Glimpse Group, Inc.
For the period ended Jun 30, 2025. Filed Sep 29, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Sep 29, 2025
BTLN$3.50+6.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-06-30; filed 2024-09-30.
0001493152-24-038786
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-06-30; filed 2025-09-29.
0001493152-25-016073
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 117 previous paragraphs and 105 current paragraphs.
71 unchanged; 25 reworded; 9 added; 21 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
Intangible assets (excluding Goodwill)
Current report
Total revenue for the year ended June 30, 2025 was approximately $10.53 million compared to approximately $8.80 million for the year ended June 30, 2024, an increase of approximately 20%. The increase primarily represents the addition of new Spatial Core customers, which was offset by the runoff of certain heritage VR/AR customers reflecting our Strategic Shift.
Current report
For the year ended June 30, 2025, Software Services revenue was approximately $10.0 million compared to approximately $8.13 million for the year ended June 30, 2024, an increase of approximately 23%. The increase represents the addition of new Spatial Core customers, offset by the runoff of certain heritage VR/AR customers reflecting our Strategic Shift.
Current report
Gross profit margin was approximately 68% for the year ended June 30, 2025 compared to approximately 67% for the year ended June 30, 2024, an increase of approximately 1%. The increase reflects increased margin on Spatial Core revenue driven by less reliance on third party vendors.
Current report
Operating expenses for the year ended June 30, 2025 were approximately $9.86 million compared to approximately $12.47 million for the year ended June 30, 2024, a decrease of approximately 21%. Excluding the change in fair value of acquisition contingent consideration and intangible asset impairment, operating expenses decreased approximately 29% for the year ended June 30, 2025 compared to the year ended June 30, 2024. The decrease reflects our Strategic Shift, divestiture of the QReal business and reduction in non-core businesses.
Current report
Sales and marketing expenses (primarily representing headcount, including incentive based, related costs) for the year ended June 30, 2025 were approximately $2.20 million compared to approximately $2.82 million for the year ended June 30, 2024, a decrease of approximately 22%. The decrease reflects the divestiture of the QReal business and other headcount reductions as part of our Strategic Shift, partially offset by an increase in revenue related incentive pay.
Current report
Change in fair value of acquisition contingent consideration for the year ended June 30, 2025 was an expense of approximately $0.10 million compared to a gain of approximately $4.27 million for the year ended June 30, 2024. The expense in 2025 represents the change in the time value of money related to the present value of future consideration payments related to the BLI acquisition. The gain in 2024 represents a decrease in contingent consideration liabilities driven by revisions to revenue forecasts for BLI and Sector 5 Digital LLC (“S5D”) and a decrease in the common stock price of Glimpse (a portion of potential contingent consideration was payable in stock) between measurement dates.
Current report
For the year ended June 30, 2025, we incurred a net loss of approximately $2.55 million compared to a net loss of approximately $6.39 million for the year ended June 30, 2024, an improvement of approximately $3.84 million. Excluding the changes in fair value of acquisition contingent consideration and intangible asset impairment (see Operating Expenses section above), the losses for the years ended June 30 2025 and 2024 were approximately $2.45 million and approximately $7.72 million, respectively, an approximate $5.27 million improvement in 2025. The reduction in loss reflects increased revenue/gross profit combined with expense reductions reflective of our Strategic Shift, divestiture of the QReal business and reduction in non-core businesses.
Current report
As of June 30, 2025, contingent consideration for acquisition liabilities represents a $1.50 million cash component, payable in calendar year 2025 based on BLI having achieved certain revenue milestones. This will be the final payment (cash or equity) due relating to the BLI acquisition.
Removed paragraphs (21)
Previous report
Intangible assets (other than Goodwill)
Previous report
Recently Adopted Accounting Pronouncements
Previous report
Financial Instruments - Credit Losses
Previous report
In September 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) which requires measurement and recognition of expected credit losses for financial assets held. The Company adopted this guidance on July 1, 2023 and the impact of the adoption was not material to our consolidated financial statements as credit losses are not expected to be significant based on historical collection trends, the financial condition of payment partners, and external market factors.
Previous report
Income Taxes
Previous report
In December 2019, the FASB issued ASU No. 2019-12 to simplify the accounting in Accounting Standards Codification (“ASC”) 740, Income Taxes. This standard removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. This guidance also clarifies and simplifies other areas of ASC 740. The Company adopted this guidance on July 1, 2023 using the prospective transition method. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.
Previous report
Total revenue for the year ended June 30, 2024 was approximately $8.80 million compared to approximately $13.48 million for the year ended June 30, 2023, a decrease of approximately 35%. The decrease reflects our Strategic Shift, which has resulted in a significant turnover in our historical customer base and the divestiture of, and consolidation of, multiple of our entities.
Previous report
For the year ended June 30, 2024, Software Services revenue was approximately $8.13 million compared to approximately $12.59 million for the year ended June 30, 2023, a decrease of approximately 35%. The decrease is driven by the items described above.
Previous report
Gross profit was approximately 67% for the year ended June 30, 2024 compared to approximately 68% for the year ended June 30, 2023, essentially flat reflecting a consistent year over year mix in product revenue and gross profit margin.
Previous report
For the years ended June 30, 2024 and 2023, internal staffing was approximately $1.90 million (65% of total cost of goods sold) and approximately $2.52 million (59% of total cost of goods sold), respectively. The increase in internal staffing as a percentage of total cost of goods sold reflects the intentional reduced reliance on subcontractors.
Previous report
Operating expenses for the year ended June 30, 2024 were approximately $12.47 million compared to $38.02 million for the year ended June 30, 2023, a decrease of approximately 67%. The decrease reflects a decrease in goodwill impairment, reductions in headcount across expense categories driven by reduced revenue and an increase in the gain on change in fair value on acquisition contingent consideration.
Previous report
Sales and marketing expenses (primarily representing headcount, including incentive based, related costs) for the year ended June 30, 2024 were approximately $2.82 million compared to $7.49 million for the year ended June 30, 2023, a decrease of approximately 62%. The decrease reflects reduced headcount throughout the Company, driven by reduced revenue. In addition, there was a reduction in revenue based incentive expense, and furthermore, a gain (i.e., expense reduction) in stock based incentive expense due to a decrease in the fair value of the Company’s common stock between measurement periods prior to payment.
Previous report
Change in fair value of acquisition contingent consideration for the year ended June 30, 2024 was a gain of approximately $4.27 million compared to a gain of approximately $0.70 million for the year ended June 30, 2023. The increased gain reflects a reduction in potential consideration to be paid based on reduced revenue projections and a reduction in contingent consideration that was paid in common stock due to a decrease in common stock price during the period.
Previous report
For the year ended June 30, 2024, we incurred a net loss of approximately $6.39 million compared to a net loss of approximately $28.57 million for the year ended June 30, 2023, an improvement of approximately 78% year-over-year. This reflects reduced revenue and associated gross profit more than offset by reductions in goodwill impairment charges, increased gain on change in fair value of acquisition contingent consideration and reductions in operating expenses primarily due to a decrease in headcount driven by reduced revenue.
Previous report
The Company evaluated whether there are conditions and events, considered in the aggregate, that raise doubt about its ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of management’s plans that have not been fully implemented as of the date the financial statements are issued.
Previous report
The Company has incurred recurring losses since its inception, including a net loss of $6.39 million for the year ended June 30, 2024. In addition, as of June 30, 2024, the Company had an accumulated deficit of $63.0 million. While the Company’s cash flow has improved in recent months, we may continue to generate negative cash flow for the foreseeable future. While the Company intends to generate positive cash flow in the coming 12 months, its cash and cash equivalents as of June 30, 2024 may not be sufficient to fund operations for at least the next twelve months from the date of issuance of these consolidated financial statements. We will need to generate significant additional revenue to achieve and sustain profitability, and we cannot assure that we will be able to do so. Accordingly, the Company has concluded that doubt exists about the Company’s ability to continue as a going concern for a period of at least 12 months from the date of issuance of these consolidated financial statements.
Previous report
Outside of potential revenue growth generated by the Company, in order to restore the going concern the Company may take actions which could include but are not limited to, further cost reductions, equity or debt financings and restructuring of potential future cash contingent acquisition liabilities. There is no assurance that these actions will be taken or be successful if pursued.
Previous report
The financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described.
Previous report
Potential liquidity resources
Previous report
Potential liquidity resources may include the sale of common stock pursuant to an existing effective registration statement on Form S-3. Such financing may not be available on terms favorable to the Company, or at all.
Previous report
As of June 30, 2024, contingent consideration for acquisition liabilities contains cash components ranging up to $3.0 million, potentially payable through October 2025 contingent on BLI achieving certain revenue milestones.
Reworded paragraphs (25)
Previous wording
The objective of this Management’s Discussion and Analysis is to allow investors to view the Company from management’s perspective, considering items that would have a material impact on future operations. The following discussion and analysis of the results of operations and financial condition of The Glimpse Group, Inc. and its underlying entities (collectively referred to as “Glimpse” or the “Company”) as of and for the fiscal years ended June 30, 2024 and 2023, should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements appearing elsewhere in this Report, as well as the other financial information we file with the SEC from time to time. References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “us,” “we”, “our” and similar terms refer to the Company. This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks, uncertainties and other factors. Actual results could differ materially because of factors discussed in “Risk Factors” elsewhere in this Report, and other factors that we may not know. See “Cautionary Statement Regarding Forward-Looking Information.”
Current wording
The objective of this Management’s Discussion and Analysis is to allow investors to view the Company from management’s perspective, considering items that would have a material impact on future operations. The following discussion and analysis of the results of operations and financial condition of The Glimpse Group, Inc. and its underlying entities (collectively referred to as “Glimpse” or the “Company”) as of and for the fiscal years ended June 30, 2025 and 2024, should be read in conjunction with our consolidated financial statements and the notes to those consolidated financial statements appearing elsewhere in this Report, as well as the other financial information we file with the SEC from time to time. References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “us,” “we”, “our” and similar terms refer to the Company. This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks, uncertainties and other factors. Actual results could differ materially because of factors discussed in “Risk Factors” elsewhere in this Report, and other factors that we may not know. See “Cautionary Statement Regarding Forward-Looking Statements.”
Previous wording
The Glimpse Group, Inc. (“Glimpse”, the “Company”) is an Immersive technology company, providing enterprise focused Virtual Reality (VR), Augmented Reality (AR) and Spatial Computing software and services. Glimpse’s operating entities are located primarily in the United States, with a development and modeling center in Turkey. We believe that we offer significant exposure to the rapidly growing and potentially transformative Immersive technology markets, while mitigating downside risk via our diversified model and ecosystem.
Current wording
We are an Immersive technology company, providing enterprise focused Virtual Reality (VR), Augmented Reality (AR) and Spatial Computing software and services (Immersive technologies). Glimpse’s operating entities are located in the United States. We believe that we offer significant exposure to the growing and potentially transformative Immersive technology markets, while mitigating downside risk via our diversified model and ecosystem.
Previous wording
The Immersive technology industry is an early-stage technology industry with nascent markets. We believe that this industry has significant growth potential across verticals, may be transformative, and that our diversified ecosystem creates important competitive advantages. We currently target a wide array of industry verticals, including but not limited to: Corporate Training, Education, Healthcare, Government & Defense, Branding/Marketing/Advertising, Retail, Financial Services, Food & Hospitality, Media & Entertainment, Architecture/Engineering/Construction, Corporate Events and Presentations and Social VR support groups and therapy. We focus primarily on the business-to-business (“B2B”) and business-to-business-to-consumer (“B2B2C”) segments industry and we are hardware agnostic.
Current wording
The Immersive technology industry is an early-stage technology industry with nascent markets. We believe that this industry has significant growth potential across verticals, may be transformative, and that our diversified ecosystem creates important competitive advantages. We currently target a wide array of industry verticals, including but not limited to: Corporate Training, Education, Healthcare, Government & Defense, Branding/Marketing/Advertising, Retail, Media & Entertainment, Corporate Events and Social VR support groups and therapy. We focus primarily on the business-to-business (“B2B”) and business-to-business-to-consumer (“B2B2C”) segments, and we are hardware agnostic.
Previous wording
In fiscal year 2024, we shifted our businesses focus (“Strategic Shift”) to providing immersive technology solutions software and services that are primarily driven by Spatial Computing, Cloud and Artificial Intelligence (“AI”), which we refer to as “Spatial Core”. While this transition is still ongoing, we believe that Spatial Core is a key differentiator, growth driver and competitive advantage for us.
Current wording
In fiscal year 2024, we shifted our businesses focus (“Strategic Shift”) to focus on providing immersive technology solutions software and services that are primarily driven by Spatial Computing, Cloud and Artificial Intelligence (“AI”), including our product “Spatial Core,” led by our entity Brightline Interactive, LLC (“BLI”). We believe that Spatial Core is a key differentiator, growth driver and competitive advantage for us.
Previous wording
The principal estimates relate to the valuation of allowance for doubtful accounts, stock options, warrants, revenue recognition, allocation of the purchase price of assets relating to business combinations, calculation of contingent consideration for acquisitions and fair value of intangible assets and impairment of non-current assets.
Current wording
The principal estimates relate to the valuation of allowance for doubtful accounts, stock options, revenue recognition, allocation of the purchase price of assets relating to business combinations, calculation of contingent consideration for acquisitions, fair value of intangible assets and goodwill impairment.
Previous wording
The Company’s contingent consideration is categorized as Level 3 within the fair value hierarchy. Contingent consideration is recorded within contingent consideration, current, and contingent consideration, non-current, in the Company’s consolidated balance sheets as of June 30, 2024 and 2023. Contingent consideration has been recorded at its fair values using unobservable inputs and have included using the Monte Carlo simulation option pricing framework, incorporating contractual terms and assumptions regarding financial forecasts, discount rates, and volatility of forecasted revenue. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management with the assistance of a third-party valuation specialist.
Current wording
The Company’s contingent consideration is categorized as Level 3 within the fair value hierarchy. Contingent consideration is recorded within contingent consideration, current, and contingent consideration, non-current, in the Company’s consolidated balance sheets as of June 30, 2025 and 2024. Contingent consideration has been recorded at its fair values using unobservable inputs that include assumptions regarding financial forecasts and discount rates. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management.
Previous wording
The Company’s other financial instruments consist primarily of accounts receivable, accounts payable and other liabilities, and approximate fair value due to the short-term nature of these instruments.
Current wording
The Company’s other financial instruments consist primarily of accounts receivable, accounts payable and other liabilities, and are reported at approximate fair value due to the short-term nature of these instruments.
Previous wording
The Company reports its revenues in two categories:
Current wording
The Company reports its revenues in three categories:
Previous wording
For distinct performance obligations recognized at a point in time, any unrecognized portion of revenue and any corresponding unrecognized expenses are presented as deferred revenue/contract liability and deferred costs/contract asset, respectively, in the accompanying consolidated balance sheets. Contract assets include cash and equity based payroll costs, and may include payments to consultants and vendors.
Current wording
For distinct performance obligations recognized at a point in time, any unrecognized portion of revenue and any corresponding unrecognized expenses are presented as deferred revenue and deferred costs, respectively, in the accompanying consolidated balance sheets. Deferred costs include cash based payroll costs, and may include payments to consultants and vendors.
Previous wording
For distinct performance obligations recognized over time, the Company records a contract asset (costs in excess of billings) when revenue is recognized prior to invoicing, or a contract liability (billings in excess of costs) when revenue is recognized subsequent to invoicing.
Current wording
For distinct performance obligations recognized over time, the Company records deferred cost (costs in excess of billings) when revenue is recognized prior to invoicing, or deferred revenue (billings in excess of costs) when revenue is recognized subsequent to invoicing.
Previous wording
Revenue for a significant portion of Software Services projects and solutions (projects whereby, the development of the project leads to an identifiable asset with an alternative use to the Company) is recognized at the point of time in which the customer obtains control of the project, customer accepts delivery and confirms completion of the project. Certain other Software Services revenues are custom project solutions (projects whereby, the development of the custom project leads to an identifiable asset with no alternative use to the Company, and, in which, the Company also has an enforceable right to payment under the contract) and are therefore recognized based on the percentage of completion using an input model with a master budget. The budget is reviewed periodically and percentage of completion adjusted accordingly.
Current wording
Revenue for a significant portion of Software Services projects and solutions (projects whereby, the development of the project leads to an identifiable asset with an alternative use to the Company) is recognized at the point of time in which the customer obtains control of the project, customer accepts delivery and confirms completion of the project. On rare occasions, the Company generates Software Services revenues are custom project solutions (projects whereby, the development of the custom project leads to an identifiable asset with no alternative use to the Company, and, in which, the Company also has an enforceable right to payment under the contract) and are therefore recognized based on the percentage of completion using an input model with a master budget. The budget is reviewed periodically and percentage of completion adjusted accordingly.
Previous wording
Revenue for Software License is recognized at the point of time in which the Company delivers the software and customer accepts delivery. Software License often include third party components that are a fully integrated part of the Software License stack and are therefore considered as one deliverable and performance obligation. If there are significant contractually stated ongoing service obligations to be performed during the term of the Software License or SaaS contract, then revenues are recognized ratably over the term of the contract.
Current wording
Revenue for Software Licenses is recognized at the point of time in which the Company delivers the software and customer accepts delivery. Software Licenses often include third party components that are a fully integrated part of the Software License stack and are therefore considered as one deliverable and performance obligation. If there are significant contractually stated ongoing service obligations to be performed during the term of the Software License or SaaS contract, then revenues are recognized ratably over the term of the contract.
Previous wording
We break out our revenues into two main categories - Software Services and Software License.
Current wording
We break out our revenues into three categories - Software Services, Software License and Royalty Income.
Previous wording
For the year ended June 30, 2024, Software License revenue was approximately $0.67 million compared to approximately $0.89 million for the year ended June 30, 2023, a decrease of approximately 25% driven by the divestiture of PulpoAR.
Current wording
For the year ended June 30, 2025, Software License revenue was approximately $0.51 million compared to approximately $0.67 million for the year ended June 30, 2024, a decrease of approximately 24% driven by the divestiture of the QReal business.
Previous wording
Research and development expenses (primarily representing headcount related costs) for the year ended June 30, 2024 were approximately $5.45 million compared to $8.79 million for the year ended June 30, 2023, a decrease of approximately 38%. The decrease reflects reduced headcount throughout the Company, driven by reduced revenue.
Current wording
Research and development expenses (primarily representing headcount related costs) for the year ended June 30, 2025 were approximately $3.49 million compared to approximately $5.45 million for the year ended June 30, 2024 a decrease of approximately 36%. The decrease reflects the divestiture of the QReal business, more efficient use of headcount (portion that is allocated to cost of goods sold) and other headcount reductions as part of our Strategic Shift.
Previous wording
General and administrative expenses (primarily representing headcount and administrative related costs) for the year ended June 30, 2024 were approximately $4.29 million compared to $5.04 million for the year ended June 30, 2023, a decrease of approximately 15%. The decrease was driven by merger and acquisition fees related to the BLI acquisition in 2023 and a reduction in headcount year over year.
Current wording
General and administrative expenses (primarily representing headcount and administrative related costs) for the year ended June 30, 2025 were approximately $3.64 million compared to approximately $4.29 million for the year ended June 30, 2024, a decrease of approximately 15%. The decrease reflects the divestiture of the QReal business and certain corporate administrative cost reductions.
Previous wording
Amortization of acquisition intangible assets expense for the year ended June 30, 2024 was approximately $1.24 million compared to $2.05 million for the year ended June 30, 2023, a decrease of approximately 40%. The decrease is due to the write off intangible assets related to S5D in 2023 and those related to PulpoAR in the first quarter of fiscal 2024.
Current wording
Amortization of acquisition intangible assets expense for the year ended June 30, 2025 was approximately $0.43 million compared to approximately $1.24 million for the year ended June 30, 2024, a decrease of approximately 65%. The decrease is attributable to the write off of BLI intangible assets – legacy customer relationships in June 2024.
Previous wording
Goodwill impairment for the year ended June 30, 2024 was approximately $0.38 million compared to approximately $12.85 million in the previous year. The 2023 impairment primarily represents the write off of goodwill from the acquisition of S5D due to deteriorating revenue and operating results and forecasts. The 2024 impairment represents the write off of goodwill from the divestiture of PulpoAR, also driven by poor revenue and operating results and forecasts.
Current wording
Goodwill impairment for the year ended June 30, 2025 was none compared to approximately $0.38 million in the previous year. The 2024 impairment represents the write off of goodwill from the divestiture of PulpoAR.
Previous wording
Intangible asset impairment for the year ended June 30, 2024 was approximately $2.56 million compared to approximately $2.50 million in the previous year. The 2024 impairment primarily represents the write off of BLI – customer relationships unamortized balance at June 30, 2024. This is driven by the Strategic Shift, which has resulted in a significant turnover in BLI’s customer base that existed at the acquisition date. The 2024 impairment also includes the impairment of PulpoAR – technology unamortized balance due to PulpoAR’s divestiture. The 2023 impairment primarily represents the write off of S5D – customer relationships unamortized balance at June 30, 2023, due to deteriorating revenue and forecasts. The 2023 impairment also includes the impairment of AUGGD – customer relationships and technology unamortized balances due to AUGGD’s divestiture.
Current wording
Intangible asset impairment for the year ended June 30, 2025 was none compared to approximately $2.56 million in the previous year. The 2024 impairment primarily represents the write off of BLI – legacy customer relationships unamortized balance at June 30, 2024. This was driven by the Strategic Shift, which resulted in a significant turnover in BLI’s customer base that existed at the acquisition date. The 2024 impairment also includes the impairment of PulpoAR - technology unamortized balance due to PulpoAR’s divestiture.
Previous wording
Other income for the years ended June 30, 2024 and 2023 was approximately $0.22 million and $0.24, respectively. This represents interest income on money market fund balances.
Current wording
Other income for the years ended June 30, 2025 and 2024 were approximately $0.19 million and $0.22, respectively. This represents interest income and reflects the timing of changes in cash equivalent balances and changes in short term interest rates.
Previous wording
Adjusted EBITDA loss for the year ended June 30, 2024 was $4.63 million compared to $6.46 million for the comparable 2023 period. The improvement in EBITDA loss was driven by reductions in cash operating expenses exceeding reduced revenue/gross profit.
Current wording
Adjusted EBITDA loss for the year ended June 30, 2025 was approximately $0.87 million compared to approximately $4.63 million for the comparable 2024 period. The improvement is driven by increased revenue/gross profit combined with expense reductions reflective of our Strategic Shift, divestiture of the QReal business and reduction in non-core businesses.
Previous wording
Net cash used in operating activities for the year ended June 30, 2024 was approximately $5.21 million, compared to approximately $9.16 million for the year ended June 30, 2023. This is driven by the decrease in revenue and related gross profit more than offset by reductions in cash operating expenses.
Current wording
Net cash used in operating activities for the year ended June 30, 2025 was approximately $0.27 million, compared to approximately $5.21 million for the year ended June 30, 2024. The significant improvement is driven by increased revenue/gross profit combined with expense reductions reflective of our Strategic Shift, divestiture of the QReal business and reduction in non-core businesses.
Previous wording
Net cash used in investing activities for the year ended June 30, 2024 was approximately $1.53 million compared to approximately $3.53 million for the year ended June 30, 2023. 2024 primarily represented a contingent consideration payment for the BLI acquisition based on achieved revenue milestone. 2023 represented the initial BLI acquisition payment at closing and a contingent acquisition consideration payment to S5D.
Current wording
Net cash used in investing activities for the year ended June 30, 2025 was approximately $1.54 million compared to approximately $1.53 million for the year ended June 30, 2024. For both years this primarily represented contingent consideration payments for the BLI acquisition based on achieved revenue milestones.
Previous wording
Cash flow provided from financing activities during the year ended June 30, 2024 was approximately $2.97 million, compared to $0.06 million for the prior period. 2024 represents the net proceeds of the common stock purchase agreement in October 2023.
Current wording
Cash flow provided by financing activities during the year ended June 30, 2025 was approximately $6.80 million, compared to approximately $2.97 million for the prior period. 2025 represents the net proceeds of the securities purchase agreement in December 2024. 2024 represents the net proceeds of the common stock purchase agreement in October 2023.
Previous wording
As of June 30, 2024, the Company had cash and cash equivalents of $1.85 million, plus $0.72 million of accounts receivable.
Current wording
As of June 30, 2025, the Company had cash and cash equivalents of $6.83 million, plus $0.84 million of accounts receivable.