SecureTech Innovations, Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, with total sales of $14,235, a decrease of 70.4% from $48,024 in 2023. The company incurred a net loss of $409,440, compared to a loss of $368,470 in the previous year, reflecting an increase in losses attributed primarily to higher compensation expenses. The gross profit margin improved slightly to 76.0%, up from 74.1% in 2023, despite the overall drop in sales.
In a strategic move, SecureTech completed a 55% reduction in its common shares, canceling 43,100,000 shares as part of its ongoing Share Reduction Program. This initiative aims to decrease the total number of outstanding shares to under 20 million by the end of 2025. Additionally, the company appointed J. Scott Sitra as the new President and CEO in January 2025, while Kao Lee transitioned to focus on the Top Kontrol product line as General Manager. This leadership change is part of a broader strategy to realign business priorities and enhance operational efficiency.
Operationally, SecureTech's workforce consisted of five employees as of December 31, 2024, and the company is actively pursuing geographic expansion and product development through its Piranha Blockchain subsidiary. The subsidiary is focused on advancing blockchain and cybersecurity technologies, which are expected to diversify revenue streams. However, the company faces challenges in achieving market acceptance for its products, particularly the Top Kontrol anti-theft system, which is set to launch a next-generation version later in 2025.
The company’s financial outlook remains uncertain, with a going concern warning issued by its auditors due to ongoing losses and an accumulated deficit of $1,714,568. SecureTech plans to pursue additional capital through a Regulation A+ offering to support its operations and strategic initiatives. However, there is no assurance that the company will secure the necessary funding or achieve profitability in the near future, which could impact its ability to continue operations.
About Securetech Innovations, Inc.
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