Fri, Sep 6, 9:18 PM (105 days ago)
Vystar Corporation's 2023 10-K filing reveals significant financial challenges and operational shifts. For the fiscal year ended December 31, 2023, Vystar reported revenues of $525.9K, a 351.3% increase from $116.5K in 2022, largely due to reduced shipping allowances. However, the company faced a net loss of $8.3M, up 92.1% from $4.3M in the prior year, primarily driven by $7.3M in losses from discontinued operations related to Rotmans Furniture, which ceased operations in December 2022. Operating expenses decreased by 24.8% to $1.9M, aided by the absence of a $444.8K impairment loss recognized in 2022. The firm ended 2023 with a cash position of $35.4K and an accumulated deficit of $60.6M, raising substantial doubt about its ability to continue as a going concern. Strategically, Vystar is focused on enhancing its RxAir air purification product line and expanding its Vytex Natural Rubber Latex offerings, although it faces competition from synthetic alternatives. The company is exploring sales partnerships to bolster revenue. However, risks include reliance on third-party manufacturers and potential intellectual property disputes. Vystar's market position remains precarious, with significant operational restructuring required to achieve profitability in the future.