BioSig Technologies Inc
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 14, 2024
STEX$0.34+4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-20.
0001493152-24-020634
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-14.
0001493152-24-032374
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 86 previous paragraphs and 113 current paragraphs.
58 unchanged; 23 reworded; 19 added; 3 removed; 2 previous and 13 current paragraphs rearranged.
Tables are not compared: 1 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
On July 1, 2024, the Company announced the intent to acquire the assets of Neuro-Kinesis Corporation (NKC), a privately held Los Angeles-based medical technology company developing smart EP tools. A non-binding letter of intent (LOI) has been executed confirming BioSig’s preliminary interest in the proposed acquisition of the assets of NKC. The purchase price will be paid through the issuance of shares of BioSig’s common stock to the shareholders of NKC. In addition, at closing, NKC will provide a minimum of $2.5 million, but could provide up to $6 million, of unrestricted cash to BioSig. The proposed acquisition will require extensive due diligence, potentially through year-end, with full disclosures in the Company’s next proxy statement for shareholder vote.
Current report
On June 10, 2024, the Company received formal notice that the Nasdaq Hearings Panel had determined to delist the Company’s common stock from Nasdaq due to the Company’s continued non-compliance with the minimum stockholders’ equity requirement set forth in Nasdaq Listing Rule 5550(b)(2) for continued listing on Nasdaq. As a result, trading in the Company’s common stock will be suspended on Nasdaq effective with the open of business on Wednesday, June 12, 2024. The Company’s common stock should be eligible to trade on the OTC Markets’ Pink Current Information tier under symbol “BSGM” effective with the open of trading on Wednesday, June 12, 2024. The Company sought the Panel’s reconsideration of its decision in accordance with the Nasdaq Listing Rules
Current report
On June 24, 2024, the Company was notified by Nasdaq that the Nasdaq Hearings Panel had declined to reconsider its decision dated June 10, 2024 to delist the Company’s common stock from Nasdaq (the “Delisting Decision”). Trading in the Company’s securities was suspended on Nasdaq effective with the open of business on June 12, 2024, at which point the Company’s common stock was eligible to trade on the OTC Market’s Pink Current Information tier.
Current report
On July 10, 2024, the Company filed a submission in support of an appeal to the Delisting Decision to the Nasdaq Listing and Hearing Review Council and is currently awaiting a decision.
Current report
On July 23, 2024, the Company commenced trading of its common stock on the OTCQB, operated by OTC Markets Group, Inc
Current report
On May 29, 2024, the Company entered into a securities purchase agreement (the “SPA”) with certain institutional investors, pursuant to which the Company agreed to sell and issue to the investors (i) in a registered direct offering, 1,570,683 shares (the “Shares”) of Common Stock, par value $0.001 per share of the Company (the “Common Stock”) at a price of $1.91 per share and (ii) in a concurrent private placement, common stock purchase warrants (the “Private Placement Warrants”) to purchase up to an aggregate of 1,570,683 shares of Common Stock, at an exercise price of $1.78 per share of Common Stock.
Current report
On June 5, 2024, Frederick D. Hrkac resigned as acting chief financial officer and principal accounting officer of the Company, effective as of the same date. Also on June 5, 2024, the Company and Ferdinand Groenewald entered into the Agreement effective June 5, 2024, pursuant to which Mr. Groenewald will lead accounting and financial reporting activities of the Company. Mr. Groenewald currently serves as the Company’s interim chief financial officer, principal accounting officer and vice president of finance. The Agreement will continue indefinitely until terminated by either party upon 30 days’ advance notice. The Agreement provides for compensation at a fixed rate of $15,000 per month and reimbursement by the Company for any usual and customary business expenses incurred by Mr. Groenewald in connection with performing services pursuant to the Agreement. In addition, the Agreement provides for the Company to indemnify Mr. Groenewald on terms customary for officers.
Current report
Professional services for the three months ended June 30, 2024 totaled $328, an increase of $138, or 72.63%, over the $190 recognized for the three months ended June 30, 2023. Of professional services, the increase is mainly attributed to an increase in legal expenses and accounting fees in the current period as compared to the prior period.
Current report
Rent for the three months ended June 30, 2024 and 2023 was $74 and $93.
Current report
Other Income (Expense). Other income (expense) for the three months ended June 30, 2024 totaled $1,381, an increase in other income of $1,603, over the expense of $(222) incurred in the three months ended June 30, 2023, as a direct result of our gain on settlement and forgiveness of accounts payable negotiated by management during the current period.
Current report
Six Months Ended June 30, 2024 Compared to six Months Ended June, 2023 (000’s)
Current report
Six months ended:
Current report
Stock based compensation for research and development personnel was $75 and $851 for the six months ended June 30, 2024 and 2023, respectively.
Current report
Rent for the six months ended June 30, 2024 and 2023 was $166 and $185.
Current report
Depreciation and Amortization Expense. Depreciation and amortization expense for the six months ended June 30, 2024 totaled $127, a decrease of $49, or 27.84%, over the expense of $176 incurred in the six months ended June 30, 2023, as a result aging of equipment.
Current report
Other Income (Expense). Other income (expense) for the six months ended June 30, 2024 totaled $1,403, an increase in other income of $1,621, over the expense of $(218) incurred in the six months ended June 30, 2023, as a direct result of our gain on settlement and forgiveness of accounts payable negotiated by management during the current period.
Current report
Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023 (000’s)
Current report
On May 29, 2024, the Company entered into a securities purchase agreement (the “SPA”) with certain institutional investors, pursuant to which the Company agreed to sell and issue to the investors (i) in a registered direct offering, 1,570,683 shares (the “Shares”) of Common Stock, par value $0.001 per share of the Company (the “Common Stock”) at a price of $1.91 per share and (ii) in a concurrent private placement, common stock purchase warrants (the “Private Placement Warrants”) to purchase up to an aggregate of 1,570,683 shares of Common Stock, at an exercise price of $1.78 per share of Common Stock.
Current report
On May 30, 2024, the Company closed the registered direct offering and the concurrent private placement (collectively, the “Offering”), raising gross proceeds of approximately $3.0 million before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.
Removed paragraphs (3)
Previous report
The Company appealed the foregoing determinations. The requested hearing before the Hearings Panel was held on May 7, 2024 and results are pending as of May 17, 2024.
Previous report
On May 6, 2024, the Company received a letter from the Staff stating that the Company has regained compliance with the bid price requirements in Listing Rule 5550(a)(2) because the bid price of the common stock closed at or above $1.00 per share for a period of 20 consecutive business days, from April 8, 2024 to May 3, 2024.
Previous report
Delisting from Nasdaq Stock Market could negatively impact the Company’s ability to raise additional financing to fund future operations.
Reworded paragraphs (23)
Previous wording
Our owned patent portfolio now includes 36 (issued/allowed) issued utility patents (24 utility patents where BioSig is at least one of the applicants). Twenty five additional U.S. and foreign utility patent applications are pending covering various aspects of our PURE EP System for recording, measuring, calculating and displaying of electrocardiograms during cardiac ablation procedures (25 U.S. and foreign utility patent applications where either BioSig, Mayo, or both is at least one of the applicants). We also have one U.S. patent and one U.S. Pending application directed to artificial intelligence (AI). We also have 30 issued worldwide design patents, which cover various features of our display screens and graphical user interface for enhanced visualization of biomedical signals (30 design patents where BioSig is at least one of the applicants). Finally, we have licenses to 12 (issued/allowed) patents and 9 additional worldwide utility patent applications from Mayo Foundation for Medical Education and Research that are pending (12 issued/allowed patents and 9 applications where only Mayo is the applicant). These patents and applications are generally directed to electroporation and stimulation.
Current wording
Our owned patent portfolio now includes 41 issued/allowed utility patents (29 utility patents where BioSig is at least one of the applicants). Twenty-seven additional U.S. and foreign utility patent applications are pending covering various aspects of our PURE EP System for recording, measuring, calculating and displaying of electrocardiograms during cardiac ablation procedures (27 U.S. and foreign utility patent applications where either BioSig, Mayo, or both is at least one of the applicants). We also have one U.S. patent and one U.S. Pending application directed to artificial intelligence (AI). We also have 30 issued worldwide design patents, which cover various features of our display screens and graphical user interface for enhanced visualization of biomedical signals (30 design patents where BioSig is at least one of the applicants). Finally, we have licenses to 12 (issued/allowed) patents and 9 additional worldwide utility patent applications from Mayo Foundation for Medical Education and Research that are pending (12 issued/allowed patents and 9 applications where only Mayo is the applicant). These patents and applications are generally directed to electroporation and stimulation.
Previous wording
Lack of funding, workforce reductions, resignations of members of the Company’s board of directors and certain officers
Current wording
Lack of funding, workforce reductions, resignations and appointments of members of the Company’s board of directors and certain officers
Previous wording
On April 30, 2024, the board of directors appointed former advisory board member and consultant, Anthony Amato as a director, president, chief executive officer and principal executive officer, effective immediately. In connection with the appointment of Mr. Amato, Mr. Hrkac tendered his resignation as president and principal executive officer effective as of the same date, however, will continue to serve as a director and acting chief financial officer.
Current wording
On April 30, 2024, the board of directors appointed former advisory board member and consultant, Anthony Amato as a director, president, chief executive officer and principal executive officer, effective immediately. In connection with the appointment of Mr. Amato, Mr. Hrkac tendered his resignation as president and principal executive officer effective as of the same date, however, continues to serve as a director and acted as chief financial officer until June 5, 2024.
Previous wording
Currently, the Company has 8 employees and 4 key consultants. Dependent upon funding, the Company would plan on hiring a team of 4-6 persons to execute the business development strategy of finding partners for the commercialization of PURE EP, develop new products in the field of Pulse Field Ablation and to continue to integrate PURE EP into today’s lab equipment.
Current wording
Currently, the Company has 5 employees and 6 key consultants. Dependent upon funding, the Company would plan on hiring a team of 4-6 persons to execute the business development strategy of finding partners for the commercialization of PURE EP, develop new products in the field of Pulse Field Ablation and to continue to integrate PURE EP into today’s lab equipment.
Previous wording
Revenues and Cost of Goods Sold. Revenue for the three months ended March 31, 2024 was $14, comprised of recognized service revenue, as compared to $5, comprised of recognized service revenue for the three months ended March 31, 2023.
Current wording
Revenues and Cost of Goods Sold. Revenue for the three months ended June 30, 2024 was $13, comprised of recognized service revenue, as compared to $0, comprised of recognized service revenue for the three months ended June 30, 2023.
Previous wording
Stock based compensation for research and development personnel was $(58) and $90 for the three months ended March 31, 2024 and 2023, respectively.
Current wording
Stock based compensation for research and development personnel was $133 and $761 for the three months ended June 30, 2024 and 2023, respectively.
Previous wording
General and Administrative Expenses. General and administrative expenses for the three months ended March 31, 2024 were $2882, a decrease of $3,363 or 53.9%, from $6,245 incurred in the three months ended March 31, 2023. This decrease is primarily due to a decrease in employee and service provider (stock-based) performance pay in the current period as compared to the same period in the prior year and additional service provider fees paid.
Current wording
General and Administrative Expenses. General and administrative expenses for the three months ended June 30, 2024 were $4,914, a decrease of $4,193 or 46.04%, from $9,107 incurred in the three months ended June 30, 2023. This decrease is primarily due to a decrease in employee and service provider (stock-based) performance pay in the current period as compared to the same period in the prior year and additional service provider fees paid.
Previous wording
Payroll related expenses decreased to $541 in the current period from $2,086 for the three months ended March 31, 2023, a decrease of $1,545, or 74.1%. The decrease was primarily due to reduced staff in commercialization, sales and general and administration in the BioSig Technologies segment. We incurred $1,119 in stock-based compensation in connection with the vesting of stock and stock options issued to board members, officers, employees and consultants for the three months ended March 31, 2024 as compared to $2,044 in stock-based compensation for the same period in 2023.
Current wording
Payroll related expenses, including stock-based compensation expenses, decreased to $3,971 in the current period from $5,936 for the three months ended June 30, 2023, a decrease of $1,965, or 33.11%. The decrease was primarily due to reduced staff in commercialization, sales and general and administration in the BioSig Technologies segment. We incurred $3,878 in stock-based compensation in connection with the vesting of stock and stock options issued to board members, officers, employees and consultants for the three months ended June 30, 2024 as compared to $3,980 in stock-based compensation for the same period in 2023.
Previous wording
Consulting, public and investor relations fees for the three months ended March 31, 2024 were $225 as compared to $945 incurred for the three months ended March 31, 2023, a decrease of $720, or 76.2%. The decrease primarily related to a reduction in investor relations, marketing and consulting during the three months ended March 31, 2024 as compared to the same period, last year.
Current wording
Consulting, public and investor relations fees for the three months ended June 30, 2024 were $180 as compared to $901 incurred for the three months ended June 30, 2023, a decrease of $721, or 80.02%. The decrease primarily related to a reduction in investor relations, marketing and consulting during the three months ended June 30, 2024 as compared to the same period, last year.
Previous wording
Travel, meals and entertainment costs for the three months ended March 31, 2024 were $29, a decrease of $170, or 85.4%, from $199 incurred in the three months ended March 31, 2023. Travel, meals and entertainment costs include travel related to business development and financing. The decrease in 2024 was due to staff reductions in 2024 as compared to 2022.
Current wording
Travel, meals and entertainment costs for the three months ended June 30, 2024 were $181, a decrease of $48, or 20.96%, from $229 incurred in the three months ended June 30, 2023. Travel, meals and entertainment costs include travel related to business development and financing. The decrease in 2024 was due to staff reductions in 2024 as compared to 2022.
Previous wording
Depreciation and Amortization Expense. Depreciation and amortization expense for the three months ended March 31, 2024 totaled $78, a decrease of $6, or 7.1%, over the expense of $84 incurred in the three months ended March 31, 2023, as a result aging of equipment.
Current wording
Depreciation and Amortization Expense. Depreciation and amortization expense for the three months ended June 30, 2024 totaled $49, a decrease of $43, or 46.74%, over the expense of $92 incurred in the three months ended June 30, 2023, as a result aging of equipment.
Previous wording
Net Loss Attributable to BioSig Technologies, Inc. Common Shareholders. As a result of the foregoing, net loss attributable to common shareholders for the three months ended March 31, 2024 was $3,537 compared to a net loss of $7,334 for the three months ended March 31, 2023.
Current wording
Net Loss Attributable to BioSig Technologies, Inc. Common Shareholders. As a result of the foregoing, net loss attributable to common shareholders for the three months ended June 30, 2024 was $3,918 compared to a net loss of $11,096 for the three months ended June 30, 2023.
Previous wording
Research and Development Expenses. Research and development expenses for the three months ended March 31, 2024 were $238, a decrease of $824, or 77.6%, from $1,062 for the three months ended March 31, 2023. The decrease is primarily due to decreases in payroll, consulting, Data/AI development and research and clinical studies and design work to $213 for the three months ended March 31, 2024 as compared to $1,001 for the three months ended March 31, 2023 primarily in the BioSig Technologies segment, a decrease of $788 or 78.7%.
Current wording
Research and Development Expenses. Research and development expenses for the six months ended June 30, 2024 were $580, a decrease of $2,191, or 79.07%, from $2,771 for the six months ended June 30, 2023. The decrease is primarily due to decreases in payroll, consulting, Data/AI development and research and clinical studies and design work to $535 for the six months ended June 30, 2024 as compared to $2,629 for the six months ended June 30, 2023 primarily in the BioSig Technologies segment, a decrease of $2,094 or 79.65%.
Previous wording
Professional services for the three months ended March 31, 2024 totaled $262, a decrease of $160, or 37.9%, over the $422 recognized for the three months ended March 31, 2023. Of professional services, legal fees totaled $158 for the three months ended March 31, 2024; a decrease of $109, or 40.8%, from $267 incurred for the three months ended March 31, 2023. The decrease in legal fees are primarily due to lower costs incurred in 2024 for contract work and patent filings for the BioSig Technologies segment as compared to the three months ended March 31, 2023. Accounting fees incurred in the three months ended March 31, 2024 amounted to $49, a decrease of $27, or 35.5%, from $76 incurred in same period last year. In 2023, we incurred added accounting fees relating to financing in our BioSig Technologies segment.
Current wording
Professional services for the six months ended June 30, 2024 totaled $581, a decrease of $1,412 or 70.86%, over the $1,993 recognized for the six months ended June 30, 2023. Of professional services, legal fees totaled $426 for the six months ended June 30, 2024; an increase of $24, or 5.85%, from $402 incurred for the six months ended June 30, 2023. The increase in legal fees are primarily due to costs incurred in 2024 for contract work and patent filings for the BioSig Technologies segment as compared to the six months ended June 30, 2023. Accounting fees incurred in the six months ended June 30, 2024 amounted to $108, a decrease of $22, or 16.92%, from $130 incurred in same period last year. In 2023, we incurred added accounting fees relating to financing in our BioSig Technologies segment.
Previous wording
*Impairment of Long Term Assets.*During the three months ended March 31, 2024, the Company re-assessed it’s carrying amounts of certain property and equipment due to reduced manufacturing of its commercial products and determined that these carrying amounts exceeded the estimated undiscounted future cash flows. Accordingly, the Company recorded a $254 impairment charge to current operations.
Current wording
Impairment of Long Term Assets. During the six months ended June 30, 2024, the Company re-assessed it’s carrying amounts of certain property and equipment due to reduced manufacturing of its commercial products and determined that these carrying amounts exceeded the estimated undiscounted future cash flows. Accordingly, the Company recorded a $253 impairment charge to current operations.
Previous wording
Preferred Stock Dividend. Preferred stock dividend for the three months ended March 31, 2024 totaled $135, an increase of $133 over the expense of $2 incurred in the three months ended March 31, 2023. Preferred stock dividends are related to the dividends accrued on our Series C Preferred Stock issued during the period from 2013 through 2015. In addition, the Series C Preferred stock conversion rate reset from $2.50 to $0.5302 in during the three months ended March 31, 2024, therefore we recorded a noncash deemed preferred stock dividend of $133 in the current period.
Current wording
Preferred Stock Dividend. Preferred stock dividend for the six months ended June 30, 2024 totaled $135, an increase of $133 over the expense of $5 incurred in the six months ended June 30, 2023. Preferred stock dividends are related to the dividends accrued on our Series C Preferred Stock issued during the period from 2013 through 2015. In addition, the Series C Preferred stock conversion rate reset from $2.50 to $0.5302 in during the six months ended June 30, 2024, therefore we recorded a noncash deemed preferred stock dividend of $133 in the current period.
Previous wording
Summary Statement of Operations for the three months ended March 31, 2024 as compared to the three months ended March 31, 2023 are detailed in Note 13 of the accompanying unaudited condensed consolidated financial statements.
Current wording
Summary Statement of Operations for the three and six months ended June 30, 2024 as compared to the three and six months ended June 30, 2023 are detailed in Note 13 of the accompanying unaudited condensed consolidated financial statements.
Previous wording
As of March 31, 2024, we had a working capital deficit of $4,492, comprised of cash of $416, accounts receivable of $14, current portion of net investments in leases of $90 and prepaid expenses and other current assets of $220, which was offset by $4,821 of accounts payable and accrued expenses, accrued dividends on preferred stock issuances of $103 and of current portion of lease liability of $308. For the three months ended March 31, 2024, we used $1,314 of cash in operating activities and nil of cash in investing activities.
Current wording
As of June 30, 2024, we had a working capital deficit of $590, comprised of cash of $2,104, accounts receivable of $54, current portion of net investments in leases of $65 and prepaid expenses and other current assets of $163, which was offset by $2,604 of accounts payable and accrued expenses, accrued dividends on preferred stock issuances of $105 and of current portion of lease liability of $267. For the six months ended June 30, 2024, we used $2,795 of cash in operating activities and nil of cash in investing activities.
Previous wording
Cash provided by financing activities totaled $1,540, comprised of proceeds from the sale of our common stock and warrants, net of expenses, of $1,040 and proceeds from issuance of a related party note of $500.
Current wording
Cash provided by financing activities totaled $4,709, comprised of proceeds from the sale of our common stock and warrants, net of expenses, of $4,209 and proceeds from issuance of a related party note of $500.
Previous wording
In the comparable period in 2023, our aggregate cash provided by financing activities totaled $6,748 comprised of proceeds from the sale of our common stock and warrants. At March 31, 2024, we had cash of $416 compared to $1,412 at March 31, 2023. Our cash is held in bank deposit accounts. At March 31, 2024 and March 31, 2023, we had no convertible debentures outstanding.
Current wording
In the comparable period in 2023, our aggregate cash provided by financing activities totaled $11,560 comprised of proceeds from the sale of our common stock and warrants. At June 30, 2024, we had cash of $2,104 compared to $1,252 at June 30, 2023. Our cash is held in bank deposit accounts. At June 30, 2024 and June 30, 2023, we had no convertible debentures outstanding.
Previous wording
Cash used in operations for the three months ended March 31, 2024 and 2023 was $1,314 and $5,648, respectively, which represent cash outlays for research and development and general and administrative expenses in such periods. The decreases in cash outlays principally resulted in reduced operating costs, general and administrative expenses in 2024 and with net decreases in our operating assets of $38 and a net increase in our operating liabilities of $332.
Current wording
Cash used in operations for the six months ended June 30, 2024 and 2023 was $2,795 and $10,543, respectively, which represent cash outlays for research and development and general and administrative expenses in such periods. The decreases in cash outlays principally resulted in reduced operating costs, general and administrative expenses in 2024 and with net decreases in our operating assets of $17 and a net increase in our operating liabilities of $2,902.
Previous wording
We used nil cash for investing activities for the three months ended March 31, 2024, compared to $45 for the three months ended March 31, 2023. For the comparable period, we purchased computers and other equipment.
Current wording
We used nil cash for investing activities for the six months ended June 30, 2024, compared to $122 for the six months ended June 30, 2023. For the comparable period, we purchased computers and other equipment.
Previous wording
We had an accumulated deficit as of March 31, 2024 of $248.0 million, as well as a net loss attributable to BioSig of $3.4 million and negative operating cash flows. We expect to continue incurring losses and negative cash flows from operations until our products (primarily PURE EP Platform) reach full commercial profitability.
Current wording
We had an accumulated deficit as of June 30, 2024 of $252.33 million, as well as a net loss attributable to BioSig of $7.5 million and negative operating cash flows. We expect to continue incurring losses and negative cash flows from operations until our products (primarily PURE EP Platform) reach full commercial profitability.
Rearranged current paragraphs (13)
Current report — wording carried from elsewhere
Research and Development Expenses. Research and development expenses for the three months ended June 30, 2024 were $342, a decrease of $1,367, or 79.99%, from $1,709 for the three months ended June 30, 2023. The decrease is primarily due to decreases in payroll, consulting, Data/AI development and research and clinical studies and design work to $323 for the three months ended June 30, 2024 as compared to $1,628 for the three months ended June 30, 2023.
Current report — wording carried from elsewhere
Impairment of Long Term Assets. During the three months ended June 30, 2024, the Company re-assessed it’s carrying amounts of certain property and equipment due to reduced manufacturing of its commercial products and determined that these carrying amounts exceeded the estimated undiscounted future cash flows. Accordingly, the Company recorded no impairment charge.
Current report — wording carried from elsewhere
Preferred Stock Dividend. Preferred stock dividend for the three months ended June 30, 2024 and 2023 both totaled $3. Preferred stock dividends are related to the dividends accrued on our Series C Preferred Stock issued during the period from 2013 through 2015.
Current report — wording carried from elsewhere
Revenues and Cost of Goods Sold. Revenue for the six months ended June 30, 2024 was $27, comprised of recognized service revenue, as compared to $5, comprised of recognized service revenue for the six months ended June 30, 2023.
Current report — wording carried from elsewhere
We derive our revenue primarily from the sale of our medical device, PURE EP Platform, as well as related support and maintenance services and software upgrades in connection with the device.
Current report — wording carried from elsewhere
We recognize revenue in accordance with Accounting Standards Codification (ASC) 842,Leases for lease components and ASC 606,Revenue from Contracts with Customers (“ASC 606”) for non-lease components. For medical device sales, we recognize revenue under ASC 606.
Current report — wording carried from elsewhere
The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Current report — wording carried from elsewhere
Research and development expenses were comprised of the following:
Current report — wording carried from elsewhere
General and Administrative Expenses. General and administrative expenses for the six months ended June 30, 2024 were $7,796, a decrease of $7,556 or 49.22%, from $15,352 incurred in the six months ended June 30, 2023. This decrease is primarily due to a decrease in employee and service provider (stock-based) performance pay in the current period as compared to the same period in the prior year and additional service provider fees paid.
Current report — wording carried from elsewhere
Payroll related expenses, including stock-based compensation expenses, decreased to $5,737 in the current period from $10,064 for the six months ended June 30, 2023, a decrease of $4,327, or 42.99%. The decrease was primarily due to reduced staff in commercialization, sales and general and administration in the BioSig Technologies segment. We incurred $4,998 in stock-based compensation in connection with the vesting of stock and stock options issued to board members, officers, employees and consultants for the six months ended June 30, 2024 as compared to $6,024 in stock-based compensation for the same period in 2023.
Current report — wording carried from elsewhere
Consulting, public and investor relations fees for the six months ended June 30, 2024 were $581 as compared to $1,994 incurred for the six months ended June 30, 2023, a decrease of $1,413, or 70.86%. The decrease primarily related to a reduction in investor relations, marketing and consulting during the six months ended June 30, 2024 as compared to the same period, last year.
Current report — wording carried from elsewhere
Travel, meals and entertainment costs for the six months ended June 30, 2024 were $210, a decrease of $218, or 50.93%, from $428 incurred in the six months ended June 30, 2023. Travel, meals and entertainment costs include travel related to business development and financing. The decrease in 2024 was due to staff reductions in 2024 as compared to 2022.
Current report — wording carried from elsewhere
Net Loss Attributable to BioSig Technologies, Inc. Common Shareholders. As a result of the foregoing, net loss attributable to common shareholders for the six months ended June 30, 2024 was $7,455 compared to a net loss of $18,430 for the six months ended June 30, 2023.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Rent for the three months ended March 31, 2024 and 2023 both totaled $92.
Previous report — wording carried elsewhere
Three Months Ended March 31, 2024 Compared to Three Months Ended March 31, 2023 (000’s)