ZIVO BIOSCIENCE(US:ZIVO)2024-08-14 20:10Revenue Performance - For the three months ended June 30, 2024, the company recorded no commercial revenue, a decrease of $4,050 compared to the same period in 2023[87]. - For the six months ended June 30, 2024, the company recorded commercial revenue of $35,720, an increase of approximately $30,000 compared to $4,050 in the same period in 2023[96]. Expenses - Total costs and expenses for the quarter ended June 30, 2024 were approximately $8.2 million, significantly higher than $1.8 million in the same quarter of 2023[85]. - Research and development expenses for the quarter ended June 30, 2024 were approximately $2.3 million, an increase of $1.8 million from $442,000 in the comparable period in 2023[90]. - General and administrative expenses for the quarter ended June 30, 2024 were approximately $6.0 million, up from $1.4 million in the same quarter of 2023, reflecting a $4.6 million increase[89]. - Total costs of goods sold for the six months ended June 30, 2024 were $23,218, approximately $22,000 higher than the same period last year due to increased sales volume[97]. - Research and development expenses for the six months ended June 30, 2024 were approximately $2.6 million, compared to $840,000 in the same period in 2023, marking a $1.8 million increase[99]. - For the six months ended June 30, 2024, total gross R&D expenses increased to $2,565,092, up from $1,278,340 in the same period of 2023, representing a 100% increase[101]. Financing and Cash Position - The company raised approximately $1.8 million from the direct sale of 491,186 shares of common stock in private transactions during the six months ended June 30, 2024[103]. - The gross proceeds from the June 30, 2023 registered direct offering and concurrent private placement were approximately $4,000,000[104]. - Financing activities generated approximately $2.1 million for the six months ended June 30, 2024, an increase of approximately $800,000 from the prior year period[114]. - The company reported a net cash used in operating activities of $2,322,772 for the six months ended June 30, 2024, a decrease of approximately $800,000 from $3,114,640 in the prior year[115]. - The company estimates a cash requirement of approximately $6.0 million over the next 12 months to fund basic operations, excluding R&D initiatives[115]. - As of June 30, 2024, the company had cash of $2,466, indicating a critical liquidity position[103]. - The company incurred significant operating and net losses and expects to continue this trend until adequate revenue is generated from commercial sales[103]. - The company has had substantial difficulty raising funds from external sources historically, which may impact future operations[115]. Research and Development Initiatives - The company is developing a treatment for bovine mastitis and exploring potential applications for canine joint health and human immune modulation[86]. - ZIVO's algal biomass is produced in Peru and contains essential nutrients, positioning it as a viable ingredient for functional foods and skin care products[80]. - The company plans to invest in full commercial-scale algae ponds and product processing equipment following successful trials at a penultimate scale pond[81]. Licensing Agreements - The company has entered into twenty-one License Co-Development Participation Agreements for an aggregate of $2,985,000 in proceeds, allowing participants a 44.775% revenue share from licensing fees[107].