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Zeo ScientifiX Inc. (ZEOX+5.61%) has filed its Form 10-K filing for the fiscal year ended October 31, 2024.
The filing reports revenues of $4.62 million, a slight increase from $4.56 million in the previous year. The increase was driven by higher sales of high concentration biologic products and the launch of the PPX™ service platform.
Cost of revenues increased to $844,000 from $508,000, reflecting higher costs associated with the PPX™ service platform and increased unit sales.
The company reported a gross profit of $3.78 million, down from $4.05 million in the previous year, with a gross margin of 81.7%.
General and administrative expenses decreased to $9.10 million from $10.82 million, due to reduced research and development costs, laboratory expenses, and professional fees.
Other income increased to $751,000, primarily due to the write-off of advances payable and settlements of liabilities.
Net loss for the year was $4.71 million, compared to a net loss of $6.99 million in the previous year.
Cash used in operating activities was $1.45 million, a decrease from $2.20 million in the previous year, due to reduced operating expenses.
The company had cash and cash equivalents of $657,000 as of October 31, 2024, down from $1.76 million at the end of the previous fiscal year.
Zeo ScientifiX continues to focus on expanding its product offerings and maintaining compliance with FDA regulations.
The company acknowledges its dependence on additional investment capital to fund ongoing operations and research and development activities.
Zeo ScientifiX has identified certain material weaknesses in its internal controls over financial reporting, which it is working to address.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zeo ScientifiX Inc. annual 10-K report dated January 29, 2025. To report an error, please email earnings@qz.com.