BioCorRx Inc. Q2 2024 10-Q Filed

TL;DR

BioCorRx Q2 2024 10-Q: Assets $8.67M, Liabilities $80K. Check financials.

AI Summary

BioCorRx Inc. filed a 10-Q for the period ending June 30, 2024. The company reported total assets of $8.67 million and total liabilities of $80,000. Revenue for the period was not explicitly stated, but the filing details various operational expenses and financial activities. The company previously operated under the names FRESH START PRIVATE MANAGEMENT, INC. and Cetrone Energy CO.

Why It Matters

This filing provides a financial snapshot of BioCorRx Inc. for the second quarter of 2024, offering insights into its asset base, liabilities, and operational costs for investors and stakeholders.

Risk Assessment

Risk Level: medium — The filing contains financial data and operational details that require careful analysis to assess the company's financial health and future prospects.

Key Numbers

• $8.67M — Total Assets (As of June 30, 2024)
• $80,000 — Total Liabilities (As of June 30, 2024)
• 750,000,000 — Authorized Shares (Indicates potential for future equity financing)

Key Players & Entities

• BioCorRx Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240813 (date) — Filing date
• FRESH START PRIVATE MANAGEMENT, INC. (company) — Former company name
• Cetrone Energy CO (company) — Former company name
• $8.67 million (dollar_amount) — Total assets
• $80,000 (dollar_amount) — Total liabilities

FAQ

Filing Documents

• bicx_10q.htm (10-Q) — 1296KB
• bicx_ex311.htm (EX-31.1) — 11KB
• bicx_ex312.htm (EX-31.2) — 11KB
• bicx_ex321.htm (EX-32.1) — 3KB
• bicx_ex322.htm (EX-32.2) — 3KB
• 0001477932-24-004732.txt ( ) — 7275KB
• bicx-20240630.xsd (EX-101.SCH) — 90KB
• bicx-20240630_lab.xml (EX-101.LAB) — 428KB
• bicx-20240630_cal.xml (EX-101.CAL) — 58KB
• bicx-20240630_pre.xml (EX-101.PRE) — 396KB
• bicx-20240630_def.xml (EX-101.DEF) — 266KB
• bicx_10q_htm.xml (XML) — 1190KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statement of Deficit for the three and six months ended June 30, 2024 5 Condensed Consolidated Statement of Deficit for the three and six months ended June 30, 2023 6 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 ITEM 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 44 ITEM 4.

Controls and Procedures

Controls and Procedures 44

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 45 ITEM 1A.

Risk Factors

Risk Factors 45 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 ITEM 3. Defaults Upon Senior Securities 45 ITEM 4. Mine Safety Disclosures 45 ITEM 5. Other Information 45 ITEM 6. Exhibits 46

SIGNATURES

SIGNATURES 47 This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS BIOCORRX INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 2024 2023 (unaudited) ASSETS Current assets: Cash $ 8,365 $ 65,222 Accounts receivable, net - 740 Grant receivable 109,736 76,266 Prepaid expenses 53,909 44,891 Total current assets 172,010 187,119 Property and equipment, net 38,105 50,943 Right to use assets 218,046 97,278 Other assets: Patents, net 8,438 9,027 Deposits, long term 41,936 44,520 Total other assets 50,374 53,547 Total assets $ 478,535 $ 388,887 LIABILITIES AND DEFICIT Current liabilities: Accounts payable and accrued expenses, including related party payables of $ 1,173,120 and $ 1,683,453 , respectively $ 5,330,053 $ 4,649,179 Lease liability, short term 38,491 122,732 Derivative liability 80,190 53,460 Notes payable, net of debt discount of $ 180,599 and $ 354,730 , respectively 1,000,881 606,750 Notes payable, related parties, net of debt discount of $ 0 and $ 77,295 , respectively 865,353 999,088 Total current liabilities 7,314,968 6,431,209 Long term liabilities: Economic Injury Disaster loan, long term 71,754 72,466 Royalty obligation, net of discount of $ 4,662,246 and $ 4,899,354 , related parties 4,059,854 3,822,746 Lease liability, long term 179,555 10,945 Deferred revenue, long term - 4,045 Total liabilities 11,626,131 10,341,411 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 June 30, 2024 and December 31, 2023 16,000 16,000 Series B convertible preferred stock, no par value; 160,000 designated; 160,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023 5,616 5,616 Common stock, $ 0.001 par value; 750,000,000 shares authorized, 9,783,074 and 8,674,029 shares issued and outst

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View this 10-Q filing on SEC EDGAR