Fri, Jun 7, 10:06 AM (92 days ago)
Virtual Interactive Technologies Corp. (OTCPINK: VRVR) reported its financial performance for the quarterly period ending March 31, 2024. The company experienced a decline in revenue from $33,373 in Q1 2023 to $19,338 in Q1 2024, primarily from royalties on five games. Operating expenses significantly decreased from $740,620 to $57,164, mainly due to reduced professional fees. Net loss for Q1 2024 was $70,511, a substantial improvement from the $840,746 loss in Q1 2023, attributed to lower operating expenses and debt discount amortization. For the six months ending March 31, 2024, revenue slightly decreased to $49,439 from $53,385 in the same period in 2023. Operating expenses dropped dramatically from $1,505,623 to $120,854, resulting in a net loss reduction from $1,728,362 to $147,798. Cash and cash equivalents decreased to $16,913 from $40,829 at the end of September 2023, with a working capital deficit increasing to $1,658,029. The company's financial health remains a concern with a substantial stockholders' deficit and ongoing net losses. Future operations depend heavily on successful new game developments and securing additional financing.