Digipath, Inc. Files 10-K/A Amendment for Fiscal Year Ended September 30, 2023

TL;DR

<b>Digipath, Inc. has filed an amendment to its 10-K filing for the fiscal year ending September 30, 2023.</b>

AI Summary

Digipath, Inc. (FUNI) filed a Amended Annual Report (10-K/A) with the SEC on January 19, 2024. Digipath, Inc. filed an amended 10-K for the fiscal year ending September 30, 2023. The filing is an amendment (10-K/A) to the original 10-K filing. The company's fiscal year end is September 30. Digipath, Inc. is incorporated in Nevada. The company's business address is 6450 Cameron St., Suite 113, Las Vegas, NV 89118.

Why It Matters

For investors and stakeholders tracking Digipath, Inc., this filing contains several important signals. This amendment indicates potential corrections or additions to the original financial reporting, requiring investor attention to the updated information. As a 10-K/A filing, it suggests that the company is providing revised or supplementary data, which could impact the understanding of its financial health and operations.

Risk Assessment

Risk Level: low — Digipath, Inc. shows low risk based on this filing. The filing is an amendment (10-K/A) which typically indicates corrections or updates to previously filed information, but without specific details on the nature of the amendments, the immediate risk is low.

Analyst Insight

Investors should review the specific amendments made in this 10-K/A filing to understand any changes to Digipath, Inc.'s financial position or operational disclosures.

Key Numbers

• 2023-09-30 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-01-19 — Filing Date (FILED AS OF DATE)
• 0930 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• Digipath, Inc. (company) — CONFORMED NAME
• 0001493152-24-002937 (dollar_amount) — ACCESSion NUMBER
• 20230930 (dollar_amount) — CONFORMED PERIOD OF REPORT
• 20240119 (dollar_amount) — FILED AS OF DATE
• 000-54239 (dollar_amount) — SEC FILE NUMBER
• 6450 Cameron St., Suite 113 (company) — BUSINESS ADDRESS
• Las Vegas (company) — CITY
• NV (company) — STATE

FAQ

Industry Context

Digipath, Inc. operates in the testing laboratories industry, providing services related to product testing and analysis.

Regulatory Implications

The filing is a 10-K/A, an amendment to an annual report, which is a standard SEC filing requirement for public companies.

What Investors Should Do

1. Review the specific amendments in the 10-K/A filing for Digipath, Inc.
2. Analyze any changes to financial statements or disclosures provided in the amendment.
3. Assess the impact of the amendments on the company's overall financial health and future outlook.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating updates or corrections to the previously submitted annual report for the fiscal year ended September 30, 2023.

Key Financial Figures

• $0.0079 — istrant based upon the closing price of $0.0079 per share as of March 31, 2023 was appr
• $2.3 m — s to Buyer for a cash purchase price of $2.3 million, subject to adjustment. The closi
• $4.4 billion — p CBD business worldwide will grow from $4.4 billion in 2018 to over $14.7 billion by 2026,
• $14.7 billion — grow from $4.4 billion in 2018 to over $14.7 billion by 2026, and the worldwide cannabis ind
• $15 billion — ide cannabis industry in 2019 generated $15 billion. In 2024 that will increase to $44.8 bi
• $44.8 billion — billion. In 2024 that will increase to $44.8 billion. Total legal sales of cannabis in curre
• $30 billion — ver the next six years, reaching nearly $30 billion by 2025. This figure takes into account
• $13.1 billion — 17% CAGR through 2025, to an estimated $13.1 billion by 2025; adult-use sales are projected
• $16.6 billion — are projected to grow at a 16% CAGR, to $16.6 billion. * An estimated 38.4 million U.S. ad
• $2.5 billion — rket is expected to reach approximately $2.5 billion in 2025, with an estimated CAGR of 11.9
• $15,000 — lections to Digipath (but not less than $15,000) in each month, Buyer will be entitled
• $10,000 — will be entitled to a management fee of $10,000 per month. Any remaining cash generated

Filing Documents

• form10-ka.htm (10-K/A) — 1442KB
• ex4-7.htm (EX-4.7) — 31KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• form10-k_003.jpg (GRAPHIC) — 19KB
• image_001.jpg (GRAPHIC) — 3KB
• form10-k_004.jpg (GRAPHIC) — 8KB
• 0001493152-24-002937.txt (&nbsp;) — 7435KB
• digp-20230930.xsd (EX-101.SCH) — 60KB
• digp-20230930_cal.xml (EX-101.CAL) — 74KB
• digp-20230930_def.xml (EX-101.DEF) — 246KB
• digp-20230930_lab.xml (EX-101.LAB) — 483KB
• digp-20230930_pre.xml (EX-101.PRE) — 381KB
• form10-ka_htm.xml (XML) — 1101KB

Selected Financial Data

Item 6. Selected Financial Data 11 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 17 Item 8. Financial Statements and Supplementary Data 18 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 19 Item 9A. Controls and Procedures 19

Other Information

Item 9B. Other Information 20

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 20 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 20

Executive Compensation

Item 11. Executive Compensation 22

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 23

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 24

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 24 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 25

Form 10-K Summary

Item 16. Form 10-K Summary 26

SIGNATURES

SIGNATURES 27 PART I Forward Looking Statements This Form 10-K/A contains "forward-looking" statements including statements regarding our expectations of our future operations. For this purpose, any statements contained in this Form 10-K/A that are not statements of historical fact may be deemed to be forward-looking "anticipate," "estimate," or "continue" or comparable terminology are intended to identify forward-looking on a variety of factors, many of which are not within our control. These risks and uncertainties include demand for our products and services, governmental regulation of the cannabis industry, our ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of our liquidity and financial strength to support our growth, general economic and market conditions; our ability to sustain, manage, or forecast growth, our ability to successfully make and integrate acquisitions, new product development and introduction, existing government regulations and changes in, or the failure to comply with, government regulations, adverse publicity, difficulty in forecasting operating results, change in business strategy or development plans, business disruptions, and the ability to attract and retain qualified personnel. Although the forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by them. In light of these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to announce publicly revisions we make to these forward

Business

Business Our cannabis testing business is operated through our wholly owned subsidiary, Digipath Labs, which performs all cannabis related testing using FDA-compliant laboratory equipment and processes. We opened our first testing lab in Las Vegas, Nevada in May of 2015 to serve the new State approved and licensed medical marijuana industry. We have decreased our focus on expansion efforts since the signing of the Purchase Agreement. We seek to be the nation's highest standard, full-service testing lab for cannabis, hemp and ancillary cannabis and hemp infused products. We are a third party independent testing laboratory facility for cannabis, cannabis infused products, hemp and other botanical nutraceuticals to serve growers, dispensaries, caregivers, producers, patients and eventually all end users of cannabis and botanical products. 1 Our mission is to provide pharmaceutical-grade analysis and testing to the cannabis and hemp industry, under ISO-17025:2017 guidelines, to ensure consumers and patients know exactly what is in the cannabis and hemp they ingest and to help maximize the quality of our client's products through research, development and standardization. As a premier cannabis and hemp testing laboratory with ISO-17025:2017 accreditation, we take a careful, strategic approach to all of our cannabis and hemp testing. A diverse array of tests combined with our lab equipment and analytical instrumentation enable us to accurately test cannabis and hemp for potency, the presence of pesticides, microbial contamination, metals and heavy metals, which include, but are not limited to, substances like arsenic, cadmium, lead, or mercury. Not only is testing for potency and Cannabidiol ("CBD") and tetrahydrocannabinol ("THC") content important, we recognize that more profound testing is needed particularly as a true national standard is developed. Digipath Labs is committed to follow Food and Drug Administration ("FDA"), Drug Enforcement Agency ("DEA"), En

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View this 10-K/A filing on SEC EDGAR