Wytec International Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Wytec International, Inc. has filed its 2023 10-K annual report, detailing its financial performance and business operations.</b>

AI Summary

WYTEC INTERNATIONAL INC (WYTC) filed a Annual Report (10-K) with the SEC on March 29, 2024. Wytec International, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is located at 19206 Huebner Road, Suite 202, San Antonio, TX 78258. Wytec International Inc. is classified under SIC code 4822 for Telegraph & Other Message Communications. The company is incorporated in Nevada (NV).

Why It Matters

For investors and stakeholders tracking WYTEC INTERNATIONAL INC, this filing contains several important signals. This filing provides a comprehensive overview of Wytec's financial health and strategic direction for the past fiscal year, crucial for investors assessing its current standing. As a public company, Wytec's 10-K filing is a key document for regulatory compliance and transparency, offering insights into its operations and potential risks.

Risk Assessment

Risk Level: medium — WYTEC INTERNATIONAL INC shows moderate risk based on this filing. The company's financial performance and future prospects are not detailed in this filing excerpt, making it difficult to assess its current financial health or growth potential.

Analyst Insight

Investors should review the full 10-K filing to understand Wytec International Inc.'s financial performance, operational details, and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-29 — Filing Date (Date of submission)
• 4822 — SIC Code (Industry classification)

Key Players & Entities

• WYTEC INTERNATIONAL INC (company) — Filer name
• 20231231 (date) — Fiscal year end
• 20240329 (date) — Filing date
• 19206 HUEBNER ROAD, SUITE 202 (address) — Business address
• SAN ANTONIO (location) — Business address city
• TX (location) — Business address state
• 4822 (industry) — Standard Industrial Classification
• NV (location) — State of incorporation

FAQ

Industry Context

Wytec International Inc. operates within the Telecommunications sector, specifically under the SIC code for Telegraph & Other Message Communications.

Regulatory Implications

As a publicly traded company, Wytec International Inc. is subject to SEC regulations and must file annual reports like the 10-K to ensure transparency and compliance with the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze Wytec International Inc.'s operational segments and revenue streams.
3. Assess any disclosed risks and their potential impact on the company's future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-29: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted from the provided text, and no prior filing data is available for comparison.

Key Financial Figures

• $0.001 — The number of shares of common stock, $0.001 par value, outstanding on March 28, 202
• $600,000 — the fourth quarter of 2023, we invested $600,000 in Insurance Resources, LLC, a South Da
• $1.9 — t of 2021 was signed into law providing $1.9 trillion in funding to bridge the Digit
• $122 billion — ding to bridge the Digital Divide, with $122 billion being allocated for Elementary and Seco
• $1M — with a contract value of approximately $1M. Laredo ISD is a member of the CTPA con
• $0.39 — re feet. The Laredo ISD winning bid was $0.39 per square feet. In October 2022, the L
• $1.54 — the price per square foot increased to $1.54. Assuming all CTPA members took advanta
• $1.2 million — could realize revenues of approximately $1.2 million through October 2024. Wytec is now buil
• $6.87 billion — hat the small cell 5G Market will reach $6.87 billion by 2026. Wytec's Network Infrastructur
• $255,634 — r the year ended December 31, 2023 were $255,634, and revenues from the Laredo Contract
• $224,466 — Laredo Contract during this period was $224,466. Purchase orders for other Alliance ISD
• $17,944.5 million — ll cell 5G network market size to reach $17,944.5 million by 2028, exhibiting a compounded annual

Filing Documents

• wytec_i10k-123123.htm (10-K) — 1338KB
• wytec_10k-ex3101.htm (EX-31.1) — 9KB
• wytec_10k-ex3102.htm (EX-31.2) — 9KB
• wytec_10k-ex3201.htm (EX-32.1) — 4KB
• wytec_10k-ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-001864.txt (&nbsp;) — 5950KB
• wytc-20231231.xsd (EX-101.SCH) — 51KB
• wytc-20231231_cal.xml (EX-101.CAL) — 50KB
• wytc-20231231_def.xml (EX-101.DEF) — 223KB
• wytc-20231231_lab.xml (EX-101.LAB) — 360KB
• wytc-20231231_pre.xml (EX-101.PRE) — 328KB
• wytec_i10k-123123_htm.xml (XML) — 656KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 6 Item 1B Unresolved Staff Comments 14 Item 1C Cybersecurity 14 Item 2

Properties

Properties 15 Item 3

Legal Proceedings

Legal Proceedings 15 Item 4 Mine Safety Disclosures 15 PART II Item 5 Market for Registrant's Common Equity and Related Stockholder Matters, and Issuer Purchases of Equity Securities 16 Item 7

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 24 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 25 Item 9A

Controls and Procedures

Controls and Procedures 25 Item 9B Other Information 26 PART III Item 10 Directors, Executive Officers, and Corporate Governance 27 Item 11

Executive Compensation

Executive Compensation 32 Item 12

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 37 Item 13 Certain Relationships and Related Transactions, and Director Independence 39 Item 14 Principal Accounting Fees and Services 41 PART IV Item 15 Exhibits, Financial Statement Schedules 42

SIGNATURES

SIGNATURES 44 i PART I

Business

Item 1. Business. General Wytec International, Inc., a Nevada corporation ("Wytec," the "Company," "we," "us," or "our"), is a designer and developer of patented small cell technology, which we call the "LPN-16," and wide area networks designed to support 5G network deployments across the United States. Wytec offers in-building cellular (known as a distributed antenna system, "DAS") and private Long-term Evolution ("private LTE") solutions utilizing multiple vendors through Synnex Corporation, a leading distributor and solutions aggregator hosting more than 22,000 technology vendors. Concurrently, Wytec plans to commercialize a multichannel transmission product that integrates in-building cellular, private LTE, and gunshot detection services with its LPN-16 in the third quarter of 2024. Wytec was incorporated in November 2011 with the purchase of five (5) United States patents (all of which have since expired) directly related to local multipoint distribution service ("LMDS") utilized in broadband wireless access technology and originally designed for digital television transmission. In June 2014, Wytec filed a provisional patent for its LPN-16 small cell technology. In December 2017, we were granted a patent for our LPN-16 by the United States Patent and Trademark Office ("USPTO"), patent number 9,807,032. The patent is described as an "Upgradeable, High Data Transfer Speed, Multichannel Transmission System" ("UHTMTS"). In October 2019, Wytec participated in a Request for Proposal (the "RFP") issued by the Laredo Independent School District ("ISD") in Laredo, Texas involving in-building cellular enhancement solutions for the ISD. Wytec won the RFP and was awarded a contract with the Laredo ISD to provide its in-building cellular enhancement solutions to 42 buildings within the district (the "Laredo Contract"). Laredo ISD is a member of the Central Texas Purchasing Alliance ("CTPA"), an alliance of over 190 ISDs including Laredo ISD. Due to certain language in

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View this 10-K filing on SEC EDGAR