Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ___________

Commission file number: 000-54208

BioCorRx Inc.

(Exact name of registrant as specified in its charter)

Nevada		90-0967447
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

2390 East Orangewood Avenue, Suite 500 Anaheim, CA		92806
(Address of principal executive offices)		(Zip Code)

(714) 462-4880

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange

on which registered

N/A

Indicate by check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 14, 2024, there were 9,612,703 shares of registrant’s common stock outstanding.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

ITEM 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	3
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023	4
	Condensed Consolidated Statement of Deficit for the three months ended March 31, 2024	5
	Condensed Consolidated Statement of Deficit for the three months ended March 31, 2023	6
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	7
	Notes to Consolidated Financial Statements	8
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	40
ITEM 4.	Controls and Procedures	40

PART II. OTHER INFORMATION

ITEM 1.	Legal Proceedings	42
ITEM 1A.	Risk Factors	42
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
ITEM 3.	Defaults Upon Senior Securities	42
ITEM 4.	Mine Safety Disclosures	42
ITEM 5.	Other Information	42
ITEM 6.	Exhibits	43

SIGNATURES		44

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

Unless expressly indicated or the context requires otherwise, the terms “BioCorRx,” “Company,” “we,” “us,” and “our” in this document refer to BioCorRx Inc., a Nevada corporation, and, where appropriate, its wholly owned subsidiaries.

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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

BIOCORRX INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,
	2024			2023
	(unaudited)
ASSETS
Current assets:
Cash	$	101,080		$	65,222
Accounts receivable, net		-			740
Grant receivable		21,042			76,266
Prepaid expenses		29,471			44,891
Total current assets		151,593			187,119

Property and equipment, net		44,524			50,943

Right to use assets		70,658			97,278

Other assets:
Patents, net		8,733			9,027
Deposits, long term		41,936			44,520
Total other assets		50,669			53,547

Total assets	$	317,444		$	388,887

LIABILITIES AND DEFICIT
Current liabilities:
Accounts payable and accrued expenses, including related party payables of $1,787,403 and $1,683,453, respectively	$	4,976,775		$	4,649,179
Lease liability, short term		104,062			122,732
Derivative liability		80,190			53,460
Notes payable, net of debt discount of $378,530 and $354,730, respectively		802,950			606,750
Notes payable, related parties, net of debt discount of $48,110 and $77,295, respectively		1,204,153			999,088
Total current liabilities		7,168,130			6,431,209

Long term liabilities:
Economic Injury Disaster loan, long term		72,112			72,466
Royalty obligation, net of discount of $4,780,800 and $4,899,354, related parties		3,941,300			3,822,746
Lease liability, long term		-			10,945
Deferred revenue, long term		4,045			4,045

Total liabilities		11,185,587			10,341,411

Commitments and contingencies

Deficit:
Preferred stock, no par value, 600,000 authorized
Series A convertible preferred stock, no par value; 80,000 designated; 80,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023		16,000			16,000
Series B convertible preferred stock, no par value; 160,000 designated; 160,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023		5,616			5,616
Common stock, $0.001 par value; 750,000,000 shares authorized, 8,897,104 and 8,674,029 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively		8,897			8,674
Common stock subscribed		100,009			100,009
Additional paid in capital		68,470,650			68,149,029
Accumulated deficit		(79,339,794	)		(78,103,018	)
Total deficit attributable to BioCorRx Inc.		(10,738,622	)		(9,823,690	)
Non-controlling interest		(129,521	)		(128,834	)
Total deficit		(10,868,143	)		(9,952,524	)

Total liabilities and deficit	$	317,444		$	388,887

See the accompanying notes to the unaudited condensed consolidated financial statements

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BIOCORRX INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three months ended
	March 31,
	2024			2023

Revenues, net	$	3,620		$	40,442

Operating expenses:
Cost of implants and other costs		1,667			8,676
Research and development		213,834			237,387
Selling, general and administrative		750,098			796,049
Impairment of intellectual property		-			47,980
Depreciation and amortization		6,713			6,665
Total operating expenses		972,312			1,096,757

Loss from operations		(968,692	)		(1,056,315	)

Other income (expenses):
Interest expense - related parties		(186,828	)		(169,380	)
Interest expense, net		(181,820	)		(26,040	)
Grant income		112,963			241,149
Other miscellaneous expense		(13,086	)		-
Total other (expense) income		(268,771	)		45,729

Loss before provision for income taxes		(1,237,463	)		(1,010,586	)

Income taxes		-			-

Net loss		(1,237,463	)		(1,010,586	)

Non-controlling interest		687			934

Net loss attributable to BioCorRx Inc.	$	(1,236,776	)	$	(1,009,652	)

Net loss per common share, basic and diluted	$	(0.14	)	$	(0.13	)

Weighted average number of common shares outstanding, basic and diluted		8,757,859			7,741,681

See the accompanying notes to the unaudited condensed consolidated financial statements

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BIOCORRX INC.

CONDENSED CONSOLIDATED STATEMENT OF DEFICIT

THREE MONTHS ENDED MARCH 31, 2024

	Series A				Series B
	Convertible				Convertible								Common		Additional					Non-
	Preferred stock				Preferred stock				Common stock				stock		Paid in		Accumulated			Controlling
	Shares		Amount		Shares		Amount		Shares		Amount		Subscribed		Capital		Deficit			Interest			Total
Balance, December 31, 2023		80,000	$	16,000		160,000	$	5,616		8,674,029	$	8,674	$	100,009	$	68,149,029	$	(78,103,018	)	$	(128,834	)	$	(9,952,524	)
Common stock issued for services rendered		-		-		-		-		169,075		169		-		149,456		-			-			149,625
Common stock issued in connection with issuance of promissory notes		-		-		-		-		54,000		54		-		40,163		-			-			40,217
Warrants issued in connection with issuance of promissory notes		-		-		-		-		-		-		-		83,552		-			-			83,552
Share-based compensation		-		-		-		-		-		-		-		48,450		-			-			48,450
Net loss		-		-		-		-		-		-		-		-		(1,236,776	)		(687	)		(1,237,463	)
Balance, March 31, 2024 (unaudited)		80,000	$	16,000		160,000	$	5,616		8,897,104	$	8,897	$	100,009	$	68,470,650	$	(79,339,794	)	$	(129,521	)	$	(10,868,143	)

See the accompanying notes to the unaudited condensed consolidated financial statements

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BIOCORRX INC.

CONDENSED CONSOLIDATED STATEMENT OF DEFICIT

THREE MONTHS ENDED MARCH 31, 2023

	Series A				Series B								Common
	Convertible				Convertible								Stock			Common		Additional					Non-
	Preferred stock				Preferred stock				Common stock				Subscription			stock		Paid in		Accumulated			Controlling
	Shares		Amount		Shares		Amount		Shares		Amount		Receivable			Subscribed		Capital		Deficit			Interest			Total
Balance, December 31, 2022		80,000	$	16,000		160,000	$	5,616		7,718,636	$	7,719	$	-		$	100,000	$	66,130,296	$	(74,336,105	)	$	(125,257	)	$	(8,201,731	)
Common stock issued for services rendered		-		-		-		-		36,660		37		-			-		63,107		-			-			63,144
Common stock issued in connection with issuance of promissory notes		-		-		-		-		4,285		4		-			-		5,996		-			-			6,000
Common stock issued in connection with subscription agreement		-		-		-		-		342,592		343		(300,000	)		-		599,657		-			-			300,000
Share-based compensation		-		-		-		-		-		-		-			-		16,074		-			-			16,074
Net loss		-		-		-		-		-		-					-		-		(1,009,652	)		(934	)		(1,010,586	)
Balance, March 31, 2023 (unaudited)		80,000	$	16,000		160,000	$	5,616		8,102,173	$	8,103	$	(300,000	)	$	100,000	$	66,815,130	$	(75,345,757	)	$	(126,191	)	$	(8,827,099	)

See the accompanying notes to the unaudited condensed consolidated financial statements

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BIOCORRX INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months ended
	March 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(1,237,463	)	$	(1,010,586	)
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation and amortization		6,713			6,665
Amortization of discount on royalty obligation		118,554			115,334
Amortization of debt discount		175,884			23,462
Impairment of intellectual property		-			47,980
Amortization of right-of-use asset		26,620			30,304
Stock based compensation		198,075			79,218
Changes in operating assets and liabilities:
Accounts receivable		740			23,163
Grant receivable		55,224			58,373
Prepaid expenses		15,420			26,020
Accounts payable and accrued expenses		327,596			243,702
Deposits		2,584			-
Lease liability		(29,615	)		(32,364	)
Deferred revenue		-			(8,626	)
Net cash used in operating activities		(339,668	)		(397,355	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock subscription and royalty agreement		-			300,000
Payment to Economic Injury Disaster loan		(354	)		(341	)
Proceeds from notes payable		200,000			50,000
Proceeds from notes payable – related party		175,880			182,768
Net cash provided by financing activities		375,526			532,427

Net increase (decrease) in cash		35,858			135,072
Cash, beginning of period		65,222			68,615

Cash, end of period	$	101,080		$	203,687

Supplemental disclosures of cash flow information:
Interest paid	$	8,547		$	-
Taxes paid	$	-		$	-
Warrants issued in connection with issuance of promissory notes	$	83,552		$	-
Derivative liability recognized in connection with issuance of promissory notes	$	26,730		$	-
Common stock issued in connection with issuance of promissory notes	$	40,217		$	6,000

See the accompanying notes to the unaudited condensed consolidated financial statements

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BIOCORRX INC .

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2024

(UNAUDITED)

NOTE 1 - BUSINESS

BioCorRx Inc., through its subsidiaries, develops and provides addiction treatment solutions offering a unique approach to the treatment of substance use and other related disorders. The Company also controls BioCorRx Pharmaceuticals Inc., a clinical-stage drug development subsidiary currently seeking FDA approval for BICX104, an implantable naltrexone pellet for the treatment of alcohol and opioid use disorders. BICX102 is an implantable pellet of naltrexone that was the original product candidate being developed under NIDA award number UG3DA047925 (awarded in 2019 and 2020) and BICX104 is another pellet of naltrexone that subsequently became the lead product candidate with minor excipient differences between the BICX102 and BICX104. On October 31, 2020, the Company entered into a written management services agreement with Joseph DeSanto MD, Inc. (“Medical Corporation”) under which the Company provides management and other administrative services to the Medical Corporation. These services include billing, collection of accounts receivable, accounting, management and human resource functions. Pursuant to the management services agreement, a management fee equal to 65% of the Medical Corporation’s gross collected monthly revenue. Through this arrangement, the Company is directing the activities that most significantly impact the financial results of the respective Medical Corporation; however, all clinical treatment decisions are made solely by licensed healthcare professionals. The Company has determined that it is the primary beneficiary, and, therefore, has consolidated the Medical Corporation as variable interest entity (“VIE”). The medical corporation: (i) had not yet generated any revenues and (ii) had no significant assets or liabilities since inception through March 31, 2024.

On July 28, 2016, BioCorRx Inc. formed BioCorRx Pharmaceuticals, Inc., a Nevada Corporation, for the purpose of developing certain business lines. In connection with the formation, the sub issued 24.2% ownership to officers of BioCorRx Inc. with the Company retaining 75.8%. In 2018, BioCorRx Pharmaceuticals, Inc. began operating activities (Note 17).

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Statements

The following (a) condensed consolidated balance sheet as of December 31, 2023, which has been derived from audited financial statements, and (b) the unaudited condensed consolidated interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of results that may be expected for the year ending December 31, 2024. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on April 1, 2024.

Basis of presentation

The consolidated financial statements include the accounts of: (i) BioCorRx Inc. and its wholly owned subsidiary, Fresh Start Private, Inc., (ii) its majority owned subsidiary, BioCorRx Pharmaceuticals, Inc., and (iii) and the Medical Corporation (“VIE”) (Collectively, “the Company”) under which the Company provides management and other administrative services pursuant to the management services agreement in which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation.

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Revenue Recognition

The Company recognizes revenue in accordance with Financial Accounting Standards Board “FASB” Accounting Standards Codification “ASC” 606. A five-step analysis a must be met as outlined in Topic 606: (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) performance obligations are satisfied. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded.

The Company has elected the following practical expedients in applying ASC 606:

	·	Unsatisfied Performance Obligations - all performance obligations relate to contracts with a duration of less than one year. The Company has elected to apply the optional exemption provided in ASC 606 and therefore, is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period.

	·	Contract Costs - all incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration.

	·	Significant Financing Component - the Company does not adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

	·	Sales Tax Exclusion from the Transaction Price - the Company excludes from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from the customer.

	·	Shipping and Handling Activities - the Company elected to account for shipping and handling activities as a fulfillment cost rather than as a separate performance obligation.

The Company’s net sales are disaggregated by product category. The sales/access fees consist of product sales, which is recognized upon the transfer of promised goods to customers. The project support income is generated from administrative support to Biotechnology research customers, which is recognized upon the transfer of promised services to customers. The distribution rights income consists of the income recognized from the amortization of distribution agreements entered into for its products. The membership/program fees are generated from the Company’s UnCraveRx™ Weight Loss Management Program, which is recognized upon the transfer of promised goods to customers.

The following table presents the Company’s net sales by product category for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Sales/access fees	$	2,205	$	1,010
Project support income		-		25,817
Distribution rights income		-		8,626
Membership/program fees		1,415		4,989
Net sales	$	3,620	$	40,442

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Deferred revenue

The Company licenses proprietary products and protocols to customers under licensing agreements that allow those customers to access the products and protocols in services they provide to their customers during the term of the license agreement. The timing and amount of revenue recognized from license agreements depends upon a variety of factors, including the specific terms of each agreement. Such agreements are reviewed for multiple performance obligations. Performance obligations can include amounts related to initial non-refundable license fees for the use of the Company’s products and protocols and additional royalties on covered services.

The Company granted license and sub-license agreements for various regions or States in the United States allowing the licensee to market, distributes and sell solely in the defined license territory, as defined, the products provided by the Company. The agreements are granted for a defined period or perpetual and are effective as long as annual milestones are achieved.

Terms for payments for licensee agreements vary from full cash payment to defined terms. In cases where license or sub-license fees are uncollected and deferred; the Company nets those uncollected fees with the deferred revenue for balance sheet presentation.

The Company amortizes license fees over the shorter of the economic life of the related contract life or contract terms for each licensee.

On October 1, 2019, the Company launched the UnCraveRx™ Weight Loss Management Program. Customers are charged a membership fee and are requested to pay for three training programs at inception. The payments are recorded as deferred revenue until earned.

The following table presents the changes in deferred revenue, reflected as current and long term liabilities on the Company’s unaudited condensed consolidated balance sheet:

Balance as of December 31, 2023
Short term	$	-
Long term		4,045
Total as of December 31, 2023		4,045
Balance as of March 31, 2024		4,045
Less short term		-
Long term	$	4,045

Deferred Revenue-Grant

The Company recognizes grant revenues in the period during which the related research and development costs are incurred. The timing and amount of revenue recognized from reimbursement for research and development costs depends upon the specific terms for the contracted work. Such costs are reviewed for multiple performance obligations which can include amounts related to contracted work performed or as milestones have been achieved.

Use of Estimates

The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include assumptions used in the fair value of other equity and debt instruments, income taxes, loss contingencies, and research and development costs.

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Accounts Receivable

Accounts receivable are recorded at original invoice amount less an allowance for uncollectible accounts that management believes will be adequate to absorb estimated losses on existing balances. Management estimates the allowance based on collectability of accounts receivable and prior bad debt experience. Accounts receivable balances are written off against the allowance upon management’s determination that such accounts are uncollectible. Recoveries of accounts receivable previously written off are recorded when received. The allowance for doubtful accounts was $0 as of March 31, 2024 and December 31, 2023.

Financial Accounting Standards Board (“FSAB”) Accounting Standards Codification (“ASC”) 326-20-30-2, Financial Instruments – Credit Losses, requiring a reporting entity to use a pooled approach to estimate expected credit losses for financial assets with similar risk characteristics. If a financial asset does not share similar risk characteristics with other financial assets held by the reporting entity, the allowance for credit losses should be determined on an individual basis. Similar risk characteristics for trade receivables may include customer credit rating, trade receivable aging category (e.g., 30-90 days past due), healthcare industry, and other factors that may influence the likelihood of the customer not being able to pay for the goods or services. The Company utilizes this individual approach for its trade receivables as each customer does not share similar risks.

Trade receivables with certain customers are financial assets analyzed by the Company under the expected credit loss model. To measure expected credit losses, trade receivables are grouped based on shared risk characteristics (i.e., the relevant healthcare industry) and days past due (i.e., delinquency status), while considering the following if applicable:

	·	Customers in relevant healthcare industries share similar risk characteristics associated with the macroeconomic environment of their industry.

	·	The expected credit loss rate is likely to increase as receivables move to older aging buckets. The Company used the following aging categories to estimate the risk of delinquency status: (i) 0 days past due; (ii) 1-30 days past due; (iii) 31-60 days past due; (iv) 61-90 days past due; and (v) over 90 days past due.

Fair Value of Financial Instruments

The Company calculates the fair value of its assets and liabilities which qualify as financial instruments and includes this additional information in the notes to the consolidated financial statements when the fair value is different than the carrying value of these financial instruments. The estimated fair value of cash, accounts receivable, grant receivable, accounts payable and accrued expenses, and notes payable approximate their carrying amounts due to the relatively short maturity of these instruments. The carrying value of lease liability and royalty obligation also approximates fair value since these instruments bear market rates of interest. None of these instruments are held for trading purposes.

See Note 13 and 14 for stock based compensation and other equity instruments.

Fair Value Measurements

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period. The Company also follows ASC 820 for non-financial assets and liabilities that are re-measured and reported at fair value at least annually.

The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or that the Company would have paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used to value the assets and liabilities:

Level 1:	Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:	Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:	Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability.

Derivative Financial Instruments

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.

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The fair value of the event of default penalty put option in connection with the issuance of promissory notes was recognized as a derivative liability and debt discount on the unaudited condensed consolidated balance sheet as of March 31, 2024 and December 31, 2023.

The following table provides information related to the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative liability	$	-	$	-	$	80,190	$	80,190
	$	-	$	-	$	80,190	$	80,190

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative liability	$	-	$	-	$	53,460	$	53,460
	$	-	$	-	$	53,460	$	53,460

Activity for the three months ended March 31, 2024 for the derivative liability was as follows:

	Derivative Liability

Fair value as of December 31, 2023	$	53,460
Fair value at issuance		26,730
Fair value as of March 31, 2024	$	80,190

Segment Information

Accounting Standards Codification subtopic Segment Reporting 280-10 (“ASC 280-10”) establishes standards for reporting information regarding operating segments in annual financial statements and requires selected information for those segments to be presented in interim financial reports issued to stockholders. ASC 280-10 also establishes standards for related disclosures about products and services and geographic areas. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. The information disclosed herein materially represents all of the financial information related to the Company’s principal operating segment.

Long-Lived Assets

The Company follows a “primary asset” approach to determine the cash flow estimation period for a group of assets and liabilities that represents the unit of accounting for a long-lived asset to be held and used. Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell.

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The Company evaluates the recoverability of long-lived assets based upon forecasted undiscounted cash flows. Should impairment in value be indicated, the carrying value of the assets will be adjusted, based on estimates of future discounted cash flows resulting from the use and ultimate disposition of the asset. No impairments were recognized for the three months ended March 31, 2024 and 2023.

Intangible Assets

Intangible assets with finite lives are amortized over their estimated useful lives. Intangible assets with indefinite lives are not amortized, but are tested for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. No impairment was recognized for the three months ended March 31, 2024 and 2023.

Software Development Costs

The Company has adopted the provision of ASC 985-20-25, Costs of Software to Be Sold, Leased or Marketed, whereby costs incurred to establish the technological feasibility of a computer software product to be sold, leased or marketed are research and development costs. Research costs are expensed as incurred; costs of producing product masters incurred subsequent to establishing technological feasibility are capitalized; and costs incurred when the product is available for general release to the customers are expensed as incurred. Upgrades and enhancements are capitalized if they result in added functionality which enables the software to perform tasks it was previously incapable of performing.

On July 1, 2021, the Company began development of a proprietary cloud based app that will be marketed and commercialized, for which $47,980 of costs have been capitalized. During the three months ended March 31, 2023, the Company wrote off the $47,980 as impairment loss.

Property and Equipment

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the asset’s estimated useful life of 5 to 15 years. Expenditures for maintenance and repairs are expensed as incurred. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition is reflected in earnings.

Leases

The Company determines if an arrangement is a lease at inception. Operating lease right-of-use assets (“ROU assets”) and short-term and long-term lease liabilities are included on the face of the consolidated balance sheets.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on the information available at commencement date over the respective lease term in determining the present value of lease payments. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component. For lease agreements with terms less than 12 months, the Company has elected the short-term lease measurement and recognition exemption, and it recognizes such lease payments on a straight-line basis over the lease term.

Net (loss) Per Share

The Company accounts for net loss per share in accordance with Accounting Standards Codification subtopic 260-10, Earnings Per Share (“ASC 260-10”), which requires presentation of basic and diluted earnings per share (“EPS”) on the face of the statement of operations for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS.

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Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during each period. It excludes the dilutive effects of any potentially issuable common shares. The effect of common stock equivalents is anti-dilutive with respect to losses and therefore basic and dilutive is the same.

Diluted net loss per share is calculated by including any potentially dilutive share issuances in the denominator. The following securities are excluded from the calculation of weighted average diluted shares at March 31, 2024 and 2023, respectively, because their inclusion would have been anti-dilutive.

	Three Months Ended
	March 31,
	2024		2023
Shares underlying options outstanding		935,068		882,530
Shares underlying warrants outstanding		1,765,856		676,447
Convertible preferred stock outstanding		240,000		240,000
		2,940,924		1,798,977

Advertising

The Company follows the policy of charging the costs of advertising to expense as incurred. The Company charged to operations $12,618 and $29,148 as advertising costs for the three months ended March 31, 2024 and 2023, respectively.

Grant Income

On January 17, 2019, the Company received a Notice of Award from the United States Department of Health and Human Services for a grant from the National Institutes of Health (“NIH”) in support of BICX102/BICX104 from the National Institute on Drug Abuse. BICX102 is an implantable pellet of naltrexone that was the original product candidate and BICX104 is another pellet of naltrexone that subsequently became the lead product candidate with minor excipient differences between the BICX102 and BICX104. The grant provides for (i) $2,842,430 in funding during the first year and (ii) $2,831,838 during the second year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds. On August 27, 2021, the Company received a Notice of Award from the United States Department of Health and Human Services for a grant from National Institute on Drug Abuse in support of BICX104. The grant provides for $3,453,367 in funding during the third year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds. On March 31, 2022, the Company received a Notice of Award from the United States Department of Health and Human Services for a grant from National Institute on Drug Abuse. The grant provides for $99,431 in additional funding during the third year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds. Grant payments received prior to the Company’s performance of work required by the terms of the research grant are recorded as deferred income and recognized as grant income once work is performed and qualifying costs are incurred.

On February 22, 2024, the Company’s subsidiary BioCorRx Pharmaceuticals Inc. was awarded a grant of $11,029,977 from the National Institutes of Health’s National Institute on Drug Abuse, ("NIDA"). The grant provides the Company with additional resources for the ongoing research of BICX104, a sustained release naltrexone implant for the treatment of methamphetamine use disorder. The grant provides for (i) $4,131,123 in funding during the first year, (ii) $3,638,268 during the second-year, and (iii) $3,260,586 during the third-year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds. Government grants are agreements that generally provide cost reimbursement for certain types of expenditures in return for research and development activities over a contractually defined period.

Grant receivables were $21,042 and $76,266 as of March 31, 2024 and December 31, 2023, respectively. Deferred revenues related to the grant were $0 as of March 31, 2024 and December 31, 2023. $112,963 and $241,149 were recorded as grant income for the three months ended March 31, 2024 and 2023, respectively. The F&A indirect costs were $0 as of March 31, 2024 and December 31, 2023. The grant provides for $516,218 in funding for F&A indirect costs.

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Research and development costs

The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and developments costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. The Company incurred research and development expenses of $213,834 and $237,387 for the three months ended March 31, 2024 and 2023, respectively.

Stock Based Compensation

Share-based compensation issued to employees is measured at the grant date, based on the fair value of the award, and is recognized as an expense over the requisite service period. The Company measures the fair value of the share-based compensation issued to non-employees at the grant date using the stock price observed in the trading market (for stock transactions) or the fair value of the award (for non-stock transactions), which were considered to be more reliably determinable measures of fair value than the value of the services being rendered.

Income Taxes

The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. As of March 31, 2024 and December 31, 2023, the Company has not recorded any unrecognized tax benefits.

Variable Interest Entity

The Company evaluates all interests in the VIE for consolidation. When the Company’s interests are determined to be variable interests, an assessment is made on whether the Company is deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. Accounting Standards Codification (“ASC”) 810, Consolidation, defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. Variable interests are considered in making this determination. Where both of these factors are present, the Company is deemed to be the primary beneficiary and the Company consolidates the VIE.

Non-Controlling Interest

A non-controlling interest should be allocated its share of net income or loss, and its respective share of each component of other comprehensive income, in accordance with ASC 810-10-45-20. Due to a management fee equal to 65% of the Medical Corporation’s gross collected monthly revenue, 65% of the Medical Corporation’s earnings was allocated to the Company, and 35% to the non-controlling interest. Due to the Company’s retaining 75.8% ownership of BioCorRx Pharmaceuticals, Inc., 75.8% of BioCorRx Pharmaceuticals, Inc.’s earnings was allocated to the Company, and 24.2% to the non-controlling interest. See accounting policy “Variable Interest Entity” for further information.

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Royalty Obligations, net

The Company accounted for royalty obligations as debt in accordance with ASC 470-10-25 and derived a debt discount, which is amortized using the straight line method over the expected life of the arrangement, which is 15 years. The Company has no obligation to repay the then outstanding balance if during the expected life of 15 years the treatment is discontinued. In order to record the discount of the liability, the Company fair valued the royalty and the difference between fair value of the royalty obligation and the gross projected future payments was $7,171,200 and was recorded as non-cash interest expense over the life of the liability and offset to additional paid in capital at inception.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires disclosure of incremental income tax information within the rate reconciliation and expanded disclosures of income taxes paid, among other disclosure requirements. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company’s management does not believe the adoption of ASU 2023-09 will have a material impact on its financial statements and disclosures.

There are other various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s financial position, results of operations or cash flows.

NOTE 3 - GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

As of March 31, 2024, the Company had cash of $101,080 and working capital deficit of $7,016,537. During the three months ended March 31, 2024, the Company used net cash in operating activities of $339,668. The Company has not yet generated any significant revenues and has incurred net losses since inception. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve-month period since the date of the financial statements were issued.

The Company’s primary source of operating funds since inception has been from proceeds from private placements of convertible and other debt and the sale of common stock. The Company intends to raise additional capital through private placements of debt and equity securities, but there can be no assurance that these funds will be available on terms acceptable to the Company, or will be sufficient to enable the Company to fully complete its development activities or sustain operations. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, reduce overhead, or scale back its current business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.

During the three months ended March 31, 2024, the Company issued several promissory notes to related parties and received total proceeds of $175,880. The promissory notes bear no interest and are due on demand.

During the three months ended March 31, 2024, the Company issued one promissory note to a third party and received total proceeds of $200,000. The promissory note has a stated interest rate of 8% per annum and is due within 9 months.

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On March 8, 2024, the Company entered into an amendment agreement to a promissory note, which was originally issued to a third party on November 10, 2023. In accordance with the amendment, the parties agreed to modify the amortization payments of the unsecured promissory note. In exchange for the modification, the Company issued 15,000 shares of restricted stock to the debt holder at $1.00 per share for a total value of $15,000.

On March 25, 2024, the Company entered into an amendment agreement to a promissory note, which was originally issued to a third party on December 8, 2023. In accordance with the amendment, the parties agreed to modify the amortization payments of the unsecured promissory note. In exchange for the modification, the Company issued 15,000 shares of restricted stock to the debt holder at $0.89 per share for a total value of $13,350.

Accordingly, the accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern and the realization of assets and satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the financial statements do not necessarily purport to represent realizable or settlement values. The consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.

NOTE 4 - PREPAID EXPENSES

The Company’s prepaid expenses consisted of the following at March 31, 2024 and December 31, 2023:

	March 31,		December 31,
	2024		2023
Prepaid insurance	$	4,977	$	18,511
Prepaid subscription services		24,494		26,380
	$	29,471	$	44,891

NOTE 5 - PROPERTY AND EQUIPMENT

The Company’s property and equipment consisted of the following at March 31, 2024 and December 31, 2023:

	March 31,			December 31,
	2024			2023
Office equipment	$	45,519		$	45,519
Computer equipment		5,544			5,544
Manufacturing equipment		101,200			101,200
Leasehold improvement		42,288			42,288
		194,551			194,551
Less accumulated depreciation		(150,027	)		(143,608	)
	$	44,524		$	50,943

Depreciation expense charged to operations amounted to $6,419 and $6,370, respectively, for the three months ended March 31, 2024 and 2023.

NOTE 6 - LEASE

Operating leases

Prior to 2020, the Company entered into several lease amendments with landlord whereby the Company agreed to lease office space in Anaheim, California. The current term expires on January 31, 2025. The current lease has escalating payments from $9,905 per month to $11,018 per month. The Company recorded an aggregate value of right to use assets and lease liability of $500,333.

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Lease liability is summarized below:

	March 31,		December 31,
	2024		2023
Total lease liability	$	104,062	$	133,677
Less: short term portion		104,062		122,732
Long term portion	$	-	$	10,945

Maturity analysis under these lease agreements are as follows:

	Total
2024	$	96,919
2025		11,018
Subtotal		107,937
Less: Present value discount		(3,875	)
Lease liability	$	104,062

Lease expense for the three months ended March 31, 2024 and 2023 was comprised of the following:

	Three Months Ended
	March 31,
	2024		2023
Operating lease expense	$	29,097	$	36,402
	$	29,097	$	36,402

During the three months ended March 31, 2024 and 2023, the Company paid $32,093 and $38,463 lease expense in cash, respectively.

Weighted-average remaining lease term and discount rate for operating leases are as follows:

	March 31,		December 31,
	2024		2023
Weighted-average remaining lease term		0.7		1.0

NOTE 7 - INTELLECTUAL PROPERTY/ LICENSING RIGHTS

On October 12, 2018 the Company’s majority owned subsidiary, BioCorRx Pharmaceuticals Inc. acquired six patent families for sustained delivery platforms for the local delivery of biologic and small molecule drugs for an aggregate purchase price of $15,200. Amortization is computed on straight-line method based on estimated useful lives of 13 years. During the three months ended March 31, 2024 and 2023, the Company recorded amortization expense of $294 and $295, respectively. As of March 31, 2024, the accumulated amortization of these patents was $6,467.

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The future amortization of the patents are as follows:

Year	Amount
2024		875
2025		1,169
2026		1,169
2027		1,169
2028 and after		4,351
	$	8,733

NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following as of March 31, 2024 and December 31, 2023:

	March 31,		December 31,
	2024		2023
Accounts payable	$	2,773,188	$	2,473,457
Interest payable on notes payable		1,293,974		1,268,264
Interest payable on notes payable, related parties		518,008		478,920
Deferred insurance		1,313		-
Accrual of loss on contingency		332,503		322,000
Interest payable on EIDL loan		5,635		5,675
Accrued stock-based compensation		-		43,321
Accrued expenses		52,154		57,542
	$	4,976,775	$	4,649,179

NOTE 9 - NOTES PAYABLE

As of March 31, 2024 and December 31, 2023, the Company had an advance from a third party. The advance bears no interest and is due on demand. The balance outstanding as of March 31, 2024 and December 31, 2023 is $21,480.

On September 9, 2021, the Company issued an unsecured promissory note payable to one third party for $200,000 with principal and interest due June 8, 2022, with a stated interest rate of 25% per annum. The balance outstanding as of March 31, 2024 and December 31, 2023 is $200,000. The interest expense during the three months ended March 31, 2024 and 2023 were $12,466 and $12,329, respectively. If the Company fails to make any payment due under the terms of the promissory note, the Company shall issue a warrant to the third party to which the number of common shares that the third party has the right to purchase equals 48,309 common shares. The warrant shall have a term of 3 years with an exercise price of $4.14 and shall be equitably adjusted to offset the effect of any stock splits and similar events. On June 8, 2022, the Company issued the warrant that entitles the third party to purchase 48,309 common shares due to the loan default. The fair value of the warrant on June 8, 2022 was $86,821, which the Company recognized as interest expense.

On October 6, 2022, the Company issued an unsecured promissory note payable to a third party for $100,000 with principal and interest due October 6, 2023, with a stated interest rate of 12.5% per annum. The interest rate was increased to 25% on October 7, 2023 due to default. Under the terms of the note the Company shall pay quarterly interest payments of $3,125. The balance outstanding as of March 31, 2024 and December 31, 2023 was $100,000. The interest expense during the three months ended March 31, 2024 and 2023 was $6,233 and $3,082, respectively. The Company made an interest payment of $6,250 and $3,125 during the three months ended March 31, 2024 and 2023, respectively. As additional consideration for the loan the Company issued 16,500 shares of common stock and valued at $31,350, which was recognized as debt discount. During the three months ended March 31, 2024 and 2023, the Company amortized $0 and $7,730 of debt discount as interest expense.

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On January 25, 2023, the Company issued an unsecured promissory note payable to a third party for $50,000 with principal and interest due January 25, 2024, with a stated interest rate of 12.5% per annum. The interest rate was increased to 20% on January 26, 2024 due to default. Under the terms of the note the Company shall pay quarterly interest payments of $1,563. The balance outstanding as of March 31, 2024 and December 31, 2023 was $50,000. The interest expense during the three months ended March 31, 2024 and March 31, 2023 was $2,236 and $1,130, respectively. The Company made an interest payment of $1,563 and $0 during the three months ended March 31, 2024 and 2023, respectively. As additional consideration for the loan the Company issued 4,285 shares of common stock and valued at $6,000, which was recognized as debt discount. During the three months ended March 31, 2024 and 2023, the Company amortized $395 and $1,085 of debt discount as interest expense, respectively.

On September 6, 2023, the Company issued an unsecured promissory note payable to one third party for $150,000 with principal and interest due September 6, 2024, with a stated interest rate of 8% per annum. The third party has the option to select the repayment in cash or in stock of the Company at $2.00 per share. The balance outstanding as of March 31, 2024 and December 31, 2023 was $150,000. The interest expense during the three months ended March 31, 2024 was $2,992. If the Company fails to make any payment due under the terms of the promissory note, the interest rate shall increase to 15% per annum. In connection with the issuance of the promissory note, the Company issued the warrant that entitles the third party to purchase 150,000 common shares. The warrant shall have a term of three years with an exercise price of $2.00 and shall be equitably adjusted to offset the effect of any stock splits and similar events. The Company allocated the proceeds based on the relative fair value of the debt and the warrants, resulting in the recognition of $88,820 of debt discount on such promissory note. As additional consideration for the debt, the Company issued 18,000 shares of common stock valued at $30,240, which was also recognized as debt discount. During the three months ended March 31, 2024, the Company amortized $29,684 of debt discount as interest expense.

On November 10, 2023, the Company issued an unsecured promissory note payable to a third party with principal and interest due August 10, 2024, with a stated interest rate of 8% per annum. The cash proceeds of the promissory note was $200,000, and the principal amount of the promissory note was $220,000. Upon the occurrence of any event of default that has not been cured within 30 calendar days from the date of the event of default, the outstanding balance shall immediately increase to 125% of the outstanding balance immediately prior to the occurrence of the event of default. The fair value of the event of default penalty put option, which was $26,730, was recognized as a derivative liability and debt discount on the consolidated balance sheet at issuance date. The balance outstanding as of March 31, 2024 and December 31, 2023 was $220,000. The interest expense during the three months ended March 31, 2024 was $4,388. In connection with the issuance of the promissory note, the Company issued the warrant that entitles the third party to purchase 200,000 common shares. The warrant shall have a term of four years with an exercise price of $2.00 and shall be equitably adjusted to offset the effect of any stock splits and similar events. As additional consideration for the debt, the Company issued 24,000 shares of common stock valued at $36,480. The Company allocated the proceeds based on the relative fair value of the debt, the warrants and the stock, resulting in the recognition of $140,355 of debt discount on such promissory note. On March 8, 2024, the Company entered into an amendment agreement to such promissory note. In accordance with the amendment, the parties agreed to modify the amortization payments of the unsecured promissory note. In exchange for the modification, the Company issued 15,000 shares of restricted stock to the debt holder at $1.00 per share for a total value of $15,000, which was recognized as debt discount. During the three months ended March 31, 2024, the Company amortized $57,717 of debt discount as interest expense.

On December 8, 2023, the Company issued an unsecured promissory note payable to a third party with principal and interest due September 8, 2024, with a stated interest rate of 8% per annum. The cash proceeds of the promissory note was $200,000, and the principal amount of the promissory note was $220,000. Upon the occurrence of any event of default that has not been cured within 30 calendar days from the date of the event of default, the outstanding balance shall immediately increase to 125% of the outstanding balance immediately prior to the occurrence of the event of default. The fair value of the event of default penalty put option, which was $26,730, was recognized as a derivative liability and debt discount on the consolidated balance sheet at issuance date. The balance outstanding as of March 31, 2024 and December 31, 2023 was $220,000. The interest expense during the three months ended March 31, 2024 was $4,388. In connection with the issuance of the promissory note, the Company issued the warrant that entitles the third party to purchase 200,000 common shares. The warrant shall have a term of four years with an exercise price of $2.00 and shall be equitably adjusted to offset the effect of any stock splits and similar events. As additional consideration for the debt, the Company issued 24,000 shares of common stock valued at $27,120. The Company allocated the proceeds based on the relative fair value of the debt, the warrants and the stock, resulting in the recognition of $123,270 of debt discount on such promissory note. On March 25, 2024, the Company entered into an amendment agreement to such promissory note. In accordance with the amendment, the parties agreed to modify the amortization payments of the unsecured promissory note. In exchange for the modification, the Company issued 15,000 shares of restricted stock to the debt holder at $0.89 per share for a total value of $13,350, which was recognized as debt discount. During the three months ended March 31, 2024, the Company amortized $50,116 of debt discount as interest expense.

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On March 14, 2024, the Company issued an unsecured promissory note payable to a third party with principal and interest due December 14, 2024, with a stated interest rate of 8% per annum. The cash proceeds of the promissory note was $200,000, and the principal amount of the promissory note was $220,000. Upon the occurrence of any event of default that has not been cured within 30 calendar days from the date of the event of default, the outstanding balance shall immediately increase to 125% of the outstanding balance immediately prior to the occurrence of the event of default. The fair value of the event of default penalty put option, which was $26,730, was recognized as a derivative liability and debt discount on the consolidated balance sheet at issuance date. The balance outstanding as of March 31, 2024 was $220,000. The interest expense during the three months ended March 31, 2024 was $820. In connection with the issuance of the promissory note, the Company issued the warrant that entitles the third party to purchase 200,000 common shares. The warrant shall have a term of four years with an exercise price of $2.00 and shall be equitably adjusted to offset the effect of any stock splits and similar events. As additional consideration for the debt, the Company issued 24,000 shares of common stock valued at $22,080. The Company allocated the proceeds based on the relative fair value of the debt, the warrants and the stock, resulting in the recognition of $115,419 of debt discount on such promissory note. During the three months ended March 31, 2024, the Company amortized $8,787 of debt discount as interest expense.

The interest expense during the three months ended March 31, 2024 and 2023 were $181,820 and $26,040, respectively. As of March 31, 2024 and December 31, 2023, the accumulated interest on notes payable was $1,293,974 and $1,268,264, respectively, and was included in accounts payable and accrued expenses on the balance sheet.i

The outstanding notes payables as of March 31, 2024 and December 31, 2023 were summarized as below:

	March 31,		December 31,
	2024		2023
Advances from a third party	$	21,480	$	21,480
Promissory note payable dated September 9, 2021		200,000		200,000
Promissory note payable dated October 6, 2022		100,000		100,000
Promissory note payable dated January 25, 2023		50,000		49,605
Promissory note payable dated September 6, 2023, net of debt discount of $51,212 and $80,896, respectively		98,788		69,104
Promissory note payable dated November 10, 2023, net of debt discount of $93,268 and $135,985, respectively		126,732		84,015
Promissory note payable dated December 8, 2023, net of debt discount of $100,688 and $137,454, respectively		119,312		82,546
Promissory note payable dated March 14, 2024, net of debt discount of $133,362 and $0, respectively		86,638		-
	$	802,950	$	606,750

NOTE 10 - NOTES PAYABLE-RELATED PARTIES

As of March 31, 2024 and December 31, 2023, the Company had advances from Kent Emry (Chairman of the Company). The balance outstanding as of March 31, 2024 and December 31, 2023 was $1,500.

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On January 22, 2013, the Company issued an unsecured promissory note payable to Kent Emry (Chairman of the Board) for $200,000 due January 1, 2018, with a stated interest rate of 12% per annum beginning three months from issuance, payable monthly. Principal payments were due starting February 1, 2015 at $6,650 per month. The lender has an option to convert the note to licensing rights for the State of Oregon. The Company currently is in default of the principal and interest. The balance outstanding as of March 31, 2024 and December 31, 2023 was $163,610.

On September 9, 2021, the Company issued an unsecured promissory note payable to Kent Emry for $500,000 with principal and interest due June 8, 2022, with a stated interest rate of 25% per annum. The balance outstanding as of March 31, 2024 and December 31, 2023 is $500,000. The interest expense during the three months ended March 31, 2024 and 2023 were $31,164 and $30,822, respectively. If the Company fails to make any payment due under the terms of the promissory note, the Company shall issue a warrant to Kent Emry to which the number of common shares that Kent Emry has the right to purchase equals 119,617 common shares. The warrant shall have a term of three years with an exercise price of $4.14 and shall be equitably adjusted to offset the effect of any stock splits and similar events. On June 8, 2022, the Company issued the warrant that entitles Kent Emry to purchase 119,617 common shares due to the loan default. The fair value of the warrant on June 8, 2022 was $214,975, which the Company recognized as interest expense - related party.

On September 20, 2022, the Company received $20,000 advances from Louis C Lucido, a member of the Company’s Board of Directors. The balance outstanding as of March 31, 2024 and December 31, 2023 was $20,000.

On November 1, 2022, the Company issued an unsecured promissory note payable to Louis C Lucido for $300,000 with principal and interest due November 1, 2023, with a stated interest rate of 5% per annum. Under the terms of the note the Company shall pay quarterly interest payments of $3,750. On April 3, 2023, the Company entered into the Louis 2023 Exchange Agreement, pursuant to which Mr. Lucido agreed to exchange of the promissory note then outstanding of $300,000 and the accrued interest on the promissory note of $13,892 into the Company’s 183,606 shares of common stock at $1.71 per share, resulting in the recognition of $34,338 of loss on settlement of debt. The balance outstanding as of March 31, 2024 and December 31, 2023 was $0. As the Company failed to make a payment due under the terms of the promissory note, the stated interest rate of the note was increased to 20% on February 1, 2023. The interest expense during the three months ended March 31, 2024 and 2023 was $0 and $3,699, respectively. As additional consideration for the loan the Company issued 33,000 shares of common stock and valued at $59,400, which was recognized as debt discount. During the three months ended March 31, 2024 and 2023, the Company amortized $0 and $14,647, respectively, of debt discount as interest expense.

On December 8, 2022, the Company received $55,000 advances from Mr. Lucido. The balance outstanding as of March 31, 2024 and December 31, 2023 was $55,000.

On March 16, 2023, the Company received $50,000 advances from Mr. Lucido. The balance outstanding as of March 31, 2024 and December 31, 2023 was $50,000.

During the three months ended March 31, 2024, the Company received $146,426 advances from Mr. Lucido. The balance outstanding as of March 31, 2024 was $146,426.

As of March 31, 2024 and December 31, 2023, the Company owed $165,727 and $136,273 advances to Lourdes Felix.

On August 29, 2023, the Company issued an unsecured promissory note payable to Louis C Lucido for $150,000 with principal and interest due August 29, 2024, with a stated interest rate of 8% per annum. The promissory note, together with all accrued interest, shall be converted into common shares at a conversion price of $2.00 per share on or before August 29, 2024. The balance outstanding as of March 31, 2024 and December 31, 2023 was $150,000. The interest expense during the three months ended March 31, 2024 was $2,992. In connection with the issuance of the promissory note, the Company issued the warrant that entitles Mr. Lucido to purchase 150,000 common shares. The warrant shall have a term of three years with an exercise price of $2.00 and shall be equitably adjusted to offset the effect of any stock splits and similar events. The Company allocated the proceeds based on the relative fair value of the debt and the warrants, resulting in the recognition of $87,724 of debt discount on such promissory note. As additional consideration for the debt, the Company issued 18,000 shares of common stock valued at $29,340, which was also recognized as debt discount. During the three months ended March 31, 2024, the Company amortized $29,185 of debt discount as interest expense.

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The interest expense – related parties during the three months ended March 31, 2024 and 2023 were $186,828 and $169,380, respectively, which includes the amortization of royalty obligations as interest expense of $118,554 and $115,334, respectively (see Note 12). As of March 31, 2024 and December 31, 2023, the accumulated interest on related parties notes payable was $518,008 and $478,920, respectively, and was included in accounts payable and accrued expenses on the balance sheet.

The outstanding notes payables to related parties as of March 31, 2024 and December 31, 2023 were summarized as below:

	March 31,		December 31,
	2024		2023
Advances from Kent Emry	$	1,500	$	1,500
Advances from Louis C Lucido		271,426		125,000
Advances from Lourdes Felix		165,727		136,273
Promissory notes payables to Kent Emry		663,610		663,610
Promissory note payable to Louis C Lucido, net of debt discount of $48,110 and $77,295, respectively		101,890		72,705
	$	1,204,153	$	999,088

NOTE 11 - ECONOMIC INJURY DISASTER LOAN

On July 17, 2020, the Company executed the standard loan documents required for securing a loan from SBA under its Economic Injury Disaster Loan assistance program in light of the impact of the COVID-19 pandemic on the Company’s business. Pursuant to the loan agreement, the principal amount of the Economic Injury Disaster Loan (“EIDL”) is $74,300, with proceeds to be used for working capital purposes. The EIDL loan is secured by the tangible and intangible personal property of the Company.

In accordance with the terms of the note: (i) interest accrues at the rate of 3.75% per annum, (ii) installment payments, including principal and interest, of $363 monthly, will begin thirty (30) months from the date of the promissory note, (iii) the balance of principal and interest will be payable over thirty (30) years from the date of the promissory note and (iv) SBA is granted a continuing security interest in and to any and all tangible and intangible personal property of the Company to secure payment and performance of all debts, liabilities and obligations of Borrower to SBA.

On April 28, 2020, the Company received $5,000 from the SBA as an advance on the EIDL, and the advance was forgiven during the prior period.

The interest expense during the three months ended March 31, 2024 and 2023 was $695 and $687, respectively. As of March 31, 2024 and December 31, 2023, the accumulated interest on EIDL Loan was $5,635 and $5,675, respectively.

During the three months ended March 31, 2024 and 2023, the Company made interest payment of $735 and $747, respectively.

The future principal payments are as follows:

Year	Amount
2024	$	-
2025		-
2026		16
2027		1,598
2028 and after		70,498
	$	72,112

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NOTE 12 - ROYALTY OBLIGATIONS, NET

In March 2019, the Company entered into two Subscription and Royalty Agreements (the “Subscription and Royalty Agreements”). One was with Louis and Carolyn Lucido CRT LLC, managed by Mr. Lucido, a member of the Company’s Board of Directors and the other one was with the J and R Galligan Revocable Trust, managed by Mr. Galligan, a holder of between 15% and 20% of the Company’s shares of common stock and a member of the Company’s Board of Directors. Pursuant to the Subscription and Royalty Agreements: (i) each party would purchase shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), in the aggregate amount of $3,000,000 at a purchase price of $15.00 per share (the “Purchase Price”), for a total of 200,000 shares of Common Stock; and (ii) the Company shall pay each (a) a total of $37.50 from the gross revenue derived from each of its weight loss treatments sold in the United States starting on the first (1st) day that the first unit of the treatment is sold (the “Initial Sales Date”) and ending on the third (3rd) anniversary of the Initial Sales Date; and (b) a total of $25.00 from the gross revenue derived from each of its weight loss treatments sold in the United States starting on the day following the third (3rd) anniversary of the Initial Sales Date and ending on the fifteenth (15th) anniversary of the Initial Sales Date (the “Royalty”).

The Company accounted for this transaction as debt in accordance with ASC 470-10-25 and derived a debt discount, which is amortized using the straight line method over the expected life of the arrangement, which is 15 years. The Company has no obligation to repay the then outstanding balance if during the expected life of 15 years the treatment is discontinued. In order to record the discount of the liability, the Company fair valued the royalty and the difference between fair value of the royalty obligation and the gross projected future payments was $7,171,200 and was recorded as non-cash interest expense over the life of the liability and offset to additional paid in capital at inception.

During the three months ended March 31, 2024 and 2023, the Company amortized $118,554 and $115,334 as interest expense.

NOTE 13 - STOCKHOLDERS’ EQUITY/(DEFICIT)

Convertible Preferred stock

The Company is authorized to issue 600,000 shares of preferred stock with no par value. As of March 31, 2024 and December 31, 2023 and 2022, the Company had 80,000 shares of Series A preferred stock and 160,000 shares of Series B preferred stock issued and outstanding.

As of March 31, 2024 and December 31, 2023, each share of Series A preferred stock is entitled to one thousand (1,000) votes and is convertible into one share of common stock. 30,000 shares of Series A Preferred Stock are owned by management. The Series A Preferred Stock is not entitled to dividends and there are no liquidation rights associated with Series A. Each share of Series A Preferred Stock may be converted, at the option of the holder each share of Series A Preferred Stock may be converted equal to one (1) fully paid and nonassessable share of Common Stock, par value $0.001.

As of March 31, 2024 and December 31, 2023, each share of Series B stock is entitled to two thousand (2,000) votes and is convertible into one share of common stock. 120,000 shares of Series B Preferred Stock are owned by management. The Series B Preferred Stock is not entitled to dividends and there are no liquidation rights associated with Series B. Each share of Series B Preferred Stock may be converted, at the option of the holder each share of Series B Preferred Stock may be converted equal to one (1) fully paid and nonassessable share of Common Stock, par value $0.001.

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Common stock

Three months ended March 31, 2023

During the three months ended March 31, 2023, the Company issued an aggregate of 36,660 shares of its common stock for services rendered valued at $63,144 based on the underlying market value of the common stock at the date of issuance, among which 16,351 shares valued at $28,933 were issued to the board of directors for board compensation.

During the three months ended March 31, 2023, the Company issued an aggregate of 342,592 shares of its common stock pursuant to the Lucido 2023 Subscription Agreement and the Galligan 2023 Subscription Agreement (as defined in Note 15). The common shares were recorded at a price of $1.75 per shares for gross proceeds to the Company of $600,000. $300,000 was received on March 30, 2023 and $300,000 was received subsequent to March 31, 2023.

During the three months ended March 31, 2023, the Company issued 4,285 shares as additional consideration for the issuance of a promissory note (see Note 9). The 4,285 shares of common stock were valued at an aggregate value of $6,000.

Three months ended March 31, 2024

During the three months ended March 31, 2024, the Company issued an aggregate of 169,075 shares of its common stock for services rendered valued at $149,625 based on the underlying market value of the common stock at the date of issuance, among which 70,584 shares valued at $60,000 were issued to the board of directors for board compensation.

During the three months ended March 31, 2024, the Company issued an aggregate of 30,000 shares as consideration to the holders of promissory notes entering into the amended agreements to the promissory notes (see Note 9). The 30,000 shares of common stock were valued at an aggregate value of $28,350. The Company also issued 24,000 shares as additional consideration for the issuance of one promissory note (see Note 9). The 24,000 shares of common stock were valued at a value of $11,867.

As of March 31, 2024 and December 31, 2023, the Company had 8,897,104 shares and 8,674,029 shares of common stock issued and outstanding, respectively.

NOTE 14 - STOCK OPTIONS AND WARRANTS

Options

On November 13, 2014, our Board of Directors authorized and approved the adoption of the Plan effective November 13, 2014 (2014 Stock Option Plan) under which an aggregate of 20% (290,879 shares) of the issued and outstanding shares may be issued. The plan shall terminate ten years after the plan’s adoption by the board of directors. We granted an aggregate 145,000 stock options. As of March 31, 2024, an aggregate total of 145,879 can still be granted under the plan.

On June 15, 2016, our board of Directors authorized and approved the adoption of the Equity Incentive Plan effective June 15, 2016 (2016 Equity Incentive Plan) under which an aggregate of 656,250 shares may be issued. The plan shall terminate ten years after the plan’s adoption by the board of directors. We granted an aggregate of 330,350 stock options. As March 31, 2024, an aggregate total of 325,900 options can still be granted under the plan.

On May 15, 2018, the Board of Directors approved and adopted the BioCorRx Inc. 2018 Equity Incentive Plan (2018 Stock Option Plan) under which an aggregate of 450,000 shares may be issued. The plan shall terminate ten years after the plan’s adoption by the board of directors. The Company has granted an aggregate of 380,008 stock options. As of March 31, 2024, an aggregate total of 69,992 options can still be granted under the plan.

On April 22, 2022, the Board of Directors approved and adopted the BioCorRx Inc. 2022 Equity Incentive Plan (2022 Stock Option Plan) under which an aggregate of 695,000 shares may be issued. The plan shall terminate ten years after the plan’s adoption by the board of directors. The Company has granted an aggregate of 126,674 stock options. As of March 31, 2024, an aggregate total of 568,326 options can still be granted under the plan.

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During the three months ended March 31, 2024, the Company approved the grant of 58,625 stock options to two directors valued at $46,088. The term of the options was five years, and the options vested immediately.

Option valuation models require the input of highly subjective assumptions. The fair value of stock-based payment awards was estimated using the Black-Scholes option model with a volatility figure derived from using the Company’s historical stock prices. The Company accounts for the expected life of options based on the contractual life of options for non-employees. For employees, the Company accounts for the expected life of options in accordance with the “simplified” method, which is used for “plain-vanilla” options, as defined in the accounting standards codification. The risk-free interest rate was determined from the implied yields of U.S. Treasury zero-coupon bonds with a remaining life consistent with the expected term of the options.

In applying the Black-Scholes option pricing model, the Company used the following assumptions during the three months ended March 31, 2024:

	2024
Risk-free interest rate		3.93%-4.21	%
Expected term (years)		5.00
Expected volatility		149.49%-152.49	%
Expected dividends		0.00

The following table summarizes the stock option activity for the three months ended March 31, 2024:

						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
Outstanding at December 31, 2023		891,443		$	7.41		3.0	$	-
Expired		(15,000	)		7.25
Grants		58,625			0.87		4.9		-
Outstanding at March 31, 2024		935,068		$	7.00		2.9	$	1,580
Exercisable at March 31, 2024		934,026		$	7.00		2.9	$	1,580

The aggregate intrinsic value in the preceding tables represents the total pretax intrinsic value, based on options with an exercise price less than the Company’s stock price of $0.90 as of March 31, 2024, which would have been received by the option holders had those option holders exercised their options as of that date.

The following table presents information related to stock options at March 31, 2024:

Options Outstanding					Options Exercisable
			Weighted				Weighted
			Average		Exercisable		Average
Exercise	Number of		Remaining Life		Number of		Remaining Life
Price	Options		In Years		Options		In Years

$ 0.01-2.50		451,427		2.8		451,427		2.8
2.51-5.00		54,474		1.7		54,474		1.7
5.01 and up		429,167		3.3		428,125		3.3
		935,068		2.9		934,026		2.9

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The stock-based compensation expense related to option grants were $48,450 and $16,074 during the three months ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, stock-based compensation related to options of $1,434 remains unamortized and is expected to be amortized over the weighted average remaining period of 2 months.

Warrants

During the three months ended March 31, 2024, the Company issued one promissory note to a third parties and issued warrants that entitle the holder to purchase an aggregate of 200,000 common stock in connection with the issuance of the promissory notes. The exercise price was $2.00. The expiration date was 4 years from the date of issuance. The fair value of the warrant was $83,552.

In applying the Black-Scholes option pricing model, the Company used the following assumptions in 2024:

Risk-free interest rate	4.38	%
Expected term (years)	4.00
Expected volatility	157.11	%
Expected dividends	0.00

The following table summarizes the changes in warrants outstanding and the related prices for the shares of the Company’s common stock:

Warrants Outstanding						Warrants Exercisable
				Weighted						Weighted
Weighted				Average		Weighted				Average
Average				Remaining		Average				Remaining
Exercise		Number		Contractual		Exercise		Number		Contractual
Price		Outstanding		Life (Years)		Price		Exercisable		Life (Years)

$	3.16		1,765,856		2.5	$	3.16		1,765,856		2.5
$	3.16		1,765,856		2.5	$	3.16		1,765,856		2.5

The following table summarizes the warrant activity for the three months ended March 31, 2024:

			Weighted
			Average
			Exercise
	Number of		Price Per
	Shares		Share
Outstanding at December 31, 2023		1,565,856	$	3.31
Grants		200,000		2.00
Outstanding at March 31, 2024		1,765,856	$	3.16
Exercisable at March 31, 2024		1,765,856	$	3.16

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NOTE 15 - RELATED PARTY TRANSACTIONS

On July 28, 2016, the Company formed BioCorRx Pharmaceuticals, Inc. for the purpose of developing certain business lines. In connection with the formation, the newly formed sub issued 24.2% ownership to current or former officers of the Company, with the Company retaining 75.8%. In 2018, BioCorRx Pharmaceuticals, Inc. began limited operations and there were no operations prior to that.

On September 22, 2021, BioCorRx Inc. and BioCorRx Pharmaceuticals, Inc. entered into a Inter-Company License Agreement whereby the Company granted to BioCorRx Pharmaceuticals an exclusive, perpetual and sub-licensable license to use all patented or unpatented inventions, discoveries and other intellectual property owned by the Company related to BICX101, BICX102, BICX104 and any other naltrexone pellets (implants) being developed or that will be developed for FDA approval and commercialization in support of products in the fields of substance use disorder, weight loss and other indications identified including but not limited to pain management, obsessive compulsive disorders, and other addictive behaviors.

The licensing fee is payable by BioCorRx Pharmaceuticals starting in the calendar year of the first commercial sale of licensed products and is the percentage of gross sales (less certain amounts) equal to the Company’s ownership interest in BioCorRx Pharmaceuticals. In addition, the Company will invoice BioCorRx Pharmaceuticals for certain management, administrative and corporate services, and facilities and equipment that the Company will provide to BioCorRx Pharmaceuticals. Expenses will be allocated based on actual utilization or appropriate and reasonable methods for the relevant expense.

On December 10, 2015, the Company entered into a royalty agreement with Alpine Creek Capital Partners LLC (“Alpine Creek”). The Company is in the business of selling a distinct implementation of the Beat Addiction Recovery Program, a two-tiered comprehensive MAT program, which includes a counseling program, coupled with its proprietary Naltrexone Implant (the “Treatment”). On or about January 1, 2021, Mr. Galligan, acquired from Alpine Creek the rights to the subscription and royalty agreement by and between the Company and Alpine Creek.

As of March 31, 2024 and December 31, 2023, the Company’s related party payable was $1,787,403 and $1,683,453, which comprised of compensation payable and interest payable to directors.

NOTE 16 - CONCENTRATIONS

Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and trade receivables. The Company places its cash and temporary cash investments with high credit quality institutions. At times, such investments may be in excess of the FDIC insurance limit.

The Company’s revenues earned from sale of products and services for the three months ended March 31, 2024 included 96% from four customers of the Company’s total revenues.

The Company’s revenues earned from sale of products and services for the three months ended March 31, 2023 included 95% from three customers of the Company’s total revenues.

At March 31, 2024, the Company has no accounts receivable. At December 31, 2023, one customer accounted for 100% of the Company’s total accounts receivable with an amount of $740.

NOTE 17 - NON-CONTROLLING INTEREST

On July 28, 2016, the Company formed BioCorRx Pharmaceuticals, Inc., a Nevada Corporation, for the purpose of developing certain business lines. In connection with the formation, the, the newly formed sub issued 24.2% ownership to current or former officers of the Company with the Company retaining 75.8%. From inception through December 31, 2017, there were no significant transactions. In 2018, BioCorRx Pharmaceuticals, Inc. began operations.

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On October 31, 2020, the Company entered into a written management services agreement with Joseph DeSanto MD, Inc. (“Medical Corporation”) under which the Company provides management and other administrative services to the Medical Corporation. These services include billing, collection of accounts receivable, accounting, management and human resource functions. Pursuant to the management services agreement, a management fee equal to 65% of the Medical Corporation’s gross collected monthly revenue. Through this arrangement, the Company is directing the activities that most significantly impact the financial results of the respective Medical Corporation; however, all clinical treatment decisions are made solely by licensed healthcare professionals. The Company has determined that it is the primary beneficiary, and, therefore, has consolidated the Medical Corporation as variable interest entity (“VIE”). The medical corporation: (i) had not yet generated any revenues and (ii) had no significant assets or liabilities since inception through March 31, 2024.

A reconciliation of the BioCorRx Pharmaceuticals, Inc. and Joseph DeSanto MD, Inc. non-controlling loss attributable to the Company:

Net loss attributable to the non-controlling interest for the three months ended March 31, 2024:

	BioCorRx Pharmaceuticals, Inc.			Joseph DeSanto MD
Net loss	$	(1,549	)	$	(892	)
Average Non-controlling interest percentage of profit/losses		24.2	%		35.0	%
Net loss attributable to the non-controlling interest	$	(375	)	$	(312	)

Net loss attributable to the non-controlling interest for the three months ended March 31, 2023:

	BioCorRx Pharmaceuticals, Inc.			Joseph DeSanto MD
Net loss	$	(1,447	)	$	(1,668	)
Average Non-controlling interest percentage of profit/losses		24.2	%		35.0	%
Net loss attributable to the non-controlling interest	$	(350	)	$	(584	)

The following table summarizes the changes in non-controlling interest for the three months ended March 31, 2024:

Balance, December 31, 2023	$	(128,834	)
Net loss attributable to the non-controlling interest		(687	)
Balance, March 31, 2024		(129,521	)

The following table summarizes the changes in non-controlling interest for the three months ended March 31, 2023:

Balance, December 31, 2022	$	(125,257	)
Net loss attributable to the non-controlling interest		(934	)
Balance, March 31, 2023		(126,191	)

NOTE 18 - COMMITMENTS AND CONTINGENCIES

Royalty agreement

Alpine Creek Capital Partners LLC

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In consideration for the payment, with the exception of treatments conducted in certain territories, the Company will pay Alpine Creek fifty percent (50%) of the Company’s gross profit for each Treatment sold in the United States that includes procurement of the Company’s implant product until the Company has paid Alpine Creek $1,215,000. In the event that the Company has not paid Alpine Creek $1,215,000 within 24 months of the Effective Date, then the Company shall continue to pay Alpine Creek fifty percent (50%) for each Treatment following the Effective Date until the Company has paid Alpine Creek an aggregate of $1,620,000, with the exception of treatments conducted in certain territories. The remaining total consideration is $1,531,926 as of March 31, 2024 and December 31, 2023. Upon the Company’s satisfaction of these obligations, the Company shall pay Alpine Creek $100 for each treatment sold in the United States that includes procurement of the Company’s implant product, into perpetuity. As of March 31, 2024 and December 31, 2023, the amount of royalty due and owed is $91.

On any other proprietary implant distribution, that excludes the “treatment”, for alcohol and opioid addiction and for which no other payment is due, the Company shall pay 2.5% of the Company’s gross profit for implant distribution not to exceed $100 per sale. On or about January 1, 2021, Mr. Galligan acquired from Alpine Creek the rights to the royalty agreement by and between the Company and Alpine Creek. As of March 31, 2024 and December 31, 2023, there are no payments due.

BICX Holding Company LLC

Effective September 30, 2019, the Company entered into a Conversion Agreement (the “Conversion Agreement”) with BICX Holding Company LLC (“BICX”), an entity controlled by Alpine Creek, pursuant to which the parties agreed to the conversion (the “Conversion”) of the Senior Secured Convertible Promissory Note in the principal amount of $4,160,000 (the “Note”), which was issued by the Company to the Investor on June 10, 2016, into 2,227,575 shares of the Company’s common stock (the “Conversion Shares”).

In accordance with the Conversion Agreement, the Company cannot enter into any agreement to issue or announce the issuance or proposed issuance of any shares of common stock or common stock equivalents at an issuance price below $2.00 per share.

Pursuant to the Conversion Agreement, BICX has agreed that the Total Interest Payment (as defined in the Conversion Agreement) that would have been due under the Note, in the amount of $1,138,157, will be reflected on the Company’s financial statements as an amount due and owing to the Investor to be repaid within twelve (12) months of the closing of the Public Offering, or if the Public Offering is terminated or abandoned prior to closing, then on or before such date that is no later than twelve (12) months from the date of such termination or abandonment. As of March 31, 2024, the Public Offering has not yet been abandoned by the Company.

Charles River Laboratories, Inc.

On May 24, 2019, the Company entered into a Master Services Agreement (the “MSA”) with Charles River Laboratories, Inc. (“Charles River”). Pursuant to the MSA, Charles River will be conducting studies with regard to BICX102/BICX104. Studies will be conducted pursuant to Statements of Work entered into by the Company and Charles River.

On May 30, 2019, the Company and Charles River entered into two separate Statements of Work pursuant to which Charles River is conducting a total of six studies. The Company will pay Charles River the total amended consideration of $3,024,476 for these six studies.

The remaining commitment to Charles River is $28,936.

Orange County Research Center

On January 11, 2022, the Company entered into a Master Clinical Trial Agreement (the “MCTA”) with Memorial Research Medical Clinic dba Orange County Research Center (the “OCRC”). Researchers at the OCRC will perform Phase 1 clinical trial with BICX104. The total consideration the Company will pay MCTA for the Phase 1 clinical trial is $657,640.

Pursuant to a Task Order entered into in February 2022 the first payment owed to the OCRC equaling approximately $145,000 will be invoiced monthly as services are rendered. As of March 31, 2024, $0 was due to OCRC.

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The MCTA will terminate upon either party giving 30 days’ written notice (provided, in the case of the OCRC, it has performed all Task Orders or they have been terminated by the Company for good cause). The Company can suspend a clinical trial for any reason and the OCRC can suspend a clinical trial if it deems, using good medical judgment, it is appropriate to do so.

The total consideration paid to OCRC as of March 31, 2024 is $503,089.

Agreements

As of May 14, 2021, the Company has entered into four consulting agreements. In compensation for services: (i) one consultant shall receive a renumeration amount of $10,000-$12,500 per month and has earned 1% of the Company’s majority owned subsidiary, BioCorRx Pharmaceuticals as of May 7, 2021 based on FDA clearance of Company’s IND application; consulting agreement terminated in April 2021 (ii) one consultant shall receive common stock equivalent to $1,375 on the last day of each month; (iii) two consultants shall receive common stock equivalent to $3,750 on the last day of each month; and (iv) one consultant shall receive a remuneration amount of $3,500 per month.

As of March 31, 2024, one 24-month consulting agreement for services which the consultant shall receive a one-time grant of 3,000 shares of common stock and common stock equivalent to $1,417 on the last day of each month.

The Company initiated litigation in 2019 based on a claim that Pellecome and Dr. Orbeck utilized the Company’s confidential information to advance their own weight loss product.

The Company dismissed this litigation without prejudice in July 2021.

On March 30, 2022, the court entered judgment in favor of Pellecome as an individual defendant whereby the Company was ordered to pay Pellecome total costs and attorneys’ fees of $235,886. Pursuant to the judgment, this amount is accruing interest at the rate of ten percent (10%) per annum from October 6, 2021 (the date of the original award of attorneys’ fees by the court which was followed by a number of filings by each party through February 2022).

The Company has not yet paid any amount to Pellecome. On May 27, 2022, the Company filed a notice of appeal with California Superior Court for Orange County regarding the March 30, 2022 judgment entered in favor of Pellecome. On February 2, 2023, the Company filed a motion requesting the California Superior Court for Orange County reverse and remand its prior ruling, including reversing the granting of Pellecome $222,933 in attorney’s fees. On October 4, 2023 the Court of Appeal of the State of California upheld the March 30, 2022 judgement in favor of Pellecome whereby $222,933 was awarded in attorney’s fees. On January 5, 2024 the California Superior Court for Orange County entered an amended judgement of $332,503 in favor of Pellecome for costs and attorneys’ fees, in addition to the $332,503 judgement the Company owes accrued interest of $57,412. As of March 31, 2024 The Company has accrued $322,503 as a loss contingency for this matter.

On January 5, 2024 the Company’s board of directors appointed Lou Lucido as Interim President through January 31, 2024, and transitioned to President on February 1, 2024. Mr. Lucido will remain a member of the Board of Directors, with an annual compensation of $200,000 to be paid in equity.

NOTE 19 - SUBSEQUENT EVENTS

Subsequent to March 31, 2024, the Company issued an aggregate of 30,926 shares of its common stock for the Company’s President stock compensation and two subscription agreements valued at $31,667.

On April 24, 2024, the Company and Mr. Lucido entered into an exchange agreement whereby the parties agreed to exchange the total of $544,284 owed by the Company, including $426,558 accrued fees pursuant to his Board service, and $117,726 owed by BioCorRx Pharmaceuticals, for 460,477 shares of restricted Common Stock.

On April 24, 2024, the Company and Ms. Felix entered into an exchange agreement whereby the parties agreed to exchange the $265,000 owed by the Company to Ms. Felix as compensation for services rendered for 224,196 shares of restricted Common Stock.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis of Financial Condition and Results of Operations includes a number of forward-looking statements that reflect Management’s current views with respect to future events and financial performance. You can identify these statements by forward-looking words such as “may” “will,” “expect,” “anticipate,” “believe,” “estimate” and “continue,” or similar words. Those statements include statements regarding the intent, belief or current expectations of us and members of its management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

Readers are urged to carefully review and consider the various disclosures made by us in this report and in our other reports filed with the Securities and Exchange Commission. Important factors currently known to us could cause actual results to differ materially from those in forward-looking statements. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in the future operating results over time. We believe that its assumptions are based upon reasonable data derived from and known about our business and operations and the business and operations of the Company. No assurances are made that actual results of operations or the results of our future activities will not differ materially from its assumptions. Factors that could cause differences include, but are not limited to, expected market demand for the Company’s services, fluctuations in pricing for materials, and competition.

Business Overview

Beat Addiction Recovery is a substance use disorder recovery program that typically includes BioCorRx's proprietary Cognitive Behavioral Therapy (CBT) modules along with peer support via mobile app along with medication prescribed by an independent treating physician under their discretion.

The UnCraveRx® Weight Loss Program is also a medication-assisted weight loss program that includes access to concierge on-demand wellness specialists: nutritionists, fitness experts, and personal support from behavioral experts.

BioCorRx makes the Beat Addiction Recovery Program and UnCraveRx® Weight Loss Management Program available to healthcare providers to utilize when the healthcare provider determines it is medically appropriate and indicated for his or her patients. Any physician or medical professional is solely responsible for treatment options prescribed or recommended to his or her patients.

BioCorRx has issued several license and distribution agreements to several unrelated third parties involving the establishment of alcoholism and opioid addiction rehabilitation and treatment centers and creating certain addiction rehabilitation programs.

BICX102 is an implantable pellet of naltrexone that was the original product candidate being developed under award UG3DA047925 and BICX104 is another pellet of naltrexone that subsequently became the lead product candidate with minor excipient differences between the BICX102 and BICX104. BICX102/BICX104 research was supported by the National Institute On Drug Abuse of the National Institutes of Health under Award Number UG3DA047925 and UH3DA047925.

BICX104 is being developed through a cooperative agreement with the National Institutes of Health (NIDA), part of the National Institutes of Health (NIH), under award number UH3DA047925, funded by the Helping to End Addiction Long-term Initiative, or NIH HEAL Initiative. This award is subject to the Cooperative Agreement Terms and Conditions of Award as set forth in RFA DA-19-002 entitled, Development of Medications to Prevent and Treat Opioid Use Disorders (OUD) and Overdose (UG3/UH3) (Clinical Trial Optional).

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BICX104 is a biodegradable, long-acting subcutaneous pellet of naltrexone for the treatment of opioid use disorder (OUD) being developed with the goal of improving patient compliance to naltrexone therapy compared to other marketed treatments. In Phase I, an open-label, single-center study in two parallel groups of randomized healthy volunteers to evaluate the PK and safety of BICX104 and the once-a-month intramuscular naltrexone injection (Vivitrol), BICX104 was well tolerated with no serious adverse events and achieved 84 days of therapeutic naltrexone plasma concentrations. BICX104 is being developed under BioCorRx Pharmaceuticals Inc., the Company’s majority-owned clinical-stage pharmaceutical subsidiary.

In August 2017, the Company announced that it had decided to seek U.S. Food and Drug Administration (the “FDA”) approval on BICX102. BICX102 is a long-acting naltrexone implant that can last several months being developed for opioid dependence and alcohol use disorders. The pre-IND meeting date for BICX102 took place on January 24, 2018. On February 12, 2018, the Company announced that the FDA deemed the 505(b)(2) pathway as an acceptable route for approval for BICX102.. A grant application was submitted to the National Institutes of Health on May 14, 2018 for funding the development and study plans for BICX102. On January 17, 2019, the Company received a Notice of Award from the United States Department of Health and Human Services for a grant from the National Institutes of Health (“NIH”) in support of BICX102/BICX104 from the National Institute on Drug Abuse. The grant provided for (i) $2,842,430 in funding during the first year and (ii) $2,831,838 during the second year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds. In January 2020, the Company was awarded a second year of funding from the National Institute on Drug Abuse (“NIDA”) to support the development of a 3-month implantable depot pellet of naltrexone for the treatment of Opioid Use Disorder, which the Company refers to as BICX102/BICX104. The grant provided for $2,831,838 during the second year subject to the terms and conditions specified in the grant, including satisfactory progress of project and availability of funds. BICX102 is an implantable pellet of naltrexone that was the original product candidate and BICX104 is another pellet of naltrexone that subsequently became the lead product candidate with minor excipient differences between the BICX102 and BICX104. On August 27, 2021, the Company received a Notice of Award from the United States Department of Health and Human Services for a grant from National Institute on Drug Abuse for BICX104. The grant provides for $3,453,367 in funding during the third year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds. On March 31, 2022, the Company received a Notice of Award from the United States Department of Health and Human Services for a grant from National Institute on Drug Abuse. The grant provides for $99,431 in additional funding during the third year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds.

On February 22, 2024, the Company’s subsidiary BioCorRx Pharmaceuticals Inc. was awarded a grant of $11,029,977 from the National Institutes of Health’s National Institute on Drug Abuse, ("NIDA"). The grant provides the Company with additional resources for the ongoing research of BICX104, a sustained release naltrexone implant for the treatment of methamphetamine use disorder (MUD). The grant provides for (i) $4,131,123 in funding during the first year, (ii) $3,638,268 during the second-year, and (iii) $3,260,586 during the third-year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds. Government grants are agreements that generally provide cost reimbursement for certain types of expenditures in return for research and development activities over a contractually defined period.

About MUD. Research has shown that methamphetamine is a highly addictive stimulant and one of the most misused stimulant drugs in the world. Some of the side effects of MUD are severe dental problems, memory loss, aggression, psychotic behavior, and damage to the cardiovascular system. In 2022 the National Survey on Drug Use and Health reported that more than 16.6 million people used methamphetamine at least once during their lifetime.

About OUD. OUD is a chronic disorder, with serious potential consequences including disability, relapses, and death. Opioids, used medically for pain relief, have analgesic and central nervous system depressant effects as well as the potential to cause euphoria with an overpowering desire to use opioids despite the consequences. OUD can involve misuse of prescribed opioid medications, use of diverted opioid medications, or illicitly obtained heroin. OUD is typically a chronic and relapsing illness, that is associated with significantly increased rates of morbidity and mortality.

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Recent Developments

On March 16, 2023, the Company received $50,000 advances from Louis C Lucido, a member of the Company’s Board of Directors (the “Board”). The balance outstanding as of March 31, 2024 was $50,000.

On October 30, 2023, the Board approved Brady Granier’s request for a paid administrative leave of absence from his position as the President of the Company for the period between October 30, 2023 and January 30, 2024. . Effective as of October 30, 2023, Lourdes Felix, the Company’s Chief Executive Officer and Chief Financial Officer, assumed Mr. Granier’s responsibilities during his paid administrative leave of absence. Ms. Felix’s compensation remains unchanged.

On December 29, 2023, Brady Granier submitted his letter of resignation as President of the Company and Chief Executive Officer of BioCorRx Pharmaceuticals, effective January 31, 2024. On March 29, 2024, Mr. Granier submitted his letter of resignation from his position as a member of the Board, effective March 31, 2024.

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On November 9, 2023, the Company entered into a Subscription Agreement (the “2023 Q4 Galligan Subscription Agreement”) with the J and R Galligan Revocable Trust, managed by Mr. Galligan, a holder of between 15% and 20% of the Company’s shares of common stock and a member of the Company’s Board of Directors. Pursuant to the 2023 Q4 Galligan Subscription Agreement, the J and R Galligan Revocable Trust purchased shares of the Company’s common stock, par value 0.001 per share, in the aggregate amount of $7,500 at a purchase price of $1.60 per share, for a total of 4,687 shares of common stock. Simultaneously, the Company issued a warrant that entitles the J and R Galligan Revocable Trust to purchase 7,500 common stock at an exercise price of $2.00, expiring 4 years from the date of issuance in connection with the sale of common stock. Additionally, in connection with the 2023 Q4 Galligan Subscription Agreement, the Company issued 900 shares of its common stock to the J and R Galligan Revocable Trust as inducement shares. The proceeds of $7,500 were received in November 2023 but the 4,687 shares have not been issued as of March 31, 2024.

On November 9, 2023, the Company entered into a Subscription Agreement (the “2023 Q4 Lucido Subscription Agreement”) with Louis C Lucido. Pursuant to the 2023 Q4 Lucido Subscription Agreement, Mr. Lucido purchased shares of the Company’s common stock, par value 0.001 per share, in the aggregate amount of $7,500 at a purchase price of $1.60 per share, for a total of 4,687 shares of common stock. Simultaneously, the Company issued a warrant that entitles Mr. Lucido to purchase 7,500 common stock at an exercise price of $2.00, expiring 4 years from the date of issuance in connection with the sale of common stock. Additionally, in connection with the 2023 Q4 Lucido Subscription Agreement, the Company issued 900 shares of its common stock to Mr. Lucido as inducement shares. The proceeds of $7,500 were received in November 2023 but the 4,687 shares have not been issued as of March 31, 2024.

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During the three months ended March 31, 2024, the Company received $146,426 advances from Mr. Lucido. The balance outstanding as of March 31, 2024 was $146,426.

As of March 31, 2024 and December 31, 2023, the Company owed $165,727 and $136,273 advances to Lourdes Felix.

On March 29, 2024, Harsha Murthy submitted his letter of resignation from his position as a member of the Board effective, April 2, 2024.

On April 24, 2024, the Company and Mr. Lucido entered into an exchange agreement whereby the parties agreed to exchange the total of $544,283.53 owed by the Company ($426,557.53) including accrued fees owed pursuant to his Board service) and BioCorRx Pharmaceuticals ($117,726.00) to Mr. Lucido for 460,477 shares of restricted Common Stock.

Results of Operations

Three months ended March 31, 2024 Compared with Three months ended March 31, 2023

	2024			2023
Revenues, net	$	3,620		$	40,442
Total operating expenses		(972,312	)		(1,096,757	)
Interest expense – related parties		(186,828	)		(169,380	)
Interest expense, net		(181,820	)		(26,040	)
Grant income		112,963			241,149
Other miscellaneous expense		(13,086	)		-
Net loss		(1,237,463	)		(1,010,586	)
Non-controlling interest		687			934
Net loss attributable to BioCorRx Inc.	$	(1,236,776	)	$	(1,009,652	)

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Revenues

Total net revenues for the three months ended March 31, 2024 were $3,620 compared with $40,442 for the three months ended March 31, 2023, reflecting a decrease of 91%. Sales/access fees for the three months ended March 31, 2024 and 2023 were $2,205 and $1,010, respectively, reflecting an increase of $1,195. The primary reason for the increase in 2024 is directly related to the increased number of patients treated at licensed clinics. Project support income for the three months ended March 31, 2024 and 2023 were $0 and $25,817, respectively, reflecting a decrease of $25,817. The project support income is generated from administrative support to Biotechnology research customers, which is recognized upon the transfer of promised goods to customers. The primary reason for the decrease in 2024 is directly related to the development of the new revenue stream during 2022 which ceased in January 2023. Distribution rights income for the three months ended March 31, 2024 and 2023 were $0 and $8,626, respectively, reflecting a decrease of $8,626. The primary reason for the decrease in distribution rights income was due to the deferred revenues from certain licenses were fully amortized. Membership/program fees for the three months ended March 31, 2024 and 2023 were $1,415 and $4,989, respectively. The primary reason for the decrease in 2024 was due to the decreased customers of the Company’s UnCraveRx™ Weight Loss Management Program.

Total Operating Expenses

Total operating expenses for the three months ended March 31, 2024 and 2023 were $972,312 and $1,096,757, respectively, reflecting a decrease of $124,445.

The reasons for the decrease in 2024 are primarily due to (i) a decrease of $95,876 in payroll expense, from $206,079 for the three months ended March 31, 2023 to $110,203 for the three months ended March 31, 2024, (ii) a decrease of $47,980 in impairment of intellectual property from $47,980 for the three months ended March 31, 2023 to $0 for the three months ended March 31, 2024, (iii) a decrease of $28,311 in consulting expense, from $166,793 for the three months ended March 31, 2023 to $138,482 for three months ended March 31, 2024, (iv) a decrease of $23,553 in research and development expense and conclusion of the preclinical studies of BICX102/BICX104, from $237,387 for the three months ended March 31, 2023 to $213,834 for the three months ended March 31, 2024, and (iv) a decrease of $16,530 in advertising expenses from $29,148 for the three months ended March 31, 2023 to $12,618 for the three months ended March 31, 2024, partially offset by (i) an increase of $75,538 in stock based compensation from $79,216 for the three months ended March 31, 2023 to $154,754 for the three months ended March 31, 2024, and (ii) an increase of $34,218 in accounting and legal fees from $202,355 for the three months ended March 31, 2023 to $236,573 for the three months ended March 31, 2024.

Interest Expense - Related Parties

Interest expense - related parties for the three months ended March 31, 2024 and 2023 were $186,828 and $169,380, respectively. The increase is mainly due to the issuance of one note payable with a stated interest rate of 8% per annum on August 29, 2023.

Interest Expense

Interest expense for the three months ended March 31, 2024 and 2023 were $181,820 and $26,040, respectively. The increase is mainly due to (i) the issuance of four note payables with a stated interest rate of 8% per annum and (ii) the increased interest rates due to default on two note payables.

Grant Income

During the three months ended March 31, 2024 and 2023, the Company recognized grant income of $112,963 as compared to $241,149 for the comparable period last year. The larger grant income in 2023 was due to on May 7, 2021, the FDA cleared the Company’s Investigational New Drug Application (IND) application for BICX104. On August 27, 2021, the Company received a Notice of Award from the United States Department of Health and Human Services for a grant from National Institute on Drug Abuse. The grant provides for $3,453,367 in funding during the third year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds. On March 31, 2022, the Company received a Notice of Award from the United States Department of Health and Human Services for a grant from National Institute on Drug Abuse. The grant provides for $99,431 in additional funding during the third year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds. The funds are available to reimburse the Company for certain incurred direct costs and 17% of indirect costs. Indirect costs are costs that are not directly related to the project itself but are required to conduct the research and are critical to the success of the project and organization as a whole.

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Other Miscellaneous Expense

Other miscellaneous expense for the three months ended March 31, 2024 and 2023 were $13,086 and $0, respectively. The increase was mainly due to additional adjustment to the legal fees pursuant to the California Superior Court for Orange County’s amended judgement in favor of Pellecome for costs and attorney’s fees on January 25, 2024.

Net Loss

For the three months ended March 31, 2024, the Company experienced a net loss of $1,237,463 compared with a net loss of $1,010,586 for the three months ended March 31, 2023. The increase in net loss is primarily due to the decreased revenues and grant income and increased interest expenses, net of decreased operating expenses.

Liquidity and Capital Resources

As of March 31, 2024, the Company had cash of $101,080. The following table provides a summary of the Company’s net cash flows from operating, investing, and financing activities.

	2024			2023
Net cash used in operating activities	$	(339,668	)	$	(397,355	)
Net cash provided by financing activities		375,526			532,427
Net increase in cash		35,858			135,072
Cash, beginning of period		65,222			68,615
Cash, end of period	$	101,080		$	203,687

The Company has historically sought and continue to seek financing from private sources to move its business plan forward. In order to satisfy the financial commitments, the Company had relied upon private party financing that has inherent risks in terms of availability and adequacy of funding. During the three months ended March 31, 2024 and 2023, the Company received $0 and $300,000, respectively, proceeds from common stock subscription agreements.

Net Cash Flow from Operating Activities

Net cash used in operating activities was $339,668 for the three months ended March 31, 2024 compared to $397,355 used in operating activities for the three months ended March 31, 2023. The decrease was primarily due to a decrease in net loss of $226,877 and a decrease in operating assets of $33,588, net a decrease in operating liabilities of $95,269 and non-cash adjustments of $222,883.

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Net Cash Flow from Financing Activities

Net cash provided by financing activities decreased by $156,901, from $532,427 provided by financing activities for the three months ended March 31, 2023 to $375,526 cash provided by financing activities for the three months ended March 31, 2024.

The Company issued 342,592 shares of common stock for proceeds of $600,000 during the three months ended March 31, 2023. $300,000 was received on March 30, 2023 and $300,000 was received subsequent to March 31, 2023.

During the three months ended March 31, 2024, the Company issued an unsecured promissory note payable to a third party with principal and interest due December 14, 2024, with a stated interest rate of 8% per annum. The cash proceeds of the promissory note was $200,000, and the principal amount of the promissory note was $220,000.

During the three months ended March 31, 2023, the Company issued an unsecured promissory note payable to a third party for $50,000 with principal and interest due January 25, 2024, with a stated interest rate of 12.5% per annum.

During the three months ended March 31, 2024, the Company received $29,454 advances from Lourdes Felix, and $146,426 advances from Mr. Lucido.

During the three months ended March 31, 2023, the Company received $132,768 advances from Lourdes Felix, and $50,000 advances from Mr. Lucido.

Going Concern

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of March 31, 2024, the Company had a working capital deficit of $(7,016,537), and an accumulated deficit of $79,339,794. The Company has not yet generated any significant revenues, and has incurred net losses since inception. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve-month period since the date of the financial statements were issued.

The Company believes that its current cash on hand will not be sufficient to fund its projected operating requirements for the next twelve months since the date of the issuance of the financial statements.

The Company will be dependent upon the raising of additional capital through placement of its common stock in order to implement the Company’s business plan or by using outside financing. There can be no assurance that the Company will be successful in these situations in order to continue as a going concern. The Company is funding its operations by additional borrowings and some shareholder advances.

Off Balance Sheet Arrangements

The Company does not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, sales or expenses, results of operations, liquidity or capital expenditures, or capital resources that are material to an investment in its securities.

Critical Accounting Estimates

Our significant accounting policies are described in Note 2 to our unaudited condensed consolidated financial statements. The Company's consolidated financial statements are prepared in accordance with GAAP. The preparation of these unaudited condensed consolidated financial statements requires management to make assumptions and estimates that affect the reported results of operations and financial position. The following is a discussion of the accounting policies, estimates and judgments that management believes are most significant in the application of GAAP used in the preparation of our unaudited condensed consolidated financial statements. These accounting policies, among others, may involve a high degree of complexity and judgment on the part of management. Further, these estimates and other factors, including those outside of our control could have significant adverse impact to our financial condition, results of operations and cash flows.

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Income taxes

Deferred income tax assets and liabilities are determined based on the estimated future tax effects of net operating loss and credit carry forwards and temporary differences between the tax basis of assets and liabilities and their respective financial reporting amounts measured at the current enacted tax rates. The Company records an estimated valuation allowance on its deferred income tax assets if it is more likely than not that these deferred income tax assets will not be realized. The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Refer to Note 2 to our unaudited condensed consolidated financial statements.

Loss contingencies

Loss contingencies are existing conditions, situations or circumstances involving uncertainty as to possible loss that will ultimately be resolved when future events occur or fail to occur. Such contingencies include, but are not limited to, environmental obligations, litigation, regulatory investigations and proceedings, product quality and losses resulting from other events and developments. When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss. When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low-end of such range. However, the likelihood of a loss with respect to a particular contingency is often difficult to predict and determining a meaningful estimate of the loss or a range of loss may not be practicable based on the information available and the potential effect of future events and negotiations with or decisions by third parties that will determine the ultimate resolution of the contingency. Moreover, it is not uncommon for such matters to be resolved over many years, during which time relevant developments and new information must be continuously evaluated to determine both the likelihood of potential loss and whether it is possible to reasonably estimate a range of possible loss. Disclosure is provided for material loss contingencies when a loss is probable but a reasonable estimate cannot be made, and when it is reasonably possible that a loss will be incurred or the amount of a loss will exceed the recorded provision. We regularly review contingencies to determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. Refer to Note 18 to our unaudited condensed consolidated financial statements.

Research and development costs

The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and developments costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. Refer to Note 2 to our unaudited condensed consolidated financial statements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required under Regulation S-K for “smaller reporting companies.”

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

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We have adopted and maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports filed under the Exchange Act, such as this Quarterly Report on Form 10-Q, is collected, recorded, processed, summarized and reported within the time periods specified in the rules of the SEC. Our disclosure controls and procedures are also designed to ensure that such information is accumulated and communicated to management to allow timely decisions regarding required disclosure. Based upon the most recent evaluation of internal controls over financial reporting, our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial officer) identified material weaknesses in our internal control over financial reporting. The material weaknesses identified to date include (i) policies and procedures which are not yet adequately documented. We retain a third party with relevant expertise to support us and assist us in enhancing our policies and procedures, (ii) insufficient GAAP experience regarding complex transactions and reporting, and (iii) an insufficient number of staff to maintain optimal segregation of duties and levels of oversight resulting from our small size and testing of the operating effectiveness of the controls. As of March 31, 2024, based on evaluation of our disclosure controls and procedures, management concluded that our disclosure controls and procedures were not effective.

Notwithstanding the material weaknesses described above, our management, including the Chief Executive Officer and Chief Financial Officer, has concluded that financial statements, and other financial information included in this quarterly report, fairly present in all material respects our financial condition, results of operations, and cash flows as of and for the periods presented in this quarterly report.

Changes in Internal Controls

There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the quarter ended March 31, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

(1)

The Company initiated litigation in 2019 based on a claim that Pellecome and Dr. Orbeck utilized the Company’s confidential information to advance their own weight loss product.

The Company dismissed this litigation without prejudice in July 2021.

The Company has not yet paid any amount to Pellecome. On May 27, 2022, the Company filed a notice of appeal with California Superior Court for Orange County regarding the March 30, 2022 judgment entered in favor of Pellecome. On February 2, 2023, the Company filed a motion requesting the California Superior Court for Orange County reverse and remand its prior ruling, including reversing the granting of Pellecome $222,933 in attorney’s fees. On October 4, 2023 the Court of Appeal of the State of California upheld the March 30, 2022 judgement in favor of Pellecome whereby $222,933 was awarded in attorney’s fees. On January 5, 2024 the California Superior Court for Orange County entered an amended judgement of $332,503 in favor of Pellecome for costs and attorneys’ fees, in addition to the $332,503 judgement the Company owes accrued interest of $57,412. As of March 31, 2024, the Company has accrued $322,503 as a loss contingency for this matter.

ITEM 1A. RISK FACTORS

Not required under Regulation S-K for “smaller reporting companies.”

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The shares of common stock listed below were issued pursuant to the exemption from the registration requirements of the Securities Act of 1933, as amended, afforded by Section 4(a)(2) thereof for the sale of securities not involving a public offering:

During the three months ended March 31, 2024, the Company issued an aggregate of 30,000 shares as consideration to the holders of promissory notes entering into the amended agreements to the promissory notes. The 30,000 shares of common stock were valued at an aggregate value of $28,350. The Company also issued 24,000 shares as additional consideration for the issuance of one promissory note. The 24,000 shares of common stock were valued at a value of $11,867.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

ITEM 5. OTHER INFORMATION.

Not Applicable.

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ITEM 6. EXHIBITS.

31.1**		Certifications of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2**		Certifications of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certifications of Chief Executive Officer pursuant to 18 U.S.C. SEC. 1350 (Section 906 of Sarbanes-Oxley Act of 2002) +
32.2		Certifications of Chief Financial Officer pursuant to 18 U.S.C. SEC. 1350 (Section 906 of Sarbanes-Oxley Act of 2002) +
101.INS		Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

_______________

**	Filed herewith.

+	In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BIOCORRX INC.

Date: May 15, 2024	By:	/s/ Lourdes Felix
		Lourdes Felix
		Chief Executive Officer and Chief Financial Officer

nullnullnullnull

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 14, 2024
Cover [Abstract]
Entity Registrant Name	BioCorRx Inc.
Entity Central Index Key	0001443863
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		9,612,703
Entity File Number	000-54208
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	90-0967447
Entity Address Address Line 1	2390 East Orangewood Avenue
Entity Address Address Line 2	Suite 500
Entity Address City Or Town	Anaheim
Entity Address State Or Province	CA
Entity Address Postal Zip Code	92806
City Area Code	714
Local Phone Number	462-4880
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash	$ 101,080	$ 65,222
Accounts receivable, net	0	740
Grant receivable	21,042	76,266
Prepaid expenses	29,471	44,891
Total current assets	151,593	187,119
Property and equipment, net	44,524	50,943
Right to use assets	70,658	97,278
Other assets:
Patents, net	8,733	9,027
Deposits, long term	41,936	44,520
Total other assets	50,669	53,547
Total assets	317,444	388,887
Current liabilities:
Accounts payable and accrued expenses, including related party payables of $1,787,403 and $1,683,453, respectively	4,976,775	4,649,179
Lease liability, short term	104,062	122,732
Derivative liability	80,190	53,460
Notes payable, net of debt discount of $378,530 and $354,730, respectively	802,950	606,750
Notes payable, related parties, net of debt discount of $48,110 and $77,295, respectively	1,204,153	999,088
Total current liabilities	7,168,130	6,431,209
Long term liabilities:
Economic Injury Disaster loan, long term	72,112	72,466
Royalty obligation, net of discount of $4,780,800 and $4,899,354, related parties	3,941,300	3,822,746
Lease liability, long term	0	10,945
Deferred revenue, long term	4,045	4,045
Total liabilities	11,185,587	10,341,411
Deficit:
Common stock, $0.001 par value; 750,000,000 shares authorized, 8,897,104 and 8,674,029 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	8,897	8,674
Common stock subscribed	100,009	100,009
Additional paid in capital	68,470,650	68,149,029
Accumulated deficit	(79,339,794)	(78,103,018)
Total deficit attributable to BioCorRx Inc.	(10,738,622)	(9,823,690)
Non-controlling interest	(129,521)	(128,834)
Total deficit	(10,868,143)	(9,952,524)
Total liabilities and deficit	317,444	388,887
Series A Convertible Preferred Stock [Member]
Deficit:
Preferred stock value	16,000	16,000
Series B Convertible Preferred Stock [Member]
Deficit:
Preferred stock value	$ 5,616	$ 5,616

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Related party payables	$ 1,787,403	$ 1,683,453
Debt discount on notes payable	378,530	354,730
Debt discount, related parties	48,110	77,295
Discount on Royalty obligation related parties	$ 4,780,800	$ 4,899,354
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Authorized	600,000	600,000
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	750,000,000	750,000,000
Common Stock, Shares Issued	8,897,104	8,674,029
Common Stock, Shares Outstanding	8,897,104	8,674,029
Convertible Series A Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Designated	80,000	80,000
Preferred Stock, Shares Issued	80,000	80,000
Preferred Stock, Shares Outstanding	80,000	80,000
Convertible Series B Preferred Stock [Member]
Preferred Stock, Par Value	$ 0	$ 0
Preferred Stock, Shares Designated	160,000	160,000
Preferred Stock, Shares Issued	160,000	160,000
Preferred Stock, Shares Outstanding	160,000	160,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Revenues, net	$ 3,620	$ 40,442
Operating expenses:
Cost of implants and other costs	1,667	8,676
Research and development	213,834	237,387
Selling, general and administrative	750,098	796,049
Impairment of intellectual property	0	47,980
Depreciation and amortization	6,713	6,665
Total operating expenses	972,312	1,096,757
Loss from operations	(968,692)	(1,056,315)
Other income (expenses):
Interest expense - related parties	(186,828)	(169,380)
Interest expense, net	(181,820)	(26,040)
Grant income	112,963	241,149
Other miscellaneous expense	(13,086)	0
Total other (expense) income	(268,771)	45,729
Loss before provision for income taxes	(1,237,463)	(1,010,586)
Income taxes	0	0
Net loss	(1,237,463)	(1,010,586)
Non-controlling interest	687	934
Net loss attributable to BioCorRx Inc.	$ (1,236,776)	$ (1,009,652)
Net loss per common share, basic and diluted	$ (0.14)	$ (0.13)
Weighted average number of common shares outstanding, basic and diluted	8,757,859	7,741,681

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($)	Total	Series A Convertible Preferred Stocks	Series B Convertible Preferred Stock	Common Stock	Common Stock Subscribed	Additional Paid-In Capital	Accumulated Deficit	Noncontrolling Interest	Common stock subscription receivable
Balance, shares at Dec. 31, 2022		80,000	160,000	7,718,636
Balance, amount at Dec. 31, 2022	$ (8,201,731)	$ 16,000	$ 5,616	$ 7,719	$ 100,000	$ 66,130,296	$ (74,336,105)	$ (125,257)	$ 0
Common stock issued for services rendered, shares				36,660
Common stock issued for services rendered, amount	63,144	0	0	$ 37	0	63,107	0	0	0
Common stock issued in connection with issuance of promissory notes, shares				4,285
Common stock issued in connection with issuance of promissory notes, amount	6,000	0	0	$ 4	0	5,996	0	0	0
Common stock issued in connection with subscription agreement, shares				342,592
Common stock issued in connection with subscription agreement, amount	300,000	0	0	$ 343	0	599,657	0	0	(300,000)
Share-based compensation	16,074	0	0	0	0	16,074	0	0	0
Net loss	(1,010,586)	$ 0	$ 0	$ 0	0	0	(1,009,652)	(934)
Balance, shares at Mar. 31, 2023		80,000	160,000	8,102,173
Balance, amount at Mar. 31, 2023	(8,827,099)	$ 16,000	$ 5,616	$ 8,103	100,000	66,815,130	(75,345,757)	(126,191)	$ (300,000)
Balance, shares at Dec. 31, 2023		80,000	160,000	8,674,029
Balance, amount at Dec. 31, 2023	(9,952,524)	$ 16,000	$ 5,616	$ 8,674	100,009	68,149,029	(78,103,018)	(128,834)
Common stock issued for services rendered, shares				169,075
Common stock issued for services rendered, amount	149,625	0	0	$ 169	0	149,456	0	0
Common stock issued in connection with issuance of promissory notes, shares				54,000
Common stock issued in connection with issuance of promissory notes, amount	40,217	0	0	$ 54	0	40,163	0	0
Share-based compensation	48,450	0	0	0	0	48,450	0	0
Net loss	(1,237,463)	0	0	0	0	0	(1,236,776)	(687)
Warrants issued in connection with issuance of promissory notes	83,552	$ 0	$ 0	$ 0	0	83,552	0	0
Balance, shares at Mar. 31, 2024		80,000	160,000	8,897,104
Balance, amount at Mar. 31, 2024	$ (10,868,143)	$ 16,000	$ 5,616	$ 8,897	$ 100,009	$ 68,470,650	$ (79,339,794)	$ (129,521)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,237,463)	$ (1,010,586)
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation and amortization	6,713	6,665
Amortization of discount on royalty obligation	118,554	115,334
Amortization of debt discount	175,884	23,462
Impairment of intellectual property	0	47,980
Amortization of right-of-use asset	26,620	30,304
Stock based compensation	198,075	79,218
Changes in operating assets and liabilities:
Accounts receivable	740	23,163
Grant receivable	55,224	58,373
Prepaid expenses	15,420	26,020
Accounts payable and accrued expenses	327,596	243,702
Deposits	2,584	0
Lease liability	(29,615)	(32,364)
Deferred revenue	0	(8,626)
Net cash used in operating activities	(339,668)	(397,355)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock subscription and royalty agreement	0	300,000
Payment to Economic Injury Disaster loan	(354)	(341)
Proceeds from notes payable	200,000	50,000
Proceeds from notes payable - related party	175,880	182,768
Net cash provided by financing activities	375,526	532,427
Net increase (decrease) in cash	35,858	135,072
Cash, beginning of period	65,222	68,615
Cash, end of period	101,080	203,687
Supplemental disclosures of cash flow information:
Interest paid	8,547	0
Taxes paid	0	0
Warrants issued in connection with issuance of promissory notes	83,552	0
Derivative liability recognized in connection with issuance of promissory notes	26,730	0
Common stock issued in connection with issuance of promissory notes	$ 40,217	$ 6,000

BUSINESS

3 Months Ended

Mar. 31, 2024

BUSINESS

BUSINESS

NOTE 1 - BUSINESS

SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Statements

Basis of presentation

Revenue Recognition

The Company has elected the following practical expedients in applying ASC 606:

	·	Unsatisfied Performance Obligations - all performance obligations relate to contracts with a duration of less than one year. The Company has elected to apply the optional exemption provided in ASC 606 and therefore, is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period.

	·	Contract Costs - all incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration.

	·	Significant Financing Component - the Company does not adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

	·	Sales Tax Exclusion from the Transaction Price - the Company excludes from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from the customer.

	·	Shipping and Handling Activities - the Company elected to account for shipping and handling activities as a fulfillment cost rather than as a separate performance obligation.

The following table presents the Company’s net sales by product category for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Sales/access fees	$	2,205	$	1,010
Project support income		-		25,817
Distribution rights income		-		8,626
Membership/program fees		1,415		4,989
Net sales	$	3,620	$	40,442

Deferred revenue

The Company amortizes license fees over the shorter of the economic life of the related contract life or contract terms for each licensee.

The following table presents the changes in deferred revenue, reflected as current and long term liabilities on the Company’s unaudited condensed consolidated balance sheet:

Balance as of December 31, 2023
Short term	$	-
Long term		4,045
Total as of December 31, 2023		4,045
Balance as of March 31, 2024		4,045
Less short term		-
Long term	$	4,045

Deferred Revenue-Grant

Use of Estimates

Accounts Receivable

	·	Customers in relevant healthcare industries share similar risk characteristics associated with the macroeconomic environment of their industry.

	·	The expected credit loss rate is likely to increase as receivables move to older aging buckets. The Company used the following aging categories to estimate the risk of delinquency status: (i) 0 days past due; (ii) 1-30 days past due; (iii) 31-60 days past due; (iv) 61-90 days past due; and (v) over 90 days past due.

Fair Value of Financial Instruments

See Note 13 and 14 for stock based compensation and other equity instruments.

Fair Value Measurements

Level 1:	Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:	Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:	Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability.

Derivative Financial Instruments

The following table provides information related to the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative liability	$	-	$	-	$	80,190	$	80,190
	$	-	$	-	$	80,190	$	80,190

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative liability	$	-	$	-	$	53,460	$	53,460
	$	-	$	-	$	53,460	$	53,460

Activity for the three months ended March 31, 2024 for the derivative liability was as follows:

	Derivative Liability

Fair value as of December 31, 2023	$	53,460
Fair value at issuance		26,730
Fair value as of March 31, 2024	$	80,190

Segment Information

Long-Lived Assets

Intangible Assets

Software Development Costs

Property and Equipment

Leases

Net (loss) Per Share

	Three Months Ended
	March 31,
	2024		2023
Shares underlying options outstanding		935,068		882,530
Shares underlying warrants outstanding		1,765,856		676,447
Convertible preferred stock outstanding		240,000		240,000
		2,940,924		1,798,977

Advertising

Grant Income

Research and development costs

Stock Based Compensation

Income Taxes

Variable Interest Entity

Non-Controlling Interest

Royalty Obligations, net

Recent Accounting Pronouncements

GOING CONCERN AND MANAGEMENTS LIQUIDITY PLANS

3 Months Ended

Mar. 31, 2024

GOING CONCERN AND MANAGEMENTS LIQUIDITY PLANS

GOING CONCERN AND MANAGEMENT'S LIQUIDITY PLANS

NOTE 3 - GOING CONCERN AND MANAGEMENT’S LIQUIDITY PLANS

PREPAID EXPENSES

3 Months Ended

Mar. 31, 2024

PREPAID EXPENSES

PREPAID EXPENSES

NOTE 4 - PREPAID EXPENSES

The Company’s prepaid expenses consisted of the following at March 31, 2024 and December 31, 2023:

	March 31,		December 31,
	2024		2023
Prepaid insurance	$	4,977	$	18,511
Prepaid subscription services		24,494		26,380
	$	29,471	$	44,891

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

NOTE 5 - PROPERTY AND EQUIPMENT

The Company’s property and equipment consisted of the following at March 31, 2024 and December 31, 2023:

	March 31,			December 31,
	2024			2023
Office equipment	$	45,519		$	45,519
Computer equipment		5,544			5,544
Manufacturing equipment		101,200			101,200
Leasehold improvement		42,288			42,288
		194,551			194,551
Less accumulated depreciation		(150,027	)		(143,608	)
	$	44,524		$	50,943

Depreciation expense charged to operations amounted to $6,419 and $6,370, respectively, for the three months ended March 31, 2024 and 2023.

LEASE

3 Months Ended

Mar. 31, 2024

LEASE

LEASE

NOTE 6 - LEASE

Operating leases

Table of Contents

Lease liability is summarized below:

	March 31,		December 31,
	2024		2023
Total lease liability	$	104,062	$	133,677
Less: short term portion		104,062		122,732
Long term portion	$	-	$	10,945

Maturity analysis under these lease agreements are as follows:

	Total
2024	$	96,919
2025		11,018
Subtotal		107,937
Less: Present value discount		(3,875	)
Lease liability	$	104,062

Lease expense for the three months ended March 31, 2024 and 2023 was comprised of the following:

	Three Months Ended
	March 31,
	2024		2023
Operating lease expense	$	29,097	$	36,402
	$	29,097	$	36,402

During the three months ended March 31, 2024 and 2023, the Company paid $32,093 and $38,463 lease expense in cash, respectively.

Weighted-average remaining lease term and discount rate for operating leases are as follows:

	March 31,		December 31,
	2024		2023
Weighted-average remaining lease term		0.7		1.0

INTELLECTUAL PROPERTY LICENSING RIGHTS

3 Months Ended

Mar. 31, 2024

INTELLECTUAL PROPERTY LICENSING RIGHTS

INTELLECTUAL PROPERTY/ LICENSING RIGHTS

NOTE 7 - INTELLECTUAL PROPERTY/ LICENSING RIGHTS

The future amortization of the patents are as follows:

Year	Amount
2024		875
2025		1,169
2026		1,169
2027		1,169
2028 and after		4,351
	$	8,733

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

3 Months Ended

Mar. 31, 2024

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

NOTE 8 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Accounts payable and accrued expenses consisted of the following as of March 31, 2024 and December 31, 2023:

	March 31,		December 31,
	2024		2023
Accounts payable	$	2,773,188	$	2,473,457
Interest payable on notes payable		1,293,974		1,268,264
Interest payable on notes payable, related parties		518,008		478,920
Deferred insurance		1,313		-
Accrual of loss on contingency		332,503		322,000
Interest payable on EIDL loan		5,635		5,675
Accrued stock-based compensation		-		43,321
Accrued expenses		52,154		57,542
	$	4,976,775	$	4,649,179

NOTES PAYABLE

3 Months Ended

Mar. 31, 2024

NOTES PAYABLE

NOTES PAYABLE

NOTE 9 - NOTES PAYABLE

The outstanding notes payables as of March 31, 2024 and December 31, 2023 were summarized as below:

	March 31,		December 31,
	2024		2023
Advances from a third party	$	21,480	$	21,480
Promissory note payable dated September 9, 2021		200,000		200,000
Promissory note payable dated October 6, 2022		100,000		100,000
Promissory note payable dated January 25, 2023		50,000		49,605
Promissory note payable dated September 6, 2023, net of debt discount of $51,212 and $80,896, respectively		98,788		69,104
Promissory note payable dated November 10, 2023, net of debt discount of $93,268 and $135,985, respectively		126,732		84,015
Promissory note payable dated December 8, 2023, net of debt discount of $100,688 and $137,454, respectively		119,312		82,546
Promissory note payable dated March 14, 2024, net of debt discount of $133,362 and $0, respectively		86,638		-
	$	802,950	$	606,750

NOTES PAYABLE RELATED PARTIES

3 Months Ended

Mar. 31, 2024

NOTES PAYABLE RELATED PARTIES

NOTES PAYABLE-RELATED PARTIES

NOTE 10 - NOTES PAYABLE-RELATED PARTIES

As of March 31, 2024 and December 31, 2023, the Company had advances from Kent Emry (Chairman of the Company). The balance outstanding as of March 31, 2024 and December 31, 2023 was $1,500.

On December 8, 2022, the Company received $55,000 advances from Mr. Lucido. The balance outstanding as of March 31, 2024 and December 31, 2023 was $55,000.

On March 16, 2023, the Company received $50,000 advances from Mr. Lucido. The balance outstanding as of March 31, 2024 and December 31, 2023 was $50,000.

During the three months ended March 31, 2024, the Company received $146,426 advances from Mr. Lucido. The balance outstanding as of March 31, 2024 was $146,426.

As of March 31, 2024 and December 31, 2023, the Company owed $165,727 and $136,273 advances to Lourdes Felix.

The outstanding notes payables to related parties as of March 31, 2024 and December 31, 2023 were summarized as below:

	March 31,		December 31,
	2024		2023
Advances from Kent Emry	$	1,500	$	1,500
Advances from Louis C Lucido		271,426		125,000
Advances from Lourdes Felix		165,727		136,273
Promissory notes payables to Kent Emry		663,610		663,610
Promissory note payable to Louis C Lucido, net of debt discount of $48,110 and $77,295, respectively		101,890		72,705
	$	1,204,153	$	999,088

ECONOMIC INJURY DISASTER LOAN

3 Months Ended

Mar. 31, 2024

ECONOMIC INJURY DISASTER LOAN

ECONOMIC INJURY DISASTER LOAN

NOTE 11 - ECONOMIC INJURY DISASTER LOAN

On April 28, 2020, the Company received $5,000 from the SBA as an advance on the EIDL, and the advance was forgiven during the prior period.

During the three months ended March 31, 2024 and 2023, the Company made interest payment of $735 and $747, respectively.

The future principal payments are as follows:

Year	Amount
2024	$	-
2025		-
2026		16
2027		1,598
2028 and after		70,498
	$	72,112

ROYALTY OBLIGATIONS NET

3 Months Ended

Mar. 31, 2024

ROYALTY OBLIGATIONS NET

ROYALTY OBLIGATIONS, NET

NOTE 12 - ROYALTY OBLIGATIONS, NET

During the three months ended March 31, 2024 and 2023, the Company amortized $118,554 and $115,334 as interest expense.

STOCKHOLDERS EQUITY (DEFICIT)

3 Months Ended

Mar. 31, 2024

STOCKHOLDERS EQUITY (DEFICIT)

STOCKHOLDERS' EQITY DEFICIT

NOTE 13 - STOCKHOLDERS’ EQUITY/(DEFICIT)

Convertible Preferred stock

Common stock

Three months ended March 31, 2023

Three months ended March 31, 2024

As of March 31, 2024 and December 31, 2023, the Company had 8,897,104 shares and 8,674,029 shares of common stock issued and outstanding, respectively.

STOCK OPTIONS AND WARRANTS

3 Months Ended

Mar. 31, 2024

STOCK OPTIONS AND WARRANTS

STOCK OPTIONS AND WARRANTS

NOTE 14 - STOCK OPTIONS AND WARRANTS

Options

In applying the Black-Scholes option pricing model, the Company used the following assumptions during the three months ended March 31, 2024:

	2024
Risk-free interest rate		3.93%-4.21	%
Expected term (years)		5.00
Expected volatility		149.49%-152.49	%
Expected dividends		0.00

The following table summarizes the stock option activity for the three months ended March 31, 2024:

						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
Outstanding at December 31, 2023		891,443		$	7.41		3.0	$	-
Expired		(15,000	)		7.25
Grants		58,625			0.87		4.9		-
Outstanding at March 31, 2024		935,068		$	7.00		2.9	$	1,580
Exercisable at March 31, 2024		934,026		$	7.00		2.9	$	1,580

The following table presents information related to stock options at March 31, 2024:

Options Outstanding					Options Exercisable
			Weighted				Weighted
			Average		Exercisable		Average
Exercise	Number of		Remaining Life		Number of		Remaining Life
Price	Options		In Years		Options		In Years

$ 0.01-2.50		451,427		2.8		451,427		2.8
2.51-5.00		54,474		1.7		54,474		1.7
5.01 and up		429,167		3.3		428,125		3.3
		935,068		2.9		934,026		2.9

The stock-based compensation expense related to option grants were $48,450 and $16,074 during the three months ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, stock-based compensation related to options of $1,434 remains unamortized and is expected to be amortized over the weighted average remaining period of 2 months.

Warrants

In applying the Black-Scholes option pricing model, the Company used the following assumptions in 2024:

Risk-free interest rate	4.38	%
Expected term (years)	4.00
Expected volatility	157.11	%
Expected dividends	0.00

The following table summarizes the changes in warrants outstanding and the related prices for the shares of the Company’s common stock:

Warrants Outstanding						Warrants Exercisable
				Weighted						Weighted
Weighted				Average		Weighted				Average
Average				Remaining		Average				Remaining
Exercise		Number		Contractual		Exercise		Number		Contractual
Price		Outstanding		Life (Years)		Price		Exercisable		Life (Years)

$	3.16		1,765,856		2.5	$	3.16		1,765,856		2.5
$	3.16		1,765,856		2.5	$	3.16		1,765,856		2.5

The following table summarizes the warrant activity for the three months ended March 31, 2024:

			Weighted
			Average
			Exercise
	Number of		Price Per
	Shares		Share
Outstanding at December 31, 2023		1,565,856	$	3.31
Grants		200,000		2.00
Outstanding at March 31, 2024		1,765,856	$	3.16
Exercisable at March 31, 2024		1,765,856	$	3.16

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

NOTE 15 - RELATED PARTY TRANSACTIONS

As of March 31, 2024 and December 31, 2023, the Company’s related party payable was $1,787,403 and $1,683,453, which comprised of compensation payable and interest payable to directors.

CONCENTRATIONS

3 Months Ended

Mar. 31, 2024

CONCENTRATIONS

CONCENTRATIONS

NOTE 16 - CONCENTRATIONS

The Company’s revenues earned from sale of products and services for the three months ended March 31, 2024 included 96% from four customers of the Company’s total revenues.

The Company’s revenues earned from sale of products and services for the three months ended March 31, 2023 included 95% from three customers of the Company’s total revenues.

At March 31, 2024, the Company has no accounts receivable. At December 31, 2023, one customer accounted for 100% of the Company’s total accounts receivable with an amount of $740.

NON CONTROLLING INTEREST

3 Months Ended

Mar. 31, 2024

NON CONTROLLING INTEREST

NON-CONTROLLING INTEREST

NOTE 17 - NON-CONTROLLING INTEREST

A reconciliation of the BioCorRx Pharmaceuticals, Inc. and Joseph DeSanto MD, Inc. non-controlling loss attributable to the Company:

Net loss attributable to the non-controlling interest for the three months ended March 31, 2024:

	BioCorRx Pharmaceuticals, Inc.			Joseph DeSanto MD
Net loss	$	(1,549	)	$	(892	)
Average Non-controlling interest percentage of profit/losses		24.2	%		35.0	%
Net loss attributable to the non-controlling interest	$	(375	)	$	(312	)

Net loss attributable to the non-controlling interest for the three months ended March 31, 2023:

	BioCorRx Pharmaceuticals, Inc.			Joseph DeSanto MD
Net loss	$	(1,447	)	$	(1,668	)
Average Non-controlling interest percentage of profit/losses		24.2	%		35.0	%
Net loss attributable to the non-controlling interest	$	(350	)	$	(584	)

The following table summarizes the changes in non-controlling interest for the three months ended March 31, 2024:

Balance, December 31, 2023	$	(128,834	)
Net loss attributable to the non-controlling interest		(687	)
Balance, March 31, 2024		(129,521	)

The following table summarizes the changes in non-controlling interest for the three months ended March 31, 2023:

Balance, December 31, 2022	$	(125,257	)
Net loss attributable to the non-controlling interest		(934	)
Balance, March 31, 2023		(126,191	)

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

Commitments and contingencies

COMMITMENTS AND CONTINGENCIES

NOTE 18 - COMMITMENTS AND CONTINGENCIES

Royalty agreement

Alpine Creek Capital Partners LLC

BICX Holding Company LLC

Charles River Laboratories, Inc.

The remaining commitment to Charles River is $28,936.

Orange County Research Center

The total consideration paid to OCRC as of March 31, 2024 is $503,089.

Agreements

The Company initiated litigation in 2019 based on a claim that Pellecome and Dr. Orbeck utilized the Company’s confidential information to advance their own weight loss product.

The Company dismissed this litigation without prejudice in July 2021.

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 19 - SUBSEQUENT EVENTS

Subsequent to March 31, 2024, the Company issued an aggregate of 30,926 shares of its common stock for the Company’s President stock compensation and two subscription agreements valued at $31,667.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2024

SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Statements

Basis of Presentation

Revenue Recognition

The Company has elected the following practical expedients in applying ASC 606:

	·	Unsatisfied Performance Obligations - all performance obligations relate to contracts with a duration of less than one year. The Company has elected to apply the optional exemption provided in ASC 606 and therefore, is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period.

	·	Contract Costs - all incremental customer contract acquisition costs are expensed as they are incurred as the amortization period of the asset that the Company otherwise would have recognized is one year or less in duration.

	·	Significant Financing Component - the Company does not adjust the promised amount of consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

	·	Sales Tax Exclusion from the Transaction Price - the Company excludes from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from the customer.

	·	Shipping and Handling Activities - the Company elected to account for shipping and handling activities as a fulfillment cost rather than as a separate performance obligation.

The following table presents the Company’s net sales by product category for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Sales/access fees	$	2,205	$	1,010
Project support income		-		25,817
Distribution rights income		-		8,626
Membership/program fees		1,415		4,989
Net sales	$	3,620	$	40,442

Deferred revenue

The Company amortizes license fees over the shorter of the economic life of the related contract life or contract terms for each licensee.

The following table presents the changes in deferred revenue, reflected as current and long term liabilities on the Company’s unaudited condensed consolidated balance sheet:

Balance as of December 31, 2023
Short term	$	-
Long term		4,045
Total as of December 31, 2023		4,045
Balance as of March 31, 2024		4,045
Less short term		-
Long term	$	4,045

Deferred Revenue-Grant

Use of Estimates

Accounts Receivable

	·	Customers in relevant healthcare industries share similar risk characteristics associated with the macroeconomic environment of their industry.

	·	The expected credit loss rate is likely to increase as receivables move to older aging buckets. The Company used the following aging categories to estimate the risk of delinquency status: (i) 0 days past due; (ii) 1-30 days past due; (iii) 31-60 days past due; (iv) 61-90 days past due; and (v) over 90 days past due.

Fair Value of Financial Instruments

See Note 13 and 14 for stock based compensation and other equity instruments.

Fair Value Measurements

Level 1:	Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2:	Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

Level 3:	Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability.

Derivative Financial Instruments

The following table provides information related to the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative liability	$	-	$	-	$	80,190	$	80,190
	$	-	$	-	$	80,190	$	80,190

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative liability	$	-	$	-	$	53,460	$	53,460
	$	-	$	-	$	53,460	$	53,460

Activity for the three months ended March 31, 2024 for the derivative liability was as follows:

	Derivative Liability

Fair value as of December 31, 2023	$	53,460
Fair value at issuance		26,730
Fair value as of March 31, 2024	$	80,190

Segment Information

Long-Lived Assets

Intangible Assets

Software Development Costs

Property and Equipment

Leases

Net (loss) Per Share

	Three Months Ended
	March 31,
	2024		2023
Shares underlying options outstanding		935,068		882,530
Shares underlying warrants outstanding		1,765,856		676,447
Convertible preferred stock outstanding		240,000		240,000
		2,940,924		1,798,977

Advertising

Grant Income

Research and development costs

Stock Based Compensation

Income Taxes

Variable Interest Entity

Non-Controlling Interest

Royalty Obligations, net

Recent Accounting Pronouncements

SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

SIGNIFICANT ACCOUNTING POLICIES

Schedule of net sales

	Three Months Ended March 31,
	2024		2023
Sales/access fees	$	2,205	$	1,010
Project support income		-		25,817
Distribution rights income		-		8,626
Membership/program fees		1,415		4,989
Net sales	$	3,620	$	40,442

Schedule of changes in deferred revenue

Balance as of December 31, 2023
Short term	$	-
Long term		4,045
Total as of December 31, 2023		4,045
Balance as of March 31, 2024		4,045
Less short term		-
Long term	$	4,045

Schedule of assets and liabilities measured at fair value on a recurring basis

	March 31, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative liability	$	-	$	-	$	80,190	$	80,190
	$	-	$	-	$	80,190	$	80,190

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative liability	$	-	$	-	$	53,460	$	53,460
	$	-	$	-	$	53,460	$	53,460

Schedule of derivative liability

	Derivative Liability

Fair value as of December 31, 2023	$	53,460
Fair value at issuance		26,730
Fair value as of March 31, 2024	$	80,190

Schedule of weighted average diluted shares

	Three Months Ended
	March 31,
	2024		2023
Shares underlying options outstanding		935,068		882,530
Shares underlying warrants outstanding		1,765,856		676,447
Convertible preferred stock outstanding		240,000		240,000
		2,940,924		1,798,977

PREPAID EXPENSES (Tables)

3 Months Ended

Mar. 31, 2024

PREPAID EXPENSES

Schedule of prepaid expenses

	March 31,		December 31,
	2024		2023
Prepaid insurance	$	4,977	$	18,511
Prepaid subscription services		24,494		26,380
	$	29,471	$	44,891

PROPERTY AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT

Schedule of property and equipment

	March 31,			December 31,
	2024			2023
Office equipment	$	45,519		$	45,519
Computer equipment		5,544			5,544
Manufacturing equipment		101,200			101,200
Leasehold improvement		42,288			42,288
		194,551			194,551
Less accumulated depreciation		(150,027	)		(143,608	)
	$	44,524		$	50,943

LEASES (Tables)

3 Months Ended

Mar. 31, 2024

LEASE

Schedule of lease liability

	March 31,		December 31,
	2024		2023
Total lease liability	$	104,062	$	133,677
Less: short term portion		104,062		122,732
Long term portion	$	-	$	10,945

Schedule of maturity analysis under lease agreements

	Total
2024	$	96,919
2025		11,018
Subtotal		107,937
Less: Present value discount		(3,875	)
Lease liability	$	104,062

Schedule of lease expense

	Three Months Ended
	March 31,
	2024		2023
Operating lease expense	$	29,097	$	36,402
	$	29,097	$	36,402

Schedule of Weighted-average remaining lease term

	March 31,		December 31,
	2024		2023
Weighted-average remaining lease term		0.7		1.0

INTELLECTUAL PROPERTY LICENSING RIGHTS (Tables)

3 Months Ended

Mar. 31, 2024

INTELLECTUAL PROPERTY LICENSING RIGHTS

Schedule of future amortization of intellactual property

Year	Amount
2024		875
2025		1,169
2026		1,169
2027		1,169
2028 and after		4,351
	$	8,733

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)

3 Months Ended

Mar. 31, 2024

ACCOUNTS PAYABLE AND ACCRUED EXPENSES

Schedule of accounts payable and accrued expenses

	March 31,		December 31,
	2024		2023
Accounts payable	$	2,773,188	$	2,473,457
Interest payable on notes payable		1,293,974		1,268,264
Interest payable on notes payable, related parties		518,008		478,920
Deferred insurance		1,313		-
Accrual of loss on contingency		332,503		322,000
Interest payable on EIDL loan		5,635		5,675
Accrued stock-based compensation		-		43,321
Accrued expenses		52,154		57,542
	$	4,976,775	$	4,649,179

NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2024

NOTES PAYABLE

Schedule of outstanding notes payable

	March 31,		December 31,
	2024		2023
Advances from a third party	$	21,480	$	21,480
Promissory note payable dated September 9, 2021		200,000		200,000
Promissory note payable dated October 6, 2022		100,000		100,000
Promissory note payable dated January 25, 2023		50,000		49,605
Promissory note payable dated September 6, 2023, net of debt discount of $51,212 and $80,896, respectively		98,788		69,104
Promissory note payable dated November 10, 2023, net of debt discount of $93,268 and $135,985, respectively		126,732		84,015
Promissory note payable dated December 8, 2023, net of debt discount of $100,688 and $137,454, respectively		119,312		82,546
Promissory note payable dated March 14, 2024, net of debt discount of $133,362 and $0, respectively		86,638		-
	$	802,950	$	606,750

NOTES PAYABLE RELATED PARTIES (Tables)

3 Months Ended

Mar. 31, 2024

NOTES PAYABLE RELATED PARTIES

Schedule of outstanding notes payable related party

	March 31,		December 31,
	2024		2023
Advances from Kent Emry	$	1,500	$	1,500
Advances from Louis C Lucido		271,426		125,000
Advances from Lourdes Felix		165,727		136,273
Promissory notes payables to Kent Emry		663,610		663,610
Promissory note payable to Louis C Lucido, net of debt discount of $48,110 and $77,295, respectively		101,890		72,705
	$	1,204,153	$	999,088

ECONOMIC INJURY DISASTER LOAN (Tables)

3 Months Ended

Mar. 31, 2024

ECONOMIC INJURY DISASTER LOAN

Schedule of future principle payments

Year	Amount
2024	$	-
2025		-
2026		16
2027		1,598
2028 and after		70,498
	$	72,112

STOCK OPTIONS AND WARRANTS (Tables)

3 Months Ended

Mar. 31, 2024

STOCK OPTIONS AND WARRANTS

Scheule of Black-Scholes option pricing model

	2024
Risk-free interest rate		3.93%-4.21	%
Expected term (years)		5.00
Expected volatility		149.49%-152.49	%
Expected dividends		0.00

Risk-free interest rate	4.38	%
Expected term (years)	4.00
Expected volatility	157.11	%
Expected dividends	0.00

Schedule of stock options activity

						Weighted-
				Weighted-		Average
				Average		Remaining		Aggregate
				Exercise		Contractual		Intrinsic
	Shares			Price		Term		Value
Outstanding at December 31, 2023		891,443		$	7.41		3.0	$	-
Expired		(15,000	)		7.25
Grants		58,625			0.87		4.9		-
Outstanding at March 31, 2024		935,068		$	7.00		2.9	$	1,580
Exercisable at March 31, 2024		934,026		$	7.00		2.9	$	1,580

Schedule of information regarding stock options

Options Outstanding					Options Exercisable
			Weighted				Weighted
			Average		Exercisable		Average
Exercise	Number of		Remaining Life		Number of		Remaining Life
Price	Options		In Years		Options		In Years

$ 0.01-2.50		451,427		2.8		451,427		2.8
2.51-5.00		54,474		1.7		54,474		1.7
5.01 and up		429,167		3.3		428,125		3.3
		935,068		2.9		934,026		2.9

Schedule of changes in warrants outstanding and the related prices

Warrants Outstanding						Warrants Exercisable
				Weighted						Weighted
Weighted				Average		Weighted				Average
Average				Remaining		Average				Remaining
Exercise		Number		Contractual		Exercise		Number		Contractual
Price		Outstanding		Life (Years)		Price		Exercisable		Life (Years)

$	3.16		1,765,856		2.5	$	3.16		1,765,856		2.5
$	3.16		1,765,856		2.5	$	3.16		1,765,856		2.5

Schedule of warrant activity

			Weighted
			Average
			Exercise
	Number of		Price Per
	Shares		Share
Outstanding at December 31, 2023		1,565,856	$	3.31
Grants		200,000		2.00
Outstanding at March 31, 2024		1,765,856	$	3.16
Exercisable at March 31, 2024		1,765,856	$	3.16

NON CONTROLLING INTEREST (Tables)

3 Months Ended

Mar. 31, 2024

NON CONTROLLING INTEREST

Schedule of net loss attributable to non-controlling interest

	BioCorRx Pharmaceuticals, Inc.			Joseph DeSanto MD
Net loss	$	(1,549	)	$	(892	)
Average Non-controlling interest percentage of profit/losses		24.2	%		35.0	%
Net loss attributable to the non-controlling interest	$	(375	)	$	(312	)

	BioCorRx Pharmaceuticals, Inc.			Joseph DeSanto MD
Net loss	$	(1,447	)	$	(1,668	)
Average Non-controlling interest percentage of profit/losses		24.2	%		35.0	%
Net loss attributable to the non-controlling interest	$	(350	)	$	(584	)

Schedule of changes in non controlling interest

Balance, December 31, 2023	$	(128,834	)
Net loss attributable to the non-controlling interest		(687	)
Balance, March 31, 2024		(129,521	)

Balance, December 31, 2022	$	(125,257	)
Net loss attributable to the non-controlling interest		(934	)
Balance, March 31, 2023		(126,191	)

BUSINESS (Details Narrative)	Jul. 28, 2016
BioCorRx Pharmaceuticals, Inc [Member]
Management fee	24.20%
Series A Convertible Preferred Stock [Member]
Equity issued ownership	75.80%

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Sales/access fees	$ 2,205	$ 1,010
Project support income	0	25,817
Distribution rights income	0	8,626
Membership/program fees	1,415	4,989
Net sales	$ 3,620	$ 40,442

SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Deferred revenue, short term	$ 4,045	$ 0
Less short term	0	4,045
Long term	$ 4,045	$ 4,045

SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Derivative liability	$ 80,190	$ 53,460
Total Derivative liability	80,190	53,460
Level 1 [Member]
Derivative liability	0	0
Total Derivative liability	0	0
Level 2 [Member]
Derivative liability	0	0
Total Derivative liability	0	0
Level 3 [Member]
Derivative liability	80,190	53,460
Total Derivative liability	$ 80,190	$ 53,460

SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair value as of December 31, 2023	$ 80,190	$ 53,460
Fair value at issuance	80,190	$ 53,460
Derivative Liabilities [Member]
Fair value as of December 31, 2023	53,460
Fair value at issuance	26,730
Fair value as of March 31, 2024	$ 80,190

SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Shares underlying options outstanding	$ 935,068	$ 882,530
Shares underlying warrants outstanding	1,765,856	676,447
Convertible preferred stock outstanding	240,000	240,000
Total	2,940,924	1,798,977

SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 22, 2024	Jan. 17, 2019
Allowance for doubtful accounts	$ 0
Advertising costs	12,618	$ 29,148
Impairment of intellectual property	$ 0	47,980	$ 47,980
Aging categories to estimate risk, description	The Company used the following aging categories to estimate the risk of delinquency status: (i) 0 days past due; (ii) 1-30 days past due; (iii) 31-60 days past due; (iv) 61-90 days past due; and (v) over 90 days past due
Impairment loss	$ 47,980
Grant funding				$ 11,029,977
Grant funding during the first year				4,131,123	$ 2,842,430
Grant funding during the second year				3,638,268	2,831,838
Grant funding during the third year				$ 3,260,586	3,453,367
Grant additional funding during the third year					$ 99,431
Grant receivables	21,042		76,266
Deferred income	0
Grant income	112,963	241,149	241,149
F & A indirect costs	0
Grant funding indirect cost	516,218
Research and development expenses	$ 213,834	$ 237,387	$ 237,387
Ownership percentage	50.00%		50.00%
Royalty obligations description	The Company accounted for royalty obligations as debt in accordance with ASC 470-10-25 and derived a debt discount, which is amortized using the straight line method over the expected life of the arrangement, which is 15 years. The Company has no obligation to repay the then outstanding balance if during the expected life of 15 years the treatment is discontinued
Description of Non-Controlling Interest	Due to a management fee equal to 65% of the Medical Corporation’s gross collected monthly revenue, 65% of the Medical Corporation’s earnings was allocated to the Company, and 35% to the non-controlling interest
Royalty obligations, net	$ 7,171,200
Minimum [Member]
Property plant and equipment estimated useful lives	5 years
Maximum [Member]
Property plant and equipment estimated useful lives	15 years

GOING CONCERN AND MANAGEMENTS LIQUIDITY PLANS (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended
	Mar. 08, 2024	Mar. 25, 2024	Mar. 31, 2024	Mar. 31, 2023
Working capital deficit			$ (7,016,537)
Cash			101,080
Net cash used in operating activities			(339,668)	$ (397,355)
Gross Proceeds			175,880
Investors [Member]
Common stock issued	15,000	15,000
Gross Proceeds	$ 15,000	$ 13,350
Exercise price	$ 1.00	$ 0.89
Unsecured Promissory Note Related Third Party [Member]
Issued Notes payable			$ 200,000
Notes payable interest rate			8.00%
February 22, 2024 [Member]
Description of funding			The grant provides for (i) $4,131,123 in funding during the first year, (ii) $3,638,268 during the second-year, and (iii) $3,260,586 during the third-year subject to the terms and conditions specified in the grant, including satisfactory progress of project and the availability of funds
Awarded a grant			$ 11,029,977

PREPAID EXPENSES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
PREPAID EXPENSES
Prepaid insurance	$ 4,977	$ 18,511
Prepaid subscription services	24,494	26,380
Total	$ 29,471	$ 44,891

PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Property and equipment, gross	$ 194,551	$ 194,551
Less accumulated depreciation	(150,027)	(143,608)
Property and equipment, net	44,524	50,943
Office Equipment [Member]
Property and equipment, gross	45,519	45,519
Computer Equipment [Member]
Property and equipment, gross	5,544	5,544
Manufacturing Equipment [Member]
Property and equipment, gross	101,200	101,200
Leasehold improvement [Member]
Property and equipment, gross	$ 42,288	$ 42,288

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
PROPERTY AND EQUIPMENT
Depreciation expense	$ 6,419	$ 6,370

LEASES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
LEASE
Total lease liability	$ 104,062	$ 133,677
Less: short term portion	104,062	122,732
Long term portion	$ 0	$ 10,945

LEASES (Details 1)	Mar. 31, 2024 USD ($)
LEASE
2024	$ 96,919
2025	11,018
Subtotal	107,937
Less: present value discount	(3,875)
Lease liability	$ 104,062

LEASES (Details 2) - USD ($)	3 Months Ended	12 Months Ended
LEASES (Details 2) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
LEASE
Operating lease expense	$ 29,097	$ 36,402
Total lease expense	$ 29,097	$ 36,402

LEASES (Details 3)	3 Months Ended
LEASES (Details 3)	Mar. 31, 2024	Mar. 31, 2023
LEASE
Weighted-average remaining lease term	8 months 12 days	1 year

LEASES (Details Narrative) - USD ($)	3 Months Ended
LEASES (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Right to use assets and lease liability	$ 500,333
Total lease expense	32,093	$ 38,463
Minimum [Member] \| Lease Agreement [Member]
Lease rental payment, monthly	9,905
Maximum [Member] \| Lease Agreement [Member]
Lease rental payment, monthly	$ 11,018

INTELLECTUAL PROPERTY LICENSING RIGHTS (Details)	Mar. 31, 2024 USD ($)
INTELLECTUAL PROPERTY LICENSING RIGHTS
2024	$ 875
2025	1,169
2026	1,169
2027	1,169
2028 and after	4,351
Total future amortization of the patents	$ 8,733

INTELLECTUAL PROPERTY LICENSING RIGHTS (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 12, 2018	Mar. 31, 2024	Mar. 31, 2023
Intellectual Property [Member]
Amortization expense		$ 294	$ 295
Accumulated amortization		$ 6,467
Naltrexone Implant Formulation [Member] \| Australia from Trinity Compound Solutions [Member]
Patent acquired	$ 15,200
Estimated useful lives	13 years

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable	$ 2,773,188	$ 2,473,457
Interest payable on notes payable	1,293,974	1,268,264
Interest payable on notes payable, related parties	518,008	478,920
Deferred insurance	1,313	0
Accrual of loss on contingency	332,503	322,000
Interest payable on EIDL loan	5,635	5,675
Accrued stock-based compensation	0	43,321
Accrued expenses	52,154	57,542
Account payable accrued expenses	$ 4,976,775	$ 4,649,179

NOTES PAYABLE (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
NOTES PAYABLE
Advances from a third party	$ 21,480	$ 21,480
Promissory note payable dated September 9, 2021	200,000	200,000
Promissory note payable dated October 6, 2022, net of debt discount of $430 and $23,878, respectively	100,000	100,000
Promissory note payable dated January 25, 2023, net of debt discount of $395 and $0, respectively	50,000	49,605
Promissory note payable dated September 6, 2023, net of debt discount of $80,896 and $0, respectively	98,788	69,104
Promissory note payable dated November 10, 2023, net of debt discount of $135,985 and $0, respectively	126,732	84,015
Promissory note payable dated December 8, 2023, net of debt discount of $137,454and $0, respectively	119,312	82,546
Promissory note payable dated March 14, 2024, net of debt discount of $133,362 and $0, respectively	86,638	0
Total Outstanding notes payable	$ 802,950	$ 606,750

NOTES PAYABLE (Details Narrative) - USD ($)									1 Months Ended		3 Months Ended		12 Months Ended
NOTES PAYABLE (Details Narrative) - USD ($)	Mar. 14, 2024	Mar. 08, 2024	Dec. 08, 2023	Nov. 10, 2023	Sep. 06, 2023	Oct. 06, 2022	Jun. 08, 2022	Sep. 09, 2021	Mar. 25, 2024	Jan. 25, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2023
Advances from a third party											$ 21,480			$ 21,480
Interest payable on notes payable											1,293,974			1,268,264
Promissory Notes payable											200,000			200,000
Interest expense											181,820	$ 26,040
Interest payment											8,547	0
Notes payable, net of debt discounts											$ 802,950			$ 606,750
Common stock price per shares											$ 0.001			$ 0.001
Common stock value											$ 8,897			$ 8,674
September 9, 2021 [Member] \| Third Party [Member]
Interest rate during period								25.00%
Unsecured promissory note payable								$ 200,000
Promissory Notes payable											200,000			200,000
Interest expense											12,466	12,329
Warrant term								3 years
Warrant exercise price								$ 4.14
Warrant issued							48,309	48,309
Fair value of warrant							$ 86,821
October 6, 2022 [Member] \| Third Party [Member]
Interest rate during period						12.50%
Promissory Notes payable											100,000			100,000
Interest expense											6,233	3,082
Promissory note issued						$ 100,000
Interest payment						$ 3,125					6,250	3,125
Common stock issued						16,500
Common stock value						$ 31,350
Debt discount interest expense											0		$ 7,730
January 25, 2023 [Member] \| Third Party [Member]
Interest rate during period										12.50%
Interest rate increased										20.00%
Promissory Notes payable											50,000			50,000
Interest expense											2,236	1,130
Promissory note issued										$ 50,000
Interest payment										$ 1,563	1,563	0
Common stock issued										4,285
Common stock value										$ 6,000
Debt discount interest expense											395	$ 1,085
September 6, 2023 [Member] \| Third Party [Member]
Interest rate during period					8.00%
Promissory Notes payable											150,000			150,000
Interest expense											2,992
Warrant exercise price					$ 2.00
Warrant issued					150,000
Promissory note issued					$ 150,000
Notes payable, net of debt discounts					$ 88,820
Common stock issued					18,000
Common stock value					$ 30,240
Debt discount interest expense											29,684
November 10, 2023 [Member] \| Third Party [Member]
Interest rate during period				8.00%
Promissory Notes payable				$ 220,000							200,000			220,000
Interest expense											4,388
Warrant exercise price				$ 2.00
Warrant issued				200,000
Promissory note issued				$ 200,000
Notes payable, net of debt discounts				140,355
Derivative liability and debt discount				$ 26,730
Common stock issued		15,000		24,000
Common stock price per shares		$ 1.00
Common stock value		$ 15,000		$ 36,480
Debt discount interest expense											57,717
December 8, 2023 [Member] \| Third Party [Member]
Interest rate during period			8.00%
Promissory Notes payable			$ 220,000								220,000			$ 220,000
Interest expense											4,388
Warrant exercise price			$ 2.00
Warrant issued			200,000
Promissory note issued			$ 200,000
Notes payable, net of debt discounts			123,270
Derivative liability and debt discount			$ 26,730
Common stock issued			24,000						15,000
Common stock price per shares		$ 0.89
Common stock value		$ 13,350	$ 27,120
Debt discount interest expense											50,116
March 14 2024 [Member] \| Third Party [Member]
Interest rate during period	8.00%
Promissory Notes payable	$ 220,000										220,000
Interest expense											$ 820
Warrant exercise price	$ 2.00
Warrant issued	200,000
Promissory note issued	$ 200,000
Notes payable, net of debt discounts	115,419
Derivative liability and debt discount	$ 26,730
Common stock issued	24,000
Common stock value	$ 22,080
Debt discount interest expense	$ 8,787

NOTES PAYABLE RELATED PARTIES (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Outstanding notes payables to related parties	$ 1,204,153	$ 999,088
Kent Emry [Member]
Advances from Related parties	1,500	1,500
Notes payable to related parties	663,610	663,610
Louis C Lucido [Member]
Advances from Related parties	271,426	125,000
Notes payable to related parties	101,890	72,705
Lourdes Felix [Member]
Advances from Related parties	$ 165,727	$ 136,273

NOTES PAYABLE RELATED PARTIES (Details Narrative) - USD ($)						1 Months Ended				3 Months Ended
	Apr. 03, 2023	Dec. 08, 2022	Nov. 01, 2022	Jun. 08, 2022	Sep. 09, 2021	Aug. 29, 2023	Mar. 16, 2023	Sep. 20, 2022	Jan. 22, 2013	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Interest expense - related parties										$ 186,828	$ 169,380
Interest expense amortization										118,554	115,334
Accrued Interest										$ 57,412
Per share value										$ 0.001		$ 0.001
Loss on settlement of debt										$ (34,338)
Interest expense										181,820	26,040
Notes payable										146,426
Accumulated Interest Notes Payable										518,008		$ 478,920
Louis Lucido [Member]
Unsecured promissory notes			$ 300,000					$ 20,000
Outstanding Balance										20,000		20,000
Interest rate during period			5.00%
Interest payment			$ 3,750
Outstanding Promissory Note	$ 300,000											0
Accrued Interest	$ 13,892
Common stock shares issued	183,606		33,000
Per share value	$ 1.71
Interest expense										0	3,699
Stock issued during period, value			$ 59,400
Debt discount interest expense										0	14,647
Proceed from advances		$ 55,000					$ 50,000			146,426
Notes payable										55,000		55,000
Louis Lucido [Member] \| August 29,2023 [Member]
Unsecured promissory notes						$ 150,000
Outstanding Balance										150,000		150,000
Interest rate during period						8.00%
Common stock shares issued						18,000
Interest expense										2,992
Stock issued during period, value						$ 29,340
Debt discount interest expense										29,185
Conversion Price						$ 2.00
Purchase common shares						150,000
Exercise Price						$ 2.00
Debt discount						$ 87,724
Louis Lucido [Member] \| March 16, 2023 [Member]
Notes payable										50,000		50,000
Kent Emry [Member]
Fair value of warrant				$ 214,975
Unsecured promissory notes					$ 500,000				$ 200,000
Interest rate during period					25.00%
Interest rate									12.00%
Interest expense										31,164	30,822
Notes payable										500,000		500,000
Due from related party										1,500		1,500
Principal payments (monthly)									$ 6,650
Outstanding principal balance on issuance of promissory note										$ 163,610		$ 163,610
Warrant issue				119,617						119,617
Warrant exercise price				$ 4.14
Lourdes Felix [Member]
Due to related party										$ 165,727	$ 136,273

ECONOMIC INJURY DISASTER LOAN (Details)	Mar. 31, 2024 USD ($)
ECONOMIC INJURY DISASTER LOAN
2024	$ 0
2025	0
2026	16
2027	1,598
2028 and after	70,498
Total	$ 72,112

ECONOMIC INJURY DISASTER LOAN (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accumulated interest on EIDL Loan	$ 5,635		$ 5,675
Interest expense	181,820	$ 26,040
April 28, 2020 [Member]
Advances from SBA	5,000
Economic Injury Disaster Loan assistance program [Member]
Interest expense	$ 695	687
July 17, 2020 [Member] \| Economic Injury Disaster Loan assistance program [Member]
Balance of principal and interest payable (Period) description	the balance of principal and interest will be payable over thirty (30) years from the date of the promissory note
Proceeds from EIDL loan	$ 74,300
Interest rate	3.75%
Payments of interest	$ 735	$ 747
Monthly payments of principal and interest	$ 363

ROYALTY OBLIGATIONS NET (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
ROYALTY OBLIGATIONS NET (Details Narrative) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Interest expense amortization	$ 118,554	$ 115,334
Non-cash interest expense	$ 7,171,200
Expected life of the arrangement	15 years
Royalty agreements description	each party would purchase shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), in the aggregate amount of $3,000,000 at a purchase price of $15.00 per share (the “Purchase Price”), for a total of 200,000 shares of Common Stock; and (ii) the Company shall pay each (a) a total of $37.50 from the gross revenue derived from each of its weight loss treatments
Ownership percentage	50.00%		50.00%
Minimum [Member] \| Joseph Galligan [Member]
Ownership percentage	15.00%
Maximum [Member] \| Joseph Galligan [Member]
Ownership percentage	20.00%

STOCKHOLDERS EQUITY (DEFICIT) (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, shares authorized	600,000	600,000		600,000
Common Stock, Shares Issued	8,897,104	8,897,104		8,674,029
Common Stock, Shares Outstanding	8,897,104	8,897,104		8,674,029
Common share issued for services	30,926
Common share issued for services, value		$ 28,350
Common share issued for services, shares		30,000
Common stock issued for services rendered, amount		$ 149,625	$ 63,144
Subscription Agreement [Member]
Received from related party			300,000
Gross Proceeds			$ 600,000
Common stock issued			342,592
price per shares			$ 1.75
Board of Directors [Member]
Common Stock, Shares Issued	24,000	24,000	4,285
Common share issued for services		169,075	36,660
Rendered Value		$ 149,625	$ 63,144
Common share issued for services, value		$ 60,000	$ 28,933
Common share issued for services, shares		70,584	16,351
Common stock issued for services rendered, amount		$ 11,867	$ 6,000
Series A Convertible Preferred Stock [Member]
Preferred stock Series, shares issued	80,000	80,000		80,000	80,000
Preferred stock Series, shares outstanding	80,000	80,000		80,000	80,000
Description of Convertible preferred stock		each share of Series A preferred stock is entitled to one thousand (1,000) votes and is convertible into one share of common stock. 30,000 shares of Series A Preferred Stock are owned by management. The Series A Preferred Stock is not entitled to dividends and there are no liquidation rights associated with Series A. Each share of Series A Preferred Stock may be converted, at the option of the holder each share of Series A Preferred Stock may be converted equal to one (1) fully paid and nonassessable share of Common Stock, par value $0.001
Series B Convertible Preferred Stock [Member]
Preferred stock Series, shares issued	160,000	160,000		160,000	160,000
Preferred stock Series, shares outstanding	160,000	160,000		160,000	160,000
Description of Convertible preferred stock		each share of Series B stock is entitled to two thousand (2,000) votes and is convertible into one share of common stock. 120,000 shares of Series B Preferred Stock are owned by management. The Series B Preferred Stock is not entitled to dividends and there are no liquidation rights associated with Series B. Each share of Series B Preferred Stock may be converted, at the option of the holder each share of Series B Preferred Stock may be converted equal to one (1) fully paid and nonassessable share of Common Stock, par value $0.001

STOCK OPTIONS AND WARRANTS (Details)	3 Months Ended
STOCK OPTIONS AND WARRANTS (Details)	Mar. 31, 2024
Expected term (years)	5 years
Expected dividends	0.00%
Warrants [Member]
Risk-free interest rate	4.38%
Expected term (years)	4 years
Expected volatility	157.11%
Expected dividends	0.00%
Minimum [Member]
Risk-free interest rate	3.93%
Expected volatility	149.49%
Maximum [Member]
Risk-free interest rate	4.21%
Expected volatility	152.49%

STOCK OPTIONS AND WARRANTS (Details 1)	3 Months Ended
STOCK OPTIONS AND WARRANTS (Details 1)	Mar. 31, 2024 USD ($) $ / shares shares
Number of Shares
Outstanding, Beginning \| shares	891,443
Expired \| shares	(15,000)
Grants \| shares	58,625
Outstanding, Ending \| shares	935,068
Exercisable at Ending \| shares	934,026
Weighted Average Exercise Price
Outstanding, Beginning \| $ / shares	$ 7.41
Expired \| $ / shares	7.25
Grants \| $ / shares	0.87
Outstanding, Ending \| $ / shares	7.00
Exercisable at Ending \| $ / shares	$ 7.00
Weighted Average Remaining Contractual Term
Outstanding, Beginning	3 years
Grants	4 years 10 months 24 days
Outstanding at Ending	2 years 10 months 24 days
Exercisable at Ending	2 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding at Ending \| $	$ 1,580
Exercisable at Ending \| $	$ 1,580

STOCK OPTIONS AND WARRANTS (Details 2)	3 Months Ended
STOCK OPTIONS AND WARRANTS (Details 2)	Mar. 31, 2024 shares
Exercisable, Number of Options	934,026
Options Exercisable [Member]
Exercisable, Number of Options	934,026
Weighted average remaining life in years	2 years 10 months 24 days
Options Exercisable [Member] \| 0.01-2.50 [Member]
Exercisable, Number of Options	451,427
Weighted average remaining life in years	2 years 9 months 18 days
Options Exercisable [Member] \| 2.51-5.00 [Member]
Exercisable, Number of Options	54,474
Weighted average remaining life in years	1 year 8 months 12 days
Options Exercisable [Member] \| 5.01 And Up [Member]
Exercisable, Number of Options	428,125
Weighted average remaining life in years	3 years 3 months 18 days
Options Outstanding [Member]
Weighted average remaining life in years	2 years 10 months 24 days
Number of options	935,068
Options Outstanding [Member] \| 0.01-2.50 [Member]
Weighted average remaining life in years	2 years 9 months 18 days
Number of options	451,427
Options Outstanding [Member] \| 2.51-5.00 [Member]
Weighted average remaining life in years	1 year 8 months 12 days
Number of options	54,474
Options Outstanding [Member] \| 5.01 And Up [Member]
Weighted average remaining life in years	3 years 3 months 18 days
Number of options	429,167

STOCK OPTIONS AND WARRANTS (Details 3) - $ / shares	3 Months Ended
STOCK OPTIONS AND WARRANTS (Details 3) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Exercisable, Number of Options	934,026
Warrants Exercisable [Member]
Exercise price	$ 3.16
Exercisable, Number of Options		1,765,856
Weighted average remaining life in years	2 years 6 months
Warrants Outstanding [Member]
Exercise price	$ 3.16
Weighted average remaining life in years	2 years 6 months
Number of outstanding		1,765,856
3.31 [Member] \| Warrants Exercisable [Member]
Exercise price	$ 3.16
Exercisable, Number of Options		1,765,856
Weighted average remaining life in years	2 years 6 months
3.31 [Member] \| Warrants Outstanding [Member]
Exercise price	$ 3.16
Weighted average remaining life in years	2 years 6 months
Number of outstanding		1,765,856

STOCK OPTIONS AND WARRANTS (Details 4)	3 Months Ended
STOCK OPTIONS AND WARRANTS (Details 4)	Mar. 31, 2024 $ / shares shares
Outstanding, Beginning	891,443
Granted	58,625
Outstanding, Ending	935,068
Exercisable at Ending	934,026
Outstanding, Beginning \| $ / shares	$ 7.41
Weighted Average Exercise Price, Granted \| $ / shares	0.87
Outstanding, Ending \| $ / shares	$ 7.00
Warrants [Member]
Outstanding, Beginning	1,565,856
Granted	200,000
Outstanding, Ending	1,765,856
Exercisable at Ending	1,765,856
Outstanding, Beginning \| $ / shares	$ 3.31
Weighted Average Exercise Price, Granted \| $ / shares	2.00
Outstanding, Ending \| $ / shares	3.16
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 3.16

STOCK OPTIONS AND WARRANTS (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended
	Apr. 04, 2023	Mar. 29, 2023	Mar. 31, 2024	Mar. 31, 2023
Stock price			$ 0.90
Warrant exercise price	$ 4.00	$ 4.00
Stock compensation expense			$ 48,450	$ 16,074
Stock compensation expense unamortized			$ 1,434
Weighted average remaining life			2 months
Common stock shares issued			30,000
Granted			58,625
Consultant [Member]
Granted			58,625
Stock option			$ 46,088
Warrants [Member]
Granted			200,000
DeCsepel 2022 Subscription Agreement \| Warrants [Member]
Purchase of common stock, shares			200,000
Aggregate warrant amount			$ 83,552
Exercise price			$ 2.00
Plan termination term			4 years
2014 Equity Incentive Plan [Member]
Common stock shares issued			290,879
Granted			145,000
Option grantable			145,879
Percent of issued and outstanding shares			20.00%
2016 Equity Incentive Plan [Member]
Common stock shares issued			656,250
Granted			330,350
Option grantable			325,900
2018 Equity Incentive Plan [Member]
Common stock shares issued			450,000
Granted			380,008
Option grantable			69,992
2022 Equity Incentive Plan [Member]
Common stock shares issued			695,000
Granted			126,674
Option grantable			568,326

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	1 Months Ended
	Jul. 28, 2016	Mar. 31, 2024	Dec. 31, 2023
Related party payables		$ 1,787,403	$ 1,683,453
BioCorRx Pharmaceuticals [Member]
Ownership percentage held by Company	75.80%

CONCENTRATIONS (Details Narrative) - Customer One [Member] - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Sales Revenue [Member]
Concentration risk, percentage	96.00%	95.00%
Accounts Receivable [Member]
Concentration risk, percentage			100.00%
Accounts receivable, net			$ 740

NON CONTROLLING INTEREST (Details) - USD ($)	3 Months Ended		12 Months Ended
NON CONTROLLING INTEREST (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Net loss attributable to the non-controlling interest	$ (687)		$ (934)
BioCorRx Pharmaceuticals, Inc [Member]
Net loss	$ (1,549)	$ (1,447)
Average Non-controlling interest percentage of profit/losses	24.20%	24.20%
Net loss attributable to the non-controlling interest	$ (375)	$ (350)
Joseph DeSanto MD [Member]
Net loss	$ (892)	$ (1,668)
Average Non-controlling interest percentage of profit/losses	35.00%	35.00%
Net loss attributable to the non-controlling interest	$ (312)	$ (584)

NON CONTROLLING INTEREST (Details 1) - USD ($)	3 Months Ended	12 Months Ended
NON CONTROLLING INTEREST (Details 1) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
NON CONTROLLING INTEREST
Beginning Balance	$ (128,834)	$ (125,257)
Net loss attributable to the non-controlling interest	(687)	(934)
Ending Balance	$ (129,521)	$ (126,191)

NON CONTROLLING INTEREST (Details Narrative)	1 Months Ended
NON CONTROLLING INTEREST (Details Narrative)	Oct. 31, 2020	Jul. 28, 2016
BioCorRx Pharmaceuticals, Inc [Member]
Ownership percentage held by company		75.80%
Ownership percentage held by former officers		24.20%
Joseph DeSanto MD [Member]
Descirption of management services agreement	a management fee equal to 65% of the Medical Corporation’s gross collected monthly revenue

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)					1 Months Ended	3 Months Ended
	Jan. 05, 2024	Oct. 04, 2023	Feb. 02, 2023	Jan. 11, 2022	May 30, 2019	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2019	Dec. 10, 2015
First payment owed				$ 145,000		$ 0
Accrued interest						57,412
Consultant remuneration per month						3,500
Costs and attorneys' fees						332,503
Recognized loss on contingency						$ (322,503)
Compensation for services, description						As of May 14, 2021, the Company has entered into four consulting agreements. In compensation for services: (i) one consultant shall receive a renumeration amount of $10,000-$12,500 per month and has earned 1% of the Company’s majority owned subsidiary, BioCorRx Pharmaceuticals as of May 7, 2021 based on FDA clearance of Company’s IND application; consulting agreement terminated in April 2021 (ii) one consultant shall receive common stock equivalent to $1,375 on the last day of each month; (iii) two consultants shall receive common stock equivalent to $3,750 on the last day of each month
Charles River Laboratories, Inc. [Member]
Remaining commitment						$ 28,936
Payment of amended consideration					$ 3,024,476
BICX Holding Company LLC [Member]
Common stock issued upon convertible debt						2,227,575
Convertible Promissory Note								$ 4,160,000
Conversion agreement description						Pursuant to the Conversion Agreement, BICX has agreed that the Total Interest Payment (as defined in the Conversion Agreement) that would have been due under the Note, in the amount of $1,138,157, will be reflected on the Company’s financial statements as an amount due and owing to the Investor to be repaid within twelve (12) months of the closing of the Public Offering, or if the Public Offering is terminated or abandoned prior to closing, then on or before such date that is no later than twelve (12) months from the date of such termination or abandonment. As of March 31, 2024, the Public Offering has not yet been abandoned by the Company
Issuance price						$ 2.00
Orange County Research Center [Member]
Consideration amount				$ 657,640		$ 503,089
Pellecome [Member]
Attorney's fees						$ 235,886
Attorney's fees received or awarded		$ 222,933	$ 222,933
Interest rate						10.00%
Pellecome [Member] \| January 5, 2024 [Member]
Attorney's fees received or awarded						$ 332,503
Consultant [Member]
Issue of common stock to consultant						3,000
Renumeration amount						$ 1,417
Alpine Creek [Member]
Royalty due						91
Total consideration amount						1,531,926	$ 1,531,926
Payables to Alpine Creek									$ 1,215,000
Paid to Alpine Creek						$ 1,620,000
Payable commitment description						On any other proprietary implant distribution, that excludes the “treatment”, for alcohol and opioid addiction and for which no other payment is due, the Company shall pay 2.5% of the Company’s gross profit for implant distribution not to exceed $100 per sale. On or about January 1, 2021, Mr. Galligan acquired from Alpine Creek the rights to the royalty agreement by and between the Company and Alpine Creek. As of March 31, 2024 and December 31, 2023, there are no payments due
Payable per treatment sold									$ 100
Profit holding percentage									50.00%
Mr Lucido [Member] \| January 5 2024 [Member]
Annual compensation	$ 200,000

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Apr. 24, 2024	Mar. 31, 2024
Common share issued for services		30,926
Common stock value		$ 31,667
Mr. Lucido [Member] \| Subsequent Event [Member]
Description of owed	the Company and Mr. Lucido entered into an exchange agreement whereby the parties agreed to exchange the total of $544,284 owed by the Company, including $426,558 accrued fees pursuant to his Board service, and $117,726 owed by BioCorRx Pharmaceuticals, for 460,477 shares of restricted Common Stock
Owed to related party	$ 544,284
Restricted shares of common Stock	460,477
Accrued fees	$ 426,558
Owed to BioCorRx Pharmaceuticals	117,726
Ms Felix [Member] \| Subsequent Event [Member]
Owed to related party	$ 265,000
Common stock issued for services rendered, share	224,196

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