Zeo ScientifiX, Inc. Files 10-Q for Period Ending January 31, 2024
Ticker: ZEOX · Form: 10-Q · Filed: Mar 18, 2024 · CIK: 1557376
Sentiment: neutral
Topics: 10-Q, Zeo ScientifiX, Financials, Customer Concentration, Biotechnology
TL;DR
<b>Zeo ScientifiX, Inc. filed its quarterly report (10-Q) for the period ending January 31, 2024, detailing financial data and customer concentration risks.</b>
AI Summary
Zeo ScientifiX, Inc. (ZEOX) filed a Quarterly Report (10-Q) with the SEC on March 18, 2024. Zeo ScientifiX, Inc. filed a 10-Q for the period ending January 31, 2024. The company was formerly known as Organicell Regenerative Medicine, Inc. before changing its name on June 25, 2018. Previous name changes include Biotech Products Services & Research, Inc. (September 17, 2015) and BESPOKE TRICYCLES INC (August 31, 2012). The filing includes data related to Series C Preferred Stock, Common Stock, Additional Paid In Capital, and Retained Earnings for various periods. Customer concentration risk is noted for sales revenue from a large distributor, another large distributor, and individual medical practices for the periods November 1, 2023 - January 31, 2024, and November 1, 2022 - January 31, 2023.
Why It Matters
For investors and stakeholders tracking Zeo ScientifiX, Inc., this filing contains several important signals. This 10-Q filing provides a snapshot of Zeo ScientifiX's financial position and operational activities for the specified quarter, which is crucial for investors to assess performance and trends. The disclosure of customer concentration risk highlights potential vulnerabilities in the company's revenue streams, indicating a reliance on a few key clients.
Risk Assessment
Risk Level: medium — Zeo ScientifiX, Inc. shows moderate risk based on this filing. The company's reliance on a few large distributors for revenue presents a medium risk, as the loss of any one of these customers could significantly impact financial performance.
Analyst Insight
Investors should monitor revenue diversification strategies and the company's ability to mitigate risks associated with customer concentration.
Key Numbers
- 2024-01-31 — Period End Date (10-Q filing)
- 2023-11-01 — Period Start Date (10-Q filing)
- 2018-06-25 — Name Change Date (From Organicell Regenerative Medicine, Inc.)
- 2015-09-17 — Name Change Date (From Biotech Products Services & Research, Inc.)
- 2012-08-31 — Name Change Date (From BESPOKE TRICYCLES INC)
Key Players & Entities
- Zeo ScientifiX, Inc. (company) — Filer name
- Organicell Regenerative Medicine, Inc. (company) — Former company name
- Biotech Products Services & Research, Inc. (company) — Former company name
- BESPOKE TRICYCLES INC (company) — Former company name
- 2024-01-31 (date) — End of reporting period
- 2023-11-01 (date) — Start of reporting period
- 2022-11-01 (date) — Start of comparative period
- 2023-01-31 (date) — End of comparative period
FAQ
When did Zeo ScientifiX, Inc. file this 10-Q?
Zeo ScientifiX, Inc. filed this Quarterly Report (10-Q) with the SEC on March 18, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Zeo ScientifiX, Inc. (ZEOX).
Where can I read the original 10-Q filing from Zeo ScientifiX, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Zeo ScientifiX, Inc..
What are the key takeaways from Zeo ScientifiX, Inc.'s 10-Q?
Zeo ScientifiX, Inc. filed this 10-Q on March 18, 2024. Key takeaways: Zeo ScientifiX, Inc. filed a 10-Q for the period ending January 31, 2024.. The company was formerly known as Organicell Regenerative Medicine, Inc. before changing its name on June 25, 2018.. Previous name changes include Biotech Products Services & Research, Inc. (September 17, 2015) and BESPOKE TRICYCLES INC (August 31, 2012)..
Is Zeo ScientifiX, Inc. a risky investment based on this filing?
Based on this 10-Q, Zeo ScientifiX, Inc. presents a moderate-risk profile. The company's reliance on a few large distributors for revenue presents a medium risk, as the loss of any one of these customers could significantly impact financial performance.
What should investors do after reading Zeo ScientifiX, Inc.'s 10-Q?
Investors should monitor revenue diversification strategies and the company's ability to mitigate risks associated with customer concentration. The overall sentiment from this filing is neutral.
Risk Factors
- Customer Concentration Risk [medium — market]: Sales revenue is significantly dependent on a few large distributors and individual medical practices, posing a risk if these relationships are disrupted.
Key Dates
- 2024-01-31: Quarterly Period End — Financial data for this period is reported in the 10-Q.
- 2023-11-01: Quarterly Period Start — Financial data for this period is reported in the 10-Q.
Filing Stats: 4,418 words · 18 min read · ~15 pages · Grade level 15.5 · Accepted 2024-03-18 16:15:32
Key Financial Figures
- $0.001 — Section 12(g) of the Act: Common Stock, $0.001 par value Indicate by check mark whet
Filing Documents
- zeoscientifixinc_10q.htm (10-Q) — 437KB
- zeoscientifixinc_ex31-1.htm (EX-31.1) — 16KB
- zeoscientifixinc_ex31-2.htm (EX-31.2) — 16KB
- zeoscientifixinc_ex32-1.htm (EX-32.1) — 5KB
- zeoscientifixinc_ex32-2.htm (EX-32.2) — 5KB
- 0001829126-24-001677.txt ( ) — 3079KB
- zeox-20240131.xsd (EX-101.SCH) — 33KB
- zeox-20240131_cal.xml (EX-101.CAL) — 45KB
- zeox-20240131_def.xml (EX-101.DEF) — 105KB
- zeox-20240131_lab.xml (EX-101.LAB) — 228KB
- zeox-20240131_pre.xml (EX-101.PRE) — 189KB
- zeoscientifixinc_10q_htm.xml (XML) — 315KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations. 15 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk. 21 Item 4.
Controls and Procedures
Controls and Procedures. 21 PART II OTHER INFORMATION Item 1. Legal Proceedings. 22 Item 1A. Risk Factors. 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 22 Item 3. Defaults Upon Senior Securities. 22 Item 4. Mine Safety Disclosures. 22 Item 5. Other Information. 22 Item 6. Exhibits. 23
– FINANCIAL INFORMATION
Part I – FINANCIAL INFORMATION Item 1.
Financial Statements
Financial Statements Zeo ScientifiX, Inc. (Formerly Organicell Regenerative Medicine Inc.) CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts rounded to the nearest thousand except share amounts) January 31, 2024 October 31, 2023 (Unaudited) ASSETS Current Assets Cash $ 1,172,000 $ 1,756,000 Accounts receivable, net of allowance for bad debts 77,000 18,000 Other receivables 12,000 12,000 Prepaid expenses 315,000 106,000 Inventories 316,000 310,000 Total Current Assets 1,892,000 2,202,000 Property and equipment, net 533,000 573,000 Security deposits 7,000 7,000 TOTAL ASSETS $ 2,432,000 $ 2,782,000 LIABILITIES, SHARES SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued expenses $ 2,219,000 $ 2,612,000 Advances payable to former officer 221,000 221,000 Finance lease obligations 10,000 23,000 Convertible promissory note, net of debt discount of $ 62,000 and $ 68,000 663,000 657,000 Deferred revenue 810,000 497,000 Total Current Liabilities 3,923,000 4,010,000 Long term finance lease obligations 17,000 13,000 Total Liabilities 3,940,000 4,023,000 Commitments and contingencies Shares Subject To Possible Redemption Series C Preferred Stock, $ 0.001 par value, 100 shares authorized; 100 and 100 shares issued and outstanding, respectively - - Stockholders' Deficit Common stock, $ 0.001 par value, 2,500,000,000 shares authorized; 6,125,482 and 7,283,483 shares issued and outstanding, respectively 6,000 7,000 Additional paid-in capital 57,034,000 56,260,000 Accumulated deficit ( 58,548,000 ) ( 57,508,000 ) Total Stockholders' Deficit ( 1,508,000 ) ( 1,241,000 ) TOTAL LIABILITIES, SHARES SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' DEFICIT $ 2,432,000 $ 2,782,000 The accompanying notes are an integral part of these condensed consolidated financial s