SmartMetric Reports Zero Revenue and $167,439 Net Loss for Quarter Ending September 30, 2024

SmartMetric, Inc. reported no revenue for the three months ending September 30, 2024, maintaining a trend of zero sales since its inception in 2002. The company recorded a net loss of $167,439 for the quarter, a slight improvement from the $170,671 loss reported in the same period last year. As of September 30, 2024, SmartMetric's accumulated deficit stood at $32,280,317, reflecting ongoing challenges in achieving profitability. The company’s cash balance decreased to $3,287 from $6,543 at the end of the previous quarter, indicating a continued struggle with liquidity.

In terms of operational changes, SmartMetric's total liabilities remained relatively stable at $3,054,033, compared to $3,063,839 in the prior quarter. The company has seen a significant increase in its common stock outstanding, rising to 4,806,565,324 shares as of September 30, 2024, up from 3,455,157,325 shares at the end of June 2024. This increase is attributed to the issuance of shares for equity funding conversions and cash against stock liability, which are part of the company's strategy to raise capital amid ongoing financial challenges.

SmartMetric is in the final stages of developing its biometric fingerprint-activated credit and debit card, which features a built-in rechargeable battery for portable biometric identification. The company has faced delays in production due to supply chain disruptions but remains optimistic about overcoming these challenges. The management has indicated that they plan to continue funding operations through private sales of equity or debt securities, although there is no assurance that such financing will be available on favorable terms.

The company’s operational metrics reflect a focus on research and development, with expenses in this area dropping significantly to $4,500 from $25,739 year-over-year, primarily due to reduced engineering costs. General and administrative expenses also decreased, indicating a tightening of operational expenditures. Despite these reductions, SmartMetric continues to face substantial doubt regarding its ability to continue as a going concern beyond 2025, as it has not yet generated revenue and relies heavily on external funding to sustain operations.

Looking ahead, SmartMetric's management has expressed intentions to raise additional capital to support ongoing development and operational needs. However, the company acknowledges the inherent risks and uncertainties associated with its business model, particularly the challenges of bringing its biometric card to market and achieving sufficient sales to cover operational costs. The outlook remains cautious, with the potential for continued losses as the company navigates its development phase.