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Wytec International Inc Com (WYTC-6.36%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Wytec's business operations, focusing on the design and development of wide area networks to support 5G network deployments. The company holds a patent for its small cell technology, the LPN-16, and generates revenue through its in-building cellular solution, CelFi, in partnership with Nextivity, Inc.
Wytec reported total revenues of $131,077 for 2024, a decrease from $255,634 in 2023. The decline was attributed to reduced sales and installation of Cel-Fi systems.
Cost of sales for 2024 was $55,571, down from $170,904 in 2023, reflecting the decrease in revenue. Selling, general, and administrative expenses were $2,755,418 in 2024, a slight decrease from $2,999,384 in 2023.
The company recorded a net loss of $3,672,367 for 2024, compared to a net loss of $3,311,013 in 2023. The increase in net loss was primarily due to an impairment loss on investment of $600,000.
Wytec's business strategy includes the development of new technologies such as gunshot detection, in collaboration with Trabus Technologies and Lemko Corporation. The company plans to commercialize a multichannel transmission product integrating in-building cellular, private LTE, and sensor solutions.
Wytec's financial position shows a working capital deficit of $2,358,251 as of December 31, 2024. The company anticipates needing approximately $4.2 million in additional capital over the next twelve months to fund operations and repay debt.
The filing identifies various risk factors, including the company's history of operating losses, reliance on a small number of customers, and potential challenges in securing additional financing.
Wytec's board of directors consists of six members, with William H. Gray serving as Chairman and Chief Executive Officer. The board has three standing committees: Audit, Compensation, and Corporate Governance/Nominating.
The company has not declared or paid any cash dividends on its common stock and does not anticipate doing so in the foreseeable future.
Wytec's common stock is quoted on the OTCQB market under the symbol 'WYTC'. As of March 20, 2025, there were approximately 878 holders of record of the company's common stock.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wytec International Inc Com annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.