Mon, May 20, 7:19 PM (154 days ago)
Veritec, Inc. reported a net loss of $849,000 for the nine months ending March 31, 2024, an improvement from the $929,000 loss in the same period in 2023. Revenue increased slightly to $301,000 from $295,000, driven by a rise in management fee revenue from a related party. However, mobile banking technology revenue decreased marginally. Operating expenses were reduced to $739,000 from $857,000, primarily due to lower legal and professional fees. Interest expense increased to $411,000 from $367,000 due to higher notes payable balances. The company’s cash position improved to $153,000 from $61,000 as of June 30, 2023, largely due to $495,000 in financing activities. Veritec faces significant liquidity risks with a stockholders' deficit of $9.5 million and substantial overdue notes payable. The company is reliant on external funding to continue operations through fiscal 2024. Recent strategic agreements aim to boost revenue, but substantial uncertainties remain about its ability to continue as a going concern.