Mon, Jun 10, 9:23 PM (226 days ago)
SmartMetric, Inc. reported its financial results for the quarter ended March 31, 2024. The company continues to develop its biometric fingerprint-activated credit/debit card technology. Key financial highlights include: 1. **Revenue**: No revenue was reported for the period. 2. **Operating Expenses**: Total operating expenses decreased to $133,122 from $187,023 in the same period last year, driven by lower consulting and legal fees. 3. **Net Loss**: The net loss for the quarter was $388,595, an improvement from the $310,740 loss in the prior year. 4. **Cash Flow**: Net cash used in operating activities was $255,722, down from $673,837 in the prior year, primarily due to decreased operating expenses. 5. **Liabilities**: Total liabilities increased to $3,026,645 from $2,803,285 as of June 30, 2023, mainly due to higher accrued expenses and deferred officer salaries. 6. **Stockholders’ Deficit**: The company’s stockholders' deficit widened to $2,980,711 from $2,756,583, reflecting ongoing operational losses. 7. **Going Concern**: The company highlighted substantial doubt about its ability to continue as a going concern beyond 2024, citing recurring losses and negative cash flows. SmartMetric plans to raise additional capital through equity sales and borrowing to fund ongoing operations. The company remains in the development stage and has not yet generated revenue from its products.