Wed, Oct 9, 7:52 PM (85 days ago)
BioRegenx, Inc. (Ticker: BIOX) reported significant financial challenges for Q2 2024, ending June 30, with a net loss of $1,106,128, a 86% increase from $594,461 in Q2 2023. Gross sales decreased by 3% to $857,534, while returns surged by 533%, significantly impacting net sales, which fell 15% to $734,032. The company's gross profit dropped 21% to $469,878, primarily due to product issues with its medical testing machines. Operating expenses surged 32% to $1,509,675, driven by a new amortization expense of $562,089 and increased selling, general, and administrative costs. For the six months, losses escalated to $4,258,586 from $824,299, with net sales down 34%. Cash flow from operations showed a net use of $281,591, highlighting liquidity concerns as cash reserves dwindled to $57,395. The company faces substantial doubt regarding its ability to continue as a going concern, with significant liabilities, including $522,500 in defaulted loans. Management is seeking additional capital to sustain operations, amid ongoing product-related challenges and increasing operational costs.