Tue, Nov 12, 5:02 PM (31 days ago)
Oculus VisionTech Inc. (OVTZ) reported a net loss of $69,143 for Q3 2024, a decrease from $140,507 in Q3 2023, reflecting reduced operating expenses amid ongoing financial difficulties. Total revenue remains at $0, with cash reserves dwindling to $3,486 from $156,574 at year-end 2023, contributing to a working capital deficiency of $316,737 and an accumulated deficit of $48,618,576. Operating expenses for Q3 2024 decreased to $51,596, down from $79,049 in Q3 2023, primarily due to reduced consulting and administrative costs. Research and development expenses also saw a significant reduction, totaling $1,455 compared to $4,624 in the prior year. The company continues to face uncertainties regarding its ability to secure additional financing, estimated at $3 to $5 million, necessary for sustaining operations through 2024. The management's forecast indicates potential challenges in achieving profitability, which is compounded by the absence of paying customers and reliance on equity financing. Future operations hinge on successful product development and market penetration in the cybersecurity and data protection sectors.