In This Story
Odyssey Group Intl Inc (ODYY0.00%) has submitted its Form 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports a net loss of $1,018,906 for the quarter, compared to a net loss of $538,035 in the same period of the previous year. The company did not generate any revenue during the quarter.
Research and development expenses were reported as zero for the quarter, down from $23,001 in the previous year. Stock-based compensation expenses decreased to $60,487 from $322,798.
General and administrative expenses increased slightly to $519,841 from $501,440 in the previous year. The increase was attributed to higher public company expenses, partially offset by reductions in wages and business development costs.
The company recorded an unrealized loss of $370,698 on its investment in Oragenics, Inc., reflecting a decrease in the market value of the common stock held.
Interest expense for the quarter was $68,781, down from $190,861 in the previous year, due to a decrease in the average debt outstanding.
Odyssey Group Intl Inc's cash balance as of October 31, 2024, was $53,865, an increase from $2,379 at the end of July 2024. The increase in cash was primarily due to proceeds from financing activities.
The company continues to face going concern issues due to its ongoing operating losses and negative cash flows. It is seeking additional capital to meet its obligations and continue its business operations.
Odyssey Group Intl Inc is focused on developing medical products, including the CardioMap heart monitoring device and the Save a Life choking rescue device. These products are still in development and require regulatory clearance before they can be marketed.
The company reported a stockholders' deficit of $6,278,825 as of October 31, 2024, compared to $5,333,749 at the end of July 2024.
Odyssey Group Intl Inc has several promissory notes and convertible notes outstanding, with maturity dates extending into 2025. These include a $300,000 promissory note issued in August 2024 with an 18% interest rate.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Odyssey Group Intl Inc quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.