$VRTC
VERITEC INC

2024 Q3 Form 10-Q Financial Statement

#000171328225000012 Filed on January 14, 2025

View on sec.gov

Income Statement

Concept 2024 Q3 2023 Q3
Revenue $39.00K $58.00K
YoY Change -32.76% -42.57%
Cost Of Revenue $42.00K
YoY Change -16.0%
Gross Profit $16.00K
YoY Change -68.63%
Gross Profit Margin 27.59%
Selling, General & Admin $223.0K $191.0K
YoY Change 16.75% -21.07%
% of Gross Profit 1193.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $280.0K $191.0K
YoY Change 46.6% -21.07%
Operating Profit -$241.0K -$175.0K
YoY Change 37.71% -8.38%
Interest Expense $131.0K
YoY Change 9.17%
% of Operating Profit
Other Income/Expense, Net -$149.0K -$131.0K
YoY Change 13.74% 9.17%
Pretax Income -$306.0K
YoY Change -1.61%
Income Tax
% Of Pretax Income
Net Earnings -$390.0K -$306.0K
YoY Change 27.45% -1.61%
Net Earnings / Revenue -1000.0% -527.59%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 39.94M shares 39.99M shares
Diluted Shares Outstanding 39.94M shares 39.99M shares

Balance Sheet

Concept 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.00K
YoY Change -65.13%
Cash & Equivalents $64.00K $53.00K
Short-Term Investments
Other Short-Term Assets $4.000K
YoY Change 0.0%
Inventory
Prepaid Expenses $4.000K
Receivables $6.000K $6.000K
Other Receivables $0.00
Total Short-Term Assets $75.00K $63.00K
YoY Change 19.05% -61.35%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $75.00K $63.00K
Total Long-Term Assets $0.00
Total Assets $63.00K
YoY Change -61.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $325.0K $303.0K
YoY Change 7.26% 0.33%
Accrued Expenses $75.00K $67.00K
YoY Change 11.94% -4.29%
Deferred Revenue $34.00K $29.00K
YoY Change 17.24% 20.83%
Short-Term Debt $8.153M
YoY Change 13.13%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.795M $8.684M
YoY Change 12.79% 11.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $355.0K
YoY Change 129.03%
Total Long-Term Liabilities $355.0K
YoY Change 129.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.795M $8.684M
Total Long-Term Liabilities $355.0K
Total Liabilities $10.19M $9.039M
YoY Change 12.77% 14.27%
SHAREHOLDERS EQUITY
Retained Earnings -$28.67M -$27.53M
YoY Change 4.15% 4.67%
Common Stock $400.0K $400.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.12M -$8.976M
YoY Change
Total Liabilities & Shareholders Equity $75.00K $63.00K
YoY Change 19.05% -61.35%

Cashflow Statement

Concept 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$390.0K -$306.0K
YoY Change 27.45% -1.61%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$152.0K -$137.0K
YoY Change 10.95% 39.8%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $98.00K $129.0K
YoY Change -24.03% -29.89%
NET CHANGE
Cash From Operating Activities -$152.0K -$137.0K
Cash From Investing Activities
Cash From Financing Activities $98.00K $129.0K
Net Change In Cash -$54.00K -$8.000K
YoY Change 575.0% -109.3%
FREE CASH FLOW
Cash From Operating Activities -$152.0K -$137.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q3 dei Document Period End Date
DocumentPeriodEndDate
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CY2024Q3 dei Document Transition Report
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CY2024Q3 dei Entity File Number
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CY2024Q3 dei Entity Registrant Name
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VERITEC, INC.
CY2024Q3 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
NV
CY2024Q3 dei Entity Tax Identification Number
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CY2024Q3 dei Entity Address Address Line1
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2445 Winnetka Avenue N.
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CY2024Q3 dei Entity Address Postal Zip Code
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CY2024Q3 dei City Area Code
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763
CY2024Q3 dei Local Phone Number
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253-2670
CY2024Q3 dei Security12b Title
Security12bTitle
Common Stock, par value $0.01 per share
CY2024Q3 dei Trading Symbol
TradingSymbol
VRTC
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CY2024Q3 us-gaap Use Of Estimates
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<p id="xdx_847_eus-gaap--UseOfEstimates_zBkb4LfZiguc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0"><span><b><span id="xdx_869_zokcMMl8qf8f">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0"><span>The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Those estimates and assumptions include estimates for reserves of uncollectible accounts, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services, and valuation of deferred tax assets. Actual results could differ from those estimates.</span></p>
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CY2024Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_z4gaQmsrqqEc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><span id="xdx_86F_z0NXyCjfPBje">Concentrations</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0">During the three months ended September 30, 2024, the Company had one customer that represented <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_dp_c20240701__20240930__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zjthepNPGqji" title="Concentration risk, percentage">46</span>% (related party) of our revenues, and one customer that represented <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_c20240701__20240930__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_ztImzLe7r6fa" title="Concentration risk, percentage">23</span>% of our revenues.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0">During the three months ended September 30, 2023, the Company had one customer that represented <span id="xdx_90B_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20230930__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zX5Y2tawZDM7" title="Concentration risk, percentage">64</span>% (related party) of our revenues. No other customer represented more than 10% of our revenues.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0">At September 30, 2024, the company had three customers that represented <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_dp_c20240701__20240930__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zE9smeVo9kr1" title="Concentration risk, percentage">48</span>%, <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_dp_c20240701__20240930__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zxasIc3PNFA" title="Concentration risk, percentage">16</span>% and <span id="xdx_905_eus-gaap--ConcentrationRiskPercentage1_dp_c20240701__20240930__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zwFHnG5Oz0L9" title="Concentration risk, percentage">16</span>% of accounts receivable balance. At June 30, 2024, the Company had three customers that represented <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240630__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zJ1QtfPq2OQl" title="Concentration risk, percentage">52</span>%, <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240630__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zsOQC4RRqYAa" title="Concentration risk, percentage">15</span>% and <span id="xdx_903_eus-gaap--ConcentrationRiskPercentage1_dp_c20230701__20240630__srt--MajorCustomersAxis__custom--CustomerThreeMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zp0Rsh8egh81" title="Concentration risk, percentage">15</span>% of accounts receivable.</p>
CY2024Q3 us-gaap Notes Payable
NotesPayable
596000 usd
CY2024Q2 us-gaap Notes Payable
NotesPayable
591000 usd
CY2024Q3 us-gaap Notes And Loans Payable
NotesAndLoansPayable
8645000 usd
CY2024Q2 us-gaap Notes And Loans Payable
NotesAndLoansPayable
8405000 usd
CY2024Q3 VRTC Common Stock To Be Issued Shares
CommonStockToBeIssuedShares
145000 shares
CY2024Q2 VRTC Common Stock To Be Issued Shares
CommonStockToBeIssuedShares
145000 shares
CY2024Q3 VRTC Common Stock To Be Issued
CommonStockToBeIssued
12000 usd
CY2024Q2 VRTC Common Stock To Be Issued
CommonStockToBeIssued
12000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
550000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.03
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2024Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
-0 shares
CY2024Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
-0
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
550000 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.03
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
550000 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.03
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 usd
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
550000 shares
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y3M
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.03
CY2024Q3 VRTC Managament Fee Percent Of Revenue
ManagamentFeePercentOfRevenue
0.35 pure
CY2024Q3 VRTC Fee Revenue
FeeRevenue
18000 usd
CY2023Q3 VRTC Fee Revenue
FeeRevenue
37000 usd
CY2024Q3 us-gaap Proceeds From Customers
ProceedsFromCustomers
200000 usd
CY2024Q3 us-gaap Contract With Customer Refund Liability Current
ContractWithCustomerRefundLiabilityCurrent
150000 usd
CY2024Q3 VRTC Additional Contract With Customer Liability Current
AdditionalContractWithCustomerLiabilityCurrent
50000 usd
CY2024Q3 VRTC License Agreement Minimum Payment Description
LicenseAgreementMinimumPaymentDescription
Per the agreement, the Company will also receive a minimum payment of $60,000 per month in the first year of the agreement, commencing after 120 days, $120,000 per month in the second year and $180,000 per month in the third year.
CY2024 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
150000 usd
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001713282-25-000012-index.html Edgar Link pending
0001713282-25-000012.txt Edgar Link pending
0001713282-25-000012-xbrl.zip Edgar Link pending
ex31_1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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vrtc-20240930.xsd Edgar Link pending
vrtc-20240930_def.xml Edgar Link unprocessable
vrtc-20240930_lab.xml Edgar Link unprocessable
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vrtc093024form10q.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
vrtc-20240930_cal.xml Edgar Link unprocessable
vrtc093024form10q_htm.xml Edgar Link completed