BioRegenx, Inc. (formerly Findit, Inc.) reported significant financial changes in its latest 10-Q filing for the three and nine months ended September 30, 2024. The company experienced a decline in both gross and net sales, with gross sales for the third quarter at $596,510, down 25% from $800,149 in the same period of 2023. Net sales also decreased to $596,037 from $794,544 year-over-year. For the nine-month period, gross sales totaled $2,138,993, a 31% decrease from $2,786,588 in 2023, while net sales fell to $1,879,617 from $2,733,407.

Despite the drop in sales, the company reported a notable improvement in profitability metrics. The gross profit for Q3 2024 was $481,648, down 16% from $571,201 in Q3 2023, attributed to lower product sales linked to issues with the medical testing machine. However, total operating expenses significantly decreased to $808,955 from $3,039,754 in the prior year, leading to a loss from operations of $(327,307), an improvement from $(2,468,553) in Q3 2023. The net loss for Q3 2024 was $(394,860), an 84% reduction compared to $(2,519,035) in Q3 2023.

For the nine months ended September 30, 2024, the net loss increased to $(4,653,446) from $(3,343,334) in the same period of 2023, reflecting a 39% rise attributed to decreased net sales and increased returns related to product issues. Total operating expenses for this period were $5,782,224, up from $5,130,682 in 2023, with significant components including amortization expenses of $1,621,948 and selling, general, and administrative expenses of $3,982,443.

Strategically, the company underwent a merger with BioRegenx, Inc. on March 8, 2024, which resulted in the issuance of 851,977,296 common shares and 3,800 Series A preferred shares, representing 90% of the voting securities. Additionally, BioRegenx acquired DocSun Biomedical Holdings, Inc. on January 8, 2024, for a total cost of $10,820,713, which included the issuance of shares valued at $10,656,000.

The company reported a working capital deficit of $3,147,295 as of September 30, 2024, with cash and cash equivalents decreasing to $70,081 from $125,402 at the beginning of the period. Management expressed substantial doubt about the company's ability to continue as a going concern due to recurring losses and cash flow deficits. The company is actively seeking additional financing to support ongoing operations and business development.