Wed, Mar 26, 10:08 AM (31 days ago)
**DLT Resolution, Inc. (DLTI) 2023 Annual Report Summary** **Financial Performance:** - **Revenue:** $142,738 in 2023, down from $218,707 in 2022 due to customer loss from liquidity issues. - **Net Income:** $1,206,581 in 2023, a significant improvement from a net loss of $332,848 in 2022, primarily due to net income from discontinued operations. - **Operating Expenses:** $223,853 in 2023, down from $327,721 in 2022 due to cost reductions. - **Earnings per Share:** Basic and diluted earnings per share from continuing operations were $(0.010) and $(0.004) for 2023 and 2022, respectively. **Financial Condition:** - **Assets:** $211,386 in 2023, down from $20,672 in 2022 (restated) due to restatement adjustments. - **Liabilities:** $263,135 in 2023, down from $1,085,214 in 2022 (restated). - **Stockholders' Deficit:** $(51,749) in 2023, improved from $(1,064,542) in 2022 (restated). **Strategic Overview:** - **Business Focus:** DLT Resolution operates in blockchain applications and telecommunications, providing secure data management and telecom solutions. - **Health Information Exchange:** Owns RecordsBank.org, a centralized system for retrieving medical records. - **Future Outlook:** Plans to raise additional equity financing and borrow funds to continue operations. **Risk Factors:** - **Going Concern:** The company has suffered recurring losses and has a significant accumulated deficit, raising substantial doubt about its ability to continue as a going concern. - **Financial Condition:** The company has negative cash flow from operations and a working capital deficiency. **Market Position Changes:** - **Stock Trading:** DLTI's common stock is quoted on the Over-the-Counter Bulletin Board (OTCBB) under the ticker symbol DLTI, with limited and sporadic trading. - **Share Issuance:** Issued 35,401,032 shares of common stock in 2024 for various purposes, including acquisitions and services. **Restatement Impact:** - **2022 Restatement:** The company restated its 2022 financial statements due to errors in accounting for revenue, expenses, assets, and liabilities. The restatement resulted in significant adjustments to the financial statements, including a reduction in total assets and liabilities. **Future Outlook:** - **Funding Needs:** The company must secure additional funds to continue operations and implement its business strategies. - **Strategic Moves:** Plans to develop policies and procedures for the financial close and reporting process, enhance internal controls, and increase review of disclosure controls. **Management and Governance:** - **Executive Compensation:** No cash compensation was paid to officers or directors in 2023 and 2022. - **Board Composition:** The company has one director and one executive officer, Drew Reid, who serves as President, CEO, and CFO. **Conclusion:** DLT Resolution, Inc. faces significant financial challenges but has taken steps to restate its financials, reduce expenses, and secure additional funding. The company's strategic focus on secure data management and telecom solutions, along with its plans to enhance internal controls and governance, may position it for future growth. However, the company's ability to continue as a going concern remains uncertain.