Company Overview - The Glimpse Group, Inc. operates a diversified portfolio of ten wholly-owned VR and AR subsidiary companies, focusing on enterprise solutions [173]. - The company employs approximately 65 full-time employees and contractors, primarily in software development and engineering roles [178]. Financial Performance - The company reported continued revenue growth for the periods ended June 30, 2021, and June 30, 2020, despite challenges posed by the COVID-19 pandemic [180]. - Total revenue for the year ended June 30, 2021 was approximately $3.42 million, an increase of approximately 75% compared to $1.95 million for the year ended June 30, 2020 [205]. - Software Services revenue was approximately $3.08 million, representing a 73% increase from approximately $1.78 million in the previous year [207]. - Software License revenue increased by 100% to approximately $0.34 million from approximately $0.17 million year-over-year [208]. - Non-project revenue grew approximately 239% to $1.73 million, accounting for 50.6% of total revenues compared to 26.1% in the prior year [209]. - Gross profit for the year was approximately $1.96 million, with a gross profit margin of approximately 57%, up from 42% in the previous year [211]. - Operating expenses increased by approximately 16% to $6.67 million, primarily due to increases in research and development and general administrative expenses [213]. - Research and development expenses rose approximately 31% to $3.18 million, with expectations for continued increases as software products are developed [216]. - Net loss for the year was approximately $6.09 million, a decline of approximately 22% compared to a net loss of $4.99 million in the previous year [222]. Cash Flow and Financing - Net cash used in operating activities improved by approximately 40% to $1.21 million from $2.02 million year-over-year [230]. - Cash and cash equivalents at the end of the period increased by 70% to $1.77 million compared to $1.04 million at the beginning of the year [229]. - Net cash used in investing activities for the year ended June 30, 2021 was approximately $28,000, a decrease from approximately $32,600 for the year ended June 30, 2020 [231]. - Net cash provided by financing activities for the year ended June 30, 2021 was approximately $1.97 million, which included $1.475 million from the issuance of unsecured Convertible Promissory Notes and a $0.624 million Paycheck Protection Program loan [232]. - The Company's cash position post-IPO was approximately $13.5 million, with contracted revenue backlog exceeding $1.5 million [239]. - Estimated cash operating expense requirements over the next 12 months for existing operations is approximately $6.0 million, with over 80% of costs being variable [242]. - The Company plans to utilize both equity and cash for potential acquisitions in its future growth strategy [243]. - The Company received a PPP2 loan of approximately $0.624 million, expected to be fully forgiven in 2021 or early 2022 [236]. - The Company has no outstanding debt, convertible notes, or preferred equity, aside from the PPP2 loan [238]. Strategic Initiatives - The company aims to expand its portfolio through organic growth and acquisitions, targeting various industry verticals including healthcare and education [176][177]. - Management believes that its Nasdaq listing significantly increases its ability to access capital going forward [241]. - The Company is classified as an "emerging growth company" and intends to take advantage of various reporting exemptions [244]. Impact of COVID-19 - The company received approximately $1.171 million in Paycheck Protection Program loans to support operations during the pandemic [181]. - The company has not had to reduce headcount due to the pandemic, maintaining its workforce throughout the crisis [181]. - The adoption of ASC 606 for revenue recognition did not materially impact reported sales or net earnings [187].

Company Overview - The Glimpse Group operates 10 VR/AR subsidiary companies focused on different industry verticals[8] - The company anticipates revenues exceeding $3.25 million in FY '21, demonstrating an 84% CAGR over the past 3 years[8] - The Glimpse Group raised $23 million to date, primarily through common shares[8] Market and Strategy - The VR/AR industry is projected to grow to over $35 billion by 2023, with a 49% projected CAGR in 2021-23[16] - The company's strategy is based on three core tenets: ecosystem, economies of scale, and diversification[27] - The Glimpse Group aims to leverage its position to add VR/AR companies accretively[25] Financial Highlights - The company has a strong cash position with $13 million in cash[49] - The company has $1.8 million in contracted backlog[49] - The company's IPO on July 1, 2021, generated gross proceeds of approximately $14.1 million[51]