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 Boudreau. “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 healthy 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 CallVirTra’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: 1-877-407-9208International
number: 1-201-493-6784Conference 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:
1-844-512-2921International replay number: 1-412-317-6671Replay 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
EBITDAAdjusted 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 StatementsThe
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 WilsonGateway Group, Inc.
VTSI@gateway-grp.com949-574-3860
|
- 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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