In This Story
Wytec International, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $88,034 from $201,826 in the same quarter the previous year. This decrease is attributed to reduced sales of in-building cellular systems.
Cost of revenues for the quarter was $30,617, representing a 76% decrease compared to the same quarter of the previous year, primarily due to lower sales-related costs.
General and administrative expenses increased to $546,622 from $496,147, with the increase attributed to higher stock compensation and marketing expenses.
The company reported a net loss of $663,872 for the quarter, compared to a net loss of $499,935 in the previous year.
Cash used in operating activities was $1,386,569 for the nine months ended September 30, 2024, compared to $1,147,631 in the previous year.
Wytec had cash of $101,452 as of September 30, 2024, and anticipates needing approximately $3,400,000 in capital or financing over the next twelve months.
The filing details Wytec's ongoing development of small cell technology and its plans to integrate AI, ML, and blockchain technologies into its products.
The company is pursuing additional funding through private placements and other financing options to support its operations.
Wytec's management acknowledges the material weaknesses in its internal controls over financial reporting and is working on remediation efforts.
The company continues to focus on expanding its customer base and mitigating the risks associated with customer concentration.
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 quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.