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Securetech Innovations (SCTH0.00%), Inc. has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Securetech's operations, highlighting its focus on developing and marketing security and safety devices, including the Top Kontrol anti-theft system and initiatives through its Piranha Blockchain subsidiary.
Securetech reported sales of $14,235 for the fiscal year 2024, a decrease from $48,024 in the previous year, attributed to potential customers delaying purchases in anticipation of the next-generation Top Kontrol product line.
The company incurred a net loss of $409,440 for 2024, compared to a net loss of $368,470 in 2023, with the increase primarily due to higher compensation-related expenses.
Securetech's total stockholders' deficit was $440,042 as of December 31, 2024, with the company relying on equity sales to fund operations until sufficient revenue is generated.
The company identified material weaknesses in its internal control over financial reporting, including issues with journal entry identification and a lack of independent directors.
Securetech's future plans include a Regulation A+ securities offering to raise capital for working capital needs and strategic acquisitions.
The filing also notes Securetech's ongoing Share Reduction Program, which aims to reduce the total number of outstanding shares to improve the company's financial structure.
Securetech's management acknowledges the company's dependence on additional financing to continue operations and address liquidity challenges.
The filing emphasizes the company's commitment to developing innovative security technologies and expanding its market presence through strategic initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Securetech Innovations annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.