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Versus Systems Inc. (VS-5.94%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Versus Systems' operations in the technology sector, focusing on its proprietary prizing and promotions tool for game developers and content creators. The company partners with professional sports franchises to enhance audience engagement through its XEO technology platform.
In 2024, Versus Systems reported revenues of $57,288, a decrease from $271,169 in 2023. The decline was attributed to a significant reduction in the number of active clients.
The company incurred a net loss of $4,574,836 in 2024, compared to a net loss of $10,512,157 in 2023. The reduction in loss was primarily due to decreased operating expenses and impairment charges.
Versus Systems' operating expenses totaled $4,556,237 in 2024, down from $11,020,476 in 2023. The decrease was largely due to reduced staffing levels and lower research and development costs.
The company entered into a $2,500,000 funding agreement with ASPIS Cyber Technologies in October 2024, which included a convertible promissory note. The note was converted into common shares and warrants in December 2024.
Versus Systems faces substantial doubt about its ability to continue as a going concern, due to recurring losses and negative cash flows from operations. The company is exploring additional funding options and strategic alternatives.
The company has implemented cost reduction measures, including workforce reductions, to manage its financial position. Versus Systems aims to secure additional funding through equity or debt financing to support its operations.
Versus Systems' common shares are listed on the Nasdaq Capital Market under the symbol 'VS'. The company is working to maintain compliance with Nasdaq's listing requirements.
The filing also reports on various risk factors, including competition, regulatory changes, and cybersecurity risks, which could impact the company's operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Versus Systems Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.