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2023-11-14
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 14, 2023
VIRTRA,
INC.
(Exact
name of Registrant as Specified in Its Charter)
Nevada |
|
001-38420 |
|
93-1207631 |
(State
or Other Jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
Incorporation) |
|
File
Number) |
|
Identification
No.) |
295
E. Corporate Place |
|
|
Chandler,
AZ |
|
85225 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
Telephone Number, Including Area Code: (480) 968-1488
Not
Applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.0001 par value |
|
VTSI |
|
NASDAQ
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
2.02. Results of Operations and Financial Condition.
On
November 14, 2023, VirTra, Inc. issued a press release announcing its financial results for the third quarter and nine months ended September
30, 2023. A copy of this press release is attached hereto as Exhibit 99.1 and incorporated herein by reference. The information contained
in the website is not a part of this Current Report on Form 8-K.
The
information under this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the
liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
VIRTRA, INC. |
|
|
|
Date:
November 14, 2023 |
By: |
/s/
John F. Givens II |
|
Name: |
John
F. Givens II |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
VirTra
Reports Third Quarter and Nine Month 2023 Financial Results
Quarterly
Revenue Increases 54% Year-Over-Year to $7.6 Million
Quarterly
Net Income Increases by $2.4 Million to $1.6 Million
CHANDLER,
Ariz. — November 14, 2023 — VirTra, Inc. (Nasdaq: VTSI) (“VirTra”), a global provider of judgmental
use of force training simulators, firearms training simulators for the law enforcement and military markets, reported results for the
third quarter ended September 30, 2023. The financial statements are available on VirTra’s website and here.
Third
Quarter 2023 Financial Highlights:
| ● | Total
revenue increased 54% to $7.6 million |
| | |
| ● | Gross
profit increased 114% to $5.4 million, or 71% of total revenue |
| | |
| ● | Net
income increased by $2.4 million to $1.6 million |
| | |
| ● | Adjusted
EBITDA increased to $2.9 million |
| | |
| ● | Cash
and cash equivalents of $17.2 million at September 30, 2023 |
Nine
Month 2023 Financial Highlights:
| ● | Total
revenue increased 42% to $27.9 million |
| | |
| ● | Gross
profit increased 67% to $18.3 million, or 65% of total revenue |
| | |
| ● | Net
income increased by $5.0 million to $5.6 million |
| | |
| ● | Adjusted
EBITDA increased to $9.4 million |
Third
Quarter and Nine Month 2023 Financial Highlights:
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
All figures in millions, except per share data | |
September 30,
2023 | | |
September 30,
2022 | | |
% Δ | | |
September 30,
2023 | | |
September 30,
2022 | | |
% Δ | |
Total Revenue | |
$ | 7.6 | | |
$ | 4.9 | | |
| 54 | % | |
$ | 27.9 | | |
$ | 19.7 | | |
| 42 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
$ | 5.4 | | |
$ | 2.5 | | |
| 114 | % | |
$ | 18.3 | | |
$ | 10.9 | | |
| 67 | % |
Gross Margin | |
| 71 | % | |
| 51 | % | |
| N/A | | |
| 65 | % | |
| 56 | % | |
| N/A | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income (Loss) | |
$ | 1.6 | | |
$ | (0.8 | ) | |
| N/A | | |
$ | 5.6 | | |
$ | 0.6 | | |
| N/A | |
Diluted EPS | |
$ | 0.15 | | |
$ | (0.07 | ) | |
| N/A | | |
$ | 0.51 | | |
$ | 0.05 | | |
| N/A | |
Adjusted EBITDA | |
$ | 2.9 | | |
$ | (0.5 | ) | |
| N/A | | |
$ | 9.4 | | |
$ | 1.7 | | |
| N/A | |
Management
Commentary
“Building
on our record-breaking first half, we’ve made further strides in improving our operations and sales activity this quarter, resulting
in a robust 54% increase in quarterly revenue,” said VirTra CEO John Givens. “These ongoing improvements, with significant
developments made in the third quarter, such as enhancing our production facility and focusing on our machine shop processes and equipment
upgrades, are set to continue bearing fruit in future quarters. These efforts have not only accelerated manufacturing but also improved
product quality, ultimately leading to higher customer satisfaction. With our significantly improved business operations, we are directing
our attention towards increasing sales productivity, and we’re already realizing early progress.
“The
changes we’ve made to our sales methodology, compensation, and territory structuring are set to deliver substantial results in
the near term and will continue to compound over the coming years. As part of these sales enhancements, we’ve expanded our team
to boost customer success and enable our salesforce to focus on driving new business. This concerted effort, combined with our sustained
success in the law enforcement market and the solid early progress achieved in key military contracts, positions VirTra for strong, sustained
growth in the long term.
“Furthermore,
our focus on developing industry-leading technology continues to unlock long-term value. In Q3, we unveiled V-XR®, our extended reality
training solution, to our product portfolio. This strategic addition prioritizes the development of essential interpersonal skills crucial
for law enforcement professionals, enabling them to navigate sensitive situations, de-escalate conflicts, and build trust with their
communities. By integrating soft skills training into our curriculum, we aim to provide law enforcement professionals with the tools
and knowledge needed for more meaningful and effective community engagement. Emphasizing empathy, communication, and cultural awareness,
V-XR® sets a new industry standard and maintains a competitive price point, making it accessible to law enforcement agencies, large
and small. Strong pre-order demand signals its potential as a gateway to larger simulator sales. We’ve also streamlined aspects
of our simulators, ensuring easier access to control computers while reducing assembly costs and time. These enhancements, combined with
ongoing content updates, further solidify our position as the market leader in training technology.”
Third
Quarter 2023 Financial Results
Total
revenue increased 54% to $7.6 million from $4.9 million in the third quarter of 2022. The increase in revenue was driven by a continued
improvement in sales strategy and continued demand for training solutions.
Gross
profit increased 114% to $5.4 million from $2.5 million in the third quarter of 2022. Gross profit margin was 71%, an increase compared
to 51% in the third quarter of 2022.
Net
operating expense was $3.7 million, compared to $3.6 million in the third quarter of 2022. The slight increase in net operating expense
was associated with additional staffing and the opening of our Orlando facility.
Operating
income increased by $2.8 million to $1.7 million from $(1.1) million in the third quarter of 2022.
Net
income was $1.6 million, or $0.15 per diluted share (based on 10.9 million weighted average diluted shares outstanding), an improvement
compared to net income of $(0.8) million, or $(0.07) per diluted share (based on 10.9 million weighted average diluted shares outstanding),
in the third quarter of 2022.
Adjusted
EBITDA, a non-GAAP metric, increased to $2.9 million from $(0.5) million in the third quarter of 2022.
Nine
Months Ended September 30, 2023 Financial Results
Total
revenue increased 42% to $27.9 million from $19.7 million in the first nine months of 2022. The increase in revenue was driven by record
first-half performance and continued improvement in sales strategy.
Gross
profit increased 67% to $18.3 million from $10.9 million in the first nine months of 2022. Gross profit margin was 65%, an increase compared
to 56% in the first nine months of 2022. The increase in gross profit margin was primarily due to the aforementioned increase in revenue
while maintaining cost of sales in line with 2022 levels.
Net
operating expense was $11.2 million, compared to $10.3 million in the first nine months of 2022. The increase in net operating expense
was primarily driven by an increase in salaries and benefits resulting from the addition of new staff, expenses for the new Orlando office,
as well as an increase in R&D spend, and the implementation expense related to the launch of the Company’s new ERP system.
Operating
income jumped to $7.1 million in the first nine months of 2023, a $6.4 million increase from $0.7 million in the prior year period.
Net
income was $5.6 million, or $0.51 per diluted share (based on 10.9 million weighted average diluted shares outstanding), an improvement
compared to net income of $0.6 million, or $0.05 per diluted share (based on 10.9 million weighted average diluted shares outstanding),
in the first nine months of 2022.
Adjusted
EBITDA, a non-GAAP metric, increased to $9.4 million from $1.7 million in the first nine months of 2022.
Financial
Commentary
“The
third quarter was highlighted by sustained revenue growth and significant profitability improvements,” said VirTra CFO Alanna Bourdeau.
“Our 71% gross margins reflect our commitment to managing cost of sales as we drive business expansion. Although we experienced
a temporary slowdown in our bookings during Q3, partly due to a brief government shutdown, we expect them to rebound and accelerate as
our sales initiatives gain further traction. Our pipeline continues to grow while our backlog remains heathy and will continue to provide
our year-over-year revenue increase in the fourth quarter. Based on our excellent performance in the first nine months, we are very confident
in surpassing our year-end targets for 2023, and we anticipate continued revenue and profitability expansion as we move into 2024.”
Conference
Call
VirTra’s
management will hold a conference call today (November 14, 2023) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these
results. VirTra’s Chief Executive Officer John Givens, Chief Financial Officer Alanna Boudreau, and Executive Chairman Bob Ferris
will host the call, followed by a question-and-answer period.
U.S.
dial-in number: 1-877-407-9208
International
number: 1-201-493-6784
Conference
ID: 13742019
Please
call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you
have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The
conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s
website.
A
replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 28, 2023.
Toll-free
replay number: 1-844-512-2921
International
replay number: 1-412-317-6671
Replay
ID: 13742019
About
VirTra, Inc.
VirTra
(Nasdaq: VTSI) is a global provider of judgmental use of force training simulators, firearms training simulators for the law enforcement,
military, educational and commercial markets. The company’s patented technologies, software, and scenarios provide intense training
for de-escalation, judgmental use-of-force, marksmanship, and related training that mimics real-world situations. VirTra’s mission
is to save and improve lives worldwide through practical and highly effective virtual reality and simulator technology. Learn more about
the company at www.VirTra.com.
About
the Presentation of Adjusted EBITDA
Adjusted
earnings before interest, income taxes, depreciation, and amortization and before other non-operating costs and income (“Adjusted
EBITDA”) is a non-GAAP financial measure. Adjusted EBITDA also includes non-cash stock option expense and other than temporary
impairment loss on investments. Other companies may calculate Adjusted EBITDA differently. VirTra calculates its Adjusted EBITDA to eliminate
the impact of certain items it does not consider to be indicative of its performance and its ongoing operations. Adjusted EBITDA is presented
herein because management believes the presentation of Adjusted EBITDA provides useful information to VirTra’s investors regarding
VirTra’s financial condition and results of operations and because Adjusted EBITDA is frequently used by securities analysts, investors,
and other interested parties in the evaluation of companies in VirTra’s industry, several of which present a form of Adjusted EBITDA
when reporting their results. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a
substitute for analysis of VirTra’s results as reported under accounting principles generally accepted in the United States of
America (“GAAP”). Adjusted EBITDA should not be considered as an alternative for net income, cash flows from operating activities
and other consolidated income or cash flows statement data prepared in accordance with GAAP or as a measure of profitability or liquidity.
A reconciliation of net income to Adjusted EBITDA is provided in the following tables:
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30 | | |
September 30 | | |
Increase | | |
% | | |
September 30 | | |
September 30 | | |
Increase | | |
% | |
| |
2023 | | |
2022 | | |
(Decrease) | | |
Change | | |
2023 | | |
2022 | | |
(Decrease) | | |
Change | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Net Income | |
$ | 1,634,790 | | |
$ | (802,881 | ) | |
$ | 2,437,671 | | |
| 304 | % | |
$ | 5,607,804 | | |
$ | 561,567 | | |
$ | 5,046,237 | | |
| 899 | % |
Adjustments: | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| 244,316 | | |
| (222,683 | ) | |
| 466,999 | | |
| 210 | % | |
| 1,863,150 | | |
| 148,001 | | |
| 1,715,149 | | |
| 1159 | % |
Depreciation and amortization | |
| 121,054 | | |
| 423,069 | | |
| (302,015 | ) | |
| -71 | % | |
| 602,535 | | |
| 659,775 | | |
| (57,240 | ) | |
| -9 | % |
Interest (net) | |
| 23,957 | | |
| - | | |
| 23,957 | | |
| 100 | % | |
| 133,377 | | |
| - | | |
| 133,377 | | |
| 100 | % |
EBITDA | |
$ | 2,024,117 | | |
$ | (602,495 | ) | |
$ | 2,626,612 | | |
| 436 | % | |
$ | 8,206,866 | | |
$ | 1,369,343 | | |
$ | 6,837,523 | | |
| 499 | % |
Right of use amortization | |
| 843,042 | | |
| 131,221 | | |
| 711,821 | | |
| 542 | % | |
| 1,209,397 | | |
| 291,879 | | |
| 917,518 | | |
| 314 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
$ | 2,867,159 | | |
$ | (471,274 | ) | |
$ | 3,338,433 | | |
| 708 | % | |
$ | 9,416,263 | | |
$ | 1,661,222 | | |
$ | 7,755,041 | | |
| 467 | % |
Forward-Looking
Statements
The
information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor”
created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,”
“intends,” “may,” “plans,” “projects,” “will,” “should,” “could,”
“predicts,” “potential,” “continue,” “would” and similar expressions are intended to
identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually
achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on
our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed
in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made,
and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made
based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could
cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements,
you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors,
uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports
we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risks
and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment
decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly
qualified in their entirety by this cautionary statement.
Investor
Relations Contact:
Matt
Glover and Alec Wilson
Gateway
Group, Inc.
VTSI@gateway-grp.com
949-574-3860
-
Financial Tables to Follow -
VIRTRA,
INC.
CONDENSED
BALANCE SHEETS
| |
September 30,
2023
| | |
December 31,
2022
| |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 17,201,178 | | |
$ | 13,483,597 | |
Accounts receivable, net | |
| 14,134,515 | | |
| 3,002,887 | |
Inventory, net | |
| 10,775,630 | | |
| 9,592,328 | |
Unbilled revenue | |
| 2,998,700 | | |
| 7,485,990 | |
Prepaid expenses and other current assets | |
| 1,310,589 | | |
| 531,051 | |
| |
| | | |
| | |
Total current assets | |
| 46,420,612 | | |
| 34,095,853 | |
| |
| | | |
| | |
Long-term assets: | |
| | | |
| | |
Property and equipment, net | |
| 15,096,353 | | |
| 15,267,133 | |
Operating lease right-of-use asset, net | |
| 843,042 | | |
| 1,212,814 | |
Intangible assets, net | |
| 569,762 | | |
| 587,777 | |
Security deposits, long-term | |
| 35,691 | | |
| 35,691 | |
Other assets, long-term | |
| 201,670 | | |
| 376,461 | |
Deferred tax asset, net | |
| 5,361,667 | | |
| 2,238,762 | |
| |
| | | |
| | |
Total long-term assets | |
| 22,108,185 | | |
| 19,718,638 | |
| |
| | | |
| | |
Total assets | |
$ | 68,528,797 | | |
$ | 53,814,491 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,386,038 | | |
$ | 1,251,240 | |
Accrued compensation and related costs | |
| 1,381,507 | | |
| 1,494,890 | |
Accrued expenses and other current liabilities | |
| 5,936,871 | | |
| 1,917,922 | |
Note payable, current | |
| 207,220 | | |
| 232,537 | |
Operating lease liability, short-term | |
| 578,517 | | |
| 557,683 | |
Deferred revenue, short-term | |
| 7,738,550 | | |
| 4,302,492 | |
| |
| | | |
| | |
Total current liabilities | |
| 17,228,703 | | |
| 9,756,764 | |
| |
| | | |
| | |
Long-term liabilities: | |
| | | |
| | |
Deferred revenue, long-term | |
| 3,446,423 | | |
| 1,605,969 | |
Note payable, long-term | |
| 7,872,784 | | |
| 8,050,116 | |
Operating lease liability, long-term | |
| 307,086 | | |
| 720,023 | |
| |
| | | |
| | |
Total long-term liabilities | |
| 11,626,293 | | |
| 10,376,108 | |
| |
| | | |
| | |
Total liabilities | |
| 28,854,996 | | |
| 20,132,872 | |
| |
| | | |
| | |
Stockholders’ equity: | |
| | | |
| | |
Preferred stock $0.0001 par value; 2,500,000 authorized; no shares issued or outstanding | |
| - | | |
| - | |
Common stock $0.0001 par value; 50,000,000 shares authorized; 10,961,356 and 10,900,759 shares issued and outstanding as of September 30, 2023 and December 31, 2022 respectively | |
| 1,094 | | |
| 1,089 | |
Class A common stock $0.0001 par value; 2,500,000 shares authorized; no shares issued or outstanding | |
| - | | |
| - | |
Class B common stock $0.0001 par value; 7,500,000 shares authorized; no shares issued or outstanding | |
| - | | |
| - | |
| |
| | | |
| | |
Additional paid-in capital | |
| 31,804,768 | | |
| 31,420,395 | |
Retained earnings | |
| 7,867,939 | | |
| 2,260,135 | |
| |
| | | |
| | |
Total stockholders’ equity | |
| 39,673,801 | | |
| 33,681,619 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 68,528,797 | | |
$ | 53,814,491 | |
VIRTRA,
INC.
CONDENSED
STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
Three Months Ended | | |
Nine Months Ended | |
| |
09/30/2023 | | |
09/30/2022 | | |
09/30/2023 | | |
09/30/2022 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
Net Sales | |
$ | 7,561,582 | | |
$ | 4,903,397 | | |
$ | 27,925,420 | | |
$ | 19,654,008 | |
Total Revenue | |
| 7,561,582 | | |
| 4,903,397 | | |
| 27,925,420 | | |
| 19,654,008 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of sales | |
| 2,175,508 | | |
| 2,387,307 | | |
| 9,669,708 | | |
| 8,707,096 | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
| 5,386,074 | | |
| 2,516,090 | | |
| 18,255,712 | | |
| 10,946,912 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 3,229,075 | | |
| 2,900,100 | | |
| 9,220,751 | | |
| 8,281,543 | |
Research and Development | |
| 487,388 | | |
| 687,890 | | |
| 1,965,438 | | |
| 1,984,343 | |
| |
| | | |
| | | |
| | | |
| | |
Net Operating expense | |
| 3,716,463 | | |
| 3,587,990 | | |
| 11,186,189 | | |
| 10,265,886 | |
| |
| | | |
| | | |
| | | |
| | |
Income from operations | |
| 1,669,611 | | |
| (1,071,900 | ) | |
| 7,069,523 | | |
| 681,026 | |
| |
| | | |
| | | |
| | | |
| | |
Other Income (expense): | |
| | | |
| | | |
| | | |
| | |
Other Income | |
| 233,521 | | |
| 112,571 | | |
| 625,761 | | |
| 223,950 | |
Other Expense | |
| (24,026 | ) | |
| (66,235 | ) | |
| (224,330 | ) | |
| (195,408 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net other income (expense) | |
| 209,495 | | |
| 46,336 | | |
| 401,431 | | |
| 28,542 | |
| |
| | | |
| | | |
| | | |
| | |
Income before provision for income taxes | |
| 1,879,106 | | |
| (1,025,564 | ) | |
| 7,470,954 | | |
| 709,568 | |
| |
| | | |
| | | |
| | | |
| | |
Provision (Benefit) for income taxes | |
| 244,316 | | |
| (222,683 | ) | |
| 1,863,150 | | |
| 148,001 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income | |
$ | 1,634,790 | | |
$ | (802,881 | ) | |
$ | 5,607,804 | | |
$ | 561,567 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.15 | | |
$ | (0.07 | ) | |
$ | 0.51 | | |
$ | 0.05 | |
Diluted | |
$ | 0.15 | | |
$ | (0.07 | ) | |
$ | 0.51 | | |
$ | 0.05 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 10,934,962 | | |
| 10,867,745 | | |
| 10,924,486 | | |
| 10,850,912 | |
Diluted | |
| 10,942,509 | | |
| 10,867,745 | | |
| 10,929,155 | | |
| 10,870,842 | |
VIRTRA,
INC.
CONDENSED
STATEMENTS OF CASH FLOWS
(Unaudited)
| |
Nine Months Ended September 30 | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net income (loss) | |
$ | 5,607,804 | | |
$ | 561,567 | |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 701,536 | | |
| 659,775 | |
Right of use amortization | |
| 369,772 | | |
| 291,879 | |
Stock issued for service | |
| 342,475 | | |
| 444,025 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable, net | |
| (11,131,628 | ) | |
| 1,578,205 | |
Interest receivable | |
| - | | |
| - | |
Inventory, net | |
| (1,183,302 | ) | |
| (4,755,126 | ) |
Deferred taxes | |
| (3,122,905 | ) | |
| 112,377 | |
Unbilled revenue | |
| 4,487,290 | | |
| (158,905 | ) |
Prepaid expenses and other current assets | |
| (779,538 | ) | |
| 235,824 | |
Other assets | |
| 174,791 | | |
| (186,727 | ) |
Security deposits, long-term | |
| - | | |
| (15,979 | ) |
Accounts payable and other accrued expenses | |
| 4,015,047 | | |
| 137,762 | |
Payments on operating lease liability | |
| (392,103 | ) | |
| (291,039 | ) |
Deferred revenue | |
| 5,276,512 | | |
| (66,237 | ) |
| |
| | | |
| | |
Net cash provided by (used in) operating activities | |
| 4,365,751 | | |
| (1,452,599 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of intangible assets | |
| - | | |
| (120,016 | ) |
Purchase of property and equipment | |
| (512,249 | ) | |
| (2,324,058 | ) |
Net cash (used in) investing activities | |
| (512,249 | ) | |
| (2,444,074 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Principal payments of debt | |
| (177,824 | ) | |
| (172,589 | ) |
Stock issued for options exercised | |
| 41,903 | | |
| 33,851 | |
Net cash (used in) financing activities | |
| (135,921 | ) | |
| (138,738 | ) |
| |
| | | |
| | |
Net increase (decrease) in cash and restricted cash | |
| 3,717,581 | | |
| (4,035,411 | ) |
Cash and restricted cash, beginning of period | |
| 13,483,597 | | |
| 19,708,565 | |
Cash and restricted cash, end of period | |
$ | 17,201,178 | | |
$ | 15,673,154 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash (refunded) paid: | |
$ | - | | |
$ | 99,035 | |
Income taxes paid (refunded) | |
$ | - | | |
$ | 128,507 | |
Interest paid | |
$ | - | | |
$ | - | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities: | |
| | | |
| | |
Addition of new lease and corresponding ROU asset and lease liability | |
$ | - | | |
$ | 840,843 | |
Conversion of inventory to property and equipment | |
$ | - | | |
$ | 322,968 | |
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