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Hammer Fiber Optics Holdings Corp. (HMMR0.00%) has submitted its 10-K filing for the fiscal year ended July 31, 2024.
The filing reports revenues of $3,279,946 for the year ended July 31, 2024, a slight increase from $3,256,611 in the previous year. The increase is attributed to the expansion of the company's Over-the-Top business segment.
Total operating expenses for the year were $4,671,259, up from $4,503,655 the previous year. This increase is due to diversification into financial services and telecommunications expansion.
The company recorded a net loss from continuing operations of $1,233,013, compared to a loss of $1,564,219 in the prior year. The decrease in loss is attributed to reduced total other expenses and administrative costs.
Cash and cash equivalents increased to $74,133 as of July 31, 2024, from $66,688 in the prior year. The increase is due to cash flow from financing activities.
Hammer Fiber Optics Holdings Corp. has divested its telecommunications assets to Viper Networks, Inc. and is focusing on its fintech initiatives. The transaction was completed on November 1, 2024.
The company identified a material weakness in its internal controls over financial reporting due to limited staffing to segregate duties and provide adequate monitoring.
Hammer Fiber Optics Holdings Corp. does not anticipate paying any cash dividends in the foreseeable future, opting to reinvest earnings into business operations.
The company has consistently sustained losses since inception, raising substantial doubt about its ability to continue as a going concern. It plans to address this by seeking additional capital through debt or equity issuance.
The filing includes restated financial statements for the year ended July 31, 2023, due to adjustments in accounting for intangible assets and allowance for uncollectible accounts.
Hammer Fiber Optics Holdings Corp. continues to focus on its HammerPay mobile payments platform, targeting global deployment in developed and emerging markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Hammer Fiber Optics Holdings Corp. annual 10-K report dated February 4, 2025. To report an error, please email earnings@qz.com.