BIOXYTRAN, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>BIOXYTRAN, INC. has filed its 2023 Form 10-K, detailing its financial performance and corporate history.</b>

AI Summary

BIOXYTRAN, INC (BIXT) filed a Annual Report (10-K) with the SEC on March 22, 2024. BIOXYTRAN, INC. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company was formerly known as U.S. RARE EARTH MINERALS, INC. and U.S. Natural Nutrients & Minerals, Inc. The filing includes financial data for the fiscal years 2023, 2022, and 2021. BIOXYTRAN, INC. is classified under the Pharmaceutical Preparations industry (SIC 2834). The company's principal business address is in Needham, MA.

Why It Matters

For investors and stakeholders tracking BIOXYTRAN, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of BIOXYTRAN, INC.'s financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's current standing. The historical company name changes indicate potential shifts in business focus or strategy over time, which could be relevant for understanding the company's evolution and market positioning.

Risk Assessment

Risk Level: low — BIOXYTRAN, INC shows low risk based on this filing. The filing is a standard 10-K annual report, and no immediate red flags or significant negative developments are highlighted in the provided header information.

Analyst Insight

Review the full 10-K filing to understand BIOXYTRAN, INC.'s financial performance, business operations, and any disclosed risks for the fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-22 — Filing Date (Filed as of date)
• 2834 — SIC Code (Standard Industrial Classification)
• NV — State of Incorporation (State of incorporation)

Key Players & Entities

• BIOXYTRAN, INC. (company) — Filer name and company name
• U.S. RARE EARTH MINERALS, INC. (company) — Former company name
• U.S. Natural Nutrients & Minerals, Inc. (company) — Former company name
• Needham, MA (location) — Business address state and city

FAQ

Industry Context

BIOXYTRAN, INC. operates within the Pharmaceutical Preparations industry, a sector focused on the development, manufacturing, and marketing of drugs and medicines.

Regulatory Implications

As a publicly traded company in the US, BIOXYTRAN, INC. is subject to the regulations of the Securities and Exchange Commission (SEC), requiring regular filings like this 10-K.

What Investors Should Do

1. Thoroughly review the full 10-K document for detailed financial statements, management's discussion and analysis, and risk factors.
2. Analyze the historical financial data for trends and performance changes across the reported fiscal years (2021-2023).
3. Investigate the reasons behind the company's name changes to understand its strategic evolution.

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-03-22: Filing Date — Date the 10-K was filed with the SEC

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for BIOXYTRAN, INC.)

SIC

Standard Industrial Classification system used to classify businesses based on their primary activity. (Indicates BIOXYTRAN, INC. operates in the Pharmaceutical Preparations sector.)

Year-Over-Year Comparison

This is the initial filing information for the 2023 10-K. Comparative data from the previous year's filing would be found within the full document.

Key Financial Figures

• $0.001 — xchange on which listed Common Stock, $0.001 par value per share BIXT OTCQB As
• $0.19 — sed upon the per share closing price of $0.19 as reported on the OTCQB Market and the
• $10,000,000 — raise additional funds in excess of the $10,000,000 in order to expand the use of BXT-25.
• $34 Billion — nd costs the United States an estimated $34 Billion each year, according to the Center for
• $35,000 — uist currently have a monthly salary of $35,000, and Mike Sheik a monthly salary of $26
• $26,215 — 000, and Mike Sheik a monthly salary of $26,215, along with a 25% 401(k) Safe Harbor co
• $66,000 — rage up to the federal limit, currently $66,000 per year plus potential catchup, curren
• $7,500 — year plus potential catchup, currently $7,500, as well as reimbursement of a gold-lev

Filing Documents

• form10-k.htm (10-K) — 1895KB
• ex10-81.htm (EX-10.81) — 60KB
• ex10-82.htm (EX-10.82) — 32KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32.htm (EX-32) — 11KB
• 0001493152-24-011014.txt (&nbsp;) — 7651KB
• bixt-20231231.xsd (EX-101.SCH) — 56KB
• bixt-20231231_cal.xml (EX-101.CAL) — 50KB
• bixt-20231231_def.xml (EX-101.DEF) — 269KB
• bixt-20231231_lab.xml (EX-101.LAB) — 413KB
• bixt-20231231_pre.xml (EX-101.PRE) — 359KB
• form10-k_htm.xml (XML) — 1095KB

Business

Business 1 Item 1A Risk Factors 11 Item 1B Unresolved Staff Comments 11 Item 1C Cybersecurity Risk Management, Strategy, and Governance 11 Item 2

Properties

Properties 12 Item 3 Legal Proceedings 12 Item 4 Mine Safety Disclosures 12 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 13 Item 6 Selected Financial Data 17 Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A Quantitative and Qualitative Disclosures About Market Risk 23 Item 8 Financial 23 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 23 Item 9A Controls and Procedures 23 Item 9B Other Information 24 PART III Item 10 Directors, Executive Officers and Corporate Governance 25 Item 11 Executive Compensation 29 Item 12 Security 30 Item 13 Certain Relationships and Related Transactions, and Director Independence 31 Item 14 Principal Accounting Fees and Services 32 PART IV Item 15 Exhibits and Financial Statement Schedules 33

SIGNATURES

SIGNATURES 39 FINANCIAL F-1 - F-19 i Special Note Regarding Forward Looking Statements This Annual Report on Form 10-K contains a number of "forward-looking statements". Specifically, all statements other than statements of historical facts included in this Annual Report on Form 10-K regarding our financial position, business strategy and plans and objectives of management for future operations are forward-looking statements. These forward-looking statements are based on the beliefs of management at the time these statements were made, as well as assumptions made by and information currently available to management. When used in this Annual Report on Form 10-K and the documents incorporated by reference herein, the words "anticipate," "believe," "estimate," "expect," "may," "will," "continue" and "intend," and words or phrases of similar import, as they relate to our financial position, business strategy and plans, or objectives of management, are intended to identify forward-looking statements. These statements reflect our current view with respect to future events and are You should understand that the following important factors, in addition to those discussed in our periodic reports to be filed with the SEC under the Exchange Act, could affect our future results and could cause those results to differ materially from those expressed in such

forward-looking statements

forward-looking statements: We expect to incur losses for the foreseeable future and may never achieve or maintain profitability. We are a company with limited operating history which makes it difficult to evaluate our current business and future prospects. We will require additional financing to implement our business plan which may not be available on favorable terms or at all, and we may have to accept financing terms that would adversely affect our stockholders. Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our drug candidates and dietary supplements. Our products are based on novel, unproven technologies. Clinical drug development involves a lengthy and expensive process, with an uncertain outcome. We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our drug candidates. We may be unable to commercialize our drug candidates Our success depends upon our ability to retain key executives and to attract, retain, and motivate qualified personnel and direction and the loss of these persons could adversely affect our operations and results. We will need regulatory approvals to commercialize our products as drugs. Our competitive position depends on protection of our intellectual property. The market for our proposed products is rapidly changing and competitive, and new drugs and new treatments which may be developed by others could impair our ability to maintain and grow our business and remain competitive. We may become involved in lawsuits to protect or enforce patents that may issue to us, that we may acquire, or may license in the future, or other intellectual property, which could be expensive, time-consuming and ultimately unsuccessful. As a public company, we must implement additional and expensive finance and accounting systems, procedures and controls as we grow

Business

Business Development BXT-25 Bioxytran intends to develop and, through third party contracts, manufacture oxygen therapeutics. Our oxygen therapeutics are a new class of pharmaceuticals that are designed to be administered intravenously to transport oxygen to the body's tissues. Currently, there are four drug candidates to treat a stroke. Abciximab, from Eli Lilly, is a platelet aggregation antagonist. Clinical trials show little advantage over placebos and could lead to dangerous side effects, including more bleeding in patients. Cerovive, from AstraZeneca, is a Nitrone-based neuro protectant currently in phase III clinical trials which shows no significant benefit over placebos with respect to changes in neurological impairment as measured by the national institute of health stroke scale. Candesartan, from AstraZeneca, is an ang

View Full Filing

View this 10-K filing on SEC EDGAR