Cytta Corp (CYCA) reports earnings
The report was filed on January 14, 2025
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The filing outlines that Cytta Corp is engaged in developing and marketing advanced streaming and integrated communication products, including its CyttaCOMMS and CyttaCARES software systems.
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Cytta reported a net loss of $4,264,412 for the fiscal year, compared to a net loss of $4,728,473 in the previous year. The company attributes the losses to its ongoing development and marketing efforts.
Revenues for the fiscal year were $4,492, a decrease from $30,059 in the prior year, due to a reduction in customers and deferred revenue recognized on subscription agreements.
Operating expenses for the year totaled $3,892,467, down from $4,651,490 in the previous year. Stock-based compensation was a significant component of these expenses.
Cytta's balance sheet shows total assets of $2,175,191 and total liabilities of $2,412,635, resulting in a stockholders' deficit of $237,444 as of September 30, 2024.
The company has raised $2,593,450 through the issuance of convertible notes during the fiscal year to fund its operations.
Cytta Corp's management has expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses and the need for additional capital.
The company has identified material weaknesses in its internal controls over financial reporting, including insufficient resources and inadequate segregation of duties.
Cytta Corp does not anticipate paying cash dividends to common stockholders in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cytta Corp annual 10-K report dated January 14, 2025. To report an error, please email [email protected].