BIOXYTRAN, INC. Files Q3 10-Q Report

TL;DR

BIOXYTRAN, INC. (BXT) filed its Q3 10-Q. Check financials.

AI Summary

BIOXYTRAN, INC. filed its Q3 10-Q report on October 29, 2024, covering the period ending September 30, 2024. The company, formerly known as U.S. Rare Earth Minerals, Inc., is incorporated in Nevada and operates in the Pharmaceutical Preparations sector. Its business address is in Needham, MA.

Why It Matters

This filing provides investors with an update on BIOXYTRAN, INC.'s financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative news.

Key Numbers

• 20240930 — End of Reporting Period (Covers financial data up to this date)
• 20241029 — Filing Date (Date the 10-Q was submitted to the SEC)

Key Players & Entities

• BIOXYTRAN, INC. (company) — Filer of the 10-Q report
• U.S. RARE EARTH MINERALS, INC. (company) — Former name of BIOXYTRAN, INC.
• 20241029 (date) — Filing date of the 10-Q
• 20240930 (date) — End of the reporting period
• Needham, MA (location) — Business and mailing address

FAQ

Key Financial Figures

• $0.08 — onvertible at a fixed exercise price of $0.08/share. Upon exercise of outstanding war

Filing Documents

• form10-q.htm (10-Q) — 1511KB
• ex31-1.htm (EX-31.1) — 15KB
• ex32-1.htm (EX-32.1) — 10KB
• 0001493152-24-042763.txt ( ) — 8135KB
• bixt-20240930.xsd (EX-101.SCH) — 54KB
• bixt-20240930_cal.xml (EX-101.CAL) — 55KB
• bixt-20240930_def.xml (EX-101.DEF) — 267KB
• bixt-20240930_lab.xml (EX-101.LAB) — 376KB
• bixt-20240930_pre.xml (EX-101.PRE) — 349KB
• form10-q_htm.xml (XML) — 1598KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Unaudited Condensed Consolidated Financial Statements 1 Balance Sheets as of September 30, 2024, and December 31, 2023, (Unaudited) 1 2 3 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 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 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 26

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29

SIGNATURES

SIGNATURES 30 Except as otherwise required by the context, all references in this report to "we", "us", "our" or "Company" refer to the consolidated operations of BIOXYTRAN, Inc. i PART I - FINANCIAL INFORMATION Item 1. Unaudited Condensed Consolidated Financial Statements: BIOXYTRAN, Inc., September 30, 2024 BIOXYTRAN, INC. CONDENSED CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024, AND DECEMBER 31, 2023 September 30, 2024 December 31, 2023 (unaudited) (restated) ASSETS Current assets: Cash $ 34,672 $ 26,086 Total current assets 34,672 26,086 Capitalized patent costs, net 124,336 111,552 Total fixed assets 124,336 111,552 Total assets $ 159,008 $ 137,638 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable and accrued operative expenses $ 98,426 $ 72,553 Accounts payable affiliate 35,084 2,000 Accrued interest 123,352 223,759 Accrued interest affiliate 2,934 — Accrued interest 2,934 — Un-issued shares liability 10,194 510,284 Un-issued shares liability affiliate 40,000 515,904 Un-issued shares liability 40,000 515,904 Short term loan 38,000 — Short term loan affiliate 140,588 25,000 Short term loan 140,588 25,000 Convertible notes payable, net of premium and discount 755,000 1,900,000 Total current liabilities 1,243,578 3,249,500 Total liabilities 1,243,578 3,249,500 Commitments and contingencies — — Stockholders' deficit: Preferred stock, $ 0.001 par value; 50,000,000 shares authorized, 28,893,618 and nil issued and outstanding as at September 30, 2024, and December 31, 2023. 28,894 — Common stock, $ 0.001 par value; 300,000,000 shares authorized; 82,238,648 and 145,642,333 issued and outstanding as at September 30, 2024, and December 31, 2023 82,239 145,642 Additional paid-in capital Common Stock 17,103,158 13,012,670 Non-controlling interest — ( 680,886 ) Accumulated deficit ( 18,298,861 ) ( 15,589,288 )

Business

Business Operations Bioxytran, Inc. (the "Company") is a clinical stage pharmaceutical company focused on the development, manufacture and commercialization of therapeutic drugs designed to address hypoxia (a lack of oxygen to tissues) in humans in a safe and efficient manner. Pharmalectin, Inc. ("Pharmalectin") is a subsidiary focused on the development, manufacture and commercialization of therapeutic drugs designed to address conditions related to viral diseases. Pharmalectin (BVI), Inc. ("Pharmalectin BVI") is a subsidiary serving as custodian of the Company's Copyrights, Trademarks and Patents. Pharmalectin India Pvt Ltd. ("Pharmalectin India") is a subsidiary managing the Company's local clinical research and trials, and holds the local rights to commercialization. Organization Bioxytran, Inc. was organized on October 5, 2017, as a Delaware corporation, with a taxing structure for U.S. federal and state income tax as a C-Corporation with 95,000,000 authorized shares of Common Stock with a par value of $ 0.0001 , and 5,000,000 shares of Preferred Stock with a par value of $ 0.0001 . On September 21, 2018, the Company underwent a reorganization in the form of a reverse merger and is currently registered as a Nevada corporation with a taxing structure for U.S. federal and state income tax as a C-Corporation with 300,000,000 authorized shares of Common Stock with a par value of $ 0.001 , and 50,000,000 shares of Preferred Stock with a par value of $ 0.001 . As at September 30, 2024, there are 82,238,648 shares of Common Stock issued and outstanding, while there are 28,893,618 shares of Preferred Stock outstanding that are beneficially held by insiders, or their affiliates. Pharmalectin was organized on October 5, 2017, as a Delaware corporation, with a taxing structure for U.S. federal and state income tax as a C-Corporation with 95,000,000 authorized shares of Common Stock with a par value of $ 0.0001 , and 5,000,000 shares of Preferred Stock with

financial statements and should be read in conjunction with our audited consolidated financial statements

financial statements and should be read in conjunction with our audited consolidated financial statements. While the information presented in the accompanying financial statements is unaudited, it includes all adjustments which are, in the opinion of the management, necessary to present fairly the financial position, results of operations and cash flows for the periods presented in accordance with the accounting principles generally accepted in the U.S. GAAP. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and prepared in accordance with U.S. GAAP. These financial statements should be read in conjunction with the Company's December 31, 2023, audited financial statements and notes. 6 Reclassification of Operations : By request from our shareholders, general and administrative expenses, as well as interest expenses, have been separated into affiliate and third party (others), in comparison with earlier periods. of Cash Flows : By request from our shareholders, stock-based compensation has been separated into affiliate and third party (others), in comparison with earlier periods. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Bioxytran, including its majority owned subsidiary, Pharmalectin, as well as its wholly owned subsidiaries, Pharmalectin BVI and Pharmalectin India (collectively, the "Company"). All intercompany accounts have been eliminated upon consolidation. Note 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS In September 2024, the Company concluded that for shares issued pursuant to the Exchange Exemption in Rule 3(a)(9), the company historically valued these shares at the same price as an ongoing capital raise pursuant to Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D promulgated under the Securitie

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