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GMTECH INC. (GMTH-0.71%) has submitted its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing details the company's business operations, which include IT consulting services and development solutions for CRM systems, websites, and mobile applications. GMTech is also developing an AI-powered development tool aimed at automating these processes.
Revenue for the fiscal year was reported at $52,800, a decrease from $86,199 in the previous year, attributed to a reduction in IT services engagement with new clients.
Operating expenses increased to $75,857 from $59,884, primarily due to higher general and administrative costs related to audit fees and public filing requirements.
The company reported a net loss of $32,557 for the year, compared to a net income of $2,373 in the prior year.
As of October 31, 2024, GMTech had cash reserves of $107,534 and a working capital of $109,316.
The company raised $140,000 through financing activities during the year, primarily from an initial public offering.
GMTech's balance sheet reflects total assets of $116,861 and total liabilities of $7,545 as of the end of the fiscal year.
The report highlights a material weakness in internal controls over financial reporting, specifically noting the lack of an audit committee and appropriate IT controls.
GMTech's management has identified significant competition within the IT consulting industry, with larger firms possessing greater resources.
The company does not anticipate paying cash dividends in the foreseeable future, opting to retain earnings for business operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the GMTECH INC. annual 10-K report dated January 10, 2025. To report an error, please email earnings@qz.com.