BDPT 10-Q
Bioadaptives, Inc. (BDPT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
Commission File Number
(Exact name of registrant as specified in its charter) |
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(State or other jurisdiction of incorporation or organization) |
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(Address of principal executive offices) |
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(
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non- accelerated filer, or a small reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☐ |
☐ | Smaller reporting Company | ||
Emerging Growth Company |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Form 10-Q
Table of Contents
PART I – FINANCIAL INFORMATION |
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Item 1. Financial Statements |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of operations |
| 16 |
Item 3. Quantitative and Qualitative Disclosures about Market Risk |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
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| 2 |
| Table of Contents |
BIOADAPTIVES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
| September 30, |
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| December 31, |
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| 2023 |
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| 2022 |
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ASSETS |
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Current Assets: |
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Cash |
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| $ |
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Accounts receivable |
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Marketable securities |
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Inventory |
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Total Current Assets |
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License and patent, net |
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TOTAL ASSETS |
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LIABILITIES AND STOCKHOLDERS' DEFICIT |
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Current Liabilities: |
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Accounts payable and accrued liabilities |
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Derivative liabilities |
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Current portion of convertible notes - net of discount of $ |
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Note payable - related party |
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Total Current Liabilities |
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Total Liabilities |
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Stockholders' Deficit: |
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Preferred stock, ($ |
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Series A Preferred Stock |
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Series B Preferred Stock |
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Common stock ($ |
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Additional paid-in capital |
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Accumulated deficit |
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Total Stockholders' Deficit |
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
| $ |
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| $ |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
| 3 |
| Table of Contents |
BIOADAPTIVES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
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| Three Months Ended |
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| Nine months ended |
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| September 30, |
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| September 30, |
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| 2023 |
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| 2022 |
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| 2023 |
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Revenues |
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Cost of revenue |
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Gross Profit |
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Operating Expenses |
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General and administrative |
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Professional fees |
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Amortization of license and patent |
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Total Operating Expenses |
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Other Income (Expense) |
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Unrealized gain (loss) on marketable securities |
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Interest expense |
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Change in fair value of derivative liabilities |
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Loss on settlement of debt |
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Total Other Income (Expense) |
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Loss before income taxes |
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Net Loss |
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| $ | ( | ) |
| $ | ( | ) |
| $ | ( | ) |
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Net Loss Per Common Share: |
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Basic and Diluted |
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Weighted Average Number of Common Shares Outstanding: |
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Basic and Diluted |
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The accompanying notes are an integral part of these unaudited consolidated financial statements.
| 4 |
| Table of Contents |
BIOADAPTIVES, INC.
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIT
(UNAUDITED)
For the Three and Nine months ended September 30, 2022
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| Series A Preferred stock |
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| Series B Preferred stock |
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| Common stock |
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| Additional paid-in |
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| Accumulated |
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| Shares |
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| Amount |
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| Shares |
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| Amount |
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| Shares |
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| Amount |
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| capital |
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| Deficit |
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| Total |
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Balance, December 31, 2022 |
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| $ |
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| - |
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| $ |
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| $ |
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| $ |
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Common stock issued for conversion of debt |
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| - |
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| - |
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Net loss for the period |
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| - |
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| - |
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Balance, March 31, 2023 |
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| $ |
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| - |
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| $ |
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| $ |
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| $ |
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Common stock issued for conversion of debt |
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| - |
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Net loss for the period |
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| - |
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Balance, June 30, 2023 |
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| $ |
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| - |
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| $ |
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| $ |
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| $ |
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| $ | ( | ) |
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Series A preferred stock issued for license fee |
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| - |
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| - |
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Series B preferred stock issued for settlement of debt - related party |
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| - |
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Series B preferred stock issued for license fee |
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| - |
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| - |
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Common stock issued for cash |
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| - |
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Net loss for the period |
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| - |
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| - |
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| - |
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Balance, September 30, 2023 |
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| $ |
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| $ |
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| $ |
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| $ |
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| $ | ( | ) |
| $ | ( |
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| 5 |
| Table of Contents |
For the Three and Nine months ended September 30, 2023
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| Series A |
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| Preferred |
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| Common |
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| Additional |
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| stock |
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| stock |
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| paid-in |
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| Accumulated |
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| Shares |
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| Amount |
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| Shares |
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| Amount |
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| capital |
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| Deficit |
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| Total |
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Balance, December 31, 2021 |
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| $ |
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| $ |
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| $ | ( | ) |
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Common stock issued for conversion of debt |
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| - |
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| - |
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| - |
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Debts forgiveness - related party |
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| - |
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| - |
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| - |
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| - |
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| - |
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Net loss for the period |
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| - |
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| - |
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| - |
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| - |
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| - |
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Balance, March 31, 2022 |
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| $ |
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| $ |
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Common stock issued for conversion of debt |
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Warrant issued for Patent’s acquisition |
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| - |
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| - |
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Net loss for the period |
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| - |
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| - |
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Balance, June 30, 2022 |
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| $ |
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| $ |
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| $ |
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| $ | ( | ) |
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Common stock issued for conversion of debt |
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Net loss for the period |
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| - |
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| - |
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Balance, September 30, 2022 |
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| $ |
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| $ |
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| $ |
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| $ | ( | ) |
| $ | ( | ) | |||||
The accompanying notes are an integral part of these unaudited consolidated financial statements.
| 6 |
| Table of Contents |
BIOADAPTIVES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOW
(UNAUDITED)
|
| Nine months ended |
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| September 30, |
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| 2023 |
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| 2022 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net loss |
| $ | ( | ) |
| $ | ( | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Change in fair value of derivative liabilities |
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Amortization of license and patent |
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Amortization of debt discount |
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Loss on settlement of debt |
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Unrealized loss on investments in marketable securities |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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Inventory |
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| ( | ) | |
Prepaid expense and other current assets |
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| - |
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Accounts payable and accrued liabilities |
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Due to related party |
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| ( | ) |
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Net Cash Used in Operating Activities |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Proceeds from issuance for common stock |
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Proceed from related party |
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Repayment to related party |
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Repayment of notes payable - related party |
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| - |
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Proceeds from convertible notes |
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Net Cash Provided by Financing Activities |
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Net change in cash |
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Cash at beginning of period |
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Cash at end of period |
| $ |
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| $ |
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SUPPLEMENTAL CASH FLOW INFORMATION: |
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Cash paid for income taxes |
| $ | - |
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| $ |
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Cash paid for interest |
| $ | - |
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| $ |
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NON-CASH INVESTING AND FINANCING ACTIVITIES |
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Derivative liability recognized as debt discount |
| $ |
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| $ |
| ||
Issuance of common stock for conversion of debt |
| $ |
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| $ |
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Issuance Series A preferred stock for license fee |
| $ |
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| $ |
| ||
Issuance Series B preferred stock for license fee |
| $ |
|
| $ |
| ||
Issuance Series B preferred stock for settlement of debt - related party |
| $ |
|
| $ |
| ||
Debts forgiveness - related party |
| $ | - |
|
| $ |
| |
Warrant issued for Patent's acquisition |
| $ | - |
|
| $ |
| |
The accompanying notes are an integral part of these unaudited consolidated financial statements.
| 7 |
| Table of Contents |
BIOADAPTIVES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. DESCRIPTION OF BUSINESS AND HISTORY
Description of business
BioAdaptives, Inc. (“BioAdaptives” or the “Company”) was incorporated in Delaware on April 19, 2013, under the name Apex 8, Inc. Shortly afterwards, the Company’s control person sold his interest; new owners appointed management and changed its name to BioAdaptives, Inc. The Company acquired assets relating to the investigation, development and marketing of nutraceutical products; equipment designed to improve the bioavailability of nutrients in humans and animals; and licenses for specific products.
We commenced investigation of the role of various botanicals in primitive cell development and proliferation, including certain algae along with herbs used in Traditional Chinese Medicine and Ayurvedic Practice. In the course of this investigation, BioAdaptives identified several potential human and animal products. The Company terminated further work on the equipment and products licensed in its early stages to concentrate on these products, for both human and animals.
The Company’s current nutraceutical products are natural plant- and algal-based dietary supplements for humans and animals developed with our knowledge of natural foods. Our product lines include PluriCell®, PluriPain®, and PrimiLung™ for humans along with Equine All-in-One™ and a related Booster for horses.
Our human products are designed to aid memory, cognition and focus; assist in sleep and fatigue reduction; provide pain relief and healing; and improve overall emotional and physical wellness. The science behind our products has proven to be effective for performance enhancement and pain relief for horses and dogs as well as providing improvements in appearance and we have developed products to utilize these advances.
The Company also markets the Lung Cleanser™ medical device, which is sold with our PrimiLung® product as part of a Lung Armor™ package. Additionally, during a prior reporting period, the Company acquired patent rights to a method to embed oxygen in water and is developing commercial products based on this technology that will augment and complement our current product lines.
All of these products are sold under licensing and manufacturing agreements with third parties and our current activities are reliant on marketing and distributing products developed and owned by others.
In February 2022, the Company acquired US Patent rights to a process that increases dissolved oxygen in water. The process produces MorO2, ingestion of which is believed to increase diffusion of oxygen into muscle tissues. The Company is continuing to evaluate a business plan to manufacture and market products based on the MorO2 technology.
The Company’s corporate office is located at 2620 Regatta Drive, Suite 102, Las Vegas, NV 89128.
2. SUMMARY OF SIGNIFICANT POLICIES
Basis of Presentation
The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10K. In the opinion of management, all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of financial position and the results of operations for the interim period presented, have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10K filed with SEC on March 31, 2023, have been omitted.
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Use of estimates
The preparation of consolidated financial statements in conformity with US GAAP requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company, and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Earnings (loss) per share
Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued.
Financial Instruments and Fair Value Measurements
As defined in ASC 820” Fair Value Measurements,” fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).
The following table summarizes fair value measurements by level as of September 30, 2023, and December 31, 2022, measured at fair value on a recurring basis:
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Assets: |
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Equity Securities |
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Liabilities |
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Derivative liabilities |
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| Fair Value Measurements as of December 31, 2022, Using: |
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Assets: |
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Equity Securities, 105,736 shares of common stock of Hemp, Inc. (HEMP) |
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Liabilities |
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Derivative liabilities |
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Derivative Financial Instruments
The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For stock-based derivative financial instruments, the Company used a Black Scholes valuation model to value the derivative instruments at inception and on subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.
3. GOING CONCERN
The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses since inception and had an accumulated deficit of $
In order to mitigate the risk related with this uncertainty, the Company plans to issue additional shares of common stock for cash and services during the next 12 months.
4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable and accrued liabilities aa of September 30, 2023, and December 31, 2022, consists of the following:
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5. CONVERTIBLE NOTES
Convertible notes as of September 30, 2023, and December 31, 2022, consist of the following:
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Convertible Notes - originated in April 2018 |
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Convertible Notes - originated in June 2018 |
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Convertible Notes - originated in October 2018 |
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Convertible Notes - issued fiscal year 2022 |
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Convertible Notes - issued fiscal year 2023 |
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Total convertible notes payable |
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Less: Unamortized debt discount |
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Total convertible notes |
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Less: current portion of convertible notes |
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Long-term convertible notes |
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For the nine months ended September 30, 2023, and 2022, the interest expense on convertible notes was $
The Company recognized amortization expense related to the debt discount of $
Conversion
During the nine months ended September 30, 2023, the Company converted notes with principal amounts of $
Convertible Notes – Issued during the year ended December 31, 2018
During the year ended December 31, 2018, the Company issued a total principal amount of $
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Convertible Notes - Issued during the year ended December 31, 2021
During the year ended December 31, 2021, the Company issued a total principal amount of $
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During the year ended December 31, 2021, the Company converted principal of $
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Convertible Notes - Issued during the year ended December 31, 2022
During the year ended December 31, 2022, the Company issued a total principal amount of $
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Convertible Notes - Issued during the year ended December 31, 2023
During the nine months ended September 30, 2023, the Company issued a total principal amount of $
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The Company valued the conversion feature using the Black-Scholes pricing model. The fair value of the derivative liability for all the notes that became convertible, including the notes issued in prior years, during the nine months ended September 30, 2023, amounted to $
6. DERIVATIVE LIABILITIES
The Company analyzed the conversion option for derivative accounting consideration under ASC 815, Derivatives and Hedging, and hedging, and determined that the instrument should be classified as a liability since the conversion option becomes effective at issuance resulting in there being no explicit limit to the number of shares to be delivered upon settlement of the above conversion options. The Company accounts for warrants as a derivative liability due to there being no explicit limit to the number of shares to be delivered upon settlement of all conversion options.
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Fair Value Assumptions Used in Accounting for Derivative Liabilities.
ASC 815 requires we assess the fair market value of derivative liability at the end of each reporting period and recognize any change in the fair market value as other income or expense item.
The Company determined our derivative liabilities to be a Level 3 fair value measurement and used the Black-Scholes pricing model to calculate the fair value as of September 30, 2023. The Black-Scholes model requires six basic data inputs: the exercise or strike price, time to expiration, the risk-free interest rate, the current stock price, the estimated volatility of the stock price in the future, and the dividend rate. Changes to these inputs could produce a significantly higher or lower fair value measurement. The fair value of each convertible note is estimated using the Black-Scholes valuation model.
For the nine months ended September 30, 2023, and the year ended December 31, 2022, the estimated fair values of the liabilities measured on a recurring basis are as follows:
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The following table summarizes the changes in the derivative liabilities during the nine months ended September 30, 2023.
Fair Value Measurements Using Significant Observable Inputs (Level 3) |
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Balance - December 31, 2022 |
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Balance - September 30, 2023 |
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The aggregate (gain) loss on derivatives during the nine months ended September 30, 2023, and 2022 was as follows.
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7. STOCKHOLDERS’ EQUITY
Preferred Stock
On January 24, 2022, the Board of Directors of the Company’s, approved for an increase in the number of authorized shares of the Company’s preferred stock from
The Company is authorized to issue
Series A Preferred Stock
On February 6, 2020, the Company established its Series A Preferred Stock, par value $
The Company may use the Series A Preferred Stock for the purpose of asset acquisition or in satisfaction of recognized debt; they are not otherwise available for sale. The Series A Preferred Stock have enhanced voting privileges under certain circumstances; the collective right to appoint elect one director, at the Holders’ option; and conversion-to-common rights
During the nine months ended September 30, 2023, the Company issued
There are
Series B Preferred Stock
On January 24, 2022, the Company established its Series B Preferred Stock, par value $
The Company may use the Series B Preferred Stock for the purpose of asset acquisition or in satisfaction of recognized debt; they are not otherwise available for sale. The Series B Preferred Stock have enhanced voting privileges (100:1); the collective right to appoint elect one director, at the Holders’ option; and conversion-to-common rights
During the nine months ended September 30, 2023, the Company issued
During the nine months ended September 30, 2023, the Company issued
As of September 30, 2023, and December 31, 2022
Common Stock
On March 7, 2023, the Company amended its articles of incorporation to increase its authorized common shares from
As of September 30, 2023, and December 31, 2022, there were
Fiscal year 2023
During the nine months ended September 30, 2023, the Company issued Common shares as follows;
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Warrant
On February 6, 2022, in conjunction with purchase of patent, the Company granted
The estimated fair values of the warrant are as follows:
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8. RELATED PARTY TRANSACTIONS
Notes payable – related party.
During the nine months ended September 30, 2023, and 2022, the Company repaid notes payable to a related party and accrued interest of $
As of September 30, 2023, and December 31, 2022, the Company recorded notes payable - related party of $
Due to related party
During the nine months ended September 30, 2023, Dr. Edward E. Jacobs, M.D., our CEO, advanced $
License and patent
As of September 30, 2023, and December 31, 2022, License and patent consist of the following:
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For the nine months ended September 30, 2023, the Company recorded amortization expense of $
9. SUBSEQUENT EVENTS
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD LOOKING STATEMENTS
This current report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward- looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.
Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.
In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock. As used in this quarterly report, the terms “we”, “us”, “our”, “Company” and "BioAdaptives" mean BioAdaptives Inc., unless otherwise indicated.
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1.OUR BUSINESS
Overview
BioAdaptives’ core business is to investigate, market and distribute natural plant, algal and mushroom-based products and medical devices that improve health and wellness for humans and animals, with an emphasis on pain relief, anti-viral function, and anti-aging properties.
Effective November 15, 2021, the Company entered into a marketing agreement for an FDA-cleared medical device, the Lung Flute™, which the Company called Lung Cleanser™. The Company is also exploring agreements with other medical device manufacturers; the owners of intellectual property relating to medical devices and processes; and marketing companies associated with these manufacturers and owners.
The Company’s current products include dietary supplements using natural ingredients and proprietary methods of optimizing the availability of nutrients in foods and beverages. Human products are designed to aid memory, cognition and focus; assist in sleep and fatigue reduction; provide pain relief and healing; and improve overall emotional and physical wellness™. Cell Rejuven™ is an anti-aging cell rejuvenation formulation; ProteinNMore™ is a unique turbo charged balanced premium protein blend of natural ingredients that optimizes bioavailability of nutrients to rapidly build lean bulk and maximize contractile strength of muscles. We also market the Lung Cleanser™ and PrimiLungs™ product in our Lung Armor™ packaging, emphasizing the anti-viral properties of the nutraceutical and general respiratory health benefits from use of the non-invasive FDA-cleared device. MindNMemory™ is a nootropic formulation designed to enhance mental clarity and memory; SleepEZ™ is a natural soporific that aids relaxation and sleep quality. We acquired the SleepEZ™ license in 2021 as PrimiSleep™, and the revised formulation for MindnMemory™ during 2022, and have commenced marketing activities for these products. Sales of the Lung Cleanser™ have not met our expectations and we anticipate concentrating in marketing this device through wholesale channels and on Amazon instead.
Our animal products include an Equine All-in-One™ and Equine All-In-One Plus™ formulation, which we market to trainers, horse owners and boarding stables, and a Canine All-in-One™ that we market directly to consumers. Anecdotal and testimonial reports are that the equine products provide significant relief from exercise induced pulmonary hemorrhaging, as well as improved coat and mane appearance and hoof health. The canine products have demonstrated significant rejuvenating benefits for older dogs, improving overall appearance and energy levels. Effective April 2023, FBRTherapy Division has been appointed its exclusive Distributor for all LiveStock Impact’s products, as such The Company also negotiated with the supplier for the exclusive marketing rights to these products from the non-exclusive license it has held since June 2022. In this first quarter of the exclusive wholesale agreement, its wholesale volume has surpassed the past 9 months total by 400%. Granted due to the switch from retail to wholesale the margins are much tighter, but we believe in 2024, the expanded sales will greatly benefit this wholly owned subsidiary and justifies its eventual independence.
Effective February 2, 2022, the Company acquired the option to purchase U.S. Patent No. 9,783,432B (the “Patent”), covering technology used in enhancing the capability of water to hold significantly larger amounts of oxygen. Effect June 6, 2022, we entered into a services agreement with Wildpack Beverages in Las Vegas, Nevada to co-pack a pilot run (1333 cases) of this Product. However, since technical and operational problems prevented completion of the planned pilot run, and as a result we are still working to find a solution these issues and explore how to deploy the technology.
Since the latter part of March, the Company has started to explore the Botanical Drugs sphere. We acquired the non exclusive licenses from Dr. Yaguang Liu, LY Research for Glucose Management, Eye Health due to Myopia and Presbyopia and a resveratrol product. Dr Liu has had over 40 years of research and development in the Botanical Drugs area. We are exploring the opportunities in deploying these patented products for nutraceutical use for human and animal initially. With Botanical drug interest being migrated to LiveStock Impact, Inc, the wholly owned subsidiary, Dr Liu has also migrated its directorship from BioAdaptives to LiveStock Impact, Inc.
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While BioAdaptives continue to investigate and acquire nutraceutical products for humans , all of our current activities are reliant on marketing and distributing products developed and owned by others. We do not own the formulations for our key products and manufacture and market them under an agreement with the developer that requires payment of a royalty and a license agreement. We are negotiating towards the acquisition of some of these formulations. Livestock Impact, Inc however, owns the exclusive marketing rights of the two equine formulations and one canine formulations.
We are reliant on direct web sales of the nutraceutical lines for human products and none of which have produced any significant revenue yet. Whereas LiveStock Impact, Inc appointed an exclusive distributor and has increased its sales volume by 400%. Because of this, we are now exploring the wholesale and white label markets for the human supplement sales. We have very limited experience in marketing and have yet to develop reliable sales expectations and forecasting.
Market and Marketing
We market our science-based, quality nutraceuticals to a broad base of the population in the U.S., and are exploring marketing prospects in Asia, Australasia, the Middle East, and Europe. The Company’s current target markets through LiveStock Impact, Inc also include equine and canine companion animals and equine competitors in the U.S., Australasia and the Middle East.
During June 2021, we commenced use of social media professionals and existing connections to create awareness about our human products’ benefits. The initial results were not satisfactory and a recast, animal product-specific program that followed later in 2021, did not achieve the desired results. We are developing affiliate marketing opportunities and recognize that a broader campaign using traditional advertising along with social media and more contemporary marketing tools is necessary. We started to re-launch our internet-based marketing activities in Q1 2023, extending the individual product websites, revamping the Company’s website, continuing to explore wholesale, white-label opportunities and placing products on Amazon. To expand its footprint on the Amazon sales channel, we are discussing with Amazon marketing specialist in third party management of our products on Amazon.
We are pursuing scientific surveys and other testing to demonstrate the usefulness of our products. While we do not anticipate developing testing protocols suitable for FDA approvals, we expect anecdotal and testimonial reports that will be useful in our marketing efforts. The Company participated in a survey involving the use of PluriPain® by patients suffering from Gadolinium Deposition Disease (“GDD”), and a combination of products for COVID Long Hauler patients. In the GDD survey, 60% of a small subject sample reported significant relief. The COVID Long Hauler survey has limited participation to date and no reported results. We continue to support these efforts.
Although we believe our last formulated MindNMemory™ and Cell Rejuven™ products are substantial improvement over PrimiLive®, our other products have not substantially changed: We offer premium nutraceutical preparations containing the best quality all-natural botanical, algal and mushroom ingredients. We will continue to emphasize the unique qualities, use and function of our nutraceuticals. We intend to create market share in our target demographic by (i) emphasizing the benefits of our proprietary algal-mushroom based, all-natural, stimulant-free, sugar-free, non-GMO ingredients that combine with proven Traditional Chinese Medicine and Ayurvedic botanicals into science-based formulations, (ii) investigating additional products in response to market demand and testing, and (iii) utilizing our marketing operation to act as its sales and distribution arm to seek additional channels for sales coverage.
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As noted above, we entered into licensing agreements for the PrimiLive® and PrimiSleep™ products during 2021 and changed the name PrimiSleep™ to SleepEZ™ to reflect on its capabilities as well as developing our reformulated MindnMemory™ during 2022. We also launched the advanced Cell product, Cell Rejuven™. While these products are all-natural botanical formulations, as our other nutraceutical products, they represent a departure from our existing product lines because they are targeted to specific markets: MindnMemory™ is a nootropic, intended to improve concentration and mental acuity; our initial marketing efforts are oriented toward Seniors and e-gamers. SleepEZ™ is intended for use as an aid to relaxation, with an emphasis on improving the quality of sleep. Cell Rejuven™ is an improved primitive cell anti-aging formulation that promotes high quality hair and nail growth, as well as improving mood ProteinNMore™ is a unique turbo charged balanced premium protein blend We believe these products can be used in a complementary manner, to maintain on-task endurance and then to unwind and recover from such activities.
We are furthering the use of a formulation of PluriPain® targeted toward the symptoms of pre-menstrual syndrome and menstrual pain. Anecdotal and testimonial reports have long noted that users obtain relief from these symptoms with use of the PluriPain® product, and we have made adjustments and additions to the formulation to target these symptoms. Early reports are promising, and we expect marketing efforts to emphasize the usefulness of our product to alleviate PMS-related symptoms. By popular requests, the Company is also working with developers on a menopause supplement and other targeted lifestyle supplement aids.
We are also exploring the combination of PluriPain®, PrimiLung™ and SleepEZ™ for those still suffering COVID effects in the on-going Survey conducted by Regina Sutton, M.D. These specific formulations address some of the most troubling symptoms of long-term COVID sufferers, including brain fog, pain and sleep problems.
In light of the availability of marketing funding with the first Reg A completion, we are collaborating with others to promote our products, and to also conduct surveys with larger groups of participants to further confirm their efficacy, which anecdotal reports have in the past confirmed. We look forward to the new Reg A recently filed to be qualified to further the marketing effort in reaching seniors and specific communities.
With regard to animal products, the Company’s Livestock Impact wholly owned subsidiary under the guidance of its directors, Bruce Colclasure, a National Cutting Horse Association champion, who owns and operates the Flying C Bar Ranch in Oklahoma and a breeder and trainer of over 80 NCHA champion cutting horses, as well as Dr. Charles Timmerman, D.V.M. who established a veterinary clinic since 1973 in Aikens, SC, and help test new methods for the management of various animal health problems ,continues to explore new opportunities in this emerging market. Mr. Colclasure uses and endorses our Equine All-in-One™ and derivative booster products providing valuable feedback and testimonials regarding their benefits. Dr. Timmermann has been a central contributor of scientific and clinical guidance aimed at developing breakthrough animal health products. He has helped design and execute numerous animal tests and has provided critical oversight to identify product efficacy and ensure product safety. In addition, a high-performance special formulation of our All-in-One product continues is to be marketed with exceptional results. We expect to expand the outreach in 2024.
In light of the failures of our past social media campaigns, we recommenced a social media effort this quarter with better response. The Company continues its marketing affiliate outreach program for the human products, and will continue to directly contact the principals senior communities, clubs and associations, offering discounts, samples and other inducements, seeking to develop “product champion” and “maven” relationships. We expect to contact principals in organizations with thousands of members and also through targeted advertising campaigns. With LiveStock Impact Inc, since the 4th Quarter 2022, we have been distributing samples and marketing materials to over 40 principals and influencers in regional and breed-specific equine associations and we are currently working with our exclusive distributor in a multi media advertising program for 2024.
Manufacturing
All of the Company’s nutraceutical products are considered dietary supplements or natural foods, and we carefully avoid making health, drug or disease cure claims that could trigger regulatory compliance issues and affect our ability to market BioAdaptives and LiveStock Impact products. Our active ingredients are all plant-, algal and mushroom-based and sourced worldwide from reputable suppliers who employ stringent compliance and sustainable agriculture practices .
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We contract with manufacturers to assemble and package our products, all of which are subject to our inspection and approval. Fulfillment of retail internet and direct-to-reseller orders are conducted from our own facilities. BioAdaptives actively investigates new products, techniques and novel applications of existing products or technology in our research. The Company’s research work has centered on investigations of all-natural supplement formulations that activate primitive cells, including stem cells and their derivatives, and natural ingredients that encourage stem cell proliferation.
As noted above, it is our intention to operate primarily as a research and marketing company, developing consumer markets for nutraceutical products and medical devices that we license or market for others.
Employees
The Company currently has 3 executive employees and 3 part-time employees. We retain hourly labor on an as-needed basis and professional consultants to operate our business. The management of the Company expects to continue to use outside consultants, attorneys, and accountants, as necessary, as long as it is seeking and evaluating business opportunities. The need for additional employees, and their availability, will be addressed in connection with the decision whether or not to acquire or participate in specific business opportunities.
2. LIQUITITY AND CAPITAL RESOURCES:
Liquidity -- Financial Performance – Three Months Ended September 30, 2023, and 2022
We had a net loss of $13,061 for the three-month period ended September 30 2023, which was $$263,264 less than the net loss of $276325 for the three-month period ended September 30, 2022. The change in our results is mainly due to the Change in other income (Expenses).
The following table summarizes key items of comparison and their related increase (decrease) for the Three-month periods ended September 30, 2023, and 2022:
|
| 2023 |
|
| 2022 |
|
| Changes |
| |||
Revenue |
|
| 15,649 |
|
|
| 3,337 |
|
|
| 12,312 |
|
Cost of Sales |
|
| 10,999 |
|
|
| 1,337 |
|
|
| (9,662 | ) |
Operation Expenses |
|
| 96,863 |
|
|
| 79,045 |
|
|
| (17,822 | ) |
Other income (expenses) |
|
| 79,152 |
|
|
| (199,280 | ) |
|
| 278,280 |
|
Net Income (loss) |
|
| (13,061 | ) |
|
| (276,325 | ) |
|
| 263,174 |
|
Revenue
Our revenues have been derived entirely from product sales. It reflects a mixture predominantly through wholesale of LiveStock Impact, Inc products and the retail of a small amount of BioAdaptives human supplements. Because of the wholesale element, margins for products are much tighter than previously when all sales were through retail web sales.
Cost of Sales
Our cost of sales is primarily derived from contract manufacturing expenses and shipping and handling expenses related to customer fulfillment. We also expense marketing expenses, which includes the cost of samples or products provided for promotional purposes and website content development. We have contracted for consulting services relating to website and product label redesign and another web sales outreach campaign, and we expect expenses to accrue for such services in 4th.Q 2023, and beyond.
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Operation Expenses
Our general, administrative and professional fees are largely attributable to office, rent, advertising, consultants and transfer agent, legal, accounting and audit fees related to our reporting requirements as a public company as well as stock-based compensation for officers, directors and consultants, as well as amortization of license and patent.
Other Income (Expense)
The Company recorded interest expenses of $20,625 and $ 94,106 for the Three months ended September30, 2023, and 2022.
Net Loss
As a result of our operating expenses the Company reported a net loss of $ 13,061 and $ 276.325 for the three months ended September 30, 2023, and 2022.
Capital Resources – Balance Sheet and Cash Flows
Our balance sheet as of September 30 2023, reflects current assets of $162,677 , including cash in the amount of $152,072 . We currently meet cash requirements by infusions of cash from issuance of notes to finance partners, through RegA subscriptions and advances from shareholders. Most of these notes have conversion features that require accounting for derivative liabilities. We are hopeful that our Reg. A+ offerings will help to reduce our financing costs but can provide no assurances as to whether our offering will be successful.
Working Capital (Deficiency)
|
| September 30, 2023, |
|
| September 30, 2022, |
|
| Change |
| |||
|
|
|
|
|
|
|
|
|
| |||
Current Assets |
|
| 162,677 |
|
|
| 25,941 |
|
|
| 136,736 |
|
Current Liabilities |
|
| 1,475,150 |
|
|
| 1,625,473 |
|
|
| 150,323 |
|
Working Capital (Deficiency) |
|
| (1,145,848 | ) |
|
| (1,595,858 | ) |
|
| 450,010 |
|
Cash Flows
|
| Nine Months Ended |
|
|
| |||||||
|
| September 30 |
|
|
|
| ||||||
|
| 2023 |
|
| 2022 |
|
| Change |
| |||
Cash provided by (used in) Operating Activities |
|
| (132,477 | ) |
|
| (199,755 | ) |
|
| 66,278 |
|
Cash provided by (used in) Financing Activities |
|
| 259.144 |
|
|
| 136,351 |
|
|
| 122,793 |
|
Net Increase (Decrease) In Cash During Period |
|
| 152,072 |
|
|
| 19,532 |
|
|
| 132,540 |
|
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Net cash provided (used) by operating activities during the nine months ended September30, 2023, was $ 132,471 a decrease of $ 66,278 from net cash used of $199,755 in operating activities during the nine months ended September 30, 2022.
Cash Flows from Financing Activities
Net cash provided by financing activities during the three months ended September 30, 2023, was $ 259,144 , an increase of $122,793 from net cash provided in financing activities during the three months ended September 30, 2022 of $136,351.
As of September 30, 2023, we have insufficient cash to operate our business at the current level for the next twelve months and insufficient cash to achieve our business goals. The success of our business plan beyond the next 12 months is contingent upon us obtaining additional financing. We intend to fund operations through debt and/or equity financing arrangements, which may be insufficient to fund our capital expenditures, working capital, or other cash requirements. We do not have any formal commitments or arrangements for the sales of stock or the advancement or loan of funds at this time. There can be no assurance that such additional financing will be available to us on acceptable terms, or at all.
Critical Accounting Estimates -- Going Concern
We are required to provide qualitative and quantitative information necessary to understand any critical accounting estimations, including uncertainties associated with such estimates. Our critical accounting estimates, as well as the financial statements contained in this report, are all reliant on the assumption that we will continue as a going concern, which contemplates our ability to generate sufficient cash flows from operations and financing activities necessary to continue in business by employing our assets and satisfying our liabilities in the normal course of business.
On September 30, 2023, we had $152,072 of cash on-hand and an accumulated deficit of $7,994,864 , and as noted throughout this report and our financial statements and notes thereto, our independent auditors expressed their substantial doubt as to our ability to continue as a going concern as of December 31, 2022. We anticipate incurring significant losses in the future. We do not have an established source of revenue sufficient to cover our operating costs. Our ability to continue as a going concern is dependent upon our ability to successfully compete, operate profitably and/or raise additional capital through other means. If we are unable to reverse our losses, we will have to discontinue operations.
Because our business plan relies on marketing products we license from others, our capital requirements are generally limited to general operations and administration, including the costs of continuing as a public company, and our variable costs scale up or down based on our actual sales. We believe that increasing our marketing expenses will be critical to establishing sales sufficient to cover our expenses and, if possible, generate a profit. We anticipate using our existing financing operations to do so, which will almost certainly require either the issuance of equity or increases in existing levels of debt or, most likely, both.
Management's plans include the raising of capital through the equity markets to fund future operations, seeking additional acquisitions, and generating revenue through our business. However, even if we do raise sufficient capital to support our operating expenses and generate adequate revenues, there can be no assurances that the revenue will be sufficient to enable us to develop business to a level where we will generate profits and positive cash flows from operations. These matters raise substantial doubt about our ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty.
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Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, and capital expenditures or capital resources that are material to stockholders.
Critical Accounting Policies
Our financial statements are based on the application of accounting principles generally accepted in the United States ("US GAAP"). US GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue, and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use of estimates and underlying accounting assumptions adhere to US GAAP and are consistently and conservatively applied that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.
Recent Accounting Pronouncements
The Company has evaluated recent pronouncements through Accounting Standards Updates ("ASU") and believes that none of them will have a material impact on the Company's financial position, results of operations or cash flows.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
As a “smaller reporting company,” we are not required to provide the information required by this Item.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
As required by Rule 13a-15 under the Securities Exchange Act of 1934, we have carried out an evaluation of the effectiveness of our disclosure controls and procedures as of the end of the period covered by this quarterly report, September 30, 2023. This evaluation was carried out under supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer.
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in our company's reports filed under the Securities Exchange Act of 1934 is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.
Based upon that evaluation, including our Chief Executive Officer and Chief Financial Officer, we have concluded that our disclosure controls and procedures were ineffective as of the end of the period covered by this report due to a material weakness in our internal control over financial reporting, which is described below
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Management's Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934). Management has assessed the effectiveness of our internal control over financial reporting as of September 30, 2023, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. As a result of this assessment, management concluded that, as of September 30, 2023, our internal control over financial reporting was not effective. Our management identified the following material weaknesses in our internal control over financial reporting, which are indicative of many small companies with small staff: (i) inadequate segregation of duties and effective risk assessment. and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.
We plan to take steps to enhance and improve the design of our internal control over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we hope to implement the following changes during our fiscal year ending December 31, 2024: (i) appoint additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting. The remediation efforts set out in (i) and (ii) are largely dependent upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.
To a certain extent, the size of our operation provides inherent checks and balances relative to internal controls: Because of our limited staff size and the integration of our executives and directors in operations, the prospect for significant internal control failures resulting in unreliable financial statements or worse is remote. Regardless, we recognize the importance of multiple layers of reporting and controls and are working toward improving our capabilities.
Changes in Internal Control over Financial Reporting
There was no change in the Company's internal control over financial reporting that occurred during the Company's most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
At this time, we know of no pending legal proceedings to which we are a party, either individually or in the aggregate. We are from time-to-time, during the normal course of our business operations, subject to various litigation claims and legal disputes. There are no such claims or disputes pending at this time and we have not been notified of any possible claims or disputes.
Item 1A. Risk Factors
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Covid-19 Pandemic Impact and Risk
At this time, it is not possible to fully assess the impact of the COVID-19 pandemic on the Company’s operations and capital requirements. While we have noted that economic headwinds have eased generally, our business is impacted by numerous other influences. Business activities from 1Q 2020 onward were substantially curtailed: Our key executives were unable to travel, which impacted on our financing operations. Consumer demand was generally down in our target markets, even though we offer products that are generally considered to promote health. We delayed much of our marketing activity due to travel, funding and perceived demand issues.
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We re-launched our marketing efforts during 1Q 2022, but these have slowed to gain traction. The other factors impeding the growth of our business have significantly changed: travel restrictions have eased, and our finance partners have cash for investments or debt issuance. Consumer demand for our products, however, has not increased significantly. We believe this has more to do with poor reception to our marketing initiatives and the fact that we operate in a crowded market space, with several better-known and capitalized competitors.
The CDC reports that US children and adults should remain vigilant to new mutations of the COVID-19 virus, and that the pandemic will likely continue to impact groups that comprise our intended consumers. Should the pandemic reignite, the Company may be faced with the same headwinds we saw during 2021, which may adversely affect the Company’s ability to (i) retain employees and consultants; (ii) obtain additional financing on terms acceptable to the Company, if at all; (iii) delay regulatory submissions and approvals, if required; (iv) delay, limit or preclude the Company from securing manufacturing sites, partnerships or marketing agreements; (v) delay, limit or preclude the Company from achieving technology or product development goals, milestones, or objectives; and (vi) preclude or delay entry into joint venture or partnership arrangements. The occurrence of any one or more of such events may affect the Company’s ability to execute its business plan.
During 2Q 2022, the Company commenced sponsorship of a COVID Long Hauler Survey, providing funding for scientific uses and samples of our pain, pulmonary and sleep products to participants. While we do not (and cannot) make any manner of drug-type or treatment claims regarding disease, the Company has received anecdotal reports that certain combinations of our products provide relief from certain long-term COVID symptoms, including brain fog, persistent pain, and sleep disruptions. Although we are careful not to make any COVID-related claims in our marketing materials, we intend to pursue this survey for general scientific purposes to determine additional uses for our products
The Company’s priority and commitment is to the health and security of its team members, their families and its partners through this unprecedented pandemic.
The Company has no insight into what would happen if COVID is to affect the economy again with its possible resurgence.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
We issued equity securities during this reporting period to satisfy subscriptions to our RegA filed in 2022:
1800 DIAGONAL LENDING, LLC |
|
| 25,000,000 |
|
| 07/10/2023 |
1800 DIAGONAL LENDING, LLC |
|
| 25,000,000 |
|
| 07/11/2023 |
1800 DIAGONAL LENDING, LLC |
|
| 25,000,000 |
|
| 07/18/2023 |
1800 DIAGONAL LENDING, LLC |
|
| 25,000,000 |
|
| 07/24/2023 |
1800 DIAGONAL LENDING, LLC |
|
| 25,000,000 |
|
| 07/26/2023 |
1800 DIAGONAL LENDING, LLC |
|
| 25,000,000 |
|
| 07/27/2023 |
1800 DIAGONAL LENDING, LLC |
|
| 25,000,000 |
|
| 08/02/2023 |
1800 DIAGONAL LENDING, LLC |
|
| 25,000,000 |
|
| 08/04/2023 |
|
|
|
|
|
|
|
Total |
|
| 200,000,000 |
|
|
|
Additional notes will come due during the periods ending December 20, 2023, and March 21, 2024. We anticipate issuance of common shares upon 1800 Diagonal Lending’s demand.
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We have also filed a Reg A on October 11, 2023, once that has been qualified then 250,000,000 shares will be offered for subscription at a price to be determined between US$0.001 to US$ 0.003. Upon their subscriptions, such shares will be issued.
Item 3. Defaults Upon Senior Securities
The Company has no senior securities, but has outstanding instruments previously characterized as unsecured convertible debentures. These instruments are not senior to any other Company obligation. The Company arranged extension and forbearance agreements with the holders of the 12% Debentures, which were issued in 2018 and were due at various times in 2020. Our agreement called for the extension of these obligations on the same terms until December 31, 2021, in exchange for current interest payments and delivery of 280,000 shares of its common stock (total). We are currently in default on these obligations but are working on an alternative resolution.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Nothing to add.
Item 6. Exhibits
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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.
|
| BioAdaptives Inc. |
|
|
| (Registrant) |
|
Dated: November 13, 2023 |
|
|
|
|
| /s/ Dr. Edward E. Jacobs, M.D. |
|
|
| Dr. Edward E. Jacobs, M.D. |
|
|
| Chief Executive Officer |
|
|
|
|
|
|
|
|
|
|
| /s/ Robert W. Ellis |
|
|
| Robert W. Ellis |
|
|
| Principal Financial Off |
|
28 |