Wed, May 29, 10:02 AM (255 days ago)
The Form 10-Q/A for BioRegenx, Inc. for the quarter ended March 31, 2024, is an amendment to correct outstanding shares and add XBRL documentation. The company reported net sales of $618,116, a significant decrease from $1,075,585 the previous year, with a gross profit of $458,766 down from $763,891. Operating expenses increased to $1,095,532, resulting in a loss from operations of $(636,766). The net loss for the quarter was $(704,806), compared to $(229,838) in Q1 2023. Key changes include the acquisition of DocSun Biomedical Holdings, adding $13,955,000 in intangible assets. Cash flow from operations was positive at $38,074, but significant investments in property and intangibles led to a net cash outflow of $(19,036,410). Financing activities provided $18,987,092, mainly from SBA loans and stock issuance. The company faces substantial doubt about its ability to continue as a going concern, relying on additional financing to sustain operations. There were no significant changes in internal controls, but material weaknesses were noted due to lack of segregation of duties and formal review processes.