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Zivo Bioscience Inc. (ZIVO+0.13%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $13.4 million for the year, compared to a net loss of $7.8 million in the previous year. The company's accumulated deficit was approximately $137 million as of the end of 2024.
Zivo Bioscience's revenue increased to $157,220 from $27,650 in 2023, primarily due to increased product volumes. However, the cost of goods sold also rose to $108,268, resulting in a gross margin of $48,952.
General and administrative expenses increased significantly to $10.3 million from $5.9 million, mainly due to higher labor costs and director fees. Research and development expenses also rose to $3.1 million from $1.4 million, attributed to increased internal staff costs.
The company raised $5.6 million through private placements of common stock during the year, including $1.3 million from related parties. Zivo also restructured $240,000 of convertible debt into unsecured promissory notes totaling $277,254.
Zivo Bioscience's business strategy focuses on developing bioactive extracts and molecules from proprietary algal culture for human and animal health applications. The company is working on product candidates targeting poultry gut health and avian influenza.
The company identified material weaknesses in its internal controls over financial reporting, primarily due to an inadequate control environment and information technology general controls.
Zivo Bioscience's principal executive office is located in Troy, Michigan, with additional facilities in Fort Myers, Florida. The company has seven full-time employees as of the end of 2024.
The company is subject to various risks, including its dependence on a single grower and distributor for its algae products, the need for additional financing, and potential regulatory changes affecting its business.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zivo Bioscience Inc. annual 10-K report dated March 18, 2025. To report an error, please email earnings@qz.com.