Mon, Jun 9, 9:07 PM (11 days ago)
**Integral Technologies, Inc. (ITKG) - Annual Report Summary** **Financial Performance (in thousands):** - **Revenue:** $7,055 (2024) vs. $40,000 (2023) - **Net Income:** $2,880,583 (2024) vs. -$1,634,248 (2023) - **Operating Expenses:** $328,282 (2024) vs. $384,997 (2023) - **Earnings per Share (EPS):** $0.01 (2024) vs. -$0.01 (2023) **Strategic Overview:** - Integral Technologies is a "blank check" or "shell" company seeking a business combination. - The company has minimal operations and is evaluating strategic alternatives, including acquisitions. - Integral Technologies developed ElectriPlast®, a conductive resin-based material, and sold bipolar plate technology to Pivotal Battery Corp. **Future Outlook:** - The company aims to find a partner or acquisition target to merge with, utilizing its intellectual property. - Integral Technologies is focused on becoming a reporting company and ramping up its search for a qualified acquisition partner. **Risk Factors:** - Significant doubt about the company's ability to continue as a going concern. - Dependence on raising capital and completing a business combination. - Competition and market conditions pose challenges in identifying and pursuing a business partner. - The company's stock is subject to volatility and may face liquidity issues. **Financial Condition:** - As of June 30, 2024, Integral Technologies had approximately $4,424,000 in outstanding debt, including accrued interest. - The company has a working capital deficit and has experienced recurring net losses. - Integral Technologies has limited liquidity and relies on financing from existing debt holders. **Market Position Changes:** - The company's common stock is not listed on a securities exchange, and its quotations on OTC Pink were halted. - Integral Technologies is authorized to issue up to 1,000,000,000 shares of common stock and 20,000,000 shares of preferred stock. - As of June 9, 2025, 246,135,391 shares of common stock were issued and outstanding. **Management and Governance:** - The board of directors consists of Doug Bathauer and James Eagan, who also serve as executive officers. - The company does not have an independent board of directors or audit committee. - Integral Technologies plans to rectify weaknesses in internal control over financial reporting by implementing an independent board, establishing written policies, and hiring additional accounting personnel.