Odyssey Health, Inc. reported a significant decline in financial performance for the quarter ended January 31, 2025, as detailed in its latest 10-Q filing. The company recorded a net loss of $220,126, a stark contrast to a net income of $13,277,566 for the same period in the previous year. This shift is attributed to the absence of revenue and a notable decrease in gains from asset sales, which had previously bolstered earnings. The loss per share for the quarter was $(0.00), compared to earnings of $0.14 per share in the prior year.
In terms of operational expenses, Odyssey Health saw a 100% reduction in research and development expenses, which were $0 for the quarter, down from $42,765 a year earlier. General and administrative expenses also decreased by 72% to $120,462, reflecting cost-cutting measures as the company navigates its financial challenges. The total assets of the company decreased to $266,866 from $586,146 as of July 31, 2024, primarily due to a reduction in investments and cash reserves.
The company has not launched any new products or made significant acquisitions during this reporting period. Instead, it continues to focus on its existing technologies, including the CardioMap® heart monitoring device and the Save a Life choking rescue device, both of which remain in development and have not yet received regulatory approval. Odyssey Health's strategy includes seeking partnerships and additional funding to support its operations and product development, as it has not generated revenue from product sales.
As of January 31, 2025, Odyssey Health had a total of 96,709,763 shares of common stock outstanding. The company’s financial position raises concerns about its ability to continue as a going concern, with an accumulated deficit of $62,242,178. The management has indicated that the company will need to secure additional capital to meet its obligations and execute its business plan. The outlook remains uncertain, with the company emphasizing the need for successful fundraising efforts to sustain operations and potentially resume product development activities.
In summary, Odyssey Health, Inc. is facing significant financial challenges, with a complete lack of revenue and substantial losses reported for the latest quarter. The company is actively seeking to stabilize its financial situation while continuing to develop its medical technologies, although the path forward remains contingent on securing additional funding and regulatory approvals.
About Odyssey Health, Inc.
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