BioTricity Inc. Files 2024 10-K, Details Financial Structure

TL;DR

BioTricity filed its 2024 10-K, showing its financial makeup. All eyes on how they'll use it.

AI Summary

BioTricity Inc. filed its 10-K for the fiscal year ending March 31, 2024, reporting on its operations in the surgical and medical instruments sector. The company, formerly MetaSolutions, Inc., is incorporated in Nevada and headquartered in Redwood City, California. The filing details its financial structure, including various classes of preferred stock and common stock, as of March 31, 2024.

Why It Matters

This 10-K filing provides investors and stakeholders with a comprehensive overview of BioTricity Inc.'s financial health and corporate structure for the fiscal year, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the company operates in the medical device sector which carries inherent regulatory and market risks not detailed in this specific filing excerpt.

Key Numbers

• 0331 — Fiscal Year End (Indicates the end of the reporting period for financial statements.)
• 20240331 — Period of Report (Specifies the exact date range covered by the 10-K filing.)

Key Players & Entities

• BIOTRICITY INC. (company) — Filer
• METASOLUTIONS, INC. (company) — Former Company Name
• 203 REDWOOD PARKWAY, SUITE 600, REDWOOD CITY, CA 94065 (location) — Business and Mail Address
• 0331 (date) — Fiscal Year End
• 20240331 (date) — Period of Report

FAQ

Key Financial Figures

• $0.001 B — ch registered Common Stock, Par Value $0.001 BTCY Nasdaq Capital Market Securitie
• $238,703 — ic kidney disease patients. We received $238,703 under this award in March 2023, which w
• $208.2 billion — ket opportunity is projected to grow to $208.2 billion by 2030 according to Grand View Researc
• $150 billion — eport by MarketUs is projected to reach $150 billion by 2024 at a compound annual growth rat
• $2.01 billion — 3 to 2030, with the US market valued at $2.01 billion in 2022. The factors driving this marke
• $850 — estimated average rate of approximately $850 per diagnostic test, based on pricing i
• $801 — rkets, although the national average is $801. Further, we believe private insurers p
• $8.7 billion — ent market, which is projected to reach $8.7 billion in the US by 2027 at a compound annual
• $96.67 billion — h and Markets to reach a market size of $96.67 billion by 2030 at a CAGR of 17.6%, according t
• $61.3 billion — e technology market has already reached $61.3 billion in 2022 with an expected CAGR of 14.6%
• $17.9 billion — US portion of that market was valued at $17.9 billion. The primary driver of each of these

Filing Documents

• form10-k.htm (10-K) — 2426KB
• ex4-13.htm (EX-4.13) — 6KB
• ex19.htm (EX-19) — 51KB
• ex23-1.htm (EX-23.1) — 5KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 7KB
• ex97.htm (EX-97.1) — 41KB
• form10-k_001.jpg (GRAPHIC) — 10KB
• form10-k_002.jpg (GRAPHIC) — 4KB
• ex23-1_001.jpg (GRAPHIC) — 7KB
• 0001493152-24-025344.txt ( ) — 10427KB
• btcy-20240331.xsd (EX-101.SCH) — 61KB
• btcy-20240331_cal.xml (EX-101.CAL) — 63KB
• btcy-20240331_def.xml (EX-101.DEF) — 299KB
• btcy-20240331_lab.xml (EX-101.LAB) — 516KB
• btcy-20240331_pre.xml (EX-101.PRE) — 401KB
• form10-k_htm.xml (XML) — 1758KB

RISK FACTORS

ITEM 1A. RISK FACTORS 19

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 36

CYBERSECURITY

ITEM 1C. CYBERSECURITY 36

PROPERTIES

ITEM 2. PROPERTIES 36

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 36

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES. 36 PART II 37 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 37

[RESERVED]

ITEM 6. [RESERVED] 39

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 39

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 56

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 56

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 56

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 56

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 57

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 57 PART III 58

DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 58

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 63

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 65

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 66

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 66 PART IV 67 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 67

SIGNATURES

SIGNATURES 69 2 PART I ITEM 1. BUSINESS Biotricity Inc. (the "Company", "Biotricity", "we", "us", "our") is a medical technology company focused on biometric data monitoring solutions. Our aim is to deliver innovative, remote monitoring solutions to the medical, healthcare, and consumer markets, with a focus on diagnostic and post-diagnostic solutions for lifestyle and chronic illnesses. We approach the diagnostic side of remote patient monitoring by applying innovation within existing business models where reimbursement is established. We believe this approach reduces the risk associated with traditional medical device development and accelerates the path to revenue. In post-diagnostic markets, we intend to apply medical grade biometrics to enable consumers to self-manage, thereby driving patient compliance and reducing healthcare costs. We first focused on a segment of the ambulatory diagnostic cardiac outpatient market, otherwise known as Mobile Cardiac Outpatient Monitoring ("COM"), while also providing the capability to perform all types of ambulatory cardiac studies. We developed our Bioflux ("Bioflux") COM technology, which has received clearance from the U.S. Food and Drug Administration ("FDA"), comprised of a monitoring device and software components, which we made available to the market under limited release on April 6, 2018, to assess, establish and develop sales processes and market dynamics. Full market release of the Bioflux device for commercialization occurred in April 2019. The fiscal year ended March 31, 2021 marked our first year of expanded commercialization efforts, focused on sales growth and expansion. In 2021, we commenced the initial launch of Bioheart, a direct-to-consumer heart monitor that offers the same continuous heart monitoring technology used by physicians. In addition to developing and receiving regulatory approval or clearance of other technologies that enhance our ecosystem, in 2022, we announced the launch of our Bi

View Full Filing

View this 10-K filing on SEC EDGAR