VirTra Inc (VTSI)

[Pair]

Well, as expected, I was too optimistic. Irregardless, it appears the company is making good progress.

A few observations from the financial statements.

First, the 9 projects totaling $3,994,456 were not completed during the 2nd and 3rd quarters. Since the revenue from the 2 quarters combined was $3,436,145 leaving $558,311, hopefully for the 4th quarter.

Second, gross margin (69.6% in 2009) was 63.2% in the 3rd quarter. I assume that having a foreign distributor responsible for 59% of total revenue might account for some of that. Another factor may be due to the fact that one customer was responsible for $1,110,508 or 26.8% of the total revenue of $4,143,724.

Third, Virtra had 29 employees at June 30 was 29 and as of September 30, they were up to 40 full time employees.