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Oculus Inc. (OVTZ+4.97%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that Oculus Inc. incurred a net loss of $327,360 for the year, compared to a net loss of $591,212 in the previous year. The company has an accumulated deficit of $48,714,006 as of December 31, 2024.
The company reported a working capital deficiency of $409,473 at the end of the fiscal year. Oculus Inc. had cash reserves of $11,718, a decrease from $156,574 at the end of the previous year.
Oculus Inc. is a technology company focused on cybersecurity, data privacy, and data protection solutions. It operates primarily through its subsidiary, ComplyTrust Inc.
The company is developing its Forget-Me-Yes® data privacy platform, which addresses global data privacy compliance requirements. It also offers the ComplyTrust® SaaS Suite for data management and governance.
Oculus Inc. acknowledges the need for additional financing of approximately $3 million to $5 million to support its operations and product development in 2025.
The company has no employees and relies on independent contractors for its operations. It has identified material weaknesses in its internal controls over financial reporting.
Oculus Inc.'s common shares are listed on the TSX Venture Exchange under the symbol 'OVT' and on the OTCQB under the symbol 'OVTZ'.
The company does not anticipate paying dividends in the foreseeable future and plans to retain earnings to support its business operations.
Oculus Inc. faces risks related to its limited operating history, ongoing losses, and the competitive nature of the data privacy and protection markets.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oculus Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.