Mon, Aug 19, 10:04 AM (148 days ago)
For the quarter ending June 30, 2024, Virtual Interactive Technologies Corp. reported significant declines in revenue and net loss compared to the same period in 2023. Revenue dropped to €9,739 from €35,136, while net loss decreased to €68,131 from €908,066, reflecting improved operational efficiency. Operating expenses also fell sharply from €907,006 to €43,609, primarily due to reduced professional fees associated with stock and warrant issuances in the previous year. Cash and cash equivalents were €7,630, down from €40,829 as of September 30, 2023, indicating liquidity challenges. The company's working capital deficit increased to €1,729,889, exacerbated by rising accounts payable and accrued liabilities. Despite a decrease in royalty revenue, the company aims to expand its game portfolio and cash flow through strategic partnerships and internal development. However, uncertainties remain regarding its ability to secure additional financing, raising concerns about its going concern status. Overall, while there are signs of operational improvement, the financial health of Virtual Interactive Technologies Corp. remains precarious with ongoing losses and liquidity issues.