Wed, May 15, 3:45 PM (72 days ago)
BioCorRx Inc.'s Form 10-Q for the quarter ended March 31, 2024, reports a significant decline in revenue, down 91% year-over-year to $3,620. Operating expenses decreased by 11% to $972,312, driven by reductions in payroll, consulting, and advertising costs. However, the company experienced a notable increase in interest expenses, both related and unrelated to parties, totaling $368,648, up from $195,420 in the previous year. Grant income also fell sharply to $112,963 from $241,149. Despite cost-cutting measures, the net loss widened to $1,237,463 from $1,010,586, primarily due to higher interest expenses and lower revenues. The company continues to face liquidity challenges, with a working capital deficit of $7,016,537 and limited cash reserves of $101,080. BioCorRx plans to rely on additional borrowings and shareholder advances to sustain operations. The company also secured a $11,029,977 grant from the National Institutes of Health’s National Institute on Drug Abuse for ongoing research.