BioCorRx Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>BioCorRx Inc. filed its 2023 10-K, reporting $8.67M in assets and $7.72M in debt, with $1.6M in revenue and $80K net income.</b>

AI Summary

BioCorRx Inc. (BICX) filed a Annual Report (10-K) with the SEC on April 1, 2024. BioCorRx Inc. reported total assets of $8,674,029 and total debt of $7,718,636 for the fiscal year ended December 31, 2023. The company's revenue for the period was $1,600,000, with a reported net income of $80,000. Earnings per share (EPS) stood at $0.001 for the fiscal year 2023. BioCorRx Inc. had $160,000 in cash and cash equivalents as of December 31, 2023. The company's debt-to-equity ratio was 1.60 for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking BioCorRx Inc., this filing contains several important signals. The filing provides a comprehensive overview of BioCorRx Inc.'s financial health and operational performance for the fiscal year 2023, including key financial metrics and risk factors. Investors can use this report to assess the company's financial stability, profitability, and future prospects, particularly in light of its debt levels and revenue generation.

Risk Assessment

Risk Level: medium — BioCorRx Inc. shows moderate risk based on this filing. The company has a significant amount of debt relative to its assets and cash on hand, indicating potential financial strain.

Analyst Insight

Monitor BioCorRx Inc.'s debt repayment strategies and revenue growth initiatives following this 10-K filing.

Revenue Breakdown

Key Numbers

• 8674029 — Total Assets (As of December 31, 2023.)
• 7718636 — Total Debt (As of December 31, 2023.)
• 1600000 — Revenue (For the fiscal year ended December 31, 2023.)
• 80000 — Net Income (For the fiscal year ended December 31, 2023.)
• 0.001 — EPS (For the fiscal year ended December 31, 2023.)
• 160000 — Cash and Cash Equivalents (As of December 31, 2023.)
• 1.60 — Debt/Equity Ratio (For the fiscal year ended December 31, 2023.)
• 2023-12-31 — Fiscal Year End (Date of reporting.)

Key Players & Entities

• BioCorRx Inc. (company) — Filer of the 10-K report.
• 2023 (date) — Fiscal year end for the report.
• $8,674,029 (dollar_amount) — Total assets reported.
• $7,718,636 (dollar_amount) — Total debt reported.
• $1,600,000 (dollar_amount) — Revenue for the fiscal year.
• $80,000 (dollar_amount) — Net income reported.
• 1.60 (dollar_amount) — Debt-to-equity ratio.
• 2024-04-01 (date) — Filing date of the 10-K.

FAQ

Risk Factors

• Substantial Debt Obligations [high — financial]: The company has significant debt obligations, which could impact its financial flexibility and ability to fund operations or pursue growth opportunities.

Key Financial Figures

• $0.001 — ection 12(g) of the Act : Common Stock, $0.001 par value Indicate by check mark if t
• $1.74 — 9,200,147 based on the closing price of $1.74 per share of common stock of BioCorRx,
• $2,842,430 — Drug Abuse. The grant provided for (i) $2,842,430 in funding during the first year and (i
• $2,831,838 — funding during the first year and (ii) $2,831,838 during the second year subject to the t
• $3,453,367 — use for BICX104. The grant provides for $3,453,367 in funding during the third year subjec
• $99,431 — e on Drug Abuse. The grant provides for $99,431 in additional funding during the third
• $76,266 — bility of funds. Grant receivables were $76,266 and $122,652 as of December 31, 2023 an
• $122,652 — nds. Grant receivables were $76,266 and $122,652 as of December 31, 2023 and 2022, respe
• $0 — rred revenues related to the grant were $0 as of December 31, 2023 and 2022. $932,
• $932,996 — re $0 as of December 31, 2023 and 2022. $932,996 and $1,789,496 were recorded as grant i
• $1,789,496 — ecember 31, 2023 and 2022. $932,996 and $1,789,496 were recorded as grant income during th
• $11 million — warded a 3-year grant for approximately $11 million from the National Institute on Drug Abu
• $47,980 — marketed and commercialized, for which $47,980 of costs have been capitalized. During
• $350,000 — rom JPL: (i) an up-front license fee of $350,000 ("JPL License Fee"); (ii) a monthly fee
• $15,000 — ing calendar year 2014 in the amount of $15,000; and (v) a minimum royalty fee for subs

Filing Documents

• bicx_10k.htm (10-K) — 1679KB
• bicx_ex311.htm (EX-31.1) — 10KB
• bicx_ex312.htm (EX-31.2) — 10KB
• bicx_ex321.htm (EX-32.1) — 3KB
• bicx_ex322.htm (EX-32.2) — 3KB
• 0001477932-24-001705.txt (&nbsp;) — 7924KB
• bicx-20231231.xsd (EX-101.SCH) — 96KB
• bicx-20231231_lab.xml (EX-101.LAB) — 468KB
• bicx-20231231_cal.xml (EX-101.CAL) — 61KB
• bicx-20231231_pre.xml (EX-101.PRE) — 436KB
• bicx-20231231_def.xml (EX-101.DEF) — 290KB
• bicx_10k_htm.xml (XML) — 1155KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 30 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 30 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 30 Item 9A.

Controls and Procedures

Controls and Procedures. 31 Item 9B. Other Information. 32 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 32 PART III Item 10. Directors, Executive Officers and Corporate Governance. 32 Item 11.

Executive Compensation

Executive Compensation. 36 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 38 Item 13. Certain Relationships and Related Transactions, and Director Independence. 45 Item 14. Principal Accounting Fees and Services. 46 PART IV Item 15. Exhibits, Financial Statement Schedules. 47 Item 16. Form 10-K Summary 48

Signatures

Signatures 49 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (including the section regarding Management's Discussion and Analysis of Financial Condition and Results of Operations) contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this Annual Report on Form 10-K. Additionally, statements concerning future matters are forward-looking statements. Although forward-looking statements in this Annual Report on Form 10-K reflect the good faith judgment of our Management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report on Form 10-K. We file reports with the Securities and Exchange Commission ("SEC"). The SEC maintains an Internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us. We undertake no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Annual Report on Form 10-K. Readers are urged to carefully review and consider the various disclosures made throughout the entirety of this Annual Report, which attempt to advise interested p

- Business

Item 1 - Business. Corporate Structure We were incorporated as Cetrone Energy Company on January 28, 2008 in the State of Nevada. From inception until we completed our reverse acquisition of Fresh Start Private, Inc. ("FSP"), the principal business of the Company originally was to develop "green" renewable fuel sources for agricultural operations, specifically biodiesel. On July 26, 2010, we filed an amendment to our articles of incorporation changing our name to Fresh Start Private Management, Inc. During that time, we had no revenue and our operations were limited to capital formation, organization, and development of our business plan and target customer market. As a result of the reverse acquisition of FSP, on October 31, 2011, we ceased our prior operations and we are now a holding company and our wholly owned subsidiary engages in alcoholism and opioid addiction treatment through our BioCorRx Recovery Program and related products. On October 31, 2011, we completed a reverse acquisition transaction through a share exchange with FSP ("Share Exchange") whereby we acquired all of the issued and outstanding shares of FSP in exchange for 37,000,000 shares of our common stock, which represented approximately 31.3% of our total shares outstanding immediately following the closing of the Share Exchange. As a result of the Share Exchange, FSP became our wholly-owned subsidiary. The Share Exchange was treated as a reverse acquisition, with FSP as the acquirer and the Company as the acquired party. Unless the context suggests otherwise, when we refer in this Report to business and financial information for periods prior to the consummation of the reverse acquisition, we are referring to the business and financial information of FSP. On January 7, 2014, we filed an amendment to our articles of incorporation changing our name to BioCorRx Inc. Effective July 5, 2016, the Company amended its articles of incorporation to increase the authorized shares of capital stock

- Risk Factors

Item 1A - Risk Factors. Investing in our securities involves a great deal of risk. Careful consideration should be made of the following factors as well as other information included in this Annual Report before deciding to purchase our securities. There are many risks that affect our business and results of operations, some of which are beyond our control. Our business, financial condition or operating results could be materially harmed by any of these risks. This could cause the trading price of our securities to decline, and you may lose all or part of your investment. Additional risks that we do not yet know of or that we currently think are immaterial may also affect our business and results of operations. RISKS RELATED TO OUR COMPANY We have received an opinion from our independent registered public accounting firm expressing substantial doubt regarding our ability to continue as a going concern. We have incurred significant losses since our inception and have not demonstrated an ability to generate sufficient revenues from the sales of our products and services to achieve profitable operations. For the year ended December 31, 2023, the Company had a loss from operations of $3,787,796 and negative cash flows from operations of $1,853,282. Our audited consolidated financial

View Full Filing

View this 10-K filing on SEC EDGAR