SAN ANTONIO, TX – Wytec International, Inc. (OTCQB:WYTC), a company specializing in telegraph and other message communications, has entered into an amendment with director Christopher Stuart to extend the maturity date of a $625,000 unsecured promissory note, according to an 8-K filing with the Securities and Exchange Commission.
According to InvestingPro data, the company currently operates with a concerning current ratio of 0.07, indicating significant liquidity challenges, with short-term obligations exceeding liquid assets. The amendment, dated December 31, 2024, allows the note's maturity date to be extended by nine additional six-month periods, rather than the previously agreed seven.
The extension is in exchange for pushing back the expiration date of several series of common stock purchase warrants owned by Mr. Stuart. The affected warrants include 20,640 warrants issued on December 11, 2023, 85,784 warrants issued on the same date, and 17,500 warrants issued on February 17, 2022. The new expiration date for these warrants is now December 31, 2025. The company's financial position shows challenges, with an EBITDA of -$4.53 million and revenue of $0.14 million in the last twelve months.
This financial restructuring measure represents a modification to the rights of security holders as it changes the terms under which the warrants can be exercised and the note is to be repaid. The company has filed the full details of the amendment as Exhibit 10.1 in the 8-K report. InvestingPro subscribers can access additional insights, including 8 more key tips about Wytec's financial health and market position.
Wytec International, headquartered at 19206 Huebner Road, Suite 202, San Antonio, Texas, is incorporated in Nevada and operates under the 06 Technology organization name. The recent amendment is part of Wytec's ongoing financial management and is disclosed to the public as per regulatory requirements.
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