Tue, May 14, 5:03 PM (221 days ago)
Oculus VisionTech Inc. (OVTZ) reported a net loss of $82,816 for Q1 2024, a significant reduction from the $235,059 loss in Q1 2023. The company's cash position decreased to $94,711 from $156,574 at the end of 2023. Current liabilities increased slightly to $278,975, leading to a working capital deficiency of $168,762. Research and development expenses saw a sharp decline to $2,180 from $84,203, reflecting reduced activity. Selling, general, and administrative expenses also decreased to $47,184 from $72,777. The company continues to focus on developing its data privacy and protection solutions, including the Forget-Me-Yes® and ComplyTrust® Software-as-a-Service platforms. Future operations depend on securing additional financing, as the company forecasts needing $3-5 million for fiscal 2024. There are no off-balance sheet arrangements.