BioRegenx, Inc. (formerly Findit, Inc.) reported significant financial challenges in its latest 10-Q filing for the six months ended June 30, 2024. The company experienced a notable decline in both gross and net sales, with gross sales totaling $1.54 million, down 22% from $1.99 million in the same period of 2023. Net sales decreased by 34%, from $1.94 million to $1.28 million, primarily due to increased product returns attributed to issues with their medical testing machines.

The company's gross profit for the six months ended June 30, 2024, was $854,036, a decrease of 37% from $1.36 million in the prior year. Total operating expenses surged to $4.97 million, an increase of 138% compared to $2.09 million in the same period in 2023. This rise in expenses was driven by higher employee costs, equity compensation, and increased legal and professional fees. Consequently, the loss from operations escalated to $(4.12 million), compared to $(728,725) in the previous year. The net loss for the six months reached $(4.26 million), a staggering increase of 417% from $(824,299) in 2023.

For the three months ended June 30, 2024, gross sales were $857,534, down from $882,788 in the same quarter of 2023. Net sales also fell to $734,032 from $863,278, reflecting a 14.97% decline. The gross profit for this quarter was $469,878, down 21% from $598,311 in the prior year. The company reported a net loss of $(1.11 million) for the quarter, an increase of 86% from $(594,461) in the same period last year.

Strategically, BioRegenx has undergone significant changes, including the acquisition of DocSun Biomedical Holdings, Inc. on January 8, 2024, for a total cost of approximately $10.82 million. This acquisition involved the issuance of 76.8 million shares valued at $10.66 million. Additionally, the merger with Findit, effective March 8, 2024, resulted in the issuance of 851,977,296 common shares and 3,800 Series A preferred shares, consolidating the company’s operations.

The company has also faced liquidity challenges, with cash and cash equivalents decreasing to $57,395 as of June 30, 2024, down from $225,319 a year earlier. Management has expressed substantial doubt about the company's ability to continue as a going concern due to ongoing losses and cash flow deficits. The company plans to seek additional financing to support its operations and business development.