Mon, Mar 3, 11:10 AM (55 days ago)
**Specificity, Inc. (SPTY) - 2023 10-K Summary** For the fiscal year ending December 31, 2023, Specificity, Inc. reported revenues of $1,097,000, a decrease from $1,183,000 in 2022. The company experienced a net loss of $1,070,000, down from $3,779,000 in the previous year, attributed to reduced operating expenses of $1,323,000, significantly lower than $4,144,000 in 2022 due to workforce reduction and lower share-based compensation. Operating cash flows showed a net outflow of $604,000, while working capital deficits rose to $920,000. Strategically, Specificity focuses on enhancing its digital marketing solutions for small to medium-sized businesses, leveraging technology to optimize audience targeting. The company aims to expand its market presence, particularly in Tampa and New England, supported by a $5 million Strata Purchase Agreement for equity financing. Key risks include reliance on continued capital raises, the impact of SEC proceedings against its former auditor, and the need for effective internal controls, which remain a concern due to identified material weaknesses. The company is classified as an emerging growth entity, with substantial doubt regarding its ability to continue as a going concern without additional funding. Overall, while Specificity shows potential for growth through strategic initiatives, it faces significant financial and operational challenges that may affect its market position and investor confidence.