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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended July 31, 2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ______________ to ______________
Commission
file number: 000-55008
Organicell Regenerative Medicine, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Nevada |
|
47-4180540 |
(State or Other Jurisdiction of Incorporation
or Organization) |
|
(I.R.S. Employer Identification No.) |
|
|
|
3321 College Avenue, Suite 246 Davie, FL |
|
33314 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s
Telephone Number, Including Area Code: (888) 963-7881
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
None |
|
N/A |
|
N/A |
Securities
registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 par value
Indicate
by check mark 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 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 the definitions of “accelerated filer”, “large 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 ☒
There
were 1,456,696,392 shares of common stock, $0.001 par value, of the Registrant issued and outstanding as of September 13, 2023.
ORGANICELL
REGENERATIVE MEDICINE, INC.
TABLE
OF CONTENTS
Part
I – FINANCIAL INFORMATION
Item
1. Financial Statements
Organicell
Regenerative Medicine, Inc.
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
|
Cash |
|
$ |
633,581 |
|
|
$ |
3,753,097 |
|
Accounts
receivable, net of allowance for bad debts |
|
|
20,762 |
|
|
|
55,110 |
|
Receivables
from related parties |
|
|
- |
|
|
|
128,939 |
|
Other
receivables |
|
|
21,905 |
|
|
|
7,433 |
|
Prepaid
expenses |
|
|
144,412 |
|
|
|
173,152 |
|
Inventories |
|
|
257,540 |
|
|
|
248,510 |
|
Total
Current Assets |
|
|
1,078,200 |
|
|
|
4,366,241 |
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
1,199,996 |
|
|
|
1,683,516 |
|
Equity
in non-marketable securities of affiliated entity |
|
|
100,000 |
|
|
|
- |
|
Other
assets – right of use |
|
|
49,750 |
|
|
|
110,995 |
|
Security
deposits |
|
|
27,715 |
|
|
|
39,936 |
|
TOTAL
ASSETS |
|
$ |
2,455,661 |
|
|
$ |
6,200,688 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
SHARES SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ (DEFICIT) EQUITY |
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
2,427,964 |
|
|
$ |
2,378,531 |
|
Advances
payable |
|
|
220,897 |
|
|
|
220,897 |
|
Finance
lease obligations |
|
|
116,711 |
|
|
|
143,748 |
|
Operating
lease obligations |
|
|
49,750 |
|
|
|
82,407 |
|
Promissory
note, net of debt discount |
|
|
468,045 |
|
|
|
563,111 |
|
Commitment
Fee Shortfall Obligation |
|
|
- |
|
|
|
174,462 |
|
Commitment
to repurchase shares in connection with settlement of litigation |
|
|
- |
|
|
|
500,000 |
|
Deferred
revenue |
|
|
32,660 |
|
|
|
- |
|
Total
Current Liabilities |
|
|
3,316,027 |
|
|
|
4,063,156 |
|
|
|
|
|
|
|
|
|
|
Long
term finance lease obligations |
|
|
160,844 |
|
|
|
220,340 |
|
Long
term operating lease obligations |
|
|
- |
|
|
|
28,588 |
|
Total
Liabilities |
|
|
3,476,871 |
|
|
|
4,312,084 |
|
|
|
|
|
|
|
|
|
|
Commitments
and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
Subject To Possible Redemption |
|
|
|
|
|
|
|
|
Series
C Preferred Stock, $0.001 par value, 100 shares authorized; 100 and 100 shares issued and outstanding, respectively |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Stockholders’
(Deficit) Equity |
|
|
|
|
|
|
|
|
Common
stock, $0.001 par value, 2,500,000,000 shares authorized; 1,456,696,392 and 1,479,126,390 shares issued and outstanding, respectively |
|
|
1,456,696 |
|
|
|
1,479,126 |
|
Additional
paid-in capital |
|
|
53,939,103 |
|
|
|
50,930,784 |
|
Accumulated
deficit |
|
|
(56,417,009 |
) |
|
|
(50,521,306 |
) |
Total
Stockholders’ (Deficit) Equity |
|
|
(1,021,210 |
) |
|
|
1,888,604 |
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES, SHARES SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ (DEFICIT) EQUITY |
|
$ |
2,455,661 |
|
|
$ |
6,200,688 |
|
The
accompanying notes are an integral part of these consolidated financial statements.
Organicell
Regenerative Medicine, Inc.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended July 31, |
|
|
Nine
Months Ended July 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues
(includes sales to related parties of approximately $37,800, $106,300, $85,900, and $200,100, respectively) |
|
$ |
1,220,674 |
|
|
$ |
1,713,214 |
|
|
$ |
3,136,394 |
|
|
$ |
5,047,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost
of revenues |
|
|
162,331 |
|
|
|
208,749 |
|
|
|
374,720 |
|
|
|
484,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
1,058,343 |
|
|
|
1,504,465 |
|
|
|
2,761,674 |
|
|
|
4,563,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General
and administrative expenses |
|
|
2,504,723 |
|
|
|
4,266,895 |
|
|
|
8,297,058 |
|
|
|
10,225,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
from operations |
|
|
(1,446,380 |
) |
|
|
(2,762,430 |
) |
|
|
(5,535,384 |
) |
|
|
(5,662,124 |
) |
Other
income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(171,369 |
) |
|
|
(133,648 |
) |
|
|
(341,402 |
) |
|
|
(323,194 |
) |
Change
in Commitment Fee Shortfall Obligation |
|
|
- |
|
|
|
42,770 |
|
|
|
(18,917 |
) |
|
|
(17,769 |
) |
Gain
from write-off of liabilities attributable to discontinued operations |
|
|
- |
|
|
|
125,851 |
|
|
|
- |
|
|
|
125,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(1,617,749 |
) |
|
$ |
(2,727,457 |
) |
|
$ |
(5,895,703 |
) |
|
$ |
(5,877,236 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per common share - basic and diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding - basic and diluted |
|
|
1,420,704,266 |
|
|
|
1,087,077,331 |
|
|
|
1,405,401,004 |
|
|
|
1,074,721,483 |
|
The
accompanying notes are an integral part of these consolidated financial statements.
Organicell
Regenerative Medicine, Inc.
CONDENSED
CONSOLIDATED CHANGES TO STOCKHOLDERS’ EQUITY (DEFICIT)
For
the Three Months And Nine Months Ended July 31, 2023 and 2022
(Unaudited)
Three
Months Ended July 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock |
|
|
Additional
Paid-In |
|
|
Accumulated |
|
|
Stockholders’
Equity |
|
|
|
Shares |
|
|
Par
Value |
|
|
Capital |
|
|
Deficit |
|
|
(Deficit) |
|
Balance
May 1, 2023 |
|
|
1,490,677,642 |
|
|
$ |
1,490,677 |
|
|
$ |
53,169,675 |
|
|
$ |
(54,799,260 |
) |
|
$ |
(138,908 |
) |
Stock-based
compensation |
|
|
18,750 |
|
|
|
19 |
|
|
|
735,428 |
|
|
|
- |
|
|
|
735,447 |
|
Return
of former executive’s shares and warrants |
|
|
(34,000,000 |
) |
|
|
(34,000 |
) |
|
|
34,000 |
|
|
|
- |
|
|
|
- |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,617,749 |
) |
|
|
(1,617,749 |
) |
Balance
July 31, 2023 |
|
|
1,456,696,392 |
|
|
$ |
1,456,696 |
|
|
$ |
53,939,103 |
|
|
$ |
(56,417,009 |
) |
|
$ |
(1,021,210 |
) |
Balance
May 1, 2022 |
|
|
1,166,887,928 |
|
|
$ |
1,166,888 |
|
|
$ |
39,417,550 |
|
|
$ |
(44,774,528 |
) |
|
$ |
(4,190,090 |
) |
Stock-based
compensation |
|
|
37,700,000 |
|
|
|
37,700 |
|
|
|
1,984,804 |
|
|
|
- |
|
|
|
2,022,504 |
|
Capital
contributed by former executive |
|
|
- |
|
|
|
- |
|
|
|
250,000 |
|
|
|
- |
|
|
|
250,000 |
|
Issuance
of Common stock as commitment fee for SPA 22 Note |
|
|
1,538,462 |
|
|
|
1,538 |
|
|
|
31,693 |
|
|
|
- |
|
|
|
33,231 |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,727,457 |
) |
|
|
(2,727,457 |
) |
Balance
July 31, 2022 |
|
|
1,206,126,390 |
|
|
$ |
1,206,126 |
|
|
$ |
41,684,047 |
|
|
$ |
(47,501,985 |
) |
|
$ |
(4,611,812 |
) |
Nine
Months Ended July 31,
|
|
Common
Stock |
|
|
Additional
Paid-In |
|
|
Accumulated |
|
|
Stockholders’
Equity |
|
|
|
Shares |
|
|
Par
Value |
|
|
Capital |
|
|
Deficit |
|
|
(Deficit) |
|
Balance
October 31, 2022 |
|
|
1,479,126,390 |
|
|
$ |
1,479,126 |
|
|
$ |
50,930,784 |
|
|
$ |
(50,521,306 |
) |
|
$ |
1,888,604 |
|
Sale
of common stock |
|
|
4,456,328 |
|
|
|
4,456 |
|
|
|
95,544 |
|
|
|
- |
|
|
|
100,000 |
|
Stock-based
compensation |
|
|
5,193,750 |
|
|
|
5,194 |
|
|
|
2,404,816 |
|
|
|
- |
|
|
|
2,410,010 |
|
Issuance
of Common stock and Warrants as commitment fee for SPA 23 Note |
|
|
15,000,000 |
|
|
|
15,000 |
|
|
|
267,500 |
|
|
|
- |
|
|
|
282,500 |
|
Stock
issued in satisfaction of Commitment Fee Shortfall Obligation |
|
|
11,719,925 |
|
|
|
11,720 |
|
|
|
181,659 |
|
|
|
- |
|
|
|
193,379 |
|
Cancellation
of shares repurchased in connection with litigation |
|
|
(24,800,001 |
) |
|
|
(24,800 |
) |
|
|
24,800 |
|
|
|
- |
|
|
|
- |
|
Return
of former executive’s shares and warrants |
|
|
(34,000,000 |
) |
|
|
(34,000 |
) |
|
|
34,000 |
|
|
|
- |
|
|
|
- |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,895,703 |
) |
|
|
(5,895,703 |
) |
Balance
July 31, 2023 |
|
|
1,456,696,392 |
|
|
$ |
1,456,696 |
|
|
$ |
53,939,103 |
|
|
$ |
(56,417,009 |
) |
|
$ |
(1,021,210 |
) |
Balance
October 31, 2021 |
|
|
1,132,361,005 |
|
|
$ |
1,132,361 |
|
|
$ |
37,826,795 |
|
|
$ |
(41,624,749 |
) |
|
$ |
(2,665,593 |
) |
Sale
of common stock |
|
|
17,000,000 |
|
|
|
17,000 |
|
|
|
653,000 |
|
|
|
- |
|
|
|
670,000 |
|
Stock-based
compensation |
|
|
50,150,000 |
|
|
|
50,150 |
|
|
|
2,760,836 |
|
|
|
- |
|
|
|
2,810,986 |
|
Capital
contributed by former executive |
|
|
- |
|
|
|
- |
|
|
|
250,000 |
|
|
|
- |
|
|
|
250,000 |
|
Issuance
of Common stock as commitment fee for SPA 22 Note |
|
|
4,615,385 |
|
|
|
4,615 |
|
|
|
151,616 |
|
|
|
- |
|
|
|
156,231 |
|
Stock
issued in settlement of litigation |
|
|
2,000,000 |
|
|
|
2,000 |
|
|
|
41,800 |
|
|
|
- |
|
|
|
43,800 |
|
Net
loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,877,236 |
) |
|
|
(5,877,236 |
) |
Balance
July 31, 2022 |
|
|
1,206,126,390 |
|
|
$ |
1,206,126 |
|
|
$ |
41,684,047 |
|
|
$ |
(47,501,985 |
) |
|
$ |
(4,611,812 |
) |
The
accompanying notes are an integral part of these consolidated financial statements.
Organicell
Regenerative Medicine, Inc.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended
July
31, |
|
|
|
2023 |
|
|
2022 |
|
CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(5,895,703 |
) |
|
$ |
(5,877,236 |
) |
Adjustments
to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation
and amortization expense |
|
|
469,855 |
|
|
|
69,711 |
|
Amortization
of OID and commitment fee discount – Promissory notes |
|
|
283,034 |
|
|
|
272,000 |
|
Change
in Commitment Fee Shortfall Obligation |
|
|
18,917 |
|
|
|
17,769 |
|
Gain
from write-off of liabilities attributable to discontinued operations |
|
|
- |
|
|
|
(125,851 |
) |
Write-off
of fixed assets |
|
|
33,320 |
|
|
|
- |
|
Write-off
of inventory |
|
|
- |
|
|
|
30,000 |
|
Stock-based
compensation |
|
|
2,410,010 |
|
|
|
2,810,986 |
|
Reserve
for receivables from related party and other receivable |
|
|
128,589 |
|
|
|
- |
|
Stock
issued in settlement of litigation |
|
|
- |
|
|
|
43,800 |
|
Changes
in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
34,348 |
|
|
|
(26,745 |
) |
Other
receivables |
|
|
(14,122 |
) |
|
|
- |
|
Prepaid
expenses |
|
|
28,740 |
|
|
|
(41,025 |
) |
Inventories |
|
|
(9,030 |
) |
|
|
115,086 |
|
Accounts
payable and accrued expenses |
|
|
49,433 |
|
|
|
626,408 |
|
Accrued
liabilities to management |
|
|
- |
|
|
|
701,783 |
|
Security
deposits |
|
|
12,221 |
|
|
|
(15,354 |
) |
Deferred
revenue |
|
|
32,660 |
|
|
|
(9,575 |
) |
Net
cash used in operating activities |
|
|
(2,417,728 |
) |
|
|
(1,408,243 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchase
of fixed assets |
|
|
(19,655 |
) |
|
|
(516,519 |
) |
Investment
in non-marketable equity securities |
|
|
(100,000 |
) |
|
|
- |
|
Net
cash used in investing activities |
|
|
(119,655 |
) |
|
|
(516,519 |
) |
|
|
|
|
|
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds
from issuance of Promissory Note |
|
|
504,400 |
|
|
|
540,000 |
|
Advances
for future stock purchases |
|
|
- |
|
|
|
700,000 |
|
Capital
contributed by former executive |
|
|
- |
|
|
|
250,000 |
|
Payments
on finance lease |
|
|
(86,533 |
) |
|
|
(16,196 |
) |
Repayments
of notes payable |
|
|
(600,000 |
) |
|
|
(232,947 |
) |
Shares
repurchased in connection with litigation |
|
|
(500,000 |
) |
|
|
- |
|
Proceeds
from sale of common stock |
|
|
100,000 |
|
|
|
650,000 |
|
Net
cash (used in) provided by financing activities |
|
|
(582,133 |
) |
|
|
1,890,857 |
|
|
|
|
|
|
|
|
|
|
Decrease
in cash |
|
|
(3,119,516 |
) |
|
|
(33,905 |
) |
Cash
at beginning of period |
|
|
3,753,097 |
|
|
|
108,570 |
|
Cash
at end of period |
|
$ |
633,581 |
|
|
$ |
74,665 |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL
CASH FLOW INFORMATION: |
|
|
|
|
|
|
|
|
Cash
paid for taxes |
|
$ |
- |
|
|
$ |
- |
|
Cash
paid for interest |
|
$ |
54,093 |
|
|
$ |
54,670 |
|
|
|
|
|
|
|
|
|
|
NON-CASH
INVESTING AND FINANCING TRANSACTIONS: |
|
|
|
|
|
|
|
|
OID
discount on proceeds received from promissory notes |
|
$ |
10,600 |
|
|
$ |
60,000 |
|
Stock
purchased from payments due on accounts payable |
|
$ |
- |
|
|
$ |
20,000 |
|
Common
stock and warrants issued as commitment fee for promissory notes |
|
$ |
282,500 |
|
|
$ |
156,231 |
|
Common
stock issued in satisfaction of Commitment Fee Shortfall Obligation |
|
$ |
193,379 |
|
|
$ |
- |
|
Commitment
Fee Shortfall Obligation |
|
$ |
- |
|
|
$ |
143,769 |
|
Promissory
note issued for past due Professional Fees |
|
$ |
- |
|
|
$ |
256,000 |
|
Purchase
of fixed assets |
|
$ |
- |
|
|
$ |
361,972 |
|
The
accompanying notes are an integral part of these consolidated financial statements.
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Organicell
Regenerative Medicine, Inc. (“Organicell” or the “Company”) was incorporated on August 9, 2011 in the
State of Nevada under the name Bespoke Tricycles Inc. (changed to Biotech Products Services and Research, Inc. during September 2015).
The Company is a clinical-stage biopharmaceutical company principally focusing on the development of innovative biological therapeutics
for the treatment of degenerative diseases and regenerative medicine. The Company’s proprietary products are derived from perinatal
sources and manufactured to retain the naturally occurring extracellular vesicles, hyaluronic acid, and proteins without the addition
or combination of any other substance or diluent (“RAAM Products”). Our RAAM Products and related services are principally
used in the health care industry administered through doctors and clinics (“Providers”).
On
May 21, 2018, the Company filed a Certificate of Amendment with the Secretary of State of Nevada to change the Company’s
name from Biotech Products Services and Research, Inc. to Organicell Regenerative Medicine, Inc., effective June 20, 2018 (the “Name
Change”) and during November 2021 the Name Change was effectuated in the marketplace by the Financial Industry Regulatory
Agency.
For
the nine months ended July 31, 2023, the Company principally operated through General Surgical of Florida, Inc., a Florida corporation
and wholly owned subsidiary, which was formed to sell the Company’s therapeutic products to Providers.
The
Company’s leading product, Zofin™ (also known as Organicell™ Flow), is an acellular, biologic therapeutic derived
from perinatal sources and is manufactured to retain naturally occurring microRNAs, without the addition or combination of any other
substance or diluent.
The
Company recently launched a service platform for its first autologous product called Patient Pure X™ (PPX™). PPX™ is
a non-manipulated biologic containing the nanoparticle fraction from a patient’s own peripheral blood. To date, revenues from
PPX™ continue to be immaterial.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company and its wholly-owned subsidiaries.
All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the condensed unaudited consolidated
financial statements contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s
financial position as of July 31 2023, the results of its operations for the three and nine months ended July 31, 2023 and 2022 and the
cash flows for the nine months ended July 31, 2023 and 2022.
Certain
information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been omitted pursuant to the rules and regulations of the Securities Exchange
Commission, although we believe that the disclosures made are adequate to make the information not misleading. These unaudited consolidated
financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended October 31, 2022 filed with
the Securities and Exchange Commission.
Concentrations
of Risk
Credit
Risk
The
balance sheet items that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents and accounts
receivable. Balances in accounts are insured up to Federal Deposit Insurance Corporation (“FDIC”) limits of $250,000 per
institution. At July 31, 2023, the Company held a total of approximately $14,300 of cash balances in one financial institution in excess
of FDIC insurance coverage limits.
Major
Customer
During
the nine months ended July 31, 2023, the Company sold products and services totaling approximately $880,300 (28.1%) to a large distributor
and the distributor’s customers and approximately $447,600 (14.3%) to customers of another distributor and the distributor’s
customers.
During
the nine months ended July 31, 2022, the Company sold products and services totaling approximately $1,736,000 (34.4%) to a large distributor
and the distributor’s customers and approximately $1,215,000 (24.1%) to customers of another distributor and the distributor’s
customers.
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles of the United States 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 revenues and expenses during the year. Management bases
its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual
results may differ from the estimates.
Those
estimates and assumptions include estimates for credit loss reserves for accounts receivable, assumptions used in valuing inventories
at net realizable value, impairment testing of recorded long-term tangible and intangible assets, the valuation allowance for deferred
tax assets, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services, and assumptions used
in valuing warrant liabilities, and assumptions used in the determination of the Company’s liquidity.
Cash
Equivalents
The
Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.
Accounts
Receivable
Accounts
receivable are recorded at net realizable value on the date revenue is recognized. The Company provides allowances for doubtful accounts
for estimated losses resulting from the inability of its customers to pay their obligation. If the financial condition of the Company’s
customers were to deteriorate, resulting in an impairment of their ability to repay, additional allowances may be required. The Company
provides for potential uncollectible accounts receivable based on specific customer identification and historical collection experience
adjusted for existing market conditions.
The
policy for determining past due status is based on the contractual payment terms of each customer, which are generally net 30 or net
60 days. Once collection efforts by the Company and its collection agency are exhausted, the determination for charging off uncollectible
receivables is made. For the nine months ended July 31, 2023 and 2022, the Company did not record any bad debt expense.
Inventory
Inventory
is stated at the lower of cost or net realizable value using the average cost method. The Company provides reserves for potential excess,
dated or obsolete inventories based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders,
as well as product shelf life. At July 31, 2023 and October 31, 2022, the Company determined that there were not any reserves required
in connection with our inventory.
Property
and Equipment
Property
and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful
lives of the related assets. The estimated useful lives of property and equipment range from 3 to 15 years. Upon sale or retirement,
the cost and related accumulated depreciation and amortization are eliminated from their respective accounts, and the resulting gain
or loss is included in results of operations. Repairs and maintenance charges, which do not increase the useful lives of the assets,
are charged to operations as incurred.
Non-marketable
Securities
Non-marketable
securities consist of equity investments in privately-held companies, which are classified as other assets on the consolidated balance
sheets. These non-marketable equity securities do not have readily determinable fair values. Under the measurement alternative election,
the Company accounts for these non-marketable securities at cost and adjusted for observable price changes in orderly transactions for
the identical or similar investments of the same issuer or upon impairment and are not eligible for the net-asset-value practical expedient
from fair value measurement. The measurement alternative election is reassessed each reporting period to determine whether the non-marketable
securities continue to be eligible for this election.
The
Company periodically evaluates its non-marketable securities for impairment when events and circumstances indicate that the carrying
amount of the investment may not be recovered. Impairment indicators may include, but are not limited to, a significant deterioration
in earnings performance, credit rating, asset quality or business outlook or a significant adverse change in the regulatory, economic,
or technological environment.
Under
current U.S. GAAP, equity investments without readily determinable fair values are reported at cost minus impairment. However, impairment
losses are recognized only if they are considered other-than- temporary.
Leasehold
Improvements
Leasehold
improvements in excess of $1,000 that are made in connection with leases having a term of more than 12 months are capitalized by the
Company and amortized over the shorter of the useful life of the asset or the remaining lease periods and renewals that are deemed to
be reasonably certain at the date the leasehold improvements are purchased. Costs associated with leasehold improvements that do not
exceed $1,000 are expensed as incurred.
Revenue
Recognition
The
Company follows the guidance of FASB Accounting Standards Update (“ASU”) Topic 606 “Revenue from Contracts with Customers”
which requires the Company to recognize revenue in amounts that reflect the prorata completion of the performance obligations of the
Company required under the contracts.
The
Company recognizes revenue only when it transfers control of a promised good or service to a customer in an amount that reflects the
consideration it expects to receive in exchange for the good or service. Our performance obligations are satisfied and control is transferred
at a point-in-time, which is typically when the transfer and title to the product sold has taken place and there is evidence of our customer’s
satisfactory acceptance of the product shipment or delivery except in those instances when the customer has made prior arrangements with
the Company to store the product purchased by the customer at the Company’s facilities that is to be delivered at a later date
to be designated by the customer.
Net
Income (Loss) Per Common Share
Basic
income (loss) per common share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted
average number of fully vested common shares outstanding during the period. Diluted earnings per share is calculated by dividing the
Company’s net income available to common shareholders by the diluted weighted average number of fully vested shares outstanding
during the year. The diluted weighted average number of shares outstanding is the basic weighted average number of shares adjusted for
any potentially dilutive debt or equity instruments.
At
July 31, 2023, the Company had 509,800,000 common shares issuable (379,235,997 common shares vested as of July 31, 2023) upon the exercise
of warrants that were not included in the computation of dilutive loss per share because their inclusion is anti-dilutive for the nine
months ended July 31, 2023. At July 31, 2022, the Company had 49,500,000 common shares issuable upon the exercise of warrants and unpaid
Original Base Salary and Incremental Salary that could be convertible into approximately 61,967,000 common shares that were not included
in the computation of dilutive loss per share because their inclusion is anti-dilutive for the nine months ended July 31, 2022.
Stock-Based
Compensation
The
Company periodically issues stock options and stock awards to employees and non-employees in non-capital raising transactions for services
and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby
the value of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line basis
over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had
paid cash for the services. The Company recognizes the fair value of stock-based compensation within its Statements of Operations with
classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
Research
and Development Costs
Research
and development costs consist of direct and indirect costs associated with the development of the Company’s technologies. These
costs are expensed as incurred. Our research and development expenses were approximately $334,600 and $111,600 for the three months ended
July 31, 2023 and 2022, respectively. Our research and development expenses were approximately $937,700 and $664,500 for the nine months
ended July 31, 2023 and 2022, respectively. The research and development costs primarily relate to the filing and approval of IND applications
and the performance of clinical trials.
Income
Taxes
The
Company files a consolidated tax return that includes all of its subsidiaries.
Provisions
for income taxes are based on taxes payable or refundable for the current year taxable income for federal and state income tax reporting
purposes and deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized
for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax basis and operating loss carryforwards. Deferred income tax expense represents the change during the period
in the deferred tax assets and deferred tax liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in the results of the operations in the period that includes the enactment
date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some
or all of the deferred tax assets will not be realized.
The
Company accounts for uncertain tax positions in accordance with FASB Topic 740 – Income Taxes. This pronouncement prescribes a
recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be
taken in a tax return. The interpretation also provides guidance on recognition, derecognition, classification, interest and penalties,
accounting in interim period, disclosure and transition.
For
the three months and nine months ended July 31, 2023 and 2022 the Company incurred operating losses, and therefore, there was not any
income tax expense amount recorded during those periods. There is a full valuation allowance established for the tax benefit associated
with the net losses for the three months and nine months ended July 31, 2023 and 2022.
Valuation
of Derivatives
The
Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components
of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.”
The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded
as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of
operations as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value
at the conversion date and then that fair value is reclassified to equity. Equity instruments that are initially classified as equity
that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the
reclassification date.
Sequencing
The
Company has adopted a sequencing policy whereby, in the event that reclassification of contracts from equity to assets or liabilities
is necessary pursuant to ASC 815 due to the Company’s inability to demonstrate it has sufficient authorized shares, shares will
be allocated on the basis of the earliest issuance date of potentially dilutive instruments, with the earliest grants receiving the first
allocation of shares.
The
Company currently has 2,500,000,000 authorized shares of common stock of which 1,456,696,392 shares are issued and outstanding as of
September 13, 2023. The Company expects that it will continue to issue common stock in the future in connection with debt and/or equity
financings, transactions with third parties, performance incentives and as compensation to its employees. Currently the amount of authorized
shares is sufficient to provide for the additional shares that the Company may be contingently obligated to issue under existing arrangements.
Fair
Value of Financial Instruments
The
Company includes fair value information in the notes to financial statements when the fair value of its financial instruments is different
from the book value. When the book value approximates fair value, no additional disclosure is made.
The
Company follows FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring
fair value and enhances disclosures about fair value measurements. It defines fair value as the exchange price that would be received
for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability
in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The
Company’s financial instruments consist of cash and cash equivalents, accounts payable, accrued liabilities and convertible debt.
The estimated fair value of cash, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term nature
of these instruments.
The
Company follows the provisions of ASC 820 with respect to its financial instruments. As required by ASC 820, assets and liabilities measured
at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.
Level
one — Quoted market prices in active markets for identical assets or liabilities;
Level
two — Inputs other than level one inputs that are either directly or indirectly observable such as quoted prices for similar
assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or liabilities; and
Level
three — Unobservable inputs that are supported by little or no market activity and developed using estimates and assumptions,
which are developed by the reporting entity and reflect those assumptions that a market participant would use.
The
fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value.
Determining
which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures
each quarter.
The
Company did not have any convertible instruments outstanding at July 31, 2023 and October 31, 2022 that qualify as derivatives.
Operating
Lease Obligations
Under
the provisions of Accounting Standards Update (ASU) No. 2016-02 (Topic 842) (“ASC 842”), the Company recognizes a right
of use (“ROU”) asset and corresponding lease liability for all operating leases upon commencement of the lease.
The
Company’s policy is to treat operating leases that have a term of one year or less at lease commencement date and do not include
a purchase option that is reasonably certain of exercise, consistent with the lease recognition approach as previously outlined under
ASC 840. In addition, month to month leases which do not involve additional financial commitments on the part of the Company are also
treated consistent with the lease recognition approach as previously outlined under ASC 840. The Company has established a capitalization
threshold of $15,000 in determining whether any future operating leases will be capitalized.
Subsequent
Events
The
Company has evaluated subsequent events that occurred after July 31, 2023 through the financial statement issuance date for subsequent
event disclosure consideration.
NOTE
3 – GOING CONCERN
The
unaudited accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles,
which contemplate continuation of the Company as a going concern. The Company has had limited revenues since its inception. The Company
incurred net losses of $5,895,703 for the nine months ended July 31, 2023 and used $2,417,728 of cash from operating activities during
that period. In addition, the Company had an accumulated deficit and a stockholders’ deficit of $56,417,009 and $1,021,210, respectively,
at July 31, 2023. The Company had a working capital deficit of $2,237,827 at July 31, 2023.
United
States Food and Drug Administration (“FDA”) regulations which were announced in November 2017 and which became effective
beginning in May 2021 (postponed from November 2020 due to the COVID-19 pandemic) require that the sale of products that fall
under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular
and tissue based products (“HCT/Ps”) can only be sold pursuant to an approved biologics license application (“BLA”).
The Company has not obtained any opinion or ruling regarding the Company’s operations and whether the processing, sales and distribution
of the products it currently produces would be subject to the FDA’s previously announced intended enforcement policies regarding
HCT/P’s.
In
addition to the above, the adverse public health developments associated with the ongoing COVID-19 pandemic combined with the downturn
in the overall United States and global economies have adversely affected the demand for our products and services by our customers and
from patients of our customers and which currently still continue to have a negative impact to our business and the economy.
As
a result of the above, the Company’s efforts to establish a stabilized source of sufficient revenues to cover operating costs
has yet to be achieved and ultimately may prove to be unsuccessful unless (a) the Company’s ability to process, sell and distribute
the products currently being produced or developed in the future are not restricted; and/or (b) additional sources of working capital
through operations or debt and/or equity financings are realized. These financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.
Management
anticipates that the Company will remain dependent, for the near future, on additional investment capital to fund ongoing operating expenses
and research and development costs related to development of new products and to perform required clinical studies in connection with
the sale of its products. The Company does not have any assets to pledge for the purpose of borrowing additional capital. In addition,
the Company relies on its ability to produce and sell products it manufactures that are subject to changing technology and regulations
that it currently sells and distributes to its customers. The Company’s current market capitalization, common stock liquidity
and available authorized shares may hinder its ability to raise equity proceeds. The Company anticipates that future sources of funding,
if any, will therefore be costly and dilutive, if available at all.
In
view of the matters described in the preceding paragraphs, recoverability of the recorded asset amounts shown in the accompanying consolidated
balance sheet assumes that (a) the Company is able to continue to produce products or obtain products under supply arrangements which
are in compliance with current and future regulatory guidelines; (b) the Company will be able to establish a stabilized source of revenues,
including efforts to expand sales internationally and the development of new product offerings and/or designations of products; (c) obligations
to the Company’s creditors are not accelerated; (d) the Company’s operating expenses remain at current levels and/or the
Company is successful in restructuring and/or deferring ongoing obligations; (e) the Company is able to continue its research and development
activities, particularly in regards to remaining compliant with the FDA and ongoing safety and efficacy of its products; and/or (f) the
Company obtains additional working capital to meet its contractual commitments and maintain the current level of Company operations through
debt or equity sources.
There
is no assurance that the products we currently produce will not be subject to the FDA’s previously announced intended enforcement
policies regarding HCT/P’s and/or the Company will be able to complete its revenue growth strategy. There is no assurance that
the Company’s research and development activities will be successful or that the Company will be able to timely fund the required
costs of those activities. Without sufficient cash reserves, the Company’s ability to pursue growth objectives will be adversely
impacted. Furthermore, despite significant effort since July 2015, the Company has thus far been unsuccessful in achieving a stabilized
source of revenues.
If
revenues do not increase and stabilize, if the Company’s ability to process, sell and/or distribute the products currently being
produced or developed in the future are restricted, and/or if additional funds cannot otherwise be raised, the Company might be required
to seek other alternatives which could include the sale of assets, closure of operations and/or protection under the U.S. bankruptcy
laws. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s October
31, 2022 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. As of
July 31, 2023, based on the factors described above, the Company concluded that there was substantial doubt about its ability to continue
to operate as a going concern for the 12 months following the issuance of these financial statements.
NOTE
4 – INVENTORIES
Schedule of inventories |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Raw
materials and supplies |
|
$ |
118,478 |
|
|
$ |
85,096 |
|
Finished
goods |
|
|
139,062 |
|
|
|
163,414 |
|
Total
inventories |
|
$ |
257,540 |
|
|
$ |
248,510 |
|
NOTE
5 – PROPERTY AND EQUIPMENT
Schedule of property and equipment |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Computer
equipment |
|
$ |
- |
|
|
$ |
26,881 |
|
Finance
lease equipment |
|
|
544,378 |
|
|
|
544,378 |
|
Manufacturing
equipment |
|
|
619,006 |
|
|
|
625,979 |
|
Leasehold
improvements |
|
|
925,932 |
|
|
|
925,932 |
|
|
|
|
2,089,316 |
|
|
|
2,123,170 |
|
Less:
accumulated depreciation and amortization |
|
|
(889,320 |
) |
|
|
(439,654 |
) |
Total
property and equipment, net |
|
$ |
1,199,996 |
|
|
$ |
1,683,516 |
|
Depreciation
expense totaled $31,240 and $21,812 for the three months ended July 31, 2023 and 2022, respectively. Depreciation expense totaled $89,885
and $54,587 for the nine months ended July 31, 2023 and 2022, respectively.
As
described in Note 7, during the year ended October 31, 2021, the Company began the build-out of additional laboratory processing, product
distribution and administrative office capacity at its Basalt Lab (as defined in Note 7). The Basalt Lab Lease location became operational
during May 2022 and amortization of these costs began during May 2022. Amortization expense totaled $126,657 and $0 for the three months
ended July 31, 2023 and 2022, respectively. Amortization expense totaled $379,971 and $0 for the nine months ended July 31, 2023 and
2022, respectively.
During
the three months ended July 31, 2023, the Company wrote off certain computer and manufacturing equipment with a cost basis of $10,000
and accumulated depreciation of $4,029, resulting in a loss of $5,971 for the three months ended July 31, 2023. During the nine months
ended July 31, 2023, the Company wrote off certain computer and manufacturing equipment with a cost basis of $53,755 and accumulated
depreciation of $20,435, resulting in a loss of $33,320 for the nine months ended July 31, 2023.
NOTE
6 – EQUITY IN NON-MARKETABLE SECURITIES OF AFFILATED ENTITY
Schedule of marketable securities |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Equity
in non-marketable securities |
|
$ |
100,000 |
|
|
|
- |
|
During
the nine months ended July 31, 2023, the Company invested $100,000 in cash in the non-marketable equity securities of one privately-held
skin-care formulator (“Formulator”) in an effort to accelerate the Company’s development of expertise with respect
to the skincare industry and the potential supply of the Company’s products in future formulations. The Company evaluated its
ownership, contractual and other interests in this entity and determined the Company does not have a variable interest in this entity
and therefore it is not required to be consolidated in the Company’s consolidated financial statements, as the Company is not
the primary beneficiary and does not have the power to direct activities that most significantly impact the entities’ economic
performance. The Company’s maximum loss exposure is limited to the carrying value of this investment.
At
July 31, 2023 and October 31, 2022, the carrying value of the Company’s investments in equity securities without readily determinable
fair values totaled $100,000 and $0, respectively. For the nine months ended July 31, 2023 and 2022, there were no adjustments to the
carrying value of equity securities without readily determinable fair values.
Both
Greyt Ventures, LLC and Skycrest Holdings, LLC, principal shareholders of the Company, each own a 20% interest in the Formulator. In
addition, Mr. Robert Smoley, a consultant and advisor to the Company is also the Chief Operating Officer of the Formulator.
NOTE
7 – LEASE OBLIGATIONS
Finance
Lease Obligations:
During
March 2019, the Company entered into a lease agreement for certain lab equipment in the amount of $239,595. Under the terms of the
lease agreement, the Company is required to make 60 equal monthly payments of $4,513 plus applicable sales taxes. Under the Lease Agreement,
the Company has the right to acquire all of the leased equipment for $1.00. As a result, the lease agreement is being accounted for as
a finance lease obligation. The annual interest rate charged in connection with the lease is 4.5%. The leased equipment are being depreciated
over their estimated useful lives of 15 years.
During
October 2021, the Company entered into a second lease agreement in the amount of $304,873 for certain lab equipment that is being
installed at the Basalt lab location. Under the terms of the lease agreement, the Company is required to make 60 equal monthly payments
of $5,478 plus applicable sales taxes. Under the Lease Agreement, the Company has the right to acquire all of the leased equipment for
$1.00. As a result, the lease agreement is being accounted for as a finance lease obligation. The annual interest rate charged in connection
with the lease is 3.0%. Lease payments and depreciation of the leased equipment began during May 2022, the date that the Basalt
lab buildout was completed (see below) and the facility became operational. The leased equipment are being depreciated over their estimated
useful lives of 15 years.
As
of July 31, 2023, finance lease obligations were $277,555, of which $116,711 were current.
As
described in Note 16, on August 7, 2023, certain equipment under the second lease agreement were assigned to the Purchaser resulting
in the reduction of the Company’s remaining obligations under the second lease agreement from $5,478 per month to $461 per month.
Short
Term Lease Obligations:
On
August 30, 2022, the Company entered into a one-year lease agreement (“LA Office Lease”) for office space in Los Angeles,
California commencing September 1, 2022 and ending August 31, 2023. The Company was required to make a one-time prepayment
of the annual rent in the amount of $160,000 and provided a security deposit of $10,000 upon execution of the lease agreement. The security
deposit due to the Company was reduced by $1,685 upon termination of the LA Office Lease.
Effective
July 1, 2022, the Company entered into a six-month lease agreement for an approximately 450 square foot laboratory and additional administrative
office space effective July 1, 2022 (“New Miami Lab Lease”). Monthly lease payments are approximately $9,500 per month
plus administrative fees and taxes. The New Miami Lab Lease was not renewed and expired on December 31, 2022. The Company security
deposit of $6,332 was returned upon expiration of the New Miami Lab Lease.
Effective
October 10, 2022, the Company relocated its Miami laboratory to a 1,156 square foot administrative and laboratory facility at the
Nova Southeastern University Center for Collaborative Research in Davie, Florida. This space is occupied pursuant to one year license
agreement (“University Lease”) for an annual base license fee of $20,230.
Operating
Lease:
During
March 2021, the Company entered into a lease agreement (“Basalt Lab Lease”) for an approximately 2,452 square foot
commercial space located in Basalt, Colorado (the “Basalt Lab”). The term of the Basalt Lab Lease is for three years and
may be renewed for an additional (3) three-year term provided the Company is not in default (“First Renewal Option”). Rental
expense is $6,800 per month and provides for annual increases of 3% or the Denver Aurora Metropolitan CPI index, whichever is greater.
In connection with the Basalt Lab Lease, the Company was required to post a security deposit of $20,400. The Company completed the construction
of the initial laboratory and office build-out at a cost of $925,932, which is included as leasehold improvements in the accompanying
balance sheet. The Basalt Lab became operational during May 2022. The Company uses the Basalt Lab for additional processing, product
distribution and administrative office capacity.
In
connection with the execution of the Basalt Lab Lease, the Company recorded a ROU asset and corresponding operating lease obligation
of $235,313 (present value of the associated leased payments based on an assumed borrowing rate of 4.5%). The right of use asset was
$49,750 and $110,955 at July 31, 2023 and October 31, 2022, respectively.
Lease
amortization expense for the three months ended July 31, 2023 and 2022 was $20,925 and $19,397, respectively. Lease amortization expense
for the nine months ended July 31, 2023 and 2022 was $61,246 and $56,735, respectively.
As
of July 31, 2023, the remaining operating lease obligation was $49,750.
As
described in Note 16, on August 7, 2023, the Basalt Lab was sold and the Basalt Lab Lease was assigned to Purchaser.
NOTE
8 – RELATED PARTY TRANSACTIONS
For
the three months and nine months ended July 31, 2023, the Company sold a total of approximately $42,500 and $151,300, respectively, of
product to a management services organization (“MSO”) that provides administrative services and contracts for medical supplies
for several medical practices, including approximately $37,800 and $85,900, respectively, of products purchased from the Company that
were attributable to the medical practice owned by Dr. George Shapiro the Company’s Chief Medical Officer and a member of the
board of directors. Dr. Shapiro also has an indirect economic interest in the parent company that owns the MSO.
For
the three months and nine months ended July 31, 2022, the Company sold a total of approximately $208,000 and $501,500, respectively,
of products to a management services organization (“MSO”) that provides administrative services and contracts for medical
supplies for several medical practices, including approximately $76,800 and $152,600 of products purchased from the Company for the three
months and nine months ended July 31, 2022, respectively, that were attributable to the medical practice owned by Dr. George Shapiro.
Dr. Shapiro also has an indirect economic interest in the parent company that owns the MSO. For the three months and nine months ended
July 31, 2022, the total amount of sales of products to customers related to Mr. Michael Carbonara totaled approximately $16,300 and
$26,600, respectively. For the three months and nine months ended July 31, 2022, the total amount of sales of products to customers related
to Dr. Allen Meglin totaled approximately $13,200 and $20,800, respectively.
During
the nine months ended July 31, 2023, the Company invested $100,000 in cash for a 10% minority interest in the non-marketable equity securities
of a privately-held skin-care formulator (“Formulator”). Both Greyt Ventures, LLC and Skycrest Holdings, LLC, principal
shareholders in the Company, each own a 20% interest in the Formulator. In addition, Mr. Robert Smoley, a consultant and advisor to the
Company is also the Chief Operating Officer of the Formulator.
At July 31, 2023 and October 31, 2022, advances
payable from an affiliate of a former executive were $220,897. The advances are non-interest bearing and there are no formal
arrangements regarding the repayment of the advances.
NOTE
9 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of account payable and accrued expenses |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Accrued
payroll related liabilities |
|
$ |
666,780 |
|
|
$ |
666,780 |
|
Lab
equipment and supplies payables |
|
|
394,909 |
|
|
|
477,255 |
|
Clinical
trial payables |
|
|
689,452 |
|
|
|
312,711 |
|
Legal
fees payables |
|
|
327,028 |
|
|
|
328,121 |
|
Other
professional fees payables |
|
|
148,494 |
|
|
|
90,993 |
|
Accrued
IRS penalty (Note 11) |
|
|
86,319 |
|
|
|
83,684 |
|
Accrued
commissions payable |
|
|
11,969 |
|
|
|
39,675 |
|
Construction
payables |
|
|
9,317 |
|
|
|
5,474 |
|
Other
payables and accrued expenses |
|
|
93,696 |
|
|
|
373,838 |
|
Accounts Payable and Accrued Expenses |
|
$ |
2,427,964 |
|
|
$ |
2,378,531 |
|
NOTE
10 – NOTES PAYABLE
Schedule of notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
SPA
22 |
|
$ |
- |
|
|
$ |
600,000 |
|
SPA
23 |
|
|
530,000 |
|
|
|
- |
|
Unamortized
discount |
|
|
(61,955 |
) |
|
|
(36,889 |
) |
Total
Notes Payable |
|
$ |
468,045 |
|
|
$ |
563,111 |
|
Promissory
Note – SPA 22
On
January 11, 2022, the Company entered into a Securities Purchase Agreement (“SPA 22”) with AJB Capital Investments,
LLC (“Purchaser”) pursuant to which we sold a promissory note in the principal amount of $600,000 (“Promissory Note”)
to the Purchaser in a private transaction for a purchase price of $540,000 (giving effect to original issue discount of $60,000). The
Promissory Note matured on January 11, 2023 and the Promissory Note was paid in full.
Pursuant
to the terms of the SPA 22, the Company paid a commitment fee to the Purchaser in the amount of $123,000 (“Initial Commitment
Fee”) in the form of 3,076,923 shares of the Company’s common stock (“Initial Commitment Fee Shares”) valued
at $0.04, the closing price of the common stock of the Company on the closing date. In addition, in connection with the Extension, the
Company paid an additional commitment fee to the Purchaser in the amount of $33,231 in the form of an additional 1,538,462 shares of
its common stock (“Additional Commitment Fee Shares,” and together with the Initial Commitment Fee Shares, collectively,
“Commitment Fee Shares”) valued at $0.0216, the closing price of the common stock of the Company on the Extension date.
In
the event that by the earlier of the first anniversary of repayment of the Promissory Note by the Company or the date that the Purchaser
has sold all of the Commitment Fee Shares (“True-Up Date”), the Purchaser has not generated the amount of $300,000 from
public sales of the Commitment Fee Shares, the Company shall either pay the amount of any such shortfall either (i) by issuing additional
shares of our common stock at a price equal to the VWAP for the common stock during the five (5) trading day period prior to the True-up
Date (“Conversion Price”); or (ii) in cash, in which case, the Company shall repurchase any unsold Commitment Fee Shares
then held by the Purchaser for such shortfall amount (“Commitment Fee Shortfall Obligation”).
Upon
the closing, the Company recorded a discount of the Promissory Note in the amount of $260,000, consisting of the original issue discount
of $60,000, the fair value of the Initial Commitment Fee Shares of $123,000 and the Commitment Fee Shortfall Obligation of $77,000. These
costs were fully amortized over the initial term of the Promissory Note from January 11, 2022 to July 11, 2022. In connection with the
extension of the Promissory Note from July 12, 2022 to January 11, 2023, the Company recorded a discount of the Promissory Note in the
amount of $100,000, consisting of the fair value of the Additional Commitment Fee Shares of $33,231 and the Additional Commitment Fee
Shortfall Obligation of $66,769. These costs were amortized over the term of the Extension.
For
the nine months ended July 31, 2023 and 2022, $36,889 and $130,000, respectively, of the total discounts recorded in connection with
the issuance of the Promissory Note have been amortized.
At
February 10, 2023, the date that the Company received notice to repay the Commitment Fee Shortfall Obligation (see below) and July 31,
2022, the fair value of the Commitment Fee Shares was approximately $76,200 (valued at $0.0165 the closing price of the common stock
of the Company on February 10, 2023) and approximately $62,462 (valued at $0.0203 the closing price of the common stock of the Company
on April 29, 2022), respectively. The Company recorded an increase in the Commitment Fee Shortfall Obligation in the amount of $0 and
$49,384 for the three months and nine months ended July 31, 2023. The Company recorded an increase in the Commitment Fee Shortfall Obligation
in the amount of $48,539 and $60,539 for the three months and nine months ended July 31, 2022.
On
February 10, 2023, the Company received a notice from the Purchaser that it had sold all of the Commitment Fee Shares and that the Commitment
Fee Shortfall Obligation of $187,519 was due. The Company elected to satisfy the obligation through the issuance of 11,719,925 shares
of common stock based on a Conversion Price as defined in the SPA 22 of $0.016 per share, which resulted in a reduction of $30,468 from
the Commitment Fee Shortfall Obligation recorded as of February 10, 2023.
The
total Commitment Fee Shortfall Obligation at July 31, 2023 and October 31, 2022 was $0 and $174,462, respectively.
Promissory
Note – SPA 23
On
March 6, 2023, the Company entered into another Securities Purchase Agreement (“SPA 23”) with the Purchaser, pursuant to
which we sold a promissory note in the principal amount of $530,000 (“Note”) to the Purchaser in a private transaction to
for a purchase price of $519,400 (giving effect to original issue discount of $10,600). In connection with the sale of the Note, the
Company also paid the Purchaser’s legal fees and due diligence costs of $15,000, resulting in net proceeds to the Company of $504,400,
which will be used for working capital and other general corporate purposes. The Note bears interest at the rate of 12% per annum. The
Note matured on September 6, 2023 and was paid in full.
Pursuant
to the terms of the SPA 23, the Company paid a commitment fee to the Purchaser (“Commitment Fee”) in the form of 15,000,000
shares of the Company’s common stock (“Commitment Fee Shares”) and issued the Purchaser a Warrant exercisable for
a five-year period to purchase up to 10,000,000 shares of our common stock at a price of $0.06 per share (“Warrant Shares”).
Upon
the closing, the Company recorded a discount of the Promissory Note in the amount of $308,000, consisting of the original issue discount
of $10,600, transaction fees of $15,000, the fair value of the Commitment Fee Shares of $169,500 and the fair value of the Warrant Shares
of $113,000.
The
discount is being amortized over the term of Note. For the three months and nine months ended July 31, 2023, $154,050 and $246,145 of
the total discounts recorded in connection with the issuance of the Note have been amortized.
Pursuant
to the terms of the SPA 23, the Company granted certain piggyback registration rights under the Securities Act of 1933, as amended with
respect to the Conversion Shares, the Warrant Shares and the Commitment Fee Shares.
NOTE
11 – IRS PENALTIES
The
Company’s income tax returns for the periods since inception through the tax year ended October 31, 2015 were not filed with
the Internal Revenue Service (“IRS”) until August 2017 (“Delinquent Filed Returns”). The Company’s
income tax returns for the tax year ended October 31, 2016 were filed with the IRS during December 2017. In connection with
the Delinquent Filed Returns, during the period September 2017 through October 2017, the Company received notices that it was
being assessed approximately $90,000 of penalties, plus interest (“IRS Penalties”), in connection with the late filing of
certain information returns that were included as part of the Delinquent Filed Returns. In connection with the notices, the IRS indicated
its intent to levy property of the Company if the IRS penalties were not paid as required. During January 2018, the Company requested
from the IRS an abatement of the IRS penalties based on reasonable cause. During April 2018, the IRS notified the Company that the
IRS penalties for the tax year ended 2011 of $20,000, plus interest, were abated and the request for abatement for the IRS penalties
for the tax years ended 2012 – 2015 were denied. The Company is currently appealing the initial determination by the IRS to exclude
the IRS penalties for the tax years 2012-2015 in its consideration of abatement and filed a “Request for Collection Due Process
Equivalent Hearing” (“Request”) in September 2021. A hearing was held on June 28, 2022 and the Company is
awaiting the IRS’ determination. During the period that the Request is being reviewed and processed by the IRS, the IRS has agreed
to put a hold on taking any levy action against the Company for the remaining amounts of the IRS Penalties that are still outstanding.
In connection with the notices, the Company has accrued $86,319 and $83,684 of accrued tax penalties and interest on the balance sheet
as of July 31, 2023 and October 31, 2022, respectively.
NOTE
12 – CAPITAL STOCK
Common
Stock
Issuances
of Common Stock – Stock-Based Compensation:
On
December 1, 2022, the Company granted 150,000 shares of common stock to an employee as provided for in the employment agreement
valued at $0.03 per share, the closing price of the common stock of the Company on the grant date. The Company recorded $4,500 of stock-based
compensation expense based on the grant date fair value of these shares during the nine months ended July 31, 2023.
On
December 29, 2022, the Company agreed to issue 5,000,000 shares of common stock to a service provider in exchange for the provider
providing discounts of 10% on all services provided retroactive to August 2022. The common stock granted was valued at $100,000
based on the closing price of the common stock of the Company on the date of the agreement of $0.02 per share. The Company recorded $100,000
of stock-based compensation expense based on the grant date fair value of these shares during the nine months ended July 31, 2023.
As
of October 31, 2022, the Company had issued 47,500,000 shares of its common stock for services with an original fair value of $2,140,450
of which $1,248,583 was amortized and the remaining $891,867 of the unamortized compensation costs are to be amortized over their respective
remaining service periods (“Unamortized 2022 Stock Awards”). Included in this amount was unamortized compensation of $545,229
relating to 15,846,576 shares that was forfeited upon resignation of the Company’s former CEO in November 2022. During the nine
months ended July 31, 2023, the Company amortized approximately $347,000 of compensation costs relating to the Unamortized 2022 Stock
Awards. As of July 31, 2023, all of the Unamortized 2022 Stock Awards had been fully amortized or forfeited.
Equity
Line of Credit Commitment:
During
November 2021, the Company entered into an term sheet agreement with Tysadco Partners LLC, a Delaware limited company (“Tysadco”)
whereby Tysadco agreed to provide the Company with a $10,000,000 equity line of credit facility (“ELOC”), subject to many
conditions including the Company determining to proceed with the ELOC, approval and execution of definitive agreements for the ELOC and
the Company subsequently filing a registration statement covering the underlying shares to be sold under the ELOC. The Company was not
obligated to proceed with the ELOC or file a registration statement for the ELOC.
On
September 1, 2022, the Company entered into a Purchase Agreement (the “Purchase Agreement”) with Tysadco and a Registration
Rights Agreement (the “Registration Rights Agreement”) with Tysadco.
Pursuant
to the Purchase Agreement, Tysadco committed to purchase, subject to certain restrictions and conditions, up to $10,000,000 worth of
the Company’s common stock (the “Commitment”), over a period of 24 months from the effectiveness of the registration
statement registering the resale of shares purchased by Tysadco pursuant to the Purchase Agreement (the “Registration Statement”).
Pursuant to the terms of the Registration Rights Agreement, the Company was obligated to use its commercially reasonable efforts to file
a registration statement with the Securities and Exchange Commission within thirty (30) days after the date of such agreement, to register
the resale by Tysadco of the shares of common stock issuable under the Purchase Agreement. On September 2, 2022, the Company filed
the required registration statement and on October 24, 2022, the Registration Statement was declared effective.
The
Purchase Agreement provides that at any time after the effective date of the Registration Statement, from time to time on any business
day selected by the Company (the “Purchase Date”), the Company shall have the right, but not the obligation, to direct Tysadco
to buy the lesser of $1,000,000 in common stock per sale or 500% of the daily average share value traded for the 10 days prior to the
closing request date, at a purchase price of 80% of the of the two lowest individual daily VWAPs during the ten (10) trading days preceding
the draw down or put notice (“Valuation Period”), with a minimum request of $25,000 (“Request”). The payment
for the shares covered by each request notice will occur on the business day immediately following the Valuation Period.
In
addition, Tysadco will not be obligated to purchase shares if Tysadco’s total number of shares beneficially held at that time
would exceed 9.99% of the number of shares of the Company’s common stock as determined in accordance with Rule 13d-1(j) of
the Securities Exchange Act of 1934, as amended. In addition, the Company is not permitted to draw on the Purchase Agreement unless the
Registration Statement covering the resale of the shares is effective.
The
Purchase Agreement also contains customary representations and warranties of each of the parties. The assertions embodied in those representations
and warranties were made for purposes of the Purchase Agreement and are subject to qualifications and limitations agreed to by the parties
in connection with negotiating the terms of the Purchase Agreement. The Purchase Agreement further provides that the Company and Tysadco
are each entitled to customary indemnification from the other for, among other things, any losses or liabilities they may suffer as a
result of any breach by the other party of any provisions of the Purchase Agreement or Registration Rights Agreement. The Company has
the unconditional right, at any time, for any reason and without any payment or liability, to terminate the Purchase Agreement.
Pursuant
to the Purchase Agreement, on December 2, 2022, the Company submitted a put request to Tysadco to purchase 4,456,326 registered
shares at a purchase price of $0.02244, for a total of $100,000 (“Put Request”). On December 5, 2022, Tysadco funded
the Put Request and the Company issued 4,456,326 shares to Tysadco. The proceeds from the share sale are being used for working capital
and general corporate purposes.
Shares
Repurchased – Settlement of Litigation:
As
described in Note 14, effective October 13, 2022, the Company settled a lawsuit by agreeing to repurchase 24,800,001
shares of common stock for $500,000
which was recorded as a liability at October 31, 2022. The shares repurchased were transferred to the Company on February 2. 2023 and redeposited back into the Company’s treasury
of authorized and unissued shares on February 3, 2023.
Shares
Issued – SPA 23:
As
described in Note 10, in connection with the issuance of the Note on March 6, 2023, the Company issued the Purchaser’s 15,000,000
commitment shares of the Company’s common
stock valued at $169,500
based on the closing price of the common stock
of the Company on the date of the agreement of $0.0113
per share.
NOTE
13 – WARRANTS
A
summary of warrant activity for the nine months ended July 31, 2023 are presented below:
Summary of warrant activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of Shares |
|
|
Weighted-average Exercise
Price |
|
|
Remaining Contractual Term
(years) |
|
|
Aggregate Intrinsic
Value |
|
Outstanding
at October 31, 2022 |
|
|
429,800,000 |
|
|
$ |
0.02 |
|
|
|
9.63 |
|
|
$ |
2,440,110 |
|
Granted |
|
|
143,000,000 |
|
|
$ |
0.02 |
|
|
|
5.00 |
|
|
$ |
- |
|
Exercised |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
Expired/Forfeited |
|
|
(63,000,000 |
) |
|
$ |
0.03 |
|
|
|
8.71 |
|
|
$ |
- |
|
Outstanding
at July 31, 2023 |
|
|
509,800,000 |
|
|
$ |
0.02 |
|
|
|
7.78 |
|
|
$ |
678,000 |
|
Exercisable
at July 31, 2023 |
|
|
379,235,997 |
|
|
$ |
0.02 |
|
|
|
8.67 |
|
|
$ |
59,486 |
|
As
described in Note 10, in connection with the issuance of the Note on March 6, 2023, the Company issued the Purchaser’s 10,000,000
commitment Warrant Shares exercisable for a five-year period at a price of $0.06 per share. The Company valued the warrants on the dates
of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate
3.98%, (2) term of 5 years, (3) expected stock volatility of 169%, and (4) expected dividend rate of 0%. All of the warrants vested immediately.
The grant date fair value of the warrants issued was $113,000. The Company recorded $113,000 as a loan discount which is being amortized
over the term of the Note.
As
described in Note 14, effective June 1, 2023, the Company issued Dr. Leider a warrant to purchase an aggregate of 57,000,000 shares of
common stock in connection with Dr. Leider’s employment agreement. The warrant is exercisable for $0.012 per share (the closing
price of the Company’s common stock on the date of grant), until the fifth anniversary date of the date of issuance. The Company
valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions:
(1) risk free interest rate 3.7%, (2) term of 5 years, (3) expected stock volatility of 168%, and (4) expected dividend rate of 0%. The
warrant vests in equal quarterly installments over a three-year period. The grant date fair value of the warrants issued was $684,000.
The Company recorded $38,000 of stock-based compensation expense for the three months and nine months ended July 31, 2023 based on the
fair value of these warrants on the grant date.
As
described in Note 14, effective June 1, 2023, the Company issued Dr. Golub a warrant to purchase an aggregate of 50,000,000 shares of
common stock in connection with Dr. Golub’s employment agreement. The warrant is exercisable for $0.012 per share (the closing
price of the Company’s common stock on the date of grant), until the fifth anniversary date of the date of issuance. The Company
valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions:
(1) risk free interest rate 3.7%, (2) term of 5 years, (3) expected stock volatility of 168%, and (4) expected dividend rate of 0%. The
warrant vests in equal quarterly installments over a one-year period. The grant date fair value of the warrants issued was $600,000.
The Company recorded $100,000 of stock-based compensation expense for the three months and nine months ended July 31, 2023 based on the
fair value of these warrants on the grant date.
As
described in Note 14, effective July 12, 2023, the Company issued Ms. Swartz a warrant to purchase an aggregate of 26,000,000 shares
of common stock in connection with Ms. Swartz’s employment agreement. The warrant is exercisable for $0.0114 per share (the closing
price of the Company’s common stock on the date of grant), until the fifth anniversary date of the date of issuance. The Company
valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions:
(1) risk free interest rate 4.1%, (2) term of 5 years, (3) expected stock volatility of 167%, and (4) expected dividend rate of 0%. The
warrant vests over a three-year period. The grant date fair value of the warrants issued was $296,400. The Company recorded $4,117 of
stock-based compensation expense for the three months and nine months ended July 31, 2023 based on the fair value of these warrants on
the grant date.
As
of October 31, 2022, the Company had issued warrants to purchase 347,150,000 shares of its common stock for services with a fair
value of $7,293,975 of which $573,250 was amortized and the remaining $6,720,725 of the unamortized compensation costs are to be amortized
over their respective remaining service periods (“Unamortized 2022 Warrants”). Included in this amount was unamortized compensation
of $620,903 relating to 21,000,000 warrants that were forfeited upon resignation of the warrant holders during the nine months ended
July 31, 2023. During the nine months ended July 31, 2023, the Company amortized approximately $1,815,800 of compensation costs relating
to the Unamortized 2022 Warrants. As of July 31, 2023, there was approximately $4,241,100 of unamortized compensation of the Unamortized
2022 Warrants that will be amortized over their respective remaining service periods.
NOTE
14 – COMMITMENTS AND CONTINGENCIES
Executive
Employment Agreements
The
Company is party to executive employment agreements with each of Ian T. Bothwell (our Chief Financial Officer), Dr. Maria Ines Mitrani
(our former Chief Science Officer) (see below) and Albert Mitrani, our former Executive Vice President of Sales) (see below), originally
executed in April 2018 and subsequently amended (the “Executive Employment Agreements”). As amended, the Executive
Employment Agreements provide for a term expiring on December 31, 2025 and a base annual salary of $300,000 and specified expense
reimbursement allowances. They also contain customary confidentiality and non-competition provisions.
Pursuant
to the terms of the SPA, the Executive Employment Agreements were further amended on August 19, 2022 and February 9, 2023 as follows:
|
1. |
Each
of Albert Mitrani, Dr. Maria Ines Mitrani and Ian Bothwell amended their respective employment agreements providing for (a) setting
their respective base salaries at $300,000 per annum; (b) limits on cell phone, automobile and other monthly allowances; (b) elimination
of any compensation associated with commissions, fixed bonus, increases to base salary (based on revenue milestones), and/or tax
make-whole provisions associated with equity grants; and (c) deletion of change in control provisions. |
In
the February 9, 2023 amendment, each of Albert Mitrani, Dr. Maria Ines Mitrani and Ian Bothwell agreed to a reduction in each executive’s
annual salary to $150,000 per year effective December 15, 2022 in the case of Dr. Mari Mitrani and Albert Mitrani and November 30, 2022
in the case of Mr. Bothwell. The reduction will remain in effect through such time that net revenues from operations are breakeven when
calculating the salaries of all three executives without the agreed upon reductions (“Salary Reduction Period”). There is
no obligation of the Company to repay that portion of Base Salary that has been reduced during the Salary Reduction Period.
|
2. |
Albert
Mitrani and Dr. Maria Ines Mitrani each waived all accrued but unpaid compensation outstanding as of July 31, 2022. The Company,
Albert Mitrani and Dr. Maria Ines Mitrani also agreed to terminate the leases with Mariluna LLC for use of Albert Mitrani’s
and Mari Mitrani’s Miami, FL and Aspen, Colorado homes, retroactive to July 13, 2022. The Company wrote off the related ROU
asset and lease liability as of the Closing Date. The balance of unpaid and accrued compensation that was forgiven by Albert Mitrani
and Dr. Maria Ines Mitrani totaling $430,200 and $563,455 (reduced for $22,500 of security deposits that were retained by Mariluna
LLC upon termination of leases), respectively, was recorded as additional paid in capital as of October 31, 2022. |
|
3. |
Ian
Bothwell waived all unpaid and accrued compensation outstanding as of July 31, 2022, in exchange for ten-year warrants to purchase
30,000,000 Shares at an exercise price of $0.02 per Share, exercisable on a “cashless basis” and a cash payment of $50,000
at Closing. The Company and Mr. Bothwell also agreed that rental and other office costs associated with the California office currently
used by him will not be reimbursed after October 31, 2022. The balance of unpaid and accrued compensation that was forgiven by Mr.
Bothwell totaling $455,478, was recorded as additional paid in capital as of October 31, 2022. |
|
4. |
Each
of Albert Mitrani, Dr. Maria Ines Mitrani, Ian Bothwell and all other recipients agreed to terminate all awards granted but not yet
issued under the Company’s Management and Consultant Performance Plan. |
|
5. |
Each
of Albert Mitrani, Dr. Maria Ines Mitrani and Ian Bothwell agreed to modify severance compensation provisions to be paid upon termination
to only occur upon a termination without cause in an amount equal to one month’s base salary for each year of service. |
In
connection with the February 9, 2023 amendment to the Executive Employment Agreements, Mr. Bothwell and Mr. Mitrani also agreed to repay
approximately $44,600 and $84,300, respectively, of previously reimbursed expenses to the Company and the Company and the executives
exchanged mutual releases.
On
April 28, 2023, the Company terminated Dr. Maria Ines Mitrani as its Chief Scientific Officer and contemporaneously terminated her employment
agreement with the Company.
On
May 12, 2023, the Company terminated Albert Mitrani as its Executive Vice President of Sales and contemporaneously terminated his employment
agreement with the Company.
As
of July 31, 2023, the Company reserved the remaining amounts due of $44,600 and $75,900
against the amounts due from Mr. Bothwell and Mr. Mitrani, respectively.
As
of July 31, 2023 and October 31, 2022, the total amounts due from related parties were $0 and $128,939, respectively, and is included
in receivables from related party in the accompanying consolidated balance sheets.
Resignation
Of Matthew Sinnreich
On
July 21, 2022 (“Effective Date”), Matthew Sinnreich was appointed by the Board of Directors to the position of Chief
Operating Officer and Acting Chief Executive Officer.
On
the Effective Date, Organicell and Mr. Sinnreich entered into a term sheet (the “Term Sheet”) setting forth in principle
the terms of Mr. Sinnreich’s employment agreement with and compensation by the Company. The Term Sheet was subject to the negotiation
and execution of a definitive employment agreement embodying the provisions of the Term Sheet, as well as customary terms and conditions
for an executive employment agreement (the “Employment Agreement”). The parties agreed to use their respective commercial
best efforts to negotiate and execute the Employment Agreement.
In
connection with the Term Sheet, as an inducement for Mr. Sinnreich to join the Company, Mr. Sinnreich was issued 10,000,000 shares of
restricted common stock (“Inducement Shares”) and ten-year warrants to purchase 40,000,000 shares at a price of $0.034 per
share, exercisable on a “cashless” basis (“Inducement Warrants”. The foregoing Inducement Shares and Inducement
Warrants vested immediately upon issuance.
During
the first year of the Initial Term, Mr. Sinnreich was to be compensated by the issuance of 24,000,000 shares of Organicell’s common
stock, which were to vest in equal monthly installments of 2,000,000 shares each (“Salary Shares”). During the second year
of the Initial Term, Mr. Sinnreich was to be entitled to receive a base salary of $25,000 per month, payable in cash or shares of Organicell’s
common stock, at his election.
On
September 13, 2022, Mr. Sinnreich assumed the position of President and Acting Chief Executive Officer. He subsequently resigned
from the Company on November 22, 2022. During the period November 1, 2022 through November 22, 2022 and as of November 22, 2022,
a total of 1,446,575 and 8,153,424 of the Salary Shares were vested, respectively.
In
July 2023, Mr. Sinnreich paid the Company $50,000
and returned to the Company 34,000,000 shares
and warrants to purchase 40,000,000
shares. The total amount of shares returned to
the Company of 34,000,000
were redeposited back into the Company’s
treasury of authorized and unissued shares on July 19, 2023.
Chief
Executive Officer, Chief Science Officer and Chief Products Officer
On
June 6, 2023, our board of directors appointed Harry Leider, M.D., M.B.A., as Chief Executive Officer and a member of the board
of directors and Howard J. Golub, M.D., as Executive Vice President and Chief Science Officer. Ian T. Bothwell, who has served as Interim
Chief Executive Officer since November 2022, in addition to his position as Chief Financial Officer will continue in his Chief Financial
Officer role. On July 12, 2023, our board of directors appointed Jill Swartz, as Chief Products Officer.
Dr.
Leider’s employment agreement provides for a base salary of $325,000 per year and the grant of an option under Organicell’s
Equity Incentive Plan (“Incentive Plan”) to purchase 57,000,000 shares of our common stock at a price of $0.012 per share
(fair market value on the date of grant) (“Leider Option”). The Leider Option vests in equal quarterly installments over
a three-year period, contingent upon Dr. Leider’s continued employment with the Company and expires five years from the date of
grant. The vesting of the Leider Option is accelerated in the event of a change in control of the Company (as described in the employment
agreement) or if the Company achieves certain market cap valuations.
Dr.
Leider shall also be entitled to earn a commission of ten percent (10%) of the net profit (sales less cost of goods sold) generated by
the sale of any of the Company’s biologic products sold directly by him solely from sources generated by him alone.
Dr.
Leider’s employment with the Company is “At Will” meaning that his employment with the Company and his employment
agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without “Cause”
(as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Dr. Leider’s employment without
Cause or Dr. Leider terminates his employment with the Company for “Good Reason” (as defined in the Agreement), Dr. Leider
will be entitled to receive an amount equal to one year’s salary as severance, less the value of the Leider Option as vested on
the date of termination, as calculated by subtracting the market price for the shares underlying the option as of the date of termination,
less the exercise price for such shares, provided further, that the combined amount of the severance payment and market value of the
Leider Option shall not be less than $200,000. In such circumstance he will also be entitled to receive a pro-rated share of any bonus
earned for the year in which the termination takes place.
Dr.
Golub’s employment agreement provides for a base salary of $150,000 per year. Dr. Golub will not be a full-time employee, but
rather will devote such amount of his working time as the Company deems reasonably necessary to fulfill his duties thereunder (estimated
to be approximately ½ his working time). Dr. Golub will perform his duties remotely from his residence, with travel, as required
by his position. He will be permitted to continue serving as a Principal of Care-Safe, LLC.
Dr.
Golub is also granted an option under the Incentive Plan to purchase 50,000,000 shares of our common stock at a price of $0.012 per share
(fair market value on the date of grant) (“Golub Option”). The Golub Option vests in equal quarterly installments over a
one-year period, contingent upon Dr. Golub’s continued employment with the Company and expires five (5) years from the date of
grant.
Dr.
Golub’s employment with the Company is “At Will” meaning that his employment with the Company and his employment
agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without “Cause”
(as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Dr. Golub’s employment without
Cause or Dr. Golub terminates his employment with the Company for “Good Reason” (as defined in the Agreement), Dr. Golub
will be entitled to receive an amount equal to one year’s base salary as severance. He will also be entitled to receive a pro-rated
share of any bonus earned for the year in which the termination takes place.
Ms.
Swartz’s employment agreement provides for a base salary of $215,000 per year and the grant of an option under Organicell’s
Equity Incentive Plan (“Incentive Plan”) to purchase 26,000,000 shares of our common stock at a price of $0.012 per share
(fair market value on the date of grant) (“Swartz Option”). The Swartz Option vests one-third (1/3) on the first anniversary
of the employment agreement. The remaining portion will vest in equal quarterly installments during the second and third year of the
employment agreement, contingent upon Ms. Swartz’s continued employment with the Company and expires five years from the date
of grant.
Ms.
Swartz’s employment with the Company is “At Will” meaning that her employment with the Company and her employment
agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without “Cause”
(as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Ms. Swartz’s employment without
Cause or Ms. Swartz terminates her employment with the Company for “Good Reason” (as defined in the Agreement), Ms. Swartz
will be entitled to receive an amount equal to one year’s base salary as severance.
All
the above employment agreements contain customary confidentiality, non-competition and non-solicitation covenants.
Consultant
Agreements
Preparation
of IRB, Pre-IND, IND Protocols for Clinical Applications and Clinical Trial Initiation and Monitoring:
In
connection with the Company’s ongoing research and development efforts and the Company’s efforts to meet compliance with
current and anticipated United States Food and Drug Administration (“FDA”) regulations pertaining to marketing traditional
biologics and human cells, tissues and cellular and tissue based products that fall under Section 351 of the Public Health Services
Act (“HCT/Ps”), the Company has applied for and received Investigation New Drug (“IND”) approval from the FDA
to commence clinical trials in connection with the use of the Company’s products and related treatment protocols for specific
indications. The ability to successfully complete the above efforts will be dependent on the actual outcomes in connection with the use
of the Company’s products and related treatment protocols for each clinical trial, the Company’s ability to timely enroll
patients and fund the required payments and complete the applicable clinical trials, which is subject to available working capital generated
from operations, financing arrangements with the third-party vendors involved in the studies and/or from additional debt and/or equity
financings as well as the ultimate approval from the FDA.
New
CRO Agreements
During
August 2021, October 2021, and December 2021, the Company entered into agreements with a new CRO to provide ongoing clinical
research and related services in connection with two of the Company’s approved clinical research trials (“New CRO Agreements”).
On August 23, 2022 the New CRO Agreements were amended. In connection with the New CRO Agreements, the Company is obligated to make
aggregate payments to the CRO of approximately $1,443,000 plus estimated aggregate pass-through costs and other third-party direct costs
of approximately $495,000 (“Pass-Through Costs”) as well as site and patient related costs. The Company is obligated to
make the CRO payments based on the actual costs incurred over the term of the clinical trial beginning on the commencement of the work
by the CRO in connection with the applicable clinical trial and the payments for the pass-through costs and other third-party direct
costs as well as site and patient related costs are paid in accordance with completion of agreed upon milestones.
As
of July 31, 2023, the Company has been billed a total of approximately $1,430,900 in connection with the Proxima Agreements, Pass-Through
Costs and Site related costs, respectively, of which approximately $653,300 was outstanding as of July 31, 2023.
Legal
Matters
SEC
Matter
On
June 17, 2021, Organicell received a subpoena dated June 14, 2021, from the Atlanta Regional Office of the SEC requiring the
production of certain documents and communications in connection with the treatment and results of various COVID-19 patients, as discussed
in the Company’s Current Reports on Form 8-K filed with the SEC during the period from May 27, 2020 through May 11,
2021. The Company is fully cooperating with the SEC’s investigation and believes that it will be able to provide all of the information
requested by the SEC. The Company can make no assurances as to the time or resources that will need to be devoted to this investigation
or its final outcome, or the impact, if any, of this investigation or any proceedings on the Company’s current business, financial
condition, results of operations, cash flows, or the Company’s future operations.
Daniel
Pepock and Tracy Yourke
The
Company terminated the employment agreements with the Sales Executives Daniel Pepock (“Pepock”) and Tracy Yourke (“Yourke”)
effective June 30, 2022.
On
June 6, 2022, Pepock filed a Complaint against Organicell Regenerative Medicine, Inc. (“Organicell”) in the Court of
Common Pleas of Westmoreland County, Pennsylvania. Organicell removed the case to the United States District Court for the Western District
of Pennsylvania, and on July 15, 2022 Mr. Pepock filed an Amended Complaint asserting two counts.
On
June 27, 2022, Ms. Yourke filed a complaint against Organicell in the State of Michigan, 6th Judicial Circuit, County
of Oakland. Organicell removed the case to the United States District Court for the Eastern District of Michigan, Southern Division,
and on August 10, 2022 Ms. Yourke filed an Amended Complaint asserting three counts.
As
of July 31, 2022, all past due wages to Pepock and Yourke were paid.
Mr.
Pepock’s action against Organicell was designated for placement into the United States District Court’s Alternative Dispute
Resolution program and the Parties agreed to mediate. On August 22, 2022, Mr. Pepock, Ms. Yourke and Organicell agreed to a material
settlement term sheet (“Settlement”) which provided for the resolution and full settlement and release of all claims among
the parties and for the Company to buy back all of the shares of common stock of the Company issued to and owned by Mr. Pepock and Ms.
Yourke at the time of the Settlement (represented by Mr. Pepock and Ms. Yourke to be in excess of 24,800,000 shares) in exchange for
a payment by the Company of $500,000 (“Purchase Price”). In addition, the Company agreed to release Mr. Pepock and Ms. Yourke
from their non-compete restrictions upon transfer of the shares to the Company. The Settlement relates to disputed claims and nothing
therein shall be construed as an admission of liability or wrongdoing by the Company or any other party.
Effective
October 13, 2022, the parties executed a Confidential Settlement Agreement and Mutual General Release memorializing the terms of
the Settlement. Under the terms of the Settlement, the Company agreed to repurchase 24,800,001 shares of common stock for $500,000.
The
shares repurchased were transferred to the Company on February 2. 2023. The shares repurchased were redeposited back into the Company’s
treasury of authorized and unissued shares on February 3, 2023. As a result of the above, the matter has been fully settled and Mr. Pepock
and Ms. Yourke were released from their non-compete restrictions.
Albert
Mitrani and Dr. Maria Ines Mitrani
On
June 7, 2023, Organicell filed a four-count complaint with the Seventeenth Judicial Circuit in and for Broward County, Florida against
Albert Mitrani and Dr. Maria Ines Mitrani, co-founders of the Company. Albert Mitrani was a former director and executive officer of
the Company (most recently serving as Chief Executive Officer from September 2019 to July 2022 and as Executive Vice President of Sales
from July 2022 until his termination in May 2023) and Dr. Mitrani is a former director and former executive officer of the Company (serving
as Chief Science Officer from November 2016 until her termination in April 2023). The complaint alleges (i) breach of contract; (ii)
breach of fiduciary duty; and (iii) tortious interference with business relationships; and seeks injunctive relief, in connection with,
inter alia, non-solicitation and non-competition violations, misappropriation of Organicell materials and proprietary information
resulting in unjust enrichment, causing detriment to business relationships and goodwill towards customers and physicians, self-dealing
and misconduct afoul to Organicell’s business interests as members of Organicell’s board of directors, executive officers
and minority equity interest holders—all causing irreparable harm to Organicell. The complaint seeks injunctive relief, in addition
to both compensatory and punitive damages.
Other
In
addition to the foregoing, from time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary
course of business. Litigation is subject to inherent uncertainties, and an adverse result in any such matter may harm our business.
NOTE
15 – SEGMENT INFORMATION
The
Company has only one operating segment.
NOTE
16 – SUBSEQUENT EVENTS
Sale
Of Basalt Lab Assets
Effective,
August 7, 2023, the Company sold the Basalt Lab to a non-affiliated third-party purchaser (“Purchaser”). The transaction
included the assignment of the Basalt Lab Lease (as defined in Note 7) and the lease for certain laboratory equipment and the sale of
all leasehold improvements associated with the Basalt Lab and inventory. The purchase price paid by Purchaser was $1,250,000 plus the
assumption by Purchaser of all remaining financial and other obligations under the leases for the Basalt Lab premises and certain laboratory
equipment. In addition, Organicell and Purchaser entered into a distribution agreement, pursuant to which Purchaser will become a non-exclusive
distributor of Organicell’s products and a commission agreement, pursuant to which Organicell may become entitled to certain payments
from Purchaser in connection with transactions by it with specified third parties.
Private
Offering
During
August 2023, the Company sold 2.9 Units (“Units”) to 4 investors in a private offering at a purchase price of $250,000
per Unit for an aggregate purchase price of $725,000.
Each Unit consists of (a) a $250,000
in principal amount 8%
Convertible Promissory Note due September 30, 2026 (the “Note”); and (b) 1,562,500
common stock purchase warrants (the “Warrants”), each entitling the holder to purchase one share of common stock,
$0.001
par value (“Shares”) at an exercise price of $0.10
for a period of five years from the date of issuance.
Interest
on the Notes is payable annually and together with the principal amount on the Maturity Date.
The
Notes may be prepaid by the Company, in whole, but not in part, at any time prior to the Maturity Date, subject to payment of a premium
of 10%, provided that the Company gives the holders fifteen (15) business notice prior to prepayment, during which period, Investors
may elect to convert the Notes and accrued but unpaid interest thereon into Shares at a conversion price equal to 80% of the average
of the daily VWAP of the Shares (as defined in the Note) for twenty consecutive (20) trading days ending on the date the Company gives
the holders of the Notes notice of prepayment.
Holders
of the Notes will have the right, at any time during the period commencing on April 1, 2024 and ending on the earliest to occur of the
Maturity Date, the date of a Prepayment or the date of an automatic conversion, to convert the Note in whole, but not in part, and accrued
interest thereon into Shares at a conversion price equal to 80% of the average of the daily VWAP of the Shares (as defined in the Note)
for twenty consecutive (20) trading days ending on the date the investor gives the Company a notice of conversion, subject to a minimum
conversion price of $0.03 per Share.
In
addition, the Notes and accrued but unpaid interest thereon will automatically convert into Shares in the event that prior to the Maturity
Date, the Company consummates a “Qualified Financing” or a “Qualified Sale” (as defined in the Note) at a conversion
price equal to 80% of the offering price of Shares sold in the Qualified Financing or 80% of the purchase price per Share to be received
by stockholders following consummation of a Qualified Sale.
The
securities were offered and sold in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended
(the “Securities Act”), pursuant to the exemptions from registration afforded by Rule 506(b) of Regulation D under the Securities
Act.
|
Item
2. |
Management’s
Discussion and Analysis of Financial Condition and Results of Operations. |
Unless
stated otherwise, the words “we,” “us,” “our,” the “Company” or “Organicell”
in this Quarterly Report on Form 10-Q (this “Report”) refer to Organicell Regenerative Medicine, Inc., a Nevada corporation,
and its subsidiaries.
Cautionary
Note Regarding Forward- Looking Statements
The
statements contained in this Report that are not historical facts are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange
Act”). These forward-looking statements are identified as any statement that does not relate strictly to historical or current
facts. Statements using words such as “may,” “could,” “should,” “expect,” “plan,”
“project,” “strategy,” “forecast,” “intend,” “anticipate,” “believe,”
“estimate,” “predict,” “potential,” “pursue,” “target,” “continue,”
or similar expressions help identify forward-looking statements.
The
forward-looking statements contained in this Report are largely based on our expectations, which reflect estimates and assumptions made
by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors.
Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and
uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate.
Management cautions all readers that the forward-looking statements contained in this Report are not guarantees of future performance,
and management cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will in
fact occur. The Company’s actual results may differ materially from those anticipated, estimated, projected or expected by management.
All
forward-looking statements speak only as of the date of this Report. We do not intend to publicly update or revise any forward-looking
statements as a result of new information, future events or otherwise.
Business
Overview
We
are a clinical-stage biopharmaceutical company principally focusing on the development of innovative biological therapeutics for the
treatment of degenerative diseases and regenerative medicine. The Company’s proprietary products are derived from perinatal sources
and manufactured to retain the naturally occurring extracellular vesicles, hyaluronic acid, and proteins without the addition or combination
of any other substance or diluent (“RAAM Products”). Our RAAM Products and related services are principally used in the
health care industry administered through doctors and clinics (“Providers”).
Organicell
operates an extracellular vesicle processing laboratory in Davie, Florida for the purpose of performing research and development and
the manufacturing and processing of the anti-aging and cellular therapy derived products that we sell and distribute to our customers.
The
Company’s leading product, Zofin™ (also known as Organicell™ Flow), is an acellular, biologic therapeutic derived
from perinatal sources and is manufactured to retain naturally occurring microRNAs, without the addition or combination of any other
substance or diluent.
To
date, the Company has obtained certain Investigational New Drug (“IND”), and 18 emergency IND (“eIND”) approvals
from the FDA, including applicable Institutional Review Board (“IRB”) approvals which authorized the Company to commence
clinical trials or treatments in connection with the use of Zofin™ and related treatment protocols. The Company is pursuing efforts
to complete its already approved clinical studies as well as obtaining approval to commence additional studies for other specific indications
it has identified that the use of its products will provide more favorable and desired health related benefits for patients seeking alternative
treatment options than are currently available. The ability of the Company to succeed in these efforts is subject to among other things,
the Company having sufficient available working capital to fund the substantial costs of completing clinical trials, which the Company
currently does not have, and ultimately, obtaining approval from the FDA.
Current
FDA guidance requires that the sale of products that fall under Section 351 of the Public Health Services Act pertaining to marketing
traditional biologics and human cells, tissues and cellular and tissue based products (“HCT/Ps”) can only be sold pursuant
to an approved biologics license application (“BLA”).
We
have not obtained any opinion or ruling regarding the Company’s operations and whether the processing, sales and distribution
of the products we currently produce would be subject to the FDA’s previously announced intended enforcement policies regarding
HCT/P’s. However, we do not believe that our products fall within these guidelines and intend to vigorously defend against any
adverse interpretation by the FDA on the classification of our products that may be deemed as falling under this defined regulation,
if any. Notwithstanding the foregoing, we are undertaking efforts on an ongoing basis to mitigate any potential risks associated with
an adverse ruling by the FDA and the subsequent limitations on our ability to continue to generate revenues from the sale of our products
in the United States until the Company obtains the required licenses. The efforts include continuing with clinical trials, expanding
sales internationally and developing new product offerings and/or designations of products that would not fall under these regulations.
The
Company recently launched a service platform for its first autologous product called Patient Pure X™ (PPX™). PPX™
is a non-manipulated biologic containing the nanoparticle fraction from a patient’s own peripheral blood. To date, revenues from
PPX™ continue to be immaterial.
The
following discussion of the Company’s results of operations and liquidity and capital resources should be read in conjunction with our
unaudited consolidated financial statements and related notes thereto appearing in Item 1. of this Report.
Results
of Operations
Three
months ended July 31, 2023 as compared to three months ended July 31, 2022
Revenues.
Our revenues for the three months ended July 31, 2023 were $1,220,674, compared to revenues of $1,713,214 for the three months ended
July 31, 2022. The decrease in revenues during the three months ended July 31, 2023 of $492,540 or 28.7%, was primarily the result of
a decrease of approximately 13.2% (approximately $177,300) in the overall unit sales of its products during the three months ended July
31, 2023 compared with the three months ended July 31, 2022, a decrease of approximately 20.7% (approximately $350,600) in the average
sales prices for the products sold during the three months ended July 31, 2023 compared with the average sales prices realized on products
sold during the three months ended July 31, 2023, partially offset from an increase of approximately $35,300 of new revenues associated
with its recently launched PPX™ service platform during the three months ended July 31, 2023 compared with the three months ended
July 31, 2022. The decrease in the average sales prices realized on products sold during the three months ended July 31, 2023 compared
with the three months ended July 31, 2022, was due to the reduction in overall unit sales of higher priced medical grade products as
compared to the Company’s aesthetic product offerings. The percentage of overall unit sales among the Company’s medical
grade products and the Company’s aesthetic product offerings fell from 68.3% and 31.7%, respectively for the three months ended
July 31, 2022 to 43.8% and 56.2%, respectively, during the three months ended July 31, 2023.
Cost
of Revenues. Our cost of revenues for the three months ended July 31, 2023 were $162,331, compared with cost of revenues of $208,749
for the three months ended July 31, 2022. The decrease in the cost of revenues during the three months ended July 31, 2023 of $46,418
or 22.2%, compared with the three months ended July 31, 2022, was due to a decrease in the amount of units sold of 13.2% (approximately
$20,500) during the three months ended July 31, 2023, compared with the three months ended July 31, 2022 and a decrease in the cost of
units sold of 25.8% (approximately ($53,900) during the three months ended July 31, 2023, partially offset from an increase in the cost
of units sold of approximately $27,900 associated with its recently launched PPX™ service platform during the three months ended
July 31, 2023 as compared to the three months ended July 31, 2022. The decrease in the cost of units sold was primarily the result of
the Company’s decrease in sales of its medical grade product offerings partially offset from the increases in costs associated
with its recently launched PPX™ service platform during the three months ended July 31, 2023 as compared to the three months ended
July 31, 2022.
Gross
Profit. Our gross profit for the three months ended July 31, 2023 was $1,058,343 (86.7% of revenues), compared with gross profit
of $1,504,465 (87.8% of revenues) for the three months ended July 31, 2022. The decrease in gross profit during the three months ended
July 31, 2023 of $446,122 was the result of decreases in the average sales prices for the products sold during the three months ended
July 31, 2023 and decreases in overall unit sales of its products during the three months ended July 31, 2023 compared to the three months
ended July 31, 2022.
General
and Administrative Expenses. General and administrative expenses for the three months ended July 31, 2023 were $2,504,723, compared
with $4,266,895 for the three months ended July 31, 2022, a decrease of $1,762,172 or 41.3%. The decrease in the general and administrative
expenses for the three months ended July 31, 2023 compared with the three months ended July 31, 2022, was primarily the result of decreased
payroll and consulting fees of approximately $586,000, decreases in commissions from sales of the Company’s products and travel
and entertainment costs of approximately $326,900, and decreases in stock-based compensation costs to advisors, consultants and administrative
staff totaling approximately $1,287,100, partially offset by increases in office related expenses of approximately $99,000, increased
professional fees of approximately $177,400, increased research and development costs of approximately $223,000, and increases in insurance
costs of approximately $27,500. The reduction in payroll and consulting fees was primarily the result of the Executives’ agreement
to a reduction in salary and other compensation in connection with the Restructuring and reductions in fees paid to consultants during
the three months ended July 31, 2023 compared to 2022. The decreases in commissions from sales of the Company’s products and travel
and entertainment costs was principally the result of lower unit sales and overall revenues from the sale of the Company’s products
during the three months ended July 31, 2023 compared with the three months ended July 31, 2022. The decrease in stock-based compensation
costs during the three months ended July 31, 2023 compared with the three months ended July 31, 2022 was principally the result of the
amortization of costs from warrants issued as stock-based compensation to consultants in connection with the Restructuring in August
2022, stock issued as payment for services, and warrants issued to outside directors.
Other
Expense (income). Other expense, net, for the three months ended July 31, 2023 was $171,369, compared with other income, net, of
($34,973) for the three months ended July 31, 2022. The increase in other expense, net, of $206,342 during the three months ended July
31, 2023 compared to the three months ended July 31, 2022, was principally the result of the reduction in the gain from the write-off
of liabilities attributable to discontinued operations of $125,851, the decrease in reductions of the Commitment Fee Shortfall Obligations
of approximately $43,000 under our Securities Purchase Agreement (“SPA 22”) with AJB Capital Investments, LLC (“AJB”)
and increased interest costs of approximately $37,800 in connection with insurance, equipment and credit card financings during the three
months ended July 31, 2023 compared with the three months ended July 31, 2022.
Nine
months ended July 31, 2023 as compared to nine months ended July 31, 2022
Revenues.
Our revenues for the nine months ended July 31, 2023 were $3,136,394, compared to revenues of $5,047,534 for the nine months ended July
31, 2022. The decrease in revenues during the nine months ended July 31, 2023 of $1,911,140 or 37.9%, was primarily the result of a decrease
of approximately 21.0% (approximately $811,100) in the overall unit sales of its products during the nine months ended July 31, 2023
compared with the nine months ended July 31, 2022, a decrease of approximately 21.9% (approximately $1,085,900) in the average sales
prices for the products sold during the nine months ended July 31, 2023 compared with the average sales prices realized on products sold
during the nine months ended July 31, 2022, and a decrease of approximately $14,200 of new revenues associated with its recently launched
PPX™ service platform during the nine months ended July 31, 2023 compared with the nine months ended July 31, 2022. The decrease
in the average sales prices realized on products sold during the nine months ended July 31, 2023 compared with the nine months ended
July 31, 2022, was due to the reduction in overall unit sales of medical grade and aesthetic product offerings. The percentage of overall
unit sales among the Company’s medical grade products and the Company’s aesthetic product offerings fell from 70.8% and
29.2%, respectively for the nine months ended July 31, 2022 to 44.9% and 55.1%, respectively, during the nine months ended July 31, 2023.
Cost
of Revenues. Our cost of revenues for the nine months ended July 31, 2023 were $374,720, compared with cost of revenues of $484,287
for the nine months ended July 31, 2022. The decrease in the cost of revenues during the nine months ended July 31, 2023 of $109,657
or 22.6%, compared with the nine months ended July 31, 2022, was due to a decrease in the amount of units sold of 21.0% (approximately
$88,000) during the nine months ended July 31, 2023, compared with the nine months ended July 31, 2022 and from a decrease in the cost
of units sold of 13.4% (approximately ($65,100) during the nine months ended July 31, 2023, compared to costs of units sold during the
nine months ended July 31, 2022, partially offset from an increase in the costs associated with its recently launched PPX™ service
platform of approximately $43,600 during the nine months ended July 31, 2023. The decrease in the cost of units sold was primarily the
result of the Company’s decrease in sales of its medical grade product offerings partially offset from the increases in costs
associated with its recently launched PPX™ service platform during the nine months ended July 31, 2023 as compared to the nine
months ended July 31, 2022.
Gross
Profit. Our gross profit for the nine months ended July 31, 2023 was $2,761,674 (88.0% of revenues), compared with gross profit of
$4,563,247 (90.4% of revenues) for the nine months ended July 31, 2022. The decrease in gross profit during the nine months ended July
31, 2023 of $1,801,573 was the result of decreases in the average sales prices for the products sold during the nine months ended July
31, 2023 and decreases in overall unit sales of its products during the nine months ended July 31, 2023 compared to the nine months ended
July 31, 2022.
General
and Administrative Expenses. General and administrative expenses for the nine months ended July 31, 2023 were $8,297,058, compared
with $10,225,371 for the nine months ended July 31, 2022, a decrease of $1,928,313 or 18.9%. The decrease in the general and administrative
expenses for the nine months ended July 31, 2023 compared with the nine months ended July 31, 2022, was primarily the result of decreased
payroll and consulting fees of approximately $1,471,600, decreases in commissions from sales of the Company’s products and travel
and entertainment costs of approximately $1,119,500, decreases in stock-based compensation costs to advisors, consultants and administrative
staff totaling approximately $401,000 and reduced office related expenses of approximately $105,900, partially offset by increased professional
fees of approximately $278,000, increased research and development costs of approximately $272,700, increases in insurance costs of approximately
$205,700, increased investor relations costs of approximately $124,600, increased laboratory related costs of approximately $180,600,
increased write-offs of fixed assets of approximately $33,300 and increased reserves against receivables from related parties of approximately
$120,600. The reduction in payroll and consulting fees was primarily the result of the Executives’ agreement to a reduction in
salary and other compensation in connection with the Restructuring and reductions in fees paid to consultants during the nine months
ended July 31, 2023 compared to 2022. The decreases in commissions on from sales of the Company’s products and travel and entertainment
costs was principally the result of lower unit sales and overall revenues from the sale of the Company’s products during the nine
months ended July 31, 2023 compared with the nine months ended July 31, 2022. The decrease in stock-based compensation costs during the
nine months ended July 31, 2023 compared with the nine months ended July 31, 2022 was principally the result of reduced amortization
of costs from warrants issued as stock-based compensation to consultants in connection with the Restructuring in August 2022, stock issued
as payment for services, and warrants issued to outside directors.
Other
Expense (income). Other expense, net, for the nine months ended July 31, 2023 was $360,319, compared with other expense, net, of
($215,112) for the nine months ended July 31, 2022. The increase in other expense, net of $145,207 during the nine months ended July
31, 2023 compared to the nine months ended July 31, 2022, was principally the result of the reduction in the gain from the write-off
of liabilities attributable to discontinued operations of $125,851 and increased interest costs of approximately $18,200 in connection
with insurance, equipment and credit card financings during the nine months ended July 31, 2023 compared with the nine months ended July
31, 2022.
Liquidity
and Capital Resources
Cash
and Cash Equivalents
The
following table summarizes the sources and uses of cash for the periods stated. The Company held no cash equivalents for any of the periods
presented.
|
|
For
the Nine months ended July 31, |
|
|
|
2023 |
|
|
2022 |
|
Cash,
beginning of year |
|
$ |
3,753,097 |
|
|
$ |
108,570 |
|
Net
cash used in operating activities |
|
|
(2,417,728 |
) |
|
|
(1,408,243 |
) |
Net
cash used in investing activities |
|
|
(119,655 |
) |
|
|
(516,519 |
) |
Net
cash (used in) provided by financing activities |
|
|
(582,133 |
) |
|
|
1,890,857 |
|
Cash,
end of period |
|
$ |
633,581 |
|
|
$ |
74,665 |
|
During
the nine months ended July 31, 2023, the Company used cash in operating activities of $2,417,728, compared to $1,408,243 for the nine
months ended July 31, 2022, an increase in cash used of $1,009,485. The increase in cash used in operating activities was due to the
decrease in revenues and gross profit, payment of past due accounts payable and accrued expenses, the decrease in accrued liabilities
to management and the increase in inventory balances during the nine months ended July 31, 2023 as compared to the nine months ended
July 31, 2022.
During
the nine months ended July 31, 2023, the Company had cash used in investing activities of $119,655, compared to cash used in investing
activities of $516,519 for the nine months ended July 31, 2022, a decrease in cash used of $396,864. The decrease in cash used in investing
activities was primarily due to the reduction in payments made for leasehold improvements and laboratory equipment associated with the
new lab facility in Basalt, CO of approximately $496,900, partially offset from the increase in investments from non-marketable securities
of $100,000 during the nine months ended July 31, 2023 as compared to the nine months ended July 31, 2022.
During
the nine months ended July 31, 2023, the Company had cash used in financing activities of $582,133 compared to cash provided by financing
activities of $1,890,857 for the nine months ended July 31, 2022. The decrease in cash provided by financing activities of $2,472,990
was due to decreases in proceeds of approximately $35,600 from the issuance of Notes to AJB, increases in repayment of notes payable
of approximately $367,100, increases in payments on finance leases of approximately $70,300, increases in the shares repurchased in connection
with litigation of $500,000, the reduction of advances for future stock purchases of $700,000 and the reduction in the sale of equity
securities of approximately $550,000 during the nine months ended July 31, 2023 as compared to the nine months ended July 31, 2022.
Capital
Resources
The
Company has historically relied on the sale of debt or equity securities, the restructuring of debt obligations and/or the issuance and/or
exchange of equity securities to meet the shortfall in cash to fund its operations.
Put
Request
Pursuant
to the Purchase Agreement entered into with Tysadco Partners LLC, on December 2, 2022, the Company submitted a put request to Tysadco
to purchase 4,456,326 registered shares at a purchase price (as calculated pursuant to the Purchase Agreement) of $0.02244, for a total
of $100,000 (“Put Request”). On December 5, 2022, Tysadco funded the Put Request and the Company issued 4,456,326 shares
to Tysadco. The proceeds from the share sale are being used for working capital and general corporate purposes.
SPA
23
On
March 6, 2023, the Company entered into a Securities Purchase Agreement (“SPA 23”) with AJB Capital, pursuant to which we
sold a Promissory Note in the principal amount of $530,000 (“$530,000 Note”) to AJB in a private transaction for a purchase
price of $519,400 (giving effect to original issue discount of $10,600). In connection with the sale of the $530,000 Note, the Company
also paid AJB Capital’s legal fees and due diligence costs of $15,000, resulting in net proceeds to the Company of $504,400, which
will be used for working capital and other general corporate purposes.
The
Note bears interest at the rate of 12% per annum. The Note matured on September 6, 2023 and was paid in full.
Private
Offering
During
August 2023, the Company sold 2.9 Units (“Units”) to 4 investors in a private offering at a purchase price of $250,000
per Unit for an aggregate purchase price of $725,000. Each Unit consists of (a) a $250,000 in principal amount 8% Convertible
Promissory Note due September 30, 2026 (the “Note”); and (b) 1,562,500 common stock purchase warrants (the
“Warrants”), each entitling the holder to purchase one share of common stock, $0.001 par value (“Shares”)
at an exercise price of $0.10 for a period of five years from the date of issuance.
Going
Concern Consideration
The
unaudited accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles,
which contemplate continuation of the Company as a going concern. The Company has had limited revenues since its inception. The Company
incurred net losses of $5,895,703 for the nine months ended July 31, 2023 and used $2,417,728 of cash from operating activities during
that period. In addition, the Company had an accumulated deficit and a stockholders’ deficit of $56,417,009 and $1,021,210, respectively,
at July 31, 2023. The Company had a working capital deficit of $2,237,827 at July 31, 2023.
United
States Food and Drug Administration (“FDA”) regulations which were announced in November 2017 and which became effective
beginning in May 2021 (postponed from November 2020 due to the COVID-19 pandemic) require that the sale of products that fall
under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular
and tissue based products (“HCT/Ps”) can only be sold pursuant to an approved biologics license application (“BLA”).
The Company has not obtained any opinion or ruling regarding the Company’s operations and whether the processing, sales and distribution
of the products it currently produces would be subject to the FDA’s previously announced intended enforcement policies regarding
HCT/P’s.
In
addition to the above, the adverse public health developments associated with the ongoing COVID-19 pandemic combined with the downturn
in the overall United States and global economies have adversely affected the demand for our products and services by our customers and
from patients of our customers and which currently still continue to have a negative impact to our business and the economy.
As
a result of the above, the Company’s efforts to establish a stabilized source of sufficient revenues to cover operating costs
has yet to be achieved and ultimately may prove to be unsuccessful unless (a) the Company’s ability to process, sell and distribute
the products currently being produced or developed in the future are not restricted; and/or (b) additional sources of working capital
through operations or debt and/or equity financings are realized. These financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.
Management
anticipates that the Company will remain dependent, for the near future, on additional investment capital to fund ongoing operating expenses
and research and development costs related to development of new products and to perform required clinical studies in connection with
the sale of its products. The Company does not have any assets to pledge for the purpose of borrowing additional capital. In addition,
the Company relies on its ability to produce and sell products it manufactures that are subject to changing technology and regulations
that it currently sells and distributes to its customers. The Company’s current market capitalization, common stock liquidity
and available authorized shares may hinder its ability to raise equity proceeds. The Company anticipates that future sources of funding,
if any, will therefore be costly and dilutive, if available at all.
In
view of the matters described in the preceding paragraphs, recoverability of the recorded asset amounts shown in the accompanying consolidated
balance sheet assumes that (a) the Company is able to continue to produce products or obtain products under supply arrangements which
are in compliance with current and future regulatory guidelines; (b) the Company will be able to establish a stabilized source of revenues,
including efforts to expand sales internationally and the development of new product offerings and/or designations of products; (c) obligations
to the Company’s creditors are not accelerated; (d) the Company’s operating expenses remain at current levels and/or the
Company is successful in restructuring and/or deferring ongoing obligations; (e) the Company is able to continue its research and development
activities, particularly in regards to remaining compliant with the FDA and ongoing safety and efficacy of its products; and/or (f) the
Company obtains additional working capital to meet its contractual commitments and maintain the current level of Company operations through
debt or equity sources.
There
is no assurance that the products we currently produce will not be subject to the FDA’s previously announced intended enforcement
policies regarding HCT/P’s and/or the Company will be able to complete its revenue growth strategy. There is no assurance that
the Company’s research and development activities will be successful or that the Company will be able to timely fund the required
costs of those activities. Without sufficient cash reserves, the Company’s ability to pursue growth objectives will be adversely
impacted. Furthermore, despite significant effort since July 2015, the Company has thus far been unsuccessful in achieving a stabilized
source of revenues.
If
revenues do not increase and stabilize, if the Company’s ability to process, sell and/or distribute the products currently being
produced or developed in the future are restricted, and/or if additional funds cannot otherwise be raised, the Company might be required
to seek other alternatives which could include the sale of assets, closure of operations and/or protection under the U.S. bankruptcy
laws. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s October
31, 2022 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. As of
July 31, 2023, based on the factors described above, the Company concluded that there was substantial doubt about its ability to continue
to operate as a going concern for the 12 months following the issuance of these financial statements.
Off-Balance
Sheet Arrangements
Our
liquidity is not dependent on the use of off-balance sheet financing arrangements (as that term is defined in Item 303(a) (4) (ii) of
Regulation S-K) and as of July 31, 2023 and through the date of this report, we had no such arrangements.
Recently
Issued Financial Accounting Standards
There
were no recently issued financial accounting standards that would have an impact on the Company’s financial statements.
Critical
Accounting Policies
Our
unaudited consolidated financial statements reflect the selection and application of accounting policies which require us to make significant
estimates and judgments. See Note 2 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the
fiscal year ended October 31, 2022, “Summary of Significant Accounting Policies”.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
applicable.
Item
4. Controls and Procedures.
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports under
the Exchange Act, such as this Quarterly Report, is recorded, processed, summarized and reported in accordance with the rules of the
Securities and Exchange Commission (“SEC”). Disclosure controls are also designed with the objective of ensuring that such
information is accumulated appropriately and communicated to management, including the chief executive officer and chief financial officer,
as appropriate, to allow for timely decisions regarding required disclosures.
Our
Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial and accounting officer)
evaluated the effectiveness of our “disclosure controls and procedures” (as defined in the Exchange Act Rules 13a-15(e)
and 15d-15(e)) as of July 31, 2023, the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer
and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of such date to ensure that information
required to be disclosed by us in reports filed or submitted under the Exchange Act were recorded, processed, summarized, and reported
within the time periods specified in the SEC’s rules and forms and that our disclosure controls are not effectively designed to ensure
that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated
to management, including our Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate
to allow timely decisions regarding required disclosure. See the Company’s Annual Report on Form 10-K for the fiscal year ended
October 31, 2022, for a description of the Company’s material weaknesses in internal control over financial reporting.
Changes
in Internal Controls over Financial Reporting
No
change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred
during the fiscal quarter ended July 31, 2023 that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting.
Part
II – OTHER INFORMATION
|
Item 1. |
Legal
Proceedings. |
In
addition to matters which have been resolved as we reported in previous filings under the Exchange Act, from time to time, we may become
involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent
uncertainties, and an adverse result in any such matter may harm our business.
As
a “smaller reporting company” we are not required to disclose information under this Item.
|
Item
2. |
Unregistered
Sales of Equity Securities and Use of Proceeds |
None.
|
Item
3. |
Defaults
upon Senior Securities |
None.
|
Item
4. |
Mine
Safety Disclosures |
Not
applicable.
|
Item
5. |
Other
Information. |
None.
* |
Filed
herewith. |
** |
Pursuant
to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus
for purposes of Sections 11 or 12 of the Securities Act of 1933, deemed not filed for purposes of Section 18 of the Securities Exchange
Act of 1934 and otherwise are not subject to liability under those sections. |
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) 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.
|
ORGANICELL
REGENERATIVE MEDICINE, INC. |
|
|
|
|
By: |
/s/
HARRY LEIDER |
|
|
Harry
Leider |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
|
September 14,
2023 |
|
|
|
|
By: |
/s/
IAN T. BOTHWELL |
|
|
Ian
T. Bothwell |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
|
|
|
|
|
September 14,
2023 |
Exhibit 31.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SS 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Harry Leider, as the Chief Executive Officer (principal executive officer) of Organicell Regenerative Medicine, Inc., a Nevada corporation (the “Registrant”), certify that:
|
1. |
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended July 31, 2023 of the Registrant; |
|
2. |
Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a- 15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reports to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
|
5. |
The Registrant’s other certifying officer and I have disclosed, based on the most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: September 14, 2023 |
/s/ Harry Leider |
|
Harry Leider |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SS 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Ian T. Bothwell, as the Chief Financial Officer (principal financial and accounting officer) of Organicell Regenerative Medicine, Inc., a Nevada corporation (the “Registrant”) certify that:
|
1. |
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended July 31, 2023 of the Registrant; |
|
2. |
Based on my knowledge, this report does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a- 15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
|
a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
b) |
Designed such internal control over financial reporting, or caused such internal control over financial reports to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c) |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d) |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
|
5. |
The Registrant’s other certifying officer and I have disclosed, based on the most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: September 14, 2023 |
/s/ Ian T. Bothwell |
|
Ian T. Bothwell |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Organicell Regenerative Medicine, Inc. on Form 10-Q for the quarter ended July 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned Harry Leider, Chief Executive Officer (principal executive officer) of Organicell Regenerative Medicine, Inc., a Nevada corporation (the “Company”), hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Organicell Regenerative Medicine, Inc.
Date: September 14, 2023 |
/s/ Harry Leider |
|
Harry Leider |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Organicell Regenerative Medicine, Inc. on Form 10-Q for the quarter ended July 31, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned Ian T. Bothwell, Chief Financial Officer (principal financial and accounting officer) of Organicell Regenerative Medicine, Inc., a Nevada corporation (the “Company”), hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Organicell Regenerative Medicine, Inc.
Date: September 14, 2023 |
/s/ Ian T. Bothwell |
|
Ian T. Bothwell |
|
Chief Financial Officer |
|
(Principal Financial and Accounting Officer) |
v3.23.2
Cover - shares
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9 Months Ended |
|
Jul. 31, 2023 |
Sep. 13, 2023 |
Cover [Abstract] |
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Document Fiscal Period Focus |
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Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--10-31
|
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Entity File Number |
000-55008
|
|
Entity Registrant Name |
Organicell Regenerative Medicine, Inc.
|
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Entity Central Index Key |
0001557376
|
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Entity Tax Identification Number |
47-4180540
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Entity Incorporation, State or Country Code |
NV
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Entity Address, Address Line One |
3321 College Avenue
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Jul. 31, 2023 |
Oct. 31, 2022 |
Current Assets |
|
|
Cash |
$ 633,581
|
$ 3,753,097
|
Accounts receivable, net of allowance for bad debts |
20,762
|
55,110
|
Receivables from related parties |
|
128,939
|
Other receivables |
21,905
|
7,433
|
Prepaid expenses |
144,412
|
173,152
|
Inventories |
257,540
|
248,510
|
Total Current Assets |
1,078,200
|
4,366,241
|
Property and equipment, net |
1,199,996
|
1,683,516
|
Equity in non-marketable securities of affiliated entity |
100,000
|
|
Other assets – right of use |
49,750
|
110,995
|
Security deposits |
27,715
|
39,936
|
TOTAL ASSETS |
2,455,661
|
6,200,688
|
Current Liabilities |
|
|
Accounts payable and accrued expenses |
2,427,964
|
2,378,531
|
Advances payable |
220,897
|
220,897
|
Finance lease obligations |
116,711
|
143,748
|
Operating lease obligations |
49,750
|
82,407
|
Promissory note, net of debt discount |
468,045
|
563,111
|
Commitment Fee Shortfall Obligation |
(0)
|
174,462
|
Commitment to repurchase shares in connection with settlement of litigation |
|
500,000
|
Deferred revenue |
32,660
|
|
Total Current Liabilities |
3,316,027
|
4,063,156
|
Long term finance lease obligations |
160,844
|
220,340
|
Long term operating lease obligations |
|
28,588
|
Total Liabilities |
3,476,871
|
4,312,084
|
Stockholders’ (Deficit) Equity |
|
|
Common stock, $0.001 par value, 2,500,000,000 shares authorized; 1,456,696,392 and 1,479,126,390 shares issued and outstanding, respectively |
1,456,696
|
1,479,126
|
Additional paid-in capital |
53,939,103
|
50,930,784
|
Accumulated deficit |
(56,417,009)
|
(50,521,306)
|
Total Stockholders’ (Deficit) Equity |
(1,021,210)
|
1,888,604
|
TOTAL LIABILITIES, SHARES SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS’ (DEFICIT) EQUITY |
2,455,661
|
6,200,688
|
Series C Preferred Stock [Member] |
|
|
Shares Subject To Possible Redemption |
|
|
Preferred stock value |
|
|
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v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Jul. 31, 2023 |
Oct. 31, 2022 |
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
2,500,000,000
|
2,500,000,000
|
Common stock, shares issued |
1,456,696,392
|
1,479,126,390
|
Common stock, shares outstanding |
1,456,696,392
|
1,479,126,390
|
Series C Preferred Stock [Member] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, shares authorized |
100
|
100
|
Preferred stock, shares issued |
100
|
100
|
Preferred stock, shares outstanding |
100
|
100
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Income Statement [Abstract] |
|
|
|
|
Revenues (includes sales to related parties of approximately $37,800, $106,300, $85,900, and $200,100, respectively) |
$ 1,220,674
|
$ 1,713,214
|
$ 3,136,394
|
$ 5,047,534
|
Cost of revenues |
162,331
|
208,749
|
374,720
|
484,287
|
Gross profit |
1,058,343
|
1,504,465
|
2,761,674
|
4,563,247
|
General and administrative expenses |
2,504,723
|
4,266,895
|
8,297,058
|
10,225,371
|
Loss from operations |
(1,446,380)
|
(2,762,430)
|
(5,535,384)
|
(5,662,124)
|
Other income (expense) |
|
|
|
|
Interest expense |
(171,369)
|
(133,648)
|
(341,402)
|
(323,194)
|
Change in Commitment Fee Shortfall Obligation |
|
42,770
|
(18,917)
|
(17,769)
|
Gain from write-off of liabilities attributable to discontinued operations |
|
125,851
|
|
125,851
|
Net loss |
$ (1,617,749)
|
$ (2,727,457)
|
$ (5,895,703)
|
$ (5,877,236)
|
Net loss per common share - basic |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Net loss per common share - diluted |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Weighted average number of common shares outstanding - basic |
1,420,704,266
|
1,087,077,331
|
1,405,401,004
|
1,074,721,483
|
Weighted average number of common shares outstanding - diluted |
1,420,704,266
|
1,087,077,331
|
1,405,401,004
|
1,074,721,483
|
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v3.23.2
CONDENSED CONSOLIDATED CHANGES TO STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Oct. 31, 2021 |
$ 1,132,361
|
$ 37,826,795
|
$ (41,624,749)
|
$ (2,665,593)
|
Beginning balance, shares at Oct. 31, 2021 |
1,132,361,005
|
|
|
|
Sale of common stock |
$ 17,000
|
653,000
|
|
670,000
|
Sale of common stock, shares |
17,000,000
|
|
|
|
Stock-based compensation |
$ 50,150
|
2,760,836
|
|
2,810,986
|
Stock based compensation, shares |
50,150,000
|
|
|
|
Issuance of Common stock as commitment fee for SPA 22 Note |
$ 4,615
|
151,616
|
|
156,231
|
Issuance of Common stock as commitment fee for SPA 22 Note, shares |
4,615,385
|
|
|
|
Stock issued in settlement of litigation |
$ 2,000
|
41,800
|
|
43,800
|
Stock issued in settlement of litigation, shares |
2,000,000
|
|
|
|
Capital contributed by former executive |
|
250,000
|
|
250,000
|
Net loss |
|
|
(5,877,236)
|
(5,877,236)
|
Ending balance, value at Jul. 31, 2022 |
$ 1,206,126
|
41,684,047
|
(47,501,985)
|
(4,611,812)
|
Ending balance, shares at Jul. 31, 2022 |
1,206,126,390
|
|
|
|
Beginning balance, value at Apr. 30, 2022 |
$ 1,166,888
|
39,417,550
|
(44,774,528)
|
(4,190,090)
|
Beginning balance, shares at Apr. 30, 2022 |
1,166,887,928
|
|
|
|
Stock-based compensation |
$ 37,700
|
1,984,804
|
|
2,022,504
|
Stock based compensation, shares |
37,700,000
|
|
|
|
Issuance of Common stock as commitment fee for SPA 22 Note |
$ 1,538
|
31,693
|
|
33,231
|
Issuance of Common stock as commitment fee for SPA 22 Note, shares |
1,538,462
|
|
|
|
Capital contributed by former executive |
|
250,000
|
|
250,000
|
Net loss |
|
|
(2,727,457)
|
(2,727,457)
|
Ending balance, value at Jul. 31, 2022 |
$ 1,206,126
|
41,684,047
|
(47,501,985)
|
(4,611,812)
|
Ending balance, shares at Jul. 31, 2022 |
1,206,126,390
|
|
|
|
Beginning balance, value at Oct. 31, 2022 |
$ 1,479,126
|
50,930,784
|
(50,521,306)
|
1,888,604
|
Beginning balance, shares at Oct. 31, 2022 |
1,479,126,390
|
|
|
|
Sale of common stock |
$ 4,456
|
95,544
|
|
100,000
|
Sale of common stock, shares |
4,456,328
|
|
|
|
Stock-based compensation |
$ 5,194
|
2,404,816
|
|
2,410,010
|
Stock based compensation, shares |
5,193,750
|
|
|
|
Issuance of Common stock and Warrants as commitment fee for SPA 23 Note |
$ 15,000
|
267,500
|
|
282,500
|
Return of former executive’s shares and warrants |
$ (34,000)
|
34,000
|
|
|
Issuance of Common stock and Warrants as commitment fee for SPA, shares |
15,000,000
|
|
|
|
Stock issued in satisfaction of Commitment Fee Shortfall Obligation |
$ 11,720
|
181,659
|
|
193,379
|
Stock issued in satisfaction of Commitment Fee Shortfall Obligation, shares |
11,719,925
|
|
|
|
Cancellation of shares repurchased in connection with litigation |
$ (24,800)
|
24,800
|
|
|
Cancellation of shares repurchased in connection with litigation, shares |
(24,800,001)
|
|
|
|
Return of former executive's shares and warrants, shares |
(34,000,000)
|
|
|
|
Net loss |
|
|
(5,895,703)
|
(5,895,703)
|
Ending balance, value at Jul. 31, 2023 |
$ 1,456,696
|
53,939,103
|
(56,417,009)
|
(1,021,210)
|
Ending balance, shares at Jul. 31, 2023 |
1,456,696,392
|
|
|
|
Beginning balance, value at Apr. 30, 2023 |
$ 1,490,677
|
53,169,675
|
(54,799,260)
|
(138,908)
|
Beginning balance, shares at Apr. 30, 2023 |
1,490,677,642
|
|
|
|
Stock-based compensation |
$ 19
|
735,428
|
|
735,447
|
Stock based compensation, shares |
18,750
|
|
|
|
Return of former executive’s shares and warrants |
$ (34,000)
|
34,000
|
|
|
Return of former executive's shares and warrants, shares |
(34,000,000)
|
|
|
|
Net loss |
|
|
(1,617,749)
|
(1,617,749)
|
Ending balance, value at Jul. 31, 2023 |
$ 1,456,696
|
$ 53,939,103
|
$ (56,417,009)
|
$ (1,021,210)
|
Ending balance, shares at Jul. 31, 2023 |
1,456,696,392
|
|
|
|
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v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
9 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (5,895,703)
|
$ (5,877,236)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization expense |
469,855
|
69,711
|
Amortization of OID and commitment fee discount – Promissory notes |
283,034
|
272,000
|
Change in Commitment Fee Shortfall Obligation |
18,917
|
17,769
|
Gain from write-off of liabilities attributable to discontinued operations |
|
(125,851)
|
Write-off of fixed assets |
33,320
|
|
Write-off of inventory |
|
30,000
|
Stock-based compensation |
2,410,010
|
2,810,986
|
Reserve for receivables from related party and other receivable |
128,589
|
|
Stock issued in settlement of litigation |
|
43,800
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
34,348
|
(26,745)
|
Other receivables |
(14,122)
|
|
Prepaid expenses |
28,740
|
(41,025)
|
Inventories |
(9,030)
|
115,086
|
Accounts payable and accrued expenses |
49,433
|
626,408
|
Accrued liabilities to management |
|
701,783
|
Security deposits |
12,221
|
(15,354)
|
Deferred revenue |
32,660
|
(9,575)
|
Net cash used in operating activities |
(2,417,728)
|
(1,408,243)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Purchase of fixed assets |
(19,655)
|
(516,519)
|
Investment in non-marketable equity securities |
(100,000)
|
|
Net cash used in investing activities |
(119,655)
|
(516,519)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from issuance of Promissory Note |
504,400
|
540,000
|
Advances for future stock purchases |
|
700,000
|
Capital contributed by former executive |
|
250,000
|
Payments on finance lease |
(86,533)
|
(16,196)
|
Repayments of notes payable |
(600,000)
|
(232,947)
|
Shares repurchased in connection with litigation |
(500,000)
|
|
Proceeds from sale of common stock |
100,000
|
650,000
|
Net cash (used in) provided by financing activities |
(582,133)
|
1,890,857
|
Decrease in cash |
(3,119,516)
|
(33,905)
|
Cash at beginning of period |
3,753,097
|
108,570
|
Cash at end of period |
633,581
|
74,665
|
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
Cash paid for taxes |
|
|
Cash paid for interest |
54,093
|
54,670
|
NON-CASH INVESTING AND FINANCING TRANSACTIONS: |
|
|
OID discount on proceeds received from promissory notes |
10,600
|
60,000
|
Stock purchased from payments due on accounts payable |
|
20,000
|
Common stock and warrants issued as commitment fee for promissory notes |
282,500
|
156,231
|
Common stock issued in satisfaction of Commitment Fee Shortfall Obligation |
193,379
|
|
Commitment Fee Shortfall Obligation |
|
143,769
|
Promissory note issued for past due Professional Fees |
|
256,000
|
Purchase of fixed assets |
|
$ 361,972
|
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v3.23.2
ORGANIZATION AND DESCRIPTION OF BUSINESS
|
9 Months Ended |
Jul. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE
1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Organicell
Regenerative Medicine, Inc. (“Organicell” or the “Company”) was incorporated on August 9, 2011 in the
State of Nevada under the name Bespoke Tricycles Inc. (changed to Biotech Products Services and Research, Inc. during September 2015).
The Company is a clinical-stage biopharmaceutical company principally focusing on the development of innovative biological therapeutics
for the treatment of degenerative diseases and regenerative medicine. The Company’s proprietary products are derived from perinatal
sources and manufactured to retain the naturally occurring extracellular vesicles, hyaluronic acid, and proteins without the addition
or combination of any other substance or diluent (“RAAM Products”). Our RAAM Products and related services are principally
used in the health care industry administered through doctors and clinics (“Providers”).
On
May 21, 2018, the Company filed a Certificate of Amendment with the Secretary of State of Nevada to change the Company’s
name from Biotech Products Services and Research, Inc. to Organicell Regenerative Medicine, Inc., effective June 20, 2018 (the “Name
Change”) and during November 2021 the Name Change was effectuated in the marketplace by the Financial Industry Regulatory
Agency.
For
the nine months ended July 31, 2023, the Company principally operated through General Surgical of Florida, Inc., a Florida corporation
and wholly owned subsidiary, which was formed to sell the Company’s therapeutic products to Providers.
The
Company’s leading product, Zofin™ (also known as Organicell™ Flow), is an acellular, biologic therapeutic derived
from perinatal sources and is manufactured to retain naturally occurring microRNAs, without the addition or combination of any other
substance or diluent.
The
Company recently launched a service platform for its first autologous product called Patient Pure X™ (PPX™). PPX™ is
a non-manipulated biologic containing the nanoparticle fraction from a patient’s own peripheral blood. To date, revenues from
PPX™ continue to be immaterial.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Jul. 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company and its wholly-owned subsidiaries.
All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the condensed unaudited consolidated
financial statements contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s
financial position as of July 31 2023, the results of its operations for the three and nine months ended July 31, 2023 and 2022 and the
cash flows for the nine months ended July 31, 2023 and 2022.
Certain
information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been omitted pursuant to the rules and regulations of the Securities Exchange
Commission, although we believe that the disclosures made are adequate to make the information not misleading. These unaudited consolidated
financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended October 31, 2022 filed with
the Securities and Exchange Commission.
Concentrations
of Risk
Credit
Risk
The
balance sheet items that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents and accounts
receivable. Balances in accounts are insured up to Federal Deposit Insurance Corporation (“FDIC”) limits of $250,000 per
institution. At July 31, 2023, the Company held a total of approximately $14,300 of cash balances in one financial institution in excess
of FDIC insurance coverage limits.
Major
Customer
During
the nine months ended July 31, 2023, the Company sold products and services totaling approximately $880,300 (28.1%) to a large distributor
and the distributor’s customers and approximately $447,600 (14.3%) to customers of another distributor and the distributor’s
customers.
During
the nine months ended July 31, 2022, the Company sold products and services totaling approximately $1,736,000 (34.4%) to a large distributor
and the distributor’s customers and approximately $1,215,000 (24.1%) to customers of another distributor and the distributor’s
customers.
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles of the United States 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 revenues and expenses during the year. Management bases
its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual
results may differ from the estimates.
Those
estimates and assumptions include estimates for credit loss reserves for accounts receivable, assumptions used in valuing inventories
at net realizable value, impairment testing of recorded long-term tangible and intangible assets, the valuation allowance for deferred
tax assets, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services, and assumptions used
in valuing warrant liabilities, and assumptions used in the determination of the Company’s liquidity.
Cash
Equivalents
The
Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.
Accounts
Receivable
Accounts
receivable are recorded at net realizable value on the date revenue is recognized. The Company provides allowances for doubtful accounts
for estimated losses resulting from the inability of its customers to pay their obligation. If the financial condition of the Company’s
customers were to deteriorate, resulting in an impairment of their ability to repay, additional allowances may be required. The Company
provides for potential uncollectible accounts receivable based on specific customer identification and historical collection experience
adjusted for existing market conditions.
The
policy for determining past due status is based on the contractual payment terms of each customer, which are generally net 30 or net
60 days. Once collection efforts by the Company and its collection agency are exhausted, the determination for charging off uncollectible
receivables is made. For the nine months ended July 31, 2023 and 2022, the Company did not record any bad debt expense.
Inventory
Inventory
is stated at the lower of cost or net realizable value using the average cost method. The Company provides reserves for potential excess,
dated or obsolete inventories based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders,
as well as product shelf life. At July 31, 2023 and October 31, 2022, the Company determined that there were not any reserves required
in connection with our inventory.
Property
and Equipment
Property
and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful
lives of the related assets. The estimated useful lives of property and equipment range from 3 to 15 years. Upon sale or retirement,
the cost and related accumulated depreciation and amortization are eliminated from their respective accounts, and the resulting gain
or loss is included in results of operations. Repairs and maintenance charges, which do not increase the useful lives of the assets,
are charged to operations as incurred.
Non-marketable
Securities
Non-marketable
securities consist of equity investments in privately-held companies, which are classified as other assets on the consolidated balance
sheets. These non-marketable equity securities do not have readily determinable fair values. Under the measurement alternative election,
the Company accounts for these non-marketable securities at cost and adjusted for observable price changes in orderly transactions for
the identical or similar investments of the same issuer or upon impairment and are not eligible for the net-asset-value practical expedient
from fair value measurement. The measurement alternative election is reassessed each reporting period to determine whether the non-marketable
securities continue to be eligible for this election.
The
Company periodically evaluates its non-marketable securities for impairment when events and circumstances indicate that the carrying
amount of the investment may not be recovered. Impairment indicators may include, but are not limited to, a significant deterioration
in earnings performance, credit rating, asset quality or business outlook or a significant adverse change in the regulatory, economic,
or technological environment.
Under
current U.S. GAAP, equity investments without readily determinable fair values are reported at cost minus impairment. However, impairment
losses are recognized only if they are considered other-than- temporary.
Leasehold
Improvements
Leasehold
improvements in excess of $1,000 that are made in connection with leases having a term of more than 12 months are capitalized by the
Company and amortized over the shorter of the useful life of the asset or the remaining lease periods and renewals that are deemed to
be reasonably certain at the date the leasehold improvements are purchased. Costs associated with leasehold improvements that do not
exceed $1,000 are expensed as incurred.
Revenue
Recognition
The
Company follows the guidance of FASB Accounting Standards Update (“ASU”) Topic 606 “Revenue from Contracts with Customers”
which requires the Company to recognize revenue in amounts that reflect the prorata completion of the performance obligations of the
Company required under the contracts.
The
Company recognizes revenue only when it transfers control of a promised good or service to a customer in an amount that reflects the
consideration it expects to receive in exchange for the good or service. Our performance obligations are satisfied and control is transferred
at a point-in-time, which is typically when the transfer and title to the product sold has taken place and there is evidence of our customer’s
satisfactory acceptance of the product shipment or delivery except in those instances when the customer has made prior arrangements with
the Company to store the product purchased by the customer at the Company’s facilities that is to be delivered at a later date
to be designated by the customer.
Net
Income (Loss) Per Common Share
Basic
income (loss) per common share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted
average number of fully vested common shares outstanding during the period. Diluted earnings per share is calculated by dividing the
Company’s net income available to common shareholders by the diluted weighted average number of fully vested shares outstanding
during the year. The diluted weighted average number of shares outstanding is the basic weighted average number of shares adjusted for
any potentially dilutive debt or equity instruments.
At
July 31, 2023, the Company had 509,800,000 common shares issuable (379,235,997 common shares vested as of July 31, 2023) upon the exercise
of warrants that were not included in the computation of dilutive loss per share because their inclusion is anti-dilutive for the nine
months ended July 31, 2023. At July 31, 2022, the Company had 49,500,000 common shares issuable upon the exercise of warrants and unpaid
Original Base Salary and Incremental Salary that could be convertible into approximately 61,967,000 common shares that were not included
in the computation of dilutive loss per share because their inclusion is anti-dilutive for the nine months ended July 31, 2022.
Stock-Based
Compensation
The
Company periodically issues stock options and stock awards to employees and non-employees in non-capital raising transactions for services
and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby
the value of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line basis
over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had
paid cash for the services. The Company recognizes the fair value of stock-based compensation within its Statements of Operations with
classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
Research
and Development Costs
Research
and development costs consist of direct and indirect costs associated with the development of the Company’s technologies. These
costs are expensed as incurred. Our research and development expenses were approximately $334,600 and $111,600 for the three months ended
July 31, 2023 and 2022, respectively. Our research and development expenses were approximately $937,700 and $664,500 for the nine months
ended July 31, 2023 and 2022, respectively. The research and development costs primarily relate to the filing and approval of IND applications
and the performance of clinical trials.
Income
Taxes
The
Company files a consolidated tax return that includes all of its subsidiaries.
Provisions
for income taxes are based on taxes payable or refundable for the current year taxable income for federal and state income tax reporting
purposes and deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized
for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax basis and operating loss carryforwards. Deferred income tax expense represents the change during the period
in the deferred tax assets and deferred tax liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in the results of the operations in the period that includes the enactment
date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some
or all of the deferred tax assets will not be realized.
The
Company accounts for uncertain tax positions in accordance with FASB Topic 740 – Income Taxes. This pronouncement prescribes a
recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be
taken in a tax return. The interpretation also provides guidance on recognition, derecognition, classification, interest and penalties,
accounting in interim period, disclosure and transition.
For
the three months and nine months ended July 31, 2023 and 2022 the Company incurred operating losses, and therefore, there was not any
income tax expense amount recorded during those periods. There is a full valuation allowance established for the tax benefit associated
with the net losses for the three months and nine months ended July 31, 2023 and 2022.
Valuation
of Derivatives
The
Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components
of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.”
The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded
as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of
operations as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value
at the conversion date and then that fair value is reclassified to equity. Equity instruments that are initially classified as equity
that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the
reclassification date.
Sequencing
The
Company has adopted a sequencing policy whereby, in the event that reclassification of contracts from equity to assets or liabilities
is necessary pursuant to ASC 815 due to the Company’s inability to demonstrate it has sufficient authorized shares, shares will
be allocated on the basis of the earliest issuance date of potentially dilutive instruments, with the earliest grants receiving the first
allocation of shares.
The
Company currently has 2,500,000,000 authorized shares of common stock of which 1,456,696,392 shares are issued and outstanding as of
September 13, 2023. The Company expects that it will continue to issue common stock in the future in connection with debt and/or equity
financings, transactions with third parties, performance incentives and as compensation to its employees. Currently the amount of authorized
shares is sufficient to provide for the additional shares that the Company may be contingently obligated to issue under existing arrangements.
Fair
Value of Financial Instruments
The
Company includes fair value information in the notes to financial statements when the fair value of its financial instruments is different
from the book value. When the book value approximates fair value, no additional disclosure is made.
The
Company follows FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring
fair value and enhances disclosures about fair value measurements. It defines fair value as the exchange price that would be received
for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability
in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The
Company’s financial instruments consist of cash and cash equivalents, accounts payable, accrued liabilities and convertible debt.
The estimated fair value of cash, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term nature
of these instruments.
The
Company follows the provisions of ASC 820 with respect to its financial instruments. As required by ASC 820, assets and liabilities measured
at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.
Level
one — Quoted market prices in active markets for identical assets or liabilities;
Level
two — Inputs other than level one inputs that are either directly or indirectly observable such as quoted prices for similar
assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or liabilities; and
Level
three — Unobservable inputs that are supported by little or no market activity and developed using estimates and assumptions,
which are developed by the reporting entity and reflect those assumptions that a market participant would use.
The
fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value.
Determining
which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures
each quarter.
The
Company did not have any convertible instruments outstanding at July 31, 2023 and October 31, 2022 that qualify as derivatives.
Operating
Lease Obligations
Under
the provisions of Accounting Standards Update (ASU) No. 2016-02 (Topic 842) (“ASC 842”), the Company recognizes a right
of use (“ROU”) asset and corresponding lease liability for all operating leases upon commencement of the lease.
The
Company’s policy is to treat operating leases that have a term of one year or less at lease commencement date and do not include
a purchase option that is reasonably certain of exercise, consistent with the lease recognition approach as previously outlined under
ASC 840. In addition, month to month leases which do not involve additional financial commitments on the part of the Company are also
treated consistent with the lease recognition approach as previously outlined under ASC 840. The Company has established a capitalization
threshold of $15,000 in determining whether any future operating leases will be capitalized.
Subsequent
Events
The
Company has evaluated subsequent events that occurred after July 31, 2023 through the financial statement issuance date for subsequent
event disclosure consideration.
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v3.23.2
GOING CONCERN
|
9 Months Ended |
Jul. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
3 – GOING CONCERN
The
unaudited accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles,
which contemplate continuation of the Company as a going concern. The Company has had limited revenues since its inception. The Company
incurred net losses of $5,895,703 for the nine months ended July 31, 2023 and used $2,417,728 of cash from operating activities during
that period. In addition, the Company had an accumulated deficit and a stockholders’ deficit of $56,417,009 and $1,021,210, respectively,
at July 31, 2023. The Company had a working capital deficit of $2,237,827 at July 31, 2023.
United
States Food and Drug Administration (“FDA”) regulations which were announced in November 2017 and which became effective
beginning in May 2021 (postponed from November 2020 due to the COVID-19 pandemic) require that the sale of products that fall
under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular
and tissue based products (“HCT/Ps”) can only be sold pursuant to an approved biologics license application (“BLA”).
The Company has not obtained any opinion or ruling regarding the Company’s operations and whether the processing, sales and distribution
of the products it currently produces would be subject to the FDA’s previously announced intended enforcement policies regarding
HCT/P’s.
In
addition to the above, the adverse public health developments associated with the ongoing COVID-19 pandemic combined with the downturn
in the overall United States and global economies have adversely affected the demand for our products and services by our customers and
from patients of our customers and which currently still continue to have a negative impact to our business and the economy.
As
a result of the above, the Company’s efforts to establish a stabilized source of sufficient revenues to cover operating costs
has yet to be achieved and ultimately may prove to be unsuccessful unless (a) the Company’s ability to process, sell and distribute
the products currently being produced or developed in the future are not restricted; and/or (b) additional sources of working capital
through operations or debt and/or equity financings are realized. These financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.
Management
anticipates that the Company will remain dependent, for the near future, on additional investment capital to fund ongoing operating expenses
and research and development costs related to development of new products and to perform required clinical studies in connection with
the sale of its products. The Company does not have any assets to pledge for the purpose of borrowing additional capital. In addition,
the Company relies on its ability to produce and sell products it manufactures that are subject to changing technology and regulations
that it currently sells and distributes to its customers. The Company’s current market capitalization, common stock liquidity
and available authorized shares may hinder its ability to raise equity proceeds. The Company anticipates that future sources of funding,
if any, will therefore be costly and dilutive, if available at all.
In
view of the matters described in the preceding paragraphs, recoverability of the recorded asset amounts shown in the accompanying consolidated
balance sheet assumes that (a) the Company is able to continue to produce products or obtain products under supply arrangements which
are in compliance with current and future regulatory guidelines; (b) the Company will be able to establish a stabilized source of revenues,
including efforts to expand sales internationally and the development of new product offerings and/or designations of products; (c) obligations
to the Company’s creditors are not accelerated; (d) the Company’s operating expenses remain at current levels and/or the
Company is successful in restructuring and/or deferring ongoing obligations; (e) the Company is able to continue its research and development
activities, particularly in regards to remaining compliant with the FDA and ongoing safety and efficacy of its products; and/or (f) the
Company obtains additional working capital to meet its contractual commitments and maintain the current level of Company operations through
debt or equity sources.
There
is no assurance that the products we currently produce will not be subject to the FDA’s previously announced intended enforcement
policies regarding HCT/P’s and/or the Company will be able to complete its revenue growth strategy. There is no assurance that
the Company’s research and development activities will be successful or that the Company will be able to timely fund the required
costs of those activities. Without sufficient cash reserves, the Company’s ability to pursue growth objectives will be adversely
impacted. Furthermore, despite significant effort since July 2015, the Company has thus far been unsuccessful in achieving a stabilized
source of revenues.
If
revenues do not increase and stabilize, if the Company’s ability to process, sell and/or distribute the products currently being
produced or developed in the future are restricted, and/or if additional funds cannot otherwise be raised, the Company might be required
to seek other alternatives which could include the sale of assets, closure of operations and/or protection under the U.S. bankruptcy
laws. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s October
31, 2022 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern. As of
July 31, 2023, based on the factors described above, the Company concluded that there was substantial doubt about its ability to continue
to operate as a going concern for the 12 months following the issuance of these financial statements.
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v3.23.2
INVENTORIES
|
9 Months Ended |
Jul. 31, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
NOTE
4 – INVENTORIES
Schedule of inventories |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Raw
materials and supplies |
|
$ |
118,478 |
|
|
$ |
85,096 |
|
Finished
goods |
|
|
139,062 |
|
|
|
163,414 |
|
Total
inventories |
|
$ |
257,540 |
|
|
$ |
248,510 |
|
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v3.23.2
PROPERTY AND EQUIPMENT
|
9 Months Ended |
Jul. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
NOTE
5 – PROPERTY AND EQUIPMENT
Schedule of property and equipment |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Computer
equipment |
|
$ |
- |
|
|
$ |
26,881 |
|
Finance
lease equipment |
|
|
544,378 |
|
|
|
544,378 |
|
Manufacturing
equipment |
|
|
619,006 |
|
|
|
625,979 |
|
Leasehold
improvements |
|
|
925,932 |
|
|
|
925,932 |
|
|
|
|
2,089,316 |
|
|
|
2,123,170 |
|
Less:
accumulated depreciation and amortization |
|
|
(889,320 |
) |
|
|
(439,654 |
) |
Total
property and equipment, net |
|
$ |
1,199,996 |
|
|
$ |
1,683,516 |
|
Depreciation
expense totaled $31,240 and $21,812 for the three months ended July 31, 2023 and 2022, respectively. Depreciation expense totaled $89,885
and $54,587 for the nine months ended July 31, 2023 and 2022, respectively.
As
described in Note 7, during the year ended October 31, 2021, the Company began the build-out of additional laboratory processing, product
distribution and administrative office capacity at its Basalt Lab (as defined in Note 7). The Basalt Lab Lease location became operational
during May 2022 and amortization of these costs began during May 2022. Amortization expense totaled $126,657 and $0 for the three months
ended July 31, 2023 and 2022, respectively. Amortization expense totaled $379,971 and $0 for the nine months ended July 31, 2023 and
2022, respectively.
During
the three months ended July 31, 2023, the Company wrote off certain computer and manufacturing equipment with a cost basis of $10,000
and accumulated depreciation of $4,029, resulting in a loss of $5,971 for the three months ended July 31, 2023. During the nine months
ended July 31, 2023, the Company wrote off certain computer and manufacturing equipment with a cost basis of $53,755 and accumulated
depreciation of $20,435, resulting in a loss of $33,320 for the nine months ended July 31, 2023.
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v3.23.2
EQUITY IN NON-MARKETABLE SECURITIES OF AFFILATED ENTITY
|
9 Months Ended |
Jul. 31, 2023 |
Equity In Non-marketable Securities Of Affilated Entity |
|
EQUITY IN NON-MARKETABLE SECURITIES OF AFFILATED ENTITY |
NOTE
6 – EQUITY IN NON-MARKETABLE SECURITIES OF AFFILATED ENTITY
Schedule of marketable securities |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Equity
in non-marketable securities |
|
$ |
100,000 |
|
|
|
- |
|
During
the nine months ended July 31, 2023, the Company invested $100,000 in cash in the non-marketable equity securities of one privately-held
skin-care formulator (“Formulator”) in an effort to accelerate the Company’s development of expertise with respect
to the skincare industry and the potential supply of the Company’s products in future formulations. The Company evaluated its
ownership, contractual and other interests in this entity and determined the Company does not have a variable interest in this entity
and therefore it is not required to be consolidated in the Company’s consolidated financial statements, as the Company is not
the primary beneficiary and does not have the power to direct activities that most significantly impact the entities’ economic
performance. The Company’s maximum loss exposure is limited to the carrying value of this investment.
At
July 31, 2023 and October 31, 2022, the carrying value of the Company’s investments in equity securities without readily determinable
fair values totaled $100,000 and $0, respectively. For the nine months ended July 31, 2023 and 2022, there were no adjustments to the
carrying value of equity securities without readily determinable fair values.
Both
Greyt Ventures, LLC and Skycrest Holdings, LLC, principal shareholders of the Company, each own a 20% interest in the Formulator. In
addition, Mr. Robert Smoley, a consultant and advisor to the Company is also the Chief Operating Officer of the Formulator.
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v3.23.2
LEASE OBLIGATIONS
|
9 Months Ended |
Jul. 31, 2023 |
Lease Obligations |
|
LEASE OBLIGATIONS |
NOTE
7 – LEASE OBLIGATIONS
Finance
Lease Obligations:
During
March 2019, the Company entered into a lease agreement for certain lab equipment in the amount of $239,595. Under the terms of the
lease agreement, the Company is required to make 60 equal monthly payments of $4,513 plus applicable sales taxes. Under the Lease Agreement,
the Company has the right to acquire all of the leased equipment for $1.00. As a result, the lease agreement is being accounted for as
a finance lease obligation. The annual interest rate charged in connection with the lease is 4.5%. The leased equipment are being depreciated
over their estimated useful lives of 15 years.
During
October 2021, the Company entered into a second lease agreement in the amount of $304,873 for certain lab equipment that is being
installed at the Basalt lab location. Under the terms of the lease agreement, the Company is required to make 60 equal monthly payments
of $5,478 plus applicable sales taxes. Under the Lease Agreement, the Company has the right to acquire all of the leased equipment for
$1.00. As a result, the lease agreement is being accounted for as a finance lease obligation. The annual interest rate charged in connection
with the lease is 3.0%. Lease payments and depreciation of the leased equipment began during May 2022, the date that the Basalt
lab buildout was completed (see below) and the facility became operational. The leased equipment are being depreciated over their estimated
useful lives of 15 years.
As
of July 31, 2023, finance lease obligations were $277,555, of which $116,711 were current.
As
described in Note 16, on August 7, 2023, certain equipment under the second lease agreement were assigned to the Purchaser resulting
in the reduction of the Company’s remaining obligations under the second lease agreement from $5,478 per month to $461 per month.
Short
Term Lease Obligations:
On
August 30, 2022, the Company entered into a one-year lease agreement (“LA Office Lease”) for office space in Los Angeles,
California commencing September 1, 2022 and ending August 31, 2023. The Company was required to make a one-time prepayment
of the annual rent in the amount of $160,000 and provided a security deposit of $10,000 upon execution of the lease agreement. The security
deposit due to the Company was reduced by $1,685 upon termination of the LA Office Lease.
Effective
July 1, 2022, the Company entered into a six-month lease agreement for an approximately 450 square foot laboratory and additional administrative
office space effective July 1, 2022 (“New Miami Lab Lease”). Monthly lease payments are approximately $9,500 per month
plus administrative fees and taxes. The New Miami Lab Lease was not renewed and expired on December 31, 2022. The Company security
deposit of $6,332 was returned upon expiration of the New Miami Lab Lease.
Effective
October 10, 2022, the Company relocated its Miami laboratory to a 1,156 square foot administrative and laboratory facility at the
Nova Southeastern University Center for Collaborative Research in Davie, Florida. This space is occupied pursuant to one year license
agreement (“University Lease”) for an annual base license fee of $20,230.
Operating
Lease:
During
March 2021, the Company entered into a lease agreement (“Basalt Lab Lease”) for an approximately 2,452 square foot
commercial space located in Basalt, Colorado (the “Basalt Lab”). The term of the Basalt Lab Lease is for three years and
may be renewed for an additional (3) three-year term provided the Company is not in default (“First Renewal Option”). Rental
expense is $6,800 per month and provides for annual increases of 3% or the Denver Aurora Metropolitan CPI index, whichever is greater.
In connection with the Basalt Lab Lease, the Company was required to post a security deposit of $20,400. The Company completed the construction
of the initial laboratory and office build-out at a cost of $925,932, which is included as leasehold improvements in the accompanying
balance sheet. The Basalt Lab became operational during May 2022. The Company uses the Basalt Lab for additional processing, product
distribution and administrative office capacity.
In
connection with the execution of the Basalt Lab Lease, the Company recorded a ROU asset and corresponding operating lease obligation
of $235,313 (present value of the associated leased payments based on an assumed borrowing rate of 4.5%). The right of use asset was
$49,750 and $110,955 at July 31, 2023 and October 31, 2022, respectively.
Lease
amortization expense for the three months ended July 31, 2023 and 2022 was $20,925 and $19,397, respectively. Lease amortization expense
for the nine months ended July 31, 2023 and 2022 was $61,246 and $56,735, respectively.
As
of July 31, 2023, the remaining operating lease obligation was $49,750.
As
described in Note 16, on August 7, 2023, the Basalt Lab was sold and the Basalt Lab Lease was assigned to Purchaser.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
9 Months Ended |
Jul. 31, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE
8 – RELATED PARTY TRANSACTIONS
For
the three months and nine months ended July 31, 2023, the Company sold a total of approximately $42,500 and $151,300, respectively, of
product to a management services organization (“MSO”) that provides administrative services and contracts for medical supplies
for several medical practices, including approximately $37,800 and $85,900, respectively, of products purchased from the Company that
were attributable to the medical practice owned by Dr. George Shapiro the Company’s Chief Medical Officer and a member of the
board of directors. Dr. Shapiro also has an indirect economic interest in the parent company that owns the MSO.
For
the three months and nine months ended July 31, 2022, the Company sold a total of approximately $208,000 and $501,500, respectively,
of products to a management services organization (“MSO”) that provides administrative services and contracts for medical
supplies for several medical practices, including approximately $76,800 and $152,600 of products purchased from the Company for the three
months and nine months ended July 31, 2022, respectively, that were attributable to the medical practice owned by Dr. George Shapiro.
Dr. Shapiro also has an indirect economic interest in the parent company that owns the MSO. For the three months and nine months ended
July 31, 2022, the total amount of sales of products to customers related to Mr. Michael Carbonara totaled approximately $16,300 and
$26,600, respectively. For the three months and nine months ended July 31, 2022, the total amount of sales of products to customers related
to Dr. Allen Meglin totaled approximately $13,200 and $20,800, respectively.
During
the nine months ended July 31, 2023, the Company invested $100,000 in cash for a 10% minority interest in the non-marketable equity securities
of a privately-held skin-care formulator (“Formulator”). Both Greyt Ventures, LLC and Skycrest Holdings, LLC, principal
shareholders in the Company, each own a 20% interest in the Formulator. In addition, Mr. Robert Smoley, a consultant and advisor to the
Company is also the Chief Operating Officer of the Formulator.
At July 31, 2023 and October 31, 2022, advances
payable from an affiliate of a former executive were $220,897. The advances are non-interest bearing and there are no formal
arrangements regarding the repayment of the advances.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
|
9 Months Ended |
Jul. 31, 2023 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED EXPENSES |
NOTE
9 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Schedule of account payable and accrued expenses |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Accrued
payroll related liabilities |
|
$ |
666,780 |
|
|
$ |
666,780 |
|
Lab
equipment and supplies payables |
|
|
394,909 |
|
|
|
477,255 |
|
Clinical
trial payables |
|
|
689,452 |
|
|
|
312,711 |
|
Legal
fees payables |
|
|
327,028 |
|
|
|
328,121 |
|
Other
professional fees payables |
|
|
148,494 |
|
|
|
90,993 |
|
Accrued
IRS penalty (Note 11) |
|
|
86,319 |
|
|
|
83,684 |
|
Accrued
commissions payable |
|
|
11,969 |
|
|
|
39,675 |
|
Construction
payables |
|
|
9,317 |
|
|
|
5,474 |
|
Other
payables and accrued expenses |
|
|
93,696 |
|
|
|
373,838 |
|
Accounts Payable and Accrued Expenses |
|
$ |
2,427,964 |
|
|
$ |
2,378,531 |
|
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
NOTES PAYABLE
|
9 Months Ended |
Jul. 31, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE
10 – NOTES PAYABLE
Schedule of notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
SPA
22 |
|
$ |
- |
|
|
$ |
600,000 |
|
SPA
23 |
|
|
530,000 |
|
|
|
- |
|
Unamortized
discount |
|
|
(61,955 |
) |
|
|
(36,889 |
) |
Total
Notes Payable |
|
$ |
468,045 |
|
|
$ |
563,111 |
|
Promissory
Note – SPA 22
On
January 11, 2022, the Company entered into a Securities Purchase Agreement (“SPA 22”) with AJB Capital Investments,
LLC (“Purchaser”) pursuant to which we sold a promissory note in the principal amount of $600,000 (“Promissory Note”)
to the Purchaser in a private transaction for a purchase price of $540,000 (giving effect to original issue discount of $60,000). The
Promissory Note matured on January 11, 2023 and the Promissory Note was paid in full.
Pursuant
to the terms of the SPA 22, the Company paid a commitment fee to the Purchaser in the amount of $123,000 (“Initial Commitment
Fee”) in the form of 3,076,923 shares of the Company’s common stock (“Initial Commitment Fee Shares”) valued
at $0.04, the closing price of the common stock of the Company on the closing date. In addition, in connection with the Extension, the
Company paid an additional commitment fee to the Purchaser in the amount of $33,231 in the form of an additional 1,538,462 shares of
its common stock (“Additional Commitment Fee Shares,” and together with the Initial Commitment Fee Shares, collectively,
“Commitment Fee Shares”) valued at $0.0216, the closing price of the common stock of the Company on the Extension date.
In
the event that by the earlier of the first anniversary of repayment of the Promissory Note by the Company or the date that the Purchaser
has sold all of the Commitment Fee Shares (“True-Up Date”), the Purchaser has not generated the amount of $300,000 from
public sales of the Commitment Fee Shares, the Company shall either pay the amount of any such shortfall either (i) by issuing additional
shares of our common stock at a price equal to the VWAP for the common stock during the five (5) trading day period prior to the True-up
Date (“Conversion Price”); or (ii) in cash, in which case, the Company shall repurchase any unsold Commitment Fee Shares
then held by the Purchaser for such shortfall amount (“Commitment Fee Shortfall Obligation”).
Upon
the closing, the Company recorded a discount of the Promissory Note in the amount of $260,000, consisting of the original issue discount
of $60,000, the fair value of the Initial Commitment Fee Shares of $123,000 and the Commitment Fee Shortfall Obligation of $77,000. These
costs were fully amortized over the initial term of the Promissory Note from January 11, 2022 to July 11, 2022. In connection with the
extension of the Promissory Note from July 12, 2022 to January 11, 2023, the Company recorded a discount of the Promissory Note in the
amount of $100,000, consisting of the fair value of the Additional Commitment Fee Shares of $33,231 and the Additional Commitment Fee
Shortfall Obligation of $66,769. These costs were amortized over the term of the Extension.
For
the nine months ended July 31, 2023 and 2022, $36,889 and $130,000, respectively, of the total discounts recorded in connection with
the issuance of the Promissory Note have been amortized.
At
February 10, 2023, the date that the Company received notice to repay the Commitment Fee Shortfall Obligation (see below) and July 31,
2022, the fair value of the Commitment Fee Shares was approximately $76,200 (valued at $0.0165 the closing price of the common stock
of the Company on February 10, 2023) and approximately $62,462 (valued at $0.0203 the closing price of the common stock of the Company
on April 29, 2022), respectively. The Company recorded an increase in the Commitment Fee Shortfall Obligation in the amount of $0 and
$49,384 for the three months and nine months ended July 31, 2023. The Company recorded an increase in the Commitment Fee Shortfall Obligation
in the amount of $48,539 and $60,539 for the three months and nine months ended July 31, 2022.
On
February 10, 2023, the Company received a notice from the Purchaser that it had sold all of the Commitment Fee Shares and that the Commitment
Fee Shortfall Obligation of $187,519 was due. The Company elected to satisfy the obligation through the issuance of 11,719,925 shares
of common stock based on a Conversion Price as defined in the SPA 22 of $0.016 per share, which resulted in a reduction of $30,468 from
the Commitment Fee Shortfall Obligation recorded as of February 10, 2023.
The
total Commitment Fee Shortfall Obligation at July 31, 2023 and October 31, 2022 was $0 and $174,462, respectively.
Promissory
Note – SPA 23
On
March 6, 2023, the Company entered into another Securities Purchase Agreement (“SPA 23”) with the Purchaser, pursuant to
which we sold a promissory note in the principal amount of $530,000 (“Note”) to the Purchaser in a private transaction to
for a purchase price of $519,400 (giving effect to original issue discount of $10,600). In connection with the sale of the Note, the
Company also paid the Purchaser’s legal fees and due diligence costs of $15,000, resulting in net proceeds to the Company of $504,400,
which will be used for working capital and other general corporate purposes. The Note bears interest at the rate of 12% per annum. The
Note matured on September 6, 2023 and was paid in full.
Pursuant
to the terms of the SPA 23, the Company paid a commitment fee to the Purchaser (“Commitment Fee”) in the form of 15,000,000
shares of the Company’s common stock (“Commitment Fee Shares”) and issued the Purchaser a Warrant exercisable for
a five-year period to purchase up to 10,000,000 shares of our common stock at a price of $0.06 per share (“Warrant Shares”).
Upon
the closing, the Company recorded a discount of the Promissory Note in the amount of $308,000, consisting of the original issue discount
of $10,600, transaction fees of $15,000, the fair value of the Commitment Fee Shares of $169,500 and the fair value of the Warrant Shares
of $113,000.
The
discount is being amortized over the term of Note. For the three months and nine months ended July 31, 2023, $154,050 and $246,145 of
the total discounts recorded in connection with the issuance of the Note have been amortized.
Pursuant
to the terms of the SPA 23, the Company granted certain piggyback registration rights under the Securities Act of 1933, as amended with
respect to the Conversion Shares, the Warrant Shares and the Commitment Fee Shares.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
IRS PENALTIES
|
9 Months Ended |
Jul. 31, 2023 |
Irs Penalties |
|
IRS PENALTIES |
NOTE
11 – IRS PENALTIES
The
Company’s income tax returns for the periods since inception through the tax year ended October 31, 2015 were not filed with
the Internal Revenue Service (“IRS”) until August 2017 (“Delinquent Filed Returns”). The Company’s
income tax returns for the tax year ended October 31, 2016 were filed with the IRS during December 2017. In connection with
the Delinquent Filed Returns, during the period September 2017 through October 2017, the Company received notices that it was
being assessed approximately $90,000 of penalties, plus interest (“IRS Penalties”), in connection with the late filing of
certain information returns that were included as part of the Delinquent Filed Returns. In connection with the notices, the IRS indicated
its intent to levy property of the Company if the IRS penalties were not paid as required. During January 2018, the Company requested
from the IRS an abatement of the IRS penalties based on reasonable cause. During April 2018, the IRS notified the Company that the
IRS penalties for the tax year ended 2011 of $20,000, plus interest, were abated and the request for abatement for the IRS penalties
for the tax years ended 2012 – 2015 were denied. The Company is currently appealing the initial determination by the IRS to exclude
the IRS penalties for the tax years 2012-2015 in its consideration of abatement and filed a “Request for Collection Due Process
Equivalent Hearing” (“Request”) in September 2021. A hearing was held on June 28, 2022 and the Company is
awaiting the IRS’ determination. During the period that the Request is being reviewed and processed by the IRS, the IRS has agreed
to put a hold on taking any levy action against the Company for the remaining amounts of the IRS Penalties that are still outstanding.
In connection with the notices, the Company has accrued $86,319 and $83,684 of accrued tax penalties and interest on the balance sheet
as of July 31, 2023 and October 31, 2022, respectively.
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v3.23.2
CAPITAL STOCK
|
9 Months Ended |
Jul. 31, 2023 |
Equity [Abstract] |
|
CAPITAL STOCK |
NOTE
12 – CAPITAL STOCK
Common
Stock
Issuances
of Common Stock – Stock-Based Compensation:
On
December 1, 2022, the Company granted 150,000 shares of common stock to an employee as provided for in the employment agreement
valued at $0.03 per share, the closing price of the common stock of the Company on the grant date. The Company recorded $4,500 of stock-based
compensation expense based on the grant date fair value of these shares during the nine months ended July 31, 2023.
On
December 29, 2022, the Company agreed to issue 5,000,000 shares of common stock to a service provider in exchange for the provider
providing discounts of 10% on all services provided retroactive to August 2022. The common stock granted was valued at $100,000
based on the closing price of the common stock of the Company on the date of the agreement of $0.02 per share. The Company recorded $100,000
of stock-based compensation expense based on the grant date fair value of these shares during the nine months ended July 31, 2023.
As
of October 31, 2022, the Company had issued 47,500,000 shares of its common stock for services with an original fair value of $2,140,450
of which $1,248,583 was amortized and the remaining $891,867 of the unamortized compensation costs are to be amortized over their respective
remaining service periods (“Unamortized 2022 Stock Awards”). Included in this amount was unamortized compensation of $545,229
relating to 15,846,576 shares that was forfeited upon resignation of the Company’s former CEO in November 2022. During the nine
months ended July 31, 2023, the Company amortized approximately $347,000 of compensation costs relating to the Unamortized 2022 Stock
Awards. As of July 31, 2023, all of the Unamortized 2022 Stock Awards had been fully amortized or forfeited.
Equity
Line of Credit Commitment:
During
November 2021, the Company entered into an term sheet agreement with Tysadco Partners LLC, a Delaware limited company (“Tysadco”)
whereby Tysadco agreed to provide the Company with a $10,000,000 equity line of credit facility (“ELOC”), subject to many
conditions including the Company determining to proceed with the ELOC, approval and execution of definitive agreements for the ELOC and
the Company subsequently filing a registration statement covering the underlying shares to be sold under the ELOC. The Company was not
obligated to proceed with the ELOC or file a registration statement for the ELOC.
On
September 1, 2022, the Company entered into a Purchase Agreement (the “Purchase Agreement”) with Tysadco and a Registration
Rights Agreement (the “Registration Rights Agreement”) with Tysadco.
Pursuant
to the Purchase Agreement, Tysadco committed to purchase, subject to certain restrictions and conditions, up to $10,000,000 worth of
the Company’s common stock (the “Commitment”), over a period of 24 months from the effectiveness of the registration
statement registering the resale of shares purchased by Tysadco pursuant to the Purchase Agreement (the “Registration Statement”).
Pursuant to the terms of the Registration Rights Agreement, the Company was obligated to use its commercially reasonable efforts to file
a registration statement with the Securities and Exchange Commission within thirty (30) days after the date of such agreement, to register
the resale by Tysadco of the shares of common stock issuable under the Purchase Agreement. On September 2, 2022, the Company filed
the required registration statement and on October 24, 2022, the Registration Statement was declared effective.
The
Purchase Agreement provides that at any time after the effective date of the Registration Statement, from time to time on any business
day selected by the Company (the “Purchase Date”), the Company shall have the right, but not the obligation, to direct Tysadco
to buy the lesser of $1,000,000 in common stock per sale or 500% of the daily average share value traded for the 10 days prior to the
closing request date, at a purchase price of 80% of the of the two lowest individual daily VWAPs during the ten (10) trading days preceding
the draw down or put notice (“Valuation Period”), with a minimum request of $25,000 (“Request”). The payment
for the shares covered by each request notice will occur on the business day immediately following the Valuation Period.
In
addition, Tysadco will not be obligated to purchase shares if Tysadco’s total number of shares beneficially held at that time
would exceed 9.99% of the number of shares of the Company’s common stock as determined in accordance with Rule 13d-1(j) of
the Securities Exchange Act of 1934, as amended. In addition, the Company is not permitted to draw on the Purchase Agreement unless the
Registration Statement covering the resale of the shares is effective.
The
Purchase Agreement also contains customary representations and warranties of each of the parties. The assertions embodied in those representations
and warranties were made for purposes of the Purchase Agreement and are subject to qualifications and limitations agreed to by the parties
in connection with negotiating the terms of the Purchase Agreement. The Purchase Agreement further provides that the Company and Tysadco
are each entitled to customary indemnification from the other for, among other things, any losses or liabilities they may suffer as a
result of any breach by the other party of any provisions of the Purchase Agreement or Registration Rights Agreement. The Company has
the unconditional right, at any time, for any reason and without any payment or liability, to terminate the Purchase Agreement.
Pursuant
to the Purchase Agreement, on December 2, 2022, the Company submitted a put request to Tysadco to purchase 4,456,326 registered
shares at a purchase price of $0.02244, for a total of $100,000 (“Put Request”). On December 5, 2022, Tysadco funded
the Put Request and the Company issued 4,456,326 shares to Tysadco. The proceeds from the share sale are being used for working capital
and general corporate purposes.
Shares
Repurchased – Settlement of Litigation:
As
described in Note 14, effective October 13, 2022, the Company settled a lawsuit by agreeing to repurchase 24,800,001
shares of common stock for $500,000
which was recorded as a liability at October 31, 2022. The shares repurchased were transferred to the Company on February 2. 2023 and redeposited back into the Company’s treasury
of authorized and unissued shares on February 3, 2023.
Shares
Issued – SPA 23:
As
described in Note 10, in connection with the issuance of the Note on March 6, 2023, the Company issued the Purchaser’s 15,000,000
commitment shares of the Company’s common
stock valued at $169,500
based on the closing price of the common stock
of the Company on the date of the agreement of $0.0113
per share.
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- DefinitionThe entire disclosure for equity.
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v3.23.2
WARRANTS
|
9 Months Ended |
Jul. 31, 2023 |
Warrants |
|
WARRANTS |
NOTE
13 – WARRANTS
A
summary of warrant activity for the nine months ended July 31, 2023 are presented below:
Summary of warrant activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of Shares |
|
|
Weighted-average Exercise
Price |
|
|
Remaining Contractual Term
(years) |
|
|
Aggregate Intrinsic
Value |
|
Outstanding
at October 31, 2022 |
|
|
429,800,000 |
|
|
$ |
0.02 |
|
|
|
9.63 |
|
|
$ |
2,440,110 |
|
Granted |
|
|
143,000,000 |
|
|
$ |
0.02 |
|
|
|
5.00 |
|
|
$ |
- |
|
Exercised |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
Expired/Forfeited |
|
|
(63,000,000 |
) |
|
$ |
0.03 |
|
|
|
8.71 |
|
|
$ |
- |
|
Outstanding
at July 31, 2023 |
|
|
509,800,000 |
|
|
$ |
0.02 |
|
|
|
7.78 |
|
|
$ |
678,000 |
|
Exercisable
at July 31, 2023 |
|
|
379,235,997 |
|
|
$ |
0.02 |
|
|
|
8.67 |
|
|
$ |
59,486 |
|
As
described in Note 10, in connection with the issuance of the Note on March 6, 2023, the Company issued the Purchaser’s 10,000,000
commitment Warrant Shares exercisable for a five-year period at a price of $0.06 per share. The Company valued the warrants on the dates
of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate
3.98%, (2) term of 5 years, (3) expected stock volatility of 169%, and (4) expected dividend rate of 0%. All of the warrants vested immediately.
The grant date fair value of the warrants issued was $113,000. The Company recorded $113,000 as a loan discount which is being amortized
over the term of the Note.
As
described in Note 14, effective June 1, 2023, the Company issued Dr. Leider a warrant to purchase an aggregate of 57,000,000 shares of
common stock in connection with Dr. Leider’s employment agreement. The warrant is exercisable for $0.012 per share (the closing
price of the Company’s common stock on the date of grant), until the fifth anniversary date of the date of issuance. The Company
valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions:
(1) risk free interest rate 3.7%, (2) term of 5 years, (3) expected stock volatility of 168%, and (4) expected dividend rate of 0%. The
warrant vests in equal quarterly installments over a three-year period. The grant date fair value of the warrants issued was $684,000.
The Company recorded $38,000 of stock-based compensation expense for the three months and nine months ended July 31, 2023 based on the
fair value of these warrants on the grant date.
As
described in Note 14, effective June 1, 2023, the Company issued Dr. Golub a warrant to purchase an aggregate of 50,000,000 shares of
common stock in connection with Dr. Golub’s employment agreement. The warrant is exercisable for $0.012 per share (the closing
price of the Company’s common stock on the date of grant), until the fifth anniversary date of the date of issuance. The Company
valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions:
(1) risk free interest rate 3.7%, (2) term of 5 years, (3) expected stock volatility of 168%, and (4) expected dividend rate of 0%. The
warrant vests in equal quarterly installments over a one-year period. The grant date fair value of the warrants issued was $600,000.
The Company recorded $100,000 of stock-based compensation expense for the three months and nine months ended July 31, 2023 based on the
fair value of these warrants on the grant date.
As
described in Note 14, effective July 12, 2023, the Company issued Ms. Swartz a warrant to purchase an aggregate of 26,000,000 shares
of common stock in connection with Ms. Swartz’s employment agreement. The warrant is exercisable for $0.0114 per share (the closing
price of the Company’s common stock on the date of grant), until the fifth anniversary date of the date of issuance. The Company
valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions:
(1) risk free interest rate 4.1%, (2) term of 5 years, (3) expected stock volatility of 167%, and (4) expected dividend rate of 0%. The
warrant vests over a three-year period. The grant date fair value of the warrants issued was $296,400. The Company recorded $4,117 of
stock-based compensation expense for the three months and nine months ended July 31, 2023 based on the fair value of these warrants on
the grant date.
As
of October 31, 2022, the Company had issued warrants to purchase 347,150,000 shares of its common stock for services with a fair
value of $7,293,975 of which $573,250 was amortized and the remaining $6,720,725 of the unamortized compensation costs are to be amortized
over their respective remaining service periods (“Unamortized 2022 Warrants”). Included in this amount was unamortized compensation
of $620,903 relating to 21,000,000 warrants that were forfeited upon resignation of the warrant holders during the nine months ended
July 31, 2023. During the nine months ended July 31, 2023, the Company amortized approximately $1,815,800 of compensation costs relating
to the Unamortized 2022 Warrants. As of July 31, 2023, there was approximately $4,241,100 of unamortized compensation of the Unamortized
2022 Warrants that will be amortized over their respective remaining service periods.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Jul. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
14 – COMMITMENTS AND CONTINGENCIES
Executive
Employment Agreements
The
Company is party to executive employment agreements with each of Ian T. Bothwell (our Chief Financial Officer), Dr. Maria Ines Mitrani
(our former Chief Science Officer) (see below) and Albert Mitrani, our former Executive Vice President of Sales) (see below), originally
executed in April 2018 and subsequently amended (the “Executive Employment Agreements”). As amended, the Executive
Employment Agreements provide for a term expiring on December 31, 2025 and a base annual salary of $300,000 and specified expense
reimbursement allowances. They also contain customary confidentiality and non-competition provisions.
Pursuant
to the terms of the SPA, the Executive Employment Agreements were further amended on August 19, 2022 and February 9, 2023 as follows:
|
1. |
Each
of Albert Mitrani, Dr. Maria Ines Mitrani and Ian Bothwell amended their respective employment agreements providing for (a) setting
their respective base salaries at $300,000 per annum; (b) limits on cell phone, automobile and other monthly allowances; (b) elimination
of any compensation associated with commissions, fixed bonus, increases to base salary (based on revenue milestones), and/or tax
make-whole provisions associated with equity grants; and (c) deletion of change in control provisions. |
In
the February 9, 2023 amendment, each of Albert Mitrani, Dr. Maria Ines Mitrani and Ian Bothwell agreed to a reduction in each executive’s
annual salary to $150,000 per year effective December 15, 2022 in the case of Dr. Mari Mitrani and Albert Mitrani and November 30, 2022
in the case of Mr. Bothwell. The reduction will remain in effect through such time that net revenues from operations are breakeven when
calculating the salaries of all three executives without the agreed upon reductions (“Salary Reduction Period”). There is
no obligation of the Company to repay that portion of Base Salary that has been reduced during the Salary Reduction Period.
|
2. |
Albert
Mitrani and Dr. Maria Ines Mitrani each waived all accrued but unpaid compensation outstanding as of July 31, 2022. The Company,
Albert Mitrani and Dr. Maria Ines Mitrani also agreed to terminate the leases with Mariluna LLC for use of Albert Mitrani’s
and Mari Mitrani’s Miami, FL and Aspen, Colorado homes, retroactive to July 13, 2022. The Company wrote off the related ROU
asset and lease liability as of the Closing Date. The balance of unpaid and accrued compensation that was forgiven by Albert Mitrani
and Dr. Maria Ines Mitrani totaling $430,200 and $563,455 (reduced for $22,500 of security deposits that were retained by Mariluna
LLC upon termination of leases), respectively, was recorded as additional paid in capital as of October 31, 2022. |
|
3. |
Ian
Bothwell waived all unpaid and accrued compensation outstanding as of July 31, 2022, in exchange for ten-year warrants to purchase
30,000,000 Shares at an exercise price of $0.02 per Share, exercisable on a “cashless basis” and a cash payment of $50,000
at Closing. The Company and Mr. Bothwell also agreed that rental and other office costs associated with the California office currently
used by him will not be reimbursed after October 31, 2022. The balance of unpaid and accrued compensation that was forgiven by Mr.
Bothwell totaling $455,478, was recorded as additional paid in capital as of October 31, 2022. |
|
4. |
Each
of Albert Mitrani, Dr. Maria Ines Mitrani, Ian Bothwell and all other recipients agreed to terminate all awards granted but not yet
issued under the Company’s Management and Consultant Performance Plan. |
|
5. |
Each
of Albert Mitrani, Dr. Maria Ines Mitrani and Ian Bothwell agreed to modify severance compensation provisions to be paid upon termination
to only occur upon a termination without cause in an amount equal to one month’s base salary for each year of service. |
In
connection with the February 9, 2023 amendment to the Executive Employment Agreements, Mr. Bothwell and Mr. Mitrani also agreed to repay
approximately $44,600 and $84,300, respectively, of previously reimbursed expenses to the Company and the Company and the executives
exchanged mutual releases.
On
April 28, 2023, the Company terminated Dr. Maria Ines Mitrani as its Chief Scientific Officer and contemporaneously terminated her employment
agreement with the Company.
On
May 12, 2023, the Company terminated Albert Mitrani as its Executive Vice President of Sales and contemporaneously terminated his employment
agreement with the Company.
As
of July 31, 2023, the Company reserved the remaining amounts due of $44,600 and $75,900
against the amounts due from Mr. Bothwell and Mr. Mitrani, respectively.
As
of July 31, 2023 and October 31, 2022, the total amounts due from related parties were $0 and $128,939, respectively, and is included
in receivables from related party in the accompanying consolidated balance sheets.
Resignation
Of Matthew Sinnreich
On
July 21, 2022 (“Effective Date”), Matthew Sinnreich was appointed by the Board of Directors to the position of Chief
Operating Officer and Acting Chief Executive Officer.
On
the Effective Date, Organicell and Mr. Sinnreich entered into a term sheet (the “Term Sheet”) setting forth in principle
the terms of Mr. Sinnreich’s employment agreement with and compensation by the Company. The Term Sheet was subject to the negotiation
and execution of a definitive employment agreement embodying the provisions of the Term Sheet, as well as customary terms and conditions
for an executive employment agreement (the “Employment Agreement”). The parties agreed to use their respective commercial
best efforts to negotiate and execute the Employment Agreement.
In
connection with the Term Sheet, as an inducement for Mr. Sinnreich to join the Company, Mr. Sinnreich was issued 10,000,000 shares of
restricted common stock (“Inducement Shares”) and ten-year warrants to purchase 40,000,000 shares at a price of $0.034 per
share, exercisable on a “cashless” basis (“Inducement Warrants”. The foregoing Inducement Shares and Inducement
Warrants vested immediately upon issuance.
During
the first year of the Initial Term, Mr. Sinnreich was to be compensated by the issuance of 24,000,000 shares of Organicell’s common
stock, which were to vest in equal monthly installments of 2,000,000 shares each (“Salary Shares”). During the second year
of the Initial Term, Mr. Sinnreich was to be entitled to receive a base salary of $25,000 per month, payable in cash or shares of Organicell’s
common stock, at his election.
On
September 13, 2022, Mr. Sinnreich assumed the position of President and Acting Chief Executive Officer. He subsequently resigned
from the Company on November 22, 2022. During the period November 1, 2022 through November 22, 2022 and as of November 22, 2022,
a total of 1,446,575 and 8,153,424 of the Salary Shares were vested, respectively.
In
July 2023, Mr. Sinnreich paid the Company $50,000
and returned to the Company 34,000,000 shares
and warrants to purchase 40,000,000
shares. The total amount of shares returned to
the Company of 34,000,000
were redeposited back into the Company’s
treasury of authorized and unissued shares on July 19, 2023.
Chief
Executive Officer, Chief Science Officer and Chief Products Officer
On
June 6, 2023, our board of directors appointed Harry Leider, M.D., M.B.A., as Chief Executive Officer and a member of the board
of directors and Howard J. Golub, M.D., as Executive Vice President and Chief Science Officer. Ian T. Bothwell, who has served as Interim
Chief Executive Officer since November 2022, in addition to his position as Chief Financial Officer will continue in his Chief Financial
Officer role. On July 12, 2023, our board of directors appointed Jill Swartz, as Chief Products Officer.
Dr.
Leider’s employment agreement provides for a base salary of $325,000 per year and the grant of an option under Organicell’s
Equity Incentive Plan (“Incentive Plan”) to purchase 57,000,000 shares of our common stock at a price of $0.012 per share
(fair market value on the date of grant) (“Leider Option”). The Leider Option vests in equal quarterly installments over
a three-year period, contingent upon Dr. Leider’s continued employment with the Company and expires five years from the date of
grant. The vesting of the Leider Option is accelerated in the event of a change in control of the Company (as described in the employment
agreement) or if the Company achieves certain market cap valuations.
Dr.
Leider shall also be entitled to earn a commission of ten percent (10%) of the net profit (sales less cost of goods sold) generated by
the sale of any of the Company’s biologic products sold directly by him solely from sources generated by him alone.
Dr.
Leider’s employment with the Company is “At Will” meaning that his employment with the Company and his employment
agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without “Cause”
(as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Dr. Leider’s employment without
Cause or Dr. Leider terminates his employment with the Company for “Good Reason” (as defined in the Agreement), Dr. Leider
will be entitled to receive an amount equal to one year’s salary as severance, less the value of the Leider Option as vested on
the date of termination, as calculated by subtracting the market price for the shares underlying the option as of the date of termination,
less the exercise price for such shares, provided further, that the combined amount of the severance payment and market value of the
Leider Option shall not be less than $200,000. In such circumstance he will also be entitled to receive a pro-rated share of any bonus
earned for the year in which the termination takes place.
Dr.
Golub’s employment agreement provides for a base salary of $150,000 per year. Dr. Golub will not be a full-time employee, but
rather will devote such amount of his working time as the Company deems reasonably necessary to fulfill his duties thereunder (estimated
to be approximately ½ his working time). Dr. Golub will perform his duties remotely from his residence, with travel, as required
by his position. He will be permitted to continue serving as a Principal of Care-Safe, LLC.
Dr.
Golub is also granted an option under the Incentive Plan to purchase 50,000,000 shares of our common stock at a price of $0.012 per share
(fair market value on the date of grant) (“Golub Option”). The Golub Option vests in equal quarterly installments over a
one-year period, contingent upon Dr. Golub’s continued employment with the Company and expires five (5) years from the date of
grant.
Dr.
Golub’s employment with the Company is “At Will” meaning that his employment with the Company and his employment
agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without “Cause”
(as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Dr. Golub’s employment without
Cause or Dr. Golub terminates his employment with the Company for “Good Reason” (as defined in the Agreement), Dr. Golub
will be entitled to receive an amount equal to one year’s base salary as severance. He will also be entitled to receive a pro-rated
share of any bonus earned for the year in which the termination takes place.
Ms.
Swartz’s employment agreement provides for a base salary of $215,000 per year and the grant of an option under Organicell’s
Equity Incentive Plan (“Incentive Plan”) to purchase 26,000,000 shares of our common stock at a price of $0.012 per share
(fair market value on the date of grant) (“Swartz Option”). The Swartz Option vests one-third (1/3) on the first anniversary
of the employment agreement. The remaining portion will vest in equal quarterly installments during the second and third year of the
employment agreement, contingent upon Ms. Swartz’s continued employment with the Company and expires five years from the date
of grant.
Ms.
Swartz’s employment with the Company is “At Will” meaning that her employment with the Company and her employment
agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without “Cause”
(as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Ms. Swartz’s employment without
Cause or Ms. Swartz terminates her employment with the Company for “Good Reason” (as defined in the Agreement), Ms. Swartz
will be entitled to receive an amount equal to one year’s base salary as severance.
All
the above employment agreements contain customary confidentiality, non-competition and non-solicitation covenants.
Consultant
Agreements
Preparation
of IRB, Pre-IND, IND Protocols for Clinical Applications and Clinical Trial Initiation and Monitoring:
In
connection with the Company’s ongoing research and development efforts and the Company’s efforts to meet compliance with
current and anticipated United States Food and Drug Administration (“FDA”) regulations pertaining to marketing traditional
biologics and human cells, tissues and cellular and tissue based products that fall under Section 351 of the Public Health Services
Act (“HCT/Ps”), the Company has applied for and received Investigation New Drug (“IND”) approval from the FDA
to commence clinical trials in connection with the use of the Company’s products and related treatment protocols for specific
indications. The ability to successfully complete the above efforts will be dependent on the actual outcomes in connection with the use
of the Company’s products and related treatment protocols for each clinical trial, the Company’s ability to timely enroll
patients and fund the required payments and complete the applicable clinical trials, which is subject to available working capital generated
from operations, financing arrangements with the third-party vendors involved in the studies and/or from additional debt and/or equity
financings as well as the ultimate approval from the FDA.
New
CRO Agreements
During
August 2021, October 2021, and December 2021, the Company entered into agreements with a new CRO to provide ongoing clinical
research and related services in connection with two of the Company’s approved clinical research trials (“New CRO Agreements”).
On August 23, 2022 the New CRO Agreements were amended. In connection with the New CRO Agreements, the Company is obligated to make
aggregate payments to the CRO of approximately $1,443,000 plus estimated aggregate pass-through costs and other third-party direct costs
of approximately $495,000 (“Pass-Through Costs”) as well as site and patient related costs. The Company is obligated to
make the CRO payments based on the actual costs incurred over the term of the clinical trial beginning on the commencement of the work
by the CRO in connection with the applicable clinical trial and the payments for the pass-through costs and other third-party direct
costs as well as site and patient related costs are paid in accordance with completion of agreed upon milestones.
As
of July 31, 2023, the Company has been billed a total of approximately $1,430,900 in connection with the Proxima Agreements, Pass-Through
Costs and Site related costs, respectively, of which approximately $653,300 was outstanding as of July 31, 2023.
Legal
Matters
SEC
Matter
On
June 17, 2021, Organicell received a subpoena dated June 14, 2021, from the Atlanta Regional Office of the SEC requiring the
production of certain documents and communications in connection with the treatment and results of various COVID-19 patients, as discussed
in the Company’s Current Reports on Form 8-K filed with the SEC during the period from May 27, 2020 through May 11,
2021. The Company is fully cooperating with the SEC’s investigation and believes that it will be able to provide all of the information
requested by the SEC. The Company can make no assurances as to the time or resources that will need to be devoted to this investigation
or its final outcome, or the impact, if any, of this investigation or any proceedings on the Company’s current business, financial
condition, results of operations, cash flows, or the Company’s future operations.
Daniel
Pepock and Tracy Yourke
The
Company terminated the employment agreements with the Sales Executives Daniel Pepock (“Pepock”) and Tracy Yourke (“Yourke”)
effective June 30, 2022.
On
June 6, 2022, Pepock filed a Complaint against Organicell Regenerative Medicine, Inc. (“Organicell”) in the Court of
Common Pleas of Westmoreland County, Pennsylvania. Organicell removed the case to the United States District Court for the Western District
of Pennsylvania, and on July 15, 2022 Mr. Pepock filed an Amended Complaint asserting two counts.
On
June 27, 2022, Ms. Yourke filed a complaint against Organicell in the State of Michigan, 6th Judicial Circuit, County
of Oakland. Organicell removed the case to the United States District Court for the Eastern District of Michigan, Southern Division,
and on August 10, 2022 Ms. Yourke filed an Amended Complaint asserting three counts.
As
of July 31, 2022, all past due wages to Pepock and Yourke were paid.
Mr.
Pepock’s action against Organicell was designated for placement into the United States District Court’s Alternative Dispute
Resolution program and the Parties agreed to mediate. On August 22, 2022, Mr. Pepock, Ms. Yourke and Organicell agreed to a material
settlement term sheet (“Settlement”) which provided for the resolution and full settlement and release of all claims among
the parties and for the Company to buy back all of the shares of common stock of the Company issued to and owned by Mr. Pepock and Ms.
Yourke at the time of the Settlement (represented by Mr. Pepock and Ms. Yourke to be in excess of 24,800,000 shares) in exchange for
a payment by the Company of $500,000 (“Purchase Price”). In addition, the Company agreed to release Mr. Pepock and Ms. Yourke
from their non-compete restrictions upon transfer of the shares to the Company. The Settlement relates to disputed claims and nothing
therein shall be construed as an admission of liability or wrongdoing by the Company or any other party.
Effective
October 13, 2022, the parties executed a Confidential Settlement Agreement and Mutual General Release memorializing the terms of
the Settlement. Under the terms of the Settlement, the Company agreed to repurchase 24,800,001 shares of common stock for $500,000.
The
shares repurchased were transferred to the Company on February 2. 2023. The shares repurchased were redeposited back into the Company’s
treasury of authorized and unissued shares on February 3, 2023. As a result of the above, the matter has been fully settled and Mr. Pepock
and Ms. Yourke were released from their non-compete restrictions.
Albert
Mitrani and Dr. Maria Ines Mitrani
On
June 7, 2023, Organicell filed a four-count complaint with the Seventeenth Judicial Circuit in and for Broward County, Florida against
Albert Mitrani and Dr. Maria Ines Mitrani, co-founders of the Company. Albert Mitrani was a former director and executive officer of
the Company (most recently serving as Chief Executive Officer from September 2019 to July 2022 and as Executive Vice President of Sales
from July 2022 until his termination in May 2023) and Dr. Mitrani is a former director and former executive officer of the Company (serving
as Chief Science Officer from November 2016 until her termination in April 2023). The complaint alleges (i) breach of contract; (ii)
breach of fiduciary duty; and (iii) tortious interference with business relationships; and seeks injunctive relief, in connection with,
inter alia, non-solicitation and non-competition violations, misappropriation of Organicell materials and proprietary information
resulting in unjust enrichment, causing detriment to business relationships and goodwill towards customers and physicians, self-dealing
and misconduct afoul to Organicell’s business interests as members of Organicell’s board of directors, executive officers
and minority equity interest holders—all causing irreparable harm to Organicell. The complaint seeks injunctive relief, in addition
to both compensatory and punitive damages.
Other
In
addition to the foregoing, from time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary
course of business. Litigation is subject to inherent uncertainties, and an adverse result in any such matter may harm our business.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.2
SUBSEQUENT EVENTS
|
9 Months Ended |
Jul. 31, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
16 – SUBSEQUENT EVENTS
Sale
Of Basalt Lab Assets
Effective,
August 7, 2023, the Company sold the Basalt Lab to a non-affiliated third-party purchaser (“Purchaser”). The transaction
included the assignment of the Basalt Lab Lease (as defined in Note 7) and the lease for certain laboratory equipment and the sale of
all leasehold improvements associated with the Basalt Lab and inventory. The purchase price paid by Purchaser was $1,250,000 plus the
assumption by Purchaser of all remaining financial and other obligations under the leases for the Basalt Lab premises and certain laboratory
equipment. In addition, Organicell and Purchaser entered into a distribution agreement, pursuant to which Purchaser will become a non-exclusive
distributor of Organicell’s products and a commission agreement, pursuant to which Organicell may become entitled to certain payments
from Purchaser in connection with transactions by it with specified third parties.
Private
Offering
During
August 2023, the Company sold 2.9 Units (“Units”) to 4 investors in a private offering at a purchase price of $250,000
per Unit for an aggregate purchase price of $725,000.
Each Unit consists of (a) a $250,000
in principal amount 8%
Convertible Promissory Note due September 30, 2026 (the “Note”); and (b) 1,562,500
common stock purchase warrants (the “Warrants”), each entitling the holder to purchase one share of common stock,
$0.001
par value (“Shares”) at an exercise price of $0.10
for a period of five years from the date of issuance.
Interest
on the Notes is payable annually and together with the principal amount on the Maturity Date.
The
Notes may be prepaid by the Company, in whole, but not in part, at any time prior to the Maturity Date, subject to payment of a premium
of 10%, provided that the Company gives the holders fifteen (15) business notice prior to prepayment, during which period, Investors
may elect to convert the Notes and accrued but unpaid interest thereon into Shares at a conversion price equal to 80% of the average
of the daily VWAP of the Shares (as defined in the Note) for twenty consecutive (20) trading days ending on the date the Company gives
the holders of the Notes notice of prepayment.
Holders
of the Notes will have the right, at any time during the period commencing on April 1, 2024 and ending on the earliest to occur of the
Maturity Date, the date of a Prepayment or the date of an automatic conversion, to convert the Note in whole, but not in part, and accrued
interest thereon into Shares at a conversion price equal to 80% of the average of the daily VWAP of the Shares (as defined in the Note)
for twenty consecutive (20) trading days ending on the date the investor gives the Company a notice of conversion, subject to a minimum
conversion price of $0.03 per Share.
In
addition, the Notes and accrued but unpaid interest thereon will automatically convert into Shares in the event that prior to the Maturity
Date, the Company consummates a “Qualified Financing” or a “Qualified Sale” (as defined in the Note) at a conversion
price equal to 80% of the offering price of Shares sold in the Qualified Financing or 80% of the purchase price per Share to be received
by stockholders following consummation of a Qualified Sale.
The
securities were offered and sold in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended
(the “Securities Act”), pursuant to the exemptions from registration afforded by Rule 506(b) of Regulation D under the Securities
Act.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Jul. 31, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying condensed consolidated financial statements are unaudited and include the accounts of the Company and its wholly-owned subsidiaries.
All significant intercompany accounts and transactions have been eliminated. In the opinion of management, the condensed unaudited consolidated
financial statements contain all adjustments, including normal recurring adjustments, necessary to present fairly the Company’s
financial position as of July 31 2023, the results of its operations for the three and nine months ended July 31, 2023 and 2022 and the
cash flows for the nine months ended July 31, 2023 and 2022.
Certain
information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been omitted pursuant to the rules and regulations of the Securities Exchange
Commission, although we believe that the disclosures made are adequate to make the information not misleading. These unaudited consolidated
financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended October 31, 2022 filed with
the Securities and Exchange Commission.
|
Concentrations of Risk |
Concentrations
of Risk
Credit
Risk
The
balance sheet items that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents and accounts
receivable. Balances in accounts are insured up to Federal Deposit Insurance Corporation (“FDIC”) limits of $250,000 per
institution. At July 31, 2023, the Company held a total of approximately $14,300 of cash balances in one financial institution in excess
of FDIC insurance coverage limits.
Major
Customer
During
the nine months ended July 31, 2023, the Company sold products and services totaling approximately $880,300 (28.1%) to a large distributor
and the distributor’s customers and approximately $447,600 (14.3%) to customers of another distributor and the distributor’s
customers.
During
the nine months ended July 31, 2022, the Company sold products and services totaling approximately $1,736,000 (34.4%) to a large distributor
and the distributor’s customers and approximately $1,215,000 (24.1%) to customers of another distributor and the distributor’s
customers.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted accounting principles of the United States 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 revenues and expenses during the year. Management bases
its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual
results may differ from the estimates.
Those
estimates and assumptions include estimates for credit loss reserves for accounts receivable, assumptions used in valuing inventories
at net realizable value, impairment testing of recorded long-term tangible and intangible assets, the valuation allowance for deferred
tax assets, accruals for potential liabilities, assumptions made in valuing stock instruments issued for services, and assumptions used
in valuing warrant liabilities, and assumptions used in the determination of the Company’s liquidity.
|
Cash Equivalents |
Cash
Equivalents
The
Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.
|
Accounts Receivable |
Accounts
Receivable
Accounts
receivable are recorded at net realizable value on the date revenue is recognized. The Company provides allowances for doubtful accounts
for estimated losses resulting from the inability of its customers to pay their obligation. If the financial condition of the Company’s
customers were to deteriorate, resulting in an impairment of their ability to repay, additional allowances may be required. The Company
provides for potential uncollectible accounts receivable based on specific customer identification and historical collection experience
adjusted for existing market conditions.
The
policy for determining past due status is based on the contractual payment terms of each customer, which are generally net 30 or net
60 days. Once collection efforts by the Company and its collection agency are exhausted, the determination for charging off uncollectible
receivables is made. For the nine months ended July 31, 2023 and 2022, the Company did not record any bad debt expense.
|
Inventory |
Inventory
Inventory
is stated at the lower of cost or net realizable value using the average cost method. The Company provides reserves for potential excess,
dated or obsolete inventories based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders,
as well as product shelf life. At July 31, 2023 and October 31, 2022, the Company determined that there were not any reserves required
in connection with our inventory.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful
lives of the related assets. The estimated useful lives of property and equipment range from 3 to 15 years. Upon sale or retirement,
the cost and related accumulated depreciation and amortization are eliminated from their respective accounts, and the resulting gain
or loss is included in results of operations. Repairs and maintenance charges, which do not increase the useful lives of the assets,
are charged to operations as incurred.
|
Non-marketable Securities |
Non-marketable
Securities
Non-marketable
securities consist of equity investments in privately-held companies, which are classified as other assets on the consolidated balance
sheets. These non-marketable equity securities do not have readily determinable fair values. Under the measurement alternative election,
the Company accounts for these non-marketable securities at cost and adjusted for observable price changes in orderly transactions for
the identical or similar investments of the same issuer or upon impairment and are not eligible for the net-asset-value practical expedient
from fair value measurement. The measurement alternative election is reassessed each reporting period to determine whether the non-marketable
securities continue to be eligible for this election.
The
Company periodically evaluates its non-marketable securities for impairment when events and circumstances indicate that the carrying
amount of the investment may not be recovered. Impairment indicators may include, but are not limited to, a significant deterioration
in earnings performance, credit rating, asset quality or business outlook or a significant adverse change in the regulatory, economic,
or technological environment.
Under
current U.S. GAAP, equity investments without readily determinable fair values are reported at cost minus impairment. However, impairment
losses are recognized only if they are considered other-than- temporary.
|
Leasehold Improvements |
Leasehold
Improvements
Leasehold
improvements in excess of $1,000 that are made in connection with leases having a term of more than 12 months are capitalized by the
Company and amortized over the shorter of the useful life of the asset or the remaining lease periods and renewals that are deemed to
be reasonably certain at the date the leasehold improvements are purchased. Costs associated with leasehold improvements that do not
exceed $1,000 are expensed as incurred.
|
Revenue Recognition |
Revenue
Recognition
The
Company follows the guidance of FASB Accounting Standards Update (“ASU”) Topic 606 “Revenue from Contracts with Customers”
which requires the Company to recognize revenue in amounts that reflect the prorata completion of the performance obligations of the
Company required under the contracts.
The
Company recognizes revenue only when it transfers control of a promised good or service to a customer in an amount that reflects the
consideration it expects to receive in exchange for the good or service. Our performance obligations are satisfied and control is transferred
at a point-in-time, which is typically when the transfer and title to the product sold has taken place and there is evidence of our customer’s
satisfactory acceptance of the product shipment or delivery except in those instances when the customer has made prior arrangements with
the Company to store the product purchased by the customer at the Company’s facilities that is to be delivered at a later date
to be designated by the customer.
|
Net Income (Loss) Per Common Share |
Net
Income (Loss) Per Common Share
Basic
income (loss) per common share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted
average number of fully vested common shares outstanding during the period. Diluted earnings per share is calculated by dividing the
Company’s net income available to common shareholders by the diluted weighted average number of fully vested shares outstanding
during the year. The diluted weighted average number of shares outstanding is the basic weighted average number of shares adjusted for
any potentially dilutive debt or equity instruments.
At
July 31, 2023, the Company had 509,800,000 common shares issuable (379,235,997 common shares vested as of July 31, 2023) upon the exercise
of warrants that were not included in the computation of dilutive loss per share because their inclusion is anti-dilutive for the nine
months ended July 31, 2023. At July 31, 2022, the Company had 49,500,000 common shares issuable upon the exercise of warrants and unpaid
Original Base Salary and Incremental Salary that could be convertible into approximately 61,967,000 common shares that were not included
in the computation of dilutive loss per share because their inclusion is anti-dilutive for the nine months ended July 31, 2022.
|
Stock-Based Compensation |
Stock-Based
Compensation
The
Company periodically issues stock options and stock awards to employees and non-employees in non-capital raising transactions for services
and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby
the value of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line basis
over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had
paid cash for the services. The Company recognizes the fair value of stock-based compensation within its Statements of Operations with
classification depending on the nature of the services rendered.
The
fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain
assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future
dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based
on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense
recorded in future periods.
|
Research and Development Costs |
Research
and Development Costs
Research
and development costs consist of direct and indirect costs associated with the development of the Company’s technologies. These
costs are expensed as incurred. Our research and development expenses were approximately $334,600 and $111,600 for the three months ended
July 31, 2023 and 2022, respectively. Our research and development expenses were approximately $937,700 and $664,500 for the nine months
ended July 31, 2023 and 2022, respectively. The research and development costs primarily relate to the filing and approval of IND applications
and the performance of clinical trials.
|
Income Taxes |
Income
Taxes
The
Company files a consolidated tax return that includes all of its subsidiaries.
Provisions
for income taxes are based on taxes payable or refundable for the current year taxable income for federal and state income tax reporting
purposes and deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized
for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their respective tax basis and operating loss carryforwards. Deferred income tax expense represents the change during the period
in the deferred tax assets and deferred tax liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected
to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred
tax assets and liabilities of a change in tax rates is recognized in the results of the operations in the period that includes the enactment
date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some
or all of the deferred tax assets will not be realized.
The
Company accounts for uncertain tax positions in accordance with FASB Topic 740 – Income Taxes. This pronouncement prescribes a
recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be
taken in a tax return. The interpretation also provides guidance on recognition, derecognition, classification, interest and penalties,
accounting in interim period, disclosure and transition.
For
the three months and nine months ended July 31, 2023 and 2022 the Company incurred operating losses, and therefore, there was not any
income tax expense amount recorded during those periods. There is a full valuation allowance established for the tax benefit associated
with the net losses for the three months and nine months ended July 31, 2023 and 2022.
|
Valuation of Derivatives |
Valuation
of Derivatives
The
Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components
of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.”
The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded
as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of
operations as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value
at the conversion date and then that fair value is reclassified to equity. Equity instruments that are initially classified as equity
that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the
reclassification date.
|
Sequencing |
Sequencing
The
Company has adopted a sequencing policy whereby, in the event that reclassification of contracts from equity to assets or liabilities
is necessary pursuant to ASC 815 due to the Company’s inability to demonstrate it has sufficient authorized shares, shares will
be allocated on the basis of the earliest issuance date of potentially dilutive instruments, with the earliest grants receiving the first
allocation of shares.
The
Company currently has 2,500,000,000 authorized shares of common stock of which 1,456,696,392 shares are issued and outstanding as of
September 13, 2023. The Company expects that it will continue to issue common stock in the future in connection with debt and/or equity
financings, transactions with third parties, performance incentives and as compensation to its employees. Currently the amount of authorized
shares is sufficient to provide for the additional shares that the Company may be contingently obligated to issue under existing arrangements.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company includes fair value information in the notes to financial statements when the fair value of its financial instruments is different
from the book value. When the book value approximates fair value, no additional disclosure is made.
The
Company follows FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring
fair value and enhances disclosures about fair value measurements. It defines fair value as the exchange price that would be received
for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability
in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which
requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The
Company’s financial instruments consist of cash and cash equivalents, accounts payable, accrued liabilities and convertible debt.
The estimated fair value of cash, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term nature
of these instruments.
The
Company follows the provisions of ASC 820 with respect to its financial instruments. As required by ASC 820, assets and liabilities measured
at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.
Level
one — Quoted market prices in active markets for identical assets or liabilities;
Level
two — Inputs other than level one inputs that are either directly or indirectly observable such as quoted prices for similar
assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable
market data for substantially the full term of the assets or liabilities; and
Level
three — Unobservable inputs that are supported by little or no market activity and developed using estimates and assumptions,
which are developed by the reporting entity and reflect those assumptions that a market participant would use.
The
fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value.
Determining
which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures
each quarter.
The
Company did not have any convertible instruments outstanding at July 31, 2023 and October 31, 2022 that qualify as derivatives.
|
Operating Lease Obligations |
Operating
Lease Obligations
Under
the provisions of Accounting Standards Update (ASU) No. 2016-02 (Topic 842) (“ASC 842”), the Company recognizes a right
of use (“ROU”) asset and corresponding lease liability for all operating leases upon commencement of the lease.
The
Company’s policy is to treat operating leases that have a term of one year or less at lease commencement date and do not include
a purchase option that is reasonably certain of exercise, consistent with the lease recognition approach as previously outlined under
ASC 840. In addition, month to month leases which do not involve additional financial commitments on the part of the Company are also
treated consistent with the lease recognition approach as previously outlined under ASC 840. The Company has established a capitalization
threshold of $15,000 in determining whether any future operating leases will be capitalized.
|
Subsequent Events |
Subsequent
Events
The
Company has evaluated subsequent events that occurred after July 31, 2023 through the financial statement issuance date for subsequent
event disclosure consideration.
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v3.23.2
INVENTORIES (Tables)
|
9 Months Ended |
Jul. 31, 2023 |
Inventory Disclosure [Abstract] |
|
Schedule of inventories |
Schedule of inventories |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Raw
materials and supplies |
|
$ |
118,478 |
|
|
$ |
85,096 |
|
Finished
goods |
|
|
139,062 |
|
|
|
163,414 |
|
Total
inventories |
|
$ |
257,540 |
|
|
$ |
248,510 |
|
|
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v3.23.2
PROPERTY AND EQUIPMENT (Tables)
|
9 Months Ended |
Jul. 31, 2023 |
Property, Plant and Equipment [Abstract] |
|
Schedule of property and equipment |
Schedule of property and equipment |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Computer
equipment |
|
$ |
- |
|
|
$ |
26,881 |
|
Finance
lease equipment |
|
|
544,378 |
|
|
|
544,378 |
|
Manufacturing
equipment |
|
|
619,006 |
|
|
|
625,979 |
|
Leasehold
improvements |
|
|
925,932 |
|
|
|
925,932 |
|
|
|
|
2,089,316 |
|
|
|
2,123,170 |
|
Less:
accumulated depreciation and amortization |
|
|
(889,320 |
) |
|
|
(439,654 |
) |
Total
property and equipment, net |
|
$ |
1,199,996 |
|
|
$ |
1,683,516 |
|
|
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)
|
9 Months Ended |
Jul. 31, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of account payable and accrued expenses |
Schedule of account payable and accrued expenses |
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
Accrued
payroll related liabilities |
|
$ |
666,780 |
|
|
$ |
666,780 |
|
Lab
equipment and supplies payables |
|
|
394,909 |
|
|
|
477,255 |
|
Clinical
trial payables |
|
|
689,452 |
|
|
|
312,711 |
|
Legal
fees payables |
|
|
327,028 |
|
|
|
328,121 |
|
Other
professional fees payables |
|
|
148,494 |
|
|
|
90,993 |
|
Accrued
IRS penalty (Note 11) |
|
|
86,319 |
|
|
|
83,684 |
|
Accrued
commissions payable |
|
|
11,969 |
|
|
|
39,675 |
|
Construction
payables |
|
|
9,317 |
|
|
|
5,474 |
|
Other
payables and accrued expenses |
|
|
93,696 |
|
|
|
373,838 |
|
Accounts Payable and Accrued Expenses |
|
$ |
2,427,964 |
|
|
$ |
2,378,531 |
|
|
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v3.23.2
NOTES PAYABLE (Tables)
|
9 Months Ended |
Jul. 31, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of notes payable |
Schedule of notes payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31, 2023 |
|
|
October 31, 2022 |
|
SPA
22 |
|
$ |
- |
|
|
$ |
600,000 |
|
SPA
23 |
|
|
530,000 |
|
|
|
- |
|
Unamortized
discount |
|
|
(61,955 |
) |
|
|
(36,889 |
) |
Total
Notes Payable |
|
$ |
468,045 |
|
|
$ |
563,111 |
|
|
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v3.23.2
WARRANTS (Tables)
|
9 Months Ended |
Jul. 31, 2023 |
Warrants |
|
Summary of warrant activity |
Summary of warrant activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number
of Shares |
|
|
Weighted-average Exercise
Price |
|
|
Remaining Contractual Term
(years) |
|
|
Aggregate Intrinsic
Value |
|
Outstanding
at October 31, 2022 |
|
|
429,800,000 |
|
|
$ |
0.02 |
|
|
|
9.63 |
|
|
$ |
2,440,110 |
|
Granted |
|
|
143,000,000 |
|
|
$ |
0.02 |
|
|
|
5.00 |
|
|
$ |
- |
|
Exercised |
|
|
- |
|
|
$ |
- |
|
|
|
- |
|
|
$ |
- |
|
Expired/Forfeited |
|
|
(63,000,000 |
) |
|
$ |
0.03 |
|
|
|
8.71 |
|
|
$ |
- |
|
Outstanding
at July 31, 2023 |
|
|
509,800,000 |
|
|
$ |
0.02 |
|
|
|
7.78 |
|
|
$ |
678,000 |
|
Exercisable
at July 31, 2023 |
|
|
379,235,997 |
|
|
$ |
0.02 |
|
|
|
8.67 |
|
|
$ |
59,486 |
|
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Nov. 22, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Oct. 31, 2022 |
Product Information [Line Items] |
|
|
|
|
|
|
FDIC limits per institutions |
|
$ 250,000
|
|
$ 250,000
|
|
|
Cash balances |
|
14,300
|
|
14,300
|
|
|
Revenues |
|
1,220,674
|
$ 1,713,214
|
3,136,394
|
$ 5,047,534
|
|
Bad debt expense |
|
|
|
0
|
$ 0
|
|
Leasehold improvements |
|
1,000
|
|
1,000
|
|
|
Common shares vested |
1,446,575
|
|
|
|
|
|
Incremental salary |
|
|
61,967,000
|
|
61,967,000
|
|
Research and development expense |
|
$ 334,600
|
$ 111,600
|
$ 937,700
|
$ 664,500
|
|
Common stock, shares authorized |
|
2,500,000,000
|
|
2,500,000,000
|
|
2,500,000,000
|
Common stock, shares issued |
|
1,456,696,392
|
|
1,456,696,392
|
|
1,479,126,390
|
Common stock, shares outstanding |
|
1,456,696,392
|
|
1,456,696,392
|
|
1,479,126,390
|
Operating lease obligation |
|
$ 15,000
|
|
$ 15,000
|
|
|
Common Shares Issuable Upon Exercise Of Warrants [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Antidilutive securities excluded from computation of earnings per share |
|
|
|
509,800,000
|
49,500,000
|
|
Common shares vested |
|
|
|
379,235,997
|
|
|
Large Distributor And Distributors Customers [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Revenues |
|
|
|
$ 880,300
|
$ 1,736,000
|
|
Large Distributor And Distributors Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration percentage |
|
|
|
28.10%
|
34.40%
|
|
Another Distributor And Distributors Customers [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Revenues |
|
|
|
$ 447,600
|
$ 1,215,000
|
|
Another Distributor And Distributors Customers [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
Product Information [Line Items] |
|
|
|
|
|
|
Concentration percentage |
|
|
|
14.30%
|
24.10%
|
|
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v3.23.2
GOING CONCERN (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
|
|
|
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Apr. 30, 2023 |
Oct. 31, 2022 |
Apr. 30, 2022 |
Oct. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
|
|
|
|
Net loss |
$ 1,617,749
|
$ 2,727,457
|
$ 5,895,703
|
$ 5,877,236
|
|
|
|
|
Cash from operating activities |
|
|
2,417,728
|
1,408,243
|
|
|
|
|
Accumulated deficit |
56,417,009
|
|
56,417,009
|
|
|
$ 50,521,306
|
|
|
Stockholders' deficit |
1,021,210
|
$ 4,611,812
|
1,021,210
|
$ 4,611,812
|
$ 138,908
|
$ (1,888,604)
|
$ 4,190,090
|
$ 2,665,593
|
Working capital deficit |
$ 2,237,827
|
|
$ 2,237,827
|
|
|
|
|
|
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v3.23.2
PROPERTY AND EQUIPMENT (Details) - USD ($)
|
Jul. 31, 2023 |
Oct. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 2,089,316
|
$ 2,123,170
|
Less: accumulated depreciation and amortization |
(889,320)
|
(439,654)
|
Total property and equipment, net |
1,199,996
|
1,683,516
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
|
26,881
|
Finance lease equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
544,378
|
544,378
|
Manufacturing Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
619,006
|
625,979
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, gross |
$ 925,932
|
$ 925,932
|
X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.
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v3.23.2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Property, Plant and Equipment [Abstract] |
|
|
|
|
Depreciation expense |
$ 31,240
|
$ 21,812
|
$ 89,885
|
$ 54,587
|
Amortization expense |
126,657
|
$ 0
|
379,971
|
$ 0
|
Wrote off computer and manufacturing equipment, costs |
10,000
|
|
53,755
|
|
Accumulated depreciation |
4,029
|
|
20,435
|
|
Loss on property plant and equipment |
$ 5,971
|
|
$ 33,320
|
|
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v3.23.2
LEASE OBLIGATIONS (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
5 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
Oct. 10, 2022 |
Aug. 07, 2023 |
Aug. 30, 2022 |
Mar. 31, 2021 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Mar. 31, 2019 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Oct. 31, 2021 |
Oct. 31, 2022 |
Jul. 02, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Finance lease obligations current |
|
|
|
|
$ 116,711
|
|
|
$ 116,711
|
|
|
$ 143,748
|
|
Security deposit |
|
|
$ 1,685
|
|
27,715
|
|
|
27,715
|
|
|
39,936
|
|
Remaining operating lease obligation |
|
|
|
|
49,750
|
|
|
49,750
|
|
|
|
|
Lease Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Payment to acquire |
|
|
|
|
|
|
$ 239,595
|
|
|
$ 304,873
|
|
|
Monthly payments |
|
|
|
|
|
|
$ 4,513
|
|
|
$ 5,478
|
|
|
Operating leased equipment, per unit |
|
|
|
|
|
|
1.00
|
|
|
1.00
|
|
|
Annual interest rate |
|
|
|
|
|
|
4.50%
|
|
|
3.00%
|
|
|
Finance lease obligations |
|
|
|
|
277,555
|
|
|
277,555
|
|
|
|
|
Finance lease obligations current |
|
|
|
|
116,711
|
|
|
116,711
|
|
|
|
|
Annual rent |
|
|
160,000
|
|
|
|
|
|
|
|
|
|
Security deposit |
|
|
$ 10,000
|
|
|
|
|
|
|
|
|
|
Second Lease Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Monthly payments |
|
$ 461
|
|
|
|
|
|
|
|
|
|
|
Remaining obligations |
|
$ 5,478
|
|
|
|
|
|
|
|
|
|
|
Miami Lab Lease Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Security deposit |
|
|
|
|
|
|
|
|
|
|
|
$ 6,332
|
Minimum monthly lease payments |
|
|
|
|
|
|
|
|
|
|
|
$ 9,500
|
Annual base license fee |
$ 20,230
|
|
|
|
|
|
|
|
|
|
|
|
Basalt Lab Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Payment to acquire |
|
|
|
$ 925,932
|
|
|
|
|
|
|
|
|
Security deposit |
|
|
|
20,400
|
|
|
|
|
|
|
|
|
Lease expense |
|
|
|
6,800
|
20,925
|
$ 19,397
|
|
61,246
|
$ 56,735
|
|
|
|
Operating lease obligation |
|
|
|
$ 235,313
|
|
|
|
|
|
|
|
|
Borrowing rate |
|
|
|
4.50%
|
|
|
|
|
|
|
|
|
Right of use asset |
|
|
|
|
$ 49,750
|
|
|
$ 49,750
|
|
|
$ 110,955
|
|
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v3.23.2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Jul. 31, 2023 |
Jul. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Oct. 31, 2022 |
Cash invested in non-marketable equity securities |
|
|
$ 100,000
|
|
|
Advances payable |
$ 220,897
|
|
220,897
|
|
$ 220,897
|
Mr. Michael Carbonara [Member] |
|
|
|
|
|
Proceed from sale of products |
|
$ 16,300
|
|
$ 26,600
|
|
Dr. Allen Meglin [Member] |
|
|
|
|
|
Proceed from sale of products |
|
13,200
|
|
20,800
|
|
Management Services Organization [Member] |
|
|
|
|
|
Proceed from sale of products |
42,500
|
208,000
|
151,300
|
501,500
|
|
Purchase of products |
$ 37,800
|
$ 76,800
|
$ 85,900
|
$ 152,600
|
|
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v3.23.2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)
|
Jul. 31, 2023 |
Oct. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued payroll related liabilities |
$ 666,780
|
$ 666,780
|
Lab equipment and supplies payables |
394,909
|
477,255
|
Clinical trial payables |
689,452
|
312,711
|
Legal fees payables |
327,028
|
328,121
|
Other professional fees payables |
148,494
|
90,993
|
Accrued IRS penalty (Note 11) |
86,319
|
83,684
|
Accrued commissions payable |
11,969
|
39,675
|
Construction payables |
9,317
|
5,474
|
Other payables and accrued expenses |
93,696
|
373,838
|
Accounts Payable and Accrued Expenses |
$ 2,427,964
|
$ 2,378,531
|
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v3.23.2
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
9 Months Ended |
|
|
Mar. 06, 2023 |
Feb. 10, 2023 |
Jan. 11, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Jan. 11, 2023 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Oct. 31, 2022 |
Apr. 29, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Original issue discount |
|
|
|
$ 61,955
|
|
|
$ 61,955
|
|
$ 36,889
|
|
Share price |
$ 0.06
|
$ 0.0165
|
|
|
|
|
|
|
|
$ 0.0203
|
Repayment of promissory note |
|
|
|
|
|
|
300,000
|
|
|
|
Promissory note discount |
|
|
|
468,045
|
|
|
468,045
|
|
563,111
|
|
Commitment fee shortfall obligation |
|
|
|
0
|
$ 48,539
|
|
49,384
|
$ 60,539
|
|
|
Commitment fee discount |
|
|
|
36,889
|
130,000
|
|
283,034
|
272,000
|
|
|
Commitment fee shortfall obligation |
|
|
|
|
|
|
|
143,769
|
|
|
Commitment Fee |
|
$ 30,468
|
|
76,200
|
$ 62,462
|
|
76,200
|
$ 62,462
|
|
|
Commitment fee shortfall obligation |
|
$ 187,519
|
|
$ (0)
|
|
|
$ (0)
|
|
$ 174,462
|
|
Conversion of stock, shares issued |
|
11,719,925
|
|
|
|
|
|
|
|
|
Conversion price |
|
$ 0.016
|
|
|
|
|
|
|
|
|
Legal fees |
$ 15,000
|
|
|
|
|
|
|
|
|
|
Proceeds from note payble |
504,400
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
12.00%
|
|
|
12.00%
|
|
|
|
Debt amortized discount |
|
|
|
$ 154,050
|
|
|
$ 246,145
|
|
|
|
Promissory Note SPA 22 [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
$ 600,000
|
|
|
|
|
|
|
|
Original issue discount |
|
|
$ 60,000
|
$ 60,000
|
|
|
60,000
|
|
|
|
Maturity date |
|
|
Jan. 11, 2023
|
|
|
|
|
|
|
|
Commitment fee |
|
|
|
|
|
|
$ 123,000
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
3,076,923
|
|
|
|
Share price |
|
|
|
$ 0.04
|
|
|
$ 0.04
|
|
|
|
Promissory note discount |
|
|
|
$ 260,000
|
|
$ 100,000
|
$ 260,000
|
|
|
|
Common stock issued as commitment fee for Promissory Note |
|
|
|
|
|
|
123,000
|
|
|
|
Commitment fee shortfall obligation |
|
|
|
|
|
|
77,000
|
|
|
|
Commitment fee discount |
|
|
|
|
|
33,231
|
|
|
|
|
Commitment fee shortfall obligation |
|
|
|
|
|
$ 66,769
|
|
|
|
|
Promissory Note SPA 22 [Member] | Additional Commitment Fee Shares [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Commitment fee |
|
|
|
|
|
|
$ 33,231
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
1,538,462
|
|
|
|
Promissory Note SPA 22 [Member] | Commitment Fee Shares [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Share price |
|
|
|
$ 0.0216
|
|
|
$ 0.0216
|
|
|
|
Promissory Note SPA 23 [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Principal amount |
530,000
|
|
|
|
|
|
|
|
|
|
Original issue discount |
$ 10,600
|
|
|
$ 10,600
|
|
|
$ 10,600
|
|
|
|
Promissory note discount |
|
|
|
$ 308,000
|
|
|
308,000
|
|
|
|
Common stock issued as commitment fee for Promissory Note |
|
|
|
|
|
|
169,500
|
|
|
|
Transaction fees |
|
|
|
|
|
|
15,000
|
|
|
|
Fair value of warrant shares |
|
|
|
|
|
|
$ 113,000
|
|
|
|
Promissory Note SPA 23 [Member] | Commitment Fee Shares [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
15,000,000
|
|
|
|
Promissory Note SPA 23 [Member] | Warrant Shares [Member] |
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
|
10,000,000
|
|
|
|
Share price |
|
|
|
$ 0.06
|
|
|
$ 0.06
|
|
|
|
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v3.23.2
CAPITAL STOCK (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
9 Months Ended |
|
|
|
Mar. 06, 2023 |
Dec. 01, 2022 |
Oct. 13, 2022 |
Dec. 29, 2022 |
Nov. 30, 2022 |
Oct. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Feb. 10, 2023 |
Apr. 29, 2022 |
Nov. 30, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares granted |
|
|
|
|
|
47,500,000
|
|
|
|
|
|
Share price |
$ 0.06
|
|
|
|
|
|
|
|
$ 0.0165
|
$ 0.0203
|
|
Stock-based compensation expense |
|
|
|
|
|
|
$ 2,410,010
|
$ 2,810,986
|
|
|
|
Original fair value of common stock |
|
|
|
|
|
$ 2,140,450
|
|
|
|
|
|
Amortized compensation costs |
|
|
|
|
|
1,248,583
|
347,000
|
|
|
|
|
Unamortized compensation costs |
|
|
|
|
$ 545,229
|
$ 891,867
|
$ 620,903
|
|
|
|
|
Shares forfeited |
|
|
|
|
15,846,576
|
|
21,000,000
|
|
|
|
|
Cash provided for credit facility |
|
|
|
|
|
|
|
|
|
|
$ 10,000,000
|
Number of common stock repurchase |
|
|
24,800,001
|
|
|
|
|
|
|
|
|
Repurchase value |
|
|
500,000
|
|
|
|
|
|
|
|
|
SPA 23 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Shares, New Issues |
15,000,000
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, New Issues |
$ 169,500
|
|
|
|
|
|
|
|
|
|
|
Shares Issued, Price Per Share |
$ 0.0113
|
|
|
|
|
|
|
|
|
|
|
Employee [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares granted |
|
150,000
|
|
|
|
|
|
|
|
|
|
Share price |
|
$ 0.03
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
|
|
$ 4,500
|
|
|
|
|
Service Provider [Member] |
|
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Number of shares granted |
|
|
|
5,000,000
|
|
|
|
|
|
|
|
Share price |
|
|
|
$ 0.02
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
Stock granted of period value |
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
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v3.23.2
WARRANTS (Details) - Warrant [Member]
|
9 Months Ended |
Jul. 31, 2023
USD ($)
$ / shares
shares
|
Number of shares outstanding beginning balance | shares |
429,800,000
|
Weighted-average exercise price outstanding beginning balance | $ / shares |
$ 0.02
|
Remaining contractual term (years) outstanding beginning balance |
9 years 7 months 17 days
|
Aggregate intrinsic value outstanding beginning balance | $ |
$ 2,440,110
|
Number of shares, granted | shares |
143,000,000
|
Weighted-average exercise price, granted | $ / shares |
$ 0.02
|
Remaining contractual term (years), granted |
5 years
|
Aggregate intrinsic value, granted | $ |
|
Number of shares, exercised | shares |
|
Weighted-average exercise price, exercised | $ / shares |
|
Aggregate intrinsic value, exercised | $ |
|
Number of shares, expired/forfeited | shares |
(63,000,000)
|
Weighted-average exercise price, expired/forfeited | $ / shares |
$ 0.03
|
Remaining contractual term (years), expired/forfeited |
8 years 8 months 15 days
|
Aggregate intrinsic value, expired/forfeited | $ |
|
Number of shares outstanding ending balance | shares |
509,800,000
|
Weighted-average exercise price outstanding ending balance | $ / shares |
$ 0.02
|
Remaining contractual term (years) outstanding ending balance |
7 years 9 months 10 days
|
Aggregate intrinsic value outstanding ending balance | $ |
$ 678,000
|
Number of shares, exercisable | shares |
379,235,997
|
Weighted-average exercise price, exercisable | $ / shares |
$ 0.02
|
Remaining contractual term (years) outstanding, exercisable |
8 years 8 months 1 day
|
Aggregate intrinsic value, exercisable | $ |
$ 59,486
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v3.23.2
WARRANTS (Details Narrative) - USD ($)
|
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Jul. 12, 2023 |
Jun. 01, 2023 |
Mar. 06, 2023 |
Nov. 30, 2022 |
Oct. 31, 2022 |
Jul. 31, 2023 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Feb. 10, 2023 |
Apr. 29, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
10,000,000
|
|
|
|
|
|
|
|
Share price |
|
|
$ 0.06
|
|
|
|
|
|
$ 0.0165
|
$ 0.0203
|
Risk free interest rate |
|
|
3.98%
|
|
|
|
|
|
|
|
Weighted average, term |
|
|
5 years
|
|
|
|
|
|
|
|
Expected stock volatility |
|
|
169.00%
|
|
|
|
|
|
|
|
Expected dividend rate |
|
|
0.00%
|
|
|
|
|
|
|
|
Grant date fair value of warrants issued |
|
|
$ 113,000
|
|
|
|
|
|
|
|
Loan discount |
|
|
$ 113,000
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
|
|
$ 2,410,010
|
$ 2,810,986
|
|
|
Common stock shares, issued |
|
|
|
|
1,479,126,390
|
1,456,696,392
|
1,456,696,392
|
|
|
|
Original fair value of common stock |
|
|
|
|
$ 2,140,450
|
|
|
|
|
|
Amortized compensation costs |
|
|
|
|
1,248,583
|
|
$ 347,000
|
|
|
|
Unamortized compensation costs |
|
|
|
$ 545,229
|
$ 891,867
|
$ 620,903
|
$ 620,903
|
|
|
|
Shares forfeited |
|
|
|
15,846,576
|
|
|
21,000,000
|
|
|
|
Unamortized 2022 Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Common stock shares, issued |
|
|
|
|
347,150,000
|
|
|
|
|
|
Original fair value of common stock |
|
|
|
|
$ 7,293,975
|
|
|
|
|
|
Amortized compensation costs |
|
|
|
|
573,250
|
|
$ 1,815,800
|
|
|
|
Unamortized compensation costs |
|
|
|
|
$ 6,720,725
|
4,241,100
|
4,241,100
|
|
|
|
Dr. Leider [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
57,000,000
|
|
|
|
|
|
|
|
|
Risk free interest rate |
|
3.70%
|
|
|
|
|
|
|
|
|
Weighted average, term |
|
5 years
|
|
|
|
|
|
|
|
|
Expected stock volatility |
|
168.00%
|
|
|
|
|
|
|
|
|
Expected dividend rate |
|
0.00%
|
|
|
|
|
|
|
|
|
Grant date fair value of warrants issued |
|
$ 684,000
|
|
|
|
|
|
|
|
|
Exercisable price, per share |
|
$ 0.012
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
|
38,000
|
38,000
|
|
|
|
Dr. Golub [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
50,000,000
|
|
|
|
|
|
|
|
|
Risk free interest rate |
|
3.70%
|
|
|
|
|
|
|
|
|
Weighted average, term |
|
5 years
|
|
|
|
|
|
|
|
|
Expected stock volatility |
|
168.00%
|
|
|
|
|
|
|
|
|
Expected dividend rate |
|
0.00%
|
|
|
|
|
|
|
|
|
Grant date fair value of warrants issued |
|
$ 600,000
|
|
|
|
|
|
|
|
|
Exercisable price, per share |
|
$ 0.012
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
|
100,000
|
100,000
|
|
|
|
Ms. Swartz [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares issued |
26,000,000
|
|
|
|
|
|
|
|
|
|
Risk free interest rate |
4.10%
|
|
|
|
|
|
|
|
|
|
Weighted average, term |
5 years
|
|
|
|
|
|
|
|
|
|
Expected stock volatility |
167.00%
|
|
|
|
|
|
|
|
|
|
Expected dividend rate |
0.00%
|
|
|
|
|
|
|
|
|
|
Grant date fair value of warrants issued |
$ 296,400
|
|
|
|
|
|
|
|
|
|
Exercisable price, per share |
$ 0.0114
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
|
|
|
$ 4,117
|
$ 4,117
|
|
|
|
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v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
12 Months Ended |
|
|
|
Jun. 06, 2023 |
Feb. 09, 2023 |
Nov. 22, 2022 |
Aug. 19, 2022 |
Jul. 21, 2022 |
Oct. 31, 2022 |
Jul. 31, 2023 |
Jul. 19, 2023 |
Jul. 31, 2018 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Due from related parties |
|
|
|
|
|
$ 128,939
|
$ 0
|
|
|
Vested shares |
|
|
1,446,575
|
|
|
|
|
|
|
Ian Bothwell [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Unpaid and accrued compensation forgiven |
|
|
|
|
|
$ 455,478
|
|
|
|
Number of warrants purchased |
|
|
|
|
|
30,000,000
|
|
|
|
Exercise Price |
|
|
|
|
|
$ 0.02
|
|
|
|
Mr. Bothwell [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Due from related parties |
|
|
|
|
|
|
44,600
|
|
|
Mr. Mitrani [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Due from related parties |
|
|
|
|
|
|
75,900
|
|
|
Sinnreich [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Base salary |
|
|
|
|
$ 25,000
|
|
|
|
|
Number of restricted shares issued |
|
|
|
|
10,000,000
|
|
|
|
|
Number of shares issued for compensation |
|
|
|
|
24,000,000
|
|
|
|
|
Sinnreich [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Number of warrants purchased |
|
|
|
|
40,000,000
|
|
|
|
|
Exercise Price |
|
|
|
|
$ 0.034
|
|
|
|
|
Mr. Sinnreich [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Vested salary shares |
|
|
8,153,424
|
|
|
|
|
|
|
[custom:AmountPaidToCompany-0] |
|
|
|
|
|
|
$ 50,000
|
|
|
Shares returned to the company |
|
|
|
|
|
|
34,000,000
|
|
|
[custom:VestedWarrantsToPurchase-0] |
|
|
|
|
|
|
40,000,000
|
|
|
[custom:TotalSharesReturnToCompany-0] |
|
|
|
|
|
|
|
34,000,000
|
|
Dr. Leiders [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Base salary |
$ 325,000
|
|
|
|
|
|
|
|
|
Shares to be purchased |
57,000,000
|
|
|
|
|
|
|
|
|
Price per share |
$ 0.012
|
|
|
|
|
|
|
|
|
Dr. Golubs [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Base salary |
$ 150,000
|
|
|
|
|
|
|
|
|
Shares to be purchased |
50,000,000
|
|
|
|
|
|
|
|
|
Price per share |
$ 0.012
|
|
|
|
|
|
|
|
|
Ms. Swartzs [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Base salary |
$ 215,000
|
|
|
|
|
|
|
|
|
Price per share |
$ 0.012
|
|
|
|
|
|
|
|
|
Common stock to purchase |
$ 26,000,000
|
|
|
|
|
|
|
|
|
Executive Employment Agreements [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Annual salary |
|
|
|
|
|
|
|
|
$ 300,000
|
Executive Employment Agreements [Member] | Ian Bothwell [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Annual salary |
|
$ 150,000
|
|
|
|
|
|
|
|
Base salary |
|
|
|
$ 300,000
|
|
|
|
|
|
Executive Employment Agreements [Member] | Albert Mitrani [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Unpaid and accrued compensation forgiven |
|
|
|
|
|
$ 430,200
|
|
|
|
Executive Employment Agreements [Member] | Dr. Maria Ines Mitrani [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Unpaid and accrued compensation forgiven |
|
|
|
|
|
$ 563,455
|
|
|
|
Executive Employment Agreements [Member] | Mr. Bothwell [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Reimbursed expenses |
|
44,600
|
|
|
|
|
|
|
|
Executive Employment Agreements [Member] | Mr. Mitrani [Member] |
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
Reimbursed expenses |
|
$ 84,300
|
|
|
|
|
|
|
|
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v3.23.2
SUBSEQUENT EVENTS (Details Narrative)
|
1 Months Ended |
|
|
Aug. 31, 2023
USD ($)
Integer
$ / shares
shares
|
Aug. 07, 2023
USD ($)
|
Feb. 10, 2023
$ / shares
|
Subsequent Event [Line Items] |
|
|
|
Conversion price | $ / shares |
|
|
$ 0.016
|
Subsequent Event [Member] | 4 Investors [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Purchase price | $ |
$ 250,000
|
|
|
Aggregate purchase price | $ |
725,000
|
|
|
Principal amount | $ |
$ 250,000
|
|
|
Interest rate |
8.00%
|
|
|
Common stock purchase warrants | shares |
1,562,500
|
|
|
Subsequent Event [Member] | 4 Investors [Member] | Warrant [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Common stock par value | $ / shares |
$ 0.001
|
|
|
Exercise price | $ / shares |
$ 0.10
|
|
|
Trading days | Integer |
20
|
|
|
Conversion price | $ / shares |
$ 0.03
|
|
|
Subsequent Event [Member] | Purchaser [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Purchase price paid | $ |
|
$ 1,250,000
|
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