Addiction treatment company BioCorRx, Inc. (OTCQB: BICX) has announced the release of its financial results for the three months ending in July, according to a statement published by SmallCapVoice.com Inc. (SCV).
In an interview with SCV last week, BioCorRx, Inc. Chief Finance Officer Lourdes Felix told SCV host Stuart Smith that the company was again bullish this quarter with agreements closed in several states, a positive cash flow, and gains on its derivative liabilities.
“Cash flows remain positive and they have been positive for the past six months so again, we're really happy with the direction of the Company. We've also closed nine different territories in the second quarter. So that also was a big awe inspiring moment for us,” she said in the interview.
Felix added that the company’s new licensing and distribution agreements with clinics in several states including Chicago, Illinois, Nevada and Ohio during H2 this year have bolstered the company’s earnings this quarter.
She also noted that the company was able to eliminate over $1,000,000 of its convertible debt in July.
"Because of the cash flow influx, we were able to pay one note in full in the second quarter and we had three note holders who converted their notes into licensees for two different territories. So we were able to eliminate our convertible debt, which, again is very, very quite impressive and was a very good move on our part," she said.
She also said that the company was able to “tremendously reduce” its liabilities due to three convertible notes. “That helped us to sustain our balance sheet and put us in a very strong financial position,” she said.
Sales were also up for the company by a whopping 82 percent in the second quarter which it believed was due to a change in its business model. The change shifted the company’s focus to the licensing and distribution of its Start Fresh Program, according to Felix.
SmallCapVoice.com is a U.S.-based corporate investor relations firm, with clients globally. It is focused on providing retail and institutional investors the latest updates and financial tools in small companies poised for growth so they can “make informed decisions.”
BioCorRx, Inc. is one of the fastest growing companies in the substance abuse addiction treatment sector. It is widely known in the U.S. for developing Start Fresh Program, which is a two-tiered program used by local addiction clinics to treat alcoholism and opioid addiction.
The program’s first component involves an outpatient medical procedure to embed BioCorRx’s biodegradable naltrexone implant under the addict’s skin and fatty tissue on the lower abdominal area. The implant then delivers therapeutic levels of antagonist drug, naltrexone, into the addict’s bloodstream to curb his or her cravings for alcohol or opioids.
The second tier of the program involves a private, one-on-one coaching program to address the specific needs of the alcoholics and addicts, as well as to help him or her plan for a life free from substance abuse.
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