In This Story
SmartMetric Inc (SMME0.00%) has submitted its Form 10-K filing for the fiscal year ended June 30, 2024.
The filing indicates that SmartMetric is a development stage company focused on biometric technology, specifically a fingerprint sensor-activated card with a built-in rechargeable battery for portable biometric identification.
The company has not yet begun to mass manufacture its biometric fingerprint activated cards and has reported a net loss of $681,441 for the fiscal year ended June 30, 2024.
SmartMetric's accumulated deficit as of June 30, 2024, was $32,112,878, and the company anticipates continued operating losses for the foreseeable future.
The company is actively seeking additional financing to fund its operations and development programs, as its current cash balance is insufficient to sustain operations beyond December 31, 2025.
SmartMetric's equity financing agreement with GHS Investments, LLC allows for the sale of up to $4 million in common stock, though no puts have been made under this agreement as of the filing date.
The company has issued 3,455,157,325 shares of common stock as of June 30, 2024, and has a significant number of warrants outstanding, which could result in further dilution of existing shareholders.
SmartMetric's CEO, Chaya Hendrick, holds significant control over the company through ownership of Series B Convertible Preferred Stock, which grants voting rights equivalent to 51% of the company's common stock.
The company identified no material weaknesses in its internal controls over financial reporting for the fiscal year ended June 30, 2024, but acknowledges the need for additional capital to continue operations.
SmartMetric's principal office is located in Las Vegas, Nevada, and the company leases this space on a month-to-month basis.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SmartMetric Inc annual 10-K report dated December 23, 2024. To report an error, please email earnings@qz.com.