Company: HYEX
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001096906-25-000370
Chunk: 27

Company: HEALTHY EXTRACTS INC.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 7
Chunk 27
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 December 31, 2023, a decrease of $1,771,185, or 34%. In the year ended December 31, 2024, general and administrative expenses consisted mainly of advertising of $697,533, consulting fees of $405,050, stock-based compensation $241,858, salaries and wages of $191,200 and accounting and legal fees of $261,076. In the year ended December 31, 2023, general and administrative expenses consisted mainly of stock-based compensation of $1,494,191, consulting fees of $592,093, accounting and legal fees of $258,187 and salaries and wages of $198,554. For the year ended December 31, 2024, the decrease was due in part to catch up in stock-based compensation expense recognition.

Other Income (Expense)

Other income (expense) was $(657,522) for the year ended December 31, 2024, compared to $(229,088) for the year ended December 31, 2023, an increase of $428,434, or 340%. In the year ended December 31, 2024, other income (expense) consisted of interest expense, net of interest income of ($186,252) and change in fair value on derivative of $(471,270). In the year ended December 31, 2023, other income (expense) consisted of interest expense, net of interest income of ($176,948) and change in fair value on derivative of $(52,140). Change in fair value of derivative was related to the conversion of convertible debts into shares of common stock.

Net Income (Loss)

Net income (loss) was $(840,671), or $(0.28) per share, for the year ended December 31, 2024, compared to $(2,472,931), or $(0.85) per share, for the year ended December 31, 2023.

Our net income (loss) varies from period to period primarily because of the change in fair value on derivative and our increase in general and administrative expenses.

45

Liquidity and Capital Resources

Introduction

During the year ended December 31, 2024, we had positive operating cash flows. Our cash on hand as of December 31, 2024 was $112,020. While we had positive net cash from operations for the year ended December 31, 2024, our monthly cash flow burn rate for the year