Mon, Dec 16, 9:05 PM (28 days ago)
For the quarter ended October 31, 2024, Odyssey Health, Inc. (OTC: ODYY) reported no revenue, maintaining a focus on developing its medical technologies, specifically the CardioMap® device and the Save a Life choking rescue device. The company faced a net loss of $1,018,906, up 89% from the prior year, primarily due to unrealized losses on investments and increased interest expenses. Total assets decreased to $341,045, down from $586,146, while liabilities rose to $6,619,870, reflecting ongoing operational challenges. Cash flow from operations was negative at $248,514, although financing activities provided $300,000. The company’s cash position remains precarious with only $53,865 available, raising concerns about its ability to sustain operations without additional capital. The accumulated deficit expanded to $62,022,052, highlighting significant financial strain. Future operations hinge on securing additional funding, as current liquidity is insufficient for ongoing expenses. Management indicated that without timely financing, the company may need to scale back or cease operations. The report underscores the high-risk environment surrounding Odyssey Health, particularly given its reliance on external capital and the absence of product sales.