Oculus VisionTech Inc. (OVTZ) reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company experienced a notable decline in its cash reserves, with current assets dropping to $3,486 from $156,574 as of December 31, 2023. Total assets also decreased sharply to $16,613, down from $183,955. Current liabilities increased to $333,350, compared to $273,723 at the end of the previous fiscal year, contributing to a working capital deficiency of $316,737.
The company’s stockholders' equity deficiency worsened, reaching $(316,737) as of September 30, 2024, compared to $(89,768) at the end of 2023. This decline reflects ongoing financial challenges, with an accumulated deficit of $48,618,576 reported.
Oculus VisionTech's operational performance showed improvements in net losses. For the nine-month period ended September 30, 2024, the net loss was $231,930, a significant reduction from $495,818 in the same period of 2023. The loss from operations also decreased to $(234,240) from $(505,193) year-over-year. For the three months ended September 30, 2024, the net loss was $(69,143), down from $(140,507) in the prior year.
The company reported no sales for the nine-month period, with both cost of sales and revenue remaining at $Nil. However, selling, general, and administrative expenses decreased to $144,835 for the nine months ended September 30, 2024, from $200,696 in the same period of 2023. Research and development expenses also saw a significant reduction, totaling $6,186 compared to $93,561 in the previous year.
Consulting expenses for the nine-month period were $75,000, down from $135,000 in 2023. Share-based compensation decreased markedly, with only $5,969 recorded for the nine months ended September 30, 2024, compared to $75,936 in the same period of 2023.
Oculus VisionTech continues to focus on its core business of cybersecurity and data protection solutions, with key products including Forget-Me-Yes® and ComplyScan®. The company is currently developing ComplyScan® as part of its strategy to enhance its product offerings. The company anticipates needing additional financing of $3 million to $5 million for fiscal 2024, which it plans to secure through equity securities sales.
About OCULUS VISIONTECH INC.
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