ReposiTrak(US:TRAK)2024-09-30 21:15Corporate Changes - The company changed its corporate name from Park City Group, Inc. to ReposiTrak, Inc. on December 21, 2023, following a short-form merger with its wholly-owned subsidiary[12]. - The company transferred its common stock listing from NASDAQ to NYSE, commencing trading on November 2, 2023, under the symbol "TRAK"[13]. Financial Information - The board declared a quarterly cash dividend of $0.0165 per share, representing an annual yield of approximately 0.35% based on the closing price on September 30, 2024[14]. - The company redeemed and retired a total of 8,905 shares of Series B Preferred and 212,402 shares of Series B-1 Preferred, resulting in an aggregate purchase price of $2,367,985[16]. Regulatory Compliance - The FDA's FSMA 204 requires traceability data records to be stored for two years, with compliance deadlines set for January 20, 2026, impacting thousands of food products[18]. Product and Service Offerings - The ReposiTrak Traceability Network (RTN) connects thousands of supplier locations to food wholesalers and retailers, enhancing end-to-end traceability in the food supply chain[19]. - The company’s software and services are primarily targeted at the U.S. consumer retail sector, particularly in food, convenience stores, and general merchandise[22]. - The company’s product development strategy focuses on creating common technology elements for multiple applications across core markets[27]. - The company’s services are grouped into three application suites: Compliance Management, Traceability Network, and Supply Chain Solutions, aimed at improving supply chain efficiencies[24]. Customer Base and Sales Strategy - The Company primarily serves food-related consumer goods retailers, wholesalers, and their suppliers, with no single customer exceeding 10% of total revenue for the fiscal year ended June 30, 2024[29]. - The Company has streamlined its sales force to enable cross-selling and shifted sales emphasis towards its inside remote sales team located largely in Utah[30]. - The Company has reorganized its marketing efforts to increase awareness of its solutions and develop new customer relationships through trade shows and direct marketing[29]. Workforce and Employment - As of June 30, 2024, the Company employed a total of 73 employees, with plans to expand its offshore workforce to enhance analytics services and professional offerings[36]. Intellectual Property - The Company has been awarded nine U.S. patents and continues to seek patent protection for all patentable developments with potential value[34]. Risk Management - The Company does not engage in hedging transactions for currency exchange rate exposure, as all contracts require payment in U.S. dollars[142]. - The Company has no costs associated with compliance with environmental regulations and does not anticipate future costs[40]. - The Company is subject to various federal, state, and local laws and regulations, including those related to patent, copyright, and trademark law[39]. Competitive Landscape - The Company competes with larger software vendors and believes its deep industry knowledge and long-standing relationships provide a competitive advantage[32]. Customer Support - The Company offers basic customer support during business hours and premier support for an additional fee, including developer and partner support[31].