VirTra, Inc. (NASDAQ: VTSI)
(“VirTra”), a global provider of training simulators for
the law enforcement, military, educational and commercial markets,
reported results for the second quarter and six months ended June
30, 2021. The financial statements are available on VirTra’s
website and here.
Second Quarter 2021 Financial Highlights:
- Total revenue increased 90% to $5.3 million
- Gross profit increased 99% to $3.1 million, or 60% of total
revenue
- Net income increased to $529,400
- Adjusted EBITDA increased to $1.0 million
- Backlog increased 6% sequentially and 19% year-over-year to a
record $17.0 million as of June 30, 2021
- Unrestricted cash and cash equivalents totaled $23.8
million
Six Month 2021 Financial Highlights:
- Total revenue increased 59% to $9.7 million
- Gross profit increased 80% to $5.7 million, or 59% of total
revenue
- Net income increased to $1.2 million
- Adjusted EBITDA increased to $1.8 million
Second Quarter and Six Month 2021 Financial
Highlights:
|
For the Three Months Ended |
|
For the Six Months Ended |
All figures in millions, except per share data |
June 30,2021 |
June 30, 2020 |
% ∆ |
|
June 30, 2021 |
June 30, 2020 |
% ∆ |
Total Revenue |
$5.3 |
|
$2.8 |
|
90 |
% |
|
$9.7 |
|
$6.1 |
|
59 |
% |
|
|
|
|
|
|
|
|
Gross Profit |
$3.1 |
|
$1.6 |
|
99 |
% |
|
$5.7 |
|
$3.2 |
|
80 |
% |
Gross Margin |
|
59.7 |
% |
|
57.0 |
% |
5 |
% |
|
|
58.8 |
% |
|
51.9 |
% |
13 |
% |
|
|
|
|
|
|
|
|
Net
Income (Loss) |
$0.5 |
|
($0.6 |
) |
N/A |
|
|
$1.2 |
|
($1.0 |
) |
N/A |
|
Diluted EPS |
$0.05 |
|
($0.08 |
) |
N/A |
|
|
$0.13 |
|
($0.13 |
) |
N/A |
|
Adjusted EBITDA |
$1.00 |
|
($0.58 |
) |
N/A |
|
|
$1.75 |
|
($0.98 |
) |
N/A |
|
Management Commentary
“We delivered strong financial results across the board in the
second quarter, highlighted by a 90% increase in total revenue and
a 99% increase in gross profit,” said Bob Ferris, chairman and
chief executive officer of VirTra. “Continued market demand for our
products drove profitable growth while enabling us to deliver
another quarter of positive net income and strong adjusted EBITDA.
Demand for VirTra’s world-class training solutions from the law
enforcement and military markets continues to build, demonstrated
by the 6% sequential and 19% year-over-year increase in our backlog
to a record $17.0 million. Our strong financial performance in the
second quarter also demonstrates our team’s consistent operational
excellence, as well as the value and effectiveness that VirTra’s
products provide to our end users and partners globally.
“As we look ahead, we believe that our business has never been
better positioned to scale than it is today. Our pipeline is
expanding, our sales are accelerating, and the need for effective
training that enhances skills and saves lives is increasing. We
believe that our financial and operational success in the first
half of the year, coupled with the strategic initiatives we’re
executing, positions us to deliver accelerated and profitable
growth in 2021 and beyond.”
Second Quarter 2021 Financial Results
Total revenue increased 90% to $5.3 million from $2.8 million in
the second quarter of 2020. The increase in total revenue was due
to an increase in the number of simulators and accessories
completed and delivered, and therefore revenue recognized, compared
to the same period in 2020, which faced more severe COVID-19
related travel restrictions.
Gross profit increased 99% to $3.1 million from $1.6 million in
the second quarter of 2020. Gross profit margin, defined as total
revenue less cost of sales, was 59.7%, an improvement compared to
57.0% in the second quarter of 2020. The improvement in gross
profit and gross profit margin was due to decreased costs, and a
more favorable product mix of systems, accessories and services
sold compared to the same period in 2020.
Net operating expense was $2.3 million, compared to $2.4 million
in the second quarter of 2020. The decrease in net operating
expense was due to the one-time impairment write down in the same
year-ago period, offset by an increase in software licenses in the
second quarter of 2021.
Income from operations totaled $821,000, compared to a loss of
$822,000 in the second quarter of 2020.
Net income totaled $529,400, or $0.05 per diluted share (based
on 10.7 million weighted average diluted shares outstanding), an
improvement compared to a net loss of $601,300, or $(0.08) per
diluted share (based on 7.8 million weighted average diluted shares
outstanding), in the second quarter of 2020.
Adjusted EBITDA, a non-GAAP metric, totaled $1.0 million, an
improvement from a loss of $579,200 in the second quarter of
2020.
Backlog increased 19% to a record $17.0 million, compared to
$14.3 million at the end of the second quarter of 2020.
Six Months Ended June 30, 2021 Financial
Results
Total revenue increased 59% to $9.7 million from $6.1 million
for the first six months of 2020. The increase in total revenue was
due to an increase in the number of simulators and accessories
completed and delivered, and therefore revenue recognized, compared
to the same period in 2020.
Gross profit increased 80% to $5.7 million from $3.2 million for
the first six months of 2020. Gross profit margin, defined as total
revenue less cost of sales, was 58.8%, an improvement compared to
51.9% for the first six months of 2020. The improvement in gross
profit and gross profit margin was due to decreased costs, and a
more favorable product mix of systems, accessories and services
sold compared to the same period in 2020.
Net operating expense was $4.3 million, compared to $4.5 million
for the first six months of 2020. The decrease in net operating
expense was primarily due to the impairment write down in 2020,
offset by an increase in software licenses in 2021.
Operating income was $1.4 million, an improvement compared to an
operating loss of $1.3 million for the first six months of
2020.
Net income totaled $1.2 million, or $0.13 per basic and diluted
share (based on 9.2 million weighted average basic shares
outstanding and 9.2 million weighted average diluted shares
outstanding), an improvement compared to a net loss of $990,700, or
$(0.13) per basic and diluted share (based on 7.7 million weighted
average basic and diluted shares outstanding), for the first six
months of 2020.
Adjusted EBITDA, a non-GAAP metric, totaled $1.8 million, an
improvement from a loss of $978,300 for the first six months of
2020.
Conference Call
VirTra’s management will hold a conference call today (August
12, 2021) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to
discuss these results. VirTra’s chairman and CEO, Bob Ferris, and
chief accounting officer, Marsha Foxx, will host the call, followed
by a question-and-answer period.
U.S. dial-in number: 1-866-682-6100International number:
1-862-298-0702
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization.
A replay of the call will be available on the same day through
Thursday, August 26, 2021.
U.S. replay dial-in: 1-877-481-4010 International replay
dial-in: 1-919-882-2331 Replay ID: 42395
About VirTra
VirTra (NASDAQ: VTSI) is a global provider of judgmental use of
force training simulators, firearms training simulators and driving
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 Six Months Ended |
|
|
|
June 30, |
|
June 30, |
|
Increase |
|
% |
|
|
June 30, |
|
June 30, |
|
Increase |
|
% |
|
|
|
2021 |
|
|
2020 |
|
|
(Decrease) |
|
Change |
|
|
2021 |
|
|
2020 |
|
|
(Decrease) |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
$ |
529,359 |
|
$ |
(601,260 |
) |
|
$ |
1,130,619 |
|
|
188 |
% |
|
|
$ |
1,184,522 |
|
$ |
(990,670 |
) |
|
$ |
2,175,192 |
|
|
-220 |
% |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
293,180 |
|
|
(211,474 |
) |
|
|
504,654 |
|
|
-239 |
% |
|
|
|
216,017 |
|
|
(314,474 |
) |
|
|
530,491 |
|
|
-169 |
% |
|
Depreciation and
amortization |
|
|
103,865 |
|
|
89,930 |
|
|
|
13,935 |
|
|
15 |
% |
|
|
|
201,155 |
|
|
179,607 |
|
|
|
21,548 |
|
|
12 |
% |
EBITDA |
|
$ |
926,404 |
|
$ |
(722,804 |
) |
|
$ |
1,649,208 |
|
|
228 |
% |
|
|
$ |
1,601,694 |
|
$ |
(1,125,537 |
) |
|
$ |
2,727,231 |
|
|
-242 |
% |
|
Impairment loss on That’s
Eatertainment, former related party |
|
|
- |
|
|
140,000 |
|
|
|
(140,000 |
) |
|
-100 |
% |
|
|
|
- |
|
|
140,000 |
|
|
|
(140,000 |
) |
|
-100 |
% |
|
Right of use amortization |
|
|
77,090 |
|
|
- |
|
|
|
77,090 |
|
|
100 |
% |
|
|
|
153,299 |
|
|
- |
|
|
|
153,299 |
|
|
100 |
% |
|
Reserve for note
receivable |
|
|
- |
|
|
3,639 |
|
|
|
(3,639 |
) |
|
-100 |
% |
|
|
|
- |
|
|
7,278 |
|
|
|
(7,278 |
) |
|
-100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
1,003,494 |
|
$ |
(579,165 |
) |
|
$ |
1,582,659 |
|
|
273 |
% |
|
|
$ |
1,754,993 |
|
$ |
(978,259 |
) |
|
$ |
2,733,252 |
|
|
-279 |
% |
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 risk
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 Gateway Group, Inc.
VTSI@gatewayir.com949-574-3860
VirTra, Inc.Condensed
Balance Sheets
|
June 30, 2021 |
|
December 31, 2020 |
|
(Unaudited) |
|
|
ASSETS |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
23,786,065 |
|
|
$ |
6,841,984 |
|
Restricted cash |
|
100,000 |
|
|
|
- |
|
Accounts receivable, net |
|
5,514,605 |
|
|
|
1,378,270 |
|
Inventory, net |
|
5,209,595 |
|
|
|
3,515,997 |
|
Unbilled revenue |
|
4,033,931 |
|
|
|
5,408,598 |
|
Prepaid expenses and other current assets |
|
736,210 |
|
|
|
382,445 |
|
|
|
|
|
Total current assets |
|
39,380,406 |
|
|
|
17,527,294 |
|
|
|
|
|
Long-term
assets: |
|
|
|
Property and equipment, net |
|
1,787,042 |
|
|
|
1,381,744 |
|
Operating lease right-of-use asset, net |
|
941,228 |
|
|
|
1,094,527 |
|
Intangible assets, net |
|
359,489 |
|
|
|
271,048 |
|
Security deposits, long-term |
|
19,712 |
|
|
|
86,500 |
|
Other assets, long-term |
|
478,966 |
|
|
|
500,114 |
|
Deferred tax asset, net |
|
1,597,887 |
|
|
|
1,892,000 |
|
|
|
|
|
Total long-term assets |
|
5,184,324 |
|
|
|
5,225,933 |
|
|
|
|
|
Total
assets |
$ |
44,564,730 |
|
|
$ |
22,753,227 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
1,212,468 |
|
|
$ |
345,573 |
|
Accrued compensation and related costs |
|
1,041,876 |
|
|
|
843,101 |
|
Accrued expenses and other current liabilities |
|
649,620 |
|
|
|
772,884 |
|
Note payable, current |
|
531,541 |
|
|
|
266,037 |
|
Operating lease liability, short-term |
|
334,550 |
|
|
|
321,727 |
|
Deferred revenue, short-term |
|
7,875,289 |
|
|
|
4,708,575 |
|
|
|
|
|
Total current liabilities |
|
11,645,344 |
|
|
|
7,257,897 |
|
|
|
|
|
Long-term
liabilities: |
|
|
|
Deferred revenue, long-term |
|
1,803,416 |
|
|
|
1,920,346 |
|
Note payable, long-term |
|
789,173 |
|
|
|
1,063,243 |
|
Operating lease liability, long-term |
|
682,619 |
|
|
|
853,155 |
|
|
|
|
|
Total long-term liabilities |
|
3,275,208 |
|
|
|
3,836,744 |
|
|
|
|
|
Total
liabilities |
|
14,920,552 |
|
|
|
11,094,641 |
|
|
|
|
|
Commitments and contingencies
(See Note 9) |
|
|
|
|
|
|
|
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;
10,780,030 shares |
|
|
|
|
|
issued and outstanding as of June 30, 2021 and 7,775,030 shares
issued |
|
1,078 |
|
|
|
778 |
|
and outstanding as of December 31, 2020 |
|
|
|
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 |
|
30,694,430 |
|
|
|
13,893,660 |
|
Accumulated deficit |
|
(1,051,330 |
) |
|
|
(2,235,852 |
) |
|
|
|
|
Total stockholders’ equity |
|
29,644,178 |
|
|
|
11,658,586 |
|
|
|
|
|
Total liabilities and
stockholders’ equity |
$ |
44,564,730 |
|
|
$ |
22,753,227 |
|
|
|
|
|
VirTra, Inc.Condensed
Statements of Operations(Unaudited)
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
$ |
5,255,192 |
|
|
|
$ |
2,756,737 |
|
|
|
$ |
9,697,101 |
|
|
|
$ |
6,076,750 |
|
That’s Eatertainment royalties/licensing fees, former related
party |
|
|
- |
|
|
|
|
12,502 |
|
|
|
|
- |
|
|
|
|
29,242 |
|
Other royalties/licensing fees |
|
|
|
- |
|
|
|
|
540 |
|
|
|
|
- |
|
|
|
|
1,950 |
|
Total revenue |
|
|
|
5,255,192 |
|
|
|
|
2,769,779 |
|
|
|
|
9,697,101 |
|
|
|
|
6,107,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
|
2,120,492 |
|
|
|
|
1,192,012 |
|
|
|
|
3,993,896 |
|
|
|
|
2,934,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
3,134,700 |
|
|
|
|
1,577,767 |
|
|
|
|
5,703,205 |
|
|
|
|
3,172,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
|
2,002,612 |
|
|
|
|
2,023,074 |
|
|
|
|
3,712,845 |
|
|
|
|
3,800,450 |
|
Research and development |
|
|
|
311,320 |
|
|
|
|
376,611 |
|
|
|
|
605,537 |
|
|
|
|
706,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating expense |
|
|
|
2,313,932 |
|
|
|
|
2,399,685 |
|
|
|
|
4,318,382 |
|
|
|
|
4,506,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
|
|
820,768 |
|
|
|
|
(821,918 |
) |
|
|
|
1,384,823 |
|
|
|
|
(1,333,822 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
|
34,379 |
|
|
|
|
18,797 |
|
|
|
|
50,758 |
|
|
|
|
38,292 |
|
Other expense |
|
|
|
(32,608 |
) |
|
|
|
(9,613 |
) |
|
|
|
(35,042 |
) |
|
|
|
(9,614 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net other income (expense) |
|
|
|
1,771 |
|
|
|
|
9,184 |
|
|
|
|
15,716 |
|
|
|
|
28,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) before provision for income taxes |
|
|
|
822,539 |
|
|
|
|
(812,734 |
) |
|
|
|
1,400,539 |
|
|
|
|
(1,305,144 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (Benefit) for income taxes |
|
|
293,180 |
|
|
|
|
(211,474 |
) |
|
|
|
216,017 |
|
|
|
|
(314,474 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
|
$ |
529,359 |
|
|
|
$ |
(601,260 |
) |
|
|
$ |
1,184,522 |
|
|
|
$ |
(990,670 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.05 |
|
|
|
$ |
(0.08 |
) |
|
|
$ |
0.13 |
|
|
|
$ |
(0.13 |
) |
Diluted |
|
|
$ |
0.05 |
|
|
|
$ |
(0.08 |
) |
|
|
$ |
0.13 |
|
|
|
$ |
(0.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
10,644,363 |
|
|
|
|
7,752,780 |
|
|
|
|
9,209,808 |
|
|
|
|
7,749,091 |
|
Diluted |
|
|
|
10,693,238 |
|
|
|
|
7,752,780 |
|
|
|
|
9,209,509 |
|
|
|
|
7,749,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VirTra, Inc.Condensed
Statements of Cash Flows(Unaudited)
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
Net income
(loss) |
|
$ |
1,184,522 |
|
|
$ |
(990,670 |
) |
|
Adjustments to
reconcile net income (loss) to net cash (used in) provided by
operating activities: |
|
|
|
|
|
Depreciation and
amortization |
|
|
201,156 |
|
|
|
179,607 |
|
|
|
Right of use amortization |
|
|
153,299 |
|
|
|
146,500 |
|
|
|
Reserve for note
receivable |
|
|
- |
|
|
|
3,639 |
|
|
|
Deferred taxes |
|
|
294,113 |
|
|
|
(270,000 |
) |
|
|
Impairment of investment in
That’s Eatertainment, former related party |
|
|
- |
|
|
|
140,000 |
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(4,136,335 |
) |
|
|
(433,219 |
) |
|
|
That’s Eatertainment note
receivable, net, related party |
|
|
- |
|
|
|
(3,639 |
) |
|
|
Interest receivable |
|
|
- |
|
|
|
3,934 |
|
|
|
Inventory, net |
|
|
(1,693,598 |
) |
|
|
(979,389 |
) |
|
|
Unbilled revenue |
|
|
1,374,667 |
|
|
|
1,481,822 |
|
|
|
Prepaid expenses and other
current assets |
|
|
(353,765 |
) |
|
|
(80,211 |
) |
|
|
Other assets |
|
|
21,148 |
|
|
|
508 |
|
|
|
Security deposits,
long-term |
|
|
66,788 |
|
|
|
(1,571 |
) |
|
|
Accounts payable and other
accrued expenses |
|
|
933,840 |
|
|
|
248,232 |
|
|
|
Payments on operating lease
liability |
|
|
(157,713 |
) |
|
|
(145,663 |
) |
|
|
Deferred revenue |
|
|
3,049,784 |
|
|
|
409,745 |
|
|
|
|
|
|
|
|
Net cash provided
by (used in) operating activities |
|
|
937,906 |
|
|
|
(290,375 |
) |
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
Redemption of
certificates of deposit |
|
|
- |
|
|
|
1,675,000 |
|
|
Purchase of
intangible assets |
|
|
(92,886 |
) |
|
|
(43,240 |
) |
|
Purchase of
property and equipment |
|
|
(602,009 |
) |
|
|
(304,739 |
) |
|
Proceeds from sale
of property and equipment |
|
|
- |
|
|
|
- |
|
Net cash (used in)
provided by investing activities |
|
|
(694,895 |
) |
|
|
1,327,021 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
Repurchase of
stock options |
|
|
- |
|
|
|
(5,846 |
) |
|
Stock issued for
cash in offering, net |
|
|
16,795,000 |
|
|
|
- |
|
|
Stock options
exercised |
|
|
6,070 |
|
|
|
13,215 |
|
|
Note payable-PPP
Loan |
|
|
- |
|
|
|
1,320,714 |
|
Net cash provided
by (used in) financing activities |
|
|
16,801,070 |
|
|
|
1,328,083 |
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and restricted cash |
|
|
17,044,081 |
|
|
|
2,364,729 |
|
Cash and
restricted cash, beginning of period |
|
|
6,841,984 |
|
|
|
1,415,091 |
|
Cash and
restricted cash, end of period |
|
$ |
23,886,065 |
|
|
$ |
3,779,820 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
|
|
Cash (refunded)
paid: |
|
|
|
|
|
Taxes refunded |
|
$ |
(78,096 |
) |
|
$ |
(44,474 |
) |
|
Interest paid |
|
|
5,763 |
|
|
|
- |
|
|
|
|
|
|
|
|
Virtra (NASDAQ:VTSI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Virtra (NASDAQ:VTSI)
Historical Stock Chart
From Apr 2023 to Apr 2024