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Oculus VisionTech Inc (OVTZ+1.00%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $69,143, compared to a net loss of $140,507 in the same quarter the previous year.
Total comprehensive loss for the quarter was $69,720, compared to $142,385 in the previous year.
The company reported cash and cash equivalents of $3,486 as of September 30, 2024, down from $156,574 at the end of 2023.
Current liabilities increased to $333,350 from $273,723 at the end of 2023, resulting in a working capital deficiency of $316,737.
Selling, general, and administrative expenses for the nine months ended September 30, 2024 decreased to $144,835 from $200,696 in the previous year.
Research and development expenses for the nine months ended September 30, 2024 decreased to $6,186 from $93,561 in the previous year.
The company has not achieved profitability and expects to incur substantial losses for the foreseeable future.
Oculus VisionTech is focused on developing data privacy and protection solutions, including its Forget-Me-Yes® and ComplyTrust® platforms.
The company plans to finance operations through sales of equity securities and aims to raise an additional $3 million to $5 million for fiscal 2024.
Oculus VisionTech does not have any off-balance sheet arrangements as of September 30, 2024.
The company maintains disclosure controls and procedures to ensure timely reporting of information, with no changes in internal control over financial reporting for the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oculus VisionTech Inc quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.