My research indicates that Mrlahey1 is correct that it refers to the client loss of Fairfax Financial from the PR of 11.01.21 with notice to disregard dated 11.10.21. The multi-year contract was most likely a 3-5 year contract which would take the losses of such a contract at least into 2024.
During the year, Veemost Technologies experienced the early termination of a multi-yearcontract with one of its strategic enterprise clients.
The word "experienced" could be taken to mean that the early termination happened in 2024. However, using the verbiage "endured" or "suffered from" could be more accurate wording to give clearer understanding if the contract was terminated in 2021 but the worst effects of it was felt in 2024 when the bulk of the revenues was expected.
In 2024, the loss of a tiered contract would have been felt most when the greater amount of such revenue was expected.
Either way, whether the contract was lost immediately in 2021 or finally and definitively in 2024, it became a material event when considering the effect the loss had on the 2024 numbers. Increased transparency rightfully led to this disclosure.
VeeMost’s mention of the 2021 retracted press release in its 2024 OTC annual report, but not in 2022 or 2023, likely reflects the delayed financial impact of the lost contract, a strategic shift toward greater transparency, compliance with OTC disclosure requirements, and/or a reassessment of past events under wiser management or better reporting practices.
Market Data 
Markets 
AI
