FCUVMEDIUM SIGNALFINANCIAL10-K

FCUV executed a 1-for-10 reverse stock split, increased authorized shares, and showed mixed financial performance with reduced revenue but improved operating losses.

The reverse stock split and subsequent authorization increase to 30 million shares suggests potential dilution concerns or preparation for future capital raising activities. The company's financial performance shows ongoing challenges with declining revenue, though operating losses improved modestly and the balance sheet strengthened through liability reduction.

Comparing 2026-03-31 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

FCUV's financial position presents a mixed picture with revenue declining 36% to $255K while operating losses improved 21% to -$4.9M, indicating better cost management despite lower sales. The balance sheet strengthened notably with total liabilities falling 59% to $366K, though this was partially offset by meaningfully higher net losses. The combination of reduced R&D spending and lower inventory levels suggests the company is managing cash flow more conservatively amid revenue pressures.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
-58.6%
$885K→$366K

Liabilities reduced 58.6% — deleveraging improves balance sheet strength and financial flexibility.

Current Liabilities
Balance Sheet
-58.2%
$877K→$366K

Current liabilities reduced — improved short-term financial position and working capital health.

Capital Expenditure
Cash Flow
+50.4%
$19K→$28K

Capital expenditure jumped 50.4% — major investment cycle underway; assess returns on deployment.

Net Income
P&L
-49.6%
-$3.2M→-$4.8M

Net income declined 49.6% — review whether driven by operations, interest costs, or non-recurring items.

Revenue
P&L
-35.9%
$398K→$255K

Revenue declined 35.9% — significant demand weakness or market share loss warrants investigation.

R&D Expense
P&L
-33.4%
$1.4M→$920K

R&D spending cut 33.4% — could signal cost discipline or concerning reduction in innovation investment.

Accounts Receivable
Balance Sheet
+27.6%
$6K→$7K

Receivables grew 27.6% — monitor days sales outstanding for collection efficiency.

Share Buybacks
Cash Flow
-26.2%
$670K→$494K

Buyback activity reduced 26.2% — capital being redeployed elsewhere or cash conservation underway.

Operating Income
P&L
+21.1%
-$6.2M→-$4.9M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Inventory
Balance Sheet
-20.8%
$126K→$100K

Inventory reduced 20.8% — lean inventory management or demand outpacing supply.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-02-28
ADDED
All information in this Annual Report on Form 10-K or Annual Report, relating to shares or price per share reflects the 1-for-10 reverse stock split effected by us on February 9, 2026.
On January 28, 2025, the Company filed a Certificate Change pursuant to Nevada Revised Statutes ( NRS ) 78.209 with the Secretary of State of the State of Nevada to effect a 1-for-10 reverse stock split of the Company s (i) authorized Common Stock shares and (ii) issued and outstanding Common Stock shares.
The reverse stock split became effective on January 31, 2025.
All shares of Common Stock, options, warrants and securities convertible or exercisable into Common Stock have been adjusted to give retroactive effect to this reverse stock split for all periods presented.
As a result of the reverse split, the Company was authorized to issue 15,000,000 shares of Common Stock.
On September 8, 2025, the Company filed its Second Amendment and Restatement to its Articles of Incorporation to increase the total number of its authorized capital stock to 30,000,000 shares with 25,000,000 shares designated as Common Stock and 5,000,000 shares designated as preferred stock.
On October 20, 2025, the Company filed a Certificate of Designation of Series B Preferred Stock (the Series B Designation ) that had the effect of designating 15,000 shares of its 5,000,000 authorized shares of preferred stock as Series B Convertible Preferred Stock.
On October 21, 2025, the Company filed a Certificate of Designation of Series A Preferred Stock (the Series A Designation ) that had the effect of designating 1,000,000 shares of its 5,000,000 authorized shares of preferred stock as Series A Preferred Stock.
On November 17, 2025, the Company increased the total number of authorized capital stock from 30,000,000 shares to 1,100,000,000 shares and designated 1,000,000,000 shares as Common Stock and designated 100,000,000 shares as preferred stock by filing a Third Amendment and Restatement to the Articles of Incorporation.
On December 5, 2025, the Company filed an amendment and restatement to the Series B Designation (the Amended Series B Designation ) that provided for (i) a fixed floor price, adjusted in the event if reverse splits and/or subdivisions, (ii) the method of calculating the conversion price in the event of a reverse splits and/or subdivisions and (iii) grant of redemption rights to the holders of Series B Convertible Preferred Stock.
REMOVED
All information in this Annual Report on Form 10-K or Annual Report, relating to shares or price per share reflects the 1-for-10 reverse stock split effected by us on January 31, 2025.
On January 31, 2025, we effected a 10 for 1 reverse stock split of the Company s authorized stock and issued and outstanding shares of Common Stock by filing a Certificate of Change pursuant to pursuant to Nevada Revised Statutes ( NRS ) Section 78.209.
As a result of the reverse split, the Company is authorized to issue 15,000,000 common shares (the Company s authorized common shares were reduced in the same ratio (10-for-1) as its outstanding Common Stock shares were reduced).
1 Our principal executive offices are located at 2311 East Locust Court, Ontario, CA 91761.
Other than our financial reporting software, the technologies, products and services that we have developed, and are currently developing have significant applications on the IoT.
[2] ____________________ [1] World Economic Forum, January 2020 The Impact of 5G: Creating New Value across Industries and Society, available at: http://www3.weforum.org/docs/WEF_The_Impact_of_5G_Report.pdf (last accessed March 6, 2023).
[2] https://www.marketsandmarkets.com/Market-Reports/power-line-communication-plc-market-912.html (last accessed on March 6, 2023).
A 5G network requires spectrum across low, mid, and high spectrum bands to deliver widespread coverage and support a wide range of use cases [3] .
[11] ____________________ [3] Horwitz, Jeremy (December 10, 2019).
VentureBeat online magazine (available at: https://venturebeat.com/2019/12/10/the-definitive-guide-to-5g-low-mid-and-high-band-speeds/ (Last accessed March 7, 2023)).
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