$AXIM

AXIM INTERNATIONAL INC.

CIK:0001514946|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Revenues	$ 17,479	$ 9,929	$ 70,458	$ 17,078
Cost of Goods Sold	1,744	0	1,744	0
Gross Profit	15,735	9,929	68,714	17,078
Operating Expenses:
Research and development expenses	4,063	34,074	19,349	54,409
Selling, general and administrative	472,984	566,829	804,235	1,157,524
Depreciation and amortization	108,129	106,755	216,136	213,509
Total operating expenses	585,176	707,658	1,039,720	1,425,442
Loss from operations	(569,441)	(697,729)	(971,006)	(1,408,364)
Other (income) expenses:
Miscellaneous income	0	0	(5,000)	0
Derivative Liability insufficient shares	0	1,637,705	0	3,670,779
(Gain ) loss on change in value of derivative liability	1,424,228	594,876	1,089,883	693,515
Loss on extinguishment/conversion of debt	37,288	0	43,688	(172,731)
Amortization of note discount	60,614	41,480	120,697	76,652
Interest expense	178,244	751,505	341,840	809,344
Total other expenses	1,700,374	3,025,566	1,591,108	5,077,559
Loss before provision of income tax	(2,269,815)	(3,723,295)	(2,562,114)	(6,485,923)
Provision for income tax	0	0	0	0
Loss from operation	(2,269,815)	(3,723,295)	(2,562,114)	(6,485,923)
NET INCOME (LOSS)	(2,269,815)	(3,723,295)	(2,562,114)	(6,485,923)
NET LOSS	$ (2,269,815)	$ (3,723,295)	$ (2,562,114)	$ (6,485,923)
Earnings per share
Basic	$ (0.010)	$ (0.020)	$ (0.010)	$ (0.030)
Diluted	$ (0.010)	$ (0.020)	$ (0.010)	$ (0.030)
Weighted average common shares outstanding - basic and diluted	288,913,074	226,264,788	275,069,590	220,412,153

UNADITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
UNADITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Net Loss	$ (2,562,114)	$ (6,485,923)
Depreciation and amortization	216,136	213,510
Derivative Liability insufficient Shares	0	3,670,779
Stock based compensation	19,226	125,226
Amortization of prepaid expenses	0	42,858
Amortization of debt discount	120,697	76,652
Amortization of deferred rent	(1,038)	0
increase in supplies on hand	(14,199)	0
Non Cash Loss (gain) on extinguishment of debt	43,688	(172,731)
Non cash interest expense	203,429	690,000
Change in fair value of derivative	1,089,883	693,515
Changes in operating assets & liabilities:
Decrease in other assets	0	6,811
Decrease in due to related parties	(9,795)	0
Increase (decrease) in other assets	0	0
Increase in shareholder advances	150,250	17,450
Increase (decrease) in accounts payable and accrued expenses	300,247	351,176
Decrease in deferred revenue	(70,458)	(14,876)
Net cash provided by (used in) operating activities	(514,048)	(785,553)
CASH FLOW FROM INVESTING ACTIVITIES:
Increase in property and equipment	(2,839)	0
Net cash provided by (used in) investing activities	(2,839)	0
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from convertible note	200,000	575,000
Common stock issued under registration statement on Form S-1	166,474	287,550
Repayment of convertible notes	0	0
Common stock to be issued in settlement of a liability	0	0
Common stock issued under share purchase agreement	0	0
Repayment of first insurance funding	0	(26,781)
Net cash provided by (used in) financing activities	366,474	835,769
Net increase (decrease) in cash and cash equivalents	(150,413)	50,216
Cash and cash equivalents at beginning of year	156,457	47,282
Cash and cash equivalents at end of year	6,044	97,498
CASH PAID DURING THE PERIOD FOR:
Interest	0	0
Income taxes - net of tax refund	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES
Common stock issued against common stock to be issued	15,400	135,000
Initial derivative liability at issuance of notes	543,369	1,265,000
Common stock issued against CS subscription	23,475	40,000
Common Stock to be issued against settlement of debt	15,400	0
Convertible note converted to common stock	0	688,432
Initial debt discount on extinguishment of notes	0	209,522
Convertible debt issued against settlement of liabilities	1,194,555	250,000
Initial debt discount at issuance of notes	$ 340,000	$ 825,000

COSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash	$ 6,044	$ 156,457
Supplies	14,199	0
Total current assets	20,243	156,457
Property and equipment, net of accumulated depreciation	117,993	134,067
Other Assets:
Intangible Asset 510k License and Patents-Eye Care Division, net	3,397,759	3,594,981
Security deposit	9,014	9,014
Operating lease right-of-use asset	182,686	227,029
Total other assets	3,589,459	3,831,024
TOTAL ASSETS	3,727,695	4,121,548
Current liabilities:
Accounts payable and accrued liabilities	1,673,957	2,781,068
Lease liability obligations (see Note 13) current portion	92,645	94,829
Due to related parties	11,705	21,500
Advances from shareholders	445,420	295,170
Deferred Revenue	232,669	303,127
Derivative Liability Conversion feature	4,115,975	2,482,723
Total current liabilities	6,572,371	5,978,417
Long-term liabilities:
Convertible note payable (including accrued interest of $119,668 and $76,163 respectively) net of unamortized debt discount of $1,132,342 and $1,209,806, respectively(see note 8)	1,558,166	1,408,766
Convertible note payable - related parties (including accrued interest of $254,865 and $160,091, respectively)(Net of unamortized debt discount of $927,889 and $631,123, respectively See note 8)	5,038,101	4,253,968
Lease liability obligations (see Note 13)	93,847	137,044
Total long-term liabilities	6,690,114	5,799,778
TOTAL LIABILITIES	13,262,485	11,778,195
STOCKHOLDERS' DEFICIT
Common stock, $0.0001 par value, 1,000,000,000 shares authorized 294,458,824 and 245,929,403 shares issued and outstanding respectively	29,446	24,593
Stock subscription receivable	(1,000)	(24,475)
Additional paid in capital	65,183,686	64,528,043
Accumulated deficit	(74,746,972)	(72,184,858)
TOTAL STOCKHOLDERS' DEFICIT	(9,534,790)	(7,656,647)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	3,727,695	4,121,548
Convertible Preferred Stock Series C [Member]
STOCKHOLDERS' DEFICIT
Preferred stock, value	50	50
Preferred Stock Convertible Series B [Member]
STOCKHOLDERS' DEFICIT
Preferred stock, value	$ 0	$ 0