CEOS Reports $1.03M in Q1 Sales; VETCOMM Drives Growth and Sets Stage for Strong Q2

Rhea-AI Summary

CeCors (CEOS) reported $1.03M in new sales for Q1 2024, driven by its subsidiary VETCOMM. Realized revenue was $685,686, including $204,500 from deferred prior period sales, with new deferred revenue of nearly $550,000. Despite a net loss of $217,827 due to strategic investments, CEOS aims for growth through VETCOMM's expanding services. The company plans to add new independent board members to meet OTCQB uplisting requirements and is preparing for a PCAOB audit to enhance financial integrity. Future efforts will focus on strategic expansion and shareholder value.

Positive

• CEOS reported $1.03M in new sales for Q1 2024, indicating strong revenue growth.
• VETCOMM's integration and expansion significantly contributed to the company's revenue.
• CEOS plans to add new independent board members, a move towards meeting OTCQB uplisting requirements.
• The company is preparing for a PCAOB audit, highlighting its commitment to financial integrity and transparency.
• Future quarters will focus on expanding VETCOMM's capabilities and reach, aiming for sustained growth.

Negative

• CEOS incurred a consolidated net loss of $217,827 in Q1 2024.
• The net loss was attributed to strategic investments in sales, marketing, and operational expenses.
• Despite the growth in sales, the company's profitability is currently challenged.

CARSON, CA / ACCESSWIRE / May 16, 2024 / CeCors, Inc. (the "Company" or "CEOS") (OTC PINK:CEOS), a vertically integrated company focused on diverse operating channels, including the rapidly expanding veterans' services and benefits operations of its subsidiary VETCOMM, is proud to report a strong start to the 2024 year with expectations of ongoing developments in its strategic growth initiatives.

In the first quarter of 2024, CEOS achieved total new sales for the quarter of approximately $1,030,000. This is a testimony to the successful integration and rapid expansion of VETCOMM's operating business model. The realized revenue of $685,686, including $204,500 of revenue deferred from prior period sales, combined with additions to deferred revenue in the period of just under $550,000, brings the total new sales for the first quarter to approximately $1,030,000. The Company incurred a consolidated net loss of $217,827 predominantly as a result of strategic investments in sales and marketing and operational expenses that management considered vital for long-term growth and market penetration.

VETCOMM has been a significant driver of the Company's revenue growth since its acquisition in 2023. This has positioned CEOS to capitalize with new markets and enhance service offerings. The upcoming quarters will focus on further developing VETCOMM's capabilities and extending its reach to provide even more comprehensive services to veterans around the United States.

CEOS is excited to announce plans to add new independent members to its board of directors which will position CEOS to meet the listing requirements for an uplist to the OTCQB market. This step is part of our broader effort to enhance shareholder value, providing greater operational oversight and ensuring strong corporate governance.

"I'm excited about our push for greater transparency as we prepare for a PCAOB audit," stated Sukhinder Kalsi, Chief Financial Officer of CeCors, Inc. "We are currently evaluating potential firms to engage and will make a decision soon. These steps highlight our commitment to integrity as we gear up for the OTCQB uplist."

With an exciting first quarter complete, VETCOMM is committed to maintaining its growth trajectory in the second quarter. The Company plans to engage the services of a PCAOB registered independent accounting firm this year to complete audits of our financial results, underlining our commitment to financial integrity and accountability as we prepare for the next phase of our corporate journey.

Kate Monroe, Chief Executive Officer of CeCors, Inc., noted, "Our Q1 results demonstrate the vitality and potential of our strategic initiatives, particularly with VETCOMM. As we move forward, our focus remains on operational and fiscal excellence, strategic expansion, and enhancing shareholder value. We are excited about the opportunities ahead and confident in our approach to achieving sustained growth and profitability."

About CeCors, Inc.

CeCors, Inc. is a vertically integrated development company that operates through two primary subsidiaries: PsyKey Inc., specializing in the development of medicinal and therapeutic products, and VETCOMM.US, a leader in veteran benefits advocacy. CEOS is dedicated to improving lives through innovative services and dedicated support for underserved communities.

About VETCOMM:

VETCOMM's mission is to empower United States veterans by providing them with the education and resources they need to access the benefits they are entitled to but are not presently receiving. Founded by United States Marine Corps veteran Kate Monroe, VETCOMM is dedicated to advocating for veterans and ensuring they receive the support they need to thrive after serving our country.

VETCOMM believes that every veteran deserves to receive the benefits they are entitled to and is committed to providing a comprehensive education and support platform to help them do just that. With the tools provided by VETCOMM, veterans can get rated and claim the benefits they deserve, preventing the reallocation of funds by the U.S. government to other budget line items and ensuring that those who have served their country receive the support they need to lead fulfilling lives. For more information, visit https://www.vetcomm.us/.

For media inquiries, please contact: Rafer Weigel
rafer@vetcomm.us
312-914-8690

For further information:

VETCOMM
Website: www.vetcomm.us
Referral Program: www.vetcomm.us/referral-membership/ Publicly traded company (OTC PINK:CEOS)

Website: www.psykeyworld.com
E-mail: info@psykeyworld.com
Follow us on Twitter: https://twitter.com/PsyKeyworld

Forward-Looking Statements:

Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward- looking statements.

SOURCE: CeCors, Inc.

View the original press release on accesswire.com

FAQ

What were CEOS's Q1 2024 sales?

CEOS reported $1.03M in new sales for Q1 2024.

How much realized revenue did CEOS achieve in Q1 2024?

CEOS achieved $685,686 in realized revenue, including $204,500 from deferred prior period sales.

What was CEOS's net loss for Q1 2024?

CEOS incurred a consolidated net loss of $217,827 for Q1 2024.

What strategic actions is CEOS taking for future growth?

CEOS plans to expand VETCOMM's services, add new independent board members, and prepare for a PCAOB audit.

What is the significance of VETCOMM for CEOS?

VETCOMM has been a significant driver of CEOS's revenue growth since its acquisition in 2023.

What are CEOS's plans for an OTCQB uplisting?

CEOS plans to add new independent board members to meet OTCQB uplisting requirements.