Versus Systems Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Versus Systems Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and operational information.</b>

AI Summary

Versus Systems Inc. (VS) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Versus Systems Inc. filed a 10-Q quarterly report for the period ending March 31, 2024. The company is incorporated in British Columbia, Canada. Common shares trade under the symbol VS on The Nasdaq Capital Market. Unit A Warrants trade under the symbol VSSYW on The Nasdaq Capital Market. As of May 15, 2024, 2,506,015 common shares were outstanding.

Why It Matters

For investors and stakeholders tracking Versus Systems Inc., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the first quarter of 2024. The report confirms the company's listing on The Nasdaq Capital Market, indicating ongoing compliance with exchange requirements.

Risk Assessment

Risk Level: low — Versus Systems Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial updates without immediate red flags, thus posing a low immediate risk.

Analyst Insight

Monitor future 10-Q filings for revenue growth, profitability trends, and any significant changes in operational or financial metrics.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report period)
• 2024-05-15 — Filing Date (Date the 10-Q was filed)
• 2,506,015 — Common Shares Outstanding (As of May 15, 2024)

Key Players & Entities

• Versus Systems Inc. (company) — Registrant name
• Nasdaq Capital Market (company) — Exchange where securities are registered
• VS (company) — Trading symbol for Common Shares
• VSSYW (company) — Trading symbol for Unit A Warrants
• 2,506,015 (dollar_amount) — Number of common shares outstanding as of May 15, 2024

FAQ

Industry Context

Versus Systems Inc. operates in the technology sector, focusing on services related to computer processing and data preparation.

Regulatory Implications

The company is subject to SEC regulations for quarterly reporting (Form 10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Track Versus Systems Inc.'s stock performance and any news releases following this filing.
3. Compare the financial data in this 10-Q with previous filings to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial reporting period covered by the 10-Q.
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing analyzed for the specified period, providing a baseline for future comparisons.

Filing Documents

• ea0205846-10q_versus.htm (10-Q) — 706KB
• ea020584601ex31-1_versus.htm (EX-31.1) — 10KB
• ea020584601ex31-2_versus.htm (EX-31.2) — 10KB
• ea020584601ex32-1_versus.htm (EX-32.1) — 4KB
• ea020584601ex32-2_versus.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 5KB
• 0001213900-24-043555.txt (&nbsp;) — 5072KB
• vs-20240331.xsd (EX-101.SCH) — 57KB
• vs-20240331_cal.xml (EX-101.CAL) — 29KB
• vs-20240331_def.xml (EX-101.DEF) — 231KB
• vs-20240331_lab.xml (EX-101.LAB) — 414KB
• vs-20240331_pre.xml (EX-101.PRE) — 234KB
• ea0205846-10q_versus_htm.xml (XML) — 659KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Interim Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Interim Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023. 2 Condensed Interim Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023. 3 Condensed Interim Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023. 4 Notes to the Condensed Interim Unaudited Consolidated Financial Statements 5 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Default Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements Versus Systems Inc. Condensed Interim Consolidated Balance Sheets (Unaudited) (Expressed in US Dollars) March 31 December 31, 2024 2023 ($) ($) ASSETS Current assets Cash 2,892,356 4,689,007 Receivables, net of allowance (Note 4) 12,654 18,222 Prepaids 440,688 160,474 Total current assets 3,345,698 4,867,703 Restricted deposit (Note 5) 8,491 8,679 Property and equipment, net (Note 6) 1,169 1,935 Total assets 3,355,358 4,878,317 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities (Note 9, Note 10 and Note 12) 163,527 286,427 Deferred revenue 15,499 35,049 Total liabilities 179,026 321,476 Stockholders' equity Share capital (Note 11) Common stock and additional paid in capital, no par value. Unlimited authorized shares; 2,506,015 and 260,761 shares issued and outstanding, respectively 147,290,988 147,130,123 Accumulated other comprehensive income 208,596 248,287 Accumulated deficit ( 136,762,413 ) ( 135,434,022 ) 10,737,171 11,944,388 Non-controlling interest (Note 7) ( 7,560,839 ) ( 7,387,547 ) Total stockholders' equity 3,176,332 4,556,841 Total liabilities and stockholders' equity 3,355,358 4,878,317 The accompanying notes are an integral part of these condensed interim consolidated financial statements. 1 Versus Systems Inc. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Expressed in US Dollars) Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 ($) ($) REVENUES Revenues 26,503 157,950 Cost of revenues 24,046 32,357 Gross margin 2,457 125,593 EXPENSES Research and development 39,412 67,140 Selling, general and administrative 1,464,481 1,385,342 Total operating expenses 1,503,893 1,452,482 Operating loss ( 1,501,436 ) ( 1,326,889 ) Other income/(expense), net 247 - Loss before provision ( 1,501,683 ) ( 1,

financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP)

financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP). Basis of measurement These condensed interim consolidated financial statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting. 5 VERSUS SYSTEMS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2024 (Expressed in United States dollars) (Unaudited) 2. BASIS OF PRESENTATION (continued) Functional and presentation currency These condensed interim consolidated financial statements are presented in United States dollars, unless otherwise noted, which is the functional currency of the Company and its subsidiaries. Basis of consolidation These condensed interim consolidated financial statements include the accounts of Versus Systems Inc. and its subsidiaries, from the date control was acquired. Control exists when the Company possesses power over an investee, has exposure to variable returns from the investee and has the ability to use its power over the investee to affect its returns. All inter-company balances and transactions, and any unrealized income and expenses arising from inter-company transactions, are eliminated on consolidation. For partially owned subsidiaries, the interest attributable to non-controlling shareholders is reflected in non-controlling interest. Adjustments to non-controlling interest are accounted for as transactions with owners and adjustments that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. Name of Subsidiary Place of Incorporation Proportion of Principal Activity Versus Systems (Holdco) Inc. United States of America 81.9 % Holding Company

View Full Filing

View this 10-Q filing on SEC EDGAR