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