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Odyssey Group Intl Inc (ODYY0.00%) has submitted its 10-Q filing for the quarterly period ended January 31, 2025.
The filing includes financial statements for the quarter, showing no revenue for the period. The company continues to focus on developing its medical technologies, including the CardioMap heart monitoring device and the Save a Life choking rescue device.
Research and development expenses were reported as zero for the quarter, as the company is not currently working on any projects. Stock-based compensation decreased significantly to $36,131 from $677,391 in the same quarter the previous year.
General and administrative expenses decreased to $120,462 from $437,274, primarily due to reductions in wages, business development, and legal fees.
The company reported a net loss of $220,126 for the quarter, compared to a net income of $13,277,566 in the previous year, which included a gain from the sale of assets.
Odyssey Group Intl Inc's cash position was $7,187 as of January 31, 2025. The company acknowledges substantial doubt about its ability to continue as a going concern due to its operating deficit and negative working capital.
The filing details various financing activities, including a $300,000 promissory note with an accredited investor and ongoing amendments to existing debt agreements.
Odyssey Group Intl Inc plans to continue seeking additional capital through debt or equity issuances to meet its obligations and execute its business plan.
The company identified material weaknesses in its internal controls over financial reporting, including insufficient resources and inadequate segregation of duties.
Odyssey Group Intl Inc is not currently selling or marketing any products, as its products are still in development and require regulatory approval.
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 March 14, 2025. To report an error, please email earnings@qz.com.