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2023-08-14
2023-08-14
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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): August 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
August 14, 2023, VirTra, Inc. issued a press release announcing its financial results for the second quarter and first half ended June
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:
August 14, 2023 |
By: |
/s/
Robert D. Ferris |
|
Name: |
Robert
D. Ferris |
|
Title: |
Co-Chief
Executive Officer |
Exhibit
99.1
VirTra
Reports Second Quarter and First Half 2023 Financial Results
Record
Quarterly and First Half Revenue of $10 Million and $20 Million, Up 29% and 38% Year-Over-Year, Respectively
Quarterly
Net Income Increases by $239,000 to $1.0 Million
CHANDLER,
Ariz. — August 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
second quarter ended June 30, 2023. The financial statements are available on VirTra’s website and here.
Second
Quarter 2023 Financial Highlights:
|
●
|
Total
revenue increased 29% to a record $10.3 million |
|
●
|
Gross
profit increased 25% to $5.9 million, or 57% of total revenue |
|
●
|
Net
income increased by $0.2 million to $1.0 million |
|
●
|
Adjusted
EBITDA increased to $2.6 million |
|
●
|
Cash
and cash equivalents of $13.3 million at June 30, 2023 |
Six
Month 2023 Financial Highlights:
|
●
|
Total
revenue increased 38% to $20.4 million |
|
●
|
Gross
profit increased 53% to $12.9 million, or 63% of total revenue |
|
●
|
Net
income increased by $2.6 million to $4.0 million |
|
●
|
Adjusted
EBITDA increased to $6.5 million |
Second
Quarter and Six Month 2023 Financial Highlights:
| |
For the Three Months Ended | | |
For the Six Months Ended | |
All figures in millions, except per share data | |
June 30, 2023 | | |
June 30, 2022 | | |
% Δ | | |
June 30, 2023 | | |
June 30, 2022 | | |
% Δ | |
Total Revenue | |
$ | 10.3 | | |
$ | 8.0 | | |
| 29 | % | |
$ | 20.4 | | |
$ | 14.8 | | |
| 38 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
$ | 5.9 | | |
$ | 4.7 | | |
| 25 | % | |
$ | 12.9 | | |
$ | 8.4 | | |
| 53 | % |
Gross Margin | |
| 57 | % | |
| 59 | % | |
| N/A | | |
| 63 | % | |
| 57 | % | |
| N/A | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net Income (Loss) | |
$ | 1.0 | | |
$ | 0.8 | | |
| N/A | | |
$ | 4.0 | | |
$ | 1.4 | | |
| N/A | |
Diluted EPS | |
$ | 0.09 | | |
$ | 0.07 | | |
| N/A | | |
$ | 0.36 | | |
$ | 0.13 | | |
| N/A | |
Adjusted EBITDA | |
$ | 2.56 | | |
$ | 1.35 | | |
| N/A | | |
$ | 6.55 | | |
$ | 2.34 | | |
| N/A | |
Management
Commentary
“Led
by record-breaking revenue in the double-digit millions during the first two quarters of 2023, we have achieved the best bottom-line
results in our 30-year history,” said Bob Ferris, chairman and co-CEO of VirTra. “This exceptional financial performance
is a testament to the effectiveness of our internal process improvements and streamlined operations. To further solidify our market leadership
and expand revenue streams, we continue to actively pursue additional product and content development initiatives to enhance VirTra’s
already powerful training capabilities.”
John
Givens, co-CEO of VirTra, added: “Our topline results reflect the transformation we have made in fulfillment efficiency, which
serves as a key indicator of our scaling abilities and our long-term operational capabilities. We are now applying that same focus and
tenacity by taking proactive measures to increase our bookings and maximize our market potential, both domestically and internationally.
Our sales enhancement initiatives are already underway and coupled with our unwavering commitment to product quality and a customer-centric
approach, we are advancing along our strategic roadmap while further optimizing our business operations to even greater profitability
and efficiency in the years ahead.”
Second
Quarter 2023 Financial Results
Total
revenue increased 29% to $10.3 million from $8.0 million in the second quarter of 2022. The increase in revenue was driven by an improvement
in operations which helped to move through backlog and ship orders at a record pace.
Gross
profit increased 25% to $5.9 million from $4.7 million in the second quarter of 2022. Gross profit margin was 57%, a decrease compared
to 59% in the second quarter of 2022. The decrease in gross margins resulted from one-time inventory adjustments made when we went live
with our new ERP system, which had the effect of increasing the cost of sales in Q2 2023.
Net
operating expense was $4.0 million, compared to $3.7 million in the second quarter of 2022. The increase in net operating expense was
associated with salary and benefits increase and the Orlando office expenses.
Operating
income increased by $0.9 million to $1.9 million from $1.0 million in the second quarter of 2022.
Net
income was $1.0 million, or $0.09 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 second quarter of 2022.
Adjusted
EBITDA, a non-GAAP metric, increased to $2.6 million from $1.3 million in the second quarter of 2022.
Six
Months Ended June 30, 2023 Financial Results
Total
revenue increased 38% to $20.4 million from $14.8 million in the first six months of 2022. The increase in revenue was driven by improvements
in operations, which helped the Company to move through the backlog and ship orders at a record pace.
Gross
profit increased 53% to $12.9 million from $8.4 million in the first six months of 2022. Gross profit margin was 63%, an increase compared
to 57% in the first half 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 $7.5 million, compared to $6.7 million in the first six months of 2022. The increase in net operating expense was
primarily due to an increase in salaries and benefits due to additional staff and the expenses for the new Orlando office, as well as
an increase in R&D spend.
Operating
income jumped to $5.4 million, a $3.6 increase from $1.8 million in the prior year period.
Net
income was $4.0 million, or $0.36 per diluted share (based on 10.9 million weighted average diluted shares outstanding), an improvement
compared to net income of $1.4 million, or $0.13 per diluted share (based on 10.9 million weighted average diluted shares outstanding),
in the first half of 2022.
Adjusted
EBITDA, a non-GAAP metric, increased to $6.5 million from $2.3 million in the first six months of 2022.
Financial
Commentary
“The
strong first half results underscore the successful execution of our growth and profitability initiatives,” said CFO Alanna Boudreau.
“Achieving a robust gross profit margin of 63%, we exemplify our dedication to maintaining cost of sales while effectively selling
a favorable mix of simulators, accessories, and services. Our record net income of $4.0 million and adjusted EBITDA of $6.5 million demonstrate
the leverage in our model and our ability to effectively manage expenses. As we progress into the second half of the year with a markedly
lower backlog of $16.4 million, we’ve clearly proven our new and enhanced ability to promptly fulfill orders. Simultaneously, it
presents a challenge that encourages us to continue operating efficiently as we proactively optimize our sales pipeline. These efforts,
combined with the impressive first half performance, set us well on pace to exceed our targets for the year.”
Conference
Call
VirTra’s
management will hold a conference call today (August 14, 2023) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
VirTra’s chairman and co-CEO, Bob Ferris, co-CEO John Givens and Chief Financial Officer Alanna Boudreau, 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: 13739497
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 August 28, 2023.
Toll-free
replay number: 1-844-512-2921
International
replay number: 1-412-317-6671
Replay
ID: 13739497
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 Six Months Ended |
|
|
|
June
30 |
|
|
June
30 |
|
|
Increase |
|
|
% |
|
|
June
30 |
|
|
June
30 |
|
|
Increase |
|
|
% |
|
|
|
2023 |
|
|
2022 |
|
|
(Decrease) |
|
|
Change |
|
|
2023 |
|
|
2022 |
|
|
(Decrease) |
|
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
$ |
1,026,635 |
|
|
$ |
787,374 |
|
|
$ |
239,261 |
|
|
|
30 |
% |
|
$ |
3,973,009 |
|
|
$ |
1,364,448 |
|
|
$ |
2,608,561 |
|
|
|
191 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for income taxes |
|
|
977,489 |
|
|
|
246,684 |
|
|
|
730,805 |
|
|
|
296 |
% |
|
|
1,618,834 |
|
|
|
370,684 |
|
|
|
1,248,150 |
|
|
|
337 |
% |
Depreciation
and amortization |
|
|
253,911 |
|
|
|
230,942 |
|
|
|
22,969 |
|
|
|
10 |
% |
|
|
481,481 |
|
|
|
446,688 |
|
|
|
34,793 |
|
|
|
8 |
% |
Interest
(net) |
|
|
61,237 |
|
|
|
|
|
|
|
61,237 |
|
|
|
100 |
% |
|
|
109,420 |
|
|
|
|
|
|
|
109,420 |
|
|
|
100 |
% |
EBITDA |
|
$ |
2,319,271 |
|
|
$ |
1,265,000 |
|
|
$ |
1,054,271 |
|
|
|
83 |
% |
|
$ |
6,182,743 |
|
|
$ |
2,181,820 |
|
|
$ |
4,000,923 |
|
|
|
183 |
% |
Right
of use amortization |
|
|
244,581 |
|
|
|
80,805 |
|
|
|
163,776 |
|
|
|
203 |
% |
|
|
366,355 |
|
|
|
160,658 |
|
|
|
205,697 |
|
|
|
128 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
$ |
2,563,852 |
|
|
$ |
1,345,805 |
|
|
$ |
1,218,047 |
|
|
|
91 |
% |
|
$ |
6,549,098 |
|
|
$ |
2,342,478 |
|
|
$ |
4,206,620 |
|
|
|
180 |
% |
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 and Alec Wilson
Gateway
Group, Inc.
VTSI@gateway-grp.com
949-574-3860
-Financial
Tables to Follow-
VIRTRA,
INC.
CONDENSED
BALANCE SHEETS
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 13,342,974 | | |
$ | 13,483,597 | |
Accounts receivable, net | |
| 17,931,407 | | |
| 3,002,887 | |
Inventory, net | |
| 9,967,539 | | |
| 9,592,328 | |
Unbilled revenue | |
| 2,422,109 | | |
| 7,485,990 | |
Prepaid expenses and other current assets | |
| 546,332 | | |
| 531,051 | |
Total current assets | |
| 44,210,361 | | |
| 34,095,853 | |
| |
| | | |
| | |
Long-term assets: | |
| | | |
| | |
Property and equipment, net | |
| 15,149,168 | | |
| 15,267,133 | |
Operating lease right-of-use asset, net | |
| 968,234 | | |
| 1,212,814 | |
Intangible assets, net | |
| 571,985 | | |
| 587,777 | |
Security deposits, long-term | |
| 35,691 | | |
| 35,691 | |
Other assets, long-term | |
| 202,462 | | |
| 376,461 | |
Deferred tax asset, net | |
| 5,361,667 | | |
| 2,238,762 | |
Total long-term assets | |
| 22,289,207 | | |
| 19,718,638 | |
Total assets | |
$ | 66,499,568 | | |
$ | 53,814,491 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,156,170 | | |
$ | 1,251,240 | |
Accrued compensation and related costs | |
| 1,653,150 | | |
| 1,494,890 | |
Accrued expenses and other current liabilities | |
| 5,633,901 | | |
| 1,917,922 | |
Note payable, current | |
| 246,215 | | |
| 232,537 | |
Operating lease liability, short-term | |
| 569,692 | | |
| 557,683 | |
Deferred revenue, short-term | |
| 8,379,515 | | |
| 4,302,492 | |
Total current liabilities | |
| 17,638,643 | | |
| 9,756,764 | |
| |
| | | |
| | |
Long-term liabilities: | |
| | | |
| | |
Deferred revenue, long-term | |
| 2,539,330 | | |
| 1,605,969 | |
Note payable, long-term | |
| 7,932,521 | | |
| 8,050,116 | |
Operating lease liability, long-term | |
| 450,337 | | |
| 720,023 | |
Total long-term liabilities | |
| 10,922,188 | | |
| 10,376,108 | |
Total liabilities | |
| 28,560,831 | | |
| 20,132,872 | |
| |
| | | |
| | |
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; 10,926,774 shares issued and outstanding as of June 30,2023 and 10,900,759 shares issued and outstanding as of December 31,2022 | |
| 1,092 | | |
| 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 | |
| 31,704,501 | | |
| 31,420,395 | |
Retained earnings | |
| 6,233,144 | | |
| 2,260,135 | |
Total stockholders’ equity | |
| 37,938,737 | | |
| 33,681,619 | |
Total liabilities and stockholders’ equity | |
$ | 66,499,568 | | |
$ | 53,814,491 | |
VIRTRA,
INC.
CONDENSED
STATEMENTS OF OPERATIONS
(UNAUDITED)
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | | |
June 30, 2023 | | |
June 30, 2022 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
Net Sales | |
$ | 10,336,903 | | |
$ | 7,997,383 | | |
$ | 20,363,838 | | |
$ | 14,750,611 | |
Total Revenue | |
| 10,336,903 | | |
| 7,997,383 | | |
| 20,363,838 | | |
| 14,750,611 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of sales | |
| 4,416,202 | | |
| 3,253,651 | | |
| 7,494,199 | | |
| 6,319,789 | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
| 5,920,701 | | |
| 4,743,732 | | |
| 12,869,639 | | |
| 8,430,822 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 3,280,344 | | |
| 3,085,051 | | |
| 5,991,681 | | |
| 5,381,443 | |
Research and Development | |
| 711,754 | | |
| 617,058 | | |
| 1,478,050 | | |
| 1,296,453 | |
| |
| | | |
| | | |
| | | |
| | |
Net Operating expense | |
| 3,992,098 | | |
| 3,702,109 | | |
| 7,469,731 | | |
| 6,677,896 | |
| |
| | | |
| | | |
| | | |
| | |
Income from operations | |
| 1,928,603 | | |
| 1,041,623 | | |
| 5,399,908 | | |
| 1,752,926 | |
| |
| | | |
| | | |
| | | |
| | |
Other Income (expense): | |
| | | |
| | | |
| | | |
| | |
Other Income | |
| 208,599 | | |
| 57,056 | | |
| 392,240 | | |
| 111,379 | |
Other Expense | |
| (133,078 | ) | |
| (64,621 | ) | |
| (200,305 | ) | |
| (129,173 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net other income (expense) | |
| 75,521 | | |
| (7,565 | ) | |
| 191,935 | | |
| (17,794 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income before provision for income taxes | |
| 2,004,124 | | |
| 1,034,058 | | |
| 5,591,843 | | |
| 1,735,132 | |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| 977,489 | | |
| 246,684 | | |
| 1,618,834 | | |
| 370,684 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income | |
$ | 1,026,635 | | |
$ | 787,374 | | |
$ | 3,973,009 | | |
$ | 1,364,448 | |
| |
| | | |
| | | |
| | | |
| | |
Net income per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.09 | | |
$ | 0.07 | | |
$ | 0.36 | | |
$ | 0.13 | |
Diluted | |
$ | 0.09 | | |
$ | 0.07 | | |
$ | 0.36 | | |
$ | 0.13 | |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 10,924,714 | | |
| 10,866,775 | | |
| 10,921,033 | | |
| 10,837,186 | |
Diluted | |
| 10,933,130 | | |
| 10,892,302 | | |
| 10,925,702 | | |
| 10,867,667 | |
VIRTRA,
INC.
CONDENSED
STATEMENTS OF CASH FLOWS
(Unaudited)
| |
Six Months Ended June 30 | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 3,973,009 | | |
$ | 1,364,448 | |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 479,889 | | |
| 446,688 | |
Right of use amortization | |
| 244,580 | | |
| 160,658 | |
Employee stock compensation | |
| 199,475 | | |
| 70,497 | |
Stock issued for service | |
| 75,000 | | |
| 350,001 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable, net | |
| (14,928,520 | ) | |
| (2,491,348 | ) |
Inventory, net | |
| (375,211 | ) | |
| (3,816,862 | ) |
Deferred taxes | |
| (3,122,905 | ) | |
| 255,511 | |
Unbilled revenue | |
| 5,063,881 | | |
| (873,605 | ) |
Prepaid expenses and other current assets | |
| (15,281 | ) | |
| 92,128 | |
Other assets | |
| 173,999 | | |
| (186,727 | ) |
Security deposits, long-term | |
| - | | |
| (15,979 | ) |
Accounts payable and other accrued expenses | |
| 3,792,847 | | |
| 1,115,242 | |
Payments on operating lease liability | |
| (257,677 | ) | |
| (170,535 | ) |
Deferred revenue | |
| 5,010,384 | | |
| 921,613 | |
Net cash provided by (used in) operating activities | |
| 313,470 | | |
| (2,778,270 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of intangible assets | |
| - | | |
| (86,012 | ) |
Purchase of property and equipment | |
| (345,640 | ) | |
| (1,725,726 | ) |
Net cash (used in) investing activities | |
| (345,640 | ) | |
| (1,811,738 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Principal payments of debt | |
| (118,087 | ) | |
| (115,049 | ) |
Stock options exercised | |
| 9,634 | | |
| 12,725 | |
Net cash (used in) financing activities | |
| (108,453 | ) | |
| (102,324 | ) |
| |
| | | |
| | |
Net increase (decrease) in cash and restricted cash | |
| (140,623 | ) | |
| (4,692,332 | ) |
Cash and restricted cash, beginning of period | |
| 13,483,597 | | |
| 19,708,565 | |
Cash and restricted cash, end of period | |
$ | 13,342,974 | | |
$ | 15,016,233 | |
| |
| | | |
| | |
Supplemental disclosure of cash flow information: | |
| | | |
| | |
Cash (refunded) paid: | |
$ | 134,514 | | |
$ | 99,035 | |
Income taxes paid (refunded) | |
$ | - | | |
$ | 128,507 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash investing and financing activities: | |
| | | |
| | |
Conversion of inventory to property and equipment | |
$ | - | | |
$ | 294,016 | |
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