BioRegenx Files Q1 2024 10-Q Amendment

TL;DR

BIOREGX amended Q1 24 10-Q filed. Financials updated.

AI Summary

BioRegenx, Inc. filed an amended 10-Q for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024 and comparative periods. Key financial items such as Series A Preferred Stock, Common Stock, Additional Paid-In Capital, and Retained Earnings are detailed for various dates, including March 31, 2024, December 31, 2023, and December 31, 2022.

Why It Matters

This amended filing provides updated financial information for BioRegenx, Inc., crucial for investors and stakeholders to assess the company's financial health and performance as of March 31, 2024.

Risk Assessment

Risk Level: low — This is a routine amendment to a quarterly filing, primarily containing financial data updates.

Key Numbers

• Q1 2024 — Reporting Period (Financial data pertains to this quarter.)
• March 31, 2024 — As of Date (Key balance sheet figures are reported as of this date.)

Key Players & Entities

• BIOREGENX, INC. (company) — Filer of the 10-Q/A
• 0001593184 (company) — Central Index Key for BioRegenx, Inc.
• 20240331 (date) — Conformed period of report
• 20240529 (date) — Filed as of date

FAQ

Key Financial Figures

• $0.001 — Section 12(g) of the Act: Common Stock, $0.001 par value Indicate by check mark whet
• $1.00 — the acquired shares were valued at the $1.00 option price. 8 BIOREGENX, INC. AND

Filing Documents

• bioregenx_i10qa-033124.htm (10-Q/A) — 611KB
• bioregenx_ex3100.htm (EX-31) — 7KB
• bioregenx_ex3200.htm (EX-32) — 3KB
• 0001683168-24-003858.txt ( ) — 4146KB
• fdit-20240331.xsd (EX-101.SCH) — 44KB
• fdit-20240331_cal.xml (EX-101.CAL) — 50KB
• fdit-20240331_def.xml (EX-101.DEF) — 157KB
• fdit-20240331_lab.xml (EX-101.LAB) — 309KB
• fdit-20240331_pre.xml (EX-101.PRE) — 274KB
• bioregenx_i10qa-033124_htm.xml (XML) — 499KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION This Amendment 1 to the Quarterly Report includes forward-looking statements within the meaning of the Securities Exchange Act of 1934. These statements are based on management's beliefs and assumptions, and on information currently available to management. Forward-looking " Management's Discussion and Analysis of Financial Condition and Results of Operations ."

Forward-looking statements also include statements in which words such as "expect," "anticipate,"

Forward-looking statements also include statements in which words such as "expect," "anticipate," "intend," "plan," "believe," "estimate," "consider," or similar expressions are used.

Forward-looking statements are not guarantees

Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties, and assumptions. Our future results and shareholder values may differ materially from those expressed in these forward-looking statements. Readers are cautioned not to put undue reliance on any forward-looking statements.

Financial Statements

Item 1. Financial Statements Balance Sheets as of March 31, 2024 (unaudited) December 31, 2023 (audited) 4 5 6 7 Notes to the Financial Statements (unaudited) 8 3 BIOREGENX, INC. AND SUBSIDIARIES BALANCE SHEETS As of March 31, 2024 As of December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 114,158 $ 125,402 Accounts Receivable 102,861 32,581 Inventories 408,993 440,704 Prepaid expenses and other current assets 302,075 342,184 Total Current Assets 928,087 940,871 Notes Receivable 454,766 454,371 Property and equipment (Net) 581,494 13,723 Intangible Assets (Net) 18,551,495 282,960 Other Assets 101 – Total Assets $ 20,515,943 $ 1,691,925 LIABILITIES & STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable $ 612,912 $ 455,211 Accrued expenses 566,120 566,867 Promissory notes payable and loans 1,842,449 1,138,896 Deferred revenue 333,365 367,998 Total current liabilities 3,354,846 2,528,972 Notes payable 150,000 350,000 Total Liabilities 3,504,846 2,878,972 Stockholders' Deficit: Series A preferred stock, non-dividend, 2,500 votes per share, $ 0.001 par value, 50,000,000 authorized; issued and outstanding 3,800 as of March 31, 2024 and 60,800 as of December 31, 2023 4 61 Common stock, $ 0.001 par value, 1,500,000,000 shares authorized, 956,530,100 issued and outstanding as of March 31, 2024 and 628,493,296 as of December 31, 2023 956,530 628,493 Additional paid-in-capital 25,940,740 7,497,527 Additional paid-in-capital - Warrants 280,688 149,972 Accumulated deficit ( 10,166,964 ) ( 9,462,158 ) Accumulated other comprehensive income (loss) 99 ( 942 ) Total

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND YEAR ENDED DECEMBER 31, 2023 NOTE A— SUMMARY OF SIGNIFICANT ACCOUNTING Organization and Business: BioRegenx, Inc. (formerly Findit, Inc.) was originally incorporated on December 23, 1998 in the state of Nevada. Effective March 8, 2024, BioRegenx, Inc., a Nevada corporation was merged into Findit, Inc. resulting in a change of control. Pursuant to the terms of the merger, the name of the company was changed to BioRegenx, Inc. On April 6th, 2021 BioRegenx entered into a combination agreement with Microvascular Health Services, LLC., My Body Rx, LLC and NuLife Sciences, Inc. that resulted in the addition of three subsidiary companies to the group. Due to the ownership structure the combination is accounted for as a combination of entities under common control under the Financial Accounting Standards Board's Accounting Standard Codification (ASC) Topic 805. The activities of the subsidiaries are included in the financial statements for the entire reporting period with assets and liabilities stated at the historical carrying value. On September 15, 2021, the Company acquired all the interest in Regenr8, LLC in exchange for shares of the Company's stock. This acquired company is accounted for as an acquisition and the activities of the acquired company are included in the consolidated financial statements starting with the acquisition. Assets are liabilities are reported at the purchase price allocated to the relative fair market value. On January 8th, 2024, the Company acquired all the shares outstanding of DocSun Biomedical Holdings, Inc. in exchange for shares of the Company's stock. This acquired company is accounted for as an acquisition and the activities of the acquired company are included in the consolidated financial statements starting with the acquisition. Assets are liabilities are reported at the purchase price allocated to the relative fair market value. The Com

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND YEAR ENDED DECEMBER 31, 2023 NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING (Continued) The Consolidated Financial Statements (the "Financial Statements") include the accounts and operations of the Company, and its controlled subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The accounting and reporting policies of the Company conform with accounting principles generally accepted in the United States of America ("US GAAP"). Going Concern The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplates the continuation of the Company as a going concern. The Company has generated recurring losses from operations and cash flow deficits from its operations since inception and has had to raise funds through equity offerings or borrowings to continue operating. These factors raise substantial doubt about the Company's ability to continue as a going concern. The continued operations of the Company are dependent upon its ability to raise additional capital, obtain additional financing and develop a business that generates sufficient positive cash flows from operations. The Company continues to raise funds from additional common stock issuances. The accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue as a going concern. Use of Estimates The preparation of Consolidated Financial and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financia

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND YEAR ENDED DECEMBER 31, 2023 NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING (Continued) Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less from the date of purchase to be cash equivalents. Cash equivalents consisted primarily of bank balances and amounts receivable from credit card processors. Amounts receivable from credit card processors and other forms of electronic payment are considered cash equivalents because they are both short- term and highly liquid in nature and are typically converted to cash within three days of the sales transaction. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. Net realizable value is determined using various assumptions with regard to excess or slow-moving inventories, non- conforming inventories, expiration dates, current and future product demand, and market conditions. A change in any of these variables could result in an adjustment to inventory. Accounts Receivable Accounts receivables are recorded at the invoiced amount and do not bear interest. The Company establishes an allowance for doubtful accounts for estimated losses inherent in its accounts receivable as determined by management. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and our customers' financial condition, the amount of the receivables in dispute, and the current receivables aging and current payment patterns. The Company reviews its allowance for doubtful accounts regularly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Income Taxes The Company accounts for income taxes using the asset and liability method

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND YEAR ENDED DECEMBER 31, 2023 NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING (Continued) Leases The Company has adopted ASC Topic 842 for lease accounting. This standard requires that right of use assets and liabilities are measured and recorded on the balance sheet. ASC Topic 842 provides an exception for short term leases that are for 12 months or less. The Company reports short term leases under the exception to the standard. Leases for a period of 12 months or less are recorded as expense on a ratable basis throughout the term of the lease. The Company leases two office spaces, its headquarters in Chattanooga Tennessee and a satellite office in Alpine Utah, both are short term leases. The headquarters is leased from a related party on a month-to-month basis for $ 1,725 .00 per month. The satellite office is leased from an unrelated party under a twelve-month extension to the original lease at $ 800 .00 per month. The Company rents storage space on a month-to-month basis in various locations total monthly cost was less than $ 1,000 .00 per month. Intangible Assets Intangible assets were acquired in the purchases of Regenr8, LLC on September 15th, 2021. DocSun Biomedical Holdings, Inc. on January 8th, 2024 and Findit, Inc on March 8th, 2024. See note G Intangibles include product intangibles, formulations and customer-based intangibles. Amortized intangible assets are amortized over their related useful lives, using a straight-line or accelerated method consistent with the underlying expected future cash flows related to the specific intangible asset. Amortized intangible assets ae reviewed for impairment whenever events or changes in circumstances exist that indicate the carrying amount of an asset may not be recoverable. When indicators of impairment exist, an estimate of undiscounted net cash flows is used in measuring whether the carrying amount of the asset or related

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND YEAR ENDED DECEMBER 31, 2023 NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING (Continued) Product Return Policy The Company through its subsidiaries provides a medical testing machine, consumables for the testing process, wellness devices and nutritional supplements to its Independent Brand Partners (IBP) and customers. IBPs pay an annual membership fee to maintain the IBP status which is a requirement to participate in the compensation plan. Prior to the merger April 6th, 2021, a medical device was also sold directly to health professionals and customers but this product has been discontinued. The products are distributed through a network of IBPs. During the periods presented, the testing machines were primarily sold to educational and research institutions directly by the Company. The medical devices and the supplements were sold to individuals by the independent brand partners. The discontinued medical device was exclusively sold through the network of independent brand partners. The Company assesses the contract term as the period in which the parties to the contract have enforceable rights and obligations. The contract term may differ from the stated term in contracts with certain termination or renewal rights, depending on whether there are substantive penalties associated with those rights. Customer contracts are generally standardized and noncancellable for the duration of the stated contract term. Consumption taxes collected and remitted to tax authorities are excluded from revenue. The Company may use third-party vendors to provide certain goods or services to its customers. The Company evaluates those relationships to determine whether revenue should be reported gross or net. The Company recognizes revenue on a gross basis where it acts as principal and controls the goods and services used to fulfill the performance obligations to the customer and on a net basis where i

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