10-K/A: BioRegenx Files Amended 10-K After Error Discovery, Reports Significant Net Loss for 2024

BioRegenx, Inc. files an amended 10-K to correct a transcription error in the consolidated statement of deficit, while reporting a substantial increase in net loss for the fiscal year ended December 31, 2024.

Summary

• BioRegenx, Inc. filed an amendment to its original 10-K report due to a transcription error in the consolidated statement of deficit.
• The company's net loss for the year ended December 31, 2024, was $(23,054,017), compared to $(3,600,082) for the year ended December 31, 2023.
• Gross sales decreased by 29% from $3,687,945 in 2023 to $2,601,839 in 2024.
• The company experienced a decrease in net sales, which was attributed to product issues with the medical testing machine and its impact on nutritional product sales.
• Operating expenses significantly increased to $24,421,776 in 2024, including amortization and impairment expenses, compared to $5,720,262 in 2023.
• The company's liquidity is a concern, with a net cash used in operating activities of $(324,148) for the year ended December 31, 2024.
• The company is in default on certain notes payable totaling $522,500.
• The company's ability to continue as a going concern is dependent on obtaining additional financing and achieving profitable operations.
• The company acquired DocSun Biomedical Holdings, Inc. on January 8, 2024, in exchange for shares of the company's stock.
• Effective March 8, 2024, BioRegenx, Inc. merged into Findit, Inc., with Findit, Inc. changing its name to BioRegenx, Inc.

Sentiment

Score: 3

Explanation: The document presents a negative outlook due to significant losses, decreased sales, increased expenses, and concerns about the company's ability to continue as a going concern. The amendment to correct an error further erodes confidence.

Positives

• The company acquired DocSun Biomedical Holdings, Inc., potentially expanding its product line.
• The company is intensifying its sales and marketing efforts to further boost sales, through new online sales channels, such as Amazon, Walmart and Meta Ads.
• Favorable financing options have been secured for GlycoCheck customers, ensuring accessibility and affordability.

Negatives

• The company experienced a significant increase in net loss, indicating financial difficulties.
• Gross sales decreased, reflecting challenges in product sales.
• Operating expenses increased substantially, impacting profitability.
• The company is in default on certain notes payable, raising concerns about its ability to meet its financial obligations.
• The company's internal control over financial reporting was not effective as of December 31, 2024.

Risks

• The company's ability to continue as a going concern is dependent on obtaining additional financing and achieving profitable operations.
• The company is involved in disputes with certain parties, including former officers and board members, which could have a material adverse effect on its financial condition.
• The company faces intense competition in the health, wellness, and anti-aging markets.
• The company is subject to the penny stock rules, which may reduce trading activity in its stock.
• The company's disclosure controls and procedures were not effective due to material weaknesses in internal control over financial reporting.

Future Outlook

The company anticipates it will require additional capital in order to develop its business and may use a combination of equity and/or debt instruments or enter into a strategic arrangement with a third party.

Industry Context

The health, wellness, and anti-aging markets are highly competitive, with companies employing various growth strategies, including acquisitions, partnerships, and new product launches, to strengthen their market position.

Comparison to Industry Standards

• The document mentions competition from major technology and digital marketing companies such as Alphabet Inc. (Google), Microsoft Corporation, Meta Platforms (Facebook, Instagram), X Corp. (formerly Twitter), and Zillow.
• It also notes competition in the telehealth industry from players like Teladoc Health, Amwell, and MDLIVE.
• The company's competitive differentiation is driven by its proprietary AI technology and strategic partnerships.

Legal Proceedings

• The Company is involved in disputes with certain parties, including parties that are former officers and board members and vendors associated with their activities and contractual matters.

Related Party Transactions

• The company rents its home office from BBD Holdings, LLC which is controlled by Joseph Bird, a significant shareholder and spouse of a director.
• The company reimburses certain officers and board members for company expenses paid through individual credit cards.
• Certain related party loans are secured by all assets of the company or all assets of a subsidiary as evidenced by UCC Financing Statements.

Stakeholder Impact

• Shareholders may be concerned about the company's financial performance and ability to generate returns.
• Employees may be affected by potential cost-cutting measures or restructuring efforts.
• Customers may be impacted by product issues and delivery delays.
• Suppliers and creditors may face increased risk due to the company's financial difficulties.

Next Steps

• The company intends to monetize Findit AI Connect by utilizing its websites and platforms within the company's marketing efforts.
• The company is intensifying its sales and marketing efforts to further boost sales, through new online sales channels, such as Amazon, Walmart and Meta Ads.
• NuLife is working in collaboration with DocSun to develop its TruScan.AI mobile app integrating DocSun's AI engine.
• NuLife is also in development of the VitalWellness app that will merge its DNA and epigenetics platform with the DocSun technology.

Key Dates

Keywords

BioRegenx, financial results, 10-K, net loss, gross sales, operating expenses, DocSun, acquisition, merger, going concern, internal control, default, EIDL, GlycoCheck, Endocalyx Pro, TruScan.Ai, VitalWellness