Glimpse Group Files 2024 10-K

TL;DR

Glimpse Group filed its 2024 10-K. Check financials for FY ending 06/30/24.

AI Summary

Glimpse Group, Inc. filed its 10-K for the fiscal year ending June 30, 2024, reporting on its operations in computer programming services. The filing covers the period from July 1, 2023, to June 30, 2024, and includes financial data for the fiscal years 2023 and 2024. The company is incorporated in Nevada and headquartered in New York.

Why It Matters

This 10-K filing provides a comprehensive overview of Glimpse Group's financial performance and business operations for the past fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-K filing, it contains detailed financial and operational information, which can reveal potential risks and uncertainties inherent in the company's business and the industry it operates in.

Key Numbers

• FY 2024-06-30 — Fiscal Year End (Reporting period for the 10-K)
• FY 2023-06-30 — Previous Fiscal Year End (Comparative period)

Key Players & Entities

• Glimpse Group, Inc. (company) — Filer of the 10-K
• 0001493152-24-038786 (filing_id) — Accession Number for the filing
• 20240630 (date) — Fiscal year end date
• 20240930 (date) — Filing date
• 15 WEST 38TH ST, 12TH FLOOR (address) — Company's business and mail address
• NEW YORK (location) — Company's city
• NV (state) — State of incorporation

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share VRAR The Nasdaq
• $1.13 — eported on the Nasdaq Capital Market of $1.13 per share. As of September 27, 2024,
• $3.30 million — hares of common stock for approximately $3.30 million (at $1.75 per share). The Company recei
• $1.75 — ock for approximately $3.30 million (at $1.75 per share). The Company received the su
• $2.98 million — fessional fees and listing expenses) of $2.98 million. The SPA shares were issued on Octobe
• $14.63 — nto in November 2021 were repriced from $14.63 per share to $1.75 per share. Nasdaq
• $1.00 — common stock listed on Nasdaq was below $1.00 for the prior 30 consecutive business d
• $2B — s a consumer product in 2016 (after its $2B+ acquisition of Oculus), successive ite

Filing Documents

• form10-k.htm (10-K) — 2083KB
• ex4-1.htm (EX-4.1) — 27KB
• ex19-1.htm (EX-19.1) — 56KB
• ex21-1.htm (EX-21.1) — 4KB
• ex23-1.htm (EX-23.1) — 2KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 9KB
• ex97-1.htm (EX-97.1) — 31KB
• form10-k_001.jpg (GRAPHIC) — 77KB
• report_001.jpg (GRAPHIC) — 15KB
• report_002.jpg (GRAPHIC) — 21KB
• report_003.jpg (GRAPHIC) — 7KB
• report_004.jpg (GRAPHIC) — 11KB
• 0001493152-24-038786.txt ( ) — 10070KB
• vrar-20240630.xsd (EX-101.SCH) — 55KB
• vrar-20240630_cal.xml (EX-101.CAL) — 71KB
• vrar-20240630_def.xml (EX-101.DEF) — 266KB
• vrar-20240630_lab.xml (EX-101.LAB) — 508KB
• vrar-20240630_pre.xml (EX-101.PRE) — 431KB
• form10-k_htm.xml (XML) — 1743KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25 PART II 26

Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

[Reserved]

Item 6. [Reserved] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 38

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 38

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 38

Controls and Procedures

Item 9A. Controls and Procedures 39

Other Information

Item 9B. Other Information 39

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 39 PART III 40

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 40

Executive Compensation

Item 11. Executive Compensation 45

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 51

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 51 PART IV 52

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 52

Form 10-K Summary

Item 16. Form 10-K Summary 53

Signatures

Signatures 54 2 CAUTIONARY This Annual Report on Form 10-K (this "Report") includes statements of our expectations, intentions, plans, and beliefs that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). It is important for an investor to understand that these statements involve risks and uncertainties, some of which are beyond our control. These statements relate to the discussion of our business strategies and our expectations concerning future operations, margins, profitability, liquidity, and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. We sometimes use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "think," "will," "would," or the negative of these words or other similar or comparable terms and phrases, including references to assumptions, in this Report to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. Such risks, uncertainties and other factors also include those listed in the section titled "Risk Factors" and elsewhere in this Report and our other filings with the Securities and Exchange Commission ("SEC"). When considering these forward

Business

Business Development and Sales Each of our entities has its own business development and sales team to better focus on specific industry segments, with input and coordination from Glimpse's management team. Our management takes an active role in the business development activities of each entity and in the overall development and integration of sale strategies, goals and budgets. As an integral part of the business development and sales processes, each entity's general manager is very familiar with the product offerings of the other entities and leverages those into his or her own efforts when appropriate. On occasion, we enter into distribution partnerships for our products with third parties. Competitive Environment We believe that our competitors in the Immersive technology industry are focused on two primary segments: VR/AR Hardware (headsets) and Software. Immersive Technology Hardware (Headsets) ("Hardware"): We do not develop any Hardware, and our software and service solutions are mostly compatible with any Hardware. We believe that Hardware development, commercialization and distribution are highly capital intensive and there is not yet large enough scale or mass adoption in the Immersive technology industry to justify such expenditures for a smaller company. As such, there are relatively few participants on the Hardware side, some very large (for example: Meta (formerly, Facebook), Microsoft, Samsung, Google, Apple, ByteDance (Pico), HTC, HP, Lenovo, Sony and Epson) and some much smaller (for example: Magic Leap, XREAL, Varjo and Vuzix). In general, Hardware cycles have been accelerating and performance improving, with simplified usability and reduced end-user costs. The more advanced, easier to use and cheaper the Hardware becomes, the higher the potential for the development of robust software applications and increased market adoption of Immersive technology solutions. We also believe that while the core computing is done on the headset,

Business

Business Cycles Based on our history and information available to date, we have not been able to identify any seasonality of cycles within our business. Since Immersive technology is an emerging industry, market and customer education are material and therefore the length of the typical sales cycle can be between three and 18 months, depending on the size and complexity of the proposed solution and the customer's level of understanding of the Immersive technology space and prior experience. Economic Dependence For the year ended June 30, 2024, one customer accounted for approximately 23% of our revenues and another for approximately 15% of our revenues. No other customer accounted for more than 10% of our revenues for the year ended June 30, 2024. For the year ended June 30, 2023, one customer accounted for approximately 26% of our revenues and another for approximately 21% of our revenues. No other customer accounted for more than 10% of our revenues for the year e

View Full Filing

View this 10-K filing on SEC EDGAR