Odyssey Group International, Inc. / "Research and Development" | Tables in SEC filings

ODYY Odyssey Group International, Inc.

Quarterly report


	For the Three Months Ended October 31,
	2024		2023

Cash flows from operating activities:
Net loss	$	(1,018,906)	$	(538,035)
Adjustments to reconcile net loss to net cash flows used in operating activities:
Amortization		–		944
Stock-based compensation		60,487		322,728
Financing costs paid via issuance of common stock		–		1,750
Amortization of debt discount and closing costs		19,801		131,662
Allowance for research and development rebate due		22,625		–
Unrealized losses on investment		370,698		–
Changes in operating assets and liabilities:
(Increase) decrease in prepaid expenses and other current assets		(96,736)		18,297
Increase in research and development rebate due		–		(14,470)
Increase in accounts payable		181,743		53,787
Increase (decrease) in accrued wages		163,495		(63,733)
Increase in accrued interest		48,279		27,164
Net cash used in operating activities		(248,514)		(59,907)

Cash flows from financing activities:
Proceeds from notes payable		300,000		350,000
Principal and interest payments made on notes payable		–		(174,896)
Proceeds from equity financing		–		45,820
Net cash provided by financing activities		300,000		220,924

Increase in cash and cash equivalents		51,486		161,017
Cash and cash equivalents:
Beginning of period		2,379		36,865
End of period	$	53,865	$	197,882

Supplemental disclosure of cash flow information:
Cash paid for interest	$	705	$	549

Supplemental disclosure of non-cash information:
Warrants issued in connection with debt financing	$	13,343	$	28,448
Return of shares		–		100
Shares issued for exercised warrant		–		1,610
Debt principal, interest and fees converted to common stock		–		76,945

	Three Months Ended October 31,				$		%
	2024		2023		Change		Change
Research and development	$	–	$	23,001	$	(23,001)		100%
Stock-based compensation		60,487		322,798		(262,311)		81%
General and administrative		519,841		501,440		18,401		4%
Gain on sale of asset		–		(500,000)		500,0000		-100%
Loss from operations		(580,328)		(347,239)		(233,089)		-67%

Unrealized losses on investment		(370,698)		–		(370,698)		-100%
Interest expense		(68,781)		(190,861)		122,080		64%
Other income, net		901		65		836		nm
Net loss	$	(1,018,906)	$	(538,035)	$	(480,871)		-89%
Basic and diluted net loss per share	$	(0.01)	$	(0.01)	$	(0.00)		nm


	October 31,		July 31,
	2024		2024
Assets
Current assets:
Cash	$	53,865	$	2,379
Research and development rebate due from the Australian government		–		22,625
Prepaid expenses and other current assets		128,675		31,939
Total current assets		182,540		56,943

Investment		158,505		529,203
Total assets	$	341,045	$	586,146

Liabilities and Stockholders' Deficit
Current liabilities:
Accounts payable	$	1,457,739	$	1,275,996
Accrued wages		1,812,081		1,648,586
Accrued interest		272,033		223,754
Asset purchase liability		1,125,026		1,125,026
Notes payable, officers and directors		100,000		100,000
Notes payable, net of unamortized debt discount and closing costs of $31,676 and $38,134		1,852,991		1,546,533
Total current liabilities		6,619,870		5,919,895

Commitments and contingencies		–		–

Stockholders' deficit:
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares issued or outstanding		–		–
Common stock, $0.001 par value, 500,000,000 shares authorized, 96,709,763 shares issued and outstanding		96,710		96,710
Additional paid-in-capital		55,646,517		55,572,687
Accumulated deficit		(62,022,052)		(61,003,146)
Total stockholders' deficit		(6,278,825)		(5,333,749)
Total liabilities and stockholders' deficit	$	341,045	$	586,146


	For the Three Months Ended October 31,
	2024		2023

Research and development	$	–	$	23,001
Stock-based compensation		60,487		322,798
General and administrative		519,841		501,440
Gain on sale of asset		–		(500,000)
Loss from operations		(580,328)		(347,239)

Unrealized loss on investment		(370,698)		–
Interest expense		(68,781)		(190,861)
Other income, net		901		65
Net loss	$	(1,018,906)	$	(538,035)

Basic net loss per share	$	(0.01)	$	(0.01)
Diluted net loss per share	$	(0.01)	$	(0.01)

Shares used for basic net loss per share		104,709,763		81,002,472
Shares used for diluted net loss per share		104,709,763		81,022,472


	July 31,
	2024		2023
Assets
Current assets:
Cash	$	2,379	$	36,865
Research and development rebate due from the Australian government		22,625		276,566
Prepaid expenses and other current assets		31,939		92,457
Total current assets		56,943		405,888

Intangible assets, net		–		49,905
Investment		529,203		–
Total assets	$	586,146	$	455,793

Liabilities and Stockholders’ Deficit
Current liabilities:
Accounts payable	$	1,275,996	$	1,797,656
Accrued wages		1,648,586		1,402,348
Accrued interest		223,754		142,032
Asset purchase liability		1,125,026		1,125,026
Notes payable, officers and directors		100,000		125,000
Notes payable, net of unamortized beneficial conversion feature, debt discount and closing costs of $38,134 and $280,340		1,546,533		2,019,660
Total current liabilities		5,919,895		6,611,722

Commitments and contingencies		–

Stockholders’ deficit:
Preferred stock, $.001 par value; 100,000,000 shares authorized, no shares issued or outstanding		–		–
Common stock, $.001 par value; 500,000,000 shares authorized with 96,709,763 and 79,067,879 issued and outstanding as of July 31, 2024 and July 31, 2023, respectively		96,710		79,068
Additional paid-in capital		55,572,687		53,862,378
Accumulated deficit		(61,003,146)		(60,097,375)
Total stockholders’ deficit		(5,333,749)		(6,155,929)
Total liabilities and stockholders’ deficit	$	586,146	$	455,793

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