Odyssey Health Reports Increased Net Loss and No Revenue for Q4 2024

Odyssey Health, Inc. reported a net loss of $1,018,906 for the three months ended October 31, 2024, compared to a net loss of $538,035 for the same period in 2023. The company's financial performance showed no revenue generation during the quarter, consistent with the previous year. The loss from operations increased by 67% year-over-year, primarily due to unrealized losses on investments amounting to $370,698, which were not present in the prior year. The basic and diluted net loss per share remained at $(0.01) for both periods, with the number of shares used in the calculation increasing to 104,709,763 from 81,002,472.

In terms of financial position, Odyssey Health's total assets decreased to $341,045 as of October 31, 2024, down from $586,146 at the end of the previous fiscal year. Current assets rose significantly to $182,540, primarily due to an increase in prepaid expenses and other current assets. However, total current liabilities also increased to $6,619,870 from $5,919,895, leading to a widening stockholders' deficit of $6,278,825 compared to $5,333,749 in the prior quarter.

Strategically, the company has not launched any new products or made significant acquisitions during the quarter. Odyssey Health continues to focus on the development of its two technologies: the CardioMap® heart monitoring device and the Save a Life choking rescue device. The company is not currently marketing any products, as they await FDA clearance for commercialization. The filing indicates that Odyssey Health is actively seeking to raise additional capital to support its operations and business plan, which may include debt or equity financing.

Operationally, Odyssey Health's cash position improved slightly, with cash and cash equivalents rising to $53,865 from $2,379 at the end of July 2024. The company reported net cash used in operating activities of $248,514, a significant increase from $59,907 in the same period last year. The increase in cash provided by financing activities to $300,000 from $220,924 reflects ongoing efforts to secure funding. However, the company expressed substantial doubt about its ability to continue as a going concern, emphasizing the need for additional capital to meet its obligations.

Looking ahead, Odyssey Health's management has indicated that the company will continue to adjust its business plan in response to liquidity challenges. The outlook remains uncertain, as the company has not generated revenue and faces ongoing operating losses. The ability to secure additional financing will be critical for the company's future operations and development efforts.