2024 Q2 Form 10-K Financial Statement

#000147237524000045 Filed on June 24, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2024
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 $2.400M
YoY Change
% of Gross Profit
Depreciation & Amortization $1.144K $4.278K
YoY Change 37.67% 25.09%
% of Gross Profit
Operating Expenses $254.3K $3.466M
YoY Change 58.75% 3503.82%
Operating Profit -$254.3K -$3.466M
YoY Change 58.75% 3503.82%
Interest Expense $22.33K $80.64K
YoY Change 20.68% 20.74%
% of Operating Profit
Other Income/Expense, Net -$18.28K -$78.00K
YoY Change -28.03% 89.51%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$272.6K -$3.544M
YoY Change 46.87% 2480.52%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 278.2M shares 278.0M shares 277.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $372.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $2.357K $2.540K
Receivables
Other Receivables
Total Short-Term Assets $2.357K $2.912K
YoY Change -97.41% 156.56%
LONG-TERM ASSETS
Property, Plant & Equipment $6.097K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $726.7K $763.8K
YoY Change -23.38% 14033.38%
TOTAL ASSETS
Total Short-Term Assets $2.357K $2.912K
Total Long-Term Assets $726.7K $763.8K
Total Assets $729.1K $766.7K
YoY Change -29.87% 11624.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $160.7K $116.8K
YoY Change 66.52% 55.38%
Accrued Expenses $107.0K $97.25K
YoY Change 38.97% -22.69%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.414M $3.843M
YoY Change 450.5% 394.78%
LONG-TERM LIABILITIES
Long-Term Debt $184.2K
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $184.2K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.414M $3.843M
Total Long-Term Liabilities $0.00 $184.2K
Total Liabilities $5.042M $4.829M
YoY Change 137.45% 327.5%
SHAREHOLDERS EQUITY
Retained Earnings -$5.888M -$5.616M
YoY Change 160.83% 171.03%
Common Stock $278.3K $278.2K
YoY Change 0.33% 0.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.313M -$4.062M
YoY Change
Total Liabilities & Shareholders Equity $729.1K $766.7K
YoY Change -29.87% 11624.73%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2024
OPERATING ACTIVITIES
Net Income -$272.6K -$3.544M
YoY Change 46.87% 2480.52%
Depreciation, Depletion And Amortization $1.144K $4.278K
YoY Change 37.67% 25.09%
Cash From Operating Activities -$55.33K -$457.5K
YoY Change -54.36% 500.74%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.299K
YoY Change 350.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $54.96K $463.1K
YoY Change -71.3% 508.86%
NET CHANGE
Cash From Operating Activities -$55.33K -$457.5K
Cash From Investing Activities -$6.299K
Cash From Financing Activities $54.96K $463.1K
Net Change In Cash -$372.00 -$763.00
YoY Change -100.56% -49.3%
FREE CASH FLOW
Cash From Operating Activities -$55.33K -$457.5K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; font-size: 10pt"><b>NOTE 1 – NATURE OF OPERATIONS</b></p> <p style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt"> </p> <p style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; text-align: justify; font-size: 10pt">Regenerex Pharma, Inc., formerly Peptide Technologies, Inc. (the “Company” or “Regenerex”), was incorporated in the State of Nevada, United States of America, on November 18, 2005.</p> <p style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; text-align: justify; font-size: 10pt"> </p> <p style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; text-align: justify; font-size: 10pt">On November 15, 2021, the Company entered into an Asset Purchase Agreement in which the Company purchased certain intellectual property in exchange for 150,000,000 shares of the Company’s common stock and up to $10,000,000 in contingent consideration to be paid at the rate of 15% of all gross revenues received from sales or investment money into the Company, payable on the 15<sup>th</sup> of the following month, for a period of 60 months. On August 17, 2023, the Company entered into an Agreement to Purchase Technology Platforms in which the Company purchased certain intellectual property in exchange for an interest-free two million four hundred thousand dollars ($2,400,000) note payable that is due August 17, 2024.  The note payable is due within twelve (12) months of the date of the agreement.  If the Company has not raised a minimum of ten million dollars ($10,000,000) in sales within twelve (12) months, or a minimum of ten million dollars ($10,000,000) in investment, the seller will extend the payments for a further period of twelve (12) months for a 10% payment of the outstanding balance.</p> <p style="margin-top: 0px; margin-right: 0px; margin-bottom: 0px; text-align: justify; font-size: 10pt"> </p> <p style="margin: 0px; text-align: justify; font-size: 10pt">The Company received all rights and title to proprietary wound healing technologies platforms and formulas involving the application of wound care protocols to treat all wounds, such as diabetic ulcers, pressure ulcers, burns and surgical wounds.  These unique products strategically position the Company to enter and capture a high proportionate market share in the U.S.</p> <p style="margin: 0px; text-align: justify; font-size: 10pt"> </p> <p style="margin: 0px; text-align: justify; font-size: 10pt"><i>Risks and Uncertainties</i></p> <p style="margin: 0px; font-size: 10pt"> </p> <p style="margin: 0px; text-align: justify; font-size: 10pt">Our business and our forward-looking statements involve substantial known and unknown risks and uncertainties, including the risks and uncertainties inherent in our statements regarding the impacts of COVID-19, or other future pandemics on our business, results of operations, financial position and cash flows.</p> <p style="margin: 0px; font-size: 10pt"> </p> <p style="margin: 0px; text-align: justify; font-size: 10pt">The Company has a lack of revenue history and has had a limited history of operations.  No revenue has historically been derived from the assets purchased.  Regenerex can give no assurance of success or profitability to the Company’s investors.</p> <p style="margin: 0px; text-align: justify; font-size: 10pt"> </p>
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CY2024 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin: 0px; text-align: justify; font-size: 10pt"><i>Basis of Presentation and Use of Estimates</i></p> <p style="margin: 0px; text-align: justify; font-size: 10pt"><i> </i></p> <p style="margin: 0px; text-align: justify; font-size: 10pt">These financial statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could ultimately differ from those estimates.</p> <p style="margin: 0px; text-align: justify; font-size: 10pt"> </p>
CY2024Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
29847 usd
CY2023Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
9192 usd
CY2024Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P3Y
CY2024 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2875 usd
CY2023 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3223 usd
CY2024 us-gaap Property Plant And Equipment Preproduction Design And Development Costs
PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts
<p style="margin: 0px; text-align: justify; font-size: 10pt"><i style="font-size: 10pt">Furniture and Computer Equipment</i></p> <p style="margin: 0px; text-align: justify; font-size: 10pt"><i> </i></p> <p style="margin: 0px; text-align: justify; font-size: 10pt">Furniture and computer equipment are stated at cost, less accumulated depreciation.  Depreciation is computed using the straight-line method over the estimated useful life of three (3) to five (5) years. Depreciation expense for the years ended March 31, 2024 and 2023 was $1,403 and $197, respectively.  Significant betterments are capitalized while purchases under $500 are expensed as incurred.</p> <p style="margin: 0px; font-size: 10pt"> </p>
CY2024 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
1403 usd
CY2023 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
197 usd
CY2024Q1 us-gaap Lessee Finance Lease Discount Rate
LesseeFinanceLeaseDiscountRate
0.10 pure
CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2024 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2024Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
482000 usd
CY2023Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
212000 usd
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
511847 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
221192 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
12375 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
4800 usd
CY2023Q1 RGPX Accrued Administration Expenses
AccruedAdministrationExpenses
9744 usd
CY2024Q1 RGPX Accrued Asset Purchase Agreement Liability
AccruedAssetPurchaseAgreementLiability
15488 usd
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
69388 usd
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
111243 usd
CY2024Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
97251 usd
CY2023Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
125787 usd
CY2024 us-gaap Related Party Transaction Rate
RelatedPartyTransactionRate
0.10 pure
CY2024 us-gaap Repayments Of Debt
RepaymentsOfDebt
47500 usd
CY2023 us-gaap Repayments Of Debt
RepaymentsOfDebt
2500 usd
CY2024 us-gaap Interest Expense Debt
InterestExpenseDebt
4934 usd
CY2023 us-gaap Interest Expense Debt
InterestExpenseDebt
1725 usd
CY2021Q4 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
150000000 shares
CY2021Q4 us-gaap Business Combination Contingent Consideration Arrangements Description
BusinessCombinationContingentConsiderationArrangementsDescription
and up to $10,000,000 in contingent consideration to be paid at the rate of 15% of all gross revenues received from sales or investment money into the Company, payable on the 15th of the following month, for a period of 60 months.
CY2025Q1 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
475050 usd
CY2026Q1 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
119114 usd
CY2024Q1 us-gaap Accounts Payable Interest Bearing Current And Noncurrent
AccountsPayableInterestBearingCurrentAndNoncurrent
58504 usd
CY2023Q1 us-gaap Accounts Payable Interest Bearing Current And Noncurrent
AccountsPayableInterestBearingCurrentAndNoncurrent
51892 usd
CY2024 us-gaap Operating Lease Expense
OperatingLeaseExpense
18150 usd
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
0 usd
CY2024 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
On June 10, 2023, the Company entered into a plant facility lease agreement with a related party commencing June 9, 2023 which expires on June 30, 2028.  Under this agreement, the monthly rental payments are $18,000 throughout the term of the lease excepting the month of June 2023 the rent is $7,920.  To commence with production, the plant needs to prepare for FDA inspection which will include inspection of the facility, equipment, and the Company’s procedures.  We expect to launch production during the Company’s second quarter of our fiscal year ending March 31, 2025, and will notify the FDA to come into the plant for the inspection at that time.  The Company is able to start production while the plant waits for the FDA Inspection.  Until the certification is complete, and the Company is in production, the monthly rent is reduced by forty (40%) percent to $10,800. Under this agreement, the Company is also leasing the equipment in the plant facility through five (5) annual rent payments of $10,000, which are due on the 15th day of each June from June 2023 to June 2027.
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
675000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2608250 shares
CY2024 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
2578214 shares
CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.013 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.0000 pure
CY2024 RGPX Effective Income Tax Rate Reconciliation Accounts Payable And Accrued Liabilities
EffectiveIncomeTaxRateReconciliationAccountsPayableAndAccruedLiabilities
-0.001 pure
CY2023 RGPX Effective Income Tax Rate Reconciliation Accounts Payable And Accrued Liabilities
EffectiveIncomeTaxRateReconciliationAccountsPayableAndAccruedLiabilities
0.071 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.155 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.068 pure
CY2024 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.041 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.213 pure
CY2024 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000 pure
CY2024Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
581500 usd
CY2023Q1 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
14300 usd
CY2024Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
464100 usd
CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
345800 usd
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1045500 usd
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
360100 usd
CY2024 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
685400 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
29200 usd
CY2024Q1 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
2200000 usd
CY2022Q4 us-gaap Asset Acquisition Contingent Consideration Liability
AssetAcquisitionContingentConsiderationLiability
10000000 usd

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