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Private company

Verses AI Inc.

Verses AI Inc. is a Canadian computer programming, data processing services company.2 It is headquartered in Vancouver, Canada.2

Last updated Oct 21, 2026.

Overview

$155.0KRevenue, fiscal 20253
-$43.0MNet income, fiscal 20253
  • IndustryServices-Computer Programming, Data Processing, Etc.2
  • HeadquartersVancouver, Canada2
  • Incorporated inBritish Columbia, Canada4
  • Business address595 Howe Street, 10Th Floor, Vancouver, V6C2T54
  • Filer category, Emerging growth company4
  • Legal formCorporation2
  • LEI549300WO1NJDB8EBRY272
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered address15TH FLOOR, 1111 WEST HASTINGS ST., V6E 2J3 Vancouver, Canada2
  • Registered withBC Registry Services, BC12754852

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April 30, 2025, we announced the launch of our flagship product, Genius, which is designed to enable agentic intelligence for enterprises.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-307.5%Gross margin3
-26953.5%Operating margin3
-27737.2%Net margin3
-92.1%Revenue growth, 20253
-$33.1MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue1¢$631.7K
  • Selling, general and admin94¢$41.3M
  • Interest4¢$1.9M

Out of $155.0K in revenue.3 The company lost money this year.

Financial statements

Revenue3$155.0K in 2025−92% since 2024
0$500.0K$1.0M$1.5M$2.0M2024: $2.0M$2.0M20242025: $155.0K$155.0K2025−92%
Gross profit3-$476.7K in 2025
-$600.0K-$400.0K-$200.0K0$200.0K$400.0K2024: $267.6K$267.6K20242025: -$476.7K-$476.7K2025
Operating income3-$41.8M in 2025+4% since 2024
-$60.0M-$40.0M-$20.0M02024: -$40.1M-$40.1M20242025: -$41.8M-$41.8M2025+4%
Net income3-$43.0M in 2025−17% since 2024
-$60.0M-$40.0M-$20.0M02024: -$52.1M-$52.1M20242025: -$43.0M-$43.0M2025−17%
Fiscal year202320242025
Revenue$2.0M3$155.0K3
Cost of revenue$1.7M3$631.7K3
Gross profit$267.6K3-$476.7K3
Selling, general and admin$40.4M3$41.3M3
Operating income-$40.1M3-$41.8M3
Interest$338.0K3$1.9M3
Income before tax-$52.1M3-$43.0M3
Income tax$2.5K3
Net income-$52.1M3-$43.0M3

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Corporate structure

Verses AI Inc. sits at the top of its group. 9 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Verses AI Inc.

  • Verses AI Inc. Vancouver, British Columbia, Canada
    • Verses Global BV Subsidiary · Netherlands
    • Verses Health Inc. Subsidiary · Wyoming, United States
    • Verses Inc. Subsidiary · Wyoming, United States
    • Verses Logistics Inc. Subsidiary · Wyoming, United States
    • Verses Operations Canada Inc. Subsidiary · Canada
    • Verses Realities Inc. Subsidiary · Wyoming, United States
    • Verses Solutions Inc Subsidiary · Wyoming, United States
    • Verses Technologies USA, Inc. Subsidiary · Wyoming, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Verses AI Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$580.8K3 Mar 31, 2025$550.2K3 Mar 31, 2024+5.6%
Accumulated depreciation$455.3K3 Mar 31, 2025$282.9K3 Mar 31, 2024+60.9%
Property and equipment, net$125.4K3 Mar 31, 2025$267.3K3 Mar 31, 2024−53.1%

Inventory

ItemLatestA year beforeChange
Work in process$6.7K3 Mar 31, 2025

Properties, in its own words

Our head office is located at 1111 West Hastings Street, 15th Floor, Vancouver, British Columbia, V6E 2J3. We lease additional offices located at 2121 Avenue of the Stars, 8th Floor, Los Angeles, California, 90067, and High Tech Campus 6a 5656 AE Eindhoven, Netherlands for which our rent is $125, $4,350 and €750 per month, respectively, pursuant to month-to-month leases. We believe that our existing facilities are suitable and adequate to meet our current needs. We intend to add new facilities or expand existing facilities as we add employees, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations.

Item 2 of the 10-K filed Jul 14, 2025.6

Leadership

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Interim Chief Executive OfficerDavid Scott named Mar 30, 20269
  • Chief Financial OfficerJames Christodoulou named Mar 30, 20269
  • President and Chief Operating OfficerJames Hendrickson named Mar 30, 20269
  • PresidentDan Mapes named Oct 26, 2021 to Jan 24, 202510
  • Chief Executive OfficerGabriel Rene named Oct 26, 2021 to Jan 24, 202510
  • Chief Financial OfficerKevin Wilson named Oct 14, 2022 to Jan 24, 202510
  • DirectorJonathan De Vos named Mar 30, 20269
  • DirectorMichael Blum named Nov 13, 2024 to Mar 30, 20269
  • DirectorGordon Scott Paterson named Oct 14, 2022 to Jan 24, 202510
  • DirectorJonathan Scott De Vos named May 6, 2024 to Jan 24, 202510
  • DirectorJay Samit named Oct 14, 2022 to May 6, 202411
  • DirectorJay Scott Samit named Jul 21, 2023 to Dec 13, 202312
  • DirectorJonathan DeVos named Apr 3, 2023 to Dec 13, 202312
  • DirectorJonathan Scott DeVos named Oct 14, 2022 to Mar 14, 202313

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Verses Global BV Netherlands5
  • Verses Health Inc. Wyoming5
  • Verses Inc. Wyoming5
  • Verses Logistics Inc. Wyoming5
  • Verses Operations Canada Inc. Canada5
  • Verses Realities Inc. Wyoming5
  • Verses Solutions Inc Wyoming5
  • Verses Technologies USA, Inc. Wyoming5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Verses Technologies Inc.Oct 26, 2021 to Mar 14, 20234

Timeline

  1. Jul 6, 20268-K Executive or director change; Other events14
  2. Jun 22, 20268-K Executive or director change; Other events15
  3. Mar 31, 20268-K Other events16
  4. Mar 17, 20268-K Unregistered sale of shares; Other events17
  5. Mar 11, 20268-K Executive or director change; Regulation FD disclosure18
  6. Feb 25, 20268-K Regulation FD disclosure19
  7. Feb 23, 20268-K Results of operations20
  8. Feb 20, 20268-K Regulation FD disclosure21
  9. Feb 12, 20268-K Executive or director change; Other events22
  10. Jan 23, 20268-K Other events23
  11. Dec 29, 20258-K Entered a material agreement; New debt or obligation; Unregistered sale of shares24
  12. Dec 4, 20258-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure25
  13. Nov 19, 2020Founded Verses AI Inc. is founded2

Calendar

When it reported results

  1. Feb 23, 2026Reported quarterly or annual results20

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

72 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 23 major events, 2 large holders, 12 private raises, 31 other. The latest 20:

  1. Jul 6, 20268-K EDGAR
  2. Jun 22, 20268-K EDGAR
  3. Apr 1, 2026S-1 EDGAR
  4. Mar 31, 20268-K EDGAR
  5. Mar 30, 2026D EDGAR
  6. Mar 17, 20268-K EDGAR
  7. Mar 11, 20268-K EDGAR
  8. Feb 25, 20268-K EDGAR
  9. Feb 23, 20268-K EDGAR
  10. Feb 20, 202610-Q EDGAR
  11. Feb 20, 20268-K EDGAR
  12. Feb 17, 2026SCHEDULE 13G EDGAR
  13. Feb 17, 2026SCHEDULE 13G EDGAR
  14. Feb 17, 2026NT 10-Q EDGAR
  15. Feb 12, 20268-K EDGAR
  16. Jan 23, 20268-K EDGAR
  17. Dec 29, 20258-K EDGAR
  18. Dec 4, 20258-K EDGAR
  19. Nov 14, 202510-Q EDGAR
  20. Nov 3, 20258-K EDGAR

The 72 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$26.9M 2021–2026
Money received by yearMoney received by year, 2021–2026: $26.9M in all. Private raises (Form D) $26.9M.$0$2.5M$5M$7.5M$10M2021 · Private raises (Form D): $5.9M20212022 · Private raises (Form D): $405.2K2023 · Private raises (Form D): $2.5M20232024 · Private raises (Form D): $7.8M2025 · Private raises (Form D): $9.8M20252026 · Private raises (Form D): $510.6K2026
Figures by year
YearPrivate raises (Form D)Total
2026$510.6K$510.6K
2025$9.8M$9.8M
2024$7.8M$7.8M
2023$2.5M$2.5M
2022$405.2K$405.2K
2021$5.9M$5.9M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Mar 13, 2026Raised $510,639 in a private offering of equity9 Form D: 5 investors so far Form D
  2. Jan 9, 2025Raised $9.8 million in a private offering of equity10 Form D: 7 investors so far Form D
  3. Nov 8, 2024Raised $197,585 in a private offering of securities28 Form D: 2 investors so far Form D
  4. Nov 8, 2024Raised $746,505 in a private offering of equity29 Form D: $3 million offered in all Form D
  5. Sep 26, 2024Raised $29,704 in a private offering of equity30 Form D: 1 investor so far Form D
  6. Apr 17, 2024Raised $6.8 million in a private offering of equity11 Form D: $7.3 million offered in all Form D
  7. Nov 29, 2023Raised $198,588 in a private offering of equity12 Form D: 1 investor so far Form D
  8. Jul 6, 2023Raised $871,126 in a private offering of equity31 Form D: 8 investors so far Form D
  9. Mar 21, 2023Raised $189,233 in a private offering of debt32 Form D: 3 investors so far Form D
  10. Feb 28, 2023Raised $1.2 million in a private offering of equity13 Form D: 5 investors so far Form D
  11. Aug 8, 2022Raised $405,250 in a private offering of equity33 Form D: 11 investors so far Form D
  12. Jul 20, 2021Raised $5.9 million in a private offering of equity34 Form D: 21 investors so far Form D

SEC filer profile

How Verses AI Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARVerses AI Inc.1
  • CIK0001879001
  • Employer ID (EIN)88-29217366
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company6
  • Incorporated inBritish Columbia, Canada6
  • Fiscal year endsMarch 311
  • Industry code (SIC)7370 Services-Computer Programming, Data Processing, Etc.1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address595 Howe Street, 10Th Floor, Vancouver, V6C2T5, British Columbia, Canada1
  • Phone(310) 988-19441
  • Shares outstanding12,680,005 as of Feb 13, 20268
  • Public float$5.3M as of Sep 30, 20246
  • AuditorM&K CPAS, PLLC, The Woodlands, Texas PCAOB ID 2738; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceOct 26, 20211
  • Filings72 in all: 8-K (22), 6-K (13), D (12), SUPPL (4), 10-Q (3), F-X (2), S-8 (2), SCHEDULE 13G (2)1
    All 20 form types

    10-12G (1), 10-K (1), 40FR12G (1), 6-K/A (1), 8-K/A (1), EFFECT (1), F-10 (1), F-10/A (1), NT 10-K (1), NT 10-Q (1), RW (1), S-1 (1)

  • Latest filingsAnnual report (10-K) Jul 14, 2025
    Quarterly report (10-Q) Feb 20, 2026
    Latest 8-K (8-K) Jul 6, 2026

Risk factors and legal proceedings

The risks Verses AI Inc. names in Item 1A of its 10-K filed Jul 14, 2025: 35 risks under these headings, as written.6

  • Risks Related to Our Financial Position, Financial Reporting Matters and Need for Capital
  • We have a limited operating history.
  • If we fail to obtain the capital necessary to fund our operations, we will be unable to continue or complete our product development and you will likely lose your entire investment.
  • The Company has had negative cash flows from operating activities.
  • Our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing.
  • Risks Related to our Business
  • We may not be able to successfully implement our growth strategy which could have a material adverse effect on our business, financial condition and results of operations.
  • Our business depends upon us securing and protecting critical intellectual property.
  • Conflicts of interest may arise between us and our officers and directors, which may have a material adverse effect on our business.
  • The continuous development, maintenance, and operation of our AI products is expensive and complex, may involve unforeseen difficulties and may subject us to legal or regulatory liability as well as reputational harm.
  • Failure to manage the Company’s growth could adversely impact our business.
  • We rely on third-parties for technologies that are vital to the functionality of the Company, and if we are not successful in establishing and maintaining our relationships with such third-parties, our ability to grow and scale Genius or to generate revenue could be impaired and our results of operations may suffer.
The other 25 risks
  • Our business may be adversely affected by cybersecurity threats.
  • Our information systems are subject to damage or interruption. A compromise of our information security controls or of those businesses with whom we interact could harm our reputation and expose us to regulatory actions and claims, any of which could adversely affect our business, financial position, and results of operations.
  • Our applications may contain software errors or defects which could have a material adverse effect on our business and operating results.
  • If a claim is successfully brought against us for uninsured liabilities, or such claim exceeds our insurance coverage, we could be forced to pay substantial damage awards that could materially harm our business.
  • The success of our business depends on our ability to maintain and enhance our reputation and brand.
  • Our business could be adversely impacted by changes in internet and mobile device accessibility.
  • The introduction of software products incorporating new technologies and the emergence of new industry standards could render our existing software products less competitive, obsolete, or unmarketable.
  • We operate in a highly competitive market.
  • The Company’s estimates and forecasts relating to the size and expected growth of its target market, market demand and adoption, capacity to address this demand, and pricing, may prove to be inaccurate which could have a material adverse effect on the business, results of operations and financial condition of the Company.
  • Reputational damage caused by negative publicity may have a material adverse impact on our financial performance, financial condition, cash flows and growth prospects.
  • As a result of the loss of our foreign private issuer status, we are considered a U.S. domestic issuer and are no longer able to avail ourselves the reduced disclosure requirements applicable to foreign private issuers and our officers, directors and principal shareholders are no longer exempt from provisions of Section 16 of the Exchange Act.
  • Our success depends on our management and other key personnel. If we lose key personnel or unable to hire additional qualified personnel, our business may be harmed.
  • Our failure to comply with government regulations could have a material adverse effect on our business, financial condition and results of operations.
  • We may be at risk of litigation.
  • Although demand for AI and agentic AI platforms and applications has grown in recent years, the market for these platforms and applications continues to evolve rapidly. Numerous factors may impede our ability to add new customers, including but not limited to, our failure to compete effectively against alternative products or services.
  • Risks Related to our Subordinate Voting Shares
  • The price of our Subordinate Voting Shares may fluctuate substantially.
  • We may acquire other companies or technologies which could divert our management’s attention, result in dilution to our shareholders and otherwise disrupt our operations and adversely affect our operating results.
  • Unstable market and economic conditions and adverse developments with respect to financial institutions and associated liquidity risk may have serious adverse consequences on our business, financial condition and stock price.
  • Future sales and issuances of our securities could result in additional dilution of the percentage ownership of our shareholders and could cause our share price to fall.
  • We do not intend to pay cash dividends on our Subordinate Voting Shares so any returns will be limited to the value of our shares.
  • We are a “smaller reporting company”, and the reduced disclosure requirements applicable to smaller reporting companies may make our Subordinate Voting Shares less attractive to investors.
  • Our Subordinate Voting Shares traded on the OTCQB Marketplace and Cboe, which may have an unfavorable impact on our share price and liquidity.
  • General Risk Factors
  • If securities or industry analysts do not publish research or reports, or publish unfavorable research or reports about our business, our stock price and trading volume may decline.
  • Financial reporting obligations of being a public company are expensive and time-consuming, and our management will be required to devote substantial time to compliance matters.
  • Failure to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our Subordinate Voting Shares . If our internal controls are not effective, we may not be able to accurately report our financial results or prevent fraud.

Legal proceedings

From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. Other than as set forth below, we are currently not aware of any such legal proceedings or claims that will have, individually or in the aggregate, a material adverse effect on our business, financial condition or operating results.

The opening of Item 3, Legal Proceedings.6

Sources

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    SEC EDGAROther events
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    SEC EDGAROther events
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