2023 Q4 Form 10-K Financial Statement

#000168316823007508 Filed on October 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $25.84K $201.3K
YoY Change -92.7% -84.71%
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $25.84K $201.3K
YoY Change -92.7% -84.71%
Operating Profit -$847.2K -$5.314M
YoY Change -59.22% -34.45%
Interest Expense $190.9K $614.1K
YoY Change 167.68% -26.57%
% of Operating Profit
Other Income/Expense, Net $65.00 $11.14K
YoY Change -113.71% -77.27%
Pretax Income
YoY Change
Income Tax $0.00
% Of Pretax Income
Net Earnings -$538.0K -$5.919M
YoY Change -74.97% -29.9%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.07
Diluted Earnings Per Share -$0.01 -$0.07
COMMON SHARES
Basic Shares Outstanding 81.73M shares 82.68M shares
Diluted Shares Outstanding 81.02M shares 82.68M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $197.9K $36.87K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables $276.6K
Total Short-Term Assets $563.1K $405.9K
YoY Change -31.09% -22.9%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $48.96K $49.91K
YoY Change -3.13% 15.36%
TOTAL ASSETS
Total Short-Term Assets $563.1K $405.9K
Total Long-Term Assets $48.96K $49.91K
Total Assets $612.0K $455.8K
YoY Change -29.47% -19.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.851M $1.798M
YoY Change -22.0% 16.01%
Accrued Expenses $13.75K
YoY Change 0.0%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.830M $6.612M
YoY Change 9.26% 26.82%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.830M $6.612M
Total Long-Term Liabilities
Total Liabilities
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$60.64M -$60.10M
YoY Change 7.65% 10.93%
Common Stock $81.73K $79.07K
YoY Change 13.53% 1.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.218M -$6.156M
YoY Change
Total Liabilities & Shareholders Equity $612.0K $455.8K
YoY Change -29.47% -19.99%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023
OPERATING ACTIVITIES
Net Income -$538.0K -$5.919M
YoY Change -74.97% -29.9%
Depreciation, Depletion And Amortization $0.00
YoY Change -100.0%
Cash From Operating Activities -$59.91K -$1.475M
YoY Change -78.96% -53.56%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.06K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $220.9K $1.449M
YoY Change -18.39% -47.05%
NET CHANGE
Cash From Operating Activities -$59.91K -$1.475M
Cash From Investing Activities $0.00 -$10.06K
Cash From Financing Activities $220.9K $1.449M
Net Change In Cash $161.0K -$35.67K
YoY Change -830.73% -91.87%
FREE CASH FLOW
Cash From Operating Activities -$59.91K -$1.475M
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_807_eus-gaap--NatureOfOperations_z0inT3KjZ7Pk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 1.      <span id="xdx_826_zAZ2NJdJwLLk">Nature of Operations and Going Concern</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our corporate mission is to create or acquire distinct assets, intellectual property, and technologies with an emphasis on acquisition targets that have clinical utility and will generate positive cash flow. Our business model is to develop or acquire medical related products, engage third parties to manufacture such products and then distribute the products through various distribution channels, including third parties. We have three different life saving technologies; the CardioMap® heart monitoring and screening device, the Save a Life choking rescue device and a unique neurosteroid drug compound intended to treat concussions and rare brain disorders. We intend to acquire other technologies and assets and plan to be a trans-disciplinary product development company involved in the discovery, development and commercialization of products and technologies that may be applied over various medical markets. We plan to license, improve and/or develop our products and identify and select distribution channels. We intend to establish agreements with distributors to get products to market quickly as well as to undertake and engage in our own direct marketing efforts. We will determine the most effective method of distribution for each unique product that we include in our portfolio. We will engage third-party research and development firms who specialize in the creation of our products to assist us in the development of our own products and we will apply for trademarks and patents once we have developed proprietary products.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not currently selling or marketing any products, as our products are in development and Food and Drug Administration ("FDA") clearance or approval to market our products will be required to sell in the United States. In addition, it would require additional European union or country specific clearance or approvals to sell internationally.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We did not recognize any revenues for the years ended July 31, 2023 (“fiscal 2023”) or 2022 (“fiscal 2022”) and we had an accumulated deficit of $<span id="xdx_90B_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20230731_zgpKhsbfHkNd" title="Accumulated deficit">60,097,375</span> as of July 31, 2023. For the foreseeable future, we expect to experience continuing operating losses and negative cash flows from operations. Cash available at July 31, 2023 of $<span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20230731_z6OhVF655986" title="Cash and cash equivalents">36,865</span> will not provide enough working capital to meet our current operating expenses through the first quarter of fiscal 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The operating deficit and cash balance at July 31, 2023 indicate substantial doubt about our ability to continue as a going concern. Our continued existence depends on the success of our efforts to raise additional capital necessary to meet our obligations as they come due and to obtain sufficient capital to execute our business plan. We may obtain capital primarily through issuances of debt or equity or entering into collaborative arrangements with corporate partners. There can be no assurance that we will be successful in completing additional financing or collaboration transactions or, if financing is available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we may be required to scale down or perhaps even cease operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issuance of additional equity securities could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, would increase our liabilities and future cash commitments. Our financial statements do not include adjustments that might result from the outcome of this uncertainty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are continually adjusting our business plan to reflect our current liquidity expectations. Due to the unknown and volatile nature of the stock price and trading volume of our common stock, it is difficult to predict the timing and amount of availability pursuant to our equity line of credit with Lincoln Park Capital Fund, LLC (“LPC”). Due to the limitations in the equity line of credit, we will need to do one or more of the following during fiscal 2024; secure additional debt financing, secure additional equity financing, secure a strategic partner, reduce our operating expenditures, or seek bankruptcy protection. Given our recurring losses, negative cash flow, and accumulated deficit, there is substantial doubt about our ability to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p>
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zFheMyAukgXh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_860_zxQmaJbtFPcg">Use of estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with Generally Accepted Accounting Principles (“GAAP”) generally requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2023Q3 us-gaap Finite Lived Intangible Assets Net
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CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Debt Instrument Carrying Amount
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CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2023Q3 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
2425000 usd
CY2022Q3 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
1580000 usd
CY2023Q3 us-gaap Notes Payable
NotesPayable
2425000 usd
CY2022Q3 us-gaap Notes Payable
NotesPayable
1580000 usd
CY2023Q3 ODYY Unamortized Debt Discount And Closing Costs
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280340 usd
CY2022Q3 ODYY Unamortized Debt Discount And Closing Costs
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48063 usd
CY2023Q3 us-gaap Notes Payable Current
NotesPayableCurrent
2144660 usd
CY2022Q3 us-gaap Notes Payable Current
NotesPayableCurrent
1531937 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6645000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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0.46
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6500000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.22
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1350000 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.38
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022Q3 us-gaap Stock Repurchased And Retired During Period Shares
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CY2023Q3 us-gaap Accrued Liabilities Current
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13750 usd
CY2022Q1 us-gaap Stock Issued During Period Shares New Issues
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CY2022Q1 us-gaap Sale Of Stock Price Per Share
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CY2022Q2 ODYY Minimum Amount
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CY2023Q3 us-gaap Common Unit Issued
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CY2023 us-gaap Proceeds From Issuance Of Private Placement
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849302 usd
CY2022Q2 us-gaap Stock Issued During Period Shares New Issues
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CY2022Q2 us-gaap Proceeds From Issuance Of Warrants
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CY2022Q2 us-gaap Sales Commissions And Fees
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CY2022Q2 ODYY Warrant Issued
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CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.35
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.21 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
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CY2022Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
2475100 usd
CY2023Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2022Q3 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0 usd
CY2023Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
13745873 usd
CY2023Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q3 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
1193602 usd
CY2022Q3 us-gaap Accrued Salaries Current And Noncurrent
AccruedSalariesCurrentAndNoncurrent
820771 usd
CY2023 us-gaap Other Expenses
OtherExpenses
11138 usd
CY2022Q1 us-gaap Other Income
OtherIncome
500000 usd
CY2023 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
261738 usd
CY2022 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
538135 usd

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