BioSig Technologies(BSGM)2025-05-19 17:19Revenue and Financial Performance - Revenue for the three months ended March 31, 2024 was $14, primarily from the sale of the PURE EP™ Platform and related services[147] - Net loss attributable to common shareholders for the three months ended March 31, 2025 was $2,814, an improvement from a net loss of $3,537 in the same period of 2024[154] - Cash used in operating activities for the three months ended March 31, 2025 was $1.11 million, while cash provided by financing activities totaled $4.7 million[158] - The accumulated deficit as of March 31, 2025 was $258.16 million, with expectations of continued losses and negative cash flows until products reach full commercial profitability[159] - The company sold 4,403,166 At The Market Offering Shares at an average price of $0.91 per share for gross proceeds of $4,019,063 during the three months ended March 31, 2025[170] Expenses - Research and development expenses decreased by $232, or 97.48%, to $6 for the three months ended March 31, 2025, compared to $238 in the same period of 2024[148] - General and administrative expenses increased by $75, or 2.60%, to $2,957 for the three months ended March 31, 2025, compared to $2,882 in the same period of 2024[149] Internal Controls and Compliance - The company identified material weaknesses in internal control over financial reporting, including inadequate identification and reporting of stock-based compensation, ineffective review processes, and inadequate segregation of duties[178] - As of March 31, 2025, the company concluded that its internal control over financial reporting was not effective, which could negatively impact timely and accurate financial reporting[178] - Management's evaluation indicated that disclosure controls and procedures are not effective in providing reasonable assurance for timely reporting as required by SEC rules[175] - The company has not identified any changes in internal control over financial reporting that materially negatively affected its controls during the last completed fiscal quarter[184] - The material weaknesses identified did not result in any misstatements to the consolidated financial statements[180] - The company recognizes the inherent limitations of internal controls, including the possibility of human error and circumvention of controls[182] - Management intends to implement remediation plans in 2025 to enhance internal controls and ensure risks are adequately addressed[184] - The company plans to add sufficient staff and oversight controls in 2025 to address identified deficiencies in internal controls[181] Legal Matters - A settlement agreement was reached on March 24, 2025, resulting in an accrued liability of $493,800 related to a litigation threat claiming losses of approximately $1,440,000[186] - The company believes that the final disposition of legal proceedings will not have a material adverse effect on its financial position or results of operations[185] Intellectual Property - The company has 41 issued/allowed utility patents and 31 pending applications related to the PURE EP™ System, indicating a strong focus on intellectual property development[145] Future Financing - Future financing may include equity or debt securities issuance, with potential dilution for existing shareholders if additional equity is issued[167]