Oculus Inc. (formerly Oculus VisionTech Inc.) reported a net loss of $327,360 for the fiscal year ending December 31, 2024, a decrease from the $591,212 loss recorded in the previous year. The company has not generated any revenue during this period, maintaining a working capital deficiency of $409,473 and an accumulated deficit of $48,714,006. The cash position at the end of 2024 was $11,718, down from $156,574 at the end of 2023. The company anticipates needing between $3 million to $5 million in additional financing to support operations in 2025, with no current commitments for such funding.
In terms of operational changes, Oculus has focused on developing its data privacy and protection solutions, particularly the Forget-Me-Yes® (FMY) platform and the ComplyTrust® SaaS Suite (CTSS). Research and development expenses significantly decreased to $6,926 in 2024 from $95,884 in 2023, reflecting a reduction in activity as the company continues to refine its product offerings. Selling, general, and administrative expenses also saw a decline, totaling $223,545 in 2024 compared to $274,498 in 2023, primarily due to reduced professional fees and corporate activities.
Oculus has made strategic moves to enhance its product suite, including the integration of AI technologies into its FMY platform for improved compliance management. The company is also exploring partnerships with third-party software providers to expand its market reach. Despite these initiatives, the company has faced challenges in customer acquisition, with no paying customers reported as of the end of 2024. The competitive landscape remains intense, with larger firms dominating the data privacy and protection markets.
Looking ahead, Oculus aims to leverage its cloud-native solutions to capture a share of the rapidly growing data privacy software market, projected to reach $45.13 billion by 2032. The company recognizes the need for substantial investment in marketing and product development to enhance its market position. However, the ongoing financial challenges and the need for additional funding raise concerns about its ability to sustain operations and achieve profitability in the near term.
About OCULUS INC.
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