Filing identity and reporting period
Important entity mismatch: The request identifies Streamex Corp., but the supplied filing is BioSig Technologies, Inc. (Nasdaq: BSGM), Form 10-K for the fiscal year ended December 31, 2023, filed April 16, 2024. This is an annual report, not a standalone fourth-quarter report; standalone Q4 results are not clearly provided in the filing text.
Business context
BioSig is an early-commercialization medical-device company focused on electrophysiology. Its lead product, PURE EP, is an FDA 510(k)-cleared system for recording and processing cardiac signals during ablation procedures. Revenue to date has been minimal. Subsidiary initiatives, including BioSig AI and ViralClear’s device work, were also described; BioSig AI operations and ViralClear’s development plans were on hold or under evaluation due to limited resources.
Key financial metrics
Amounts below are in U.S. dollars; financial-statement figures are reported in thousands unless stated otherwise.
| Metric | FY 2023 | FY 2022 |
|---|---|---|
| Revenue | $18,000 | $286,000 |
| Gross profit / margin | $18,000 / 100% | $229,000 / 80% |
| Research and development | $5.09 million | $5.82 million |
| General and administrative | $23.08 million | $21.38 million |
| Operating loss | $28.51 million | $27.27 million |
| Net loss | $28.69 million | $27.26 million |
| Net loss attributable to common shareholders | $29.05 million | $27.27 million |
| Cash used in operating activities | $17.31 million | $21.71 million |
| Cash at year-end | $190,000 | $357,000 |
- Revenue fell about 94%; 2023 revenue was service revenue only, with no product revenue reported. The 100% gross margin reflects the absence of reported cost of revenue in 2023, not evidence of a scaled profitable business.
- Year-end total assets were $1.80 million, total liabilities $4.69 million, and total stockholders’ deficit $2.99 million. Working capital deficit was approximately $4.05 million.
- Accounts payable and accrued expenses rose to $4.12 million from $2.85 million. The company recorded a $1.98 million inventory reserve/write-down in 2023, reducing net inventory to zero.
- Cash used in investing activities was $186,000. Financing activities provided $17.33 million, chiefly from common-stock and warrant sales and the sale of subsidiary stock.
- No convertible debentures were outstanding at December 31, 2023. Year-end lease liabilities totaled $452,000. Subsequent to year-end, the company borrowed $500,000 from a related-party investor under a 12% note due March 2026.
Material changes, outlook, and risks
- Commercialization: PURE EP Software Version 7 launched in late 2023, but sales, leases, and subscriptions remained mostly limited to research partners. Management cited constrained hospital budgets and sought established EP-industry partners to expand distribution.
- Liquidity and going concern: The auditor and management reported substantial doubt about the company’s ability to continue as a going concern over the next 12 months. Management expects further losses and says additional financing is necessary; future funding availability is uncertain.
- Workforce and governance: Significant reductions in early 2024 left the company with four employees and four key consultants, according to the filing. Multiple officers and directors resigned. Management’s proposed hiring and commercialization plans are dependent on funding.
- Nasdaq listing: Nasdaq cited failure to meet the $1.00 minimum bid-price requirement, insufficient stockholders’ equity for an additional cure period, and concerns that the company no longer had an operating business and did not meet the applicable market-value standard. The company appealed; the hearing was scheduled for May 7, 2024. Delisting could impair access to capital.
- Capital structure: A 1-for-10 reverse stock split took effect in February 2024. The company completed equity financings in 2023 and a further $1.04 million gross stock-and-warrant offering in January 2024. Warrants, preferred-stock conversion rights, and further financing may dilute existing shareholders.
- Contingencies: The filing describes two threatened claims, including one seeking $1.44 million, and a lawsuit seeking $144,000 plus additional damages. The company disputes the claims; it says it cannot estimate a potential loss for the lawsuit.
- Reporting controls: Management concluded disclosure controls were ineffective and internal control over financial reporting had material weaknesses involving stock-based compensation, period-end review, and segregation of duties. Remediation was ongoing; the auditor did not provide an internal-control effectiveness opinion.
- Other risks: Medical-device regulation, competition, limited reimbursement, reliance on collaborators and a contract manufacturer, intellectual-property protection, and the company’s limited cash and commercialization capacity are material risks.
Most important facts for investors to verify
- Confirm the intended issuer: the supplied report is for BioSig Technologies, Inc. (BSGM), not Streamex Corp.
- Review the audited statements and subsequent-event disclosures for current cash, obligations, financing proceeds, and the company’s ability to fund operations.
- Check the outcome of the Nasdaq appeal and the company’s current listing status and equity position.
- Verify the status of the workforce, management, board, and PURE EP commercialization or partnering plans.
- Assess potential dilution and preferred-stock redemption, dividend, and warrant terms, alongside the unresolved legal claims and control weaknesses.