Wed, May 15, 8:02 PM (72 days ago)
Wytec International, Inc.'s Q1 2024 Form 10-Q reports a challenging quarter marked by significant losses and a deteriorating financial position. Revenue decreased by 28% YoY to $14,598, while cost of sales fell by 97% to $263. However, general and administrative expenses surged by 319% to $1.33 million, driven by higher professional and consulting fees and stock compensation. The company posted a net loss of $1.37 million, up from $361,529 in Q1 2023. Cash flows from operations were negative at $457,377, and the company ended the quarter with $396,117 in cash, down from $564,760 at year-end 2023. Wytec's liabilities exceed its assets, resulting in a stockholders' deficit of $729,948. The company faces substantial doubt about its ability to continue as a going concern, needing approximately $3.1 million in capital over the next 12 months. Future funding strategies include private placements, warrant exercises, and third-party financing. Wytec's financial health remains precarious, with ongoing efforts to secure additional capital being crucial for its survival and growth.