BioSig Technologies Files Q1 2024 10-Q

TL;DR

BioSig Tech dropped its Q1 10-Q, showing financials as of March 31, 2024.

AI Summary

BioSig Technologies, Inc. filed its Q1 2024 10-Q report on May 20, 2024, detailing its financial position as of March 31, 2024. The company, incorporated in Delaware, operates in the electromedical and electrotherapeutic apparatus sector. Key financial data and preferred stock details were updated in this filing.

Why It Matters

This filing provides investors with the latest financial snapshot of BioSig Technologies, Inc., crucial for understanding the company's performance and financial health in early 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• N/A — Revenue (Specific revenue figures for Q1 2024 are not detailed in this header-level data.)
• N/A — Net Income (Specific net income figures for Q1 2024 are not detailed in this header-level data.)
• N/A — Total Assets (Specific total asset figures for Q1 2024 are not detailed in this header-level data.)

Key Players & Entities

• BioSig Technologies, Inc. (company) — Filer
• 0001530766 (company) — Central Index Key
• DE (company) — State of Incorporation
• 20240331 (date) — Period of Report
• 20240520 (date) — Filing Date

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share BSGM The NASDAQ Capital M
• $1 — 17 ) $ 13 $ ( 4,308 ) * - less than $1 The accompanying notes are an integra

Filing Documents

• form10-q.htm (10-Q) — 1158KB
• ex31-01.htm (EX-31.01) — 19KB
• ex31-02.htm (EX-31.02) — 18KB
• ex32-01.htm (EX-32.01) — 9KB
• 0001493152-24-020634.txt ( ) — 7199KB
• bsgm-20240331.xsd (EX-101.SCH) — 53KB
• bsgm-20240331_cal.xml (EX-101.CAL) — 65KB
• bsgm-20240331_def.xml (EX-101.DEF) — 286KB
• bsgm-20240331_lab.xml (EX-101.LAB) — 442KB
• bsgm-20240331_pre.xml (EX-101.PRE) — 380KB
• form10-q_htm.xml (XML) — 1189KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements

Financial Statements Condensed consolidated balance sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Condensed consolidated statements of operations for the three months ended March 31, 2024 and 2023 (unaudited) 4 Condensed consolidated statement of changes in deficit for the three months ended March 31, 2024 (unaudited) 5 Condensed consolidated statement of changes in equity for the three months ended March 31, 2023 (unaudited) 6 Condensed consolidated statements of cash flows for the three months ended March 31, 2024 and 2023 (unaudited) 7 Notes to condensed consolidated financial statements (unaudited) 8-28 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 29-36 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 36 ITEM 4.

Controls and Procedures

Controls and Procedures 36

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 39 ITEM 1A.

Risk Factors

Risk Factors 40 ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 41 ITEM 3. Defaults Upon Senior Securities 42 ITEM 4. Mine Safety Disclosures 42 ITEM 5. Other Information 42 ITEM 6. Exhibits 42

SIGNATURES

SIGNATURES 46 2 PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS BIOSIG TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, Except Par Value and Share Amounts) March 31, December 31, 2024 2023 (unaudited) ASSETS Current assets: Cash $ 416 $ 190 Accounts receivable 14 24 Employee advance - 5 Net investment in leases, short term 90 103 Prepaid expenses and vendor deposits 220 206 Total current assets 740 528 Property and equipment, net 182 509 Right-to-use assets, net 335 412 Other assets: Net investment in leases, long term 4 17 Patents, net 284 288 Other assets 44 44 Total assets $ 1,589 $ 1,798 LIABILITIES AND EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued expenses, including $ 20 and $ 30 to related parties as of March 31, 2024 and December 31, 2023, respectively $ 4,821 $ 4,116 Customer deposits - 16 Dividends payable 103 101 Lease liability, short term 308 349 Total current liabilities 5,232 4,582 Long term liabilities: Note payable-related party, long term 500 - Lease liability, long term 60 103 Total long term liabilities 560 103 Total liabilities 5,792 4,685 Commitments and contingencies (Note 12) - - Series C 9% Convertible Preferred Stock, $ 0.001 par value, $ 1,000 stated value, authorized 4,200 shares, 105 shares issued and outstanding; liquidation preference of $ 105 as of March 31, 2024 and December 31, 2023 105 105 Deficit Preferred stock, $ 0.001 par value, authorized 1,000,000 shares, designated 200 shares of Series A, 600 shares of Series B, 4,200 shares of Series C, 1,400 shares of Series D, 1,000 shares of Series E, 200,000 shares of Series F Preferred Stock. 105 shares of Series C outstanding as of March 31, 2024 and December 31, 2023 (see above) - - Common stock, $ 0.001 par value, authorized 200,000,000 shares, 11,165,007 and 9,040,043 issued and outstanding as o

Business

Business and organization BioSig Technologies, Inc. was initially incorporated on February 24, 2009 under the laws of the State of Nevada and subsequently re-incorporated in the state of Delaware in 2011. The Company is principally devoted to improving the standard care in electrophysiology with our PURE EP System's enhanced signal acquisition, digital signal processing, and analysis during ablation of cardiac arrhythmias. The Company has generated minimal revenue to date and consequently its operations are subject to all risks inherent in business enterprises in early commercialization stage. On November 7, 2018, the Company formed a subsidiary under the laws of the State of Delaware originally under the name of NeuroClear Technologies, Inc. which was renamed to ViralClear Pharmaceuticals, Inc. ("ViralClear") in March 2020. The subsidiary was established to pursue additional applications of the PURE EP signal processing technology outside of cardiac electrophysiology, and subsequently in 2020, was repurposed to develop merimepodib, a broad-spectrum anti-viral agent that showed potential for the treatment of COVID-19. Since late 2020, ViralClear has been realigned with its original objective of pursuing additional applications of the PURE EP signal processing technology outside of cardiac electrophysiology. In 2019 and 2020, ViralClear sold an aggregate of 1,965,240 shares of its common stock to investors for net proceeds of $ 15.6 million and issued an aggregate of 894,869 shares of its common stock in connection with acquiring assets and with know-how agreements. As of March 31, 2024 and December 31, 2023, the Company had a majority interest in ViralClear of 69.08 %. On July 2, 2020, the Company formed an additional subsidiary, NeuroClear Technologies, Inc., a Delaware corporation, which was renamed to BioSig AI Sciences, Inc. ("BioSig AI") on May 31, 2023. The subsidiary was established to pursue clinical needs of cardiac and neurological disorders throug

View Full Filing

View this 10-Q filing on SEC EDGAR