benz280e
1 day ago
Yeah, Plato, I read that yesterday, not good but also not devastating. It happens. Focusing on the positives here, legacy issues from the shell cleaned up now new ticker symbol, 2024, 10 K not perfect but positive and in the black, now attorneys opinion letter, which will culminate into Pink current status. Fundamentals that are all really good, I'm long.
Plato_
2 days ago
VEEMOST REVENUE BY QUARTER
VeeMost Technologies Inc
REVENUE BY QUARTER ($)
Tabular format
Q4FY2024 235,343
Q3FY2024 1,056,304
Q2FY2024 0
Q1FY2024 267,460
Q4FY2023 224,627
Q3FY2023 835,331
Q2FY2023 2,383,912
Q1FY2023 2,760,524
Q4FY2022 0
The decline in revenue from Q3 to Q4 in FY2024 was the result of an early termination of a multi-year contract and reversals of previously recognized unbilled revenue. Stronger internal compliance protocols have been implemented.
From the Annual Report
For the period ending December 31, 2024:
Operational and Financial Highlights
Throughout the fiscal year 2024, the company navigated a number of operational and financial challenges while also laying the groundwork for long-term transformation:
β’ Loss of Strategic Contract:
During the year, VeeMost Technologies experienced the early termination of a multi-year contract with one of its strategic enterprise clients. This resulted from an internal communications oversight, in which a public-facing announcement was issued that prematurely referenced the client by name. Although the company swiftly retracted the release and clarified the situation with both regulatory authorities and the clientβs legal team, the relationship was nonetheless discontinued. This contract loss had a significant impact on 2024 revenues and led to the implementation of stronger internal compliance protocols governing customer communications and press releases.
β’ Project Disruptions and Revenue Adjustments:
The company incurred bad debt expenses due to customers who defaulted on payments after invoices were issued, or who withdrew from engagements after work had already commenced, such as the enterprise customer mentioned previously. Corresponding reversals of previously recognized unbilled revenue were made to ensure accurate and conservative financial reporting. https://www.otcmarkets.com/otcapi/company/financial-report/455347/content
Disclaimer: While every effort has been made to ensure accuracy, Plato_ assumes no responsibility or liability for any errors or omissions in the content of this post. The information contained in this post is provided on an "as is" basis with no guarantees of completeness, accuracy, usefulness or timeliness. Do your own due diligence.