| REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS |
NOTE 23 – REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS
As discussed in Note 2, in preparing the consolidated financial statements as of and for year ended December 31, 2025, we identified errors in our previously issued interim financial statements related to (i) improperly recording certain revenue and cost of sales transactions on a gross basis rather than on a net basis per the Company’s revenue recognition policy, and (ii) classification of costs between the Company and a consolidating subsidiary of which we do not own 100%. We concluded that they were not material to any previously issued financial statements. The identified errors impacted our previously financial statements as of and for the three and nine months ended September 30, 2025.
The following tables reflect the impact of the revision to the specific line items presented in our previously reported (a) condensed consolidated balance sheet as of September 30, 2025; (b) condensed consolidated statements of operations for the three and nine months ended September 30, 2025; (c) condensed consolidated statements of deficit for the three months ended September 30, 2025; and (d) condensed consolidated statement of cash flows for the nine months ended September 30, 2025.
CONDENSED CONSOLIDATED BALANCE SHEET |
September 30, 2025 |
(Unaudited) |
|
|
As Reported |
|
|
Revision |
|
|
As Revised |
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
287,688 |
|
|
$ |
- |
|
|
$ |
287,688 |
|
Accounts receivable, net |
|
|
194,442 |
|
|
|
(35,000 |
) |
|
|
159,442 |
|
Grant receivable |
|
|
761,515 |
|
|
|
- |
|
|
|
761,515 |
|
Inventory |
|
|
155,367 |
|
|
|
- |
|
|
|
155,367 |
|
Prepaid expenses |
|
|
63,164 |
|
|
|
- |
|
|
|
63,164 |
|
Total current assets |
|
|
1,462,176 |
|
|
|
(35,000 |
) |
|
|
1,427,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
7,685 |
|
|
|
- |
|
|
|
7,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Right to use assets |
|
|
169,443 |
|
|
|
- |
|
|
|
169,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets, net |
|
|
3,011,833 |
|
|
|
- |
|
|
|
3,011,833 |
|
Goodwill |
|
|
2,840,400 |
|
|
|
- |
|
|
|
2,840,400 |
|
Deposits, long term |
|
|
41,936 |
|
|
|
- |
|
|
|
41,936 |
|
Total other assets |
|
|
5,894,169 |
|
|
|
- |
|
|
|
5,894,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
7,533,473 |
|
|
|
(35,000 |
) |
|
$ |
7,498,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
12,400,939 |
|
|
|
2,828 |
|
|
$ |
12,403,767 |
|
Deferred revenue, grant |
|
|
56,590 |
|
|
|
- |
|
|
|
56,590 |
|
Lease liability, short term |
|
|
41,686 |
|
|
|
839 |
|
|
|
42,525 |
|
Notes payable, net of debt discount |
|
|
1,547,853 |
|
|
|
- |
|
|
|
1,547,853 |
|
Notes payable, related parties, net of debt discount |
|
|
991,059 |
|
|
|
- |
|
|
|
991,059 |
|
Total current liabilities |
|
|
15,038,127 |
|
|
|
3,667 |
|
|
|
15,041,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Economic Injury Disaster loan, long term |
|
|
69,803 |
|
|
|
- |
|
|
|
69,803 |
|
Upfront purchase price liability |
|
|
85,440 |
|
|
|
- |
|
|
|
85,440 |
|
Royalty liability |
|
|
317,577 |
|
|
|
- |
|
|
|
317,577 |
|
Royalty obligation, net of discount |
|
|
4,659,064 |
|
|
|
- |
|
|
|
4,659,064 |
|
Lease liability, long term |
|
|
127,757 |
|
|
|
(839 |
) |
|
|
126,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
20,297,768 |
|
|
|
2,828 |
|
|
|
20,300,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deficit: |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, no par value, 600,000 authorized |
|
|
|
|
|
|
|
|
|
|
|
|
Series A convertible preferred stock, no par value; 80,000 designated; 80,000 shares issued and outstanding as of September 30, 2025 |
|
|
16,000 |
|
|
|
- |
|
|
|
16,000 |
|
Series B convertible preferred stock, no par value; 160,000 designated; 160,000 shares issued and outstanding as of September 30, 2025 |
|
|
5,616 |
|
|
|
- |
|
|
|
5,616 |
|
Common stock, $0.001 par value; 750,000,000 shares authorized, 20,188,029 shares issued and outstanding as of September 30, 2025 |
|
|
20,188 |
|
|
|
- |
|
|
|
20,188 |
|
Common stock subscribed |
|
|
100,000 |
|
|
|
- |
|
|
|
100,000 |
|
Common stock subscription receivable |
|
|
- |
|
|
|
(35,000 |
) |
|
|
(35,000 |
) |
Additional paid in capital |
|
|
73,575,400 |
|
|
|
(1 |
) |
|
|
73,575,399 |
|
Accumulated deficit |
|
|
(87,201,843 |
) |
|
|
1,070,785 |
|
|
|
(86,131,058 |
) |
Total deficit attributable to BioCorRx Inc. |
|
|
(13,484,639 |
) |
|
|
1,035,784 |
|
|
|
(12,448,855 |
) |
Non-controlling interest |
|
|
720,344 |
|
|
|
(1,073,612 |
) |
|
|
(353,268 |
) |
Total deficit |
|
|
(12,764,295 |
) |
|
|
(37,828 |
) |
|
|
(12,802,123 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and deficit |
|
$ |
7,533,473 |
|
|
|
(35,000 |
) |
|
$ |
7,498,473 |
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
Three Months ended September 30, 2025 |
(Unaudited) |
|
|
As Reported |
|
|
Revision |
|
|
As Revised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net |
|
$ |
635,224 |
|
|
$ |
(421,314 |
) |
|
$ |
213,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of implants and other costs |
|
|
358,812 |
|
|
|
(358,812 |
) |
|
|
- |
|
Research and development |
|
|
1,004,660 |
|
|
|
1 |
|
|
|
1,004,661 |
|
Selling, general and administrative |
|
|
1,145,353 |
|
|
|
(242,759 |
) |
|
|
902,594 |
|
Depreciation and amortization |
|
|
71,986 |
|
|
|
1 |
|
|
|
71,987 |
|
Total operating expenses |
|
|
2,580,811 |
|
|
|
(601,569 |
) |
|
|
1,979,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(1,945,587 |
) |
|
|
180,255 |
|
|
|
(1,765,332 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense - related parties |
|
|
(195,515 |
) |
|
|
27,995 |
|
|
|
(167,520 |
) |
Interest expense, net |
|
|
(29,672 |
) |
|
|
(30,823 |
) |
|
|
(60,495 |
) |
Grant income |
|
|
867,130 |
|
|
|
438,219 |
|
|
|
1,305,349 |
|
Change in fair value of upfront purchase price liability |
|
|
(1,785 |
) |
|
|
- |
|
|
|
(1,785 |
) |
Change in fair value of royalty liability |
|
|
- |
|
|
|
(180,257 |
) |
|
|
(180,257 |
) |
Other miscellaneous income |
|
|
496,927 |
|
|
|
(438,219 |
) |
|
|
58,708 |
|
Total other income |
|
|
1,137,085 |
|
|
|
(183,085 |
) |
|
|
954,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision for income taxes |
|
|
(808,502 |
) |
|
|
(2,830 |
) |
|
|
(811,332 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(808,502 |
) |
|
|
(2,830 |
) |
|
|
(811,332 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
|
(1,109,371 |
) |
|
|
1,073,612 |
|
|
|
(35,759 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to BioCorRx Inc. |
|
$ |
(1,917,873 |
) |
|
$ |
1,070,782 |
|
|
$ |
(847,091 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share, basic and diluted |
|
$ |
(0.11 |
) |
|
$ |
0.06 |
|
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding, basic and diluted |
|
|
18,162,783 |
|
|
|
396,645 |
|
|
|
18,559,428 |
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
Nine Months ended September 30, 2025 |
(Unaudited) |
|
|
As Reported |
|
|
Revision |
|
|
As Revised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues, net |
|
$ |
948,362 |
|
|
$ |
(421,315 |
) |
|
$ |
527,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of implants and other costs |
|
|
358,813 |
|
|
|
(358,813 |
) |
|
|
- |
|
Research and development |
|
|
1,463,439 |
|
|
|
1 |
|
|
|
1,463,440 |
|
Selling, general and administrative |
|
|
3,254,760 |
|
|
|
(242,762 |
) |
|
|
3,011,998 |
|
Depreciation and amortization |
|
|
168,807 |
|
|
|
- |
|
|
|
168,807 |
|
Total operating expenses |
|
|
5,245,819 |
|
|
|
(601,574 |
) |
|
|
4,644,245 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(4,297,457 |
) |
|
|
180,259 |
|
|
|
(4,117,198 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense - related parties |
|
|
(520,013 |
) |
|
|
27,994 |
|
|
|
(492,019 |
) |
Interest expense, net |
|
|
(153,841 |
) |
|
|
(30,823 |
) |
|
|
(184,664 |
) |
Loss on settlement of debt |
|
|
(187,514 |
) |
|
|
- |
|
|
|
(187,514 |
) |
Grant income |
|
|
1,435,379 |
|
|
|
438,219 |
|
|
|
1,873,598 |
|
Change in fair value of upfront purchase price liability |
|
|
(6,679 |
) |
|
|
- |
|
|
|
(6,679 |
) |
Change in fair value of royalty liability |
|
|
31,324 |
|
|
|
(180,257 |
) |
|
|
(148,933 |
) |
Other miscellaneous income |
|
|
661,256 |
|
|
|
(438,219 |
) |
|
|
223,037 |
|
Total other income (expense) |
|
|
1,259,912 |
|
|
|
(183,086 |
) |
|
|
1,076,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision for income taxes |
|
|
(3,037,545 |
) |
|
|
(2,827 |
) |
|
|
(3,040,372 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
(3,037,545 |
) |
|
|
(2,827 |
) |
|
|
(3,040,372 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interest |
|
|
(955,156 |
) |
|
|
1,073,612 |
|
|
|
118,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to BioCorRx Inc. |
|
$ |
(3,992,701 |
) |
|
$ |
1,070,785 |
|
|
$ |
(2,921,916 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common share, basic and diluted |
|
$ |
(0.24 |
) |
|
$ |
0.07 |
|
|
$ |
(0.17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding, basic and diluted |
|
|
16,901,306 |
|
|
|
- |
|
|
|
16,901,306 |
|
CONDENSED CONSOLIDATED STATEMENT OF DEFICIT |
Three Months ended September 30, 2025 |
As Reported
|
|
Series A
Convertible
Preferred stock
|
|
|
Series B
Convertible
Preferred stock
|
|
|
Common stock |
|
|
Common
stock
|
|
|
Additional
Paid in
|
|
|
Accumulated |
|
|
Non-
Controlling
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Subscribed |
|
|
Capital |
|
|
Deficit |
|
|
Interest |
|
|
Total |
|
Balance, June 30, 2025 (unaudited) |
|
|
80,000 |
|
|
$ |
16,000 |
|
|
|
160,000 |
|
|
$ |
5,616 |
|
|
|
17,281,886 |
|
|
$ |
17,282 |
|
|
$ |
100,000 |
|
|
$ |
72,520,867 |
|
|
$ |
(85,283,967 |
) |
|
$ |
(389,027 |
) |
|
$ |
(13,013,229 |
) |
Common stock issued for services rendered |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
276,331 |
|
|
|
276 |
|
|
|
- |
|
|
|
103,599 |
|
|
|
- |
|
|
|
- |
|
|
|
103,875 |
|
Common stock issued in connection with subscription agreement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,000,000 |
|
|
|
2,000 |
|
|
|
- |
|
|
|
698,000 |
|
|
|
- |
|
|
|
- |
|
|
|
700,000 |
|
Common stock issued in connection with conversion of promissory notes and accounts payable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
582,511 |
|
|
|
583 |
|
|
|
- |
|
|
|
211,918 |
|
|
|
- |
|
|
|
- |
|
|
|
212,501 |
|
Common stock issued in connection with exercise of options |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
47,301 |
|
|
|
47 |
|
|
|
- |
|
|
|
15,703 |
|
|
|
- |
|
|
|
- |
|
|
|
15,750 |
|
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16,060 |
|
|
|
- |
|
|
|
- |
|
|
|
16,060 |
|
Imputed interest for related party advances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,253 |
|
|
|
- |
|
|
|
- |
|
|
|
9,253 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,917,876 |
) |
|
|
1,109,371 |
|
|
|
(808,505 |
) |
Balance, September 30, 2025 (unaudited) |
|
|
80,000 |
|
|
$ |
16,000 |
|
|
|
160,000 |
|
|
$ |
5,616 |
|
|
|
20,188,029 |
|
|
$ |
20,188 |
|
|
$ |
100,000 |
|
|
$ |
73,575,400 |
|
|
$ |
(87,201,843 |
) |
|
$ |
720,344 |
|
|
$ |
(12,764,295 |
) |
Revision
|
|
Series A
Convertible
Preferred stock
|
|
|
Series B
Convertible
Preferred stock
|
|
|
Common stock |
|
|
Common
stock
|
|
|
Subscription |
|
|
Additional
Paid in
|
|
|
Accumulated |
|
|
Non-
Controlling
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Subscribed |
|
|
Receivable |
|
|
Capital |
|
|
Deficit |
|
|
Interest |
|
|
Total |
|
Balance, June 30, 2025 (unaudited) |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Common stock issued for services rendered |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
47,301 |
|
|
|
47 |
|
|
|
- |
|
|
|
- |
|
|
|
15,703 |
|
|
|
- |
|
|
|
- |
|
|
|
15,750 |
|
Common stock issued in connection with subscription agreement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(35,000 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(35,000 |
) |
Common stock issued in connection with conversion of promissory notes and accounts payable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Common stock issued in connection with exercise of options |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
(47,301 |
) |
|
|
47 |
|
|
|
- |
|
|
|
- |
|
|
|
(15,703 |
) |
|
|
- |
|
|
|
- |
|
|
|
(15,750 |
) |
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Imputed interest for related party advances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,070,785 |
|
|
|
(1,073,612 |
) |
|
|
(2,827 |
) |
Balance, September 30, 2025 (unaudited) |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(35,000 |
) |
|
$ |
(1 |
) |
|
$ |
1,070,785 |
|
|
$ |
(1,073,612 |
) |
|
$ |
(37,828 |
) |
As Revised
|
|
Series A
Convertible
Preferred stock
|
|
|
Series B
Convertible
Preferred stock
|
|
|
Common stock |
|
|
Common
stock
|
|
|
Subscription |
|
|
Additional
Paid in
|
|
|
Accumulated |
|
|
Non-
Controlling
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Subscribed |
|
|
Receivable |
|
|
Capital |
|
|
Deficit |
|
|
Interest |
|
|
Total |
|
Balance, June 30, 2025 (unaudited) |
|
|
- |
|
|
$ |
16,000 |
|
|
|
160,000 |
|
|
$ |
5,616 |
|
|
|
17,281,886 |
|
|
$ |
17,282 |
|
|
$ |
100,000 |
|
|
$ |
- |
|
|
$ |
72,520,867 |
|
|
$ |
(85,283,967 |
) |
|
$ |
(389,027 |
) |
|
$ |
(13,013,229 |
) |
Common stock issued for services rendered |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
323,632 |
|
|
|
323 |
|
|
|
- |
|
|
|
- |
|
|
|
119,302 |
|
|
|
- |
|
|
|
- |
|
|
|
119,625 |
|
Common stock issued in connection with subscription agreement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,000,000 |
|
|
|
2,000 |
|
|
|
- |
|
|
|
(35,000 |
) |
|
|
698,000 |
|
|
|
- |
|
|
|
- |
|
|
|
665,000 |
|
Common stock issued in connection with conversion of promissory notes and accounts payable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
582,511 |
|
|
|
583 |
|
|
|
- |
|
|
|
- |
|
|
|
211,917 |
|
|
|
- |
|
|
|
- |
|
|
|
212,500 |
|
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16,060 |
|
|
|
- |
|
|
|
- |
|
|
|
16,060 |
|
Imputed interest for related party advances |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
9,253 |
|
|
|
- |
|
|
|
- |
|
|
|
9,253 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(847,091 |
) |
|
|
35,759 |
|
|
|
(811,332 |
) |
Balance, September 30, 2025 (unaudited) |
|
|
- |
|
|
$ |
16,000 |
|
|
|
160,000 |
|
|
$ |
5,616 |
|
|
|
20,188,029 |
|
|
$ |
20,188 |
|
|
$ |
100,000 |
|
|
$ |
(35,000 |
) |
|
$ |
73,575,399 |
|
|
$ |
(86,131,058 |
) |
|
$ |
(353,268 |
) |
|
$ |
(12,802,123 |
) |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
Nine Months ended September 30, 2025 |
(Unaudited) |
|
|
As Reported |
|
|
Revision |
|
|
As Revised |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(3,037,545 |
) |
|
$ |
(2,827 |
) |
|
$ |
(3,040,372 |
) |
Adjustments to reconcile net loss to cash flows used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
168,807 |
|
|
|
- |
|
|
|
168,807 |
|
Amortization of discount on royalty obligation |
|
|
355,662 |
|
|
|
- |
|
|
|
355,662 |
|
Amortization of debt discount |
|
|
53,861 |
|
|
|
- |
|
|
|
53,861 |
|
Amortization of right-of-use asset |
|
|
29,741 |
|
|
|
- |
|
|
|
29,741 |
|
Loss on settlement of debt |
|
|
187,514 |
|
|
|
- |
|
|
|
187,514 |
|
Change in fair value of upfront purchase price liability |
|
|
6,679 |
|
|
|
- |
|
|
|
6,679 |
|
Change in fair value of royalty liability |
|
|
(31,324 |
) |
|
|
180,257 |
|
|
|
148,933 |
|
Stock based compensation |
|
|
241,346 |
|
|
|
201,498 |
|
|
|
442,844 |
|
Fair value of options issued |
|
|
81,874 |
|
|
|
(81,874 |
) |
|
|
- |
|
Imputed interest for related party advances |
|
|
28,067 |
|
|
|
- |
|
|
|
28,067 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(194,442 |
) |
|
|
35,000 |
|
|
|
(159,442 |
) |
Grant receivable |
|
|
(761,515 |
) |
|
|
- |
|
|
|
(761,515 |
) |
Other receivable |
|
|
(21,770 |
) |
|
|
21,770 |
|
|
|
- |
|
Inventory |
|
|
- |
|
|
|
(21,770 |
) |
|
|
(21,770 |
) |
Prepaid expenses |
|
|
(33,201 |
) |
|
|
- |
|
|
|
(33,201 |
) |
Accounts payable and accrued expenses |
|
|
1,819,098 |
|
|
|
(281,304 |
) |
|
|
1,537,794 |
|
Upfront purchase price liability |
|
|
(313,680 |
) |
|
|
- |
|
|
|
(313,680 |
) |
Lease liability |
|
|
(29,741 |
) |
|
|
- |
|
|
|
(29,741 |
) |
Net cash used in operating activities |
|
|
(1,450,569 |
) |
|
|
50,750 |
|
|
|
(1,399,819 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of common stock |
|
|
15,750 |
|
|
|
(15,750 |
) |
|
|
- |
|
Proceeds from common stock subscription and royalty agreement |
|
|
700,000 |
|
|
|
(35,000 |
) |
|
|
665,000 |
|
Payment to Economic Injury Disaster loan |
|
|
(1,226 |
) |
|
|
- |
|
|
|
(1,226 |
) |
Payment of notes payable – related party |
|
|
(7,000 |
) |
|
|
(5,000 |
) |
|
|
(12,000 |
) |
Proceeds from notes payable – related party |
|
|
942,700 |
|
|
|
5,000 |
|
|
|
947,700 |
|
Net cash provided by financing activities |
|
|
1,650,224 |
|
|
|
(50,750 |
) |
|
|
1,599,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash |
|
|
199,655 |
|
|
|
- |
|
|
|
199,655 |
|
Cash, beginning of period |
|
|
88,033 |
|
|
|
- |
|
|
|
88,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
|
$ |
287,688 |
|
|
$ |
- |
|
|
$ |
287,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
1,439 |
|
|
$ |
602 |
|
|
$ |
2,041 |
|
Taxes paid |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Common stock issued in connection with conversion of promissory notes and accounts payable |
|
$ |
1,177,500 |
|
|
$ |
- |
|
|
$ |
1,177,500 |
|
Common stock issued in connection with exercise of warrants |
|
$ |
234 |
|
|
$ |
(234 |
) |
|
$ |
- |
|
Common stock issued for services rendered |
|
$ |
103,875 |
|
|
$ |
(103,875 |
) |
|
$ |
- |
|
Common stock issued in connection with APA (Note 4) |
|
$ |
153,500 |
|
|
$ |
- |
|
|
$ |
153,500 |
|
Warrants issued in connection with APA (Note 4) |
|
$ |
89,770 |
|
|
$ |
- |
|
|
$ |
89,770 |
|
Common stock issued in connection with issuance of promissory notes |
|
$ |
8,975 |
|
|
$ |
27,825 |
|
|
$ |
36,800 |
|
|