The accompanying notes are an integral part of these consolidated financial statements.

Organicell Regenerative Medicine, Inc. f/k/a Biotech Products Services and Research, Inc. (“Organicell” or the “Company”) was incorporated on August 9, 2011 in the State of Nevada. The Company is a clinical-stage biopharmaceutical company principally focusing on the development of innovative biological therapeutics for the treatment of degenerative diseases and ~~to provide~~the provision of other related services. ~~Our~~The Company’s proprietary products are derived from perinatal sources and manufactured to retain the naturally occurring extracellular vesicles, hyaluronic acid, and proteins without the addition or combination of any other substance or diluent. Our proprietary products are principally used in the health care industry administered through doctors and clinics (collectively, “Providers”).

On May 21, 2018, the Company filed a Certificate of Amendment with the Secretary of State of Nevada to change the Company’s name from Biotech Products Services and Research, Inc. to Organicell Regenerative Medicine, Inc., effective June 20, 2018 (the “Name Change”) and during November 2021 the Name Change was effectuated in the marketplace by the Financial Industry Regulatory Agency.

For the ~~three~~nine months ended ~~January~~July 31, 2022 and July 31, 2021, the Company principally operated through General Surgical of Florida, Inc., a Florida corporation and wholly owned subsidiary, which was formed to sell the Company’s therapeutic products to Providers.

In June 2021, the Company announced that it was launching a service platform for its first autologous product called Patient Pure ~~X™ (PPX™~~X^TM(PPX^TM). ~~PPX™~~PPX^TM is a non-manipulated biologic containing the nanoparticle fraction from a patient’s own peripheral blood. The Company began to accept minimal orders for this service ~~since~~in October 2021.

In November 2020, the Company formed Livin’ Again Inc., a wholly owned subsidiary, for the purpose of among other things, providing independent education, advertising and marketing services, to Providers that provide medical and other healthcare, anti-aging and regenerative services. ~~including FDA-approved IV vitamin and mineral liquid infusions (“IV Drip Therapies”). To~~Due to limited activity to date, ~~there has been no significant activity and~~ the Company ~~has no timetable, if any, as~~intends to ~~when IV Drip Therapies revenues will commence.~~close-down this service by October 31, 2022.

The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the rules and regulations of the Securities Exchange Commission, although we believe that the disclosures made are adequate to make the information not misleading. These unaudited consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended October 31, 2021 filed with the Securities and Exchange Commission.

The balance sheet items that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents. Balances in accounts are insured up to Federal Deposit Insurance Corporation (“FDIC”) limits of $250,000 per institution. At ~~January~~July 31, 2022, the Company did not hold cash balances in any financial institution in excess of FDIC insurance coverage limits.

The preparation of financial statements in conformity with generally accepted accounting principles of the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.

Accounts receivable are recorded at net realizable value on the date revenue is recognized. The Company provides allowances for doubtful accounts for estimated losses resulting from the inability of its customers to pay their obligation. If the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to repay, additional allowances may be required. The Company provides for potential uncollectible accounts receivable based on specific customer identification and historical collection experience adjusted for existing market conditions.

The policy for determining past due status is based on the contractual payment terms of each customer, which are generally net 30 or net 60 days. Once collection efforts by the Company and its collection agency are exhausted, the determination for charging off uncollectible receivables is made. For the three months and nine months ended ~~January~~July 31, 2022 and 2021, the Company did 0not record any bad debt expense.

Stock subscriptions receivable for equity investments in the Company are classified as current assets once a fully executed stock subscription agreement is received and provided that the receivable is collected prior to the issuance of the financial statements. In the event that the Company receives a fully executed stock subscription agreement but the receivable is not collected prior to the issuance of the financial statements, the receivable is classified as a direct reduction to stockholders’ equity. At ~~January~~July 31, 2022 and October 31, 2021, there were 0no stock subscriptions receivable outstanding.

Inventory is stated at the lower of cost or net realizable value using the average cost method. The Company provides reserves for potential excess, dated or obsolete inventories based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders, as well as product shelf life. At ~~January~~July 31, 2022 and October 31, 2021, the Company determined that there were ~~not~~not any reserves required in connection with our inventory.

Property and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the related assets. The estimated useful lives of property and equipment range from 3 to 15 years. Upon sale or retirement, the cost and related accumulated depreciation and amortization are eliminated from their respective accounts, and the resulting gain or loss is included in results of operations. Repairs and maintenance charges, which do not increase the useful lives of the assets, are charged to operations as incurred.

The cost of all projects under construction for new laboratory facilities and other improvements that are in progress (under way) at a particular point in time and have not yet been placed into service are reported as construction in progress until such time as the project is complete.

The Company follows the guidance of FASB Accounting Standards Update (“ASU”) Topic 606 “Revenue from Contracts with Customers” which requires the Company to recognize revenue in amounts that reflect the prorata completion of the performance obligations of the Company required under the contracts.

The Company recognizes revenue only when it transfers control of a promised good or service to a customer in an amount that reflects the consideration it expects to receive in exchange for the good or service. Our performance obligations are satisfied and control is transferred at a point-in-time, which is typically when the transfer ~~and~~of title to the product sold has taken place and there is evidence of our customer’s satisfactory acceptance of the product shipment or delivery except in those instances when the customer has made prior arrangements with the Company to store the product purchased by the customer at the Company’s facilities that is to be delivered at a later date to be designated by the customer.

Basic income (loss) per common share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted average number of shares adjusted for any potentially dilutive debt or equity instruments.

At ~~January~~July 31, 2022, the Company had ~~9,500,000~~49,500,000 common shares issuable upon the exercise of warrants and unpaid Original Base Salary and Incremental Salary that could be convertible into approximately ~~39,836,000~~61,967,000 common shares that were not included in the computation of dilutive loss per share because their inclusion is anti-dilutive for the three months and nine months ended ~~January~~July 31, 2022. At ~~January~~July 31, 2021, the Company had 9,500,000 common shares issuable upon the exercise of warrants and unpaid Original Base Salary and Incremental Salary that could be convertible into approximately ~~34,143,000~~33,570,000 common shares that were not included in the computation of dilutive loss per share because their inclusion is anti-dilutive for the three months and nine months ended ~~January~~July 31, 2021.

All stock-based payments are recognized in the financial statements based on their fair values.

Research and development costs consist of direct and indirect costs associated with the development of the Company’s technologies. These costs are expensed as incurred. Our research and development expenses were approximately $~~276,300~~111,000 and $~~661,900~~233,000 for the three months ended ~~January~~July 31, 2022 and 2021, respectively. Our research and development expenses were approximately $664,000 and $1,129,000 for the nine months ended July 31, 2022 and 2021, respectively. The research and development costs primarily relate to the filing and approval of IND applications and the performance of clinical trials.

The Company is required to file a consolidated tax return that includes all of its subsidiaries.

Provisions for income taxes are based on taxes payable or refundable for the current year taxable income for federal and state income tax reporting purposes and deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss carryforwards. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of the operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized.

The Company accounts for uncertain tax positions in accordance with FASB Topic 740 – Income Taxes. This pronouncement prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. The interpretation also provides guidance on recognition, derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

For the three months and nine months ended ~~January~~July 31, 2022 and 2021 the Company incurred operating losses, and therefore, there was not any income tax expense amount recorded during ~~that period.~~those periods. There is a full valuation allowance established for the tax benefit associated with the net losses for the three months and nine months ended ~~January~~July 31, 2022 and 2021.

The Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.” The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date.

The Company has adopted a sequencing policy whereby, in the event that reclassification of contracts from equity to assets or liabilities is necessary pursuant to ASC 815 due to the Company’s inability to demonstrate it has sufficient authorized shares, shares will be allocated on the basis of the earliest issuance date of potentially dilutive instruments, with the earliest grants receiving the first allocation of shares.

The Company currently has 2,500,000,000authorized shares of common stock of which ~~1,157,637,928~~1,476,126,390 shares are issued and outstanding as of ~~March 16,~~September 14, 2022. The Company expects that it will continue to issue common stock in the future in connection with debt and/or equity financings, transactions with third parties, performance incentives and as compensation to its employees. Currently the amount of authorized shares is sufficient to provide for the additional shares that the Company may be contingently obligated to issue under existing arrangements.

The Company includes fair value information in the notes to financial statements when the fair value of its financial instruments is different from the book value. When the book value approximates fair value, no additional disclosure is made.

The Company follows FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. It defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s financial instruments consist of cash and cash equivalents, accounts payable, accrued liabilities and convertible debt. The estimated fair value of cash, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term nature of these instruments.

The Company follows the provisions of ASC 820 with respect to its financial instruments. As required by ASC 820, assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.

Level one — Quoted market prices in active markets for identical assets or liabilities;

Level two — Inputs other than level one inputs that are either directly or indirectly observable such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level three — Unobservable inputs that are supported by little or no market activity and developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.

The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter.

The Company did not have any convertible instruments outstanding at ~~January~~July 31, 2022 and October 31, 2021 that qualify as derivatives.

Under the provisions of Accounting Standards Update (ASU) No. 2016-02 (Topic 842) (“ASC 842”), the Company recognizes a right of use (“ROU”) asset and corresponding lease liability for all operating leases upon commencement of the lease. The Company applies the modified retrospective approach which includes a number of optional practical expedients on leases that commenced before the effective date of ASC 842, including continuing to account for leases that commenced before the effective date in accordance with previous guidance, unless the lease is modified and the inclusion of amounts pertaining to the maintenance portion of the leased assets.

The Company’s policy is to treat operating leases that have a term of one year or less at lease commencement date and do not include a purchase option that is reasonably certain of exercise, consistent with the lease recognition approach as previously outlined under ASC 840. In addition, month to month leases which do not involve additional financial commitments on the part of the Company are also treated consistent with the lease recognition approach as previously outlined under ASC 840. The Company has established a capitalization threshold of $15,000 in determining whether any future operating leases will be capitalized.

The Company has evaluated subsequent events that occurred after ~~January~~July 31, 2022 through the financial statement issuance date for subsequent event disclosure consideration.

The unaudited accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company has had limited revenues since its inception. The Company incurred ~~operating~~net losses of $~~1,641,432~~5,877,236 for the ~~three~~nine months ended ~~January~~July 31, 2022. In addition, the Company had an accumulated deficit of $~~43,318,485~~47,501,985 at ~~January~~July 31, 2022. The Company had a negative working capital position of $~~4,400,806~~6,451,479 at ~~January~~July 31, 2022.

New United States Food and Drug Administration (“FDA”) regulations which were announced in November 2017 and which became effective beginning in May 2021 (postponed from November 2020 due to the COVID-19 pandemic) require that the sale of products that fall under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular and tissue based products (“HCT/Ps”) can only be sold pursuant to an approved biologics license application (“BLA”). The Company has not obtained any opinion or ruling regarding the Company’s operations and whether the processing, sales and distribution of the products it currently produces would be subject to the FDA’s previously announced intended enforcement policies regarding HCT/P’s.

In addition to the above, the adverse public health developments and economic effects of the ongoing COVID-19 pandemic in the United States have adversely affected the demand for our products and services by our customers and from patients of our customers as a result of quarantines, facility closures and social distancing measures put into effect in connection with the COVID-19 outbreak and which currently still continue to have a negative impact to our business and the economy.

As a result of the above, the Company’s efforts to establish a stabilized source of sufficient revenues to cover operating costs has yet to be achieved and ultimately may prove to be unsuccessful unless (a) the Company’s ability to process, sell and distribute the products currently being produced or developed in the future are not ~~restricted,~~restricted; (b) the United States economy ~~resumes~~returns to pre-COVID-19 ~~conditions~~conditions; and/or (c) additional sources of working capital through operations or debt and/or equity financings are realized. These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Management anticipates that the Company will remain dependent, for the near future, on additional investment capital to fund ongoing operating expenses and research and development costs related to development of new products and to perform required clinical studies in connection with the sale of its products. The Company does not have any assets to pledge for the purpose of borrowing additional capital. In addition, the Company relies on its ability to produce and sell products it manufactures that are subject to changing technology and regulations that it currently sells and distributes to its customers. The Company’s current market capitalization, common stock liquidity and available authorized shares may hinder its ability to raise equity proceeds. The Company anticipates that future sources of funding, if any, will therefore be costly and dilutive, if available at all.

In view of the matters described in the preceding paragraphs, recoverability of the recorded asset amounts shown in the accompanying consolidated balance sheet assumes that ~~(1)~~(a) the Company is able to continue to produce products or obtain products under supply arrangements which are in compliance with current and future regulatory ~~guidelines, (2)~~guidelines; (b) the ~~effects of the COVID-19 crisis resume~~United States economy returns to pre-COVID-19 market ~~conditions, (3)~~conditions; (c) the Company will be able to establish a stabilized source of revenues, including efforts to expand sales internationally and the development of new product offerings and/or designations of ~~products, (4)~~products; (d) obligations to the Company’s creditors are not ~~accelerated, (5)~~accelerated; (e) the Company’s operating expenses remain at current levels and/or the Company is successful in restructuring and/or deferring ongoing ~~obligations, (6)~~obligations; (f) the Company is able to continue its research and development activities, particularly in regards to remaining compliant with the FDA and ongoing safety and efficacy of its ~~products,~~products; and/or ~~(7)~~(g) the Company obtains additional working capital to meet its contractual commitments and maintain the current level of Company operations through debt or equity sources.

There is no assurance as to when the adverse impact to the United States and worldwide economies resulting from the COVID-19 outbreak will be eliminated, if at all, and whether any new or recurring pandemic outbreaks will occur again in the future causing similar or worse devastating impact to the United States and worldwide economies and our business. In addition, there is no assurance that the products we currently produce will not be subject to the FDA’s previously announced intended enforcement policies regarding HCT/P’s and/or the Company will be able to complete its revenue growth strategy. There is no assurance that the Company’s research and development activities will be successful or that the Company will be able to timely fund the required costs of those activities. Without sufficient cash reserves, the Company’s ability to pursue growth objectives will be adversely impacted. Furthermore, despite significant effort since July 2015, the Company has thus far been unsuccessful in achieving a stabilized source of revenues. ~~As described above, the COVID-19 crisis has significantly impaired the Company and the overall United States and World economies.~~

If revenues do not increase and stabilize, if the COVID-19 crisis is not satisfactorily managed and/or resolved, if the Company’s ability to process, sell and/or distribute the products currently being produced or developed in the future are restricted, and/or if additional funds cannot otherwise be raised, the Company might be required to seek other alternatives which could include the sale of assets, closure of operations and/or protection under the U.S. bankruptcy laws. As of ~~January~~July 31, 2022, based on the factors described above, the Company concluded that there was substantial doubt about its ability to continue to operate as a going concern for the 12 months following the issuance of these financial statements.

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~Effective July 13, 2022, the Company entered into (a) a binding letter of intent with Skycrest Holdings, LLC (“Skycrest”) and Greyt Ventures LLC (“Greyt,” and together with Skycrest, the “Skycrest/Greyt Group”) to invest $2,000,000 in the Company through the purchase of 100,000,000 shares of the Company’s common stock (“Shares”) at a price of $0.02 per Share; and (b) effective July 16, 2022, a second binding letter of intent with Beyond 100 FZE, a Dubai company (“Beyond 100,” and together with the Skycrest/Greyt Group, the “Investors”) to invest $2,000,000 in the Company through the purchase of 100,000,000 Shares at a price of $0.02 per Share.

Pursuant to the binding letters of intent (the “LOIs”), the Company agreed to (a) make certain corporate governance changes as more fully described therein, including allowing the Investors to appoint new independent directors who will comprise a majority of the members of the Board; (b) enter into 36-month consulting agreements with each of Skycrest and Greyt (each, a “Consulting Agreement,” and collectively, the “Consulting Agreements”), pursuant to which (i) Skycrest and Greyt will provide certain advisory services to the Company as more fully set forth in the LOIs; and (ii) Skycrest and Greyt shall each be compensated for their services by the Company issuing to each of them ten year-warrants to purchase 150,000,000 Shares at an exercise price of $0.02 per Share (the “Warrants”), which Warrants will be exercisable on a “cashless” basis; (c) implement certain changes in management, including Albert Mitrani stepping down as Chief Executive Officer; and (d) make modifications to management compensation, all as more fully set forth in the LOIs.

Contemporaneously with entering into the respective LOIs, the Skycrest/Greyt Group and Beyond 100 each advanced Organicell $400,000 and $300,000, respectively (a total of $700,000) as good faith deposits against the $2,000,000 (a total of $4,000,000) purchase price for the Shares.

On August 19, 2022 (“Closing”), the Company entered into stock purchase agreements (each, an “SPA” and collectively, the “SPAs”) with Skycrest Holdings, LLC (“Skycrest”), Greyt Ventures LLC (“Greyt”), Beyond 100 FZE (“Beyond 100”) and Smart Co. Holding Pte. Ltd. (“Smart Co,” and together with Skycrest, Greyt and Beyond 100, individually, an “Investor” and collectively, the “Investors”).

Pursuant to the SPAs, the Company issued each Investor 50,000,000 shares of the Company’s common stock (“Shares”) at a price of $0.02 per Share ($1,000,000). In addition, under the SPAs with Skycrest and Greyt, the Company issued each of them 50 shares of newly designated Series C Non-Convertible Preferred Stock (the “Series C Preferred Shares”). The Series C Preferred Shares vote together with Shares of our common stock as a single class on all matters presented to a vote of stockholders, except as required by law and entitle Skycrest and Greyt to each exercise 25.5% of the total voting power of the Company.

The SPAs with Skycrest and Greyt, also grant them the right, acting jointly, to designate a majority of the nominees to be elected to the Company’s board of directors at each annual meeting of the Company’s stockholders (the “Designation Right”). The Designation Right expires at such time as the Series C Preferred Shares are no longer outstanding.

As a result of the issuance to Skycrest and Grey of the Series C Preferred Stock and the granting to them of the Designation Right, a “Change in Control” of the Company is deemed to have occurred.

The SPA with Beyond 100 grants that Investor a right of first refusal for a period of 18 months from Closing with respect to any bona fide offer, or proposal received by the Company from or agreement in principal reached by the Company with a third party to enter into an exclusive arrangement providing for manufacturing, distributing, licensing, and commercializing any of its existing and/or future products and services to be manufactured, licensed and/or distributed by the Company or any of its subsidiaries in India.

The SPAs also accord the Investors registration rights under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to which the Company has agreed to file a registration statement under the Securities Act with the Securities and Exchange Commission (the “SEC”) within 180 days of Closing and use its commercially reasonable efforts to cause such registration statement to be declared effective by the SEC within 60 days thereafter. The registration statement will cover the resale of the Shares pursuant to the SPAs, and in the case of Skycrest and Greyt, the Shares issued or issuable upon exercise of the Consulting Warrants. The SPAs also provide the Investors “piggy-back” registration rights with respect to their respective Shares.

At Closing, the Company also entered into 36-month consulting agreements with each of Skycrest and Greyt (each, a “Consulting Agreement,” and collectively, the “Consulting Agreements”), pursuant to which (a) Skycrest and Greyt will provide certain advisory services to the Company as more fully set forth therein; and (b) Skycrest and Greyt are being compensated for their services by the Company issuing to each of them at closing ten (10) year-warrants to purchase 150,000,000 Shares at an exercise price of $0.02 per Share (the “Consulting Agreement Warrants”), which Warrants are exercisable on a “cashless” basis.

Depreciation expense totaled $~~14,170~~21,812 and $~~12,192~~13,125 for the three months ended ~~January~~July 31, 2022 and 2021, respectively. Depreciation expense totaled $54,587 and $37,981 for the nine months ended July 31, 2022 and 2021, respectively.

As described in Note 6,7, during the year ended October 31, 2021, the Company began the build-out of additional laboratory processing, product distribution and administrative office capacity at its Basalt Lab Lease location. The ~~total costs incurred as of January 31,~~Basalt Lab Lease location became operational during May 2022 ~~were $508,478~~and ~~are reflected as construction in progress. Amortization~~amortization of these costs ~~will begin once~~began during May 2022. Amortization expense totaled $15,124 for the ~~build-out is complete~~three months and ~~the facility becomes operational.~~nine months ended July 31, 2022.

During March 2019, the Company entered into a lease agreement for certain lab equipment in the amount of $239,595. Under the terms of the lease agreement, the Company is required to make 60 equal monthly payments of $4,513 plus applicable sales taxes. Under the Lease Agreement, the Company has the right to acquire all of the leased equipment for $1.00. As a result, the lease agreement is being accounted for as a finance lease obligation. The annual interest rate charged in connection with the lease is4.5%. The leased equipment are being depreciated over their estimated useful lives of 15 years.

During October 2021, the Company entered into a second lease agreement in the amount of $304,873 for certain lab equipment that is being installed at the Basalt lab location. Under the terms of the lease agreement, the Company is required to make 60 equal monthly payments of $5,478plus applicable sales taxes. Under the Lease Agreement, the Company has the right to acquire all of the leased equipment for $1.00. As a result, the lease agreement is being accounted for as a finance lease obligation. The annual interest rate charged in connection with the lease is 3.0%. Lease payments and depreciation of the leased equipment ~~has not commenced pending completion of~~began during May 2022, the date that the Basalt lab buildout was completed (see below) and the facility ~~becomes~~became operational. The leased equipment ~~will be~~are being depreciated over their estimated useful lives of 15 years.

The Company’s corporate administrative offices are leased from MariLuna, LLC, a Florida limited liability company which is owned by Dr. Mitrani. During July 2020, the Company entered into an extension of the operating lease agreement. The lease term is for an additional 36 months beginning July 1, 2020 and expiring June 30, 2023, with a monthly rental rate of $3,500. On July 1, 2020, in connection with the adoption of ASC 842, the Company recorded a ROU asset and corresponding operating lease obligation of $117,659 (present value of the associated leased payments based on an assumed borrowing rate of 4.5%).

Lease amortization expense for the three months ended ~~January~~July 31, 2022 and 2021 was $~~9,779~~10,001 and $~~9,350~~9,562 respectively. Lease amortization expense for the nine months ended July 31, 2022 and 2021 was $29,670 and $28,367, respectively.

~~(Unaudited)~~In connection with the Closing, both of the lease agreements with Mariluna LLC were terminated and the remaining ROU asset and security deposit were written off (see Note 12).

On August 30, 2022, the Company entered into a one-year lease agreement for office space in Los Angeles, California commencing September 1, 2022 and ending August 31, 2023. The Company was required to make a one-time prepayment of the annual rent in the amount of $160,000 and provide a security deposit of $10,000 upon execution of the lease agreement. The lease is non-renewable.

In connection with the Company’s decision to again operate a placental tissue bank processing laboratory in Miami, Florida, during February 2019, the Company entered into a renewable month to month lease agreement (“Miami Lab Lease”) for an approximately 450 square foot laboratory and a 100 square foot administrative office ~~facility. Monthly lease payments are approximately $5,200~~ ~~plus administrative fees and taxes.~~space. In connection with the Miami Lab Lease, the Company was required to post a security deposit of $6,332. From November 2020 through May 31, 2021, the Company entered into an additional month to month lease agreement in the same facility as the Miami Lab Lease for an additional 390 square foot laboratory. The Company also has entered into additional month to month lease agreements in the same facility as the Miami Lab Lease for additional administrative office space. Monthly lease payments ~~were~~are approximately $~~4,400~~8,000 plus administrative fees and taxes. During June 2022, the Company entered into a six-month lease agreement with the new owners of the Miami Lab Lease facilities effective July 1, 2022 (“New Miami Lab Lease”). The New Miami Lab Lease may be renewed on a month-to-month basis upon expiration of the initial term. Monthly lease payments are approximately $9,500 per month plus administrative fees and taxes.

During March 2021, the Company entered into a lease agreement for an approximately 2,452 square foot commercial space located in Basalt, Colorado (the “Basalt Lab Lease”). The Company intends to build additional laboratory processing, product distribution and administrative office capacity from this location. The term of the Basalt Lab Lease is for three years and may be renewed for an additional (3) three-year term provided the Company is not in ~~default.~~default (“First Renewal Option”). Rental expense is $6,800per month and provides for annual increases of 3% or the Denver Aurora Metropolitan CPI index, whichever is greater. In connection with the Basalt Lab Lease, the Company was required to post a security deposit of $13,600. The Company ~~is currently constructing~~completed the construction of the initial laboratory and office build-out at ~~an estimated~~a cost of $~~600,000~~925,932. The ~~Company expects~~Basalt Lab Lease location became operational during May 2022.

In connection with the ~~construction to be completed during~~execution of the ~~quarter ended April 30, 2022. The~~Basalt Lab Lease, the Company ~~has~~ recorded a ROU asset and corresponding operating lease obligation of $235,313 (present value of the associated leased payments based on an assumed borrowing rate of 4.5%).

Lease amortization expense for the three months and nine months ended ~~January~~July 31, 2022 was $19,397 and $~~18,361~~56,735., respectively.

The Company’s corporate administrative offices are leased from MariLuna, LLC, a Florida limited liability company which is owned by Dr. Mitrani. The term of the lease expires in June 2023. Monthly rent is $3,500. The Company paid a security deposit of $5,000. Total rent expense for the three months ended ~~January~~July 31, 2022 and 2021 was $10,500. Total rent expense for the nine months ended July 31, 2022 and 2021 was $31,500.

Beginning October 1, 2020, the Company entered into a second lease agreement with Mariluna LLC for office space located in Aspen, CO. The initial term of the lease was for one year, expiring on September 30, 2021 and the lease has been subsequently extended on a month to month basis. Under the terms of the lease, the Company is required to make monthly rental payments of $6,500 and was required to provide a security deposit of $11,000 upon execution of the lease agreement. Total rent expense for the three months ended ~~January~~July 31, 2022 and 2021 was $19,500. Total rent expense for the nine months ended July 31, 2022 and 2021 was $58,500. In connection with the Closing, both of the lease agreements with Mariluna LLC were terminated (see Note 13).

In connection with Mr. Bothwell’s executive employment agreements, the Company agreed to reimburse Rover Advanced Technologies, LLC (“Rover”), a company owned and controlled by Mr. Bothwell for office rent and other direct expenses (phone, internet, copier and direct administrative fees, etc.) totaling $~~9,834~~11,737 and $~~8,270~~7,453 for the three months ended ~~January~~July 31, 2022 and 2021, respectively, and $28,818 and $23,177 for the nine months ended July 31, 2022 and 2021, respectively. In connection with the Closing, beginning November 2022, the Company will no longer reimburse for office expenses and other direct expenses of Rover (see Note 13).

For the three months and nine months ended ~~January~~July 31, 2022, the Company sold a total of approximately $~~79,700~~218,800 and $501,600, respectively, of products to a management services organization (“MSO”) that provides administrative services and contracts for medical supplies for several medical practices, including ~~$22,740~~approximately $76,800 and $152,600 of products purchased from the Company for the three months and nine months ended July 31, 2022, respectively, that were attributable to the medical practice owned by Dr. George ~~Shapiro.~~Shapiro, the Company’s Chief Medical Officer and a member of the board of directors. Dr. Shapiro ~~also~~ has an indirect economic interest in the parent company that owns the MSO. For the three months and nine months ended ~~January~~July 31, 2022, the total amount of sales of products to customers related to Mr. Michael Carbonara, a member of the board of directors of the Company, totaled $~~8,160~~16,300. and $26,600, respectively. For the three months and nine months ended July 31, 2022, the total amount of sales of products to customers related to Dr. Allen Meglin, a member of the board of directors of the Company, totaled approximately $13,200 and $20,800 respectively.

At ~~January~~July 31, 2022, salary amounts owed to Albert Mitrani, Dr. Mari Mitrani and Ian Bothwell were $~~321,293~~418,519, $~~408,455~~585,955, and $~~919,428~~1,104,419, respectively and consulting fees owed to Dr. George Shapiro were $~~81,000~~135,000. In connection with the Closing during August 2022, the Executives agreed to modifications to their compensation arrangements (see Note 13).

During June 2022, Albert Mitrani made a capital contribution of $250,000 to the Company. The proceeds were used for working capital.

On June 20, 2018, the Company issued a total of $150,000 of convertible 6% debentures (“150,000 Debentures”) to an accredited ~~investor.~~investor (“Lender”). The principal amount of the $150,000 Debentures, plus accrued and unpaid interest through June 30, 2019 were payable on the 10^th business day subsequent to June 30, 2019, unless the payment of the $150,000 Debentures were prepaid at the sole option of the Company, were converted as provided for under the terms of the $150,000 Debentures, and/or accelerated due to an event of default in accordance with the terms of the $150,000 Debentures. Interest on the $150,000 Debentures for each calendar quarter ended beginning with the quarter ended June 30, 2018 is payable on the 10^th business day following the immediately prior calendar quarter. The $150,000 Debentures were not repaid as required. At ~~January~~July 31, 2022, the principal balance of the $150,000 Debentures outstanding was $~~139,000~~122,053 and accrued and unpaid interest was $~~695~~0.

On August 20, 2022, the Lender and the Company entered into a settlement and general release agreement whereby the Company agreed to make a lump sum payment of $87,500 in full satisfaction of all obligations of Company to Lender pursuant to the terms of the $150,000 Debentures and Lender’s release of any claims existing under the $150,000 Debentures or any other agreement, understanding, or otherwise related to the Lender’s involvement with the Company and their affiliates and representatives.

On January 24, 2022, the Company reached an agreement with a professional firm in connection with unpaid legal services owing as of December 31, 2021 in the amount of $278,340 (“Unpaid Professional Fees”). In connection with the agreement, the Company issued the professional firm a promissory note in the amount of $256,000 of which the Company was required to make a cash payment of $166,000 by January 25, 2022 and twelve monthly payments of $7,500 beginning February 28, 2022. If the Company makes all payments as required under the promissory note, then the Company will receive a discount of $22,340, representing the remaining balance of the Professional Fees outstanding from the December 31, 2021 balances after all payments of the promissory note are applied. ~~As of March 16,~~The balance outstanding at July 31, 2022 is $45,000. On August 25, 2022, the Company ~~has made all required payments~~paid off the entire remaining amount due ~~in connection with~~under the promissory note.

On February 5, 2019, the Company entered into an unsecured loan agreement with a third party with a principal balance of $25,000. The outstanding principal was due March 8, 2019. The loan was not repaid on the maturity date as required. The third party subsequently agreed to apply amounts due for invoices due from third party for future purchases of the Company products to the extent of the outstanding balances owed by the Company in connection with the loan (interest and principal). As of ~~January~~July 31, 2022 and October 31, 2021, the remaining amount due under this arrangement was ~~approximately~~$0 and $4,392., respectively.

On January 11, 2022, the Company entered into a Securities Purchase Agreement (“SPA”) with AJB Capital Investments, LLC (“Purchaser”) pursuant to which we sold a promissory note in the principal amount of $600,000 (“Promissory Note”) to the Purchaser in a private transaction for a purchase price of $540,000 (giving effect to original issue discount of $60,000). In connection with the sale of the Promissory Note, the Company also paid the Purchaser’s legal fees and due diligence costs of $12,500 and brokerage fees of $9,000 to J.H. Darbie & Co., a registered broker-dealer which were expensed during the ~~three~~nine months ended ~~January~~July 31, 2022. After payment of the legal fees and brokerage fees, the net proceeds to the Company were $518,500, which ~~will be~~were used for working capital and other general corporate purposes.

The Promissory Note matures on July 11, 2022, subject to extension at the option of the Company for up to an additional six month period (“Extension”), bears interest at ~~the~~ a rate of 10% per annum for the first six months, payable monthly, and 12% per annum thereafter, payable monthly, if ~~extended, and~~extended. On July 11, 2022, the Company exercised its option to extend the Promissory Note an additional six months until January 11, 2023.

Under the terms of the Promissory Note, only following an event of default (as defined in the Promissory Note), is convertible into shares of the Company’s common stock at a conversion price equal to the lower of the “VWAP” (as hereinafter defined) of the common stock during (i) the twenty (20) trading day period preceding the issuance date of the Note; or (ii) the twenty (20) trading day period preceding the date of conversion of the Promissory Note. As used in the Promissory Note, “VWAP” means, for any date, the price of our common stock as determined by the first of the following clauses that applies: (i) if the common stock is then listed or quoted on one or more established stock exchanges or national market systems, the daily volume weighted average price of the common stock for such date on the trading market on which the common stock is then listed or quoted as reported by Bloomberg L.P.; or (ii) if the common stock is regularly quoted on an automated quotation system (including applicable tiers of the over-the-counter market maintained by OTC Market Group, Inc.) or by a recognized securities dealer, the volume weighted average price of the common stock for such date on the applicable OTC Markets Group, Inc. tier or as quoted by such securities dealer. In accordance with the terms of the SPA, as of January 11, 2022, the Company has reserved 36,923,080 shares of its authorized but unissued common stock for issuance in the event the Purchaser exercises its right to convert the Promissory Note following an event of default.

The Promissory Note may be prepaid by the Company at any time without penalty. The Promissory Note also contains covenants, events of defaults, penalties, default interest and other terms and conditions customary in transactions of this nature.

Pursuant to the terms of the SPA, the Company paid a commitment fee to the Purchaser in the amount of $123,000 (“Initial Commitment Fee”) in the form of ~~3,076,921~~3,076,923 shares of the Company’s common stock (the “Initial Commitment Fee Shares”) valued at $0.04, the closing price of the common stock of the Company on the closing date. In addition, ifin connection with the Extension, the Company ~~exercises the option to extend the maturity date of the Promissory Note, the Company will pay~~paid an additional commitment fee to the Purchaser in the amount of $~~61,546~~33,231 in the form of an additional 1,538,462 shares of its common stock (“Additional Commitment Fee Shares,” and together with the Initial Commitment Fee Shares, collectively, “Commitment Fee Shares”) valued at $~~0.04~~0.0216, the closing price of the common stock of the Company on the ~~closing~~Extension date.

In the event that by the first anniversary of repayment of the Promissory Note by the Company, the Purchaser has not generated the amount of $~~200,000~~300,000 from public sales of the Commitment Fee Shares, ~~and $100,000 from public sales of the Additional Commitment Fee Shares, if applicable,~~ the Company shall either pay the amount of any such shortfall either (i) by issuing additional shares of our common stock at a price equal to the VWAP for the common stock during the five (5) trading day period prior to such anniversary date; or (ii) in cash, in which case, the Company shall repurchase any unsold Commitment Fee Shares then held by the Purchaser for such shortfall amount (“Commitment Fee Shortfall Obligation”).

The offer and sale of the Promissory Note to the Purchaser was made in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended (“Securities Act”), in reliance on exemptions afforded by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder.

Upon the closing, the Company recorded a discount of the Promissory Note in the amount of $260,000, consisting of the original issue discount of $60,000, the fair value of the Initial Commitment Fee Shares of $123,000 and the Commitment Fee Shortfall Obligation of $77,000. These costs ~~will be~~were fully amortized over the initial term of the Promissory Note. In connection with the Extension, the Company recorded a discount of the Promissory Note in the amount of $100,000, consisting of the fair value of the Additional Commitment Fee Shares of $33,231 and the Additional Commitment Fee Shortfall Obligation of $66,769. These costs are being amortized over the term of the Extension.

For the three months and nine months ended ~~January~~July 31, 2022, $~~31,778~~110,222 and $272,000, respectively, of the total discounts recorded in connection with the issuance of the Promissory Note have been amortized.

At ~~January~~July 31, 2022, the fair value of the Commitment Fee Shares was approximately ~~$111,000~~$138,461 (valued at ~~$0.036~~$0.03 the closing price of the common stock of the Company on ~~January 31,~~July 29, 2022). As a result, the Company has recorded a reduction in the Commitment Fee Shortfall Obligation in the amount of $42,770 for the three months ended July 31, 2022 and an additional Commitment Fee Shortfall Obligation in the amount of $~~12,000~~.$17,769 for the nine months ended July 31, 2022. The total Commitment Fee Shortfall Obligation at ~~January~~July 31, 2022 was $~~89,000~~161,539.

The Company’s income tax returns for the periods since inception through the tax year ended October 31, 2015 were not filed with the Internal Revenue Service (“IRS”) until August 2017 (“Delinquent Filed Returns”). The Company’s income tax returns for the tax year ended October 31, 2016 were filed with the IRS during December 2017. In connection with the Delinquent Filed Returns, during the period September 2017 through October 2017, the Company received notices that it was being assessed approximately $90,000 of penalties, plus interest (“IRS Penalties”), in connection with the late filing of certain information returns that were included as part of the Delinquent Filed Returns. In connection with the notices, the IRS indicated its intent to levy property of the Company if the IRS penalties were not paid as required. During January 2018, the Company requested from the IRS an abatement of the IRS penalties based on reasonable cause. During April 2018, the IRS notified the Company that the IRS penalties for the tax year ended 2011 of $20,000, plus interest, were abated and the request for abatement for the IRS penalties for the tax years ended 2012 – 2015 were denied. The Company is currently appealing the initial determination by the IRS to exclude the IRS penalties for the tax years 2012-2015 in its consideration of abatement and filed a “Request for Collection Due Process Equivalent Hearing” (“Request”) in September 2021. A hearing was held on June 28, 2022 and the Company is awaiting the IRS’ determination. During the period that the Request is being reviewed and processed by the IRS, the IRS has agreed to put a hold on taking any levy action against the Company for the remaining amounts of the IRS Penalties that are still outstanding. In connection with the notices, the Company has accrued $83,684and $83,684 of accrued tax penalties and interest on the balance sheet as of ~~January~~July 31, 2022 and October 31, 2021, respectively.

The Company is authorized to issue 10,000,000 shares of $0.001 par value preferred stock in one or more designated series, each of which shall be so designated as to distinguish the shares of each series of preferred stock from the shares of all other series and classes. The Company’s board of directors is authorized, without stockholders’ approval, within any limitations prescribed by law and the Company’s Articles of Incorporation, to fix and determine the designations, rights, qualifications, preferences, limitations and terms of the shares of any series of preferred stock.

On August 17, 2022, the Company filed a Certificate of Designation for a newly created Series C Non-Convertible Preferred Stock consisting of 100 shares, $0.001 par value, of authorized but unissued preferred stock of the Company (“Series C Preferred Shares”).

The Series C Preferred Shares vote together with shares of our common stock as a single class on all matters presented to a vote of stockholders, except as required by law. The Series C Preferred Shares are not convertible into common stock, do not have any dividend rights and do have a nominal liquidation preference. The Series C Preferred Shares also have certain protective provisions, such as requiring the vote of a majority of Series C Preferred Shares to change or amend their rights, powers, privileges, limitations and restrictions.

As of ~~January~~July 31, 2022, there were 0no designations of Preferred Stock authorized or outstanding.

In connection with the Closing (see Note 4), on August 19, 2022, the Company issued each of Skycrest and Greyt, 50 shares of the Series C Preferred Shares. The Series C Preferred Shares are automatically redeemed by the Company for nominal consideration at such time as the holder owns less than 50% of the Shares purchased pursuant to its SPA and Shares issued or issuable upon exercise of the Consulting Warrants or in the event the holder transfers or seeks to transfer the Series C Preferred Shares, other than by the laws of descent and distribution.

In November 2021, the Company sold an aggregate of 8,000,000shares of common stock to one “accredited investor” at $0.05 per share for an aggregate purchase price of $400,000. The proceeds were used for working capital.

In January 2022, the Company sold an aggregate of 666,667 shares of common stock to one “accredited investor” at $0.03per share for an aggregate purchase price of $20,000. The purchase price was paid through an offset of an outstanding balance owed by the Company to the investor at the time of the sale of $~~20,000~~$20,000..

In February 2022, the Company sold an aggregate of 8,333,333 shares of common stock to one “accredited investor” at $0.03 per share for an aggregate purchase price of $250,000. The proceeds were used for working capital.

During August 2022, in connection with the Closing, the Company sold an aggregate of 200,000,000 shares of common stock to several “accredited investors” at $0.02 per share for an aggregate purchase price of $4,000,000. The proceeds are being used for working capital.

During August 2022 and September 2022, the Company sold an aggregate of 62,500,000 shares of common stock to three “accredited investors” at $0.04 per share for an aggregate purchase price of $2,500,000. The proceeds are being used for working capital.

On December 27, 2021, the Company and an employee agreed to an amendment of the employee’s employment agreement. Under the terms of the amendment, the employee agreed to extend the term of the agreement through December 31, 2024 and the Company agreed to increase the employee’s annual salary from $180,000 per year to $210,000 per year effective January 1, 2022. In connection with the amendment, the Company agreed to grant the employee 1,000,000 shares of common stock of the Company to vest quarterly over the remaining term of the agreement (valued at $.029 per share, the closing price of the common stock of the Company on the grant date). The total value of the stock granted in connection with the amendment was $29,000 which will be amortized over the remaining term of the agreement. The Company recorded $~~1,208~~7,250 and $15,708 of stock-based compensation during the three and nine months ended ~~January~~July 31, ~~2022.~~2022, respectively, in connection with these shares.

In connection with the VP Agreements, during the ~~three~~nine months ended ~~January~~July 31, 2022, the Company issued each of the Sales Executive an additional 450,000 Performance Shares (total 900,000 shares) valued at $31,500, based on the closing price of the common stock of the Company on the grant date of $0.035 per share. On June 30, 2022, the VP Agreements were terminated (see note 12). The Company has amortized the value of the stock-based compensation of $31,500 up through the date of termination. The Company has recorded a total of $5,250 and $15,750 of stock-based compensation expense during the three and nine months ended July 31, 2022, respectively, in connection with these shares.

On March 17, 2022, the Company entered into a consulting agreement with a third party to assist the Company with certain services associated with the implementation of the PPX^TM service platform as well as other customary day to day activities as reasonably requested. The term of the agreement expires on September 30, 2022 (“Initial Term”) and may be renewed for four additional six-month terms upon mutual agreement. As consideration for agreeing to provide consulting services to the Company during the Initial Term, the Company agreed to issue the consultant 7,000,000 shares of unregistered common stock. The Company also agreed to provide the consultant 5,000,000 shares of unregistered common stock for each renewal period, if any. The shares issued were valued at $0.018 per share, the closing price of the common stock of the Company on the ~~grant date.~~effective date of the agreement, totaling $126,000. The Company will amortize the ~~value~~costs associated with the issuance over the Initial Term of the ~~stock-based compensation of $31,500~~ ~~over the remaining term of the VP Agreements.~~agreement. The Company ~~has recorded a total of~~amortized $~~2,625~~58,154 and $87,231 of stock-based compensation expense during the three and nine months ended ~~January~~July 31, 2022, respectively.

On June 9, 2022, the Company entered into a consulting agreement with a company affiliated with Mr. Sinnreich in connection with past and future consulting and advisory services to be provided to the Company. In connection with the consulting agreement, for the months of June 2022 and July 2022, the Company issued the consultant 1,700,000 shares and 2,000,000 shares of unregistered common stock valued at $0.019 per share and $0.0135 per share, the closing price of the common stock of the Company on June 9, 2022 and July 1, 2022, respectively. All of the shares granted vested immediately on the date of grant. The Company recorded $59,300 of stock-based compensation expense based on the grant date fair value of these shares during the three months and nine months ended July 31, 2022.

On July 21, 2022, in connection with the Term Sheet, Mr. Sinnreich was issued 10,000,000 shares of restricted common stock that vested immediately upon issuance. The shares issued were valued at $0.0343 per share, the closing price of the common stock of the Company on the effective date of the Term Sheet, totaling $343,000. The Company recorded $343,000 of stock-based compensation expense during the three and nine months ended July 31, 2022.

On July 21, 2022, in connection with the Term Sheet, during the first year of the Initial Term, Mr. Sinnreich will be compensated by the issuance of 24,000,000 shares of Organicell’s common stock upon execution of the Term Sheet, which shall vest pro-rata in equal monthly installments of 2,000,000 shares each. The shares issued were valued at $0.0343 per share, the closing price of the common stock of the Company on the effective date of the Term Sheet, totaling $823,200. The Company will amortize the costs associated with the issuance over the first year of the Initial Term. The Company recorded $22,553 of stock-based compensation expense during the three and nine months ended July 31, 2022.

On August 18, 2022, the Company entered into a consulting agreement with a third party to provide strategic marketing and digital marketing services for a minimum period of six months. As consideration for agreeing to provide consulting services to the Company, the Company will pay the consultant $15,000 per month and issued the consultant 2,500,000 shares of unregistered common stock valued at $0.0241 per share, the closing price of the common stock of the Company on the effective date of the agreement. All of the shares granted vested immediately on the date of issuance. The Company will record $60,250 of stock-based compensation expense based on the grant date fair value of these ~~shares.~~

~~ORGANICELL REGENERATIVE MEDICINE, INC.~~shares during the three months ended October 31, 2022. The consulting agreement may be renewed for additional six month periods under the same terms unless either party provides 30 days written notice to terminate.

During November 2021, the Company entered into an term sheet agreement with ~~an investor~~Tysadco Partners LLC, a Delaware limited company (“Tysadco”) whereby ~~the investor has~~Tysadco agreed to provide the Company with a $10,000,000 equity line of credit facility (“ELOC”), subject to many conditions including the Company determining to proceed with the ELOC, approval and execution of definitive agreements for the ELOC and the Company subsequently filing a registration statement covering the underlying shares to be sold under the ELOC. The Company iswas not obligated to proceed with the ELOC or file a registration statement for the ELOC. In connection with the above, ~~the investor~~Tysadco agreed to purchase 7,000,000 restricted common shares of the Company priced at $0.05 per share ($350,000) upon such time that the Company initially files the registration statement for the ELOC. In connection with the above, the Company agreed to pay a commitment fee to the investor in the amount of 3,000,000 shares of common stock of the Company fully vested (valued at $0.067 per share, the closing price of the common stock of the Company on the date of the agreement). The Company recorded ~~$201,000~~$201,000 of stock-based compensation expense based on the grant date fair value of these shares during the ~~three~~nine months ended ~~January~~July 31, 2022.

On September 1, 2022, the Company entered into a Purchase Agreement (the “Purchase Agreement”) with Tysadco and a Registration Rights Agreement (the “Registration Rights Agreement”) with Tysadco.

Pursuant to the Purchase Agreement, Tysadco committed to purchase, subject to certain restrictions and conditions, up to $10,000,000 worth of the Company’s common stock (the “Commitment”), over a period of 24 months from the effectiveness of the registration statement registering the resale of shares purchased by Tysadco pursuant to the Purchase Agreement (the “Registration Statement”).

The Purchase Agreement provides that at any time after the effective date of the Registration Statement, from time to time on any business day selected by the Company (the “Purchase Date”), the Company shall have the right, but not the obligation, to direct Tysadco to buy the lesser of $1,000,000 in common stock per sale or 500% of the daily average share value traded for the 10 days prior to the closing request date, at a purchase price of 80% of the of the two lowest individual daily VWAPs during the ten (10) trading days preceding the draw down or put notice (“Valuation Period”), with a minimum request of $25,000. The payment for the shares covered by each request notice will occur on the business day immediately following the Valuation Period.

In addition, Tysadco will not be obligated to purchase shares if Tysadco’s total number of shares beneficially held at that time would exceed 9.99% of the number of shares of the Company’s common stock as determined in accordance with Rule 13d-1(j) of the Securities Exchange Act of 1934, as amended. In addition, the Company is not permitted to draw on the Purchase Agreement unless the Registration Statement covering the resale of the shares is effective.

The Purchase Agreement also contains customary representations and warranties of each of the parties. The assertions embodied in those representations and warranties were made for purposes of the Purchase Agreement and are subject to qualifications and limitations agreed to by the parties in connection with negotiating the terms of the Purchase Agreement. The Purchase Agreement further provides that the Company and Tysadco are each entitled to customary indemnification from the other for, among other things, any losses or liabilities they may suffer as a result of any breach by the other party of any provisions of the Purchase Agreement or Registration Rights Agreement. The Company has the unconditional right, at any time, for any reason and without any payment or liability, to terminate the Purchase Agreement.

Pursuant to the terms of the Registration Rights Agreement, the Company is obligated to use its commercially reasonable efforts to file a registration statement with the Securities and Exchange Commission within thirty (30) days after the date of such agreement, to register the resale by Tysadco of the shares of common stock issuable under the Purchase Agreement.

As described in Note 8,9, in connection with the issuance of the Promissory Note on January 11, 2022, the Company issued the Purchaser’s 3,076,923 commitment shares valued at $123,000. In addition, in connection with the Extension on July 11, 2022, the Company issued the Purchaser an additional 1,538,462 commitment shares valued at $33,231.

On August 19, 2022 the Company and a consultant (“Consultant”) agreed to an amendment to the consulting agreement whereby the Consultant was issued 5,000,000 shares of common stock of the Company and received a $20,000 cash payment in exchange for satisfaction of approximately $200,000 in outstanding consulting fees due to the Consultant up through August 31, 2022. The parties also agreed to the reduction of future fees payable to the Consultant from $40,000 per month to $15,000 per month for the period September 2022 through March 2023.

The shares issued were valued at $0.0235 per share, the closing price of the common stock of the Company on the effective date of the settlement, totaling $117,500.

As described in Note 13, during April 2022 the Company settled a lawsuit whereby the Company paid LAE $45,000 in cash and 2,000,000 shares of restricted common stock of the Company. The shares issued were valued at $0.0219 per share, the closing price of the common stock of the Company on the effective date of the settlement, totaling $43,800.

On April 25, 2020, the Company approved the adoption of the Management and Consultants Performance Stock Plan (“MCPP”) providing for the grant to current senior executive members of management and third-party consultants shares of common stock of the Company (“Shares”) based on the achievement of certain defined operational performance milestones (“Milestones”).

On June 29, 2020, the Board amended the MCPP, providing for the additional grant of common stock of the Company to the current senior executive members of management and the current non-executive members of the Board based on the Company completing any transaction occurring while employed and/or serving as a member of the Board, respectively, that results in a change in control of the Company or any sale of substantially all the assets of the Company (“Transaction”) which upon after giving effect to such issuance of shares below, corresponds to a minimum pre-Transaction fully diluted price per share of the Company’s common stock in the amounts indicated ~~below.~~below:

On August 14, 2020, the Board amended the MCPP, providing for the additional grant of common stock of the Company to each Dr. Maria I. Mitrani and Ian Bothwell based on the Company obtaining aggregate gross fundings (grants for research and development and clinical trials, purchase contracts for Company products, debt and/or equity financings) or other financial awards during the term of employment with the Company based on the amounts indicated below:

On September 23, 2020, the Board amended the MCPP, providing for the grant of common stock of the Company of 15.0 million, 7.5 million and 15.0 million shares of common stock of the Company, respectively, to each Albert Mitrani, Dr. Maria I. Mitrani and Ian Bothwell upon such time that the Company’s common stock trades above $0.25 per share, $0.50 per share and $0.75 per share, respectively, for 30 consecutive trading days subsequent to March 31, 2021 and provided such milestone occurs during the term of employment with the ~~Company~~Company..

In addition, each of the current executives were entitled to receive an additional 7 million shares, which when combined with all previous IND and/or eIND’s Milestones previously issued under the MCPP of 43 million shares, represents the total of all incentive shares to be issued to each executive in connection with the combined thirteen IND’s and/or eIND’s Milestones achieved through September 23, 2020. In the future, each of the current executives shall be entitled to receive 5 million shares as a performance incentive for each IND and/or “Expanded Access” approval (and excluding all eIND’s) received by the Company that involve more than 15 patients and provided such milestone occurs during the term of employment with the Company.

On February 10, 2021, the Board amended the MCPP, providing for the grant of common stock of the Company of 5 million shares for each Phase II clinical trial completed, 5 million shares for each Phase III clinical trial approved and initiated (deemed to be upon the time the first patient is enrolled) and 10.0 million shares for each Phase III clinical trial fully enrolled. In addition, the CMO’s portion of a designated grant for an achievement of any applicable Milestone subsequent to September 23, 2020 was reduced to 30% until the time that the CMO becomes a full-time employee of the Company.

Pursuant to the MCPP, a total of 342,500,000 shares have been issued and as described above, additional shares are authorized to be issued under the MCPP subject to the achievement of the defined contingent performance based milestones described above and provided the milestones are achieved while the individual is employed and/or serving as a member of the Board:

The Company will record stock-based compensation expense in connection with any MCPP Shares that are actually awarded based on the fair value as of the initial grant date that the respective milestone for the MCPP Shares were approved. In connection with the MCPP Shares that have been awarded to date, all such shares were issued in connection with the MCPP Shares approved on April 25, 2020 and accordingly were valued $0.027 per share, the closing price of the common stock of the Company on the date that those respective MCPP Shares were approved.

Upon completion of the Share Exchange on October 29, 2021, the MCPP (but not Awards of unexchanged shares of our common stock) was terminated.

~~(Unaudited)~~In connection with the Closing, the Company and each of the grantees of awards authorized but not yet issued under the MCPP (“Awards”) agreed to waive and terminate their respective Awards.

A summary of unvested equity instruments outstanding for the ~~three~~nine months ended ~~January~~July 31, 2022 and 2021 are presented below:

A summary of warrant activity for the ~~three~~nine months ended ~~January~~July 31, 2022 and 2021 are presented below:

On July 21, 2022, the Company issued Mr. Sinnreich a cashless warrant to purchase an aggregate of 40,000,000 shares of common stock in connection with the Mr. Sinnreich’s employment agreement. The warrant is exercisable for $0.034 per share (the closing price of the Company’s common stock on the date of grant), until the tenth anniversary date of the date of issuance. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 2.91%, (2) term of 10 years, (3) expected stock volatility of 144%, and (4) expected dividend rate of 0%. All of the warrants vested immediately. The grant date fair value of the warrants issued was $1,332,000. The Company recorded $1,332,000 of stock-based compensation expense for the three months and nine months ended July 31, 2022 based on the fair value of these warrants on the grant date (see Note 12).

At Closing, Ian Bothwell waived all unpaid and accrued compensation except for four unpaid base salary payments outstanding as of July 31, 2022, in exchange for ten-year warrants to purchase 30,000,000 Shares at an exercise price of $0.02 per Share, exercisable on a “cashless basis” and a cash payment of $50,000 at Closing. All of the warrants vested immediately (see Note 12).

At Closing, Dr. George Shapiro terminated his consulting arrangement with the Company and waived all unpaid consulting fee obligations in exchange for ten-year warrants to purchase 3,150,000 Shares at an exercise price of $0.02 per Share, exercisable on a “cashless basis.” All of the warrants vested immediately (see Note 12).

During August 2022, the Company entered into five separate consulting and employment agreements providing for the issuance of ten-year warrants to purchase an aggregate of 41,150,000 Shares at exercise prices ranging from $0.024 to $0.03 per Share, exercisable on a “cashless basis”. The warrants vest over the term of the agreements that range for 6 months to 2 years. The Company will value the warrants on the dates of the grant using the Black-Scholes option pricing model and will amortize the stock-based compensation expense over the term of the respective agreements based on the fair value of these warrants on the grant date.

Summary of Warrant Activity
Number of
Shares Weighted-average
Exercise Price Remaining
Contractual
Term (years) Aggregate
Intrinsic Value
Outstanding at October 31, 2021 9,500,000 $ 0.03 6.90 $ 289,500
Granted 0 $ 0 - $ 0
Exercised 0 $ 0 - $ 0
Expired/Forfeited 0 $ 0 - $ 0
Outstanding and exercisable at January 31, 2022 9,500,000 $ 0.03 6.65 $ 62,250

Number of
Shares Weighted-average
Exercise Price Remaining
Contractual
Term (years) Aggregate
Intrinsic Value
Outstanding at October 31, 2020 9,500,000 $ 0.03 7.90 $ 1,268,000
Granted 0 $ 0 - $ 0
Exercised 0 $ 0 - $ 0
Expired/Forfeited 0 $ 0 - $ 0
Outstanding and exercisable at January 31, 2021 9,500,000 $ 0.03 7.65 $ 546,000

~~ORGANICELL REGENERATIVE MEDICINE, INC.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

~~(Unaudited)~~

NOTE 1213 – COMMITMENTS AND CONTINGENCIES

Employment Agreements

Changes in Management Compensation

Pursuant to the SPAs, the following changes in management compensation were implemented at Closing:

Each of Albert Mitrani, Dr. Maria Ines Mitrani and Ian Bothwell entered into an amendment to their respective employment agreements providing for (a) setting their respective base salaries at $300,000 per annum; (b) limits on cell phone, automobile and other monthly allowances; (b) elimination of any compensation associated with commissions, fixed bonus, increases to base salary (based on revenue milestones), and/or tax make-whole provisions associated with equity grants; and (c) deletion of change in control provisions.

Albert Mitrani and Dr. Maria Ines Mitrani each waived all accrued but unpaid compensation, except for two unpaid base salary payments outstanding as of July 31, 2022. The Company, Albert Mitrani and Dr. Maria Ines Mitrani also agreed to terminate the leases with Mariluna LLC for use of Albert Mitrani’s and Mari Mitrani’s Miami, FL and Aspen, Colorado homes, retroactive to July 13, 2022. The Company wrote off the related ROU asset and lease liability as of the Closing Date.

Ian Bothwell waived all unpaid and accrued compensation except for four unpaid base salary payments outstanding as of July 31, 2022, in exchange for ten-year warrants to purchase 30,000,000 Shares at an exercise price of $0.02 per Share, exercisable on a “cashless basis” and a cash payment of $50,000 at Closing. The Company and Mr. Bothwell agreed that rental and other office costs associated with the California office currently used by him will not be reimbursed after October 31, 2022.

Dr. George Shapiro terminated his consulting arrangement with the Company and waived all unpaid consulting fee obligations in exchange for ten-year warrants to purchase 3,150,000 Shares at an exercise price of $0.02 per Share, exercisable on a “cashless basis.”

The Company and each of its directors agreed to terminate all awards granted under the Company’s Management and Consultant Performance Plan.

Term Sheet – Acting CEO

On July 21, 2022 (“Effective Date”), Matthew Sinnreich was appointed by the Board of Directors to the position of Chief Operating Officer and Acting Chief Executive Officer.

On the Effective Date, Organicell and Mr. Sinnreich entered into a term sheet (the “Term Sheet”) setting forth in principle the terms of Mr. Sinnreich’s employment agreement with and compensation by the Company. Except with respect to the signing bonus described below, the Term Sheet is subject to the negotiation and execution of a definitive employment agreement embodying the provisions of the Term Sheet, as well as customary terms and conditions for an executive employment agreement (the “Employment Agreement”). The parties agreed to use their respective commercial best efforts to negotiate and execute the Employment Agreement.

The Term Sheet provides that as an inducement for Mr. Sinnreich to join the Company, within five (5) days of the Effective Date, he will be issued 10,000,000 shares of restricted common stock and ten-year warrants to purchase 40,000,000 shares at a price of $0.034 per share, exercisable on a “cashless” basis. The foregoing shares and warrants vest immediately upon issuance.

The Employment Agreement will provide for an initial two-year term commencing on the Effective Date (the “Initial Term”), which will automatically renew for successive one-year terms (each a “Renewal Term,” and together with the Initial Term, the “Term”), unless terminated by either party upon not less than ninety (90) days’ prior written notice given before the expiration of the Initial Term or a Renewal Term, or earlier terminated as provided for therein.

During the first year of the Initial Term, Mr. Sinnreich will be compensated by the issuance of 24,000,000 shares of Organicell’s common stock, which shall vest in equal monthly installments of 2,000,000 shares each. During the second year of the Initial Term, Mr. Sinnreich will be entitled to receive a base salary of $25,000 per month, payable in cash of shares of Organicell’s common stock, at his election.

The Employment Agreement will provide that Mr. Sinnreich will be entitled to receive a bonus payment of $150,000, if and when during the Term, the Company generates $10,000,000 in funding from an equity line of credit arrangement that may be implemented by the Company in the future. In addition, Mr. Sinnreich will be entitled to receive an award of 15,000,000 shares of common stock if any of the following milestones are achieved during the Term and the twelve-month period thereafter (provided the Employment Agreement and Mr. Sinnreich’s employment thereunder is terminated by the Company without cause).

The Company first obtains market capitalization of $1.0 billion for a three-month consecutive period.

The Company first obtains market capitalization of $2.0 billion for a three-month consecutive period.

The Company first obtains market capitalization of $5.0 billion for a three-month consecutive period.

The Company first obtains market capitalization of $10.0 billion for a three-month consecutive period

The offer and sale of the above referenced securities were and will be issued in private transactions exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), in reliance on exemptions afforded by Section 4(a)(2) of the Securities Act and the rules and regulations promulgated thereunder.

As the Employment Agreement does not provide for cash compensation and in light of Mr. Sinnreich’s efforts in implementing the Company’s recent corporate restructuring and advancing its clinical trials, on September 7, 2022, the board of directors of the Company awarded Mr. Sinnreich a one-time payment of $200,000 and agreed to reimburse him for up to $100,000 in out-of-pocket expenses incurred by him in connection with services rendered to the Company, subject to submission of documentation for such expenses in accordance with the Company’s expense reimbursement policies.

Preparation of IRB, Pre-IND, IND Protocols for Clinical Applications and Clinical Trial Initiation and ~~Monitoring:~~Monitoring:

In connection with the Company’s ongoing research and development efforts and the Company’s efforts to meet compliance with current and anticipated United States Food and Drug Administration (“FDA”) regulations expected to be enforced beginning in May 2021 pertaining to marketing traditional biologics and human cells, tissues and cellular and tissue based products that fall under Section 351 of the Public Health Services Act (“HCT/Ps”), the Company has applied for and received Investigation New Drug (“IND”) approval from the FDA to commence clinical trials in connection with the use of the Company’s products and related treatment protocols for specific indications. The ability to successfully complete the above efforts will be dependent on the actual outcomes in connection with the use of the Company’s products and related treatment protocols for each clinical trial, the Company’s ability to timely enroll patients and fund the required payments and complete the applicable clinical trials, which is subject to available working capital generated from operations, financing arrangements with the third-party vendors involved in the studies and/or from additional debt and/or equity financings as well as the ultimate approval from the FDA.

New CRO Agreements

During August 2021, October 2021, and December 2021, the Company entered into agreements with a new CRO to provide ongoing clinical research and related services in connection with three of the Company’s approved clinical research trials (“New CRO Agreements”). In connection with the New CRO Agreements, the Company is obligated to make aggregate payments to the CRO of approximately $1,700,000 plus estimated aggregate pass-through costs and other third-party direct costs of approximately $565,000 as well as site and patient related costs. The Company is obligated to make the CRO payments in equal monthly installments over the term of the clinical trial beginning on the commencement of the work by the CRO in connection with the applicable clinical trial and the payments for the pass-through costs and other third-party direct costs as well as site and patient related costs are paid in accordance with completion of agreed upon milestones. As of ~~January~~July 31, 2022, the Company has been billed a total of approximately ~~$208,000~~$583,600 in connection with the New CRO Agreements of which approximately ~~$133,000 is~~$408,400 was outstanding as of ~~January~~July 31, 2022.

Contingent Convertible Obligations Into Equity Securities

Obligations Due Under Executive Employment Agreements

Beginning July 1, 2020, at the sole option of the Executive, any portion of unpaid Original Base Salary for periods after January 1, 2020, including unpaid bonus salary, may be converted by Executive into common stock at a conversion rate equal to the average trading price during the month in which the accrued salary pertains. For any unpaid Original Base Salary that existed prior to January 1, 2020, including unpaid bonus salary, the amounts may be converted at a conversion price using the closing trading price of the stock on the last trading day in December 2019.

Beginning December 1, 2020, at the sole option of the Executive, all unpaid Incremental Salary for periods after January 1, 2020 may be converted by the Executive into common stock at a conversion rate equal to the average trading price during the month in which the accrued salary pertains. For any unpaid Incremental Salary that existed prior to January 1, 2020, the amounts may be converted at a conversion price using the closing trading price of the stock on the last trading day in December 2019.

~~None of the Executives have yet to elect to convert any portion of their unpaid Original Base Salary.~~

As of ~~January~~July 31, 2022, there was approximately $721,000 of unpaid Original Base Salary and Incremental Salary related to the period prior to December 31, 2019 and approximately ~~$928,000~~$1,388,000 of unpaid Original Base Salary and Incremental Salary related to the period January 1, 2020 through ~~January~~July 31, 2022, that could be converted in the future into approximately ~~39,836,000~~61,967,000 shares of common stock (weighted average conversion price of ~~$0.041~~$0.034 per share).

~~ORGANICELL REGENERATIVE MEDICINE, INC.~~

~~NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~~

~~(Unaudited)~~In connection with the Closing, the Company and each of the Executives agreed to forego their unpaid Original Base Salary and Incremental Salary (see “Changes in Management Compensation” above).

Legal Matters

SEC Matter

On June 17, 2021, Organicell received a subpoena dated June 14, 2021, from the Atlanta Regional Office of the SEC requiring the production of certain documents and communications in connection with the treatment and results of various COVID-19 patients, as discussed in the Company’s Current Reports on Form 8-K filed with the SEC during the period from May 27, 2020 through May 11, 2021. The Company is fully cooperating with the SEC’s investigation and believes that it will be able to provide all of the information requested by the SEC. The Company can make no assurances as to the time or resources that will need to be devoted to this investigation or its final outcome, or the impact, if any, of this investigation or any proceedings on the Company’s current business, financial condition, results of operations, cash flows, or the Company’s future operations.

��

LAE International Consulting

On August 17, 2021, the Company was served with a summons and complaint by LAE International Consulting, LLC (“LAE”), in the case styled LAE International Consulting, LLC v. Organicell Regenerative Medicine, Inc. et al., Case No. 2021-018461-CA-01 (In the Circuit Court of the 11th Judicial Circuit in and for Miami Dade County, Florida) (the “Lawsuit”). Albert Mitrani, Mari Mitrani and Ian Bothwell (the “Individual Defendants”) ~~are~~were also named as defendants in the Lawsuit. In the Lawsuit, LAE alleges breach of contract, unjust enrichment, violation of Florida’s Unfair and Deceptive Trade Practices Act, breach of obligation of good faith and fair dealing, negligent misrepresentation and fraudulent misrepresentation in connection with a prior consulting agreement entered into between the Company and LAE. ~~Prior~~During April 2022 the Lawsuit was settled whereby the Company agreed to ~~institution~~pay LAE $45,000 in cash and 2,000,000 shares of restricted common stock of the ~~Lawsuit,~~Company.

Daniel Pepock and Tracy Yourke

The Company terminated sales representatives Daniel Pepock (“Pepock”) and Tracy Yourke (“Yourke”) effective June 30, 2022.

On June 6, 2022, Pepock filed a Complaint against Organicell Regenerative Medicine, Inc. (“Organicell”) in the Court of Common Pleas of Westmoreland County, Pennsylvania. Organicell removed the case to the United States District Court for the Western District of Pennsylvania, and on July 15, 2022 Mr. Pepock filed an Amended Complaint asserting two counts.

Count I alleges a claim for “Breach of Employment Agreement, including Violation of the Pennsylvania Wage Payment and Collection Law.” Mr. Pepock alleges that Organicell (i) failed to pay him certain wages in timely manner; (ii) failed to pay him commissions allegedly due; (iii) failed to pay him a severance benefit allegedly due; and (iv) improperly paid him as a 1099 “independent contractor” rather than a W-2 employee for the time period of January 1, 2020 through July 31, 2021. Mr. Pepock sought damages of $235,000 in compensation, plus compensation for alleged increased tax rates and decreased Social Security contributions, liquidated damages, costs of litigation including reasonable attorney fees and witness fees, interest on the judgment, plus any other relief the Court deems proper.

Count II alleges a claim for “Fair Labor Standards Act Retaliatory Discharge. Mr. Pepock alleged that he was unlawfully terminated in retaliation for filing a complaint about unpaid wages and sought damages in an unidentified amount of lost wage compensation, back pay, front pay, liquidated damages, compensation for pain and suffering and other non-economic damages, punitive damages, costs of litigation including reasonable attorney fees and witness fees, interest on the judgment, plus any other relief the Court deems proper.

On June 27, 2022, Ms. Yourke filed a complaint against Organicell in the State of Michigan, 6^th Judicial Circuit, County of Oakland. Organicell removed the case to the United States District Court for the Eastern District of Michigan, Southern Division, and on August 10, 2022 Ms. Yourke filed an Amended Complaint asserting three counts.

Counts I and II alleged claims for “Breach of Employment Agreement and Violation of Michigan Sales Representative Commission Act. Ms. Yourke alleged that Organicell (i) failed to pay her certain wages in timely manner; (ii) failed to pay her commissions allegedly due; (iii) failed to pay her a severance benefit allegedly due; and (iv) improperly treated her as a 1099 “independent contractor” rather than a W-2 employee for the time period of January 1, 2020 through July 31, 2021, April 16-30, 2022, and May 1, 2022 through June 30, 2022. Ms. Yourke sought an unidentified amount of damages in the form of compensation, commissions, treble damages, plus compensation for an alleged increased tax rates and increased Social Security contributions, costs of litigation, including actual attorney fees and witness fees, interest on the judgment, plus any other legal and equitable relief that the Court deems proper.

Count III alleged a claim for “Fair Labor Standards Act Retaliatory Discharge. Ms. Yourke alleged that she was unlawfully terminated in retaliation for filing a complaint about unpaid wages and sought damages in an unidentified amount of lost wage compensation, back pay, front pay, liquidated damages, compensation for pain and suffering and other non-economic damages, punitive damages, costs of litigation including reasonable attorney fees and witness fees, interest on the judgment, plus any other relief the Court deems proper.

As of July 31, 2022, all past due wages to Pepock and Yourke were paid.

Mr. Pepock’s action against Organicell was designated for placement into the United States District Court’s Alternative Dispute Resolution program and the Parties agreed to mediate. On August 22, 2022, Mr. Pepock, Ms. Yourke and Organicell agreed to a material settlement term sheet (“Settlement”) which provided for the resolution and full settlement and release of all claims among the parties and for the Company ~~terminated~~to buy back all of the consulting agreement. In the Lawsuit, LAE is seeking judgment for compensatory damages, interest, costs, and attorneys’ fees. The Company denies any wrongdoing and responsibility in connection with the Lawsuit, and believes it has strong defenses to the Lawsuit. Although the Lawsuit is in its early stages,shares of common stock of the Company issued to and owned by Mr. Pepock and Ms. Yourke at the ~~Individual Defendants have filed motions~~time of the Settlement (represented by Mr. Pepock and Ms. Yourke to ~~dismiss due to, among other things, (a) that the consulting agreement expressly negates LAE’s claims; (b) there was,~~be in ~~fact, no breach~~excess of ~~contract~~24,800,000 shares) in exchange for a payment by the ~~Company; (c) LAE provides no grounds, and cannot provide any grounds, for its barebones claims that~~Company of $500,000. In addition, the Company agreed to release Mr. Pepock and ~~Individual Defendants induced LAE into~~Ms. Yourke from their non-compete restrictions upon the execution of a ~~contract that they did not intend~~Settlement Agreement and Mutual General Release. The Settlement relates to ~~perform; (d) many~~disputed claims and nothing therein shall be construed as an admission of liability or wrongdoing by the ~~claims against the Individual Defendants do not exist as a matter of law; and (e) technical deficiencies in the complaint itself. The~~ Company ~~is awaiting a ruling on the motion, and the hearing for the Individual Defendants’ motion to dismiss has been scheduled for March 2022.~~or any other party.

Other

In addition to the foregoing, from time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in any such matter may harm our business.

NOTE ~~13 -~~14 – SEGMENT INFORMATION

The Company has only one operating segment.

Item 2. ~~Item 2~~. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Unless stated otherwise, the words “we,” “us,” “our,” the “Company” or “Organicell” in this Quarterly Report on Form 10-Q refer to Organicell Regenerative Medicine, Inc., a Nevada corporation, and its subsidiaries.

Cautionary Note Regarding Forward- Looking Statements

The statements contained in this Quarterly Report on Form 10-Q that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Statements using words such as “may,” “could,” “should,” “expect,” “plan,” “project,” “strategy,” “forecast,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” or similar expressions help identify forward-looking statements.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this Quarterly Report on Form 10-Q are not guarantees of future performance, and management cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will in fact occur. The Company’s actual results may differ materially from those anticipated, estimated, projected or expected by management.

All forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events or otherwise.

Business Overview

We are a clinical-stage biopharmaceutical company principally focusing on the development of innovative biological therapeutics for the treatment of degenerative diseases and ~~to provide~~the provision of other related services. ~~Our~~The Company’s proprietary products are derived from perinatal sources and manufactured to retain the naturally occurring ~~microRNAs,~~extracellular vesicles, hyaluronic acid, and proteins without the addition or combination of any other substance or diluent (“RAAM Products”). Our RAAM Products and related services are principally used in the health care industry administered through doctors and clinics (“Providers”).

~~Since May 2019,~~ Organicell ~~has operated~~operates a placental tissue bank processing laboratory in Miami, Florida and Basalt, Colorado for the purpose of performing research and development and the manufacturing and processing of the anti-aging and cellular therapy derived products that we sell and distribute to our customers.

The Company’s leading product, Zofin™ (also known as ~~Organicell™~~Organicell^TM Flow), is an acellular, biologic therapeutic derived from perinatal sources and is manufactured to retain naturally occurring microRNAs, without the addition or combination of any other substance or diluent. This product contains over 300 growth factors, cytokines, chemokines, and 102 unique microRNAs as well as other ~~exosomes/~~extracellular vesicles/nanoparticles derived from perinatal tissues.

To date, the Company has obtained certain Investigation New Drug (“IND”), and eighteen emergency IND (“eIND”) approvals from the FDA, including applicable Institutional Review Board (“IRB”) approvals which authorized the Company to commence clinical trials or treatments in connection with the use of Zofin™ and related treatment protocols. The Company is pursuing efforts to complete its already approved clinical studies (see below) as well as obtaining approval to commence additional studies for other specific indications it has identified that the use of its products will provide more favorable and desired health related benefits for patients seeking alternative treatment options than are currently available. The ability of the Company to succeed in these efforts is subject to among other things, the Company having sufficient available working capital to fund the substantial costs of completing clinical trials, which the Company currently does not have, and ultimately, obtaining approval from the FDA.

New FDA guidance which was announced in November 2017 and which became effective in May 2021 (postponed from November 2020 due to the COVID-19 pandemic) requires that the sale of products that fall under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular and tissue based products (“HCT/Ps”) can only be sold pursuant to an approved biologics license application (“BLA”).

We have not obtained any opinion or ruling regarding the Company’s operations and whether the processing, sales and distribution of the products we currently produce would be subject to the FDA’s previously announced intended enforcement policies regarding HCT/P’s. However, we do not believe that our products fall within these guidelines and intend to vigorously defend against any adverse interpretation by the FDA on the classification of our products that may be deemed as falling under this defined regulation, if any. Notwithstanding the foregoing, we are undertaking efforts on an ongoing basis to mitigate any potential risks associated with an adverse ruling by the FDA and the subsequent limitations on our ability to continue to generate revenues from the sale of our products in the United States until the Company obtains the required licenses. The efforts include continuing with clinical trials, expanding sales internationally and developing new product offerings and/or designations of products that would not fall under these regulations.

In June 2021, the Company announced that it was launching a service platform for its first autologous product called Patient Pure ~~X™ (PPX™~~X^TM(“PPX^TM”). ~~PPX™~~PPX^TM is a non-manipulated biologic containing the nanoparticle fraction from a patient’s own peripheral blood. The Company began to accept minimal orders for this service since October 2021.

COVID-19 impact on Economy and Business Environment

The adverse public health developments and economic effects of the ongoing COVID-19 outbreak in the United States have adversely affected the demand for our products and services by our customers and from patients of our customers as a result of quarantines, facility closures and social distancing measures put into effect. These restrictions have adversely affected the Company’s sales, results of operations and financial condition. In response to the COVID-19 outbreak, the Company (a) has accelerated its research and development activities; (b) has secured and is ~~seeking~~continuing to ~~raise~~seek additional debt and/or equity financing to support working capital requirements; and (c) continues to take steps to stabilize and increase revenues from the sale of its products.

The following discussion of the Company’s results of operations and liquidity and capital resources should be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing in Item 1. of this Quarterly Report on Form 10-Q.

Results of Operations

Three months ended ~~January~~July 31, 2022 as compared to three months ended ~~January~~July 31, 2021

Revenues. Our revenues for the three months ended ~~January~~July 31, 2022 were ~~$1,599,147,~~$1,713,214, compared to revenues of ~~$1,368,440~~$1,367,895 for the three months ended ~~January~~July 31, 2021. The increase in revenues during the three months ended ~~January~~July 31, 2022 of ~~$230,707~~$345,319 or ~~16.9%~~25.2%, was primarily the result of the Company being able to realize an increase of approximately ~~22.3%~~43.9% (approximately ~~$305,600)~~$601,300) in the average sales prices for the products sold during the three months ended ~~January~~July 31, 2022 compared with the average sales prices realized on products sold during the three months ended ~~January 31, 2021 and the Company’s ability to generate approximately $48,500 of new revenues associated with its recently launched PPX~~^TM~~service platform during the three months ended January~~July 31, 2022, partially offset ~~from~~by a decrease of approximately ~~7.4%~~14.1% (approximately ~~$123,500)~~$276,800) in the overall unit sales of its products during the three months ended ~~January~~July 31, 2022 compared with the three months ended ~~January~~July 31, ~~2021.~~2021, and the Company’s ability to generate approximately $20,800 of new revenues associated with its recently launched PPX^TM service platform during the three months ended July 31, 2022. The increase in the average sales prices realized on products sold during the three months ended ~~January~~July 31, 2022 compared with the three months ended ~~January~~July 31, 2021, was due to increases in sales of higher priced medical grade product and the reduction in volume pricing discounts granted to distributors for large orders of the Company’s medical grade product offerings, ~~and~~partially offset from the reduction in the sales of the Company’s aesthetic product offerings, which are sold at lower prices than the Company’s medical grade product offerings.

Cost of Revenues. Our cost of revenues for the three months ended ~~January~~July 31, 2022 were ~~$149,120,~~$208,749, compared with cost of revenues of ~~$168,171~~$136,044 for the three months ended ~~January~~July 31, 2021. The ~~decrease~~increase in the cost of revenues during the three months ended ~~January~~July 31, 2022 of ~~$19,051~~$72,705 or ~~11.3%~~53.4%, compared with the three months ended ~~January~~July 31, 2021, was due to ~~a decrease in the amount of units sold of 7.37% (approximately $11,900) during the three months ended January 31, 2022 compared with the three months ended January 31, 2021 and the reduction~~an increase in the cost of units sold of ~~4.3%~~78.5% (approximately ($~~7,200)~~106,800) during the three months ended ~~January~~July 31, 2022, compared to costs of units sold during the three months ended ~~January~~July 31, 2021, partially offset from an decrease in the amount of units sold of 14.1% (approximately $34,100) during the three months ended July 31, 2022, compared with the three months ended July 31, 2021. The ~~decrease~~increase in the cost of units sold was primarily the result of the Company’s ~~ability to obtain~~sales of higher cost medical grade product offerings, and the reduction of lower cost ~~of raw materials used in the processing of the units that were sold during the three months ended January 31, 2022 compared with the three months ended January 31, 2021.~~aesthetic product offerings.

Gross Profit. Our gross profit for the three months ended ~~January~~July 31, 2022 was ~~$1,450,027 (90.7%~~$1,504,465 (87.8% of revenues), compared with gross profit of ~~$1,200,269 (87.7%~~$1,231,851 (90.1% of revenues) for the three months ended ~~January~~July 31, 2021. The increase in gross profit during the three months ended ~~January~~July 31, 2022 of ~~$249,758~~$272,614 was the result of ~~increase~~the Company being able to realize an increases in the average sales prices for the products sold ~~lower number of units and costs associated with units sold~~during the three months ended July 31, 2022 and the new revenues associated with its recently launched ~~PPX™~~PPX^TM service platform during the three months ended ~~January~~July 31, 2022, partially offset from increases in costs of units sold and decreases in the overall unit sales of its products during the three months ended July 31, 2022 compared to the three months ended ~~January~~July 31, 2021.

General and Administrative Expenses. General and administrative expenses for the three months ended ~~January~~July 31, 2022 were ~~$3,091,459,~~$4,266,895, compared with ~~$9,365,360~~$2,624,808 for the three months ended July 31, 2021, an increase of $1,642,087 or 62.6%. The increase in the general and administrative expenses for the three months ended July 31, 2022 compared with the three months ended July 31, 2021, was primarily the result of an increase in stock-based compensation costs to advisors, consultants and administrative staff totaling approximately $1,517,000, increases in payroll and consulting fees of $148,000, increases in commissions due from sales of the Company’s products of approximately $78,000, increased laboratory related costs of approximately $137,000 and the write-off of expired inventory associated with Livin Again of $30,000, partially offset by decreased professional fees of approximately $69,000 and decreased research and development costs of approximately $122,000. The increase in stock-based compensation costs was principally the result of the shares issued as stock-based compensation to the Company’s newly hired Chief Operating Officer and Acting Chief Executive Officer during the three months ended July 31, 2022 compared with the three months ended 2021.

Other Income (Expense). Other income for the three months ended July 31, 2022 was $34,973, compared with other (expense) of $15,951 for the three months ended July 31, 2021. The increase in other income of $50,924 during the three months ended July 31, 2022 compared to the three months ended July 31, 2021, was principally the result of the gain from the write-off of liabilities attributable to discontinued operations that had exceeded the “statute of limitations” of $125,851 and the decrease in the Commitment Fee Shortfall Obligation of approximately $42,700 under our Securities Purchase Agreement with AJB (“SPA”) during the three months ended July 31, 2022 compared with the three months ended 2021, partially offset from increased costs of approximately $110,000 from the amortization of discounts in connection with the $600,000 promissory note (“Note”) issued and sold by the Company to AJB Capital Investments, LLC (“AJB”) in January 2022 and the increase of $16,000 in interest costs associated with the Note during the three months ended July 31, 2022 compared with the three months ended July 31, 2021.

Nine months ended July 31, 2022 as compared to nine months ended July 31, 2021

Revenues. Our revenues for the nine months ended July 31, 2022 were $5,047,534, compared to revenues of $3,931,411 for the nine months ended July 31, 2021. The increase in revenues during the nine months ended July 31, 2022 of $1,116,123 or 28.3% was primarily the result of the Company being able to realize an increase of approximately 33.0% (approximately $1,296,000) in the average sales prices for the products sold during the nine months ended July 31, 2022 compared with the average sales prices realized on products sold during the nine months ended July 31, 2021, partially offset by a decrease of approximately 5.3% (approximately $279,300) in the overall unit sales of its products during the nine months ended July 31, 2022 compared with the nine months ended July 31, 2021, and the Company’s ability to generate approximately $99,300 of new revenues associated with its recently launched PPX^TM service platform during the nine months ended July 31, 2022. The increase in the average sales prices realized on products sold during the nine months ended July 31, 2022 compared with the nine months ended July 31, 2021 was due to increases in sales of higher priced medical grade product and the reduction in volume pricing discounts granted to distributors for large orders of the Company’s medical grade product offerings, partially offset from the reduction in the sales of the Company’s aesthetic product offerings, which are sold at lower prices than the Company’s medical grade product offerings.

Cost of Revenues. Our cost of revenues for the nine months ended July 31, 2022 were $484,287, compared with cost of revenues of $440,536 for the nine months ended July 31, 2021. The increase in the cost of revenues during the nine months ended July 31, 2022 of $43,751 or 9.9% compared with the nine months ended July 31, 2021 was due to an increase in the cost of units sold of 16.1% (approximately ($71,100) during the nine months ended July 31, 2022, compared to costs of units sold during the nine months ended July 31, 2021, partially offset from an decrease in the amount of units sold of 5.3% (approximately $27,300) during the nine months ended July 31, 2022, compared with the nine months ended July 31, 2021. The increase in the cost of units sold was primarily the result of the Company’s sales of higher cost medical grade product offerings, and the reduction of lower cost aesthetic product offerings.

Gross Profit. Our gross profit for the nine months ended July 31, 2022 was $4,563,247 (90.4% of revenues), compared with gross profit of $3,490,875 (88.8% of revenues) for the nine months ended July 31, 2021. The increase in gross profit during the nine months ended July 31, 2022 of $1,072,372 was the result of the Company being able to realize an increases in the average sales prices for the products sold during the nine months ended July 31, 2022 and the new revenues associated with its recently launched PPX^TM service platform during the nine months ended July 31, 2022, partially offset from increases in costs of units sold and decreases in the overall unit sales of its products during the nine months ended July 31, 2022 compared to the nine months ended July 31, 2021.

General and Administrative Expenses. General and administrative expenses for the nine months ended July 31, 2022 were $10,225,371, compared with $15,282,596 for the nine months ended July 31, 2021, a decrease of ~~$6,273,901~~$5,057,225 or ~~67.0%~~33.1%. The decrease in the general and administrative expenses for the ~~three~~nine months ended ~~January~~July 31, 2022 compared with the ~~three~~nine months ended ~~January~~July 31, 2021, was primarily the result of a decrease in stock-based compensation costs to advisors, consultants and administrative staff totaling approximately ~~$6,094,815,~~$5,535,400, reduced research and development costs of approximately ~~$385,600~~$465,000, partially offset by increases in payroll and ~~reduced~~ consulting fees of ~~approximately $105,000, partially offset by~~$123,200, increases in commissions due from sales of the Company’s products of approximately ~~$160,000 and~~$417,900, increased professional fees of approximately ~~$187,000.~~$151,400, increased laboratory and office related expenses of approximately $218,400 and the write-off of expired inventory associated with Livin Again of $30,000. The decrease in stock-based compensation costs was the result of a reduction in the amount of shares issued as stock-based compensation during the ~~three~~nine months ended ~~January~~July 31, 2022 compared with the ~~three~~nine months ended ~~2020~~July 31, 2021 and decreases in the costs attributable to the shares issued as stock-based compensation based on decreases in the Company’s share price during periods that the stock-based compensation was granted.

Other Income (Expense). Other (expense)~~, net,~~ for the ~~three~~nine months ended ~~January~~July 31, 2022 was ~~($52,304),~~$215,112, compared with other ~~income,~~(expense), net, of ~~$15,356~~$6,687 for the ~~three~~nine months ended ~~January~~July 31, 2021. The increase in other (expense), net, of ~~$67,660~~$208,425 during the ~~three~~nine months ended ~~January~~July 31, 2022 compared to the ~~three~~nine months ended ~~January~~July 31, 2021 was principally the result of increased costs of approximately $272,000 from the amortization of discounts in connection with the ~~discounts~~with the Note issued and sold by the Company to AJB in January 2022, the increase of $34,000 in interest costs associated with the ~~Promissory~~ Note ~~of approximately $32,000,~~during the nine months ended July 31, 2022 compared with the nine months ended 2021, the increase in the Commitment Fee Shortfall Obligation of ~~$12,000~~approximately $17,700 under our SPA and the reduction in other income of ~~$21,565~~approximately $25,100 from settlements received during the ~~three~~nine months ended ~~January~~July 31, 2022 compared with the ~~three~~nine months ended ~~2020.~~2021, partially offset from the gain from the write-off of liabilities attributable to discontinued operations that had exceeded the “statute of limitations” of $125,851 during the nine months ended July 31, 2022 compared with the nine months ended July 31, 2021.

Liquidity and Capital Resources

Cash and Cash Equivalents

The following table summarizes the sources and uses of cash for the periods stated. The Company held no cash equivalents for any of the periods presented.

	For the Three Months Ended January 31,						For the Nine months Ended July 31,
	2022			2021			2022			2021
Cash, beginning of year	$	108,570		$	590,797		$	108,570		$	590,797
Net cash used in operating activities		(559,994	)		(482,765	)		(1,408,243	)		(2,120,925	)
Net cash used in investing activities		(155,134	)		(46,264	)		(516,519	)		(224,809	)
Net cash provided by financing activities		756,878			5,046			1,890,857			1,784,844
Cash, end of period	$	150,320		$	66,814		$	74,665		$	29,207

During the ~~three~~nine months ~~January~~July 31, 2022, the Company used cash in operating activities of ~~$559,994,~~$1,408,243, compared to ~~$482,765~~$2,120,925 for the ~~three~~nine months ~~January~~July 31, 2021, ~~an increase~~a decrease in cash used of ~~$77,229.~~$712,682. The ~~increase~~decrease in cash used in operating activities was due to the ~~Company’s use of~~increase in revenues and gross profit, the increase in accrued liabilities to management and the decrease in inventory balances during the nine months July 31, 2022 as compared to the nine months July 31, 2021, partially offset from the increase in cash to pay increasing operating expenses on a current basis associated with professional fees, payroll, consulting costs and laboratory related expenses in connection with the Company’s expansion of its research and development activities as well as payment of past due accounts payable and accrued expenses during the ~~three~~nine months ~~January~~July 31, 2022 as compared to the ~~three~~nine months ~~January~~July 31, ~~2021, partially offset from the increase in revenues and gross profit during the three months January 31, 2022 as compared to the three months January 31,~~ 2021.

During the ~~three~~nine months ~~January~~July 31, 2022, the Company had cash used in investing activities of ~~$155,134,~~$516,519, compared to cash used in investing activities of ~~$46,264~~$224,809 for the ~~three~~nine months ~~January~~July 31, 2021. The increase in cash used in investing activities of ~~$108,870~~$291,710 was due primarily due payments made in connection with the Company’s leasehold improvements associated with the new lab facility in Basalt, CO of ~~$101,769 and increased capital expenditures for the acquisition of additional fixed assets required in connection with the Company’s laboratory operations~~approximately $157,200 during the ~~three~~nine months ~~January~~July 31, 2022 as compared to the ~~three~~nine months ~~January~~July 31, 2021 and an increase in laboratory equipment purchased for the Company’s laboratory facilities of approximately $134,500 during the nine months July 31, 2022 as compared to the nine months July 31, 2021.

During the ~~three~~nine months ~~January~~July 31, 2022, the Company had cash provided by financing activities of ~~$756,878~~$1,890,857 compared to cash provided by financing activities of ~~$5,046~~$1,784,844 for the ~~three~~nine months ~~January~~July 31, 2021. The increase in cash provided by financing activities of ~~$751,832~~$106,013 was due to increases in proceeds ~~from the sale~~ of ~~equity securities of approximately $360,000 and the increase in proceeds~~$540,000 from the issuance of the ~~Promissory~~ Note to AJB, increases in capital contributed by executive of ~~$540,000,~~$250,000 and increases in advances for future stock purchases of $700,000 in connection with the Restructuring, partially offset from increases in repayments of outstanding debt obligations of approximately ~~$143,693, increased payments on finance leases~~$200,000 and the reduction in the sale of equity securities of approximately ~~$4,500~~$1,207,000 during the ~~three~~nine months ~~January~~July 31, 2022 as compared to the ~~three~~nine months ~~January~~July 31, 2021.

Capital Resources

The Company has historically relied on the sale of debt or equity securities, the restructuring of debt obligations and/or the issuance and/or exchange of equity securities to meet the shortfall in cash to fund its operations. During the ~~three~~nine months ended ~~January~~July 31, 2022 and through the date of this report, the Company completed the following private sales of its securities:

In November 2021, the Company sold an aggregate of 8,000,000 shares of common stock to one “accredited investor” at $0.05 per share for an aggregate purchase price of $400,000. The proceeds were used for working capital.

In January 2022, the Company sold an aggregate of 666,667 shares of common stock to one “accredited investor” at $0.03 per share for an aggregate purchase price of $20,000. The purchase price was paid through an offset of an outstanding balance owed by the Company to the investor at the time of the sale of $20,000.

On January 11, 2022, the Company entered into ~~a Securities Purchase Agreement~~the SPA with AJB, ~~Capital Investments, LLC (the “Purchaser”)~~ pursuant to which we sold ~~a Promissory~~the Note in the principal amount of $600,000 to ~~the Purchaser~~AJB in a private transaction for a purchase price of $540,000 (giving effect to original issue discount of $60,000). The proceeds were used for working capital.

During August 2022, the Company sold an aggregate of 200,000,000 shares of common stock to four “accredited investors” at $0.02 per share for an aggregate purchase price of $4,000,000. The proceeds are being used for working capital.

The Company issued the foregoing securities pursuant to the exemption from the registration requirements of the Securities Act afforded by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder.

Going Concern Consideration

The unaudited accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company has had limited revenues since its inception. The Company incurred ~~operating~~net losses of ~~$1,641,432~~$5,877,236 for the ~~three~~nine months ended ~~January~~July 31, 2022. In addition, the Company had an accumulated deficit of ~~$43,318,485~~$47,501,985 at ~~January~~July 31, 2022. The Company had a negative working capital position of ~~$4,400,806~~$6,451,479 at ~~January~~July 31, 2022.

Off-Balance Sheet Arrangements

Our liquidity is not dependent on the use of off-balance sheet financing arrangements (as that term is defined in Item 303(a) (4) (ii) of Regulation S-K) and as of ~~January~~July 31, 2022 and through the date of this report, we had no such arrangements.

Recently Issued Financial Accounting Standards

There were no recently issued financial accounting standards that would have an impact on the Company’s financial statements.

Critical Accounting Policies

Our unaudited consolidated financial statements reflect the selection and application of accounting policies which require us to make significant estimates and judgments. See Note 2 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021, “Summary of Significant Accounting Policies”.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

~~Not applicable.~~

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports under the Exchange Act, such as this Quarterly Report, is recorded, processed, summarized and reported in accordance with the rules of the Securities and Exchange Commission (the “SEC”). Disclosure controls are also designed with the objective of ensuring that such information is accumulated appropriately and communicated to management, including the chief executive officer and chief financial officer, as appropriate, to allow for timely decisions regarding required disclosures.

Our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial and accounting officer) evaluated the effectiveness of our “disclosure controls and procedures” (as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e)) as of ~~January~~July 31, 2022, the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act were recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that our disclosure controls are not effectively designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. See the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2021, for a description of the Company’s material weaknesses in internal control over financial reporting.

Changes in Internal Controls over Financial Reporting

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fiscal quarter ended ~~January~~July 31, 2022 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II – OTHER INFORMATION

Item 1.

Legal Proceedings.

The Company terminated sales representatives Daniel Pepock (“Pepock”) and Tracy Yourke (“Yourke”) effective June 30, 2022. ~~Item 1. Legal Proceedings.~~

As of July 31, 2022, all past due wages to Pepock and Yourke were paid.

In addition to matters previously reported in our periodic filings under the Exchange Act, from time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in any such matter may harm our business.

Item 1A. Risk Factors.

As a “smaller reporting company” we are not required to disclose information under this Item.

~~Item 2.~~ ~~Unregistered Sales of Equity Securities and Use of Proceeds~~

~~We issued the following securities during the three months ended January 31, 2022 and through the date of this Quarterly Report on Form 10-Q:~~

1.Item 2.

~~In November 2021, the Company sold an aggregate~~Unregistered Sales of ~~8,000,000 shares~~Equity Securities and Use of ~~common stock to one “accredited investor” at $0.05 per share for an aggregate purchase price of $400,000. The proceeds were used for working capital.~~Proceeds

In January 2022, the Company sold an aggregate of 666,667 shares of common stock to one “accredited investor” at $0.03 per share for an aggregate purchase price of $20,000. The purchase price was paid through an offset of an outstanding balance owed by the Company to the investor at the time of the sale of $20,000.

On January 11, 2022, the Company entered into a Securities Purchase Agreement with AJB Capital Investments, LLC (the “Purchaser”) pursuant to which we sold a Promissory Note in the principal amount of $600,000 to the Purchaser in a private transaction for a purchase price of $540,000 (giving effect to original issue discount of $60,000). The proceeds were used for working capital.

None of the above issuances involved any underwriters, underwriting discounts or commissions, or any public offering and we believe were exempt from the registration requirements of the Securities Act by virtue of Section 4(a)(2) and Regulation D promulgated thereunder due to the fact that there was no solicitation or advertising and the did not involve a public offering of securities.None.

Item 3.

Defaults upon Senior Securities

None.~~Item 3. Defaults upon Senior Securities~~

~~None.~~

~~Item 4.~~ Item 4. Mine Safety Disclosures

Not applicable.

~~Item 5.~~
Item 5. Other Information.

None.

~~None.~~

Item 6.

Exhibits.

~~Item 6~~. ~~Exhibits.~~

Exhibit No:		Description:
31.1*		Rule 13(a)-14(a)/15(d)-14(a) Certification of ~~Principal~~Chief Executive Officer
31.2*		Rule 13(a)-14(a)/15(d)-14(a) Certification of ~~Principal~~Chief Financial ~~and Accounting~~ Officer
32.1*		Section 1350 Certification of ~~Principal~~Chief Executive Officer
32.2*		Section 1350 Certification of ~~Principal~~Chief Financial ~~and Accounting~~ Officer
101.INS **		XBRL Instance Document
101.SCH**		XBRL Taxonomy Extension Schema Document
101.CAL**		XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB**		XBRL Taxonomy Extension Labels Linkbase Document
101.DEF**		XBRL Taxonomy Extension Definition Linkbase Document
101.PRE**		XBRL Taxonomy Extension Presentation Linkbase Document

*	Filed herewith.
**	Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under those sections.

2837

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ORGANICELL REGENERATIVE MEDICINE, INC.

	By:	/s/ ~~ALBERT MITRANI~~MATTHEW SINNREICH
		~~Albert Mitrani~~Matthew Sinnreich
		Acting Chief Executive Officer
		(Principal Executive Officer)

		September 14, 2022

		~~March 16, 2022~~

	By:	/s/ IAN T. BOTHWELL
		Ian T. Bothwell
		Chief Financial Officer
		(Principal Financial and Accounting Officer)


		~~March 16,~~September 14, 2022

Nevada		47-4180540
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

1951 NW 7^th Avenue~~4045 Sheridan Ave~~, Suite ~~239~~300 Miami Beach	, FL
~~Miami Beach~~, FL		~~33140~~33136
(Address of Principal Executive Offices)		(Zip Code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
None		N/A		N/A

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-Accelerated Filer	☒	Smaller reporting company	☒
			Emerging growth company	☐


	January 31,			October 31,
	2022			2021
ASSETS
Current Assets
Cash	$	150,320		$	108,570
Accounts receivable, net of allowance for bad debts		114,013			104,150
Prepaid expenses		127,238			69,647
Inventories		156,375			234,827
Total Current Assets		547,946			517,194

Property and equipment, net		1,254,380			1,113,416
Other assets – right of use		226,525			254,665
Security deposits		50,282			47,682
TOTAL ASSETS	$	2,079,133		$	1,932,957

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and accrued expenses	$	1,957,037		$	1,873,022
Accrued liabilities to management		1,730,196			1,542,130
Notes payable		94,392			4,392
Advances payable		220,897			220,897
Finance lease obligations		102,540			92,270
Operating lease obligations		118,061			114,231
Deferred revenue		0			9,575
Debentures payable		139,000			144,000
Promissory Note, net of debt discount		371,778			0
Commitment Fee Shortfall Obligation		89,000			0
Liabilities attributable to discontinued operations		125,851			125,851
Total Current Liabilities		4,948,752			4,126,368
Long term finance lease obligations		309,356			331,748
Long term operating lease obligations		108,464			140,434
Total Liabilities		5,366,572			4,598,550
Commitments and contingencies

Stockholders’ Deficit

Common stock, $0.001 par value, 2,500,000,000 shares authorized; 1,149,204,595 and 1,132,361,005 shares issued and outstanding, respectively		1,149,205			1,132,361
Additional paid-in capital		38,881,841			37,826,795
Accumulated deficit		(43,318,485	)		(41,624,749	)
Total Stockholders’ Deficit		(3,287,439	)		(2,665,593	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	2,079,133		$	1,932,957

The accompanying notes are an integral part of these consolidated financial statements.


	Three Months Ended January 31,
	2022			2021
Revenues	$	1,599,147		$	1,368,440

Cost of revenues		149,120			168,171

Gross profit		1,450,027			1,200,269

General and administrative expenses		3,091,459			9,365,630

Loss from operations		(1,641,432	)		(8,165,361	)
Other income (expense)
Interest expense		(40,304	)		(6,209	)
Change in Commitment Fee Shortfall Obligation		(12,000	)		0
Other		0			21,565

Loss before taxes		(1,693,736	)		(8,150,005	)
Provision for income taxes		0			0

Net loss	$	(1,693,736	)	$	(8,150,005	)

Net loss per common share - basic and diluted	$	(0.00	)	$	(0.01	)

Weighted average number of common shares outstanding - basic and diluted		1,059,226,886			966,563,218

					PAGE NO.
PART I			FINANCIAL INFORMATION

	~~Item 1.~~	~~Financial Statements~~	1

	Item 1.		Financial Statements		1

			Consolidated Balance Sheets as of ~~January~~July 31, 2022 (Unaudited) andOctober 31, 2021 ~~(Unaudited)~~		1

		��	Consolidated Statements of Operations for the Three Months and Nine months Ended ~~January~~July 31, 2022 and 2021 (Unaudited)		2

			Consolidated Changes to Stockholders’ Deficit for the Three Months and Nine months Ended ~~January~~July 31, 2022 and 2021 (Unaudited)		3

			Consolidated Statements of Cash Flows for the ~~Three Months~~Nine months Ended ~~January~~July 31, 2022 and 2021 (Unaudited)		4

			Notes to Consolidated Financial Statements (Unaudited)		5

	Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations.	21	28

	Item 3.		Quantitative and Qualitative Disclosures About Market Risk.	26	34

	Item 4.		Controls and Procedures.	26	35

PART II			OTHER INFORMATION

	Item 1.		Legal Proceedings.	27	36

	Item 1A.		Risk Factors.	27	37

	Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds.	27	37

	Item 3.		Defaults Upon Senior Securities.	27	37

	Item 4.		Mine Safety Disclosures.	27	37

	Item 5.		Other Information.	27	37

	Item 6.		Exhibits.	28	37

	Signatures			29	38


	July 31,			October 31,
	2022			2021
ASSETS
Current Assets
Cash	$	74,665		$	108,570
Accounts receivable, net of allowance for bad debts		126,503			104,150
Prepaid expenses		110,672			69,647
Inventories		89,741			234,827
Total Current Assets		401,581			517,194

Property and equipment, net		1,922,196			1,113,416
Other assets – right of use		170,986			254,665
Security deposits		63,036			47,682
TOTAL ASSETS	$	2,557,799		$	1,932,957

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and accrued expenses	$	2,585,400		$	1,873,022
Accrued liabilities to management		2,243,914			1,542,130
Notes payable		45,000			4,392
Advances payable		220,897			220,897
Advances for future stock purchases		700,000			-
Finance lease obligations		143,748			92,270
Operating lease obligations		118,509			114,231
Deferred revenue		-			9,575
Debentures payable		122,053			144,000
Promissory Note, net of debt discount		512,000			-
Commitment Fee Shortfall Obligation		161,539			-
Liabilities attributable to discontinued operations		-			125,851
Total Current Liabilities		6,853,060			4,126,368

Long term finance lease obligations		264,074			331,748
Long term operating lease obligations		52,477			140,434
Total Liabilities		7,169,611			4,598,550

Commitments and contingencies

Stockholders’ Deficit
Common stock, $0.001 par value, 2,500,000,000 shares authorized; 1,206,126,390 and 1,132,361,005 shares issued and outstanding, respectively		1,206,126			1,132,361
Additional paid-in capital		41,684,047			37,826,795
Accumulated deficit		(47,501,985	)		(41,624,749	)
Total Stockholders’ Deficit		(4,611,812	)		(2,665,593	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	2,557,799		$	1,932,957


					Additional					Total
	Common Stock				Paid-In		Accumulated			Stockholders’
	Shares		Par Value		Capital		Deficit			Deficit
Balance October 31, 2020		939,942,783	$	939,943	$	26,536,430	$	(28,868,189	)	$	(1,391,816	)

Sale of common stock		800,000		800		39,200		-			40,000

Stock-based compensation		69,390,000		69,390		6,554,315		-			6,623,705

Net loss		-		-		-		(8,150,005	)		(8,150,005	)

Balance January 31, 2021		1,010,132,783	$	1,010,133	$	33,129,945	$	(37,018,194	)	$	(2,878,116	)

Balance October 31, 2021		1,132,361,005	$	1,132,361	$	37,826,795	$	(41,624,749	)		(2,665,593	)

Sale of common stock		8,666,667		8,667		411,333		-			420,000

Stock-based compensation		5,100,000		5,100		523,790		-			528,890

Common stock issued as commitment fee for Promissory Note		3,076,923		3,077		119,923		-			123,000

Net loss		-		-		-		(1,693,736	)		(1,693,736	)

Balance January 31, 2022		1,149,204,595	$	1,149,205	$	38,881,841	$	(43,318,485	)	$	(3,287,439	)


	Three Months Ended July 31,						Nine months Ended July 31,
	2022			2021			2022			2021
Revenues	$	1,713,214		$	1,367,895		$	5,047,534		$	3,931,411

Cost of revenues		208,749			136,044			484,287			440,536

Gross profit		1,504,465			1,231,851			4,563,247			3,490,875

General and administrative expenses		4,266,895			2,624,808			10,225,371			15,282,596

Loss from operations		(2,762,430	)		(1,392,957	)		(5,662,124	)		(11,791,721	)

Other income (expense)
Interest expense		(133,648	)		(19,473	)		(323,194	)		(31,783	)
Change in Commitment Fee Shortfall Obligation		42,770			-			(17,769	)		-
Gain from write-off of liabilities attributable to discontinued operations		125,851			-			125,851			-
Other		-			3,522			-			25,096

Loss before taxes		(2,727,457	)		(1,408,908	)		(5,877,236	)		(11,798,408	)

Provision for income taxes		-			-			-			-

Net loss	$	(2,727,457	)	$	(1,408,908	)	$	(5,877,236	)	$	(11,798,408	)

Net loss per common share - basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.01	)

Weighted average number of common shares outstanding - basic and diluted		1,087,077,331			1,102,213,123			1,074,721,483			1,040,476,900


					Additional					Total
	Common Stock				Paid In		Accumulated			Stockholders’
	Shares		Par Value		Capital		Deficit			Deficit
Balance May 1, 2022		1,166,887,928	$	1,166,888	$	39,417,550	$	(44,774,528	)	$	(4,190,090	)
Stock-based compensation		37,700,000		37,700		1,984,804		-			2,022,504
Capital contributed by Executive		-		-		250,000		-			250,000
Common stock issued as commitment fee for Promissory Note		1,538,462		1,538		31,693		-			33,231
Net loss		-		-		-		(2,727,457	)		(2,727,457	)
Balance July 31, 2022		1,206,126,390	$	1,206,126	$	41,684,047	$	(47,501,985	)	$	(4,611,812	)

Balance May 1, 2021		1,095,469,695	$	1,095,470	$	35,643,766	$	(39,257,689	)	$	(2,518,453	)
Sale of common stock		13,669,322		13,669		913,601		-			927,270
Exchange of accounts payable for stock		176,988		177		30,779		-			30,956
Stock issued for future services		60,000		60		9,940		-			10,000
Stock-based compensation		6,760,000		6,760		489,018		-			495,778
Net loss		-		-		-		(1,408,908	)		(1,408,908	)
Balance July 31, 2021		1,116,136,005	$	1,116,136	$	37,087,104	$	(40,666,597	)	$	(2,463,357	)


	Three Months Ended January 31,						Nine months Ended July 31,
	2022			2021			2022			2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(1,693,736	)	$	(8,150,005	)	$	(5,877,236	)	$	(11,798,408	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		14,170			12,192
Depreciation and amortization expense								69,711			37,981
Amortization of OID and commitment fee discount – Promissory Note		31,778			0			272,000			-
Change in Commitment Fee Shortfall Obligation		12,000			0			17,769			-
Gain from write-off of liabilities attributable to discontinued operations								(125,851	)		-
Write-off of inventory								30,000			-
Stock-based compensation		528,890			6,623,705			2,810,986			8,346,391
Stock issued in settlement of litigation								43,800			-
Changes in operating assets and liabilities:
Accounts receivable		(9,863	)		(29,905	)		(26,745	)		(18,840	)
Prepaid expenses		(57,591	)		(1,515	)		(41,025	)		(23,667	)
Inventories		78,452			(1,612	)		115,086			(96,553	)
Accounts payable and accrued expenses		360,015			819,953			626,408			1,286,158
Accrued liabilities to management		188,066			247,404			701,783			175,895
Security deposits		(2,600	)		(2,982	)		(15,354	)		(29,882	)
Deferred revenue		(9,575	)		0			(9,575	)		-
Net cash used in operating activities		(559,994	)		(482,765	)		(1,408,243	)		(2,120,925	)

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets		(155,134	)		(46,264	)		(516,519	)		(224,809	)
Net cash used in investing activities		(155,134	)		(46,264	)		(516,519	)		(224,809	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Promissory Note		540,000			0			540,000			-
Advances for future stock purchases								700,000			-
Capital contributed by executive								250,000			-
Payments on finance lease		(12,122	)		(7,647	)		(16,196	)		(38,869	)
Repayments of notes payable		(171,000	)		(27,307	)		(232,947	)		(33,557	)
Proceeds from sale of common stock		400,000			40,000			650,000			1,857,270
Net cash provided by financing activities		756,878			5,046			1,890,857			1,784,844

Increase (decrease) in cash		41,750			(523,983	)
(Decrease) in cash								(33,905	)		(560,890	)
Cash at beginning of period		108,570			590,797			108,570			590,797
Cash at end of period	$	150,320		$	66,814		$	74,665		$	29,207

SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for taxes	$	0		$	0		$	-		$	-
Cash paid for interest	$	11,307		$	11,672		$	54,670		$	19,243

NON-CASH INVESTING AND FINANCING TRANSACTIONS:
OID discount on proceeds received from Promissory Note	$	60,000		$	0		$	60,000		$	-
Stock purchased from payments due on accounts payable	$	20,000		$	0		$	20,000		$	-
Common stock issued as commitment fee for Promissory Note	$	123,000		$	0		$	156,231		$	-
Commitment Fee Shortfall Obligation	$	77,000		$	0		$	143,769		$	-
Promissory note issued for past due Professional Fees	$	256,000		$	0		$	256,000		$	-
Purchase of fixed assets included in accounts payable							$	361,972		$	-
Stock issued for future services							$	-		$	10,000
Stock subscription receivable							$	-		$	400,000
Exchange of accounts payable interest into common stock							$	-		$	113,206
Operating lease – right of use assets							$	-		$	235,313

Schedule of Inventories
	January 31, 2022		October 31, 2021
Raw materials and supplies	$	65,946	$	92,601
Finished goods		90,429		142,226

Total inventories	$	156,375	$	234,827

Schedule of Inventories
	July 31, 2022		October 31, 2021
Raw materials and supplies	$	9,642	$	92,601
Finished goods		80,099		142,226
Total inventories	$	89,741	$	234,827

Schedule of Property and Equipment
	January 31, 2022			October 31, 2021			July 31, 2022			October 31, 2021
Computer equipment	$	13,541		$	10,684		$	18,899		$	10,684
Finance lease equipment		544,378			544,378			544,378			544,378
Manufacturing equipment		309,299			258,791			609,844			258,791
		867,218			813,853
Less: accumulated depreciation		(121,316	)		(107,146	)
		745,902			706,707
Construction in progress:
Leasehold improvements		508,478			406,709			925,932			-
								2,099,053			813,853
Less: accumulated depreciation and amortization								(176,857	)		(107,146	)
								1,922,196			706,707

Construction in progress								-			406,709

Total property and equipment, net	$	1,254,380		$	1,113,416		$	1,922,196		$	1,113,416

	Schedule of minimum pre-transaction price per share
Pre-Transaction Price Per Share Valuation (a)		Executive Bonus Shares Issued (b)		Non-executive Board Bonus Shares Issued (c)
$	0.22		40,000,000		2,000,000
$	0.34		60,000,000		3,000,000
$	0.45		80,000,000		4,000,000
$	0.54		100,000,000		5,000,000

	Schedule of debt and/or equity financings
Aggregate Funding Amount				Shares
From		To
$	2,500,000	$	5,000,000		5,000,000
$	5,000,001	$	10,000,000		10,000,000
$	10,000,001	$	30,000,000		30,000,000

Schedule of management and consultants performance stock plan
					MCPP		MCPP Remaining
					Shares		Shares
Name	MCPP Shares Issued		MCPP Remaining Shares Authorized		Issued		Authorized
Albert Mitrani		80,000,000		137,500,000		80,000,000		137,500,000
Ian Bothwell		80,000,000		167,500,000		80,000,000		167,500,000
Dr. Maria Mitrani		80,000,000		167,500,000		80,000,000		167,500,000
Dr. George Shapiro		69,500,000		100,000,000		69,500,000		100,000,000
Dr. Allen Meglin		0		5,000,000		-		5,000,000
Michael Carbonara		0		5,000,000		-		5,000,000
Consultants		33,000,000		0		33,000,000		-
Total		342,500,000		582,500,000		342,500,000		582,500,000

Schedule of Non vested Share Activity
	Number of Nonvested Shares			Weighted- Average Grant Date Fair Value
Outstanding at October 31, 2021		83,844,445		$	0.062
Non-Vested Shares Granted		25,900,000		$	0.034
Vested		(3,601,979	)	$	0.049
Expired/Forfeited		-		$	-
Outstanding at July 31, 2022		106,142,466		$	0.055

	Number of Nonvested Shares			Weighted- Average Grant Date Fair Value
Outstanding at October 31, 2020		1,111,111		$	0.029
Non-Vested Shares Granted		-		$	-
Vested		(499,998	)	$	0.029
Expired/Forfeited		-		$	-
Outstanding at July 31, 2021		611,113		$	0.029

Schedule of Nonvested Share Activity
	Number of Nonvested Shares			Weighted- Average Grant Date Fair Value
Outstanding at October 31, 2021		83,844,445		$	0.062
Non-Vested Shares Granted		1,900,000		$	0.343
Vested		(166,667	)	$	0.029
Expired/Forfeited		0		$	0
Outstanding at January 31, 2022		85,577,778		$	0.061

Schedule of Summary of Warrant Activity
	Number of Shares		Weighted- average Exercise Price		Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at October 31, 2021		9,500,000	$	0.03		6.90	$	289,500
Granted		40,000,000	$	0.03		10.0	$	-
Exercised		-	$	-		-	$	-
Expired/Forfeited		-	$	-		-	$	-
Outstanding and exercisable at July 31, 2022		49,500,000	$	0.03		9.25	$	15,000

Summary of Warrant Activity
	Number of Shares		Weighted-average Exercise Price		Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at October 31, 2021		9,500,000	$	0.03		6.90	$	289,500
Granted		0	$	0		-	$	0
Exercised		0	$	0		-	$	0
Expired/Forfeited		0	$	0		-	$	0
Outstanding and exercisable at January 31, 2022		9,500,000	$	0.03		6.65	$	62,250