Fri, Jun 14, 9:11 PM (214 days ago)
Odyssey Health, Inc. reported a net income of $11.9 million for the nine months ended April 30, 2024, primarily due to a $16.4 million gain from the sale of assets to Oragenics, Inc. This sale included drug candidates and proprietary formulations, which significantly impacted the financial results. Despite this, the company had an accumulated deficit of $48.3 million as of April 30, 2024, and continued to experience operating losses and negative cash flows, indicating substantial doubt about its ability to continue as a going concern. The company's operating expenses decreased, with research and development expenses dropping by 83% and general and administrative expenses by 40% compared to the same period last year. Stock-based compensation also saw a significant reduction. Odyssey Health's liquidity remains a concern, with cash at $66,014 as of April 30, 2024, insufficient to meet operating expenses through June 2025. The company anticipates needing additional capital through debt or equity issuances. Key uncertainties include the ability to obtain FDA approvals for its products and the need to raise further capital to sustain operations. The company plans to continue developing its CardioMap® heart monitoring device and Save a Life choking rescue device while seeking new acquisitions.