on a straight-line basis and during the three months ended June 30, 2024 and 2023 totaled $9 thousand and $11 thousand, respectively. Depreciation expense during the six months ended June 30, 2024 and 2023 totaled $19 thousand and $53 thousand, respectively.

---

Accrued expenses

Accrued expenses as of June 30, 2024 and December 31, 2023 consisted of the following:

			June 30, 2024						December 31, 2023
Compensation payable			$	552,133					$	377,403
Commission liability			20,454						26,863
Accrued employee taxes			909,171						624,525
Other accrued liabilities			57,620						115,099
Accrued expenses			$	1,539,378					$	1,143,890

There were no changes in the carrying amount of Goodwill for the six months ended June 30, 2024.

Intangible assets, net as of June 30, 2024 and December 31, 2023 consisted of the following:

			Useful Lives						June 30, 2024						December 31, 2023
Patent application costs			3 Years						$	522,845					$	484,035
Trade name and trademarks			3 Years						68,312						70,446
Intangible assets, gross									591,157						554,481
Less: Accumulated amortization									(398,538)						(330,791)
Intangible assets, net									$	192,619					$	223,690

The Company added 5 new issued patents during the six months ended June 30, 2024. The patents issued during the six months ended June 30, 2024 increased our total number of patents to 22 and include:

•On January 2, 2024, the Company received Notice of Issuance for a patent that is a continuation of “Systems and Processes for Lossy Biometric Representation.” This patent is a continuation addresses a long-felt but unresolved need for a system or process that can transform size-variant, personally-identifying biometric templates into fixed-size, privacy-secured representations, while maintaining sufficiently accurate biometric matching capabilities.

•On January 30, 2024, the Company received Notice of Issuance for a patent that is a continuation of “Systems and Processes for Lossy Biometric Representation.” This technology provides a system or process that can transform size-variant, personally-identifying biometric templates into fixed-size, privacy-secured representations, while maintaining sufficiently accurate biometric matching capabilities.

•On March 19, 2024, the Company received Notice of Issuance for a patent entitled “Systems and Methods for Enhanced Hash Transforms.” Conventional cryptographic hashing techniques generally include functions that generate unique signatures given a piece of data, accepting binary strings of characters as an input, and producing a string (e.g., a digital signature) as an output. Our new patent addresses the need for improved techniques for securely handling sensitive data.

•On April 23, 2024, the Company received Notice of Issuance for a patent entitled “Face Cover-compatible Biometrics and Processes for Generating and Using Same.” which allows for enrollment of biometric information from individuals wearing face coverings such that subsequent biometric identification and verification processes may not require the individuals to remove their face coverings.

•On April 30, 2024, the Company received Notice of Issuance for a patent entitled “Systems and Methods for Liveness-verified, Biometric-based Encryption.” This patent fulfills a long-felt but unresolved need for a system or method that permits encryption/decryption based on liveness-verified biometric data that cannot be stolen or spoofed.

---

Intangible asset amortization expense is recognized on a straight-line basis and during the three months ended June 30, 2024 and 2023 totaled $33 thousand and $38 thousand, respectively. Intangible asset amortization expense during the six months ended June 30, 2024 and 2023 totaled $70 thousand and $75 thousand, respectively.

Estimated future amortization expense of Intangible assets, net is as follows:

Years Ending December 31,						Amount
2024						$	60,076
2025						87,980
2026						41,505
2027						3,058
Total future amortization						$	192,619

The following table presents the calculation of basic and diluted net loss per share:

						For the three months ended June 30,												For the six months ended June 30,
						2024						2023						2024						2023
Numerator:
Net loss attributable to common stockholders						$	(2,598,361)					$	(2,170,368)					$	(5,276,930)					$	(4,717,818)
Denominator:
Weighted average shares used in computing net loss per share attributable to common stockholders						12,227,476						6,757,320						11,169,735						5,897,089
Net loss per share attributable to common stockholders						$	(0.21)					$	(0.32)					$	(0.47)					$	(0.80)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive:

			As of June 30,
			2024						2023
Options, RSUs, and grants			1,323,580						642,927
Warrants			12,817,277						5,017,180
Total			14,140,857						5,660,107

From time to time, the Company may issue stock awards in the form of Class A Common Stock grants, Restricted Stock Units (RSUs), or Class A Common Stock options with vesting/service terms. Stock awards are valued on the grant date using the Company’s common stock share price quoted on an active market. Stock options are valued using the Black-Scholes-Merton pricing model to determine the fair value of the options. We generally issue our awards in terms of a fixed monthly value, resulting in a variable number of shares being issued, or in terms of a fixed monthly share number.

During the three months ended June 30, 2024 and 2023, the Company entered into agreements with advisory board members and other external advisors to issue cash payments and stock awards in exchange for services rendered to the Company monthly. The total granted stock-based awards to advisory board members and other external advisors during the three months ended June 30, 2024 and 2023 included grants totaling, $9 thousand and $0, respectively, options totaling $0, and RSUs totaling $1 thousand and $6 thousand, respectively.

In addition to issuing stock awards to advisory board members and other external advisors, during the three months ended June 30, 2024 and 2023, the Company granted stock-based awards to multiple employees. The total granted stock-based

---

awards to employees during the three months ended June 30, 2024 and 2023 included grants totaling, $8 thousand and $21 thousand, respectively, options totaling $1 thousand and $3 thousand, respectively, and RSUs totaling $288 thousand and $68 thousand, respectively.

During the six months ended June 30, 2024 and 2023, the Company entered into agreements with advisory board members and other external advisors to issue cash payments and stock awards in exchange for services rendered to the Company monthly. The total granted stock-based awards to advisory board members and other external advisors during the six months ended June 30, 2024 and 2023 included grants totaling, $18 thousand and $0, respectively, options totaling $0, and RSUs totaling $2 thousand and $9 thousand, respectively.

In addition to issuing stock awards to advisory board members and other external advisors, during the six months ended June 30, 2024 and 2023, the Company granted stock-based awards to multiple employees. The total granted stock-based awards to employees during the six months ended June 30, 2024 and 2023 included grants totaling, $20 thousand and $47 thousand, respectively, options totaling $4 thousand and $7 thousand, respectively, and RSUs totaling $562 thousand and $95 thousand, respectively.

Stock Options

The following table summarizes stock option activity for the three and six months ended June 30, 2024:

			Options Outstanding						Weighted Average Exercise Price Per Share						Weighted Average Remaining Contractual Life (years)						Aggregate Intrinsic Value
Balance as of January 1, 2023			387,109						$	6.40					1.45						$	—
Options granted			11,890						2.28
Options exercised			(1,230)						3.25
Options canceled and forfeited			(4,186)						5.73
Balance as of December 31, 2023			393,583						6.27						1.95						—
Options granted			3,825						1.57
Options exercised			—						—
Options canceled and forfeited			(1,425)						4.21
Balance as of March 31, 2024			395,983						6.24						1.72						—
Options granted			4,375						1.37
Options exercised			—						—
Options canceled and forfeited			(510)						3.92
Balance as of June 30, 2024			399,848						$	6.19					1.49						$	—
Options vested and exercisable as of June 30, 2024			399,848						$	6.19					1.49						$	—

			Options Outstanding						Weighted Average Exercise Price Per Share						Weighted Average Remaining Contractual Life (years)						Aggregate Intrinsic Value
Balance as of January 1, 2024			393,583						$	6.27					1.95						$	—
Options granted			8,200						1.46
Options exercised			—						0
Options canceled and forfeited			(1,935)						4.13
Balance as of June 30, 2024			399,848						$	6.19					1.49						—
Options vested and exercisable as of June 30, 2024			399,848						$	6.19					1.49						$	—

The aggregate intrinsic value of options outstanding, exercisable, and vested is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock. The aggregate intrinsic value of options exercised during the six months ended June 30, 2024 and 2023 was $0.

---

The weighted average grant-date fair value of options granted during the six months ended June 30, 2024 and 2023 was $0.43 and $1.48 per share, respectively. The total grant-date fair value of options that vested during the six months ended June 30, 2024 and 2023 was $4 thousand and $7 thousand, respectively.

The following assumptions were used to calculate the fair value of options granted during the six months ended June 30, 2024:

Fair value of Class A Common Stock			$0.17 — 0.72
Exercise price			$1.32 — 1.64
Risk free interest rate			4.11 — 4.71%
Expected dividend yield			0.00		%
Expected volatility			77.54 — 79.80%
Expected term			3 Years

As of June 30, 2024, the Company had 399,848 stock options outstanding of which all are fully vested options.

Stock Grants

As of June 30, 2024, the Company has 60,270 common stock grants outstanding of which 45,502 were vested but not issued and 14,768 were not yet vested. All granted and outstanding common stock grants will fully vest by June 30, 2025. The Company had unrecognized stock-based compensation related to common stock grants of $7 thousand as of June 30, 2024.

RSU

As of June 30, 2024, the Company had 863,462 RSUs outstanding of which 37,175 were vested but not issued and 826,287 were not yet vested. All granted and outstanding RSUs will fully vest by January 2, 2025. The Company had unrecognized stock-based compensation related to RSUs of $584 thousand as of June 30, 2024.

During the six months ended June 30, 2024 the Company issued 54,734 of Class A Common Stock to employees that were designated for employee stock awards and were previously recorded as treasury stock.

A summary of outstanding RSU activity as of June 30, 2024 is as follows:

			RSU Outstanding Number of Shares
Balance as of January 1, 2023			292,564
Granted			410,516
Vested (issued)			(159,776)
Forfeited			(97,202)
Balance as of December 31, 2023			446,102
Granted			812,050
Vested (issued)			(318,812)
Forfeited			(75,878)
Balance as of June 30, 2024			863,462

---

Stock-based compensation expense

Our consolidated statements of operations include stock-based compensation expense as follows:

						For the three months ended June 30,												For the six months ended June 30,
						2024						2023						2024						2023
Cost of services						$	—					$	161					$	262					$	656
Research and development						6,094						12,766						14,210						31,620
Selling, general, and administrative						301,031						84,810						590,539						125,035
Total stock-based compensation expense						$	307,125					$	97,737					$	605,011					$	157,311

Related party payables of $53 thousand and $82 thousand as of June 30, 2024 and December 31, 2023, respectively, primarily relate to amounts owed to 10Clouds, the Company’s contractor for software development and investor in the Company, and smaller amounts payable to members of management as expense reimbursements. Total costs incurred in relation to 10Clouds for the three months ended June 30, 2024 and 2023, totaled approximately $7 thousand and $242 thousand, respectively. Total costs incurred in relation to 10Clouds for the six months ended June 30, 2024 and 2023, totaled approximately $111 thousand and $535 thousand, respectively.

Mutual Channel Agreement

On November 15, 2020, the Company entered into a Mutual Channel Agreement with Vital4Data, Inc., a company at which one of our Directors serves as Chief Executive Officer. Pursuant to the agreement, the Company engaged Vita4Data, Inc. as a non-exclusive sales representative for the Company’s products and services. Vital4Data, Inc. is entitled to compensation in the form of commissions, receiving a 20% of commission-eligible on net revenue from sales generated by Vital4Data, Inc. in the first year of the contract term, which is reduced to 10% in the second year, and 5% in the third year. The Company has not earned or expensed any commissions pursuant to the Vital4Data, Inc. agreement to date. As of June 30, 2024 and December 31, 2023, the Vital4Data, Inc. commission due was $0.

During July 2020 the Company entered into an agreement with the Republic of Malta that would provide for a grant of up to €200 thousand or $251 thousand as reimbursement for operating expenses over the first twelve months following Trust Stamp Malta’s incorporation in the Republic of Malta. The Company must provide an initial capital amount of €50 thousand or $62 thousand, which is matched with a €50 thousand or $62 thousand grant. The remaining €150 thousand or $190 thousand are provided as reimbursement of operating expenses twelve months following incorporation.

U.S. GAAP does not provide authoritative guidance regarding the receipt of economic benefits from government entities in return for compliance with certain conditions. Therefore, based on ASC 105-10-05-2, non-authoritative accounting guidance from other sources was considered by analogy in determining the appropriate accounting treatment, the Company elected to apply International Accounting Standards 20 – Accounting for Government Grants and Disclosure of Government Assistance and recognizes the expected reimbursements from the Republic of Malta as deferred income. As reimbursable operating expenses are incurred, a receivable is recognized (reflected within “Prepaid expenses and other current assets” in the consolidated balance sheets) and income is recognized in a similar systematic basis over the same periods in the consolidated statements of operations. During the six months ended June 30, 2023, the Company incurred $0 in expenses that are reimbursable under the grant. As of June 30, 2024, all amounts provided for under this grant were received.

On January 25, 2022, the Company entered into an additional agreement with the government of Malta for a grant of up to €100 thousand or $107 thousand, in terms of the ‘Investment Aid to produce the COVID-19 Relevant Product’ program, to support the proposed investment. The estimated value of the grant is €137 thousand or $146 thousand, at an aid intensity of 75% to cover eligible wage costs incurred after February 1, 2022 in relation to new employees engaged specifically for the implementation of the project. On September 22, 2022, the Company entered into an amendment agreement that enables the Company to submit eligible employee expenses for reimbursement by October 31, 2022. The grant was approved in January 2022, however, the request for payment was not approved and management abandoned the agreement. Hence,

---

Operating Leases — The Company leases office space in Atlanta, Georgia, which serves as its corporate headquarters, office space in Malta, which serves as its research and development facility, and vehicles in Malta that are considered operating lease arrangements under ASC 842 guidance. In addition. the Company contracts for month-to-month coworking arrangements in other office spaces in North Carolina, Denmark, Poland, and Rwanda to support its dispersed workforce. As of June 30, 2024, there were no minimum lease commitments related to month-to-month lease arrangements.

Initial lease terms are determined at commencement date, the date the Company takes possession of the property, and the commencement date is used to calculate straight-line expense for operating leases. Certain leases contain renewal options for varying periods, which are at the Company’s sole discretion. For leases where the Company is reasonably certain to exercise a renewal option, such option periods have been included in the determination of the Company’s Operating lease right-of-use assets and Operating lease liabilities. The Company’s leases have remaining terms of 1 to 5 years. As the Company’s leases do not provide an implicit rate, the present value of future lease payments is determined using the Company’s incremental borrowing rate based on information available at the commencement date.

Lease term and discount rate						June 30, 2024
Weighted average remaining lease term						2.01 years
Weighted average discount rate						5.0		%

During the six months ended June 30, 2024, the Company did terminated one operating lease, one office located in the United States. The lease was terminated upon the conclusion of the agreed upon lease term, therefore, there were no termination fees, Right-of-use assets derecognized, Lease liabilities derecognized, or losses recognized.

Balance sheet information related to leases as of as of June 30, 2024 and December 31, 2023 was as follows:

			June 30, 2024						December 31, 2023
Operating lease right-of-use assets
Operating lease right-of-use assets			$	229,370					$	164,740
Operating lease liabilities
Short-term operating lease liabilities			$	123,431					$	81,236
Long-term operating lease liabilities			73,520						53,771
Total operating lease liabilities			$	196,951					$	135,007

Future maturities of ASC 842 lease liabilities as of June 30, 2024 are as follows:

Years Ending December 31,						Principal Payments						Imputed Interest Payments						Total Payments
2024						$	71,229					$	4,184					$	75,413
2025						86,673						3,608						90,281
2026						22,390						1,130						23,520
2027						8,493						602						9,095
2028						8,166						171						8,337
Total future maturities						$	196,951					$	9,695					$	206,646

---

Total lease expense, under ASC 842, was included in Selling, general, and administrative expenses in our consolidated statement of operations for the three and six months ended June 30, 2024 and 2023 as follows:

						For the three months ended June 30,												For the six months ended June 30,
						2024						2023						2024						2023
Operating lease expense – fixed payments						$	37,976					$	46,402					$	77,853					$	129,436
Short term lease expense						12,284						15,620						24,220						37,552
Total lease expense						$	50,260					$	62,022					$	102,073					$	166,988

Supplemental cash flows information related to leases was as follow:

						For the six months ended June 30,
						2024						2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases						$	(80,248)					$	(104,817)

During the six months ended June 30, 2024, the Company did not incur variable lease expense.

Financial Liability Obligation — The Company’s financial liability totaled $0 and $162 thousand as of June 30, 2024 and December 31, 2023, respectively, for an executed agreement with a telecommunications company for acquiring mobile hardware. On March 3, 2023, the Company provided a 30-day termination notice to the telecommunications company which terminates the mobile hardware data service. Under the contract terms with the telecommunications company, upon termination of the data service the Company must pay the remaining financial liability during the final data service billing period. The remaining financial liability was resolved with a settlement and no further payment is due as of June 30, 2024.

Litigation — The Company is not currently involved with and does not know of any pending or threatening litigation against the Company or any of its officers or directors in connection with its business.

Promissory Note Agreement — On July 9, 2024, the Company entered into a subordinated secured promissory note with Agile Lending, LLC as lead lender (“Agile”) and Agile Capital Funding, LLC as collateral agent, which provides for a term loan to the Company of $453,600 with the principal amount of $315,000 and interest of $138,600. Commencing July 18, 2024, the Company is required to make weekly payments of $16,200 until the due date, January 23, 2025. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $15,000 was paid on the loan. In connection with the loan, Agile was issued a subordinated secured promissory note, dated July 9, 2024, in the principal amount of $315,000 which note is secured by all of the Borrower’s assets, including receivables.

Boumarang License Agreement — On August 6, 2024, the Company entered into a License Agreement (the “Agreement”) with Boumarang Inc. (“Boumarang”), a developer, manufacturer, and seller of hydrogen-powered UAV and USV drones. Pursuant to the Agreement, the Company agreed to grant a non-exclusive license to Boumarang to exploit certain of the Company’s patents for the purpose of producing, selling, marketing, and distributing drones. As consideration for the grant of the non-exclusive license, Boumarang agreed to pay the Company a non-refundable license fee of $5,000,000 in the form of a prepaid warrant issued by Boumarang to the Company for 5,000,000 shares of common stock of Boumarang at $1.00 per share (the “Prepaid Warrant”).

Boumarang Subscription Agreement — On August 6, 2024, Trust Stamp executed a Subscription Agreement with Boumarang to participate in a Regulation D offering being conducted by Boumarang, subscribing for 100,000 shares of Boumarang's common stock at a price per share of $1.00. The Company made the $100,000 subscription payment on August 6, 2024.

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

---

v3.24.2.u1

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 12, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-41252
Entity Registrant Name	T Stamp Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3777260
Entity Address, Address Line One	3017 Bolling Way NE, Floor 2
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30305
City Area Code	404
Local Phone Number	806-9906
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	IDAI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,780,931
Entity Central Index Key	0001718939
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

v3.24.2.u1

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 659,533	$ 3,140,747
Accounts receivable, net (includes unbilled receivables of $4,440 and $143,219 as of June 30, 2024 and December 31, 2023, respectively)	517,380	686,327
Related party receivables	24,921	44,087
Prepaid expenses and other current assets	726,612	826,781
Total Current Assets	1,928,446	4,697,942
Capitalized internal-use software, net	1,509,180	1,472,374
Goodwill	1,248,664	1,248,664
Intangible assets, net	192,619	223,690
Property and equipment, net	43,512	56,436
Operating lease right-of-use assets	229,370	164,740
Other assets	41,567	29,468
Total Assets	5,193,358	7,893,314
Current Liabilities:
Accounts payable	1,104,638	1,232,118
Related party payables	53,087	82,101
Accrued expenses	1,539,378	1,143,890
Deferred revenue	182,000	10,800
Income tax payable	0	1,975
Short-term operating lease liabilities	123,431	81,236
Short-term financial liabilities	0	162,130
Total Current Liabilities	3,002,534	2,714,250
Warrant liabilities	251,668	256,536
Notes payable, including accrued interest of $28,808 and $40,317, as of June 30, 2024 and December 31, 2023, respectively	953,799	953,877
Long-term operating lease liabilities	73,520	53,771
Total Liabilities	4,281,521	3,978,434
Commitments, Note 10
Stockholders’ Equity:
Common stock $0.01 par value, 50,000,000 shares authorized, 11,384,139 and 9,198,089 shares issued, and 11,384,139 and 9,143,355 outstanding at June 30, 2024 and December 31, 2023, respectively	113,841	91,434
Treasury stock, at cost: 0 and 54,734 shares held as of June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	56,591,713	54,375,622
Accumulated other comprehensive income	175,059	139,670
Accumulated deficit	(56,130,215)	(50,853,285)
Total T Stamp Inc. Stockholders’ Equity	750,398	3,753,441
Non-controlling interest	161,439	161,439
Total Stockholders’ Equity	911,837	3,914,880
Total Liabilities and Stockholders’ Equity	$ 5,193,358	$ 7,893,314

v3.24.2.u1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Unbilled receivables	$ 4,440	$ 143,219
Non-convertible notes payable, current accrued interest	$ 28,808	$ 40,317
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	11,384,139	9,198,089
Common stock, shares outstanding (in shares)	11,384,139	9,143,355
Treasury stock, at cost, shares held (in shares)	0	54,734

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net revenue	$ 500,395	$ 460,804	$ 1,074,071	$ 919,438
Operating Expenses:
Cost of services (exclusive of depreciation and amortization shown separately below)	247,435	203,928	542,033	420,887
Research and development	564,736	574,397	1,016,578	1,206,766
Selling, general, and administrative	2,132,395	1,877,616	4,624,088	3,847,173
Depreciation and amortization	181,195	187,272	365,996	406,454
Total Operating Expenses	3,125,761	2,843,213	6,548,695	5,881,280
Operating Loss	(2,625,366)	(2,382,409)	(5,474,624)	(4,961,842)
Non-Operating Income (Expense):
Interest expense, net	(16,773)	(9,793)	(35,322)	(19,994)
Change in fair value of warrant liability	2,408	6,955	4,868	5,615
Other income	41,739	217,605	234,852	261,547
Other expense	(369)	(2,726)	(6,704)	(3,144)
Total Other Income (Expense), Net	27,005	212,041	197,694	244,024
Net Loss before Taxes	(2,598,361)	(2,170,368)	(5,276,930)	(4,717,818)
Income tax expense	0	0	0	0
Net loss before non-controlling interest	(2,598,361)	(2,170,368)	(5,276,930)	(4,717,818)
Net loss attributable to non-controlling interest	0	0	0	0
Net loss attributable to T Stamp Inc.	$ (2,598,361)	$ (2,170,368)	$ (5,276,930)	$ (4,717,818)
Basic net loss per share attributable to T Stamp Inc. (in dollars per share)	$ (0.21)	$ (0.32)	$ (0.47)	$ (0.80)
Diluted net loss per share attributable to T Stamp Inc. (in dollars per share)	$ (0.21)	$ (0.32)	$ (0.47)	$ (0.80)
Weighted-average shares used to compute basic net loss per share (in shares)	12,227,476	6,757,320	11,169,735	5,897,089
Weighted-average shares used to compute diluted net loss per share (in shares)	12,227,476	6,757,320	11,169,735	5,897,089

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss including non-controlling interest	$ (2,598,361)	$ (2,170,368)	$ (5,276,930)	$ (4,717,818)
Other Comprehensive Income (Loss):
Foreign currency translation adjustments	3,698	(7,604)	35,389	(49,046)
Total Other Comprehensive Income (Loss)	3,698	(7,604)	35,389	(49,046)
Comprehensive loss	(2,594,663)	(2,177,972)	(5,241,541)	(4,766,864)
Comprehensive loss attributable to non-controlling interest	0	0	0	0
Comprehensive loss attributable to T Stamp Inc.	$ (2,594,663)	$ (2,177,972)	$ (5,241,541)	$ (4,766,864)

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Stockholders’ Notes Receivable	Accumulated Other Comprehensive Income	Accumulated Deficit	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2022		4,854,302
Beginning balance at Dec. 31, 2022	$ 625,144	$ 48,543	$ 39,496,183		$ (18,547)	$ 237,252	$ (39,299,726)	$ 161,439
Beginning balance (in shares) at Dec. 31, 2022				56,513
Beginning balance at Dec. 31, 2022				$ 0
Increase (Decrease) in Stockholders' Equity
Exercise of prefunded warrants to common stock (in shares)		1,553,250
Exercise of prefunded warrants to common stock	1,554	$ 15,533	(13,979)
Exercise of options to common stock (in shares)		1,740
Exercise of options to common stock	2,000	$ 17	1,983
Issuance of common stock, prefunded warrants, and common stock warrants, net of fees (in shares)		1,312,468
Issuance of common stock, prefunded warrants, and common stock warrants, net of fees	7,464,312	$ 13,124	7,451,188
Issuance of common stock in relation to vested restricted stock units, to wholly owned subsidiary (in shares)		245,725		(39,692)
Issuance of common stock in relation to vested restricted stock units, to wholly owned subsidiary	(22,804)	$ 2,457	(25,261)
Reverse stock split rounding (in shares)		4,759
Reverse stock split rounding	0	$ 48	(48)
Repayment of shareholders loan through in-kind services	18,547				18,547
Stock-based compensation	157,311		157,311
Currency translation adjustment	(49,046)					(49,046)
Net loss attributable to T Stamp Inc.	(4,717,818)						(4,717,818)
Ending balance (in shares) at Jun. 30, 2023		7,972,244
Ending balance at Jun. 30, 2023	3,479,200	$ 79,722	47,067,377		0	188,206	(44,017,544)	161,439
Ending balance (in shares) at Jun. 30, 2023				16,821
Ending balance at Jun. 30, 2023				$ 0
Beginning balance (in shares) at Dec. 31, 2022		4,854,302
Beginning balance at Dec. 31, 2022	$ 625,144	$ 48,543	39,496,183		(18,547)	237,252	(39,299,726)	161,439
Beginning balance (in shares) at Dec. 31, 2022				56,513
Beginning balance at Dec. 31, 2022				$ 0
Increase (Decrease) in Stockholders' Equity
Exercise of options to common stock (in shares)	1,230
Ending balance (in shares) at Dec. 31, 2023		9,143,355
Ending balance at Dec. 31, 2023	$ 3,914,880	$ 91,434	54,375,622			139,670	(50,853,285)	161,439
Ending balance (in shares) at Dec. 31, 2023	54,734			54,734
Ending balance at Dec. 31, 2023	$ 0			$ 0
Beginning balance (in shares) at Mar. 31, 2023		5,121,607
Beginning balance at Mar. 31, 2023	(1,958,970)	$ 51,216	39,479,741			195,810	(41,847,176)	161,439
Beginning balance (in shares) at Mar. 31, 2023				0
Beginning balance at Mar. 31, 2023				$ 0
Increase (Decrease) in Stockholders' Equity
Exercise of prefunded warrants to common stock (in shares)		1,553,250
Exercise of prefunded warrants to common stock	1,554	$ 15,533	(13,979)
Exercise of options to common stock (in shares)		1,740
Exercise of options to common stock	0	$ 17	(17)
Issuance of common stock, prefunded warrants, and common stock warrants, net of fees (in shares)		1,312,468
Issuance of common stock, prefunded warrants, and common stock warrants, net of fees	7,464,312	$ 13,124	7,451,188
Issuance of common stock in relation to vested restricted stock units, to wholly owned subsidiary (in shares)		(16,821)
Issuance of common stock in relation to vested restricted stock units, to wholly owned subsidiary	52,539	$ (168)	52,707	$ 16,821
Stock-based compensation	97,737		97,737
Currency translation adjustment	(7,604)					(7,604)
Net loss attributable to T Stamp Inc.	(2,170,368)						(2,170,368)
Ending balance (in shares) at Jun. 30, 2023		7,972,244
Ending balance at Jun. 30, 2023	3,479,200	$ 79,722	47,067,377		$ 0	188,206	(44,017,544)	161,439
Ending balance (in shares) at Jun. 30, 2023				16,821
Ending balance at Jun. 30, 2023				$ 0
Beginning balance (in shares) at Dec. 31, 2023		9,143,355
Beginning balance at Dec. 31, 2023	$ 3,914,880	$ 91,434	54,375,622			139,670	(50,853,285)	161,439
Beginning balance (in shares) at Dec. 31, 2023	54,734			54,734
Beginning balance at Dec. 31, 2023	$ 0			$ 0
Increase (Decrease) in Stockholders' Equity
Exercise of options to common stock (in shares)	0
Ending balance (in shares) at Mar. 31, 2024		10,099,672
Ending balance at Mar. 31, 2024	$ 1,543,391	$ 100,997	54,641,448			171,361	(53,531,854)	161,439
Ending balance (in shares) at Mar. 31, 2024				0
Ending balance at Mar. 31, 2024				$ 0
Beginning balance (in shares) at Dec. 31, 2023		9,143,355
Beginning balance at Dec. 31, 2023	$ 3,914,880	$ 91,434	54,375,622			139,670	(50,853,285)	161,439
Beginning balance (in shares) at Dec. 31, 2023	54,734			54,734
Beginning balance at Dec. 31, 2023	$ 0			$ 0
Increase (Decrease) in Stockholders' Equity
Exercise of prefunded warrants to common stock (in shares)		1,424,100
Exercise of prefunded warrants to common stock	$ 0	$ 14,241	(14,241)
Exercise of options to common stock (in shares)	0
Issuance of common stock, prefunded warrants, and common stock warrants, net of fees (in shares)		499,990
Issuance of common stock, prefunded warrants, and common stock warrants, net of fees	$ 1,690,480	$ 5,000	1,685,480
Issuance of common stock in relation to vested restricted stock units, to wholly owned subsidiary (in shares)		316,694		(54,734)
Issuance of common stock in relation to vested restricted stock units, to wholly owned subsidiary	(56,993)	$ 3,166	(60,159)
Stock-based compensation	605,011		605,011
Currency translation adjustment	35,389					35,389
Net loss attributable to T Stamp Inc.	(5,276,930)						(5,276,930)
Ending balance (in shares) at Jun. 30, 2024		11,384,139
Ending balance at Jun. 30, 2024	$ 911,837	$ 113,841	56,591,713			175,059	(56,130,215)	161,439
Ending balance (in shares) at Jun. 30, 2024	0			0
Ending balance at Jun. 30, 2024	$ 0			$ 0
Beginning balance (in shares) at Mar. 31, 2024		10,099,672
Beginning balance at Mar. 31, 2024	1,543,391	$ 100,997	54,641,448			171,361	(53,531,854)	161,439
Beginning balance (in shares) at Mar. 31, 2024				0
Beginning balance at Mar. 31, 2024				$ 0
Increase (Decrease) in Stockholders' Equity
Exercise of prefunded warrants to common stock (in shares)		542,100
Exercise of prefunded warrants to common stock	$ 0	$ 5,421	(5,421)
Exercise of options to common stock (in shares)	0
Issuance of common stock, prefunded warrants, and common stock warrants, net of fees (in shares)		499,990
Issuance of common stock, prefunded warrants, and common stock warrants, net of fees	$ 1,690,480	$ 5,000	1,685,480
Issuance of common stock in relation to vested restricted stock units, to wholly owned subsidiary (in shares)		242,377
Issuance of common stock in relation to vested restricted stock units, to wholly owned subsidiary	(34,496)	$ 2,423	(36,919)
Stock-based compensation	307,125		307,125
Currency translation adjustment	3,698					3,698
Net loss attributable to T Stamp Inc.	(2,598,361)						(2,598,361)
Ending balance (in shares) at Jun. 30, 2024		11,384,139
Ending balance at Jun. 30, 2024	$ 911,837	$ 113,841	$ 56,591,713			$ 175,059	$ (56,130,215)	$ 161,439
Ending balance (in shares) at Jun. 30, 2024	0			0
Ending balance at Jun. 30, 2024	$ 0			$ 0

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss attributable to T Stamp Inc.	$ (5,276,930)	$ (4,717,818)
Net loss attributable to non-controlling interest	0	0
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation and amortization	365,996	406,454
Stock-based compensation	605,011	157,311
Change in fair value of warrant liability	(4,868)	(5,615)
Repayment of shareholder loan through in-kind services	0	18,547
Impairment of assets	1,112	16,819
Gain on sale of property and equipment	0	(216,189)
Non-cash interest	28,808	19,904
Non-cash lease expense	78,964	109,879
Non-cash write off of mobile hardware	(162,130)	(15,775)
Loss on retirement of equipment	2,955	17,589
Changes in assets and liabilities:
Accounts receivable	168,947	521,685
Related party receivables	19,166	(1,551)
Prepaid expenses and other current assets	100,169	83,041
Other assets	(12,099)	(9,063)
Accounts payable	(127,480)	(171,183)
Accrued expense	395,488	(437,365)
Related party payables	(29,014)	(134,824)
Deferred revenue	171,200	887,218
Income tax payable	(1,975)	(5,616)
Operating lease liabilities	(80,248)	(104,817)
Net cash flows from operating activities	(3,756,928)	(3,581,369)
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment	0	377,360
Capitalized internally developed software costs	(315,192)	(356,892)
Patent application costs	(38,810)	(37,717)
Purchases of property and equipment	(9,084)	0
Net cash flows from investing activities	(363,086)	(17,249)
Cash flows from financing activities:
Proceeds from exercise of warrants to common stock	0	1,554
Proceeds from exercise of options to common stock	0	2,000
Proceeds from common stock, prefunded warrants, and common stock warrants, net of fees	1,690,480	7,464,312
Forfeited common stock shares to satisfy taxes	(56,993)	(22,804)
Principal payments on financial liabilities	0	(29,715)
Net cash flows from financing activities	1,633,487	7,415,347
Effect of foreign currency translation on cash	5,313	(35,809)
Net change in cash and cash equivalents	(2,481,214)	3,780,920
Cash and cash equivalents, beginning of period	3,140,747	1,254,494
Cash and cash equivalents, end of period	659,533	5,035,414
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	2,356	570
Supplemental disclosure of non-cash activities:
Adjustment to operating lease right-of-use assets related to renewed leases	143,594	82,185
Adjustment to operating lease operating lease liabilities related to renewed leases	142,192	83,298
Adjustment to operating lease right-of-use assets related to terminated leases	0	82,095
Adjustment to operating lease liabilities related to terminated leases	0	77,648
Prepaid rent expense reclassified upon termination of leases	$ 0	$ 5,335

v3.24.2.u1

Description of Business, Summary of Significant Accounting Policies, and Going Concern	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business, Summary of Significant Accounting Policies, and Going Concern	Description of Business, Summary of Significant Accounting Policies, and Going Concern Description of Business — T Stamp Inc. was incorporated in the State of Delaware on April 11, 2016. T Stamp Inc. and its subsidiaries (“Trust Stamp”, “we”, “us”, “our” or the “Company”) develops and markets artificial intelligence-powered software solutions for enterprise and government partners and peer-to-peer markets. Trust Stamp develops proprietary artificial intelligence-powered solutions, researching and leveraging machine learning, artificial intelligence, biometric science, cryptography, and data mining, to deliver insightful identity and trust predictions that identify and defend against fraudulent identity attacks, protect sensitive user information, and extend the reach of digital services through global accessibility. We utilize the power and agility of technologies such as GPU processing, edge-computing, neural networks, and large language models to process and protect data faster and more effectively than has ever previously been possible in order to deliver results at a disruptively low cost for usage across multiple industries, including: •Banking/FinTech •KYC/AML Compliance •Humanitarian and Development Services •Government and Law Enforcement, including Alternative to Detention programs •Cryptocurrency and Digital Assets •Biometrically Secured Email and Digital Communications •P2P Transactions, Social Media, and Sharing Economy •Real Estate, Travel, and Healthcare As our portfolio of intellectual property and solutions has developed, we have started to seek applications for our technology outside our traditional focus on identity and trust. We anticipate licensing our technology in numerous fields, typically through established partners who will integrate our technology into field-specific applications. Reverse Split — On February 15, 2023 our Board of Directors approved and, as of February 20, 2023, the holders of a majority of our voting capital stock approved an amendment (the “Certificate of Amendment”) to the Company’s Amended and Restated Certificate of Incorporation and approved to effect a reverse split of our issued and outstanding shares of Class A Common Stock at a ratio of one share for every five shares currently held, rounded up to the nearest whole share – whereby every five (5) outstanding shares of Class A Common Stock was combined and became one (1) share of Class A Common Stock, rounding up to the nearest whole number of shares (the “Reverse Split”). All share and per share amounts have been updated to reflect the Reverse Split in these unaudited condensed consolidated financial statements. The Reverse Split was effective for trading on the market opening of Nasdaq on March 23, 2023. The Reverse Stock Split effective March 23, 2023, was ratified by the Company’s stockholders by written consent pursuant to a definitive proxy statement filed with the Securities and Exchange Commission on April 13, 2023. Written consent from the majority of stockholders was received as of May 13, 2023. Amended and Restated Certificate of Incorporation — On July 6, 2023, the Company received confirmation of the acceptance of its Third Amended and Restated Certificate of Incorporation (the "Third Restated Certificate") from the Secretary of State of Delaware. The Third Restated Certificate was approved by the Company’s stockholders by written consent pursuant to a definitive proxy statement filed with the Securities and Exchange Commission on April 13, 2023. Written consent from the majority of stockholders was received as of May 13, 2023. The Third Restated Certificate maintained the 50,000,000 authorized shares of Common Stock and eliminated the authorized Preferred Stock. The Third Restated Certificate also created a classified Board of Directors of the Company with three classes of directors who will stand for election in staggered years. Going Concern — The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is a business that has not yet generated profits, with a net loss during the six months ended June 30, 2024 of $5.28 million, negative net operating cash outflows of $3.76 million for the same period, working capital of negative $1.07 million and an accumulated deficit of $56.13 million as of June 30, 2024. The Company’s ability to continue as a going concern in the next twelve months following the date the unaudited condensed consolidated financial statements were available to be issued is dependent upon its ability to produce revenues and/or obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results. Management has evaluated these conditions and plans to generate revenue and raise capital as needed to satisfy the Company’s capital needs. While the negotiation of significant additional revenue is well advanced, it has not reached a stage that allows it to be factored into a going concern evaluation. In addition, although the Company has previously been successful in raising capital as needed and has already made plans to do so as well as restructuring expenses to meet the Company’s cash needs, no assurance can be given that the Company will be successful in its capital raising efforts. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period. On July 13, 2024, T Stamp Inc. entered into a Securities Purchase Agreement (the “SPA”) with a certain investor (the “Purchaser”). Pursuant to the terms of the SPA, the Purchaser agreed, at the closing of the SPA (the “Closing”) and upon the terms and subject to the conditions set forth in the SPA, to purchase from the Company 4,597,701 shares of Class A Common Stock, par value $0.01 of the Company (the “Class A Common Stock”) at $0.435 per share, which was equal to the closing price of the Company’s Class A Common Stock on the Nasdaq Stock Market on July 11, 2024. The total purchase price for the shares was agreed to be paid pursuant to three promissory notes issued by the Purchaser to the Company comprised of (i) a $500,000 promissory note payable on July 31, 2024, which was paid on July 25, 2024; (ii) a $500,000 promissory note payable on August 31, 2024; and (iii) a $1,000,000 promissory note payable within three (3) trading days of an effective resale registration statement as contemplated by the Registration Rights Agreement. The Company filed a resale registration statement on Form S-3 for this purpose on July 18, 2024 (File No.: 333-280884), which is currently under review by the Commission. As of the date of this Quarterly Report on Form 10-Q, the resale registration statement is not yet effective. None of the promissory notes accrue interest, and each may be repaid before their respective due dates. On July 13, 2024 (the “Closing Date”), the Closing of the SPA occurred, and the Company issued 4,597,701 shares of Class A Common Stock to the Purchaser at $0.435 in exchange for the three promissory notes described above, totaling $2,000,000 in combined principal. The Closing of the SPA was subject to a number of customary closing conditions, including, but not limited to, the Company’s entry into a Registration Rights Agreement, the execution of which were conditions to the Closing of the SPA. Additionally, as part of the Closing of the SPA, the Purchaser executed a Voting Limitation Agreement. Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with US Generally Accepted Accounting Principles (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Basis of Consolidation — The accompanying unaudited condensed consolidated financial statements reflect the activity of the Company and its subsidiaries, Trusted Mail Inc. (“Trusted Mail”), Finnovation LLC (“Finnovation”), Trust Stamp Malta Limited (“Trust Stamp Malta”), AIID Payments Limited, Biometric Innovations Limited (“Biometrics”), Trust Stamp Rwanda Limited, Metapresence Limited, Trust Stamp Denmark ApS, Quantum Foundation, TSI GovTech Corporation, Global Server Management Inc., Cheltenham AI LTD, and Trust Stamp Nigeria Limited. All significant intercompany transactions and accounts have been eliminated. Further, we continue to consolidate Tstamp Incentive Holdings (“TSIH”) which we consider to be a variable interest entity. In the opinion of management, these condensed consolidated financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of June 30, 2024 and December 31, 2023, and the results of operations for the three and six months ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The accounting policies employed are substantially the same as those shown in note 1 of the notes to consolidated financial statements included therein. Variable Interest Entity — On April 9, 2019, management created a new entity, TSIH. Furthermore, on April 25, 2019, the Company issued 320,513 shares of Class A Common Stock to TSIH, for the purpose of providing a pool of shares of Class A Common Stock of the Company that the Company’s Board of Directors (the “Board”) could use for employee stock awards and were recorded initially as Treasury stock. Since establishing TSIH, 264,000 shares were transferred to various employees as a stock award that were earned and outstanding. On February 15, 2023, Trust Stamp issued 206,033 shares of Class A Common Stock to TSIH to be used to satisfy vested employee stock awards. As of June 30, 2024, no shares of Class A Common Stock are held by TSIH as all shares have been issued pursuant to employee Restricted Stock Units. The Company does not own any of the shares of Class A Common Stock of the Company held by TSIH. The Company considers this entity to be a variable interest entity (“VIE”) because it is thinly capitalized and holds no cash. Because the Company does not own shares in TSIH, management believes that this gives the Company a variable interest. Further, management of the Company also acts as management of TSIH and is the decision-maker as management grants shares held by TSIH to employees of the Company. As this VIE owns only shares in the Company and no other liabilities or assets, the Company is the primary beneficiary of TSIH and will consolidate the VIE. Major Customers and Concentration of Risks — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of Cash and cash equivalents, and Accounts receivable. We maintain our Cash and cash equivalents with high-quality financial institutions, mainly in the United States; the composition of which are regularly monitored by us. The Federal Deposit Insurance Corporation covers $250,000 for substantially all depository accounts. The Company from time to time may have amounts on deposit in excess of the insured limits. As of June 30, 2024 and December 31, 2023, the Company had $206,821 and $2,620,765 in U.S. bank accounts, respectively, which exceeded these insured amounts. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. For Accounts receivable, we are exposed to credit risk in the event of nonpayment by customers to the extent the amounts are recorded in the consolidated balance sheets. We extend different levels of credit and maintain reserves for potential credit losses based upon the expected collectability of Accounts receivable. We manage credit risk related to our customers by performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures. Three customers represented 95.42% or 48.95%, 38.80%, and 7.67% of the balance of total Accounts receivable as of June 30, 2024 and three customers represented 91.11% or 53.55%, 30.43%, and 7.13% of the balance of total Accounts receivable as of December 31, 2023. The Company seeks to mitigate its credit risk with respect to Accounts receivable by contracting with large commercial customers and government agencies, and regularly monitoring the aging of Accounts receivable balances. As of June 30, 2024 and December 31, 2023, the Company had not experienced any significant losses on its Accounts receivable. During the three months ended June 30, 2024, the Company sold to primarily three customers which made up approximately 96.21% of total Net revenue, and consisted of 67.33%, 17.38%, and 11.50% from an S&P 500 Bank, Mastercard and Triton, respectively. Additionally, during the three months ended June 30, 2023, the Company sold to primarily three customers which made up approximately 90.67% of total Net revenue, and consisted of 48.97%, 31.33%, and 10.37% from an S&P 500 Bank, Mastercard, and Triton, respectively. During the six months ended June 30, 2024, the Company sold to primarily three customers which made up approximately 95.37% of total Net revenue, and consisted of 62.39%, 22.72%, and 10.26% from an S&P 500 Bank, Mastercard and Triton, respectively. Additionally, during the six months ended June 30, 2023, the Company sold to primarily four customers which made up approximately 92.73% of total Net revenue, and consisted of 44.57%, 28.21%, 10.22%, and 9.73% from an S&P 500 Bank, Mastercard, FIS, and Triton, respectively. Property and Equipment, Net — Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is recognized using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repairs that do not improve or extend the useful lives of the assets are expensed when incurred, whereas additions and major improvements are capitalized. Upon sale or retirement of assets, the cost and related accumulated depreciation are derecognized from the consolidated balance sheet and any resulting gain or loss is recorded in the consolidated statements of operations in the period realized. Accounting for Impairment of Long-Lived Assets — Long-lived assets with finite lives include Property and equipment, net, Capitalized internal-use software, Operating lease right-of-use assets, and Intangible assets, net subject to amortization. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. As of June 30, 2024, the Company determined that $1 thousand of Capitalized internal-use software were impaired. The impaired Capitalized internal-use software was expensed to Research and development during the six months ended June 30, 2024. As of December 31, 2023, the Company determined that $19 thousand of Capitalized internal-use software and $12 thousand of Intangible assets was impaired. The impaired Capitalized internal-use software was expensed to Research and development during the year ended December 31, 2023. Goodwill — Goodwill is accounted for in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 350, Intangibles—Goodwill and Other. The Company allocates the cost of an acquired business to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase consideration transferred over the fair value of the net assets acquired, including other Intangible assets, net, is recorded as Goodwill. Goodwill is tested for impairment at the reporting unit level at least quarterly or more frequently when events or circumstances occur that indicate that it is more likely than not that an impairment has occurred. In assessing Goodwill for impairment, the Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In the qualitative assessment, the Company considers factors including economic conditions, industry and market conditions and developments, overall financial performance and other relevant entity-specific events in determining whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. Should the Company conclude that it is more likely than not that the recorded Goodwill amounts have been impaired, the Company would perform the impairment test. Goodwill impairment exists when a reporting unit’s carrying value exceeds its fair value. Significant judgment is applied when Goodwill is assessed for impairment. There were no impairment charges to Goodwill as of June 30, 2024 and December 31, 2023. Remaining Performance Obligations — The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company generally allows its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents non-cancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancellable contracted revenue, which includes customer deposit liabilities, is not considered a remaining performance obligation. As of June 30, 2024 and December 31, 2023, the Company did not have any related performance obligations for contracts with terms exceeding twelve months. Disaggregation of Revenue For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Professional services (over time) $ 414,145  $ 385,804  $ 901,571  $ 769,438  License fees (over time) 86,250  75,000  172,500  150,000  Total Revenue $ 500,395  $ 460,804  $ 1,074,071  $ 919,438  Recent Accounting Pronouncements Not Yet Adopted — In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. ASU 2023-09 requires enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impacts of the new standard but does not expect a material impact to its unaudited condensed consolidated financial statements or related disclosures. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that an entity should measure the fair value of an equity security subject to contractual sale restriction the same way it measures an identical equity security that is not subject to such a restriction. The FASB said the contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not affect its fair value. The ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect this guidance to have a material impact to its unaudited condensed consolidated financial statements or related disclosures.

v3.24.2.u1

Borrowings	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Borrowings Promissory Notes Payable June 30, 2024 December 31, 2023 Malta loan receipt 3 – June 3, 2022 $ 491,680  $ 507,035  Malta loan receipt 2 – August 10, 2021 303,582  313,063  Malta loan receipt 1 – February 9, 2021 62,325  64,271  Interest added to principal 67,404  29,191  Total principal outstanding 924,991  913,560  Plus: accrued interest 28,808  40,317  Total promissory notes payable $ 953,799  $ 953,877  In May 2020, the Company formed a subsidiary in the Republic of Malta, Trust Stamp Malta, with the intent to establish a research and development center with the assistance of potential grants and loans from the Maltese government. As part of the creation of this entity, we entered into an agreement with the government of Malta for a potentially repayable advance of up to €800 thousand or $858 thousand to assist in covering the costs of 75% of the first 24 months of payroll costs for any employee who begins 36 months from the execution of the agreement on July 8, 2020. On February 9, 2021 the Company began receiving funds and as of June 30, 2024, the balance received was $858 thousand which includes changes in foreign currency rates. The Company will pay an annual interest rate of 2% over the European Central Banks (ECB) base rate as set on the beginning of the year in review. If the ECB rate is below negative 1%, the interest rate shall be fixed at 1%. The Company will repay a minimum of 10% of Trust Stamp Malta’s pre-tax profits per annum capped at 15% of the amount due to the Corporation until the disbursed funds are repaid. At this time, Trust Stamp Malta does not have any revenue-generating contracts and therefore, we do not believe any amounts shall be classified as current. The Malta loan interest rate increased from 4.5% for the six months ended June 30, 2023 to 6.5% for the six months ended June 30, 2024 due to the increased interest rate noted by the ECB.

v3.24.2.u1

Warrants	6 Months Ended
	Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Warrants	Warrants Liability Classified Warrants The following table presents the change in the liability balance associated with the liability classified warrants, which are classified in Level 3 of the fair value hierarchy from January 1, 2023 to June 30, 2024: Warrants ($) Balance as of January 1, 2023 $ 261,569  Additional warrants issued —  Change in fair value (5,033) Balance as of December 31, 2023 $ 256,536  Additional warrants issued —  Change in fair value (4,868) Balance as of June 30, 2024 $ 251,668  As of June 30, 2024, the Company has issued a customer a warrant to purchase up to $1.00 million of capital stock in a future round of financing at a 20% discount of the lowest price paid by another investor. The warrant was issued on November 9, 2016. There is no vesting period, and the warrant expires on November 30, 2026. The Company evaluated the provisions of ASC 480, Distinguishing Liabilities from Equity, noting the warrant should be classified as a liability due to its settlement being for a variable number of shares and potentially for a class of shares not yet authorized. The warrant was determined to have a fair value of $250 thousand which was recorded as a Deferred contract acquisition asset and to a Warrant liability during the year ended December 31, 2016 and was amortized as a revenue discount prior to the current periods presented. The fair value of the warrant was estimated on the date of grant by estimating the warrant’s intrinsic value on issuance using the estimated fair value of the Company as a whole and has a balance of $250 thousand as of June 30, 2024. On December 16, 2016, the Company issued an investor warrant to purchase $50 thousand worth of shares of our Class A Common Stock. The warrants have no vesting period and expires on December 16, 2026. The warrant agreement states that the investor is entitled to the “number of shares of Common Stock with a Fair Market Value as of the Determination Date of $50,000”. The determination date is defined as the “date that is the earlier of (A) the conversion of the investor’s Note into the equity interests of the Company or (B) the maturity date of the Note.” The investor converted the referenced Note on June 30, 2020, therefore, defining the determination date. The number of shares to be purchased is settled as 6,418 shares as of June 30, 2020. The exercise price of the warrants is variable until the exercise date. The Company used a Black-Scholes-Merton pricing model to determine the fair value of the warrants and uses this model to assess the fair value of the warrant liability. As of June 30, 2024, the warrant liability is recorded at $2 thousand which is a $5 thousand decrease, recorded to Change in fair value of warrant liability, from the balance of $7 thousand as of December 31, 2023. The following assumptions were used to calculate the fair value of the warrant liability during the six months ended June 30, 2024: Fair Value of Warrants $0.26 — $0.64 Exercise price $0.43 — $0.49 Risk free interest rate  4.38%— 4.50% Expected dividend yield —  % Expected volatility 79.25% — 79.59% Expected term 3 years Equity Classified Warrants Warrant Issuance Date Strike Price June 30, 2024 December 31, 2023 November 9, 2016 $ 3.12  80,128 80,128 January 23, 2020 $ 8.00  186,442 186,442 January 23, 2020 $ 8.00  524,599 524,599 April 18, 2023 $ 1.34  — 775,330 June 5, 2023 $ 1.34  1,173,030 1,279,700 December 21, 2023 $ 1.34  3,600,000 3,600,000 April 3, 2024 $ —  957,910 — April 3, 2024 $ 0.97  2,000,000 — April 3, 2024 $ 1.06  1,600,000 — Total warrants outstanding 10,122,109 6,446,199 November 9, 2016 The Company has issued a customer a warrant to purchase 80,128 shares of Class A Common Stock with an exercise price of $3.12 per share. The warrant was issued on November 9, 2016. There is no vesting period, and the warrant expires on November 30, 2026. January 23, 2020 In January 2020, the Company issued REach®, a related party, a warrant to purchase 186,442 shares of the Company’s Class A Common Stock at an exercise of $8.00 per share in exchange for the cancellation of a $100 thousand SAFE issued on August 18, 2017 by the Company’s affiliate Trusted Mail Inc. with a value of $125 thousand. The warrants were issued on January 23, 2020. There is no vesting period, and the warrants expire on December 20, 2024. January 23, 2020 In January 2020, the Company issued SCV, a related party, a warrant to purchase 932,111 shares of the Company’s Class A Common Stock at a strike price of $8.00 per share in exchange for $300 thousand in cash and “Premium” sponsorship status with a credited value of $100 thousand per year for 3 years totaling $300 thousand. This “premium” sponsorship status provides the Company with certain benefits in marketing and networking, such as the Company being listed on the investor’s website, as well as providing the Company certain other promotional opportunities organized by the investor. The warrants were issued on January 23, 2020. There is no vesting period, and the warrants expire on December 20, 2024. On December 21, 2021, SCV executed a Notice of Exercise for certain of its warrants to purchase 407,512 shares of Class A Common Stock at an exercise price of $8.00 per share for a total purchase price of $3.26 million. The closing occurred on January 10, 2022 and resulted in total cash proceeds of $3.26 million to the Company for the warrant exercise. The warrants to purchase the remaining 524,599 shares of the Company’s Class A Common Stock remain outstanding as of June 30, 2024. April 18, 2023 On April 14, 2023, the Company entered into a securities purchase agreement (“SPA”) with Armistice Capital Master Fund Ltd. Pursuant to which the Company agreed to issue and sell to the investor (i) in a registered direct offering, 563,380 shares of Class A Common Stock, par value $0.01 per share of the Company at a price of $3.30 per share, and pre-funded warrants to purchase up to 1,009,950 shares of Class A Common Stock, at a price of $3.299 per prefunded warrant, at an exercise price of $0.001 per share of Class A Common Stock, and (ii) in a concurrent private placement, common stock purchase warrants, exercisable for an aggregate of up to 1,573,330 shares of Class A Common Stock, at an exercise price of $3.30 per share. On April 18, 2023, the Company sold 563,380 shares of Class A Common Stock to the institutional investor at a price of $3.30 per share for total proceeds $1,859,154. Additionally, on same date, the institutional investor purchased and exercised the 1,009,950 pre-funded warrants, for total proceeds to the Company of $3,332,835, resulting in an aggregate issuance by the Company of 1,573,330 shares of Class A Common Stock for net proceeds of $4,778,550 from the registered direct offering after deducting placement fee and legal expense of $363,439 and $50,000, respectively. On December 21, 2023, the Company entered into an Inducement Agreement with Armistice Capital Master Fund Ltd. Pursuant to the terms of the Inducement Agreement, the exercise price for the warrants to purchase the remaining 1,573,330 shares of Class A Common Stock of the Company was reduced to $1.34 for a total purchase price of $2,108,262. On December 21, 2023, the remaining 1,573,330 common stock purchase warrants to purchase shares of Class A Common Stock of the Company at a price of $1.34 per warrant were exercised for total proceeds of $2,108,262. As of December 31, 2023, the Company had received Notice to Exercise for 798,000 common stock purchase warrants resulting in an issuance by the Company of 798,000 shares of Class A Common Stock. Due to the beneficial ownership limitation provisions in the Inducement Agreement, as of December 31, 2023 the remaining 775,330 common stock purchase warrants exercised on December 21, 2023 were unissued and held in abeyance for benefit of the institutional investor until notice from the institutional investor that the shares may be issued in compliance with the beneficial ownership limitation. On February 7, 2024 and February 27, 2024, the Company issued 320,000 and 455,330 shares, respectively. All warrants related to this investment have been exercised and are no longer outstanding as of June 30, 2024. June 5, 2023 On June 1, 2023, the Company entered into a securities purchase agreement (“SPA”) with an Armistice Capital Master Fund Ltd. Pursuant to which the Company agreed to issue and sell to the investor (i) in a registered direct offering, 736,400 shares of Class A Common Stock, par value $0.01 per share of the Company at a price of $2.30 per share, and pre-funded warrants to purchase up to 543,300 shares of Class A Common Stock, at a price of $2.299 per prefunded warrant, at an exercise price of $0.001 per share of Class A Common Stock, and (ii) in a concurrent private placement, common stock purchase warrants, exercisable for an aggregate of up to 1,279,700 shares of Class A Common Stock, at an exercise price of $2.30 per share. On June 5, 2023, the Company sold 736,400 shares of Class A Common Stock to the institutional investor at a price of $2.30 per share for total proceeds of $1,693,720. Additionally, on same date, the institutional investor purchased the 543,300 pre-funded warrants at a price of $2.299 per prefunded warrant, for total proceeds to the Company of $1,249,047, resulting in an issuance by the Company of 736,400 shares of Class A Common Stock for net proceeds of $2,686,773 from the registered direct offering after deducting placement fee and legal expense of $205,994 and $50,000, respectively. On June 12, 2023, the institutional investor exercised 322,300 pre-funded warrants at a price of $0.001 per prefunded warrant, resulting in an issuance by the Company of 322,300 shares of Class A Common Stock for total proceeds of $322. Additionally, on June 23, 2023, the institutional investor exercised 221,000 pre-funded warrants at a price of $0.001 per prefunded warrant, resulting in an issuance by the Company of 221,000 shares of Class A Common Stock for total proceeds of $221. On December 21, 2023, the Company entered into an Inducement Agreement with Armistice Capital Master Fund Ltd. Pursuant to the terms of the Inducement Agreement, the exercise price for the common stock purchase warrants to purchase the remaining 1,279,700 shares of Class A Common Stock of the Company was reduced to $1.34 for a total purchase price of $1,714,798. On December 21, 2023, the institutional investor exercised 106,670 warrants to purchase shares of Class A Common Stock of the Company at a price of $1.34 per warrant for total proceeds of $142,938. As of December 31, 2023, due to the beneficial ownership limitation provisions in the Inducement Agreement, the 106,670 warrants were unissued and held in abeyance for benefit of the institutional investor until notice from the institutional investor that the shares may be issued in compliance with the beneficial ownership limitation. These shares were subsequently issued on February 27, 2024. The common stock purchase warrants to purchase 1,173,030 shares of the Company’s Class A Common Stock remain outstanding as of June 30, 2024. December 21, 2023 On December 21, 2023, the Company entered into a warrant exercise agreement (the “WEA”) with a certain existing institutional investor, pursuant to which the institutional investor agreed to exercise (the “Exercise”) (i) a portion (106,670) of the warrants issued to the institutional investor on June 5, 2023, which, as of December 21, 2023, were exercisable for 1,279,700 shares of the Company’s Class A Common Stock, par value $0.01 per share (“Class A Common Stock”) with a current exercise price of $2.30 per share (the “June 2023 Warrants”), (ii) all of the warrants issued to the institutional investor on September 14, 2022, as amended on June 5, 2023, which are exercisable for 120,000 shares of Class A Common Stock, with a current exercise price of $2.30 per share (the “September 2022 Warrants”), and (iii) all of the warrants issued to the institutional investor on April 18, 2023, which are exercisable for 1,573,330 shares of Class A Common Stock, with a current exercise price of $3.30 per share (the “April 2023 Warrants” and collectively with all of the June 2023 Warrants and the September 2022 Warrants, the “Existing Warrants”). In consideration for the immediate exercise of 1,800,000 of the Existing Warrants for cash, the Company agreed to reduce the exercise price of all of the Existing Warrants, including any unexercised portion thereof, to $1.34 per share, which was equal to the most recent closing price of the Company’s Class A Common Stock on The Nasdaq Stock Market prior to the execution of the WEA. As of June 30, 2024, the institutional investor had submitted an Exercise Notice for all 1,800,000 Existing Warrants, in two batches, 918,000 and 882,000, respectively, and the shares of Class A Common Stock were issued to the warrant holders. In addition, in consideration for such Exercise, the Selling Stockholder received new unregistered warrants to purchase up to an aggregate of 3,600,000 shares of Class A Common Stock, equal to 200% of the shares of Class A Common Stock issued in connection with the Exercise, with an exercise price of $1.34 per share (the “New Warrants”) in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933 (the “Securities Act”). All 3,600,000 of the New Warrants remain outstanding as of June 30, 2024. April 3, 2024 On April 3, 2024, the Company closed a Securities Purchase Agreement with a certain institutional investor. Pursuant to the terms of the Securities Purchase Agreement, the investor agreed to purchase from the Company 499,990 shares of Class A Common Stock, par value $0.01 of the Company and pre-funded warrants to purchase 1,500,010 shares of Class A Common Stock of the Company ("Warrant A") at a purchase price of $0.968 per share resulting in a total purchase price of $1,936,000. The Company paid offering costs of $245,520 resulting in net proceeds of $1,690,480. Additionally, pursuant to the Securities Purchase Agreement, as additional consideration for the share and Warrant A purchase described above, the Company agreed to issue to the Selling Stockholder a stock purchase warrant for the purchase of 2,000,000 shares of the Company’s Class A Common Stock at an exercise price of $0.968 per share (“Warrant B”), and a stock purchase warrant for the purchase of 1,600,000 shares of the Company’s Class A Common Stock at an exercise price of $1.06 per share (“Warrant C”). On May 24, 2024, the institutional investor exercised 542,100 pre-funded warrants from Warrant A to purchase shares of Class A Common Stock of the Company at an exercise price of $0.000 per warrant for total proceeds of $0. As of June 30, 2024, 957,910 warrants of Warrant A, 2,000,000 warrants of Warrant B, and 1,600,000 warrants of Warrant C remain outstanding. Subsequent to June 30, 2024, the institutional investor exercised an additional 799,091 pre-funded warrants from Warrant A to purchase shares of Class A Common Stock of the Company at an exercise price of $0.000 per warrant for total proceeds of $0 to the Company.

v3.24.2.u1

Balance Sheet Components	6 Months Ended
	Jun. 30, 2024
Balance Sheet Components
Balance Sheet Components	Balance Sheet Components Prepaid expenses and other current assets Prepaid expenses and other current assets as of June 30, 2024 and December 31, 2023 consisted of the following: June 30, 2024 December 31, 2023 Prepaid operating expenses $ 270,332  $ 216,875  Rent deposit 30,333  28,400  Value added tax receivable 49,455  116,095  Tax credit receivable (short-term) 25,045  102,151  Miscellaneous receivable 351,447  363,260  Prepaid expenses and other current assets $ 726,612  $ 826,781  Capitalized internal-use software, net Capitalized internal-use software, net as of as of June 30, 2024 and December 31, 2023 consisted of the following: Useful Lives June 30, 2024 December 31, 2023 Internally developed software 5 Years $ 4,215,099  $ 3,901,801  Less: Accumulated depreciation (2,705,919) (2,429,427) Capitalized internal-use software, net $ 1,509,180  $ 1,472,374  Amortization expense is recognized on a straight-line basis and during the three months ended June 30, 2024 and 2023 totaled $139 thousand and $138 thousand, respectively. Amortization expense during the six months ended June 30, 2024 and 2023 totaled $278 thousand and $279 thousand, respectively. As of June 30, 2024, the Company determined that $1 thousand of Capitalized internal-use software were impaired. The impaired Capitalized internal-use software was expensed to Research and development during the six months ended June 30, 2024. Property and equipment, net Property and equipment, net as of as of June 30, 2024 and December 31, 2023 consisted of the following: Useful Lives June 30, 2024 December 31, 2023 Computer equipment 3-4 Years $ 146,596  $ 152,014  Furniture and fixtures 10 Years 33,937  28,052  Property and equipment, gross 180,533  180,066  Less: Accumulated depreciation (137,021) (123,630) Property and equipment, net $ 43,512  $ 56,436  Depreciation expense is recognized on a straight-line basis and during the three months ended June 30, 2024 and 2023 totaled $9 thousand and $11 thousand, respectively. Depreciation expense during the six months ended June 30, 2024 and 2023 totaled $19 thousand and $53 thousand, respectively. Accrued expenses Accrued expenses as of June 30, 2024 and December 31, 2023 consisted of the following: June 30, 2024 December 31, 2023 Compensation payable $ 552,133  $ 377,403  Commission liability 20,454  26,863  Accrued employee taxes 909,171  624,525  Other accrued liabilities 57,620  115,099  Accrued expenses $ 1,539,378  $ 1,143,890

v3.24.2.u1

Goodwill and Intangible Assets, Net	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net There were no changes in the carrying amount of Goodwill for the six months ended June 30, 2024. Intangible assets, net as of June 30, 2024 and December 31, 2023 consisted of the following: Useful Lives June 30, 2024 December 31, 2023 Patent application costs 3 Years $ 522,845  $ 484,035  Trade name and trademarks 3 Years 68,312  70,446  Intangible assets, gross 591,157  554,481  Less: Accumulated amortization (398,538) (330,791) Intangible assets, net $ 192,619  $ 223,690  The Company added 5 new issued patents during the six months ended June 30, 2024. The patents issued during the six months ended June 30, 2024 increased our total number of patents to 22 and include: •On January 2, 2024, the Company received Notice of Issuance for a patent that is a continuation of “Systems and Processes for Lossy Biometric Representation.” This patent is a continuation addresses a long-felt but unresolved need for a system or process that can transform size-variant, personally-identifying biometric templates into fixed-size, privacy-secured representations, while maintaining sufficiently accurate biometric matching capabilities. •On January 30, 2024, the Company received Notice of Issuance for a patent that is a continuation of “Systems and Processes for Lossy Biometric Representation.” This technology provides a system or process that can transform size-variant, personally-identifying biometric templates into fixed-size, privacy-secured representations, while maintaining sufficiently accurate biometric matching capabilities. •On March 19, 2024, the Company received Notice of Issuance for a patent entitled “Systems and Methods for Enhanced Hash Transforms.” Conventional cryptographic hashing techniques generally include functions that generate unique signatures given a piece of data, accepting binary strings of characters as an input, and producing a string (e.g., a digital signature) as an output. Our new patent addresses the need for improved techniques for securely handling sensitive data. •On April 23, 2024, the Company received Notice of Issuance for a patent entitled “Face Cover-compatible Biometrics and Processes for Generating and Using Same.” which allows for enrollment of biometric information from individuals wearing face coverings such that subsequent biometric identification and verification processes may not require the individuals to remove their face coverings. •On April 30, 2024, the Company received Notice of Issuance for a patent entitled “Systems and Methods for Liveness-verified, Biometric-based Encryption.” This patent fulfills a long-felt but unresolved need for a system or method that permits encryption/decryption based on liveness-verified biometric data that cannot be stolen or spoofed. Intangible asset amortization expense is recognized on a straight-line basis and during the three months ended June 30, 2024 and 2023 totaled $33 thousand and $38 thousand, respectively. Intangible asset amortization expense during the six months ended June 30, 2024 and 2023 totaled $70 thousand and $75 thousand, respectively. Estimated future amortization expense of Intangible assets, net is as follows: Years Ending December 31, Amount 2024 $ 60,076  2025 87,980  2026 41,505  2027 3,058  Total future amortization $ 192,619

v3.24.2.u1

Net Loss per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net loss per share: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ (2,598,361) $ (2,170,368) $ (5,276,930) $ (4,717,818) Denominator: Weighted average shares used in computing net loss per share attributable to common stockholders 12,227,476 6,757,320 11,169,735 5,897,089 Net loss per share attributable to common stockholders $ (0.21) $ (0.32) $ (0.47) $ (0.80) The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive: As of June 30, 2024 2023 Options, RSUs, and grants 1,323,580 642,927 Warrants 12,817,277 5,017,180 Total 14,140,857 5,660,107

v3.24.2.u1

Stock Awards and Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Awards and Stock-Based Compensation	Stock Awards and Stock-Based Compensation From time to time, the Company may issue stock awards in the form of Class A Common Stock grants, Restricted Stock Units (RSUs), or Class A Common Stock options with vesting/service terms. Stock awards are valued on the grant date using the Company’s common stock share price quoted on an active market. Stock options are valued using the Black-Scholes-Merton pricing model to determine the fair value of the options. We generally issue our awards in terms of a fixed monthly value, resulting in a variable number of shares being issued, or in terms of a fixed monthly share number. During the three months ended June 30, 2024 and 2023, the Company entered into agreements with advisory board members and other external advisors to issue cash payments and stock awards in exchange for services rendered to the Company monthly. The total granted stock-based awards to advisory board members and other external advisors during the three months ended June 30, 2024 and 2023 included grants totaling, $9 thousand and $0, respectively, options totaling $0, and RSUs totaling $1 thousand and $6 thousand, respectively. In addition to issuing stock awards to advisory board members and other external advisors, during the three months ended June 30, 2024 and 2023, the Company granted stock-based awards to multiple employees. The total granted stock-based awards to employees during the three months ended June 30, 2024 and 2023 included grants totaling, $8 thousand and $21 thousand, respectively, options totaling $1 thousand and $3 thousand, respectively, and RSUs totaling $288 thousand and $68 thousand, respectively. During the six months ended June 30, 2024 and 2023, the Company entered into agreements with advisory board members and other external advisors to issue cash payments and stock awards in exchange for services rendered to the Company monthly. The total granted stock-based awards to advisory board members and other external advisors during the six months ended June 30, 2024 and 2023 included grants totaling, $18 thousand and $0, respectively, options totaling $0, and RSUs totaling $2 thousand and $9 thousand, respectively. In addition to issuing stock awards to advisory board members and other external advisors, during the six months ended June 30, 2024 and 2023, the Company granted stock-based awards to multiple employees. The total granted stock-based awards to employees during the six months ended June 30, 2024 and 2023 included grants totaling, $20 thousand and $47 thousand, respectively, options totaling $4 thousand and $7 thousand, respectively, and RSUs totaling $562 thousand and $95 thousand, respectively. Stock Options The following table summarizes stock option activity for the three and six months ended June 30, 2024: Options Outstanding Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Balance as of January 1, 2023 387,109 $ 6.40  1.45 $ —  Options granted 11,890 2.28  Options exercised (1,230) 3.25  Options canceled and forfeited (4,186) 5.73  Balance as of December 31, 2023 393,583  6.27  1.95 —  Options granted 3,825  1.57  Options exercised —  —  Options canceled and forfeited (1,425) 4.21  Balance as of March 31, 2024 395,983  6.24  1.72 —  Options granted 4,375  1.37  Options exercised —  —  Options canceled and forfeited (510) 3.92  Balance as of June 30, 2024 399,848  $ 6.19  1.49 $ —  Options vested and exercisable as of June 30, 2024 399,848  $ 6.19  1.49 $ —  Options Outstanding Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Balance as of January 1, 2024 393,583 $ 6.27  1.95 $ —  Options granted 8,200  1.46 Options exercised —  0 Options canceled and forfeited (1,935) 4.13 Balance as of June 30, 2024 399,848  $ 6.19  1.49 —  Options vested and exercisable as of June 30, 2024 399,848  $ 6.19  1.49 $ —  The aggregate intrinsic value of options outstanding, exercisable, and vested is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock. The aggregate intrinsic value of options exercised during the six months ended June 30, 2024 and 2023 was $0. The weighted average grant-date fair value of options granted during the six months ended June 30, 2024 and 2023 was $0.43 and $1.48 per share, respectively. The total grant-date fair value of options that vested during the six months ended June 30, 2024 and 2023 was $4 thousand and $7 thousand, respectively. The following assumptions were used to calculate the fair value of options granted during the six months ended June 30, 2024: Fair value of Class A Common Stock $0.17 — 0.72 Exercise price $1.32 — 1.64 Risk free interest rate 4.11 — 4.71% Expected dividend yield 0.00  % Expected volatility 77.54 — 79.80% Expected term 3 Years As of June 30, 2024, the Company had 399,848 stock options outstanding of which all are fully vested options. Stock Grants As of June 30, 2024, the Company has 60,270 common stock grants outstanding of which 45,502 were vested but not issued and 14,768 were not yet vested. All granted and outstanding common stock grants will fully vest by June 30, 2025. The Company had unrecognized stock-based compensation related to common stock grants of $7 thousand as of June 30, 2024. RSU As of June 30, 2024, the Company had 863,462 RSUs outstanding of which 37,175 were vested but not issued and 826,287 were not yet vested. All granted and outstanding RSUs will fully vest by January 2, 2025. The Company had unrecognized stock-based compensation related to RSUs of $584 thousand as of June 30, 2024. During the six months ended June 30, 2024 the Company issued 54,734 of Class A Common Stock to employees that were designated for employee stock awards and were previously recorded as treasury stock. A summary of outstanding RSU activity as of June 30, 2024 is as follows: RSU Outstanding Number of Shares Balance as of January 1, 2023 292,564 Granted 410,516 Vested (issued) (159,776) Forfeited (97,202) Balance as of December 31, 2023 446,102 Granted 812,050 Vested (issued) (318,812) Forfeited (75,878) Balance as of June 30, 2024 863,462 Stock-based compensation expense Our consolidated statements of operations include stock-based compensation expense as follows: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Cost of services $ —  $ 161  $ 262  $ 656  Research and development 6,094  12,766  14,210  31,620  Selling, general, and administrative 301,031  84,810  590,539  125,035  Total stock-based compensation expense $ 307,125  $ 97,737  $ 605,011  $ 157,311

v3.24.2.u1

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Related party payables of $53 thousand and $82 thousand as of June 30, 2024 and December 31, 2023, respectively, primarily relate to amounts owed to 10Clouds, the Company’s contractor for software development and investor in the Company, and smaller amounts payable to members of management as expense reimbursements. Total costs incurred in relation to 10Clouds for the three months ended June 30, 2024 and 2023, totaled approximately $7 thousand and $242 thousand, respectively. Total costs incurred in relation to 10Clouds for the six months ended June 30, 2024 and 2023, totaled approximately $111 thousand and $535 thousand, respectively. Mutual Channel Agreement On November 15, 2020, the Company entered into a Mutual Channel Agreement with Vital4Data, Inc., a company at which one of our Directors serves as Chief Executive Officer. Pursuant to the agreement, the Company engaged Vita4Data, Inc. as a non-exclusive sales representative for the Company’s products and services. Vital4Data, Inc. is entitled to compensation in the form of commissions, receiving a 20% of commission-eligible on net revenue from sales generated by Vital4Data, Inc. in the first year of the contract term, which is reduced to 10% in the second year, and 5% in the third year. The Company has not earned or expensed any commissions pursuant to the Vital4Data, Inc. agreement to date. As of June 30, 2024 and December 31, 2023, the Vital4Data, Inc. commission due was $0.

v3.24.2.u1

Malta Grant	6 Months Ended
	Jun. 30, 2024
Malta Grant
Malta Grant	Malta Grant During July 2020 the Company entered into an agreement with the Republic of Malta that would provide for a grant of up to €200 thousand or $251 thousand as reimbursement for operating expenses over the first twelve months following Trust Stamp Malta’s incorporation in the Republic of Malta. The Company must provide an initial capital amount of €50 thousand or $62 thousand, which is matched with a €50 thousand or $62 thousand grant. The remaining €150 thousand or $190 thousand are provided as reimbursement of operating expenses twelve months following incorporation. U.S. GAAP does not provide authoritative guidance regarding the receipt of economic benefits from government entities in return for compliance with certain conditions. Therefore, based on ASC 105-10-05-2, non-authoritative accounting guidance from other sources was considered by analogy in determining the appropriate accounting treatment, the Company elected to apply International Accounting Standards 20 – Accounting for Government Grants and Disclosure of Government Assistance and recognizes the expected reimbursements from the Republic of Malta as deferred income. As reimbursable operating expenses are incurred, a receivable is recognized (reflected within “Prepaid expenses and other current assets” in the consolidated balance sheets) and income is recognized in a similar systematic basis over the same periods in the consolidated statements of operations. During the six months ended June 30, 2023, the Company incurred $0 in expenses that are reimbursable under the grant. As of June 30, 2024, all amounts provided for under this grant were received. On January 25, 2022, the Company entered into an additional agreement with the government of Malta for a grant of up to €100 thousand or $107 thousand, in terms of the ‘Investment Aid to produce the COVID-19 Relevant Product’ program, to support the proposed investment. The estimated value of the grant is €137 thousand or $146 thousand, at an aid intensity of 75% to cover eligible wage costs incurred after February 1, 2022 in relation to new employees engaged specifically for the implementation of the project. On September 22, 2022, the Company entered into an amendment agreement that enables the Company to submit eligible employee expenses for reimbursement by October 31, 2022. The grant was approved in January 2022, however, the request for payment was not approved and management abandoned the agreement. Hence, during the six months ended June 30, 2024 and 2023, the Company incurred $0, respectively, in expenses that are reimbursable under the grant. As of June 30, 2024, no amounts provided under this grant were received.

v3.24.2.u1

Leases and Commitments	6 Months Ended
	Jun. 30, 2024
Leases and Commitments
Leases and Commitments	Leases and Commitments Operating Leases — The Company leases office space in Atlanta, Georgia, which serves as its corporate headquarters, office space in Malta, which serves as its research and development facility, and vehicles in Malta that are considered operating lease arrangements under ASC 842 guidance. In addition. the Company contracts for month-to-month coworking arrangements in other office spaces in North Carolina, Denmark, Poland, and Rwanda to support its dispersed workforce. As of June 30, 2024, there were no minimum lease commitments related to month-to-month lease arrangements. Initial lease terms are determined at commencement date, the date the Company takes possession of the property, and the commencement date is used to calculate straight-line expense for operating leases. Certain leases contain renewal options for varying periods, which are at the Company’s sole discretion. For leases where the Company is reasonably certain to exercise a renewal option, such option periods have been included in the determination of the Company’s Operating lease right-of-use assets and Operating lease liabilities. The Company’s leases have remaining terms of 1 to 5 years. As the Company’s leases do not provide an implicit rate, the present value of future lease payments is determined using the Company’s incremental borrowing rate based on information available at the commencement date. Lease term and discount rate June 30, 2024 Weighted average remaining lease term 2.01 years Weighted average discount rate 5.0  % During the six months ended June 30, 2024, the Company did terminated one operating lease, one office located in the United States. The lease was terminated upon the conclusion of the agreed upon lease term, therefore, there were no termination fees, Right-of-use assets derecognized, Lease liabilities derecognized, or losses recognized. Balance sheet information related to leases as of as of June 30, 2024 and December 31, 2023 was as follows: June 30, 2024 December 31, 2023 Operating lease right-of-use assets Operating lease right-of-use assets $ 229,370  $ 164,740  Operating lease liabilities Short-term operating lease liabilities $ 123,431  $ 81,236  Long-term operating lease liabilities 73,520  53,771  Total operating lease liabilities $ 196,951  $ 135,007  Future maturities of ASC 842 lease liabilities as of June 30, 2024 are as follows: Years Ending December 31, Principal Payments Imputed Interest Payments Total Payments 2024 $ 71,229  $ 4,184  $ 75,413  2025 86,673  3,608  90,281  2026 22,390  1,130  23,520  2027 8,493  602  9,095  2028 8,166  171  8,337  Total future maturities $ 196,951  $ 9,695  $ 206,646  Total lease expense, under ASC 842, was included in Selling, general, and administrative expenses in our consolidated statement of operations for the three and six months ended June 30, 2024 and 2023 as follows: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Operating lease expense – fixed payments $ 37,976  $ 46,402  $ 77,853  $ 129,436  Short term lease expense 12,284  15,620  24,220  37,552  Total lease expense $ 50,260  $ 62,022  $ 102,073  $ 166,988  Supplemental cash flows information related to leases was as follow: For the six months ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (80,248) $ (104,817) During the six months ended June 30, 2024, the Company did not incur variable lease expense. Financial Liability Obligation — The Company’s financial liability totaled $0 and $162 thousand as of June 30, 2024 and December 31, 2023, respectively, for an executed agreement with a telecommunications company for acquiring mobile hardware. On March 3, 2023, the Company provided a 30-day termination notice to the telecommunications company which terminates the mobile hardware data service. Under the contract terms with the telecommunications company, upon termination of the data service the Company must pay the remaining financial liability during the final data service billing period. The remaining financial liability was resolved with a settlement and no further payment is due as of June 30, 2024. Litigation — The Company is not currently involved with and does not know of any pending or threatening litigation against the Company or any of its officers or directors in connection with its business.

v3.24.2.u1

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Promissory Note Agreement — On July 9, 2024, the Company entered into a subordinated secured promissory note with Agile Lending, LLC as lead lender (“Agile”) and Agile Capital Funding, LLC as collateral agent, which provides for a term loan to the Company of $453,600 with the principal amount of $315,000 and interest of $138,600. Commencing July 18, 2024, the Company is required to make weekly payments of $16,200 until the due date, January 23, 2025. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $15,000 was paid on the loan. In connection with the loan, Agile was issued a subordinated secured promissory note, dated July 9, 2024, in the principal amount of $315,000 which note is secured by all of the Borrower’s assets, including receivables. Boumarang License Agreement — On August 6, 2024, the Company entered into a License Agreement (the “Agreement”) with Boumarang Inc. (“Boumarang”), a developer, manufacturer, and seller of hydrogen-powered UAV and USV drones. Pursuant to the Agreement, the Company agreed to grant a non-exclusive license to Boumarang to exploit certain of the Company’s patents for the purpose of producing, selling, marketing, and distributing drones. As consideration for the grant of the non-exclusive license, Boumarang agreed to pay the Company a non-refundable license fee of $5,000,000 in the form of a prepaid warrant issued by Boumarang to the Company for 5,000,000 shares of common stock of Boumarang at $1.00 per share (the “Prepaid Warrant”). Boumarang Subscription Agreement — On August 6, 2024, Trust Stamp executed a Subscription Agreement with Boumarang to participate in a Regulation D offering being conducted by Boumarang, subscribing for 100,000 shares of Boumarang's common stock at a price per share of $1.00. The Company made the $100,000 subscription payment on August 6, 2024.

v3.24.2.u1

Description of Business, Summary of Significant Accounting Policies, and Going Concern (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business — T Stamp Inc. was incorporated in the State of Delaware on April 11, 2016. T Stamp Inc. and its subsidiaries (“Trust Stamp”, “we”, “us”, “our” or the “Company”) develops and markets artificial intelligence-powered software solutions for enterprise and government partners and peer-to-peer markets. Trust Stamp develops proprietary artificial intelligence-powered solutions, researching and leveraging machine learning, artificial intelligence, biometric science, cryptography, and data mining, to deliver insightful identity and trust predictions that identify and defend against fraudulent identity attacks, protect sensitive user information, and extend the reach of digital services through global accessibility. We utilize the power and agility of technologies such as GPU processing, edge-computing, neural networks, and large language models to process and protect data faster and more effectively than has ever previously been possible in order to deliver results at a disruptively low cost for usage across multiple industries, including: •Banking/FinTech •KYC/AML Compliance •Humanitarian and Development Services •Government and Law Enforcement, including Alternative to Detention programs •Cryptocurrency and Digital Assets •Biometrically Secured Email and Digital Communications •P2P Transactions, Social Media, and Sharing Economy •Real Estate, Travel, and Healthcare As our portfolio of intellectual property and solutions has developed, we have started to seek applications for our technology outside our traditional focus on identity and trust. We anticipate licensing our technology in numerous fields, typically through established partners who will integrate our technology into field-specific applications.
Reverse Split	Reverse Split — On February 15, 2023 our Board of Directors approved and, as of February 20, 2023, the holders of a majority of our voting capital stock approved an amendment (the “Certificate of Amendment”) to the Company’s Amended and Restated Certificate of Incorporation and approved to effect a reverse split of our issued and outstanding shares of Class A Common Stock at a ratio of one share for every five shares currently held, rounded up to the nearest whole share – whereby every five (5) outstanding shares of Class A Common Stock was combined and became one (1) share of Class A Common Stock, rounding up to the nearest whole number of shares (the “Reverse Split”). All share and per share amounts have been updated to reflect the Reverse Split in these unaudited condensed consolidated financial statements. The Reverse Split was effective for trading on the market opening of Nasdaq on March 23, 2023. The Reverse Stock Split effective March 23, 2023, was ratified by the Company’s stockholders by written consent pursuant to a definitive proxy statement filed with the Securities and Exchange Commission on April 13, 2023. Written consent from the majority of stockholders was received as of May 13, 2023.
Going Concern	Going Concern — The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is a business that has not yet generated profits, with a net loss during the six months ended June 30, 2024 of $5.28 million, negative net operating cash outflows of $3.76 million for the same period, working capital of negative $1.07 million and an accumulated deficit of $56.13 million as of June 30, 2024. The Company’s ability to continue as a going concern in the next twelve months following the date the unaudited condensed consolidated financial statements were available to be issued is dependent upon its ability to produce revenues and/or obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results. Management has evaluated these conditions and plans to generate revenue and raise capital as needed to satisfy the Company’s capital needs. While the negotiation of significant additional revenue is well advanced, it has not reached a stage that allows it to be factored into a going concern evaluation. In addition, although the Company has previously been successful in raising capital as needed and has already made plans to do so as well as restructuring expenses to meet the Company’s cash needs, no assurance can be given that the Company will be successful in its capital raising efforts. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period. On July 13, 2024, T Stamp Inc. entered into a Securities Purchase Agreement (the “SPA”) with a certain investor (the “Purchaser”). Pursuant to the terms of the SPA, the Purchaser agreed, at the closing of the SPA (the “Closing”) and upon the terms and subject to the conditions set forth in the SPA, to purchase from the Company 4,597,701 shares of Class A Common Stock, par value $0.01 of the Company (the “Class A Common Stock”) at $0.435 per share, which was equal to the closing price of the Company’s Class A Common Stock on the Nasdaq Stock Market on July 11, 2024. The total purchase price for the shares was agreed to be paid pursuant to three promissory notes issued by the Purchaser to the Company comprised of (i) a $500,000 promissory note payable on July 31, 2024, which was paid on July 25, 2024; (ii) a $500,000 promissory note payable on August 31, 2024; and (iii) a $1,000,000 promissory note payable within three (3) trading days of an effective resale registration statement as contemplated by the Registration Rights Agreement. The Company filed a resale registration statement on Form S-3 for this purpose on July 18, 2024 (File No.: 333-280884), which is currently under review by the Commission. As of the date of this Quarterly Report on Form 10-Q, the resale registration statement is not yet effective. None of the promissory notes accrue interest, and each may be repaid before their respective due dates. On July 13, 2024 (the “Closing Date”), the Closing of the SPA occurred, and the Company issued 4,597,701 shares of Class A Common Stock to the Purchaser at $0.435 in exchange for the three promissory notes described above, totaling $2,000,000 in combined principal. The Closing of the SPA was subject to a number of customary closing conditions, including, but not limited to, the Company’s entry into a Registration Rights Agreement, the execution of which were conditions to the Closing of the SPA. Additionally, as part of the Closing of the SPA, the Purchaser executed a Voting Limitation Agreement.
Basis of Presentation	Basis of Presentation — The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with US Generally Accepted Accounting Principles (“US GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”). The accompanying unaudited condensed consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business.
Basis of Consolidation	Basis of Consolidation — The accompanying unaudited condensed consolidated financial statements reflect the activity of the Company and its subsidiaries, Trusted Mail Inc. (“Trusted Mail”), Finnovation LLC (“Finnovation”), Trust Stamp Malta Limited (“Trust Stamp Malta”), AIID Payments Limited, Biometric Innovations Limited (“Biometrics”), Trust Stamp Rwanda Limited, Metapresence Limited, Trust Stamp Denmark ApS, Quantum Foundation, TSI GovTech Corporation, Global Server Management Inc., Cheltenham AI LTD, and Trust Stamp Nigeria Limited. All significant intercompany transactions and accounts have been eliminated. Further, we continue to consolidate Tstamp Incentive Holdings (“TSIH”) which we consider to be a variable interest entity. In the opinion of management, these condensed consolidated financial statements reflect all adjustments necessary (which adjustments are of a normal and recurring nature) for the fair presentation of the Company's financial position as of June 30, 2024 and December 31, 2023, and the results of operations for the three and six months ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of results expected for the full year. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted pursuant to the rules and regulations of the SEC. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes to consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The accounting policies employed are substantially the same as those shown in note 1 of the notes to consolidated financial statements included therein.
Variable Interest Entity	Variable Interest Entity — On April 9, 2019, management created a new entity, TSIH. Furthermore, on April 25, 2019, the Company issued 320,513 shares of Class A Common Stock to TSIH, for the purpose of providing a pool of shares of Class A Common Stock of the Company that the Company’s Board of Directors (the “Board”) could use for employee stock awards and were recorded initially as Treasury stock. Since establishing TSIH, 264,000 shares were transferred to various employees as a stock award that were earned and outstanding. On February 15, 2023, Trust Stamp issued 206,033 shares of Class A Common Stock to TSIH to be used to satisfy vested employee stock awards. As of June 30, 2024, no shares of Class A Common Stock are held by TSIH as all shares have been issued pursuant to employee Restricted Stock Units. The Company does not own any of the shares of Class A Common Stock of the Company held by TSIH. The Company considers this entity to be a variable interest entity (“VIE”) because it is thinly capitalized and holds no cash. Because the Company does not own shares in TSIH, management believes that this gives the Company a variable interest. Further, management of the Company also acts as management of TSIH and is the decision-maker as management grants shares held by TSIH to employees of the Company. As this VIE owns only shares in the Company and no other liabilities or assets, the Company is the primary beneficiary of TSIH and will consolidate the VIE.
Major Customers and Concentration of Risks	Major Customers and Concentration of Risks — Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of Cash and cash equivalents, and Accounts receivable. We maintain our Cash and cash equivalents with high-quality financial institutions, mainly in the United States; the composition of which are regularly monitored by us. The Federal Deposit Insurance Corporation covers $250,000 for substantially all depository accounts. The Company from time to time may have amounts on deposit in excess of the insured limits. As of June 30, 2024 and December 31, 2023, the Company had $206,821 and $2,620,765 in U.S. bank accounts, respectively, which exceeded these insured amounts. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts. For Accounts receivable, we are exposed to credit risk in the event of nonpayment by customers to the extent the amounts are recorded in the consolidated balance sheets. We extend different levels of credit and maintain reserves for potential credit losses based upon the expected collectability of Accounts receivable. We manage credit risk related to our customers by performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures. Three customers represented 95.42% or 48.95%, 38.80%, and 7.67% of the balance of total Accounts receivable as of June 30, 2024 and three customers represented 91.11% or 53.55%, 30.43%, and 7.13% of the balance of total Accounts receivable as of December 31, 2023. The Company seeks to mitigate its credit risk with respect to Accounts receivable by contracting with large commercial customers and government agencies, and regularly monitoring the aging of Accounts receivable balances. As of June 30, 2024 and December 31, 2023, the Company had not experienced any significant losses on its Accounts receivable. During the three months ended June 30, 2024, the Company sold to primarily three customers which made up approximately 96.21% of total Net revenue, and consisted of 67.33%, 17.38%, and 11.50% from an S&P 500 Bank, Mastercard and Triton, respectively. Additionally, during the three months ended June 30, 2023, the Company sold to primarily three customers which made up approximately 90.67% of total Net revenue, and consisted of 48.97%, 31.33%, and 10.37% from an S&P 500 Bank, Mastercard, and Triton, respectively. During the six months ended June 30, 2024, the Company sold to primarily three customers which made up approximately 95.37% of total Net revenue, and consisted of 62.39%, 22.72%, and 10.26% from an S&P 500 Bank, Mastercard and Triton, respectively. Additionally, during the six months ended June 30, 2023, the Company sold to primarily four customers which made up approximately 92.73% of total Net revenue, and consisted of 44.57%, 28.21%, 10.22%, and 9.73% from an S&P 500 Bank, Mastercard, FIS, and Triton, respectively.
Property and Equipment, Net	Property and Equipment, Net — Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is recognized using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repairs that do not improve or extend the useful lives of the assets are expensed when incurred, whereas additions and major improvements are capitalized. Upon sale or retirement of assets, the cost and related accumulated depreciation are derecognized from the consolidated balance sheet and any resulting gain or loss is recorded in the consolidated statements of operations in the period realized.
Accounting for Impairment of Long-Lived Assets	Accounting for Impairment of Long-Lived Assets — Long-lived assets with finite lives include Property and equipment, net, Capitalized internal-use software, Operating lease right-of-use assets, and Intangible assets, net subject to amortization. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of assets held and used is measured by comparison of the carrying amount of an asset or an asset group to estimated undiscounted future net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset exceeds these estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the assets exceeds the fair value of the asset or asset group. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. As of June 30, 2024, the Company determined that $1 thousand of Capitalized internal-use software were impaired. The impaired Capitalized internal-use software was expensed to Research and development during the six months ended June 30, 2024. As of December 31, 2023, the Company determined that $19 thousand of Capitalized internal-use software and $12 thousand of Intangible assets was impaired. The impaired Capitalized internal-use software was expensed to Research and development during the year ended December 31, 2023.
Goodwill	Goodwill — Goodwill is accounted for in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 350, Intangibles—Goodwill and Other. The Company allocates the cost of an acquired business to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase consideration transferred over the fair value of the net assets acquired, including other Intangible assets, net, is recorded as Goodwill. Goodwill is tested for impairment at the reporting unit level at least quarterly or more frequently when events or circumstances occur that indicate that it is more likely than not that an impairment has occurred. In assessing Goodwill for impairment, the Company first assesses qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. In the qualitative assessment, the Company considers factors including economic conditions, industry and market conditions and developments, overall financial performance and other relevant entity-specific events in determining whether it is more likely than not that the fair value of the reporting unit is less than the carrying amount. Should the Company conclude that it is more likely than not that the recorded Goodwill amounts have been impaired, the Company would perform the impairment test. Goodwill impairment exists when a reporting unit’s carrying value exceeds its fair value. Significant judgment is applied when Goodwill is assessed for impairment. There were no impairment charges to Goodwill as of June 30, 2024 and December 31, 2023.
Remaining Performance Obligations	Remaining Performance Obligations — The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company generally allows its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents non-cancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancellable contracted revenue, which includes customer deposit liabilities, is not considered a remaining performance obligation. As of June 30, 2024 and December 31, 2023, the Company did not have any related performance obligations for contracts with terms exceeding twelve months.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted — In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures. ASU 2023-09 requires enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impacts of the new standard but does not expect a material impact to its unaudited condensed consolidated financial statements or related disclosures. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The amendments in this ASU clarify that an entity should measure the fair value of an equity security subject to contractual sale restriction the same way it measures an identical equity security that is not subject to such a restriction. The FASB said the contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, should not affect its fair value. The ASU is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect this guidance to have a material impact to its unaudited condensed consolidated financial statements or related disclosures.

v3.24.2.u1

Description of Business, Summary of Significant Accounting Policies, and Going Concern (Tables)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Disaggregation of Revenue	Disaggregation of Revenue For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Professional services (over time) $ 414,145  $ 385,804  $ 901,571  $ 769,438  License fees (over time) 86,250  75,000  172,500  150,000  Total Revenue $ 500,395  $ 460,804  $ 1,074,071  $ 919,438

v3.24.2.u1

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of Non-Convertible Promissory Notes Payable	June 30, 2024 December 31, 2023 Malta loan receipt 3 – June 3, 2022 $ 491,680  $ 507,035  Malta loan receipt 2 – August 10, 2021 303,582  313,063  Malta loan receipt 1 – February 9, 2021 62,325  64,271  Interest added to principal 67,404  29,191  Total principal outstanding 924,991  913,560  Plus: accrued interest 28,808  40,317  Total promissory notes payable $ 953,799  $ 953,877

v3.24.2.u1

Warrants (Tables)	6 Months Ended
	Jun. 30, 2024
Warrants and Rights Note Disclosure [Abstract]
Schedule of Changes in Warrant Liability	The following table presents the change in the liability balance associated with the liability classified warrants, which are classified in Level 3 of the fair value hierarchy from January 1, 2023 to June 30, 2024: Warrants ($) Balance as of January 1, 2023 $ 261,569  Additional warrants issued —  Change in fair value (5,033) Balance as of December 31, 2023 $ 256,536  Additional warrants issued —  Change in fair value (4,868) Balance as of June 30, 2024 $ 251,668
Schedule of Fair Value of Warrants Liabilities	The following assumptions were used to calculate the fair value of the warrant liability during the six months ended June 30, 2024: Fair Value of Warrants $0.26 — $0.64 Exercise price $0.43 — $0.49 Risk free interest rate  4.38%— 4.50% Expected dividend yield —  % Expected volatility 79.25% — 79.59% Expected term 3 years
Schedule of Warrant Issuance Date	Warrant Issuance Date Strike Price June 30, 2024 December 31, 2023 November 9, 2016 $ 3.12  80,128 80,128 January 23, 2020 $ 8.00  186,442 186,442 January 23, 2020 $ 8.00  524,599 524,599 April 18, 2023 $ 1.34  — 775,330 June 5, 2023 $ 1.34  1,173,030 1,279,700 December 21, 2023 $ 1.34  3,600,000 3,600,000 April 3, 2024 $ —  957,910 — April 3, 2024 $ 0.97  2,000,000 — April 3, 2024 $ 1.06  1,600,000 — Total warrants outstanding 10,122,109 6,446,199

v3.24.2.u1

Balance Sheet Components (Tables)	6 Months Ended
	Jun. 30, 2024
Balance Sheet Components
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets as of June 30, 2024 and December 31, 2023 consisted of the following: June 30, 2024 December 31, 2023 Prepaid operating expenses $ 270,332  $ 216,875  Rent deposit 30,333  28,400  Value added tax receivable 49,455  116,095  Tax credit receivable (short-term) 25,045  102,151  Miscellaneous receivable 351,447  363,260  Prepaid expenses and other current assets $ 726,612  $ 826,781
Schedule of Capitalized Internal-Use Software, Net	Capitalized internal-use software, net as of as of June 30, 2024 and December 31, 2023 consisted of the following: Useful Lives June 30, 2024 December 31, 2023 Internally developed software 5 Years $ 4,215,099  $ 3,901,801  Less: Accumulated depreciation (2,705,919) (2,429,427) Capitalized internal-use software, net $ 1,509,180  $ 1,472,374
Schedule of Property and Equipment, Net	Property and equipment, net as of as of June 30, 2024 and December 31, 2023 consisted of the following: Useful Lives June 30, 2024 December 31, 2023 Computer equipment 3-4 Years $ 146,596  $ 152,014  Furniture and fixtures 10 Years 33,937  28,052  Property and equipment, gross 180,533  180,066  Less: Accumulated depreciation (137,021) (123,630) Property and equipment, net $ 43,512  $ 56,436
Schedule of Accrued Expenses	Accrued expenses as of June 30, 2024 and December 31, 2023 consisted of the following: June 30, 2024 December 31, 2023 Compensation payable $ 552,133  $ 377,403  Commission liability 20,454  26,863  Accrued employee taxes 909,171  624,525  Other accrued liabilities 57,620  115,099  Accrued expenses $ 1,539,378  $ 1,143,890

v3.24.2.u1

Goodwill and Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net as of June 30, 2024 and December 31, 2023 consisted of the following: Useful Lives June 30, 2024 December 31, 2023 Patent application costs 3 Years $ 522,845  $ 484,035  Trade name and trademarks 3 Years 68,312  70,446  Intangible assets, gross 591,157  554,481  Less: Accumulated amortization (398,538) (330,791) Intangible assets, net $ 192,619  $ 223,690
Schedule of Estimated Future Amortization Expense of Intangible Assets, Net	Estimated future amortization expense of Intangible assets, net is as follows: Years Ending December 31, Amount 2024 $ 60,076  2025 87,980  2026 41,505  2027 3,058  Total future amortization $ 192,619

v3.24.2.u1

Net Loss per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss Per Share Attributable to Common Stockholders	The following table presents the calculation of basic and diluted net loss per share: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Numerator: Net loss attributable to common stockholders $ (2,598,361) $ (2,170,368) $ (5,276,930) $ (4,717,818) Denominator: Weighted average shares used in computing net loss per share attributable to common stockholders 12,227,476 6,757,320 11,169,735 5,897,089 Net loss per share attributable to common stockholders $ (0.21) $ (0.32) $ (0.47) $ (0.80)
Schedule of Anti-Dilutive Securities Excluded From Computation of Diluted Net Loss Per Share	The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive: As of June 30, 2024 2023 Options, RSUs, and grants 1,323,580 642,927 Warrants 12,817,277 5,017,180 Total 14,140,857 5,660,107

v3.24.2.u1

Stock Awards and Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Options Activity	The following table summarizes stock option activity for the three and six months ended June 30, 2024: Options Outstanding Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Balance as of January 1, 2023 387,109 $ 6.40  1.45 $ —  Options granted 11,890 2.28  Options exercised (1,230) 3.25  Options canceled and forfeited (4,186) 5.73  Balance as of December 31, 2023 393,583  6.27  1.95 —  Options granted 3,825  1.57  Options exercised —  —  Options canceled and forfeited (1,425) 4.21  Balance as of March 31, 2024 395,983  6.24  1.72 —  Options granted 4,375  1.37  Options exercised —  —  Options canceled and forfeited (510) 3.92  Balance as of June 30, 2024 399,848  $ 6.19  1.49 $ —  Options vested and exercisable as of June 30, 2024 399,848  $ 6.19  1.49 $ —  Options Outstanding Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Balance as of January 1, 2024 393,583 $ 6.27  1.95 $ —  Options granted 8,200  1.46 Options exercised —  0 Options canceled and forfeited (1,935) 4.13 Balance as of June 30, 2024 399,848  $ 6.19  1.49 —  Options vested and exercisable as of June 30, 2024 399,848  $ 6.19  1.49 $ —
Schedule of Stock Options Valuation Assumptions	The following assumptions were used to calculate the fair value of options granted during the six months ended June 30, 2024: Fair value of Class A Common Stock $0.17 — 0.72 Exercise price $1.32 — 1.64 Risk free interest rate 4.11 — 4.71% Expected dividend yield 0.00  % Expected volatility 77.54 — 79.80% Expected term 3 Years
Schedule of Outstanding RSU Activity	A summary of outstanding RSU activity as of June 30, 2024 is as follows: RSU Outstanding Number of Shares Balance as of January 1, 2023 292,564 Granted 410,516 Vested (issued) (159,776) Forfeited (97,202) Balance as of December 31, 2023 446,102 Granted 812,050 Vested (issued) (318,812) Forfeited (75,878) Balance as of June 30, 2024 863,462
Schedule of Stock-Based Compensation Expense	Our consolidated statements of operations include stock-based compensation expense as follows: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Cost of services $ —  $ 161  $ 262  $ 656  Research and development 6,094  12,766  14,210  31,620  Selling, general, and administrative 301,031  84,810  590,539  125,035  Total stock-based compensation expense $ 307,125  $ 97,737  $ 605,011  $ 157,311

v3.24.2.u1

Leases and Commitments (Tables)	6 Months Ended
	Jun. 30, 2024
Leases and Commitments
Summary of Lease Term and Discount Rate	Lease term and discount rate June 30, 2024 Weighted average remaining lease term 2.01 years Weighted average discount rate 5.0  %
Summary of Balance Sheet Information Related to Leases	Balance sheet information related to leases as of as of June 30, 2024 and December 31, 2023 was as follows: June 30, 2024 December 31, 2023 Operating lease right-of-use assets Operating lease right-of-use assets $ 229,370  $ 164,740  Operating lease liabilities Short-term operating lease liabilities $ 123,431  $ 81,236  Long-term operating lease liabilities 73,520  53,771  Total operating lease liabilities $ 196,951  $ 135,007
Summary of Future Maturities of ASC 842 Lease Liabilities	Future maturities of ASC 842 lease liabilities as of June 30, 2024 are as follows: Years Ending December 31, Principal Payments Imputed Interest Payments Total Payments 2024 $ 71,229  $ 4,184  $ 75,413  2025 86,673  3,608  90,281  2026 22,390  1,130  23,520  2027 8,493  602  9,095  2028 8,166  171  8,337  Total future maturities $ 196,951  $ 9,695  $ 206,646
Summary of Total Lease Expense, Under ASC 842, was Included in Selling, General, and Administrative Expenses in Consolidated Statement of Operations	Total lease expense, under ASC 842, was included in Selling, general, and administrative expenses in our consolidated statement of operations for the three and six months ended June 30, 2024 and 2023 as follows: For the three months ended June 30, For the six months ended June 30, 2024 2023 2024 2023 Operating lease expense – fixed payments $ 37,976  $ 46,402  $ 77,853  $ 129,436  Short term lease expense 12,284  15,620  24,220  37,552  Total lease expense $ 50,260  $ 62,022  $ 102,073  $ 166,988
Summary of Supplemental Cash Flows Information Related to Leases	Supplemental cash flows information related to leases was as follow: For the six months ended June 30, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (80,248) $ (104,817)

v3.24.2.u1

Description of Business, Summary of Significant Accounting Policies, and Going Concern - Narrative (Details)					3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 13, 2024 USD ($) $ / shares shares	Apr. 03, 2024 USD ($) $ / shares shares	Mar. 23, 2023	Apr. 25, 2019 shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 05, 2023 $ / shares shares	Apr. 18, 2023 $ / shares shares	Feb. 15, 2023 shares	Dec. 31, 2022 USD ($)	Jun. 30, 2020 shares	Jan. 31, 2020 shares	Nov. 09, 2016 shares
Disaggregation of Revenue
Stock split			0.2
Common stock, shares authorized (in shares) | shares					50,000,000		50,000,000		50,000,000
Net loss attributable to T Stamp Inc. | $					$ 2,598,361	$ 2,170,368	$ 5,276,930	$ 4,717,818
Operating cash outflows | $							3,756,928	3,581,369
Working capital | $					(1,070,000.00)		(1,070,000.00)
Accumulated deficit | $					$ 56,130,215		$ 56,130,215		$ 50,853,285
Common stock, par value (in dollars per share) | $ / shares					$ 0.01		$ 0.01		$ 0.01
Number of warrants exercised for issuance of shares (in shares) | shares					10,122,109		10,122,109		6,446,199					6,418
Treasury stock, at cost, shares held (in shares) | shares					0		0		54,734
Common stock, shares issued (in shares) | shares					11,384,139		11,384,139		9,198,089
Cash and cash equivalents | $					$ 659,533	$ 5,035,414	$ 659,533	$ 5,035,414	$ 3,140,747				$ 1,254,494
Impairment on finite-lived assets | $							$ 1,000		12,000
Impaired capitalized internal-use software | $									$ 19,000
Impairment, intangible asset, finite-lived, statement of income or comprehensive income									Research and development
Subsequent Event | Promissory Note Payable July 31, 2024
Disaggregation of Revenue
Promissory note payable | $	$ 500,000
Subsequent Event | Promissory Note Payable August 31, 2024
Disaggregation of Revenue
Promissory note payable | $	500,000
Subsequent Event | Promissory Note Payable
Disaggregation of Revenue
Promissory note payable | $	$ 1,000,000
Top Three Customers | Accounts receivable | Customer Concentration Risk
Disaggregation of Revenue
Concentration risk (as a percent)							95.42%		91.11%
Top Three Customers | Sales revenue net | Customer Concentration Risk
Disaggregation of Revenue
Concentration risk (as a percent)					96.21%	90.67%	95.37%
Customer One | Accounts receivable | Customer Concentration Risk
Disaggregation of Revenue
Concentration risk (as a percent)							48.95%		53.55%
Customer Two | Accounts receivable | Customer Concentration Risk
Disaggregation of Revenue
Concentration risk (as a percent)							38.80%		30.43%
Customer Three | Accounts receivable | Customer Concentration Risk
Disaggregation of Revenue
Concentration risk (as a percent)							7.67%		7.13%
S And P 500 Bank | Sales revenue net | Customer Concentration Risk
Disaggregation of Revenue
Concentration risk (as a percent)					67.33%	48.97%	62.39%	44.57%
Mastercard | Sales revenue net | Customer Concentration Risk
Disaggregation of Revenue
Concentration risk (as a percent)					17.38%	31.33%	22.72%	28.21%
Triton | Sales revenue net | Customer Concentration Risk
Disaggregation of Revenue
Concentration risk (as a percent)					11.50%	10.37%	10.26%	9.73%
Top Four Customers | Sales revenue net | Customer Concentration Risk
Disaggregation of Revenue
Concentration risk (as a percent)								92.73%
FIS | Sales revenue net | Customer Concentration Risk
Disaggregation of Revenue
Concentration risk (as a percent)								10.22%
Bank Time Deposits
Disaggregation of Revenue
Cash and cash equivalents | $					$ 206,821		$ 206,821		$ 2,620,765
Common Class A
Disaggregation of Revenue
Number of warrants exercised for issuance of shares (in shares) | shares															932,111	80,128
Treasury stock, at cost, shares held (in shares) | shares				320,513
Common stock, shares issued (in shares) | shares												206,033
Common stock, shares held (in shares) | shares					0		0
Common Class A | Various employees
Disaggregation of Revenue
Number of shares transferred (in shares) | shares				264,000
Securities purchase agreement
Disaggregation of Revenue
Common stock, par value (in dollars per share) | $ / shares										$ 2.30	$ 3.30
Number of warrants exercised for issuance of shares (in shares) | shares										543,300	1,009,950
Private Placement | Securities purchase agreement
Disaggregation of Revenue
Sale of stock, number of shares issued in transaction (in shares) | shares		499,990
Sale of stock, consideration received per transaction | $		$ 1,936,000
Payments of stock issuance costs | $		245,520
Sale of stock, consideration received on transaction | $		$ 1,690,480
Private Placement | Securities purchase agreement | Subsequent Event
Disaggregation of Revenue
Sale of stock, number of shares issued in transaction (in shares) | shares	4,597,701
Sale of stock, consideration received per transaction | $	$ 2,000,000
Private Placement | Securities purchase agreement | Warrant A
Disaggregation of Revenue
Sale of stock, price per share (in dollars per share) | $ / shares		$ 0.968
Number of warrants exercised for issuance of shares (in shares) | shares		1,500,010			957,910		957,910
Private Placement | Securities purchase agreement | Warrant B
Disaggregation of Revenue
Sale of stock, price per share (in dollars per share) | $ / shares		$ 0.968
Number of warrants exercised for issuance of shares (in shares) | shares		2,000,000
Private Placement | Securities purchase agreement | Warrant C
Disaggregation of Revenue
Sale of stock, price per share (in dollars per share) | $ / shares		$ 1.06
Number of warrants exercised for issuance of shares (in shares) | shares		1,600,000
Private Placement | Securities purchase agreement | Common Class A
Disaggregation of Revenue
Common stock, par value (in dollars per share) | $ / shares		$ 0.01
Private Placement | Securities purchase agreement | Common Class A | Subsequent Event
Disaggregation of Revenue
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Sale of stock, price per share (in dollars per share) | $ / shares	$ 0.435

v3.24.2.u1

Description of Business, Summary of Significant Accounting Policies, and Going Concern - Schedule of Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue
Total Revenue	$ 500,395	$ 460,804	$ 1,074,071	$ 919,438
Professional services (over time)
Disaggregation of Revenue
Total Revenue	414,145	385,804	901,571	769,438
License fees (over time)
Disaggregation of Revenue
Total Revenue	$ 86,250	$ 75,000	$ 172,500	$ 150,000

v3.24.2.u1

Borrowings - Summary of Non-Convertible Promissory Notes Payable (Details) - Non-Convertible Promissory Notes Payable - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Borrowings
Total principal outstanding	$ 924,991	$ 913,560
Interest added to principal	67,404	29,191
Plus: accrued interest	28,808	40,317
Total promissory notes payable	953,799	953,877
Malta loan receipt 3
Borrowings
Total principal outstanding	491,680	507,035
Malta loan receipt 2
Borrowings
Total principal outstanding	303,582	313,063
Malta loan receipt 1
Borrowings
Total principal outstanding	$ 62,325	$ 64,271

v3.24.2.u1

Borrowings - Narrative (Details) € in Thousands, $ in Thousands		1 Months Ended	6 Months Ended
	Jul. 08, 2020 EUR (€)	May 31, 2020	Jun. 30, 2024 USD ($)	Jun. 30, 2023	Jul. 08, 2020 USD ($)
Borrowings
Minimum base rate for interest		1.00%
Fixed interest rate percentage		1.00%
Loans from Maltese government | Trust Stamp Malta Limited
Borrowings
Potential repayable advance	€ 800				$ 858
Percentage of payroll cost covered by advance	75.00%
Term of payroll costs covered by advance	24 months
Employment term for receiving advances	36 months
Proceeds from loan from Maltese government			$ 858
Spread on variable rate		2.00%
Loan interest rate			6.50%	4.50%
Loans from Maltese government | Trust Stamp Malta Limited | Minimum
Borrowings
Percentage of pre-tax profits per annum to be repaid		10.00%
Loans from Maltese government | Trust Stamp Malta Limited | Maximum
Borrowings
Percentage of pre-tax profits per annum to be repaid		15.00%

v3.24.2.u1

Warrants - Schedule of Changes in Warrant Liability (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Change In Financial Instruments [Roll Forward]
Balance, beginning of period	$ 256,536
Balance, end of period	251,668	$ 256,536
Fair Value, Inputs, Level 3
Change In Financial Instruments [Roll Forward]
Balance, beginning of period	256,536	261,569
Additional warrants issued	0	0
Change in fair value	(4,868)	(5,033)
Balance, end of period	$ 251,668	$ 256,536

v3.24.2.u1

Warrants - Narrative (Details) - USD ($)														1 Months Ended			6 Months Ended
	Jul. 13, 2024	Jun. 30, 2024	May 24, 2024	Apr. 03, 2024	Dec. 21, 2023	Jun. 23, 2023	Jun. 12, 2023	Jun. 05, 2023	Jun. 01, 2023	Apr. 18, 2023	Apr. 14, 2023	Dec. 21, 2021	Dec. 16, 2016	Aug. 13, 2024	Dec. 31, 2023	Jan. 31, 2020	Jun. 30, 2024	Jun. 30, 2023	Feb. 27, 2024	Feb. 07, 2024	Feb. 15, 2023	Jun. 30, 2020	Nov. 09, 2016
Warrants
Maximum number of warrants issued to purchase common stock in future		$ 1,000,000.00															$ 1,000,000.00
Percentage of discount of future issuance of preferred stock																	20.00%
Fair value of warrants		$ 250,000											$ 50,000				$ 250,000
Number of warrants exercised for issuance of shares (in shares)		10,122,109													6,446,199		10,122,109					6,418
Warrant liabilities		$ 251,668													$ 256,536		$ 251,668
Change in fair value of warrant liability																	$ (5,000)
Common stock, par value (in dollars per share)		$ 0.01													$ 0.01		$ 0.01
Shares issued upon exercise of warrants (in shares)					1,573,330				1,279,700
Proceeds from common stock, prefunded warrants, and common stock warrants, net of fees																	$ 1,690,480	$ 7,464,312
Common stock, shares issued (in shares)		11,384,139													9,198,089		11,384,139
April 18, 2023
Warrants
Number of warrants exercised for issuance of shares (in shares)		0													775,330		0
Exercise price of warrants (in dollars per share)		$ 1.34															$ 1.34
Warrants, held in abeyance (in shares)															775,330
Pre Funded Warrants
Warrants
Exercise price of warrants (in dollars per share)			$ 0.000			$ 0.001	$ 0.001
Shares issued upon exercise of warrants (in shares)						221,000	322,300
Proceeds from common stock, prefunded warrants, and common stock warrants, net of fees			$ 0			$ 221	$ 322
Warrants exercised (in shares)			542,100			221,000	322,300
Pre Funded Warrants | Subsequent Event
Warrants
Exercise price of warrants (in dollars per share)														$ 0.000
Proceeds from common stock, prefunded warrants, and common stock warrants, net of fees														$ 0
Warrants exercised (in shares)														799,091
December 21, 2023
Warrants
Number of warrants exercised for issuance of shares (in shares)		3,600,000													3,600,000		3,600,000
Exercise price of warrants (in dollars per share)		$ 1.34															$ 1.34
Warrants exercised (in shares)					106,670
June 5, 2023
Warrants
Number of warrants exercised for issuance of shares (in shares)		1,173,030													1,279,700		1,173,030
Exercise price of warrants (in dollars per share)		$ 1.34															$ 1.34
Institutional Investor
Warrants
Warrants exercised (in shares)															106,670
Notice to Exercise | April 18, 2023
Warrants
Number of warrants exercised for issuance of shares (in shares)															798,000
Securities purchase agreement
Warrants
Number of warrants exercised for issuance of shares (in shares)								543,300		1,009,950
Number of shares agreed to issue and sell (in shares)								736,400		563,380
Common stock, par value (in dollars per share)								$ 2.30		$ 3.30
Shares issued upon exercise of warrants (in shares)								736,400		1,573,330
Proceeds from common stock, prefunded warrants, and common stock warrants, net of fees								$ 1,693,720		$ 1,859,154
Proceeds from warrant exercises								1,249,047		3,332,835
Proceeds from offering after deducting placement fee and legal expense								2,686,773		4,778,550
Placement fee								205,994		363,439
Legal expense								$ 50,000		$ 50,000
Securities purchase agreement | Registered direct offering
Warrants
Exercise price of warrants (in dollars per share)									$ 0.001		$ 0.001
Number of shares agreed to issue and sell (in shares)									736,400		563,380
Common stock, par value (in dollars per share)					$ 0.01				$ 0.01		$ 0.01
Share issue price (in dollars per share)					2.30				$ 2.30		$ 3.30
Warrants to purchase shares of common stock agreed to issue and sell (in shares)									543,300		1,009,950
Price per warrant (in dollars per share)					3.30			$ 2.299	$ 2.299		$ 3.299
Securities purchase agreement | Private Placement
Warrants
Exercise price of warrants (in dollars per share)					$ 2.30				$ 2.30		$ 3.30
Shares issued upon exercise of warrants (in shares)										1,573,330
Sale of stock, number of shares issued in transaction (in shares)				499,990
Sale of stock, consideration received per transaction				$ 1,936,000
Payments of stock issuance costs				245,520
Sale of stock, consideration received on transaction				$ 1,690,480
Securities purchase agreement | Private Placement | Subsequent Event
Warrants
Sale of stock, number of shares issued in transaction (in shares)	4,597,701
Sale of stock, consideration received per transaction	$ 2,000,000
Securities purchase agreement | Private Placement | April 18, 2023
Warrants
Proceeds from issuance of Common Stock warrants					$ 2,108,262
Common stock, par value (in dollars per share)					$ 1.34
Shares issued upon exercise of warrants (in shares)					1,573,330
Securities purchase agreement | Private Placement | December 21, 2023
Warrants
Shares issued upon exercise of warrants (in shares)					1,279,700												1,173,030
Securities purchase agreement | Private Placement | June 5, 2023
Warrants
Proceeds from issuance of Common Stock warrants					$ 142,938
Common stock, par value (in dollars per share)					$ 1.34
Securities purchase agreement | Private Placement | Warrant A
Warrants
Number of warrants exercised for issuance of shares (in shares)		957,910		1,500,010													957,910
Sale of stock, price per share (in dollars per share)				$ 0.968
Securities purchase agreement | Private Placement | Warrant B
Warrants
Number of warrants exercised for issuance of shares (in shares)				2,000,000
Sale of stock, price per share (in dollars per share)				$ 0.968
Securities purchase agreement | Private Placement | Warrant C
Warrants
Number of warrants exercised for issuance of shares (in shares)				1,600,000
Sale of stock, price per share (in dollars per share)				$ 1.06
Second Century Ventures, LLC | January 2020 Warrant Purchase Agreement
Warrants
Proceeds from issuance of Common Stock warrants												$ 3,260,000
Armistice Capital Master Fund Ltd. | April 18, 2023
Warrants
Exercise price of warrants (in dollars per share)					1.34
Armistice Capital Master Fund Ltd. | December 21, 2023
Warrants
Exercise price of warrants (in dollars per share)					$ 1.34
Warrants exercised (in shares)					1,800,000
Armistice Capital Master Fund Ltd. | June 5, 2023
Warrants
Exercise price of warrants (in dollars per share)					$ 1.34
Trusted Mail
Warrants
Cancellation of shares																$ 100,000
Exchange of SAFEs for warrants																$ 125,000
Trusted Mail | Second Century Ventures, LLC | January 2020 Warrant Purchase Agreement
Warrants
Proceeds from issuance of Common Stock warrants												$ 3,260,000
Common Class A
Warrants
Proceeds from issuance of Common Stock warrants													$ 50,000
Number of warrants exercised for issuance of shares (in shares)																932,111							80,128
Exercise price of warrants (in dollars per share)																$ 8.00							$ 3.12
Fair value of consideration received from warrants																$ 300,000
Credited value over three years																$ 100,000
Common stock, shares issued (in shares)																					206,033
Common Class A | April 18, 2023
Warrants
Common stock, shares issued (in shares)																			455,330	320,000
Common Class A | Securities purchase agreement | Private Placement
Warrants
Common stock, par value (in dollars per share)				$ 0.01
Common Class A | Securities purchase agreement | Private Placement | Subsequent Event
Warrants
Common stock, par value (in dollars per share)	$ 0.01
Sale of stock, price per share (in dollars per share)	$ 0.435
Common Class A | Securities purchase agreement | Private Placement | December 21, 2023
Warrants
Shares issued upon exercise of warrants (in shares)		3,600,000			3,600,000
Percentage of shares issued					200.00%
Common Class A | Second Century Ventures, LLC
Warrants
Number of warrants exercised for issuance of shares (in shares)		524,599															524,599
Common Class A | Second Century Ventures, LLC | January 2020 Warrant Purchase Agreement
Warrants
Number of warrants exercised for issuance of shares (in shares)												407,512
Exercise price of warrants (in dollars per share)												$ 8.00
Common Class A | Armistice Capital Master Fund Ltd. | April 18, 2023
Warrants
Maximum number of warrants issued to purchase common stock in future					$ 2,108,262
Common Class A | Armistice Capital Master Fund Ltd. | December 21, 2023
Warrants
Number of warrants exercised for issuance of shares (in shares)					120,000
Common Class A | Armistice Capital Master Fund Ltd. | June 5, 2023
Warrants
Maximum number of warrants issued to purchase common stock in future					$ 1,714,798
Common Class A | Armistice Capital Master Fund Ltd. | Notice to Exercise | December 21, 2023
Warrants
Number of warrants exercised for issuance of shares (in shares)					918,000
Common Class A | Trusted Mail
Warrants
Number of warrants exercised for issuance of shares (in shares)																186,442
Fair Value of Warrant Liability
Warrants
Warrant liabilities		$ 2,000													$ 7,000		$ 2,000
Existing Warrants | Armistice Capital Master Fund Ltd. | December 21, 2023
Warrants
Warrants exercised (in shares)					882,000

v3.24.2.u1

Warrants - Schedule of Fair Value of Warrants Liabilities (Details)	Jun. 30, 2024 $ / shares yr
Fair Value of Warrants | Minimum
Warrants
Warrants measurement input	0.26
Fair Value of Warrants | Maximum
Warrants
Warrants measurement input	0.64
Exercise price | Minimum
Warrants
Warrants measurement input	0.43
Exercise price | Maximum
Warrants
Warrants measurement input	0.49
Risk free interest rate | Minimum
Warrants
Warrants measurement input	0.0438
Risk free interest rate | Maximum
Warrants
Warrants measurement input	0.0450
Expected dividend yield
Warrants
Warrants measurement input	0
Expected volatility | Minimum
Warrants
Warrants measurement input	0.7925
Expected volatility | Maximum
Warrants
Warrants measurement input	0.7959
Expected term
Warrants
Warrants measurement input | yr	3

v3.24.2.u1

Warrants - Schedule of Warrant Issuance Date (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2020
Warrants
Number of warrants exercised for issuance of shares (in shares)	10,122,109	6,446,199	6,418
November 9, 2016
Warrants
Exercise price of warrants (in dollars per share)	$ 3.12
Number of warrants exercised for issuance of shares (in shares)	80,128	80,128
January 23, 2020
Warrants
Exercise price of warrants (in dollars per share)	$ 8.00
Number of warrants exercised for issuance of shares (in shares)	186,442	186,442
Second Warrant Issuance January 23 2020
Warrants
Exercise price of warrants (in dollars per share)	$ 8.00
Number of warrants exercised for issuance of shares (in shares)	524,599	524,599
April 18, 2023
Warrants
Exercise price of warrants (in dollars per share)	$ 1.34
Number of warrants exercised for issuance of shares (in shares)	0	775,330
June 5, 2023
Warrants
Exercise price of warrants (in dollars per share)	$ 1.34
Number of warrants exercised for issuance of shares (in shares)	1,173,030	1,279,700
December 21, 2023
Warrants
Exercise price of warrants (in dollars per share)	$ 1.34
Number of warrants exercised for issuance of shares (in shares)	3,600,000	3,600,000
April 3, 2024
Warrants
Exercise price of warrants (in dollars per share)	$ 0
Number of warrants exercised for issuance of shares (in shares)	957,910	0
Second Warrant Issuance April 3, 2024
Warrants
Exercise price of warrants (in dollars per share)	$ 0.97
Number of warrants exercised for issuance of shares (in shares)	2,000,000	0
Third Warrant Issuance April 3, 2024
Warrants
Exercise price of warrants (in dollars per share)	$ 1.06
Number of warrants exercised for issuance of shares (in shares)	1,600,000	0

v3.24.2.u1

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Components
Prepaid operating expenses	$ 270,332	$ 216,875
Rent deposit	30,333	28,400
Value added tax receivable	49,455	116,095
Tax credit receivable (short-term)	25,045	102,151
Miscellaneous receivable	351,447	363,260
Prepaid expenses and other current assets	$ 726,612	$ 826,781

v3.24.2.u1

Balance Sheet Components - Schedule of Capitalized Internal-Use Software, Net (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Components
Useful Lives	5 years
Internally developed software	$ 4,215,099	$ 3,901,801
Less: Accumulated depreciation	(2,705,919)	(2,429,427)
Capitalized internal-use software, net	$ 1,509,180	$ 1,472,374

v3.24.2.u1

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Balance Sheet Components
Amortization of capitalized Internal-use Software	$ 139	$ 138	$ 278	$ 279
Impairment on finite-lived assets			1		$ 12
Impairment, intangible asset, finite-lived, statement of income or comprehensive income					Research and development
Depreciation	$ 9	$ 11	$ 19	$ 53

v3.24.2.u1

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property and Equipment, Net
Property and equipment, gross	$ 180,533	$ 180,066
Less: Accumulated depreciation	(137,021)	(123,630)
Property and equipment, net	43,512	56,436
Computer equipment
Property and Equipment, Net
Property and equipment, gross	$ 146,596	152,014
Computer equipment | Minimum
Property and Equipment, Net
Useful Lives	3 years
Computer equipment | Maximum
Property and Equipment, Net
Useful Lives	4 years
Furniture and fixtures
Property and Equipment, Net
Useful Lives	10 years
Property and equipment, gross	$ 33,937	$ 28,052

v3.24.2.u1

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Components
Compensation payable	$ 552,133	$ 377,403
Commission liability	20,454	26,863
Accrued employee taxes	909,171	624,525
Other accrued liabilities	57,620	115,099
Accrued expenses	$ 1,539,378	$ 1,143,890

v3.24.2.u1

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Intangible assets
Intangible assets, gross	$ 591,157	$ 554,481
Less: Accumulated amortization	(398,538)	(330,791)
Intangible assets, net	$ 192,619	223,690
Patent application costs
Intangible assets
Useful Lives	3 years
Intangible assets, gross	$ 522,845	484,035
Trade name and trademarks
Intangible assets
Useful Lives	3 years
Intangible assets, gross	$ 68,312	$ 70,446

v3.24.2.u1

Goodwill and Intangible Assets, Net - Narrative (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Mar. 19, 2024 trademark	Jan. 30, 2024 trademark	Jan. 02, 2024 trademark	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) patent	Jun. 30, 2023 USD ($)
Intangible assets
Number of intangible assets added | patent						22
Amortization expense | $				$ 33	$ 38	$ 70	$ 75
Patent application costs
Intangible assets
Number of intangible assets added	1	1	1			5

v3.24.2.u1

Goodwill and Intangible Assets, Net - Schedule of Estimated Future Amortization Expense of Intangible Assets, Net (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Estimated future amortization expense of intangible assets
2024	$ 60,076
2025	87,980
2026	41,505
2027	3,058
Total	$ 192,619	$ 223,690

v3.24.2.u1

Net Loss per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Loss Per Share Attributable to Common Stockholders (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (2,598,361)	$ (2,170,368)	$ (5,276,930)	$ (4,717,818)
Denominator:
Weighted average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	12,227,476	6,757,320	11,169,735	5,897,089
Weighted average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	12,227,476	6,757,320	11,169,735	5,897,089
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.21)	$ (0.32)	$ (0.47)	$ (0.80)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.21)	$ (0.32)	$ (0.47)	$ (0.80)

v3.24.2.u1

Net Loss per Share Attributable to Common Stockholders - Schedule of Dilutive Securities Excluded From Computation of Diluted Net Loss Per Share (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net Loss per Share Attributable to Common Stockholders
Total	$ 14,140,857	$ 5,660,107
Options, RSUs, and grants
Net Loss per Share Attributable to Common Stockholders
Total	1,323,580	642,927
Warrants
Net Loss per Share Attributable to Common Stockholders
Total	$ 12,817,277	$ 5,017,180

v3.24.2.u1

Stock Awards and Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value of options exercised	$ 0	$ 0	$ 0	$ 0
Weighted average grant-date fair value of options granted per share			$ 0.43	$ 1.48
Weighted average grant-date fair value of options granted amount	$ 4	7	$ 4	$ 7
Stock options outstanding (in shares)	399,848		399,848		395,983	393,583	387,109
Treasury Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Treasury stock issued (in shares)			54,734	39,692
Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options outstanding (in shares)	399,848		399,848
Restricted stock units, outstanding (in shares)	60,270		60,270
Stock not yet issued (in shares)	45,502		45,502
Stock granted not yet vested (in shares)			14,768
Unrecognized stock-based compensation related to common stock grants			$ 7
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock units, outstanding (in shares)	863,462		863,462
Stock not yet issued (in shares)	37,175		37,175
Stock granted but not yet vested (in shares)			826,287
Unrecognized stock compensation related to the RSUs			$ 584
Management | Grants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards granted	$ 9	0	18	$ 0
Management | Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards granted	0	0	0	0
Management | Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards granted	1	6	2	9
Various employees | Grants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards granted	8	21	20	47
Various employees | Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards granted	1	3	4	7
Various employees | Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards granted	$ 288	$ 68	$ 562	$ 95

v3.24.2.u1

Stock Awards and Stock-Based Compensation - Schedule of Stock Options Activity (Details) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Options Outstanding
Beginning balance (in shares)	395,983	393,583	393,583	387,109
Options granted (in shares)	4,375	3,825	8,200	11,890
Options exercised (in shares)	0	0	0	(1,230)
Options canceled and forfeited (in shares)	(510)	(1,425)	(1,935)	(4,186)
Ending balance (in shares)	399,848	395,983	399,848	393,583	387,109
Options vested and exercisable (in shares)	399,848		399,848
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 6.24	$ 6.27	$ 6.27	$ 6.40
Options granted (in dollars per share)	1.37	1.57	1.46	2.28
Options exercised (in dollars per share)	0	0	0	3.25
Options canceled and forfeited (in dollars per share)	3.92	4.21	4.13	5.73
Ending balance (in dollars per share)	6.19	$ 6.24	6.19	$ 6.27	$ 6.40
Options vested and exercisable (in dollars per share)	$ 6.19		$ 6.19
Weighted Average Remaining Contractual Life (years)
Outstanding	1 year 5 months 26 days	1 year 8 months 19 days	1 year 5 months 26 days	1 year 11 months 12 days	1 year 5 months 12 days
Options vested and exercisable			1 year 5 months 26 days
Aggregate Intrinsic Value
Outstanding	$ 0	$ 0	$ 0	$ 0	$ 0
Options vested and exercisable	$ 0		$ 0

v3.24.2.u1

Stock Awards and Stock-Based Compensation - Schedule of Stock Options Valuation Assumptions (Details) - Share-Based Payment Arrangement, Option	6 Months Ended
	Jun. 30, 2024 $ / shares
Stock Awards and Stock-Based Compensation
Expected dividend yield	0.00%
Expected term	3 years
Minimum
Stock Awards and Stock-Based Compensation
Fair value of Class A Shares of Common Stock (in dollars per share)	$ 0.17
Exercise Price (in dollars per share)	$ 1.32
Risk free interest rate	4.11%
Expected volatility	77.54%
Maximum
Stock Awards and Stock-Based Compensation
Fair value of Class A Shares of Common Stock (in dollars per share)	$ 0.72
Exercise Price (in dollars per share)	$ 1.64
Risk free interest rate	4.71%
Expected volatility	79.80%

v3.24.2.u1

Stock Awards and Stock-Based Compensation - Schedule of Outstanding RSU Activity (Details) - Restricted Stock Units (RSUs) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
RSU Outstanding Number of Shares
Balance at the beginning (in shares)	446,102	292,564
Granted (in shares)	812,050	410,516
Vested (issued) (in shares)	(318,812)	(159,776)
Forfeited (in shares)	(75,878)	(97,202)
Balance at the end (in shares)	863,462	446,102

v3.24.2.u1

Stock Awards and Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock Awards and Stock-Based Compensation
Total stock-based compensation expense	$ 307,125	$ 97,737	$ 605,011	$ 157,311
Cost of services
Stock Awards and Stock-Based Compensation
Total stock-based compensation expense	0	161	262	656
Research and development
Stock Awards and Stock-Based Compensation
Total stock-based compensation expense	6,094	12,766	14,210	31,620
Selling, general, and administrative
Stock Awards and Stock-Based Compensation
Total stock-based compensation expense	$ 301,031	$ 84,810	$ 590,539	$ 125,035

v3.24.2.u1

Related Party Transactions (Details) - USD ($)		3 Months Ended		6 Months Ended
	Nov. 15, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transactions
Related party receivables		$ 24,921		$ 24,921		$ 44,087
Related Party
Related Party Transactions
Related party receivables		53,000		53,000		82,000
Related party cost		7,000	$ 242,000	111,000	$ 535,000
Percentage of commission received, first year	20.00%
Percentage of commission received, second year	10.00%
Percentage of commission received, third year	5.00%
Payment of commission		$ 0		$ 0		$ 0

v3.24.2.u1

Malta Grant (Details) - Malta Grant Agreement € in Thousands		6 Months Ended
	Jan. 25, 2022 EUR (€)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jan. 25, 2022 USD ($)	Jul. 31, 2020 EUR (€)	Jul. 31, 2020 USD ($)
Malta Grant
Maximum amount grant	€ 100			$ 107,000	€ 200	$ 251,000
Requirement of initial capital amount					50	62,000
Reimbursement of grant for initial capital amount					50	62,000
Remaining reimbursement amount of grant for operating expenses incurred up to 12 Months from incorporation					€ 150	$ 190,000
Expenses incurred for grant		$ 0	$ 0
Estimated amount of grant	€ 137			$ 146,000
Percentage of aid intensity to cover eligible wage cost	75.00%
Amounts received from grants		$ 0

v3.24.2.u1

Leases and Commitments - Narrative (Details)		6 Months Ended
	Mar. 03, 2023	Jun. 30, 2024 USD ($) office lease	Dec. 31, 2023 USD ($)
Leases and Commitments
Minimum lease commitments related to month-to-month lease arrangements		$ 0
Number of leases terminated | lease		1
Number of offices terminated | office		1
Short-term financial liabilities		$ 0	$ 162,130
Termination notice term	30 days
Minimum
Leases and Commitments
Remaining lease term		1 year
Maximum
Leases and Commitments
Remaining lease term		5 years

v3.24.2.u1

Leases and Commitments - Summary of Lease Term and Discount Rate (Details)	Jun. 30, 2024
Leases and Commitments
Weighted average remaining lease term	2 years 3 days
Weighted average discount rate	5.00%

v3.24.2.u1

Leases and Commitments - Summary of Balance Sheet Information Related to Leases (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Balance sheet information related to leases
Operating lease right-of-use assets	$ 229,370	$ 164,740
Operating lease liabilities
Short-term operating lease liabilities	123,431	81,236
Long-term operating lease liabilities	73,520	53,771
Total operating lease liabilities	$ 196,951	$ 135,007

v3.24.2.u1

Leases and Commitments - Summary of Future Maturities of ASC 842 Lease Liabilities (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Principal Payments
2024	$ 71,229
2025	86,673
2026	22,390
2027	8,493
2028	8,166
Total operating lease liabilities	196,951	$ 135,007
Imputed Interest Payments
2024	4,184
2025	3,608
2026	1,130
2027	602
2028	171
Total future maturities	9,695
Total Payments
2024	75,413
2025	90,281
2026	23,520
2027	9,095
2028	8,337
Total future maturities	$ 206,646

v3.24.2.u1

Leases and Commitments - Summary of Total Lease Expense, Under ASC 842, was Included in Selling, General, and Administrative Expenses in Consolidated Statement of Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total lease expense
Operating lease expense – fixed payments	$ 37,976	$ 46,402	$ 77,853	$ 129,436
Short term lease expense	12,284	15,620	24,220	37,552
Total lease expense	$ 50,260	$ 62,022	102,073	166,988
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases			$ (80,248)	$ (104,817)

v3.24.2.u1

Subsequent Events (Details) - USD ($)	Aug. 06, 2024	Jul. 18, 2024	Jul. 09, 2024	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2020	Dec. 16, 2016
Subsequent Events
Fair value of warrants				$ 250,000			$ 50,000
Number of warrants exercised for issuance of shares (in shares)				10,122,109	6,446,199	6,418
Subsequent Event
Subsequent Events
Subscription payment	$ 100,000
Subsequent Event | Boumerang Inc
Subsequent Events
Sale of stock, number of shares issued in transaction (in shares)	100,000
Sale of stock, price per share (in dollars per share)	$ 1.00
Subsequent Event | Boumerang Inc | Prepaid Warrant
Subsequent Events
Fair value of warrants	$ 5,000,000
Number of warrants exercised for issuance of shares (in shares)	5,000,000
Exercise price of warrants (in dollars per share)	$ 1.00
Secured Debt | Subsequent Event
Subsequent Events
Face amount			$ 453,600
Principal amount			315,000
Interest amount			138,600
Weekly payments		$ 16,200
Administrative agent fee			15,000
Secured Debt | Subsequent Event | Agile Lending, LLC
Subsequent Events
Face amount			$ 315,000

---