Bioregenx, Inc 10-Q, filed Aug 12, 2022

About this 10-Q

Bioregenx, Inc. (BRGX)

10-Q 2022-08-12 For: 2022-06-30

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Added on April 06, 2026

(State or Other Jurisdiction

(I.R.S. Employer

of Incorporation or Organization)

Identification No.)

Bioregenx, Inc filed this 10-Q on August 12, 2022, covering the quarter ended June 30, 2022.

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5051 Peachtree Corners Circle, #200, Peachtree Corners, GA	30092
(Address of principal executive offices)		(Zip Code)

Large accelerated filer □		Accelerated filer		□
	Non-accelerated filer □		Smaller Reporting Company		[X]
(Do not check if a smaller reporting company) Emerging growth company □

PART I	Financial Information	3

ITEM 1.	Financial Statements	3
	Condensed Balance Sheets	3
	Unaudited Interim Condensed Statements of Operations	4
	Unaudited Interim Condensed Statement of Stockholder’s Deficit	5
	Unaudited Interim Condensed Statements of Cash Flows	6
	Notes to the Unaudited Condensed Interim Financial Statements	7


ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	18

ITEM 4T.	Controls and Procedures	18

PART II	Other Information	21

ITEM 1.	Legal Proceedings	21

ITEM 1A.	Risk Factors	21

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21

ITEM 3	Defaults Upon Senior Securities	21

ITEM 4	Submission of Matters to a Vote of Security Holders	21

ITEM 5	Other Information	21

ITEM 6	Exhibits	22

	SIGNATURES	23

FINDIT, INC. CONDENSED BALANCE SHEETS

	June 30, 2022		December 31, 2021
ASSETS	(Unaudited)
Current Assets:
Cash	$	2,123	$	24,358
Total Current Assets		2,123		24,358

Non-Current Assets:
Domain Name & Website, net of amortization of $48,543 and $45,577, respectively		40,438		43,404
Investment in Chill N Out Chryotherapy – related party		600		60,000
Total Other Assets		41,038		103,404
Total Assets	$	43,161	$	127,762

LIABILITIES & STOCKHOLDERS' (DEFICIT) EQUITY
Current Liabilities:
Accounts Payable and Accrued Expenses	$	20,249	$	11,996
Current Portion Long-Term Debt		4,367		2,163
Loans Payable – Related Party		31,795		—
Deferred Revenue		5,333		—
Total Current Liabilities		61,744		14,159

Long-Term Debt		195,633		197,837

Total Liabilities		257,377		211,996

Stockholders' (Deficit) Equity:
Preferred Stock, Series A, $0.001 par value, 50,000,000 shares authorized, 5,000,000 shares issued and outstanding		5,000		5,000
Preferred Stock, Series B, $0.001 par value, 5,000,000 shares authorized, 4,900,000 shares issued and outstanding		4,900		4,900
Common Stock, $0.001 par value, 500,000,000 shares authorized, 269,745,006 issued and outstanding		269,745		269,745
Additional Paid in Capital		2,436,513		2,436,513
Accumulated Deficit		(2,930,374)		(2,800,392)
Total Stockholders' Deficit		(214,216)		(84,234)
Total Liabilities and Stockholders' Deficit	$	43,161	$	127,762
The accompanying notes are an integral part of these unaudited condensed financial statements.

(Mark one)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

FINDIT, INC. STATEMENTS OF OPERATIONS (Unaudited)
	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Revenues:
Findit Services	$	14,258	$	72,250	$	21,962	$	147,978
Sales of Essential Oils		—		551		—		1,137
Total Revenues		14,258		72,801		21,962		149,115

Cost of Goods Sold:
Purchases of Materials & Supplies		—		554		—		554
Total Cost of Goods Sold		—		554		—		554

Gross Margin		14,258		72,247		21,962		148,561

Operating Expenses:
Advertising, Marketing & Press Release Expenses		6,031		2,036		6,043		4,383
Amortization Expense		1,483		1,483		2,966		2,966
Consulting Services		—		—		—		7,350
Content Writing		3,200		15,000		21,750		31,200
General and Administrative Expense		7,888		34,563		14,510		56,147
Professional Fees		18,898		10,185		26,777		39,315
Programming Fees		4,750		23,550		8,050		49,870
Web Design and Hosting Expense		5,271		16,804		12,448		27,860
Total Operating Expenses		47,521		103,621		92,544		219,091

Loss from Operations		(33,263)		(31,374)		(70,582)		(70,530)

Other Income:
Other income		—		20,500		—		63,723
Total Other Income		—		20,500		—		63,723

Loss Before Provision for Income Tax		(33,263)		(10,874)		(70,582)		(6,807)
Provision for Income Tax		—		—		—		—
Net Loss		(33,263)		(10,874)		(70,582)		(6,807)

Other Comprehensive Income (Loss)
Unrealized gain (loss) on available-for-sale securities		(79,400)		1,693,000		(59,400)		1,775,000
Total Comprehensive Income (Loss)	$	(112,663)	$	1,682,126	$	(129,982)	$	1,768,193

Income (Loss) Per Share, Basic and Diluted	$	(0.00)	$	0.01	$	(0.00)	$	0.01
Weighted Average Shares Outstanding, Basic and Diluted	269,745,006		269,745,006		269,745,006		269,745,006
The accompanying notes are an integral part of these unaudited financial statements.

FINDIT, INC. CONDENSED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY For the Three and Six Months Ended June 30, 2021 and 2022 (Unaudited)
	Common Stock			Preferred Stock, Series A			Preferred Stock, Series B			Additional Paid		Accumulated		Total Stockholders’
	Shares	Amount		Shares	Amount		Shares	Amount		in Capital		Deficit		Equity
Balance, December 31, 2020	269,745,006	$	269,745	5,000,000	$	5,000	4,9000,000	$	4,900	$	2,436,513	$	(2,538,519)	$	177,639
Net Income	—		—	—		—	—		—		—		86,067		86,067
Balance, June 30, 2021	269,745,006		269,745	5,000,000		5,000	4,9000,000		4,900		2,436,513		(2,452,452)		263,706
Net Income	—		—	—		—	—		—		—		1,682,126		1,682,126
Balance, June 30, 2021	269,745,006	$	269,745	5,000,000	$	5,000	4,9000,000	$	4,900	$	2,436,513	$	(770,326)	$	1,945,832

FINDIT, INC. CONDENSED STATEMENTS OF CASHFLOWS (Unaudited)
	For the Six Months Ended June 30,
Cash Flow from Operating Activities:	2022		2021
Net (Loss) Income	$	(129,982)	$	1,768,193
Adjustments to Reconcile Net (Loss) Income to Net Cash Used by Operating Activities:
Amortization Expense		2,966		2,967
Investment in Chill N Out Cryotherapy – related party		59,400		(1,775,000)
Changes in Operating Assets and Liabilities:
Accounts Receivable		—		971
Accounts Payable		8,253		(11,911)
Deferred Revenue		5,333		1,500
Net Cash Used by Operating Activities		(54,030)		(13,280)

Cash Flows from Investing Activities		—		—

Cash Flows from Financing Activities
Proceeds from loans payable – related party		31,795		—
Net Cash Provided by Financing Activities		31,795		—

Net Change in Cash		(22,235)		(13,280)

Cash at Beginning of Period		24,358		93,875

Cash at End of Period	$	2,123	$	80,595

Cash Paid During the Period for:
Interest	$	—	$	—
Income Taxes	$	—	$	—

Supplemental non-cash disclosure:
Unrealized gain on available-for-sale securities	$	59,400	$	1,775,000
The accompanying notes are an integral part of these unaudited condensed financial statements.

	June 30, 2022		December 31, 2021
SBA Loan – July 20,2020	$	150,000	$	150,000
SBA Loan – July 17,2021		50,000		50,000
Total	$	200,000	$	200,000
Less: current portion		(4,367)		(2,163)
Long term portion	$	195,633	$	197,837

			Incorporated by reference
Exhibit	Exhibit Description	Filed herewith	Form	Period Ending	Exhibit	Filing Date
3.1	Articles of Incorporation, as currently in effect		S-1		3.1	09/02/2021
3.2	Bylaws, as currently in effect		S-1		3.2	09/02/2021
31.1	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	X
31.2	Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.	X

	Findit, Inc. Registrant


Date: August 12, 2022	/s/ Thomas Powers
	Name: Thomas Powers
		Title: Chief Executive Officer Principal Executive Officer

Date: August 12, 2022	/s/ Raymond Firth
	Name: Raymond Firth
		Title: Chief Accounting Officer Principal Accounting Officer

Signature	Title	Date

/s/ Thomas Powers (Thomas Powers)	Chief Executive Officer Principal Executive Officer	August 12, 2022

/s/ Raymond Firth (Raymond Firth)	Corporate Secretary and Chief Accounting Officer	August 12, 2022

(1)		I have reviewed this quarterly report on Form 10-Q of Findit, Inc.;

(2)		Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)		Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)		The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)				Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)				Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)				Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)				Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)			The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)				All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)				Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Thomas Powers
Thomas Powers
	Principal Executive Officer

Date: August 12, 2022


Commission File Number: 333-254128

/s/ Raymond Firth
Raymond Firth Principal Financial Officer Principal Accounting Officer
Date: August 12, 2022


(1)	The Quarterly Report on Form 10-Q of the Company for the quarterly period ended June 30, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	The information contained in that Form 10-Q fairly presents, in all material respects, the financial conditions and results of operations of the Company.