Fri, Jun 7, 10:05 AM (92 days ago)
Virtual Interactive Technologies Corp. reported its financials for the quarter ending December 31, 2023. The company saw a 50% increase in revenue, from $20,012 in Q4 2022 to $30,101 in Q4 2023, driven by royalties from five games. Operating expenses significantly decreased from $765,003 in Q4 2022 to $63,689 in Q4 2023, primarily due to lower professional fees. The net loss also decreased substantially from $887,616 to $77,287, attributed to reduced operating expenses and the absence of non-cash debt discount amortization seen in the prior period. As of December 31, 2023, the company held $31,036 in cash and cash equivalents, down from $40,829 at the end of September 2023. Working capital deteriorated to a deficit of $1,596,959 from $1,529,115. The company continues to face significant financial challenges, including defaulted notes payable and substantial interest liabilities. Management acknowledges substantial doubt about the company's ability to continue as a going concern, emphasizing the need for additional financing and strategic growth through game development and acquisitions.