Thu, Aug 29, 4:01 PM (138 days ago)
Defense Technologies International Corp. (DTII) reported a modest revenue of $49,012 for the fiscal year ending April 30, 2024, compared to no revenue in the previous year. The company faced a net loss of $575,766, significantly improved from a loss of $2,627,564 in 2023. This reduction is attributed to lower operating expenses, which decreased to $631,143 from $1,734,115, primarily due to reduced development costs and consulting fees. The company has an accumulated deficit of $17,116,309 and a working capital deficit of $2,362,362, raising doubts about its ability to continue as a going concern. DTII holds exclusive rights to the Passive Security Scan™ technology, which aims to enhance safety in public venues. The company has made strategic partnerships, including a recent agreement with the Department of Homeland Security for product testing. However, it faces risks such as reliance on related party financing and potential operational disruptions from external factors like the COVID-19 pandemic. Future plans include increasing production capabilities and expanding marketing efforts. The company is actively seeking funding through debt and equity to support its operations. As of April 30, 2024, DTII’s current liabilities totaled $2,370,132, with significant debts owed to related parties, illustrating its precarious financial condition.