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 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended: October 31, 2023

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from: _____________ to _____________

 Commission file number: 000-55008

 ORGANICELL REGENERATIVE MEDICINE, INC.

 (Exact name of registrant as specified in its charter)

 Nevada

 47-4180540

 (State or other jurisdiction of
 incorporation or organization)

 (I.R.S. Employer
 Identification No.)

 3321 College Avenue, Suite 246

 Davie, Florida 33314

 (Address of principal executive offices)

 (888) 963-7881

 (Issuer's telephone number)

 Securities registered under Section 12(b) of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 None

 N/A

 N/A

 Securities registered under Section 12(g) of the Act:

 Common Stock, $0.001 par value

 (Title of class)

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "non-accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.

 Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 Indicate
by check mark w hether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. $ 7,197,268 based on the closing price of $2.00 per share of common stock and 3,598,634 shares of common stock of the Registrant held by non-affiliates on April 28, 2023, the last business day of the Registrant's most recently completed second fiscal quarter.

 As of January 28, 2024, there were 6,125,482 shares of common stock, $0.001 par value per share, issued and outstanding.

 DOCUMENTS INCORPORATED BY REFERENCE: None

 FORWARD LOOKING STATEMENTS

 ii

 ITEM 1. BUSINESS

 ITEM 1A. RISK FACTORS

 ITEM 1B. UNRESOLVED STAFF COMMENTS

 ITEM 2. PROPERTIES

 ITEM 3. LEGAL PROCEEDINGS

 ITEM 4. MINE SAFETY DISCLOSURES

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 ITEM 6. [RESERVED]

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 ITEM 9A. CONTROLS AND PROCEDURES

 ITEM 9B. OTHER INFORMATION

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 ITEM 11. EXECUTIVE COMPENSATION

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 ITEM 16. FORM 10-K SUMMARY

 SIGNATURES

 i

 FORWARD LOOKING STATEMENTS

 This Annual Report on Form 10-K (this " Annual Report ") and certain information incorporated herein by reference contain forward-looking statements and information within the " safe harbor " provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the " Securities Act ") and Section 21E of the Securities Exchange Act of 1934, as amended (the " Exchange Act "). This information includes assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of our products by the market, and management's plans and objectives. In addition, certain statements included in this and our future filings with the Securities and Exchange Commission (the " SEC "), in press releases, and in oral and written statements made by us or with our approval, which are not statements of historical fact, are forward-looking statements. Words such as " may," " could," " should," " would," " believe," " expect," " expectation," " anticipate," " estimate," " intend," " seeks," " plan," " project," " continue," " predict," " will," " should," and other words or expressions of similar meaning are intended by us to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this Annual Report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.

 Forward-looking statements include, but are not limited to, the following:

 Our products' advantages;

 Expectations regarding our future growth;

 Expectations regarding available cash resources to fund current operations and future growth;

 Our ability to comply with regulations governing the production and sale of our products;

 Our ability to receive regulatory approvals;

 Market opportunities for our services and products;

 Clinical trial outcomes;

 Our ability to compete effectively;

 Our ability to respond to market forces; and

 Our ability to protect our intellectual property.

 Actual results and outcomes may differ materially from those expressed or implied in these forward-looking statements. Factors that may cause such a difference include, but are not limited to, those discussed in Part I, Item 1A. Risk Factors, below. Except as expressly required by the federal securities laws, we undertake no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason.

 Various trademarks, service marks, trade names and logos of the Company appear in this Annual Report and are the property of Organicell. Other trademarks, service marks or trade names appearing in this Annual Report are the property of their respective holders. Solely for convenience, trademarks, service marks, trade names and logos referred to in this Annual Report may appear without the, and symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or that the applicable owner will not assert its rights, to these trademarks, trade names, service marks and logos.

 Unless otherwise noted, as used in this Annual Report, the terms " Organicell," the " Company," " we," " our " and " us " refer to Organicell Regenerative Medicine, Inc., a Nevada corporation, and its subsidiaries consolidated as a combined entity.

 All share and per share information in this Annual Report has been adjusted to give retroactive effect to a one-for-200 reverse stock split implemented on November 28, 2023 (the " Reverse Split ").

 ii

 Item 1. Business.

 Overview

 We are a clinical-stage biopharmaceutical company principally focusing on the development of innovative biological therapeutics for the treatment of degenerative diseases and regenerative medicine. The Company's proprietary products are derived from perinatal sources and manufactured to retain the naturally occurring extracellular vesicles, hyaluronic acid, and proteins without the addition or combination of any other substance or diluent and an autologous non-manipulated biologic containing the nanoparticle fraction from a patient's own peripheral blood (" RAAM Products ").

 Our RAAM Products and related services are principally used in the health care industry administered through doctors and clinics (" Providers ").

 Organicell operates an extracellular vesicle processing laboratory in Davie, Florida for the purpose of performing research and development and the manufacturing and processing of the anti-aging and cellular therapy derived products that we sell and distribute to our customers.

 The Company's leading product, Zofin (also known as Organicell Flow), is an acellular, biologic therapeutic derived from perinatal sources and is manufactured to retain naturally occurring microRNAs, without the addition or combination of any other substance or diluent. The Company recently launched a service platform for its first autologous product called Patient Pure X (PPX). PPX is a non-manipulated biologic containing the nanoparticle fraction from a patient's own peripheral blood.

 To date, the Company has obtained certain Investigational New Drug (" IND "), and 18 emergency IND (" eIND ") approvals from the FDA, including applicable Institutional Review Board (" IRB ") approvals which authorized the Company to commence clinical trials or treatments in connection with the use of Zofin and related treatment protocols. The Company is pursuing efforts to complete its already approved clinical studies as well as obtaining approval to commence additional studies for other specific indications it has identified that the use of its products will provide more favorable and desired health related benefits for patients seeking alternative treatment options than are currently available. The ability of the Company to succeed in these efforts is subject to among other things, the Company having sufficient available working capital to fund the substantial costs of completing clinical trials, which the Company currently does not have, and ultimately, obtaining approval from the FDA.

 Current FDA guidance requires that the sale of products that fall under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular and tissue-based products (" HCT/Ps ") can only be sold pursuant to an approved biologics license application (" BLA "). We have not obtained any opinion or ruling regarding the Company's operations and whether the processing, sales and distribution of the products we currently produce would be subject to the FDA's previously announced intended enforcement policies regarding HCT/P's. However, we do not believe that our products fall within these guidelines and intend to vigorously defend against any adverse interpretation by the FDA on the classification of our products that may be deemed as falling under this defined regulation, if any. Notwithstanding the foregoing, we are undertaking efforts on an ongoing basis to mitigate any potential risks associated with an adverse ruling by the FDA and the subsequent limitations on our ability to continue to generate revenues from the sale of our products in the United States until the Company obtains the required licenses. The efforts include continuing with clinical trials, expanding sales internationally and developing new product offerings and/or designations of products that would not fall under these regulations.

 During the year ended October 31, 2023, the Company invested $100,000 in cash (representing a 10% equity interest at the time of the investment) in a privately held formulator of skin care products (" Formulator ") in an effort to accelerate the Company's development of expertise with respect to the skincare industry and to expand the use of its proprietary products in future formulations for a variety of topical use applications. The Company has partnered with the Formulator in a supply arrangement with a non-affiliated third-party whereby the Company will receive proceeds from the sale of its products to the third party. In addition, we have also entered into a sales representation agreement with the Formulator pursuant to which we will receive commissions on sales made by the Formulator to customers that were introduced by the Company to the Formulator.

 Recent Developments Regarding Zofin and Other Products

 Zofin Phase I/IIA and IRB Approved Pilot Study Clinical Trial Program

 In June 2021, Organicell announced the results of its expanded access ("EA") intermediate size patient population trial for treatment of COVID-19 patients with Zofin (IND # 19881-EA; NCT04657406 authorized by the FDA in September 2020). The study enrolled a total of 11 subjects: adults between the age of 35 to 69 who were fighting COVID-19 infection and presented respiratory fatigue with and without exertion, cough, and shortness of breath and met all inclusion/exclusion criteria. One patient withdrew before receiving any doses of Zofin. Two subjects withdrew at day 14 post treatment with Zofin. As a result, a total of eight subjects completed the study. The Company has decided that it will not enroll future patients from the above-mentioned study and has since closed the clinical trial (see below).

 In July 2021, the Company announced that the FDA had approved an IND application for its lead product, Zofin (IND #27378), for the treatment of 'Prolonged COVID-19 Symptoms' (" Long Haulers "). This approved trial design consisted of a double blinded, placebo-controlled, randomized phase I/II trial designed to investigate the safety and potential efficacy of Zofin in treating COVID-19 Long Haulers. The trial had enrolled a total of 18 of the 30 patients originally contemplated for the trial. The Company determined that it acquired sufficient safety data with the 18 enrolled patients and additional patient enrollment was not necessary. As further discussed below, the Company provided FDA with a summary safety report on the 18 subjects and the related sites have since closed the clinical trial.

 In November 2022, the Company received IRB
approval (IRCM-2022-317) to conduct a pilot study to evaluate the safety of intravenous infusion and intra-articular injections of
the Company's autologous extracellular vesicle product Patient Pure X (PPX) in subjects suffering with
osteoarthritis of knee. The study enrolled a total of 10 patients of which 2 dropped out over six months and a total of six subjects
completed the study at nine months. The study has been completed and the pilot study has been closed as further discussed below.

 In connection with the studies described above, there were no reported therapy-related safety events or significant adverse events.

 Based on the results of the above studies, the Company has determined that there was sufficient Phase I safety data obtained from the existing enrolled patients using Zofin and/or autologous extracellular vesicles and accordingly there was no longer any benefit from continued enrollment to obtain additional patient Phase 1 safety related data among the above studies. The Company is seeking to commence one or more Phase II studies in 2024, subject to obtaining approval of new or amended IND's from the FDA and available working capital.

 In connection with the Company's other previous research initiatives, the Company is reviewing which indications to pursue for Phase II efficacy related research and whether any of the existing approved and open IND's should be modified, terminated and/or replaced. These IND''s include:

 a.

 In April 2020, the FDA approved an IND application for the Company's lead product, Zofin (IND # 19881), for a Phase I/II Randomized, Double Blinded, Placebo Trial to Evaluate the Safety and Potential Efficacy of Intravenous Infusion of Organicell Flow for the Treatment of Moderate to Severe Acute Respiratory Syndrome (" SARS ") Related to COVID-19 Infection vs Placebo. Enrollment for the clinical trial began in September 2020. A total of ten patients had been enrolled in the study thus far and currently the clinical trial is not enrolling subjects due to the challenges of enrolling the remaining study population.

 b.

 In January 2021, the Company announced that the FDA had approved an IND application for its lead product, Zofin, in the treatment of patients diagnosed with chronic obstructive pulmonary disease (IND # 23198 approved on 01/27/2021). No patients have been enrolled to date.

 c.

 In April 2021, the Company announced that the FDA had approved the IND application for its lead product, Zofin, in the treatment of knee osteoarthritis (IND # 23788 approved on 04/06/2021). The trial has yet to commence.

 The ability for the Company to initiate any Phase II studies are subject to many uncertainties, including FDA approval of the respective IND applications and the Company having sufficient working capital to finance the ongoing costs of the trial, as to all of which no assurance can be given.

 Other Research

 In April 2021, the Company entered into an agreement with Oklahoma State University to evaluate Zofin for the treatment of respiratory diseases caused by virus infections of pandemic potential. The parties are currently working to publish the study results and explore future research objectives.

 As a result of the above and the Company's ongoing evaluation of the design and objectives of our previously approved clinical trials, as well as changes in clinical developments regarding the treatment of COVID-19 since the initial IND's described above were submitted, the Company has completed or determined that it would no longer be actively pursuing the previously disclosed research initiatives described below:

 a.

 In March 2021, Organicell entered into a Material Cooperative Research and Development Agreement with the Centers for Disease Control and Prevention (the " CDC ") to determine the anti-inflammatory and anti-infective effectiveness of Zofin in experimental models of influenza infection. The parties determined that completion of the study would require additional time and funding to complete and the parties elected to terminate the study.

 b.

 In April 2021, we announced that an initial trial of ten COVID -19 patients in India conducted by CWI India, our Indian partner, generated positive results. The trial had been conducted by CWI India with whom we had entered a product testing and distribution agreement in February 2021, to collaborate on a study or studies to evaluate the effects of Zofin on moderate to severe COVID-19 patients in India. Since that time, there has not been any further collaboration on this research and the Company is not actively supporting or pursuing this research.

 c.

 In May 2021, the Company announced that its Zofin therapy has been approved by Pakistani regulators to be used for a treatment of a named COVID-19 patient hospitalized at the Pakistan Institute of Medical Sciences on compassionate grounds. In addition to this compassionate grounds authorization, Organicell received further indications from the Pakistani regulators to begin a broader trial of Zofin with up to 60 additional patients suffering from moderate to severe COVID-19. Since that time, there has not been any further collaboration on this research and the Company is not actively supporting or pursuing this research.

 Recent Corporate Developments

 Implementation of the Reverse Split

 On November 28, 2023, the Company implemented the Reverse Split. The par value of the Company's common stock was unchanged at $0.001 per share after the Reverse Split. As a result, on the effective date of the Reverse Split, the stated capital on the Company's balance sheet attributable to the Company's common stock was reduced proportionately based on the reverse stock split ratio of one-for-200 and the additional paid-in capital account was credited with the amount by which the stated capital was reduced.

 Proposed Change of Corporate Name and Trading Symbol

 On December 8, 2023, our board of directors and our stockholders holding a majority of the Company's voting power, approved resolutions authorizing the Company to amend its Articles of Incorporation to change the name (" Name Change ") of the Company from Organicell Regenerative Medicine, Inc. to "Zeo ScientifiX, Inc." and to change the Company's stock trading symbol from OCEL to "ZEOX" ("Ticker Symbol Change") to align with the Name Change. Implementation and effectiveness of the Name Change and Ticker Symbol Change will be subject to Organicell's compliance with applicable regulatory requirements of the SEC and the Financial Industry Regulatory Authority (" FINRA ").

 In connection with the Name Change and Ticker Symbol Change, the Company has filed an Issuer Company- Related Action Notification with FINRA to effectuate the Name Change and Ticker Symbol Change, which is currently being reviewed by FINRA.

 Sale Of Basalt, Colorado Lab Facility

 Effective August 7, 2023, the Company sold our lab facility in Basalt Colorado to a non-affiliated third-party purchaser (" Purchaser "). The transaction included the assignment of the premises lease for the Basalt Lab facility and the lease for certain laboratory equipment and the sale of all leasehold improvements associated with the Basalt Lab and inventory. The purchase price paid by Purchaser was $1,250,000 plus the assumption by Purchaser of all remaining financial and other obligations under the leases for the Basalt Lab premises and certain laboratory equipment. In addition, Organicell and Purchaser entered into a distribution agreement, pursuant to which Purchaser became a non-exclusive distributor of Organicell's products and a commission agreement, pursuant to which Organicell may be entitled to certain payments from Purchaser in connection with transactions by it with specified third parties. As a result of the Basalt Lab sale, the Company currently performs all of it administrative, research, processing and sales and distribution activities from its Fort Lauderdale laboratory location.

 Financings

 Tysadco Purchase Agreement

 On September 1, 2022, the Company entered into a Purchase Agreement (the " ELOC Purchase Agreement ") with Tysadco Partners LLC, a Delaware limited company (" Tysadco ") and a Registration Rights Agreement with Tysadco.

 Pursuant to the ELOC Purchase Agreement, Tysadco committed to purchase, subject to certain restrictions and conditions, up to $50,000 worth of the Company's common stock, over a period of 24 months from the effectiveness of the registration statement registering the resale of shares purchased by Tysadco pursuant to the ELOC Purchase Agreement. which registration statement was declared effective by the SEC on October 24, 2022 (" ELOC Registration ").

 Pursuant to the ELOC Purchase Agreement, on December 2, 2022, the Company submitted a put request to Tysadco to purchase 22,282 registered shares at a purchase price (as calculated pursuant to the ELOC Purchase Agreement) of $4.49, for a total of $100,000. On December 5, 2022, Tysadco funded the put request and the Company issued the 22,282 shares to Tysadco. The proceeds from the share sale were used for working capital and general corporate purposes.

 Due to overall market conditions, the Company determined that it would not seek to obtain additional financing through the ELOC Purchase Agreement and the ELOC Registration is now no longer effective.

 SPA 23

 On March 6, 2023, the Company entered into a Securities Purchase Agreement (" SPA 23 ") with AJB Capital, pursuant to which we sold a Promissory Note in the principal amount of $530,000 ("$ 530,000 Note ") to AJB in a private transaction for a purchase price of $519,400 (giving effect to original issue discount of $10,600). In connection with the sale of the $530,000 Note, the Company also paid AJB Capital's legal fees and due diligence costs of $15,000, resulting in net proceeds to the Company of $504,400, which was used for working capital and other general corporate purposes. The $530,00 Note bears interest at the rate of 12% per annum. The $530,000 Note matured on September 6, 2023 and was paid in full.

 Private Offering – Convertible Promissory Notes

 During August and September 2023, the Company sold 2.9 Units (" Unit s") to 4 investors in a private offering at a purchase price of $250,000 per Unit for an aggregate purchase price of $725,000. Each Unit consists of (a) a $250,000 in principal amount 8% Convertible Promissory Note due September 30, 2026; and (b) 7,813 common stock purchase warrants, each entitling the holder to purchase one share of our common stock at an exercise price of $20.00 for a period of five years from the date of issuance.

 Corporate Information

 The Company was incorporated in the state of Nevada on August 9, 2011, under the name " Bespoke Tricycles Inc.," changed its name to " Biotech Products Services and Research, Inc. " effective November 4, 2015, and assumed its current name of " Organicell Regenerative Medicine, Inc.," by amendment to its Articles of Incorporation on June 20, 2018.

 Our executive offices are located at 3321 College Avenue, Suite 246, Davie, FL 33134 and our telephone number is (888) 963-7881. Our corporate website is www.organicell.com. Information appearing on our website is not part of this Annual Report.

 Industry Overview

 The traditional health care industry in the United States is predominantly controlled by the rules of the Centers for Medicare & Medicaid Services (" CMS ") (www.cms.gov) and commercial health insurance companies with respect to payor coverage for medical diagnostics and therapies. This control of coverage currently limits patients' access to alternative medical therapies, although emerging medical research demonstrates highly beneficial outcomes in the field of anti-aging and regenerative medicine. Traditional allopathic medicine of health care provided to patients in the United States relies on government and commercial health insurance for payment of the costs associated with their day-to-day health care. Because of this close relationship, physicians must follow government and commercial insurers guidelines in order to receive reimbursement for most services. In addition, physicians may be hesitant to adopt new treatments because of perceived legal ramifications and/or lack of knowledge concerning recent research supporting the use of cutting-edge anti-aging and regenerative medical treatments. In addition, many physicians provide alternative therapies that are not yet covered by payors in a "private-pay" or concierge medicine model.

 Despite the above, anecdotal and medical literature has shown an increased demand by patients for access to alternative medical therapies and treatments. Patients are seeking these alternatives to traditional allopathic medicine, due to the adverse events associated with traditional pharmaceuticals, risks associated with surgeries, and that traditional medicine and insurers are not addressing wellness or preventive medicine sufficiently. To address a wide variety of common and debilitating conditions related to aging, the Company is developing safer alternatives to traditional therapies, leveraging the latest regenerative technologies. As described above, these alternative therapies face significant restrictions because of regulations imposed by the FDA, other regulatory bodies and insurers due to lack of a sufficient body of randomized controlled studies. Nonetheless, many published case series and some randomized trials demonstrate the safety and efficacy of regenerative therapies, and payor coverage may expand as the body of supportive research grows. Notwithstanding these current dynamics, patients and consumers are looking to safe alternatives compared to more traditional medicine, including the following:

 Cellular/ Tissue based therapies

 Adipose-derived stromal vascular fraction

 Bone marrow-derived stem cell therapies

 Peripheral blood derived therapies ( i.e., platelet rich plasma);

 Placental-based therapies

 Technology documented since 1910 for safety and efficacy, tissue processed from human amniotic membrane and fluid, donated by consenting mothers delivering a full-term healthy baby by scheduled Caesarean section, avoiding any ethical or moral concerns, proven safety record, case series documented success in a multitude of systemic and local pathologies

 Growth factor, cytokine therapies

 Anti-Aging

 Supplements

 Vitamin

 Mineral

 Medical foods

 Weight control

 Topical lotions and creams for the largest organ the skin

 Nontraditional medical alternatives

 Acupuncture

 Naturopathic

 Chiropractic

 Self-directed

 Meditation

 Yoga

 Tai Chi

 Currently, patients who desire alternative treatments rely on the following options:

 Medical Tourism

 In United States

 Off-shore United States

 Central and South America

 Caribbean

 Europe

 Consulting directly with physicians knowledgeable in providing regenerative medical services

 Unlicensed life coaches

 Current Business Strategy

 Our current business strategy is to achieve the following goals and milestones:

 Execute on our current strategy to complete existing clinical studies and secure approval to commence larger Phase II studies for other specific indications that we identify that the use of our products will provide more favorable and desired health related benefits for patients seeking alternative treatment options than are currently available;

 Perform clinical based studies associated with the use of our products (independently and/or in conjunction with Providers, Manufacturers, Government Agencies and Educational Institutions) and seek accelerated approval where available for each product application in accordance with the 21st Century Cures Act (" Cures Act ") and/or through the granting of an FDA-approved biologics application (" BLA ") to allow products to be lawfully marketed and/or sold in the United States;

 Assure the Company maintains compliance with existing and the anticipated changes to FDA regulations, including the guidance related to the use and sale of tissue-based products (" HCT/Ps ") which was published in November 2017 and took effect in May 2021 (postponed from November 2020 due to the COVID-19 pandemic), as well as readiness to respond to ongoing future changes to regulations impacting our products;

 Expand our laboratory facilities to meet expected production, processing and research requirements;

 Engage high profile and industry recognized medical advisors, researchers and/or scientists to help identify and develop new and emerging technologies concerning biologics and to assure our Products remain cutting edge and competitive to products offered by other companies;

 Identify alternative products and services to (a) offset any potential decline in revenues resulting from FDA limitations on the sales and distribution of our existing products currently being sold and distributed and/or future expected FDA restrictions on RAAM products; and (b) provide our Providers with alternative product and treatment options to remain competitive with the market and our Providers to meet the needs and demands of their patients;

 Identify sources of exclusive and superior suppliers of RAAM products and/or raw materials used by us in processing our RAAM products;

 Identify strategic relationships and acquisition targets that would enhance and/or accelerate the growth of the Company with third parties such as (a) existing raw material and/or medical device suppliers or owners of IP associated with existing and/or additional desired RAAM products; (b) Providers that specialize in RAAM products; and/or (c) companies that market and distribute RAAM products;

 Develop and expand operations to provide for growth of our revenues

 Expand our sales market and network of Providers within and outside of the United States to increase revenues for RAAM related products through:

 Hiring additional in-house sales personnel;

 Selectively engaging independent distributors;

 Marketing private label products to distributors;

 Increasing market recognition for our Organicell brand from: marketing and participating in industry trade shows;

 Increase the number of RAAM product offerings for various modalities using proprietary processing, formulas and administration techniques, and

 Extend our referral network of Providers based on:

 Superior product offerings;

 Demonstrating a realistic and executable regulatory roadmap to assure Company and product compliance with current and anticipated FDA regulations; and

 Developing and providing educational support to Providers regarding our products and regulatory concerns;

 Secure additional working capital

 Fund shortfalls in working capital to fund ongoing expenses and required payments to vendors and creditors until revenues are stabilized;

 Fund ongoing costs to complete current pipeline of clinical trials as well as future clinical trials;

 Fund capital expenditures associated with maintaining compliance of our facilities and products;

 Fund our strategy to develop and expand our revenues for the sales and distribution of RAAM related products described above;

 Hire additional personnel to support our growth and planned expansion; and

 Enhance our CRM, e-commerce and ERP capabilities to facilitate marketing, sales and distribution functionality and accounting for our operations.

 Enhance Company Corporate Governance

 Continue to develop and expand the Company's internal control policies; and

 Continue to explore previously announced plans to uplist the Company to Nasdaq for the purpose of enhancing interest and investment opportunities for the Company once the Company is able to demonstrate compliance with initial listing requirements, including minimum share price and stockholder's equity thresholds.

 Market Overview

 The population of the United States and the developed world is getting older and living longer. According to a United States Consensus Bureau's report, " An Aging World: 2015," America's 65-and-over population is projected to nearly double over the next three decades, ballooning from 48 million to 88 million by 2050 and that worldwide, the 65-and-over population will more than double to 1.6 billion by 2050. According to the report, in 2015, 14.9% of the U.S. population was 65 or over and the United States was the 48th oldest country out of 228 countries and areas in the world in 2015. Baby boomers began reaching age 65 in 2011 and by 2050 the older share of the U.S. population will increase to 22.1%.

 The world average age of death has increased by 35 years since 1970, with declines in death rates in all age groups, including those aged 60 and older (Source: Institute for Health Metrics and Evaluation, 2013; Mathers et al., 2015). The leading causes of death are shifting, in part because of increasing longevity. Between 1990 and 2013, the number of deaths from non-communicable diseases (" NCDs ") has increased by 42%; and the largest increases in the proportion of global deaths took place among the population aged 80 and over. An estimated 42.8% of deaths worldwide occur in the population aged 70 and over, with 22.9% in the population aged 80 and over.

 Also, according to the Centers for Disease Control (the " CDC "), " Medical Tourism " (a term commonly used to describe people traveling outside their home country for medical treatment) is a worldwide, multibillion-dollar phenomenon that is expected to grow substantially in the next 5–10 years. Studies have estimated that hundreds of thousands of medical tourists travel from the United States annually and that patients pursue medical care abroad for a variety of reasons, including a desire to receive a procedure or therapy not available in their country of residence. Common categories of procedures that US travelers pursue during medical tourism trips include orthopedic surgery, cosmetic surgery, cardiology (cardiac surgery), oncologic care, and dentistry. Common destinations include Thailand, Mexico, Singapore, India, Malaysia, Cuba, Brazil, Argentina, and Costa Rica.

 According to Precedence Research, the global regenerative treatment market value, in which cell therapy operates, is expected to grow to ~$174.72 billion by 2032 with a projected growth rate of 22.8% annually (2023-2032),. North America is estimated to be the largest market for Regenerative Medicine with 49.1% global market share. Although the market is highly concentrated in North America (specifically the U.S.), international demand for approved gene, cell, and RNA therapies remains sizable, with over 107 therapies now approved for clinical use globally. Organicell operates at the crossroads of the biopharmaceutical, regenerative medicine, and cell therapy sectors. This growth can be attributed to demographic factors such as increased life expectancy and an aging population. In addition, growth is expected to be supported by macroeconomic factors including (anticipated) more favorable regulatory conditions and growing investor interest in the aforementioned three subsectors.

 If we are able to fully implement our intended business plan, we believe that we will be well situated to address this increased consumer demand for alternative medical treatments.

 Marketing and Sales

 Currently, we market our RAAM products and services to a network of Providers through in-house, contracted sales personnel and/or from independent distributors. As of the date of this Annual Report, we had two in-house salespersons who marketed our RAAM products and services. In addition, we had arrangements with several independent distributors that were marketing and distributing our products. We intend in the future to expand our in-house sales force and independent distributors as our working capital improves, our product line expands and as volumes increase. We also intend to develop and offer ongoing training seminars to provide the best possible information on the latest advances on anti-aging, and regenerative medicine to Providers.

 Raw Materials and Sources of Supply

 We acquire the raw materials and supplies for our RAAM research and development and the manufacturing of our RAAM placental-related products from unaffiliated third-party laboratories pursuant to supply arrangements.

 In the event any one or more of our current suppliers are unwilling or unable to sell us required raw materials and/or products, for any reason, we may not be able to provide replacement products to our customers, or if other supply arrangements can be made, the replacement products and terms may not be as favorable.

 Customers

 Our RAAM business is not dependent on any one or more customers, especially as our customer and distribution network expands. Our customer base is increasingly broad based and throughout the United States and worldwide.

 Intellectual Property

 The table below sets forth a summary of our intellectual property rights.

 Patents:

 Country: Nigeria

 Patent Number: NG/PT/PCT/2022/6494

 Issue Date: February 20, 2023

 Application Number: NG/PT/PCT/2022/6494

 Patent Applications:

 Organicell has two U.S. Patent Applications on file for its Organicell line of products and the proprietary techniques used for processing perinatal fluid.

 U.S. Patent Application No. 17/226,587

 Titled: COMPOSITIONS COMPRISING NANOPARTICLES, METHOD OF MAKING AND USES THEREOF

 Filed: April 9, 2021

 Inventor: Maria Ines Mitrani

 Assignment: MARIA INES MITRANI (Assignor), ORGANICELL REGENERATIVE MEDICINE, INC. (Assignee)

 Recorded: April 9, 2021

 Real/Frame: 055878 / 0801 & 055878 / 0900

 U.S. Patent Application No. 17/990,522 ( Continuation of 17/226,587)

 Titled: COMPOSITIONS COMPRISING NANOPARTICLES, METHOD OF MAKING AND USES THEREOF

 Filed: November 18, 2022

 Inventor: Maria Ines Mitrani

 Assignment: MARIA INES MITRANI (Assignor), ORGANICELL REGENERATIVE MEDICINE, INC. (Assignee)

 Recorded: April 9, 2021

 Real/Frame: 055878 / 0801 & 055878 / 0900

 Organicell has twenty-five Ex-US Patent Applications on file for its Organicell line of products and the proprietary techniques used for processing perinatal fluid. These Applications are national stage entries of:

 International Patent Application No. PCT/IB2021/052982

 Titled: COMPOSITIONS COMPRISING NANOPARTICLES, METHOD OF MAKING AND USES THEREOF

 Filed: April 10, 2021

 Inventor: Maria Ines Mitrani

 Assignment: MARIA INES MITRANI (Assignor), ORGANICELL REGENERATIVE MEDICINE, INC. (Assignee)

 Country: Australia

 Application Number: 2021253889

 Country: Brazil

 Application Number: BR112022020441-8

 Country: Canada

 Application Number: 3179925

 Country: China

 Application Number: 202180041860.8

 Country: Colombia

 Application Number: NC2022/0015966

 Country: Costa Rica

 Application Number: 2022-570

 Country: Ecuador

 Application Number: SENADI-2022-86300

 Country: Europe

 Application Number: 21784900.9

 Country: Indonesia

 Application Number: P00202212337

 Country: Israel

 Application Number: 297195

 Country: India

 Application Number: 202217062549

 Country: Japan

 Application Number: 2022-562119

 Country: Republic of Korea

 Application Number: 10-2022-7039360

 Country: Saint Lucia

 Application Number: Not available

 Country: Mexico

 Application Number: MX/a/2022/012692

 Country: Malaysia

 Application Number: PI2022005623

 Country: New Zealand

 Application Number: 793562

 Country: Panama

 Application Number: 94165-01

 Country: Philippines

 Application Number: 1-2022-552738

 Country: Qatar

 Application Number: QA/202210/0000698

 Country: Saudi Arabia

 Application Number: 522440872

 Country: Singapore

 Application Number: 11202253965C

 Country: Thailand

 Application Number: 2201006618

 Country: Vietnam

 Application Number: 1-2022-06884

 Country: South Africa

 Application Number: 2022/11630

 Country: Jordan

 Application Number: PCT/JO/2022/259

 Country: United Arab Emirates
 Application Number: P6002103/2022

 Organicell has a U.S. Patent Application on file for its Organicell PPX product and the proprietary techniques used in the administration of blood-derived exosomes to treat pain.

 U.S. Patent Application No. 18/063,227

 Titled: COMPOSITIONS AND METHODS FOR TREATING PAIN WITH EXTRACELLULAR VESICLES

 Filed: December 8, 2022

 Inventors: Maria Ines Mitrani, Michael Bellio, and Albert Mitrani

 Organicell has an International Patent Application on file for its Organicell PPX product and the proprietary techniques used in the administration of blood-derived exosomes to treat pain

 International Patent Application No. PCT/US2022/081146

 Titled: COMPOSITIONS AND METHODS FOR TREATING PAIN WITH EXTRACELLULAR VESICLES

 Filed: December 8, 2022

 Inventors: Maria Ines Mitrani, Michael Bellio, and Albert Mitrani

 Trademarks:

 Word Mark: ZOFIN

 Goods/Services: Biologically derived products developed from perinatal tissue material in the nature of cultured biological tissue and non-cultured biological tissue, for aesthetic purposes, other than for medical or veterinary purposes (IC 001); Biologically derived products developed from perinatal tissue material for medical and medical regenerative purposes, namely, biological tissue grafts, implants comprising living tissue, surgical implants comprising living tissue, and biological implants for cushioning tissues and supporting tissue repair and homeostasis (IC 005)

 Serial Number: 90050511

 Filing Date: July 13, 2020

 Status: Notice of allowance issued May 18, 2021; Non-Final Office Action re specimen issued July 5, 2023; Response to Non-Final Office Action filed October 5, 2023; Awaiting further examination.

 Word Mark: ORGANICELL

 Goods/Services: Biologically derived products developed from perinatal tissue material in the nature of cultured biological tissue and non-cultured biological tissue, for aesthetic purposes, other than for medical or veterinary purposes (IC 001); Biologically derived products developed from perinatal tissue material for medical and medical regenerative purposes, namely, biological tissue grafts, implants comprising living tissue, surgical implants comprising living tissue, and biological implants for cushioning tissues and supporting tissue repair and homeostasis (IC 005)

 Serial Number: 88903989

 Filing Date: May 6, 2020

 Word Mark: ORGANICELL

 Goods/Services: Non-medicated anti-aging serum; non-medicated skin serums; all of the aforementioned goods are made in whole or in substantial part of organic ingredients (IC 003)

 Serial Number: 87311045

 Filing Date: January 23, 2017

 Status: Registered

 Registration Number: 5289671

 Registration Date: September 19, 2017

 Word Mark: PATIENT PURE X - PPX

 Goods/Services: plasma extracts for medical use, namely, plasma extract containing purified and concentrated exosomes derived from whole human blood (IC 005)

 Serial Number: 88771931

 Filing Date: January 24, 2020

 Word Mark: PATIENT PURE X - PPX

 Goods/Services: plasma processing services for others, namely, extracting purified and concentrated exosomes based on whole blood harvested from patients for use by hospitals, clinics, or other organizations or persons involved in delivering healthcare services to patients (IC 040)

 Serial Number: 88771934

 Filing Date: January 24, 2020

 Word Mark: ZEO SCIENTIFIX

 Goods/Services: manufacturing services, biotechnological products and services, research services, laboratory services, biologics therapeutics, and biologics diagnostics

 Serial Number: 98307890

 Filing Date: December 11, 2023

 Status: Awaiting examination

 Composite Mark: ZEO SCIENTIFIX (Stylized/Design)

 Goods/Services: manufacturing services, biotechnological products and services, research services, laboratory services, biologics therapeutics, and biologics diagnostics

 Serial Number: 98307906

 Filing Date: December 11, 2023

 Status: Awaiting examination

 Word Mark: HEALTHY X

 Goods/Services: manufacturing services in the field of biotechnological products, biotechnological products, development of products for others in the field of biotechnology, biotechnology research, scientific laboratory services, therapeutic services featuring biologics, biologics diagnostic testing

 Serial Number: 98327846

 Filing Date: December 22, 2023

 Status: Awaiting examination

 Word Mark: PPX

 Goods/Services: biotechnological products, namely, blood-derived biologics

 Serial Number: 98341677

 Filing Date: January 4, 2024

 Status: Awaiting examination

 Pursuant to our employment agreements with our executives, all work product that is created, prepared, produced, authored, edited, amended, conceived or reduced to practice by each executive individually or jointly with others during the period of their employment by the Company and relating in any way to the business or contemplated business, research or development of the Company (regardless of when or where the Work Product is prepared or whose equipment or other resources is used in preparing the same), as well as any and all rights in and to copyrights, trade secrets, trademarks (and related goodwill), patents and other intellectual property rights therein arising in any jurisdiction throughout the world and all related rights of priority under international conventions with respect thereto, including all pending and future applications and registrations thereof, and continuations, divisions, continuations-in-part, reissues, extensions and renewals thereof (collectively, " Intellectual Property Rights "), the sole and exclusive property of the Company. All of the Work Product consisting of copyrightable subject matter shall be deemed " work made for hire " as defined in 17 U.S.C. § 101 and such copyrights are therefore owned by the Company or if not applicable, deemed to be irrevocably assigned to the Company, for no additional consideration. The Intellectual Property Rights in any " Pre-existing Materials " included contained in the Work Product shall be retained by the executive but the executive shall be deemed to have granted to the Company an irrevocable, worldwide, unlimited, royalty-free license to use, publish, reproduce, display, distribute copies of, and prepare derivative works based upon, such Pre-Existing Materials and derivative works thereof. The Company may not assign, transfer and sublicense such rights to others without executive's consent, other than to a wholly owned subsidiary of the Company. The executive shall provide written notice to the Company's Chief Executive Officer therein notifying the Company new intellectual property including the Pre-Existing Materials.

 Competition

 The regenerative medicine field is highly competitive and subject to rapid technological change and regulation. Companies compete on the basis of regulatory compliance, product efficacy, pricing, and ease of handling/logistics. A critically important factor for growth in the US market is third-party reimbursement, which is difficult to obtain, and the process can be time-consuming and expensive. We expect that it will take some time before RAAM products will be widely accepted under health insurance coverage. In addition, growth of this industry is expected to expand as additional research and development into the benefits of regenerative products and specific products becomes more widely accepted as a result of FDA mandated or optional clinical trials are performed by industry stakeholders.

 As stated previously, companies competing in the industry must now meet the new and more stringent regulatory deadlines imposed by the FDA in connection with regulation of RAAM products that went into effect in May 2021. As a result of these concerns, the Company and our competitors are expected to need to pursue research and development efforts, submit IND applications for FDA approval to commence clinical trials for RAAM products and ultimately obtaining a biologic license for their products to be sold, to assure that their respective operations and products remain compliant with FDA regulations and there is no adverse impact to future operations.

 We have not obtained any opinion or ruling regarding the Company's operations and whether the processing, sales and distribution of the products we currently produce would be subject to the FDA's previously announced intended enforcement policies regarding HCT/P's. However, we do not believe that our products fall within these guidelines and intend to vigorously defend against any adverse interpretation by the FDA on the classification of our products that may be deemed as falling under this defined regulation, if any. Notwithstanding the foregoing, we are undertaking efforts on an ongoing basis to mitigate any potential risks associated with an adverse ruling by the FDA and the subsequent limitations on our ability to continue to generate revenues from the sale of our products in the United States until the Company obtains the required licenses. The efforts include continuing with clinical trials both domestically and internationally, expanding sales internationally and developing new product offerings and/or designations of products that would not fall under these regulations, including the Company's recent launching of PPX.

 We intend to perform clinical trials for our RAAM Products for the purpose of obtaining biologics license status from the FDA to provide us with advantages over our competitors, including acceleration for acceptance of our products in traditional insurance plans, compliance with FDA regulations and/or to provide our customers with superior education and support of the benefits of our products. Initially we are positioning ourselves as a cash-based health care alternative for consumers that can provide higher levels of improvement, that is not available from traditional allopathic medicine at this time.

 The Company competes in multiple areas of clinical treatment where regenerative biomaterials may be employed to modulate inflammation, enhance healing and reduce scar tissue formation: advanced wound care treatment, including spine, orthopedic, sports medicine, and surgical as well as regenerative and aesthetics applications.

 The primary competitive products in this space and which are now subject to being classified as an HCT/P product that must meet current regulatory guidelines and require IND approvals, clinical trials, and ultimately biologic license are allogenic products derived from perinatal sources or blood/bone sources including placental powders, placental frozen tissues or liquids, cord blood derived products, and Wharton's jelly derived products. These products vary significantly in terms of pricing, cellular counts, and biological components, including exosomes, extracellular vesicles, micro vesicles, nanoparticles, and bioactive proteins. As a result of the increased regulatory oversight of HCT/P's, competitors have begun shifting their product portfolios to autologous solutions including serums derived from blood, bone marrow, and adipose tissue. These products are the fastest growing sector of regenerative medicine due to their compliant regulatory position with the FDA.

 Allogenic competitors are primarily producer-distributor companies which historically included Kimera Labs, Frontier Biologics, Benev Company Inc., Exocel Bio, Re-gen Active Lab, Neobiosis, MiMedix Group, Inc., Invitrx Therapeutics, Liveyon Labs, DermaSciences, Signature Biologics, Direct Biologics and Vitti Labs LLC, as well as a number of distributors who sell white-labeled products from those producer-distributor entities. Additionally, there are a variety of accredited blood, bone, and soft tissue banks that we historically competed against. Currently one of the largest companies in the autologous segment is Regenexx.

 In connection with the new FDA regulations that went into effect in May 2021 described above, the Company believes that several perinatal product manufacturers in the United States have closed their operations and that hundreds of other manufacturers and clinics have already received warning letters of violations of the new FDA regulations. To date, the Company has not received any warning letters or correspondence from the FDA indicating that our products were not in compliance with the current FDA regulations.

 As stated previously, the demand for RAAM products is very high and expected to grow with the growing baby boomer generation getting older, the increase in patients desiring to seek health care options outside of traditional therapies, the growing trend in the desire of individuals to remain active longer in life and the ongoing rise in health care costs which RAAM products may provide a more efficient and economical alternative for certain conditions.

 Government Regulation

 General

 The Company's operations are subject to FDA regulations in connection with the sales and distribution of its RAAM products. In addition, the Company relies on supply agreements with birth tissue recovery companies, supply manufacturers and/or third party distributors for the supply of RAAM products and/or the Company's intended objectives to conduct research and development and clinical trials of RAAM products, all of whom are required to comply with FDA regulations. We anticipate these regulations will be heavily enforced and subject to more restrictive regulations by the FDA in the future. A summary of the current FDA regulations is set forth below.

 FDA Premarket Clearance and Approval Requirements

 Tissue Products

 Currently the products that are sold by the Company are derived from human tissue that is purchased by the Company and processed directly in the Company's laboratory facilities. As discussed below, some tissue-based products are regulated solely under Section 361 of the Public Health Service Act as human cells, tissues and cellular and tissue-based products, or HCT/Ps, which do not require premarket clearance or approval by the FDA. Other tissue products are regulated as biologics and, in order to be lawfully marketed in the United States, require an FDA-approved BLA.

 The Company's leading product, Zofin (also known as Organicell Flow), is an acellular, biologic therapeutic derived from perinatal sources and is manufactured to retain naturally occurring microRNAs, without the addition or combination of any other substance or diluent.

 The Company's recently launched autologous product called Patient Pure X (PPX). PPX is a non-manipulated biologic containing the nanoparticle fraction from a patient's own peripheral blood.

 The Company also supplies products to third party manufacturers that are used as ingredients in formulations or use in conjunction with topical products or topical procedures.

 The FDA is continually changing and formulating new guidelines for this industry.

 Products Regulated as HCT/Ps

 The FDA has specific regulations governing human cells, tissues and cellular and tissue-based products, or HCT/Ps. An HCT/P is a product containing or consisting of human cells or tissue intended for transplantation into a human patient. HCT/Ps that meet the criteria for regulation solely under Section 361 of the Public Health Service Act (so-called " 361 HCT/Ps ") are not subject to approval requirements and they are subject to post-market regulatory requirements.

 To be a 361 HCT/P, a product generally should meet following criteria:

 Be minimally manipulated, no structural change, or be mixed with anything;

 Be intended for homologous use, essentially used for the same purpose that it was used in the donor;

 Its manufacture must not involve combination with another article, except for water, crystalloids or a sterilizing, preserving or storage agent; and

 It must not be dependent upon the metabolic activity of living cells for its primary function.

 Products Regulated as Biologics- The BLA Pathway

 The typical steps for obtaining FDA approval of a BLA to market a biologic product in the U.S. include:

 Completion of preclinical laboratory tests, animal studies and formulations studies under the FDA's good laboratory practices regulations;

 Submission to the FDA of an Investigational New Drug Application (" IND ") for human clinical testing, which must become effective before human clinical trials may begin and which must include independent Institutional Review Board (" IRB ") approval at each clinical site before the trials may be initiated;

 Performance of adequate and well-controlled clinical trials in accordance with Good Clinical Practices to establish the safety and efficacy of the product for each indication;

 Submission to the FDA of a Biologics License Application for marketing the product, which includes, among other things, reports of the outcomes and full data sets of the clinical trials, and proposed labeling and packaging for the product;

 Satisfactory completion of an FDA Advisory Committee review; and

 Satisfactory completion of an FDA inspection of the manufacturing facility or facilities at which the product is produced to assess compliance with Current Good Manufacturing Practices ("cGMP") regulations.

 Generally, clinical trials are conducted in three phases:

 Phase I trials typically involve a small number of healthy volunteers and are designed to provide information about the product safety.

 Phase II trials are conducted in a larger but limited group of patients afflicted with a specific diagnosis in order to determine preliminary efficacy, and to identify possible adverse effects.

 Dosage studies are designated as Phase IIA and efficacy studies are designated as Phase IIB.

 Phase III clinical trials are generally large-scale, multi-center, comparative trials conducted with patients who have a specific condition in order to provide statistically valid proof of efficacy, as well as safety and potency.

 In some cases, the FDA will require Phase IV, or post-marketing trials, to collect additional data after a product is on the market.

 The process of obtaining an approved BLA requires the expenditure of substantial time, effort and financial resources and may take years to complete.

 FDA Post-Market Regulation

 Tissue processors are required to register as an establishment with the FDA. We intend on becoming a registered establishment, accredited by the American Association of Tissue Banks (" AATB ") for the storage and distribution of tissue products that we purchase directly or indirectly from third party manufacturers. Once we are registered, we will be required to comply with regulations, including those regulations regarding storage, controls, access, labeling, record keeping, security, processes, compliance with established Good Tissue Practices, and documentation associated with the sale of our products by our customers to their patients. Our facilities will be subject to periodic inspections to assess our records and determination of our compliance with the regulations.

 Products covered by a BLA, 510(k) clearance, or a PMA are subject to numerous additional regulatory requirements, which include, among others, compliance with cGMP, which imposes certain procedural, substantive and record keeping requirements, labeling regulations, the FDA's general prohibition against promoting products for unapproved or "off-label" uses, and additional adverse event reporting.

 Other Regulation Specific to Tissue Products

 The AATB, has issued operating standards for tissue banking, whether manufacturing and/or storing products as a distributor of manufactured products by third parties. Compliance with these standards is a requirement in order to become a licensed tissue bank.

 21st Century Cures Act

 In December 2016, President Obama signed the 21st Century Cures Act (the " Cures Act ") into law. The Cures Act includes many provisions that aim to speed up the process of bringing new drugs and devices to market. One of the Cures Act's most significant amendments to the Federal Food, Drug and Cosmetic Act allows the FDA to grant accelerated approval to regenerative medicine products, while also providing the agency with wide discretion on creating new approaches to regenerative medicine. This legislative development is the result of increased pressure from patients and other stakeholders to move regenerative medicine advancements more quickly from the lab into the clinic.

 Specifically, the new accelerated approval pathway authorized by the Cures Act allows certain regenerative medicine products to be designated as "regenerative advanced therapy" and become eligible for priority review by FDA. To qualify for this pathway, the product must be aimed at a serious disease and have the potential to deal with currently unmet medical needs. It must also meet the Cures Act's new definition of a regenerative advanced therapy, which is defined as "cell therapy, therapeutic tissue engineering products, human cell and tissue products, and combination products using any such therapies or products, except for those regulated solely under section 361 of the Public Health Service Act." This broad definition would seem to encompass the majority of regenerative medicine products known to be currently in the development stages.

 As with the existing accelerated approval pathway for drugs and biologics, this new regulatory pathway would allow a regenerative medicine product to be approved for marketing based on surrogate or intermediate clinical trial endpoints rather than longer term clinical outcomes. The use of such endpoints can decrease the number, duration, and complexity of clinical trials that are needed to prove a longer-term outcome. Subsequently, a sponsor would have to conduct confirmatory clinical trials to ensure that the surrogate or intermediate endpoint was in fact predictive of patients' clinical response to the product, otherwise the accelerated approval could be withdrawn.

 The Cures Act also requires the FDA to work with the National Institute of Standards and Technology (" NIST ") and other stakeholders to develop standards and consensus definitions for regenerative medicine products. Such standards are expected to play a large role in advancing this nascent industry by allowing companies to rely on FDA-recognized standards, rather than creating and validating their own as is the case today.

 The Cures Act attempts to create a research network and a public-private partnership to assist developers in generating definitive evidence about whether their proposed therapies indeed provide clinical benefits that are hoped for. The Cures Act also requires the FDA to track and report the number and type of applications filed for regenerative medicine products, including the number of products approved through the new accelerated approval pathway. The law also includes provisions that require the FDA to publish guidance on how it will design and implement an approval process for regenerative medicine devices.

 Guidance Documents

 In November 2017, the FDA released two final guidance documents in an effort to implement a "comprehensive policy framework" for existing laws and regulations governing regenerative medicine products, including human cells, tissues, and cellular and tissue-based products (" HCT/Ps "). These guidance documents build upon the previous regulatory framework for these products, which was completed in 2005. A guidance document cannot alter a regulation, but can clarify how the FDA intends to enforce the regulation.

 The two guidance documents below clarify the FDA's interpretation of the risk-based criteria manufacturers use to determine whether a product is subject to the FDA's premarket review.

 The first guidance provides greater clarity around when cell and tissue-based products would be exempted from the established regulations if they are removed from and implanted into the same individual within the same surgical procedure and remain in their original form. The second final guidance helps stakeholders better understand how existing regulatory criteria apply to their products by clarifying how the agency interprets the existing regulatory definitions "minimal manipulation" and "homologous use." As this field advances, the FDA has noted that there are a growing number of regenerative medicine products subject to FDA premarket authorization. These guidance documents will help explain how the FDA will provide a risk-based framework for its oversight. The policy framework defines how the FDA intends to take action against unsafe products while facilitating continued innovation of promising technologies.

 To accomplish this goal, the guidance document has clarified the FDA's view of " minimal manipulation " and " homologous use." These are two concepts that are defined in current regulation to establish the legal threshold for when a product is subject to the FDA's premarket approval requirements. By further clarifying these terms in the final guidance, the FDA is applying a modern framework for its oversight.

 FDA regulations at 21 C.F.R. Part 1271, previous draft guidance documents, and untitled letters establish the agency's approach to regulating HCT/Ps. Some HCT/Ps are exempt from premarket approval and are subject to regulation solely under section 361 of the Public Health Service Act (" PHS Act ") (so-called " 361 HCT/Ps ") whereas others require premarket approval (i.e., as a drug, device, or biologic) (so-called " 351 HCT/Ps "). Both 361 HCT/Ps and 351 HCT/Ps are subject to FDA requirements (at Part 1271) for registration and listing, donor-eligibility, current good tissue practices, and other requirements intended to prevent transmission of communicable diseases. Those that are the subject of the " same surgical procedure " exception – are exempt from both premarket approval requirements and the requirements of Part 1271. This regime is outlined in a flow chart, which is one of the few new features of the final guidance documents and is presented below:

 Enforcement Discretion

 In order to allow manufacturers of products time to comply with the requirements, the FDA announced that it intended (originally through November 2020 and extended to May 2021 because of the COVID-19 pandemic) to exercise enforcement discretion for certain products that are subject to the FDA's premarket review under the existing regulations, but are not currently meeting these requirements. The FDA does not intend to exercise such enforcement discretion for those products that pose a potential significant safety concern. Going forward, the FDA will apply a risk-based approach to enforcement, taking into account how products are being manufactured, marketed and administered as well as the diseases and conditions for which they are being used. This risk-based approach allows product manufacturers time to engage with the FDA, as to determine if they need to submit a marketing authorization application and, if so, submit their application to the FDA for approval.

 The FDA's enforcement discretion policy for IND and premarket approval requirements does not apply to products that have been associated with reported safety concerns or have the potential to cause significant safety concerns to patients. The FDA has stepped up its oversight of cellular and related products in recent years and has issued compliance actions, including numerous warning and untitled letters, and pursued litigation for serious violations of the law, including some involving patient harm.

 The FDA has indicated it intends to focus enforcement actions on " products with higher risk," taking into account factors such as non-autologous (allogeneic) use, the route of administration, the site of administration, and whether the product is intended for homologous or non-homologous use. For example, HCT/Ps administered via intravenous injection or infusion, aerosol inhalation, intraocular injection, or injection or infusion into the central nervous system, will be prioritized over HCT/Ps administered by intradermal, subcutaneous, or intra-articular injection. Similarly, HCT/Ps intended for non-homologous use, particularly those intended to treat serious or life-threatening conditions, "are more likely to raise significant safety concerns than HCT/Ps intended for homologous use."

 The Company believes that the new regulatory restrictions being implemented by the FDA are intended to assure that all parties involved in the chain of gathering, processing, distributing and/or administrating RAAM related products have met the required standards to assure that the manufacturing, marketing the administration of the RAAM regulated products are not misleading and are performed in a safe and ethical manner and in accordance with the " objective intent " of the manufacturer.

 We have not obtained any opinion or ruling regarding the Company's operations and whether the processing, sales and distribution of the products we currently produce would be subject to the FDA's previously announced intended enforcement policies regarding HCT/P's. However, we do not believe that our products fall within these guidelines and intend to vigorously defend against any adverse interpretation by the FDA on the classification of our products that may be deemed as falling under this defined regulation, if any. Notwithstanding the foregoing, we are undertaking efforts on an ongoing basis to mitigate any potential risks associated with an adverse ruling by the FDA and the subsequent limitations on our ability to continue to generate revenues from the sale of our products in the United States until the Company obtains the required licenses. The efforts include continuing with clinical trials, expanding sales internationally and developing new product offerings and/or designations of products that would not fall under these regulations.

 Fraud, Abuse and False Claims

 We are directly and indirectly subject to various federal and state laws governing relationships with healthcare providers and pertaining to healthcare fraud and abuse, including anti-kickback laws. In particular, the federal Anti-Kickback Statute prohibits persons from knowingly and willfully soliciting, offering, receiving or providing remuneration, directly or indirectly, in exchange for or to induce either the referral of an individual, or the furnishing, arranging for or recommending a good or service for which payment may be made in whole or part under federal healthcare programs, such as the Medicare and Medicaid programs. (See 42 U.S.C. § 1320a-7b). Penalties for violations include criminal penalties and civil sanctions such as fines, imprisonment and possible exclusion from Medicare, Medicaid and other federal healthcare programs. The Anti-Kickback Statute is broad and prohibits many arrangements and practices that are lawful in businesses outside of the healthcare industry. In implementing the statute, the Office of Inspector General of the U.S. Department of Health and Human Services (" OIG ") has issued a series of regulations, known as the " safe harbors." These safe harbors set forth provisions that, if all their applicable requirements are met, will assure healthcare providers and other parties that they will not be prosecuted under the Anti-Kickback Statute.

 AdvaMed has established guidelines and protocols for medical device manufacturers in their relationships with healthcare professionals on matters including research and development, product training and education, grants and charitable contributions, support of third-party educational conferences, and consulting arrangements. Adoption of the AdvaMed Code by a medical device manufacturer is voluntary, and while the OIG and other federal and state healthcare regulatory agencies encourage its adoption and may look to the AdvaMed Code, they do not view adoption of the AdvaMed Code as proof of compliance with applicable laws. We have incorporated the principles of the AdvaMed Code in our standard operating procedures, sales force training programs, and relationships with health care professionals.

 Manufacturing (Processing)

 We intend on becoming a registered establishment, accredited by the American Association of Tissue Banks (" AATB ") for the storage and distribution of tissue products that we purchase directly or indirectly from third party manufacturers.

 Our laboratory and distribution facilities are subject to periodic unannounced inspections by regulatory authorities based on the activities in which we may be engaged, and may undergo compliance inspections conducted by the FDA and corresponding state and foreign agencies based on our operations. We intend to seek American Association Blood Banks (" AABB ") or AATB accreditation in connection with the storage of products we intend to distribute.

 FDA Compliance Steps

 The Company's leading product, Zofin (also known as Organicell Flow), is an acellular, biologic therapeutic derived from perinatal sources and is manufactured to retain naturally occurring microRNAs, without the addition or combination of any other substance or diluent. The Company's recently launched a service platform for its first autologous product called Patient Pure X (PPX). PPX is a non-manipulated biologic containing the nanoparticle fraction from a patient's own peripheral blood.

 Current FDA guidance requires that the sale of products that fall under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular and tissue-based products (" HCT/Ps ") can only be sold pursuant to an approved biologics license application (" BLA ").

 To date, the Company has obtained certain Investigational New Drug (" IND "), and 18 emergency IND (" eIND ") approvals from the FDA, including applicable Institutional Review Board (" IRB ") approvals which authorized the Company to commence clinical trials or treatments in connection with the use of Zofin and related treatment protocols. In connection with the studies described above, there were no reported therapy-related safety events or significant adverse events.

 Based on the results from the clinical trials or treatments in connection with the use of Zofin and PPX and related treatment protocols performed to date, the Company has determined that there was sufficient Phase I safety data obtained from the existing enrolled patients using Zofin and/or PPX and accordingly there was no longer any benefit from continued enrollment to obtain additional patient Phase 1 safety related data among the above studies. As a result, the studies and the related sites where the studies were performed have been closed.

 In addition, the Company is reviewing the benefit from continued efforts to commence and/or complete additional Phase I safety related trials as well as which indications should be pursued for Phase II efficacy related research and whether any of the existing approved and open IND's should be modified, terminated and/or replaced.

 The ability for the Company to initiate any future Phase II studies are subject to many uncertainties, including FDA approval of the respective IND applications and the Company having sufficient working capital to finance the ongoing costs of the trial, as to all of which no assurance can be given.

 We have not obtained any opinion or ruling regarding the Company's operations and whether the processing, sales and distribution of the products we currently produce would be subject to the FDA's previously announced intended enforcement policies regarding HCT/P's. However, we do not believe that our products fall within these guidelines and intend to vigorously defend against any adverse interpretation by the FDA on the classification of our products that may be deemed as falling under this defined regulation, if any. Notwithstanding the foregoing, we are undertaking efforts on an ongoing basis to mitigate any potential risks associated with an adverse ruling by the FDA and the subsequent limitations on our ability to continue to generate revenues from the sale of our products in the United States until the Company obtains the required licenses. The efforts include continuing with clinical trials, expanding sales internationally and developing new product offerings and/or designations of products that would not fall under these regulations.

 Environmental Laws

 Our laboratory facilities process or directly handled biomedical materials whereby we receive and/or generate wastes that are required to be disposed. We contract with third parties for the transport, treatment, and disposal of the waste that we obtain and at all times plan on being compliant with applicable laws and regulations promulgated by the Resource Conservation and Recovery Act, the U.S. Environmental Protection Agency and similar state agencies.

 Employees

 As of January 28, 2024, we have 23 full-time employees and no part-time employees. We also engaged 6 other consultants that assisted with various regulatory, marketing, administrative activities and distribution services. From time to time, the Company engages independent contractors for sales and administration activities. There are no collective bargaining agreements.

 Item 1A. Risk Factors.

 This Annual Report contains certain statements relating to future events or the future financial performance of our Company. Prospective investors are cautioned that such statements are only predictions and involve risks and uncertainties, and that actual events or results may differ materially. In evaluating such statements, prospective investors should specifically consider the various factors identified in this Annual Report, including the matters set forth below, which could cause actual results to differ materially from those indicated by such forward-looking statements.

 If any of the following or other risks materialize, the Company's business, financial condition, and results of operations could be materially adversely affected which, in turn, could adversely impact the value of our securities. In such a case, investors in our securities could lose all or part of their investment.

 Prospective investors should consider carefully whether an investment in the Company is suitable for them in light of the information contained in this Annual Report and the financial resources available to them. The risks described below do not purport to be all the risks to which the Company could be exposed. This section is a summary of certain risks and is not set out in any particular order of priority. They are the risks that we presently believe are material to the operations of the Company. Additional risks of which we are not presently aware or which we presently deem immaterial may also impair the Company's business, financial condition or results of operations.

 Risks Related to Our Business

 We have incurred significant losses, have limited cash on hand and there is substantial doubt as to our ability to continue as a going concern.

 The Company incurred net losses of $6,986,708 and $8,896,557 for the years ended October 31, 2023 and October 31, 2022, respectively. In addition, the Company had accumulated deficits of $57,508,014 and $50,521,306 at October 31, 2023 and October 31, 2022, respectively, accumulated stockholders (deficit) equity of ($1,241,019) and $1,888,604 at October 31, 2023 and October 31, 2022, and had a working capital position of ($1,807,926) and $303,084 at October 31, 2023 and October 31, 2022, respectively. In their report for the fiscal year ended October 31, 2023, our auditors have expressed that there is substantial doubt as to our ability to continue as a going concern. We have incurred operating losses since our formation and expect to incur substantial losses and negative operating cash flows for the foreseeable future and may never become profitable. We also expect to continue to incur significant operating and capital expenditures for the next several years and anticipate that our expenses will increase substantially in the foreseeable future. We also expect to experience negative cash flow for the foreseeable future as we fund our operating losses and capital expenditures. As a result, we will need to generate significant revenues in order to achieve and maintain profitability. We may not be able to generate these revenues or achieve profitability in the future. Our failure to achieve or maintain profitability could negatively impact the value of our common stock.

 We have a limited operating history in our current business upon which investors can evaluate our future prospects.

 Our current business operations, including our laboratory and processing facility only began operations in May 2019. Therefore, we have limited operating history upon which an evaluation of our current business plan or performance and prospects can be made. The business and prospects of the Company must be considered in the light of the potential problems, delays, uncertainties and complications encountered in connection with a newly established business. The risks include, but are not limited to, the possibility that we will not be able to develop or identify functional and scalable products and services, or that although functional and scalable, our products and services will not be economical to market; that our competitors hold proprietary rights that preclude us from marketing such products; that our competitors market a superior or equivalent product; that we are not able to upgrade and enhance our technologies and products to accommodate new features and expanded service offerings; or the failure to receive necessary regulatory clearances for our products. To successfully introduce and market our products at a profit, we must establish brand name recognition and competitive advantages for our products. There are no assurances that the Company can successfully address these challenges. If it is unsuccessful, the Company and its business, financial condition and operating results could be materially and adversely affected.

 Given the limited operating history, management has little basis on which to forecast future demand for our products from our existing customer base, much less new customers. The current and future expense levels of the Company are based largely on estimates of planned operations and future revenues rather than experience. It is difficult to accurately forecast future revenues because the business of the Company is new, and its market has not been developed. If the forecasts for the Company prove incorrect, the business, operating results and financial condition of the Company will be materially and adversely affected. Moreover, the Company may be unable to adjust its spending in a timely manner to compensate for any unanticipated reduction in revenue. As a result, any significant reduction in revenues would immediately and adversely affect the business, financial condition and operating results of the Company.

 We depend upon our officers and key personnel, the loss of which could seriously harm our business.

 Our operating performance is substantially dependent on the continued services of our executive officers and key employees. The unexpected loss of any our executive officers and key employees could have a material adverse effect on our business, operations, financial condition and operating results, as well as the value of our common stock.

 We may not be able to compete successfully with current and future competitors.

 We have many potential competitors in the regenerative medicine industry. We will compete, in our current and proposed businesses, with other established companies, most of which have greater marketing and financial resources and experience than we do. We cannot guarantee that we will be able to penetrate our intended markets and be able to compete profitably, if at all. In addition to established competitors, there are moderate obstacles for competitors to enter this market, but they are not insurmountable if they have the financial resources and intellectual team. Effective competition could result in price reductions, reduced margins or have other negative implications, any of which could adversely affect our business and chances for success. Competition is likely to increase significantly as new companies enter the market and current competitors expand their services. Many of these potential competitors are likely to enjoy substantial competitive advantages, including, but not limited to, larger staffs, greater name recognition, larger and established customer bases and substantially greater financial, marketing, technical and other resources. To be competitive, we must respond promptly and effectively to industry dynamics, evolving standards and competitors' innovations by continuing to enhance our services and sales and marketing channels. Any pricing pressures, reduced margins or loss of market share resulting from increased competition, or our failure to compete effectively, could fatally damage our business and chances for success.

 We currently rely on non-exclusive supply arrangements with birth tissue recovery companies for obtaining the raw material used in manufacturing the products we sell.

 If our current supply arrangements with birth tissue recovery companies or third-party manufacturers or distributors of products from third party manufacturers are disrupted for any reason, we may not be able to provide products to our customers, or if other supply arrangements can be made, the products and terms may not be as favorable, and that will adversely impact our operations and profitability.

 If we do not continually update our products and/or services, they may become obsolete and we may not be able to compete with other companies.

 We cannot assure you that we will be able to keep pace with technological advances, or that our current suppliers will be able to keep pace with technological advances and as such, our products and/or services may become obsolete. We cannot assure you that competitors will not develop related or similar services and offer them before we do, or do so more successfully, or that they will not develop services and products more effective than any that we and/or our suppliers have or are intending to develop. In addition, although we may be able to identify new suppliers that can provide more effective services and products to be more competitive, we may not be able to arrange satisfactory arrangements in a timely manner, if at all. If that happens, our business, prospects, results of operations and financial condition will be materially adversely affected.

 We enter into supply arrangements for the raw materials and/or products we sell, which make us vulnerable to the ability of such suppliers to remain current and innovative in their product offerings, to timely process and supply the products we desire to purchase, and to remain compliant with the current and changing regulatory environment. If our raw material and/or product suppliers are not successful in managing these responsibilities, it will have an adverse effect on our operations and profitability.

 Our current birth tissue supply arrangements for manufacturing the products we sell and our third-party supply arrangements for the supply of products we sell provide for the supply and pricing for those products. There can be no assurance that our suppliers will continue to produce the products that we currently purchase under our existing arrangements, that our suppliers will be able to comply with the required FDA regulations for the manufacturing of such products, that our suppliers will continue to develop technology associated with their manufactured products to remain competitive with other companies, or that our suppliers will remain a going concern in the future. If any of our suppliers were to cause a disruption in our ability to obtain products as desired and expected and/or we are not provided advance notice of such potential disruption, we may not be able to timely identify and replace our current suppliers, if at all, and as a result, we may not be able to provide products to our customers, which will have an adverse impact to our operations.

 We depend on a limited number of third-party suppliers for the raw materials and supplies for our RAAM research and development and the manufacturing of our RAAM placental-related products, and the loss of any of these suppliers, or their inability to provide us with an adequate supply of materials, could harm our business.

 We may not procure volumes sufficient to receive favorable pricing, which could impact our gross margins if we are unable to pass along price differences to our customers. Recent global economic cost inflation trends could unfavorably impact pricing from our suppliers.

 In the event of default under our outstanding indebtedness, or we are unable to pay other obligations and accounts payable when due, our creditors may file a creditors petition or force us into involuntary bankruptcy which may have an adverse impact on our business.

 The Company had a working capital position of
($1,587,029) and $303,084 at October 31, 2023 and October 31, 2022, respectively. The Company's efforts to establish
a stabilized source of sufficient revenues to cover operating costs has yet to be achieved and ultimately may prove to be
unsuccessful unless additional sources of working capital through operations or debt and/or equity financings are realized.
Management anticipates that the Company will remain dependent, for the near future, on additional investment capital to fund ongoing
operating expenses. The Company does not have significant fixed and/or intangible assets to pledge for the purpose of borrowing
additional capital. In addition, the Company relies on short term supply agreements to obtain the supply of raw materials used in
manufacturing the products it currently sells and distributes to its customers. The Company's current market capitalization
and common stock liquidity will hinder its ability to raise equity proceeds to implement its business plan and could adversely
affect the value of our securities, including the common stock.

 The Company currently has $725,000 of outstanding convertible notes (" Notes ") which mature on September 30, 2026, unless converted into shares of our common stock by the holders of the Notes. The terms of the Notes are such that interest is payable annually and the Company is required to file a registration statement for the equity securities issued or to be issued. There is no assurance that the Company will make all of the required payments when due or that the Company will comply with all of the conditions of the Notes, including the requirement to meet the registration requirements.

 We have borrowed and may be required to borrow funds in the future.

 If the Company incurs indebtedness, a portion of its cash flow will have to be dedicated to the payment of principal and interest on such indebtedness. Typical loan agreements also might contain restrictive covenants, which may impair the Company's operating flexibility. Such loan agreements would also provide for default under certain circumstances, such as failure to meet certain financial covenants. A default under a loan agreement could result in the loan becoming immediately due and payable and, if unpaid, a judgment in favor of such lender which would be senior to the rights of the Company's stockholders. A judgment creditor would have the right to foreclose on any of the Company's assets resulting in a material adverse effect on the Company's business, operating results or financial condition.

 Currently the Company has limited assets which could be used as collateral in obtaining future borrowings. Because of the Company's inability to provide lenders with collateral and a limited history of successful operations, the Company may not be successful in its efforts to obtain additional funds though borrowings and as a result may not be able to fund required costs of operations.

 These loans are or may be convertible into common stock under certain circumstances which may result in significant dilution to current stockholders.

 Our growth depends on external sources of capital, which may not be available on favorable terms or at all.

 Our access to capital will depend upon a number of factors over which we have little or no control, including general market conditions, government regulations and the market's perception of our current and potential future earnings. If general economic instability or downturn leads to an inability to borrow at attractive rates or at all, our ability to obtain capital to finance working capital requirements could be negatively impacted.

 If we are unable to obtain capital on terms and conditions that we find acceptable, we likely will have to scale back our business operations. In addition, our ability to refinance all or any debt we may incur in the future, on acceptable terms or at all, is subject to all of the above factors, and will also be affected by our future financial position, results of operations and cash flows, which additional factors are also subject to significant uncertainties, and therefore we may be unable to refinance any debt we may incur in the future, as it matures, on acceptable terms or at all. All of these events would have a material adverse effect on our business, financial condition, liquidity and results of operations.

 Failure to establish or enhance our brand recognition could have a material adverse effect on our business and results of operations.

 We believe we will need to expend significant time, effort and resources to enhance the recognition of our brands. We believe developing our brand will be important to our sales and marketing efforts. If we fail to establish or enhance the recognition of our brands, it could have a material adverse effect on our ability to sell our products and adversely affect our business and results of operations. If we fail to develop a positive public image and reputation, our business with our existing customers could decline and we may fail to develop additional business, which could adversely affect our results of operations.

 Defects in the products we sell or failures in quality control related to our distribution of products could impair our ability to sell our products or could result in product liability claims, litigation and other significant events involving substantial costs.

 Detection of any significant defects in our products that we sell or failure in our quality control procedures or the quality control procedures of our suppliers may result in, among other things, delay in time-to-market, loss of sales and market acceptance of our products, diversion of development resources, injury to our reputation and restrictions imposed by governmental agencies. The costs we may incur in correcting any product defects may be substantial and we may not be able to identify adequate remedies, if required. Additionally, errors, defects or other performance problems could result in financial or other damages to our customers, which could result in litigation. Product liability litigation, even if we prevail and/or our suppliers, would be time consuming and costly to defend, and if we and/or our product suppliers do not prevail, could result in the imposition of a damages award. We presently maintain product liability insurance and we are named insured on our suppliers' insurance policy; however, it may not be adequate to cover any claims.

 Our ability to become profitable and continue as a going concern will be dependent on our ability to attract, employ and retain highly skilled individuals to serve our clients.

 The nature of our business requires that we employ skilled persons to perform highly skilled and specialized tasks for our Company. Our failure to retain such personnel could have a material adverse effect on our ability to offer services to clientele and could potentially have a negative effect on our business. There is no guarantee that skilled persons will be available and willing to work for us in the future, nor is there any guarantee that we could afford to retain them if they are available at a future time.

 We may not be able to manage our growth effectively.

 We must continually implement and improve our products and/or services, operations, operating procedures and quality controls on a timely basis, as well as expand, train, motivate and manage our work force in order to accommodate anticipated growth and compete effectively in our market segment. Successful implementation of our strategy also requires that we establish and manage a competent, dedicated work force and employ additional key employees in corporate management, product development, client service and sales. We can give no assurance that our personnel, systems, procedures and controls will be adequate to support our existing and future operations. If we fail to implement and improve these operations, there could be a material, adverse effect on our business, operating results and financial condition.

 If we make any acquisitions or enter into a merger or similar transaction, our business may be negatively impacted.

 We have no present plans for any specific acquisition. However, in the event that we make acquisitions in the future, we could have difficulty integrating the acquired companies' personnel and operations with our own. In addition, the key personnel of the acquired business may not be willing to work for us. We cannot predict the effect expansion may have on our core business. Regardless of whether we are successful in making an acquisition, the negotiations could disrupt our ongoing business, distract our management and employees and increase our expenses. In addition to the risks described above, acquisitions, mergers and other similar transactions are accompanied by a number of inherent risks, including, without limitation, the following:

 the difficulty of integrating acquired products, services or operations;

 the potential disruption of the ongoing businesses and distraction of our Management and the management of acquired companies;

 the difficulty of incorporating acquired rights or products into our existing business;

 difficulties in disposing of the excess or idle facilities of an acquired company or business and expenses in maintaining such facilities;

 difficulties in maintaining uniform standards, controls, procedures and policies;

 the potential impairment of relationships with employees and customers as a result of any integration of new management personnel;

 the potential inability or failure to achieve additional sales and enhance our customer base through cross-marketing of the products to new and existing customers;

 the effect of any government regulations which relate to the business acquired; and

 potential unknown liabilities associated with acquired businesses or product lines, or the need to spend significant amounts to retool, reposition or modify the marketing and sales of acquired products or the defense of any litigation, whether or not successful, resulting from actions of the acquired company prior to our acquisition.

 Our business could be severely impaired if and to the extent that we are unable to succeed in addressing any of these risks or other problems encountered in connection with these acquisitions, many of which cannot be presently identified, these risks and problems could disrupt our ongoing business, distract our management and employees, increase our expenses and adversely affect our results of operations.

 There might be unanticipated obstacles to the execution of our business plans.

 The Company's business plans may change significantly. The Company's potential business endeavors are capital intensive. Management believes that the Company's chosen activities and strategies are achievable in light of current economic and legal conditions with the skills, background, and knowledge of the Company's principals and advisors. Management reserves the right to make significant modifications to the Company's stated strategies depending on future events.

 We may engage in transactions that present conflicts of interest.

 The Company's officers and directors may enter into agreements with the Company from time to time which may not be equivalent to similar transactions entered into with an independent third party. A conflict of interest arises whenever a person has an interest on both sides of a transaction. While we believe that it will take prudent steps to ensure that all transactions between the Company and any officer or director is fair, reasonable, and no more than the amount it would otherwise pay to a third party in an "arms-length" transaction, there can be no assurance that any transaction will meet these requirements in every instance.

 Our operating results may fluctuate significantly as a result of a variety of factors, many of which are outside of our control.

 We are subject to the following factors, among others, that may negatively affect our operating results:

 The announcement or introduction of new products by our competitors;

 Failure of Government and private health plans to adequately and timely reimburse the users of our products;

 Our ability to upgrade and develop our systems and infrastructure to accommodate growth;

 Our ability to attract and retain key personnel in a timely and cost effective manner;

 The continued safety and efficacy of our products;

 The amount and timing of operating costs and capital expenditures relating to the expansion of our business, operations and infrastructure;

 Regulation by Federal, State or Local Governments; and

 General economic conditions (including fallout from current and future pandemics) as well as economic conditions specific to the healthcare industry.

 We have based our current and future expense levels largely on our investment plans and estimates of future events, although certain of our expense levels are, to a large extent, fixed. We may be unable to adjust spending in a timely manner to compensate for any unexpected revenue shortfall. Accordingly, any significant shortfall in revenue relative to our planned expenditures would have an immediate adverse effect on our business, results of operations and financial condition. Further, as a strategic response to changes in the competitive environment, we may from time to time make certain pricing, service or marketing decisions that could have a material and adverse effect on our business, results of operations and financial condition. Due to the foregoing factors, our revenue and operating results are and will remain difficult to forecast.

 Adverse global economic conditions could have a negative effect on our business, results of operations and financial condition and liquidity.

 A general slowdown in the global economy, including a recession, or in a particular region or industry, an increase in trade tensions with U.S. trading partners, inflation or a tightening of the credit markets could negatively impact our business, financial condition and liquidity. Adverse global economic conditions have from time to time caused or exacerbated significant slowdowns in the industries and markets in which we operate, which have adversely affected our business and results of operations. Macroeconomic weakness and uncertainty also make it more difficult for us to accurately forecast revenue, gross margin and expenses, and may make it more difficult to raise or refinance debt.

 Worldwide economic and social instability could adversely affect our revenue, financial condition, or results of operations.

 Generally, worldwide economic conditions remain uncertain, particularly due to the effects of the conflict between Russia and Ukraine and potentially between Israel and Hamas, disruptions in the banking system and financial markets, lingering COVID-19 pandemic, increased inflation and rising interest rates. The general economic and capital market conditions, both in the U.S. and worldwide, have been volatile in the past and at times have adversely affected the Company's access to capital and increased the cost of capital. The capital and credit markets may not be available to support future capital raising activity on favorable terms. If economic conditions decline, the Company's future cost of equity or debt capital and access to the capital markets could be adversely affected. Our vendors may experience financial difficulties or be unable to borrow money to fund their operations, which may adversely impact their ability to purchase our products or to pay for our products on a timely basis, if at all. In addition, adverse economic conditions, such as recent supply chain disruptions and labor shortages and persistent inflation, have affected, and may continue to adversely affect our suppliers' ability to provide our manufacturers with materials and components, which may negatively impact our business. These economic conditions make it more difficult for us to accurately forecast and plan our future business activities.

 We are in a highly competitive and evolving field and face competition from well-established tissue processors and medical device manufacturers, as well as new market entrants.

 Our business is in a very competitive and evolving field. Competition from other tissue processors, medical device companies and from research and academic institutions is intense, expected to increase, subject to rapid change, and could be significantly affected by new product introductions. The presence of this competition in our market may lead to pricing pressure, which would make it more difficult to sell our products at a price that will make us profitable or prevent us from selling our products at all. Our success will depend on our ability and/or the ability of our suppliers to perfect and protect their intellectual property rights related to their technologies as well as to develop new technologies and new applications for our technologies. Our failure to compete effectively would have a material and adverse effect on our business, results of operations and financial condition.

 Rapid technological change could cause our products to become obsolete.

 The technologies underlying the products we sell and intend to sell are subject to rapid and profound technological change. Competition intensifies as technical advances in each field are made and become more widely known. We can give no assurance that our suppliers will be able to develop services, products, or processes with significant advantages over the competing products, services, and processes. Any such occurrence could have a material and adverse effect on our business, results of operations and financial condition.

 Our products are dependent on the availability of sufficient quantities of tissue from human donors, and any disruption in supply could adversely affect our business.

 The success of the human tissue products we sell depends upon, among other factors, the availability of sufficient quantities of tissue from human donors. The availability of donated tissue could be adversely impacted by regulatory changes, public opinion of the donor process as well as our and our suppliers' reputations in the industry. Any disruption in the supply of donated human tissue could restrict our growth and could have a material adverse impact on our business and financial condition. We cannot be sure that the supply of human tissue will continue to be available at current levels or will be sufficient to meet our future needs.

 The products we offer are derived from human tissue and therefore have the potential for disease transmission.

 The utilization of human tissue creates the potential for transmission of communicable disease, including, but not limited to, HIV, viral hepatitis, syphilis and other viral, fungal or bacterial pathogens. Our suppliers are required to comply with federal and state regulations intended to prevent communicable disease transmission.

 Although we believe that our suppliers maintain strict quality controls over the procurement and processing of the human tissue used to make the products we sell, there is no assurance that these quality controls are or will continue to be adequate. In addition, negative publicity concerning disease transmission from other companies improperly processed donated tissue could have a negative impact on the demand for our products.

 In order to grow revenues from certain of our products, we must expand our relationships with distributors and independent sales representatives.

 We derive significant revenues through our relationships with distributors and independent sales representatives. If such relationships were terminated for any reason, it could materially and adversely affect our ability to generate revenues and profits. We intend to obtain the assistance of additional distributors and independent sales representatives to continue our sales growth with respect to certain of our products. We may not be able to find additional distributors and independent sales representatives who will agree to market and/or distribute those products on commercially reasonable terms, if at all. In addition, adding new distributors and independent sales representatives require additional administrative and accounting efforts for which the Company may not have sufficient resources to manage effectively. If we are unable to establish new distribution and independent sales representative relationships or renew current distribution and sales agency agreements on commercially acceptable terms or manage the growth effectively, our business, financial condition and results of operations could be materially and adversely affected.

 We continue to invest significant capital in expanding our internal sales force, and there can be no assurance that these efforts will continue to result in significant increases in sales.

 We are engaged in a major initiative to build and further expand our internal sales and marketing capabilities, which has contributed to our increased sales. As a result, we continue to invest in a direct sales force for certain of our products to allow us to reach new customers. These expenses impact our operating results, and there can be no assurance that we will continue to be successful in significantly expanding the sales of our products.

 Our revenues may need to depend on adequate reimbursement from public and private insurers and health systems.

 Currently, a significant number of public and private insurers and health systems do not provide reimbursement for our products. Our success and extent of our growth depends on the extent to which reimbursement for the costs of our products and related treatments will be available from third party payers, such as public and private insurers and health systems. Government and other third-party payers attempt to contain healthcare costs by limiting both coverage and the level of reimbursement of new products. Therefore, significant uncertainty usually exists as to the reimbursement status of new healthcare products. If we are not successful in obtaining adequate reimbursement for our products from these third-party payers, the market's acceptance of our products could be adversely affected. Inadequate reimbursement levels also likely would create downward price pressure on our products. Even if we do succeed in obtaining widespread reimbursement for our products, future changes in reimbursement policies could have a negative impact on our business, financial condition and results of operations.

 To be commercially successful, we must convince physicians that our products are compliant with regulations, safe and effective alternatives to existing treatments and that our products should be used in their procedures.

 We believe physicians will only adopt our products if they determine, based on experience, clinical data and published peer reviewed journal articles, that the use of our products in a particular procedure is a favorable alternative to conventional methods. Physicians may be slow to change their medical treatment practices for the following reasons, among others:

 Their lack of experience with prior procedures in the field using our products;

 Lack of evidence supporting additional patient benefits and our products over conventional methods;

 Perceived liability risks generally associated with the use of new products and procedures;

 Perceived exposure from regulatory agencies that monitor the use of our products;

 Limited availability of reimbursement from third party payers; and

 The time that must be dedicated to training.

 In addition, we believe recommendations for and support of our products by influential physicians are essential for market acceptance and adoption. If we do not receive this support or if we are unable to demonstrate favorable long-term clinical data, physicians and hospitals may not use our products, which would significantly reduce our ability to achieve expected revenue and would prevent us from sustaining profitability.

 We will need to expand our organization and managing growth may be more difficult than expected.

 Managing our growth may be more difficult than we expect. We anticipate that a period of significant expansion will be required to penetrate and service the market for our existing and anticipated future products and to continue to develop new products. This expansion will place a significant strain on management, operational and financial resources. To manage the expected growth of our operations and personnel, we must both modify our existing operational and financial systems, procedures and controls and implement new systems, procedures and controls. We must also expand our finance, administrative, and operations staff. Management may be unable to hire, train, retain, motivate and manage necessary personnel or to identify, manage and exploit existing and potential strategic relationships and market opportunities.

 We may be unable to obtain or maintain adequate product liability insurance.

 Our business exposes us to the risk of product liability claims that are inherent in the manufacturing, processing and marketing of human tissue products. We may be subject to such claims if the products we sell cause, or appear to have caused, an injury. Claims may be made by patients, healthcare providers or others selling our products. We currently maintain product liability insurance that contain limits of coverage for the insured. Defending a lawsuit, regardless of merit, could be costly, divert management attention and result in adverse publicity, which could result in the withdrawal of, or reduced acceptance of, our products in the market. There can be no assurance that adequate insurance will be available in the event of a lawsuit, if at all. A product liability claim could result in significant costs and significant harm to our business.

 We may implement a product recall or voluntary market withdrawal, which could significantly increase our costs, damage our reputation and disrupt our business.

 The manufacturing, marketing and processing of the tissue products we sell or intend to sell involve an inherent risk that they do not meet applicable quality standards and requirements. In that event, there may be recall or market withdrawal required by a regulatory authority. A recall or market withdrawal of one of our products would be costly and would divert management resources. A recall or withdrawal of one of the products we sell, or a similar product processed, also could impair sales of our products as a result of confusion concerning the scope of the recall or withdrawal, or as a result of the damage to our reputation for quality and safety.

 Significant disruptions of information technology systems or breaches of information security could adversely affect our business.

 We rely to a large extent upon sophisticated information technology systems to operate our business. In the ordinary course of business, we collect, store and transmit large amounts of confidential information (including, but not limited to, personal information and intellectual property). We also have outsourced significant elements of our operations to third parties, including significant elements of our information technology infrastructure and, as a result, we are managing many independent vendor relationships with third parties who may or could have access to our confidential information. The size and complexity of our information technology and information security systems, and those of our third-party vendors with whom we contract (and the large amounts of confidential information that is present on them), make such systems potentially vulnerable to service interruptions or to security breaches from inadvertent or intentional actions by our employees or vendors, or from malicious attacks by third parties. Such attacks are of ever-increasing levels of sophistication and are made by groups and individuals with a wide range of motives (including, but not limited to, industrial espionage and market manipulation) and expertise. While we have invested significantly in the protection of data and information technology, there can be no assurance that our efforts will prevent service interruptions or security breaches. Although we may obtain cyber-insurance coverage that may cover certain events described above, this insurance is subject to deductibles and coverage limitations and we may not be able to maintain this insurance. Also, it is possible that claims could exceed the limits of our coverage. Any interruption or breach in our systems could adversely affect our business operations and/or result in the loss of critical or sensitive confidential information or intellectual property, and could result in financial, legal, business and reputational harm to us or allow third parties to gain material, inside information that they use to trade in our securities.

 New lines of business or new products and services may subject us to additional risks.

 From time to time, we may implement or may acquire new lines of business or offer new products and services within existing lines of business. There are risks and uncertainties associated with these efforts, particularly in instances where the markets are not fully developed or are evolving. In developing and marketing new lines of business and new products and services, we may invest significant time and resources. External factors, such as regulatory compliance obligations, competitive alternatives, and shifting market preferences, may also impact the successful implementation of a new line of business or a new product or service. Failure to successfully manage these risks in the development and implementation of new lines of business or new products or services could have a material adverse effect on our business, results of operations and financial condition.

 On June 17, 2021 we received a subpoena from the Atlanta Regional Office of the SEC and while we have fully complied with the subpoena, there can be no assurances as to the final outcome of the SEC's investigation, or the impact, if any of this investigation or any proceedings on the Company's current business, financial condition, results of operations, cash flows, or the Company's future operations.

 On June 17, 2021, Organicell received a subpoena dated June 14, 2021, from the Atlanta Regional Office of the SEC requiring the production of certain documents and communications in connection with the treatment and results of various COVID-19 patients, as discussed in the Company's Current Reports on Form 8-K filed with the SEC during the period from May 27, 2020 through May 11, 2021. The Company fully cooperated with the SEC's investigation and believes that it has provided all of the information requested by the SEC. The Company can make no assurances as to the time or resources that will need to be devoted to this investigation in the future or its final outcome, or the impact, if any, of this investigation or any proceedings on the Company's current business, financial condition, results of operations, cash flows, or the Company's future operations.

 Risks Related to Our Intellectual Property

 If we are unable to adequately protect our intellectual property, our ability to compete in the market will be harmed.

 Our commercial success will depend in part on patents and other intellectual property protection. To date we have applied for two patent applications and one provisional patent and plan to file for additional patents with respect to our products and we intend to defend our patents and other intellectual property against third party challenges. However, there can be no assurance that any patents applied for will be issued, that scope of protection afforded by any patents issued will be as broad as claimed or if challenged, patents may be found to be invalid or unenforceable. Moreover, there can be no assurance that we will have the financial resources to protect our intellectual property.

 There can be no assurances of protection for proprietary rights or reliance on trade secrets.

 In certain cases, the Company may rely on trade secrets to protect intellectual property, proprietary technology and processes, which the Company has acquired, developed or may develop in the future. There can be no assurances that secrecy obligations will be honored or that others will not independently develop similar or superior products or technology. The protection of intellectual property and/or proprietary technology through claims of trade secret status has been the subject of increasing claims and litigation by various companies both in order to protect proprietary rights as well as for competitive reasons even where proprietary claims are unsubstantiated. The prosecution of proprietary claims or the defense of such claims is costly and uncertain given the uncertainty and rapid development of the principles of law pertaining to this area. The Company, in common with other firms, may also be subject to claims by other parties with regard to the use of intellectual property, technology information and data, which may be deemed proprietary to others.

 Our suppliers' ability to protect their intellectual property and proprietary technology through patents and other means is uncertain and may be inadequate, which could have a material and adverse effect on us.

 We depend significantly on our suppliers' ability to protect their proprietary rights to the technologies used in the products we purchase from them and resell. Traditional legal means afford only limited protection and may not adequately protect their rights or permit them to gain or keep any competitive advantage. To the extent that they are unable to protect their intellectual property against infringement by others or by claims of infringement by such suppliers, our business could be materially adversely affected.

 We may be subject to damages resulting from claims that we, our employees, or our independent contractors have wrongfully used or disclosed alleged trade secrets of others.

 Some of our employees were previously employed at other medical device or tissue companies. We may also hire additional employees who are currently employed at other medical device or tissue companies, including our competitors. Additionally, consultants or other independent agents with which we may contract may be or have been in a contractual arrangement with one or more of our competitors. Although no claims against us are currently pending, we may be subject to claims that these employees or independent contractors have used or disclosed any party's trade secrets or other proprietary information. Litigation may be necessary to defend against these claims. Even if we are successful in defending against these claims, litigation could result in substantial costs and be a distraction to management. If we fail to defend such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights or personnel. A loss of key personnel or their work product could hamper or prevent our ability to market existing or new products, which could severely harm our business.

 If we are unable to protect our patents and trademarks from infringement, our business prospects may be harmed.

 We currently have applied for various patents and received registered trademarks for the use of Organicell and the suite of our family of biologic products offered in the United States. Although we may take steps to monitor the possible infringement or misuse of our patents and trademarks once they are obtained, it is possible that third parties may infringe, dilute or otherwise violate our intellectual property rights. Any unauthorized use of our intellectual property could harm our reputation or commercial interests. In addition, our enforcement against third-party infringers or violators may be unduly expensive and time-consuming, and any remedy obtained may constitute insufficient redress relative to the damages we may suffer. Our business may be materially adversely affected in the event we are unable to protect our intellectual property.

 Risks Related to Regulatory Approval of Our Products and Other Government Regulations

 Our business is subject to continuing regulatory compliance by the FDA and other authorities, which is costly and our failure to comply could result in negative effects on our business.

 The FDA has specific regulations governing our tissue-based products, or HCT/Ps. The FDA has broad post-market and regulatory and enforcement powers. The FDA's regulation of HCT/Ps includes requirements for registration and listing of products, donor screening and testing, processing and distribution (" Current Good Tissue Practices "), labeling, record keeping and adverse-reaction reporting, and inspection and enforcement.

 Biologics and medical devices are subject to even more stringent regulation by the FDA. Even if pre-market clearance or approval is obtained, the approval or clearance may place substantial restrictions on the indications for which the product may be marketed or to whom it may be marketed, may require warnings to accompany the product or impose additional restrictions on the sale and/or use of the product. In addition, regulatory approval is subject to continuing compliance with regulatory standards, including the FDA's quality system regulations.

 If we fail to comply with the FDA regulations regarding our tissue products or medical devices, the FDA could take enforcement action, including, without limitation, any of the following sanctions and the manufacture of our products or processing of our tissue could be delayed or terminated:

 Untitled letters, warning letters, fines, injunctions, and civil penalties;

 Recall or seizure of our products;

 Operating restrictions, partial suspension or total shutdown of production;

 Refusing our requests for clearance or approval of new products;

 Withdrawing or suspending current applications for approval or approvals already granted;

 Refusal to grant export approval for our products; and

 Criminal prosecution.

 It is likely that the FDA's regulation of HCT/Ps will continue to evolve in the future. Complying with any such new regulatory requirements may entail significant time delays and expense, which could have a material adverse effect on our business. The AATB has issued operating standards for tissue banking. Compliance with these standards is a requirement in order to become an accredited tissue bank. In addition, some states have their own tissue banking regulations.

 In November 2017, the FDA released two final guidance documents in an effort to implement a "comprehensive policy framework" for existing laws and regulations governing regenerative medicine products, including human cells, tissues, and cellular and tissue-based products (" HCT/Ps "). These guidance documents build upon the previous regulatory framework for these products, which was completed in 2005. The Comprehensive regenerative medicine policy framework intends to spur innovation, efficient access to potentially transformative products, while ensuring safety and efficacy.

 The framework builds upon the FDA's existing risk-based regulatory approach to more clearly describe what products are regulated as drugs, devices, and/or biological products. Further, two of the guidance documents propose an efficient, science-based process for helping to ensure the safety and effectiveness of these therapies, while supporting development in this area. The suite of guidance documents also defines a risk-based framework for how the FDA intends to focus its enforcement actions against those products that raise potential significant safety concerns. This modern framework is intended to balance the agency's commitment to safety with mechanisms to drive further advances in regenerative medicine so innovators can bring new, effective therapies to patients as quickly and safely as possible. The policy also delivers on important provisions of the Act.

 The FDA guidance with regard to 351 HCT/Ps requiring premarket approval became effective in May 2021. The guidance states that, in order to "give manufacturers time to determine if they need to submit an IND or marketing application in light of this guidance," the FDA intends to exercise enforcement discretion (i.e., the agency may permit marketing without an approved marketing application) if the HCT/P "is intended for autologous use and its use does not raise reported safety concerns or potential significant safety concerns." As of the date of this Annual Report, we are not aware of whether any further extension of effectiveness and enforcement of these regulations is or will be issued by the FDA.

 We have not obtained any opinion or ruling regarding the Company's operations and whether the processing, sales and distribution of the products we currently produce would be subject to the FDA's previously announced intended enforcement policies regarding HCT/P's. However, we do not believe that our products fall within these guidelines and intend to vigorously defend against any adverse interpretation by the FDA on the classification of our products that may be deemed as falling under this defined regulation, if any. However, if our products are deemed by the FDA to fall within the new guidelines and we are unable to successfully challenge any such determination, our business, results of operations and financial condition may be significantly harmed.

 In addition, procurement of certain human organs and tissue for transplantation is subject to the restrictions of the National Organ Transplant Act ("NOTA"), which prohibits the transfer of certain human organs, including skin and related tissue for valuable consideration, but permits the reasonable payment associated with the removal, transportation, implantation, processing, preservation, quality control and storage of human tissue and skin. We reimburse tissue banks, hospitals and physicians for their services associated with the recovery, storage and transportation of donated human tissue. Although we have independent third party appraisals that confirm that reasonableness of the service fees we pay, if we were to be found to have violated NOTA's prohibition on the sale or transfer of human tissue for valuable consideration, we would potentially be subject to criminal enforcement sanctions, which could materially and adversely affect our results of operations.

 Finally, as discussed above, we and other manufacturers of skin substitutes are required to provide ASP information to CMS on a quarterly basis. The Medicare payment rates are updated quarterly based on this ASP information. If a manufacturer is found to have made a misrepresentation in the reporting of ASP, such manufacturer is subject to civil monetary penalties of up to $10,000 for each misrepresentation for each day in which the misrepresentation was applied.

 To the extent our products do not qualify for regulation as human cells, tissues and cellular and tissue-based products under Section 361 of the Public Health Service Act, this could result in removal of the applicable products from the market, would make the introduction of new tissue products more expensive and significantly delay the expansion of our tissue product offerings and subject us to additional post-market regulatory requirements.

 The products we offer are derived from human tissue. The FDA has specific regulations governing human cells, tissues and cellular and tissue-based products, or HCT/Ps. An HCT/P is a product containing or consisting of human cells or tissue intended for transplantation into a human patient. HCT/Ps that meet the criteria for regulation solely under Section 361 of the Public Health Service Act (so-called " 361 HCT/Ps ") are not subject to any premarket clearance or approval requirements and are subject to less stringent post-market regulatory requirements.

 If a product is deemed not to be a 361 HCT/P, FDA regulations will require premarket clearance or approval requirements that will involve significant time and cost investments by the Company. Further, there can be no assurance that the FDA will not, at some future point, change its position on current or future products' 361 HCT/P status, and any regulatory reclassification could have adverse consequences for us and make it more difficult or expensive for us to conduct our business by requiring premarket clearance or approval and compliance with additional post-market regulatory requirements with respect to those products. Moreover, increased regulatory scrutiny within the industry in which we operate could lead to increased regulation of HCT/Ps, including 361 HCT/Ps. We also cannot assure you that the FDA will not impose more stringent definitions with respect to products that qualify as 361 HCT/Ps.

 If the FDA does allow the Company to continue to market those products that fall under the new regulations without a biologics license either prior to or after finalization of the draft guidance documents, it may impose conditions, such as labeling restrictions and compliance with cGMP. Although the Company is preparing for these requirements in connection with its pursuit of a BLA for certain of its products, compliance with these conditions would require significant additional time and cost investments by the Company. It is also possible that the FDA will not allow the Company to market any form of its products without a biologics license even prior to finalization of the draft guidance documents and could even require the Company to recall its products, which would likely result in significant harm to our business, results of operations and financial condition.

 In November 2017, the FDA issued guidance documents to clarify the FDA's interpretation of the risk-based criteria manufacturers used to determine which manufactured tissue products are subject to the FDA's premarket review and in order to be lawfully marketed in the United States, require an FDA-approved BLA.

 The FDA guidance with regard to allowing manufacturers for certain products that are subject to the FDA's premarket review under the existing regulations but are not currently meeting these requirements became effective in May 2021.

 We have not obtained any opinion or ruling regarding the Company's operations and whether the processing, sales and distribution of the products we currently produce would be subject to the FDA's previously announced intended enforcement policies regarding HCT/P's. However, we do not believe that our products fall within these guidelines and intend to vigorously defend against any adverse interpretation by the FDA on the classification of our products that may be deemed as falling under this defined regulation, if any. However, if our products are deemed by the FDA to fall within the new guidelines and we are unable to successfully challenge any such determination, our business, results of operations and financial condition may be significantly harmed.

 Our ability to commence and complete clinical studies and other research and development objectives that are required by the FDA, will require that we be properly funded to assure that we can commence and proceed with the required research activities promptly and that the results are favorable.

 The Company is pursuing efforts to commence and complete clinical studies as well as obtaining approval to commence additional studies for other specific indications it has identified that the use of its products will provide more favorable and desired health related benefits for patients seeking alternative treatment options than are currently available. The ability of the Company to succeed in these efforts is subject to among other things, the Company having timely and sufficient available working capital to fund the substantial costs of completing clinical trials, and ultimately the approval from the FDA.

 We and our sales representatives, whether employees or independent contractors, must comply with various federal and state anti-kickback, self-referral, false claims and similar laws, any breach of which could cause a material adverse effect on our business, financial condition and results of operations.

 Our relationships with physicians, hospitals and other healthcare providers are subject to scrutiny under various federal anti-kickback, self-referral, false claims and similar laws, often referred to collectively as healthcare fraud and abuse laws. Healthcare fraud and abuse laws are complex, and even minor, inadvertent violations can give rise to claims that the relevant law has been violated. Possible sanctions for violation of these fraud and abuse laws include monetary fines, civil and criminal penalties, exclusion from federal and state healthcare programs, including Medicare, Medicaid, Veterans Administration health programs, workers' compensation programs and TRICARE (the healthcare system administered by or on behalf of the U.S. Department of Defense for uniformed services beneficiaries, including active duty and their dependents, retirees and their dependents), and forfeiture of amounts collected in violation of such prohibitions. Certain states have similar fraud and abuse laws, imposing substantial penalties for violations. Any Government investigation or a finding of a violation of these laws would likely result in a material adverse effect on the market price of our common stock, as well as our business, financial condition and results of operations.

 Anti-kickback laws and regulations prohibit any knowing and willful offer, payment, solicitation or receipt of any form of remuneration in return for the referral of an individual or the ordering or recommending of the use of a product or service for which payment may be made by Medicare, Medicaid or other Government-sponsored healthcare programs. We will enter into consulting agreements, speaker agreements, research agreements and product development agreements with physicians, including some who may order our products or make decisions to use them. In addition, some of these physicians own our stock, which they purchased in arm's length transactions on terms identical to those offered to non-physicians, or received stock awards from us as consideration for services performed by them. While these transactions were structured with the intention of complying with all applicable laws, including state anti-referral laws and other applicable anti-kickback laws, it is possible that regulatory or enforcement agencies or courts may in the future view these transactions as prohibited arrangements that must be restructured or for which we would be subject to other significant civil or criminal penalties. As discussed above, we have incorporated the AdvaMed code principles into our relationships with healthcare professionals under our consulting agreements, and our policies regarding payment of travel and lodging expenses, research and educational grant procedures and sponsorship of third-party conferences. In addition, we have conducted training sessions on these principles. However, there can be no assurance that regulatory or enforcement authorities will view these arrangements as being in compliance with applicable laws or that one or more of our employees or agents will not disregard the rules we have established. Because our strategy relies on the involvement of physicians who consult with us on the design of our products, perform clinical research on our behalf or educate the market about the efficacy and uses of our products, we could be materially impacted if regulatory or enforcement agencies or courts interpret our financial relationships with physicians who refer or order our products to be in violation of applicable laws and determine that we would be unable to achieve compliance with such applicable laws. This could harm our reputation and the reputations of the physicians we engage to provide services on our behalf. In addition, the cost of noncompliance with these laws could be substantial since we could be subject to monetary fines and civil or criminal penalties, and we could also be excluded from federally funded healthcare programs, including Medicare and Medicaid, for non-compliance.

 The Federal False Claims Act (" FCA ") imposes civil liability on any person or entity that submits, or causes the submission of, a false or fraudulent claim to the U.S. Government. Damages under the FCA can be significant and consist of the imposition of fines and penalties. The FCA also allows a private individual or entity with knowledge of past or present fraud against the Federal Government to sue on behalf of the Government to recover the civil penalties and treble damages. The U.S. Department of Justice (" DOJ ") on behalf of the Government has previously alleged that the marketing and promotional practices of pharmaceutical and medical device manufacturers, including the off-label promotion of products or the payment of prohibited kickbacks to doctors, violated the FCA, resulting in the submission of improper claims to federal and state healthcare entitlement programs such as Medicaid. In certain cases, manufacturers have entered into criminal and civil settlements with the federal government under which they entered into plea agreements, paid substantial monetary amounts and entered into corporate integrity agreements that require, among other things, substantial reporting and remedial actions going forward.

 The scope and enforcement of all of these laws is uncertain and subject to rapid change, especially in light of the lack of applicable precedent and regulations. There can be no assurance that federal or state regulatory or enforcement authorities will not investigate or challenge our current or future activities under these laws. Any investigation or challenge could have a material adverse effect on our business, financial condition and results of operations. Any state or federal regulatory or enforcement review of us, regardless of the outcome, would be costly and time consuming. Additionally, we cannot predict the impact of any changes in these laws, whether these changes are retroactive or will have effect on a going-forward basis only.

 We face significant uncertainty in the industry due to government healthcare reform.

 There have been and continue to be proposals by the federal government, state governments, regulators and third-party payers to control healthcare costs, and generally, to reform the healthcare system in the United States. There are many programs and requirements for which the details have not yet been fully established or the consequences are not fully understood. These proposals may affect aspects of our business. We also cannot predict what further reform proposals, if any, will be adopted, when they will be adopted, or what impact they may have on us.

 Risks Related to our Status as a Public Company

 We are subject to the periodic reporting requirements of the Exchange Act that requires us to incur audit fees and legal fees in connection with the preparation of such reports. These additional costs could reduce or eliminate our ability to earn a profit.

 We are required to file periodic reports with the SEC pursuant to the Exchange Act and the rules and regulations promulgated thereunder. In order to comply with these requirements, our independent registered public accounting firm has to review our financial statements on a quarterly basis and audit our financial statements on an annual basis. Moreover, our legal counsel has to review and assist in the preparation of such reports. The incurrence of such costs is an expense to our operations, may increase as the Company grows and therefore have a negative effect on our ability to meet our overhead requirements and earn a profit. If we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose confidence in our reported financial information, and the trading price of our common stock, if an active trading market for our common stock ever develops or is sustained, could drop significantly.

 Our internal controls are inadequate, which could cause our financial reporting to be unreliable and lead to misinformation being disseminated to the public.

 Our management is responsible for establishing and maintaining adequate internal control over financial reporting. As defined in Rule 13a-15(f) under the Exchange Act, internal control over financial reporting is a process designed by, or under the supervision of, the principal executive and principal financial officer and effected by the board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

 pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

 provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and/or directors of the Company; and

 provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

 Our Chief Executive Officer and Chief Financial Officer noted the following material weaknesses that have caused management to conclude that, as of October 31, 2023, our disclosure controls and procedures, and our internal control over financial reporting, were not effective at the reasonable assurance level in that:

 Due to our small number of employees and resources, we have limited segregation of duties, as a result of which there is insufficient independent review of duties performed.

 Due to our small number of employees and resources, we have limited segregation of duties, as a result of which do not have the ability to implement internal controls over the granting of access to our IT environment.

 As a result of the limited number of accounting personnel, we rely on inexperienced staff and outside consultants for the preparation of our financial reports, including tax preparation, which could require adjustments and lead to overlooking items requiring disclosure.

 As a result of the Company's limited financial and personnel resources, there may be difficulties in timely analyzing and identifying potential operational and disclosure transactions within management and to comply with financial reporting regulations.

 We have taken and are continuing to take additional steps to remedy these material weaknesses. However, in doing so, we have incurred and expect to incur additional expenses and diversion of management's time in order to do so, which may adversely affect our business, results of operations and financial condition. Further effective internal controls, particularly those related to receipts and expenditures as well as disclosures, are necessary for us to produce reliable financial reports and are important to help prevent financial fraud. There can be no assurance that our remedial measures will be sufficient to address the material weaknesses or that our internal control over financial reporting will not be subject to additional material weaknesses in the future If we cannot provide reliable financial reports or prevent fraud, our business and operating results could be harmed, investors could lose confidence in our reported financial information, and the trading price of our common stock, if a market ever develops, could drop significantly.

 Risks Relating to Ownership of Our Common Stock

 Two of our stockholders control 51% of the combined voting power of our capital stock regardless of the number of shares of common stock outstanding and accordingly, have the ability to control the election of our directors and the outcome of matters submitted to our stockholders.

 Two of our stockholders, Skycrest Holdings, LLC (" Skycrest ") and Greyt Ventures LLC (" Greyt ") hold our Series C Preferred Shares, which accord them 51% of the combined voting power of our capital stock, regardless of the number of shares of common stock outstanding. Accordingly, Skycrest and Greyt have the ability to control the election of our directors and influence the outcome of issues submitted to our stockholders. As a consequence, it will be difficult, if not impossible for the other stockholders to remove our management. The voting control of the Company by Skycrest and Greyt could also deter unsolicited takeovers, including transactions in which stockholders might otherwise receive a premium for their shares over then current market prices.

 Our articles of incorporation allow for our board to create a new series of preferred stock without further approval by our stockholders, which could adversely affect the rights of the holders of our common stock.

 Our Board of Directors has the authority to fix and determine the relative rights and preferences of preferred stock. Our Board of Directors have the authority to issue up to 10,000,000 shares of our preferred stock terms of which may be determined by the Board without further stockholder approval. As a result, our Board of Directors could authorize the issuance of a new series of preferred stock (in addition to the Series C Preferred Shares) that would grant to holders the preferred right to our assets upon liquidation, the right to receive dividend payments before dividends are distributed to the holders of common stock and the right to the redemption of the shares, together with a premium, prior to the redemption of our common stock. In addition, our Board of Directors could authorize the issuance of a new series of preferred stock, subject to the consent of the holders of the Series C Preferred Shares that has even greater voting power than the Series C Preferred Shares, to our common stock or that is convertible into our common stock, which could decrease the relative voting power of our common stock or result in dilution to our existing stockholders. Although we have no present intention to issue any new additional shares of preferred stock or to create any additional series of preferred stock, we may issue such shares in the future.

 You may experience dilution of your ownership interests because of the future issuance of additional shares of common stock.

 In the future, we may issue additional authorized but previously unissued equity securities, resulting in the dilution of the ownership interests of our shareholders. We may also issue additional shares of our securities that are convertible into or exercisable for common stock, as the case may be, in connection with hiring or retaining employees, future acquisitions, future sales of its securities for capital raising purposes, or for other business purposes. The future issuance of any such additional shares of common stock may create downward pressure on the value of our securities. There can be no assurance that we will not be required to issue additional shares of common stock, warrants or other convertible securities in the future in conjunction with any capital raising efforts, including at a price (or exercise prices) below the price at which our shares may be valued or are trading in a public market.

 Offers or availability for sale of a substantial number of shares of our common stock may cause the price of our common stock to decline.

 If our stockholders sell substantial amounts of their shares of our common stock, or shares of our common stock underlying any outstanding securities held by them, in the public market under Rule 144 or upon registration of such shares pursuant to an effective registration statement, it could create a circumstance commonly referred to as an "overhang" and in anticipation of which the market price of our common stock could fall. The existence of an overhang, whether or not sales have occurred or are occurring, also could make more difficult our ability to raise additional financing through the sale of equity or equity-related securities in the future at a time and price that we deem reasonable or appropriate.

 There can be no assurances that an active trading market may develop for our common stock, or if developed, be maintained.

 The average trading volume in our stock has been historically low, with little or no trading at all on some days. As a result, an investor may find it difficult to dispose of, or to obtain accurate quotations of the price of, our common stock. Accordingly, investors must assume they may have to bear the economic risk of an investment in our common stock for an indefinite period of time. There can be no assurance that a more active market for the common stock will develop, or if one should develop, there is no assurance that it will be maintained. This severely limits the liquidity of our common stock, and would likely have a material adverse effect on the market price of our common stock and on our ability to raise additional capital.

 Our common stock is subject to the "penny stock" rules of the SEC and the trading market in the securities is limited, which makes transactions in the stock cumbersome and may reduce the value of an investment in the stock.

 The SEC has adopted Rule 15g-9 which establishes the definition of a "penny stock," for the purposes relevant to us, as any equity security that has a market price of less than $5.00 per share or with an exercise price of less than $5.00 per share, subject to certain exceptions. For any transaction involving a penny stock, unless exempt, the rules require:

 that a broker or dealer approve a person's account for transactions in penny stocks; and

 the broker or dealer receives from the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased.

 In order to approve a person's account for transactions in penny stocks, the broker or dealer must:

 obtain financial information and investment experience objectives of the person; and

 make a reasonable determination that the transactions in penny stocks are suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks.

 The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the SEC relating to the penny stock market, which, in highlight form sets forth:

 the basis on which the broker or dealer made the suitability determination; and

 that the broker or dealer received a signed, written agreement from the investor prior to the transaction.

 Generally, brokers may be less willing to execute transactions in securities subject to the "penny stock" rules. This may make it more difficult for investors to dispose of common stock and cause a decline in the market value of stock.

 Disclosure also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.

 FINRA sales practice requirements may also limit a shareholder's ability to buy and sell our common stock.

 In addition to the "penny stock" rules described above, FINRA has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, the FINRA believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The FINRA requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which may limit your ability to buy and sell our common stock and have an adverse effect on the market for shares of our common stock.

 The price of our common stock may become volatile, which could lead to losses by investors and costly securities litigation.

 The trading price of our common stock is likely to be highly volatile and could fluctuate in response to factors such as:

 actual or anticipated variations in our operating results;

 announcements of developments by us or our competitors;

 announcements by us or our competitors of significant acquisitions, strategic partnerships, joint ventures or capital commitments;

 adoption of new accounting standards affecting our Company's industry;

 additions or departures of key personnel;

 sales of our common stock or other securities in the open market; and

 other events or factors, many of which are beyond our control.

 The stock market is subject to significant price and volume fluctuations. In the past, following periods of volatility in the market price of a company's securities, securities class action litigation has often been initiated against the company. Litigation initiated against us, whether or not successful, could result in substantial costs and diversion of our management's attention and resources, which could harm our business and financial condition.

 If securities analysts do not initiate coverage or continue to cover our common stock or publish unfavorable research or reports about our business, this may have a negative impact on the market price of our common stock.

 The trading market for the common stock will depend on the research and reports that securities analysts publish about our business and the Company. We do not have any control over these analysts. There is no guarantee that securities analysts will cover the common stock. If securities analysts do not cover the common stock, the lack of research coverage may adversely affect its market price. If we are covered by securities analysts, and our stock is the subject of an unfavorable report, our stock price and trading volume would likely decline. If one or more of these analysts ceases to cover the Company or fails to publish regular reports on the Company, we could lose visibility in the financial markets, which could cause our stock price or trading volume to decline.

 We have agreed to indemnify our officers and directors against lawsuits to the fullest extent of the law.

 Organicell is a Nevada corporation. Nevada law permits the indemnification of officers and directors against expenses incurred in successfully defending against a claim. Nevada law also authorizes Nevada corporations to indemnify their officers and directors against expenses and liabilities incurred because of their being or having been an officer or director. Our organizational documents provide for this indemnification to the fullest extent permitted by law.

 Although we currently maintain directors and officers insurance coverage, there is no guarantee that such coverage or that any future insurance coverage we elect to maintain would protect us from any damages or loss claims filed against us.

 We do not anticipate dividends to be paid on our common stock, and investors may lose the entire amount of their investment.

 Cash dividends have never been declared or paid on the common stock, and we do not anticipate such a declaration or payment for the foreseeable future. We expect to use future earnings, if any, to fund business growth. Therefore, stockholders will not receive any funds absent a sale of their shares. We cannot assure stockholders of a positive return on their investment when they sell their shares, nor can we assure that stockholders will not lose the entire amount of their investment.

 The "market overhang" from options, warrants and convertible securities could adversely impact the market price of our shares.

 The " market overhang " from options, warrants and convertible securities could adversely impact the market price of our shares as a result of the dilution which would result if such securities were exercised for or converted into shares.

 Item 1B. Unresolved Staff Comments.

 Not applicable.

 Item 2. Properties.

 The Company's administrative, research, processing and sales and distribution activities are housed in approximately 1,200 square feet of space at the Nova Southeastern University Center for Collaborative Research, 3321 College Avenue, Suite 246, Davie, Florida 33314. This space is occupied pursuant to two-year license agreement with the University that expires on October 9, 2024, for an annual base license fee of $20,230.

 Item 3. Legal Proceedings.

 In addition to matters previously reported in our periodic filings with the SEC, from time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in any such matter may harm our business.

 Item 4. Mine Safety Disclosures.

 Not applicable.

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 Market Information

 Our common stock is traded on the OTCQB tier of the over-the-counter market operated by OTC Markets Group, Inc. under the symbol " OCEL. " The trading market for our common stock is limited and sporadic. We can provide no assurance that our shares of common stock will continue to be traded on the over-the counter market or another national securities exchange, or if traded, that any public market for our common stock will be active and sustained.

 The SEC has adopted rules that regulate broker-dealer practices in connection with transactions in penny stocks. Penny stocks are generally equity securities with a price of less than $5.00, other than securities registered on certain national securities exchanges or quoted on the Nasdaq system, provided that current price and volume information with respect to transactions in such securities is provided by the exchange or system. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock, to deliver a standardized risk disclosure document prepared by the SEC, that: (a) contains a description of the nature and level of risk in the market for penny stocks in both public offerings and secondary trading; (b) contains a description of the broker's or dealer's duties to the customer and of the rights and remedies available to the customer with respect to a violation to such duties or other requirements of securities laws; (c) contains a brief, clear, narrative description of a dealer market, including bid and ask prices for penny stocks and the significance of the spread between the bid and ask price; (d) contains a toll-free telephone number for inquiries on disciplinary actions; (e) defines significant terms in the disclosure document or in the conduct of trading in penny stocks; and (f) contains such other information and is in such form, including language, type, size and format, as the SEC shall require by rule or regulation.

 The broker-dealer also must provide, prior to effecting any transaction in a penny stock, the customer with (a) bid and offer quotations for the penny stock; (b) the compensation of the broker-dealer and its salesperson in the transaction; (c) the number of shares to which such bid and ask prices apply, or other comparable information relating to the depth and liquidity of the market for such stock; and (d) monthly account statements showing the market value of each penny stock held in the customer's account.

 In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from those rules the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written acknowledgment of the receipt of a risk disclosure statement, a written agreement to transactions involving penny stocks, and a signed and dated copy of a written suitability statement.

 These disclosure requirements may have the effect of reducing the trading activity in the secondary market for our stock if it becomes subject to these penny stock rules. Therefore, because our common stock is subject to the penny stock rules, shareholders may have difficulty selling those securities.

 Common Stock

 As of January 28, 2024, 6,125,482 shares of our common stock were outstanding.

 Holders of Our Common Stock

 As of January 28, 2024, we had approximately 6,000 holders of record of our common stock. One of these holders is CEDE and Company which is the mechanism used for brokerage firms to hold securities in book entry form on behalf of their clients and as of January 28, 2024, they held approximately 2,129,700 shares of common stock for these shareholders.

 Transfer Agent

 The transfer agent for our common stock is Securities Transfer Corporation, 2901 Dallas Pkwy Suite 380, Plano, TX 75093.

 Dividend Policy

 We have never paid or declared dividends on our securities. The payment of cash dividends, if any, in the future is within the discretion of our Board and will depend upon our earnings, our capital requirements, financial condition and other relevant factors. We do not expect to pay dividends for the foreseeable future, and intend to retain future earnings, if any, towards the use in our business and growth strategies.

 Securities Authorized for Issuance under Equity Compensation Plans

 Plan category

 securities to be
 issued upon exercise of
outstanding options,
warrants and rights

 Weighted-average
exercise price of
outstanding options,
warrants and rights

 securities remaining
available for future
 issuance under equity
 compensation plans
(excluding securities
 reflected in column (a))

 Board Stock Compensation Plan (1)

 -0-

 -

 22,566

 2021 Equity Incentive Plan

 655,000

 $2.40

 1,601,750

 (1)

 The Company is no longer using the Board Stock Compensation Plan to compensate its non-executive directors.

 Recent Sales of Unregistered Securities

 None.

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

 You should read the following discussion together with our consolidated financial statements and the related notes included elsewhere in this report. This discussion contains forward-looking statements, which involve risks and uncertainties. Our actual results may differ materially from those we currently anticipate as a result of many factors, including the factors we describe under Item 1A. Risk Factors and elsewhere in this report.

 Results of Operations

 Fiscal year ended October 31, 2023 as compared to fiscal year ended October 31, 2022

 Revenues. Our revenues for the year ended October 31, 2023 were $4,558,278, compared to revenues of $6,491,008 for the year ended October 31, 2022. The decrease in revenues during the year ended October 31, 2023 of $1,932,730 or 29.8%, was primarily the result of a decrease of approximately 22.0% (approximately $1,243,000) in the overall unit sales of its products during the year ended October 31, 2023 compared with the year ended October 31, 2022, a decrease of approximately 10.7% (approximately $678,600) in the average sales prices for the products sold during the year ended October 31, 2023 compared with the average sales prices realized on products sold during the year ended October 31, 2022, partially offset from an increase of approximately $7,300 of new revenues associated with its recently launched PPX service platform during the year ended October 31, 2023 compared with the year ended October 31, 2022. The decrease in the average sales prices realized on products sold during the year ended October 31, 2023 compared with the year ended October 31, 2022, was due to the reduction in overall unit sales of medical grade and aesthetic product offerings. The percentage of overall unit sales among the Company's medical grade products and the Company's aesthetic product offerings fell from 70.4% and 29.6%, respectively for the year ended October 31, 2022 to 40.7% and 59.3%, respectively, during the year ended October 31, 2023.

 Cost of Revenues. Our cost of revenues for the year ended October 31, 2023 were $507,629, compared with cost of revenues of $753,534 for the year ended October 31, 2022. The decrease in the cost of revenues during the year ended October 31, 2023 of $245,905 or 32.6%, compared with the year ended October 31, 2022, was due to a decrease in the amount of units sold of 22.0% (approximately $117,600) during the year ended October 31, 2023, compared with the year ended October 31, 2022 and from a decrease in the cost of units sold of 38.3% (approximately ($141,900) during the year ended October 31, 2023, compared to costs of units sold during the year ended October 31, 2022, partially offset from an increase in the costs associated with its recently launched PPX service platform of approximately $13,600 during the year ended October 31, 2023. The decrease in the cost of units sold was primarily the result of the Company's decrease in sales of its medical grade product offerings partially offset from the increases in costs associated with its recently launched PPX service platform during the year ended October 31, 2023 as compared to the year ended October 31, 2022.

 Gross Profit. Our gross profit for the year ended October 31, 2023 was $4,050,649 (88.9% of revenues), compared with gross profit of $5,737,475 (88.4% of revenues) for the year ended October 31, 2022. The decrease in gross profit during the year ended October 31, 2023 of $1,686,826 was the result of decreases in the average sales prices for the products sold during the year ended October 31, 2023 and decreases in overall unit sales of its products during the year ended October 31, 2023 compared to the year ended October 31, 2022.

 General and Administrative Expenses. General and administrative expenses for the year ended October 31, 2023 were $10,817,627, compared with $14,580,434 for the year ended October 31, 2022, a decrease of $3,762,807 or 25.8%. The decrease in the general and administrative expenses for the year ended October 31, 2023 compared with the year ended October 31, 2022, was primarily the result of decreased payroll and consulting fees of approximately $2,113,500, decreases in commissions from sales of the Company's products and travel and entertainment costs of approximately $1,177,100, decreases in stock-based compensation costs to advisors, consultants and administrative staff totaling approximately $707,800, decreased office related expenses of approximately $116,400, decreased laboratory related costs of approximately $150,200 and decreased costs associated with the settlement of litigation of approximately $88,800, partially offset by increased research and development costs of approximately $131,400, increases in insurance costs of approximately $247,000, increased marketing and investor relations costs of approximately $165,600 and increased reserves and/or write-offs against receivables from related parties of approximately $56,000. The reduction in payroll and consulting fees was primarily the result of the executives' agreement to a reduction in salary and other compensation and reductions in fees paid to consultants during the year ended October 31, 2023 compared to 2022. The decreases in commissions on from sales of the Company's products and travel and entertainment costs was principally the result of lower unit sales and overall revenues from the sale of the Company's products during the year ended October 31, 2023 compared with the year ended October 31, 2022. The decrease in stock-based compensation costs during the year ended October 31, 2023 compared with the year ended October 31, 2022 was principally the result of reduced amortization of costs from warrants issued as stock-based compensation to consultants in connection with the Restructuring in August 2022, stock issued as payment for services, and warrants issued to outside directors.

 Other income (expense). Other expense, net, for the year ended October 31, 2023 was ($219,730), compared with other expense, net, of ($53,597) for the year ended October 31, 2022. The increase in other expense, net of ($166,133) during the year ended October 31, 2023 compared to the year ended October 31, 2022, was principally the result of the reduction in the gain from the write-off of liabilities attributable to discontinued operations of approximately $125,900, the increase in losses from the impairment of non-marketable securities of $100,000, increased interest costs of approximately $33,200 and reduced income from the write-off of liabilities of approximately $259,600 during the year ended October 31, 2023 compared with the year ended October 31, 2022, partially offset from the increase in the gain from the sale of the Basalt Lab of approximately $340,600 during the year ended October 31, 2023 compared with the year ended October 31, 2022.

 Liquidity and Capital Resources

 Cash and Cash Equivalents

 The following table summarizes the sources and uses of cash for the periods stated. The Company held no cash equivalents for any of the periods presented:

 For the
 Fiscal Year Ended

 2023

 2022

 Cash, beginning of year

 $

 $

 108,570

 Net cash used in operating activities

 (2,197,275

)

 (3,165,840

)

 Net cash provided by (used in) investing activities

 615,566

 (824,743

)

 Net cash (used in) provided by financing activities

 (415,186

)

 7,635,110

 Cash, end of year

 $

 1,756,202

 $

 During the year ended October 31, 2023, the Company used cash in operating activities of $2,197,275, compared to $3,165,840 for the year ended October 31, 2022, a decrease in cash used of $968,565. The decrease in cash used was primarily the result of a reduction in general and administrative expenses and other income (expense) after adjusting for non-cash related activities of $3,261,706 for the year ended October 31, 2023 compared to the year ended October 31, 2022, partially offset by reductions in gross profit of $1,648,049 and reductions in cash provided from changes in operating assets and liabilities of $606,315 for the year ended October 31, 2023 compared to the year ended October 31, 2022.

 The decrease in cash provided from changes in operating assets and liabilities was due to decreases in accounts payable and accrued expenses and accrued liabilities to management partially offset from increases in prepaid expenses and deferred revenues during the year ended October 31, 2023 as compared to the year ended October 31, 2022. The reduction in general and administrative expenses and other oncome (expense) after adjusting for non-cash related activities was the result of reduced operating expenses associated with professional fees, payroll, consulting costs, research and laboratory related expenses during the year ended October 31, 2023 as compared to the year ended October 31, 2022. The decrease in revenues and gross profit during the year ended October 31, 2023 as compared to the year ended October 31, 2022 was primarily the result of lower units sales of the Company's products.

 During the year ended October 31, 2022, the Company had cash provided by investing activities of $615,566, compared to cash used in investing activities of $824,743 for the year ended October 31, 2022 an increase in cash provided from investing activities of $1,440,309. The increase in cash provided by investing activities was due primarily due to proceeds received from the sale of the Company's Basalt, Colorado lab facility of $740,957 and the reduction of payments made in connection with the Company's purchase of laboratory equipment and leasehold improvements associated with the then new Basalt lab facility during the year ended October 31, 2023 as compared to the year ended October 31, 2022, partially offset from the increase in investments from non-marketable securities of $100,000 during the year ended October 31, 2023 as compared to the year ended October 31, 2022.

 During the year ended October 31, 2023, the Company had cash used in financing activities of $415,186 compared to cash provided by financing activities of $7,635,110 for the year ended October 31, 2022. The decrease in cash provided by financing activities of $8,050,296 was due to the reduction in proceeds from the private sale of equity securities of $4,000,0000 and the sale of equity securities in other transactions of $3,170,000, decreases in capital contributed by a former executive of $250,000, increases in the shares repurchased in connection with litigation of $500,000, increases in repayment of notes payable of approximately $765,040 and increases in payments on finance leases of approximately $54,655, partially offset from increases in issuances of notes payable of $689,400 during the year ended October 31, 2023 as compared to the year ended October 31, 2022.

 Capital Resources

 The Company has historically relied on the sale of debt or equity securities, the restructuring of debt obligations and/or the issuance and/or exchange of equity securities to meet the shortfall in cash to fund its operations. During the fiscal year ended October 31, 2023 and through the date of this Annual Report, the Company completed the following private sales of its securities:

 Tysadco

 Pursuant to the Purchase Agreement entered into with Tysadco Partners LLC (" Tysadco ") on December 2, 2022, the Company submitted a put request to Tysadco to purchase 22,282 registered shares at a purchase price (as calculated pursuant to the Purchase Agreement) of $4.49, for a total of $100,000 (the " Put Request"). On December 5, 2022, Tysadco funded the Put Request and the Company issued 22,282 shares to Tysadco. The proceeds from the share sale were used for working capital and general corporate purposes.

 SPA 23

 On March 6, 2023, the Company entered into a Securities Purchase Agreement (" SPA 23 ") with AJB Capital, pursuant to which we sold a Promissory Note in the principal amount of $530,000 ("$ 530,000 Note ") to AJB in a private transaction for a purchase price of $519,400 (giving effect to original issue discount of $10,600). In connection with the sale of the $530,000 Note, the Company also paid AJB Capital's legal fees and due diligence costs of $15,000, resulting in net proceeds to the Company of $504,400, which was used for working capital and other general corporate purposes. The $530,00 Note bears interest at the rate of 12% per annum. The $530,000 Note matured on September 6, 2023 and was paid in full

 Private Offering – Convertible Promissory Notes

 During August and September 2023, the Company sold 2.9 Units (" Units ") to 4 investors in a private offering at a purchase price of $250,000 per Unit for an aggregate purchase price of $725,000. Each Unit consists of (a) a $250,000 in principal amount 8% Convertible Promissory Note due September 30, 2026; and (b) 7,813 common stock purchase warrants (the " Warrants "), each entitling the holder to purchase one share of common stock, $0.001 par value (" Shares ") at an exercise price of $20.00 for a period of five years from the date of issuance.

 Going Concern Consideration

 The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company has had limited revenues since its inception. The Company incurred net losses of $6,986,708 for the year ended October 31, 2023 and used $2,197,275 of cash from operating activities during that period. In addition, the Company had an accumulated deficit and a stockholders' deficit of $57,508,014 and $1,241,019, respectively, at October 31, 2023. The Company had a working capital deficit of $1,807,926 at October 31, 2023.

 United States Food and Drug Administration ( "FDA ") regulations which were announced in November 2017 and which became effective in May 2021 (require that the sale of products that fall under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular and tissue based products (" HCT/Ps ") can only be sold pursuant to an approved biologics license application (" BLA "). The Company has not obtained any opinion or ruling regarding the Company's operations and whether the processing, sales and distribution of the products it currently produces would be subject to the FDA's previously announced intended enforcement policies regarding HCT/P's.

 As a result of the above, the Company's efforts to establish a stabilized source of sufficient revenues to cover operating costs has yet to be achieved and ultimately may prove to be unsuccessful unless (a) the Company's ability to process, sell and distribute the products currently being produced or developed in the future are not restricted; and/or (b) additional sources of working capital through operations or debt and/or equity financings are realized. These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 Management anticipates that the Company will remain dependent, for the near future, on additional investment capital to fund ongoing operating expenses and research and development costs related to development of new products and to perform required clinical studies in connection with the sale of its products. The Company does not have any assets to pledge for the purpose of borrowing additional capital. In addition, the Company relies on its ability to produce and sell products it manufactures that are subject to changing technology and regulations that it currently sells and distributes to its customers. The Company's current market capitalization, common stock liquidity and available authorized shares may hinder its ability to raise equity proceeds. The Company anticipates that future sources of funding, if any, will therefore be costly and dilutive, if available at all.

 In view of the matters described in the preceding paragraphs, recoverability of the recorded asset amounts shown in the accompanying consolidated balance sheet assumes that (a) the Company is able to continue to produce products or obtain products under supply arrangements which are in compliance with current and future regulatory guidelines; (b) the Company will be able to establish a stabilized source of revenues, including efforts to expand sales internationally and the development of new product offerings and/or designations of products; (c) obligations to the Company's creditors are not accelerated; (d) the Company's operating expenses remain at current levels and/or the Company is successful in restructuring and/or deferring ongoing obligations; (e) the Company is able to continue its research and development activities, particularly in regards to remaining compliant with the FDA and ongoing safety and efficacy of its products; and/or (f) the Company obtains additional working capital to meet its contractual commitments and maintain the current level of Company operations through debt or equity sources.

 There is no assurance that the products we currently produce will not be subject to the FDA's previously announced intended enforcement policies regarding HCT/P's and/or the Company will be able to complete its revenue growth strategy. There is no assurance that the Company's research and development activities will be successful or that the Company will be able to timely fund the required costs of those activities. Without sufficient cash reserves, the Company's ability to pursue growth objectives will be adversely impacted. Furthermore, despite significant effort since July 2015, the Company has thus far been unsuccessful in achieving a stabilized source of revenues.

 If revenues do not increase and stabilize, if the Company's ability to process, sell and/or distribute the products currently being produced or developed in the future are restricted, and/or if additional funds cannot otherwise be raised, the Company might be required to seek other alternatives which could include the sale of assets, closure of operations and/or protection under the U.S. bankruptcy laws. As of October 31, 2023, based on the factors described above, the Company concluded that there was substantial doubt about its ability to continue to operate as a going concern for the 12 months following the issuance of these financial statements.

 Off-Balance Sheet Arrangements

 Our liquidity is not dependent on the use of off-balance sheet financing arrangements (as that term is defined in Item 303(a) (4) (ii) of Regulation S-K) and as of October 31, 2023 and through the date of this report, we had no such arrangements.

 Recently Issued Financial Accounting Standards

 There were no recently issued financial accounting standards that would have an impact on the Company's financial statements.

 Critical Accounting Policies

 Our audited consolidated financial statements reflect the selection and application of accounting policies which require us to make significant estimates and judgments. See Note 2 to our audited consolidated financial statements included in this report, " Summary of Significant Accounting Policies ".

 Item 7A. Quantitative and Qualitative Disclosures about Market Risk

 As a " smaller reporting company," as defined by Item 10 of Regulation S-K, we are not required to provide the information required by this item of Form 10-K.

 Item 8. Financial Statements and Supplementary Data.

 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 PAGE NO.

 Reports of Independent Registered Public Accounting Firms

 Consolidated Balance Sheets as of October 31, 2023 and 2022

 Consolidated Statements of Operations for the Years Ended October 31, 2023 and 2022

 Consolidated Statement of Changes In Stockholders' Equity (Deficit) for the Years Ended October 31, 2023 and 2022

 Consolidated Statements of Cash flows for the Years Ended October 31, 2023 and 2022

 Notes to Consolidated Financial Statements

 F- 1

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To the Shareholders and Board of Directors of

 Opinion on the Financial Statements

 We have audited the accompanying consolidated balance sheet of Organicell Regenerative Medicine, Inc. (the "Company") as of October 31, 2023, the related consolidated statements of operations, changes in stockholders' deficit and cash flows for the year ended October 31, 2023, and the related notes ( collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of October 31, 2023, and the results of its operations and its cash flows for the year ended October 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

 Going Concern

 The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 3, the Company has a stockholders' deficit and has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 Basis for Opinion

 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 Critical Audit Matter

 The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

 F- 2

 Convertible note transactions

 As described in Note 11 to the consolidated financial statements, the Company issued investment units consisting of secured promissory notes which are convertible into shares of the Company's common stock and warrants to acquire shares of the Company's common stock. The Company allocated the proceeds received from the sale of the investment units to the convertible notes and warrants based upon their relative fair value. The Company used a Black Scholes Option Pricing Model, which uses certain assumptions related to expected life of the warrants, expected volatility, risk-free interest rates, and future dividends, to determine the fair value of the warrants.

 We identified the accounting for the issuance of the convertible notes and warrants as a critical audit matter because of the significance of the account balances, and due to the complexity involved in assessing the classification and presentation of the convertible notes and warrants. The auditing for these transactions required a high degree of audit judgement including evaluating the reasonableness of the significant judgements made by management in determining the appropriate accounting.

 The primary audit procedures we performed to address this critical audit matter included the following, among others:

 We read the convertible note and warrant agreements, and relevant documentation.

 We obtained the Company's analysis of the accounting of the convertible note and warrants issued in accordance with relevant accounting standards.

 We evaluated the reasonableness of the Company's methodology for allocation of proceeds including the Company's consideration of relevant accounting standards.

 We developed independent estimates for the fair value of the warrants issued based on the assumptions and data used by management.

 /s/ Weinberg & Company P.A.

 Weinberg & Company P.A.

 We have served as the Company's auditor since 2023.

 Los Angeles, CA January 29, 2024

 F- 3

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To the Shareholders and Board of Directors of

 Opinion on the Financial Statements

 We have audited the accompanying consolidated balance sheets of Organicell Regenerative Medicine, Inc. (the "Company") as of October 31, 2022, the related consolidated statements of operations, changes in stockholders' equity and cash flows for the year ended October 31, 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of October 31, 2022, and the results of its operations and its cash flows for the year ended October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

 Explanatory Paragraph – Going Concern

 The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 3, the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 Basis for Opinion

 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 Critical Audit Matters

 Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.

 /s/ Marcum llp

 Marcum llp ( PCAOB ID No. 688)

 We have served as the Company's auditor from 2015 through April 2023.

 Fort Lauderdale, FL
February 14, 2023

 F- 4

 CONSOLIDATED BALANCE SHEETS

 As of October 31, 2023 and 2022

 2023

 2022

 ASSETS

 Current Assets

 Cash

 $

 1,756,202

 $

 Accounts receivable, net of allowance for bad debts

 18,212

 55,110

 Receivables from related parties

 -

 128,939

 Other receivables

 11,378

 7,433

 Prepaid expenses

 106,184

 173,152

 Inventories

 310,183

 248,510

 Total Current Assets

 2,202,159

 4,366,241

 Property and equipment, net

 572,726

 1,683,516

 Other assets – right of use

 -

 110,995

 Security deposits

 7,315

 39,936

 TOTAL ASSETS

 $

 2,782,200

 $

 6,200,688

 LIABILITIES, SHARES SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' (DEFICIT) EQUITY

 Current Liabilities

 Accounts payable and accrued expenses

 $

 2,611,969

 $

 2,378,531

 Advances payable to former officer

 220,897

 220,897

 Finance lease obligations

 23,107

 143,748

 Operating lease obligations

 -

 82,407

 Promissory note, net of debt discount

 -

 563,111

 Convertible promissory note, net of debt discount

 656,853

 -

 Commitment Fee Shortfall Obligation

 -

 174,462

 Commitment to repurchase shares in connection with settlement of litigation

 -

 500,000

 Deferred revenue

 497,259

 -

 Total Current Liabilities

 4,010,085

 4,063,156

 Long term finance lease obligations

 13,134

 220,340

 Long term operating lease obligations

 -

 28,588

 Total Liabilities

 4,023,219

 4,312,084

 Commitments and contingencies

 Shares Subject To Possible Redemption

 Series C Preferred Stock, $ 0.001 par value, 100 shares authorized; 100 and 100 shares issued and outstanding, respectively

 -

 -

 Stockholders' (Deficit) Equity

 Common stock, $ 0.001 par value, 2,500,000,000 shares authorized; 7,283,483 and 7,395,632 shares issued and outstanding, respectively

 7,284

 7,396

 Additional paid-in capital

 56,259,711

 52,402,514

 Accumulated deficit

 ( 57,508,014

)

 ( 50,521,306

)

 Total Stockholders' (Deficit) Equity

 ( 1,241,019

)

 1,888,604

 TOTAL LIABILITIES, SHARES SUBJECT TO POSSIBLE REDEMPTION AND STOCKHOLDERS' (DEFICIT) EQUITY

 $

 2,782,200

 $

 6,200,688

 The accompanying notes are an integral part of these consolidated financial statements.

 F- 5

 CONSOLIDATED STATEMENTS OF OPERATIONS

 For the Years Ended October 31, 2023 and 2022

 Year Ended

 2023

 2022

 Revenues (includes sales to related parties of approximately $ 115,440 and $ 329,600, respectively)

 $

 4,558,278

 $

 6,491,008

 Cost of revenues

 507,629

 753,534

 Gross profit

 4,050,649

 5,737,474

 General and administrative expenses (including write-off of $142,405 of officers advances in 2023)

 10,817,627

 14,580,434

 Loss from operations

 ( 6,766,978

)

 ( 8,842,960

)

 Other income (expense)

 Interest expense

 ( 431,424

)

 ( 398,260

)

 Change in Commitment Fee Shortfall Obligation

 ( 18,917

)

 ( 30,692

)

 Impairment of non-marketable securities in a related entity

 ( 100,000

)

 -

 Gain on sale of assets

 340,611

 -

 Gain from write-off of liabilities attributable to discontinued operations

 -

 125,851

 Other

 ( 10,000

)

 249,504

 Net loss

 $

 ( 6,986,708

)

 $

 ( 8,896,557

)

 Net loss per common share - basic and diluted

 $

 ( 0.99

)

 $

 ( 1.56

)

 Weighted average number of common shares outstanding - basic and diluted

 7,028,638

 5,688,230

 The accompanying notes are an integral part of these consolidated financial statements.

 F- 6

 CONSOLIDATED CHANGES TO STOCKHOLDERS' EQUITY (DEFICIT)

 For the Years Ended October 31, 2022 and 2023

 Additional

 Total
 Stockholders'

 Common Stock

 Paid In

 Accumulated

 Equity

 Par Value

 Capital

 Deficit

 (Deficit)

 Balance October 31, 2021

 5,661,805

 $

 5,662

 $

 38,953,494

 $

 ( 41,624,749

)

 $

 ( 2,665,593

)

 Sale of common stock

 1,412,500

 1,413

 7,288,587

 -

 7,290,000

 Stock-based compensation

 263,250

 3,916,327

 -

 3,916,590

 Shares issued in Restructuring

 -

 -

 -

 -

 -

 Capital contributed by Executive

 -

 -

 -

 Warrants issued to executives as payment for outstanding compensation

 -

 -

 649,740

 -

 649,740

 Executive forgiveness of employment obligations in connection with Restructuring

 -

 -

 1,526,893

 -

 1,526,893

 Commitment to repurchase shares in connection with settlement of litigation

 -

 -

 ( 500,000

)

 ( 500,000

)

 Common stock issued as commitment fee for Promissory Note

 23,077

 156,208

 -

 156,231

 Exchange of accounts payable for stock

 25,000

 117,475

 -

 117,500

 Stock issued in settlement of litigation

 10,000

 43,790

 -

 43,800

 Net loss

 -

 -

 -

 ( 8,896,557

)

 ( 8,896,557

)

 Balance October 31, 2022

 7,395,632

 7,396

 52,402,514

 ( 50,521,306

)

 1,888,604

 Sale of common stock

 22,282

 99,978

 -

 Stock-based compensation

 25,969

 3,208,750

 -

 3,208,776

 Issuance of Common stock and Warrants as commitment fee for SPA 23 Note

 75,000

 282,425

 -

 282,500

 Discount on warrants issued with convertible debt

 -

 -

 72,430

 -

 72,430

 Stock issued in satisfaction of Commitment Fee Shortfall Obligation

 58,600

 193,320

 -

 193,379

 Cancellation of shares repurchased in connection with litigation

 ( 124,000

)

 ( 124

)

 -

 -

 Return of former executive's shares and warrants

 ( 170,000

)

 ( 170

)

 -

 -

 Net loss

 -

 -

 -

 ( 6,986,708

)

 ( 6,986,708

)

 Balance October 31, 2023

 7,283,483

 $

 7,284

 $

 56,259,711

 $

 ( 57,508,014

)

 $

 ( 1,241,019

)

 The accompanying notes are an integral part of these consolidated financial statements.

 F- 7

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 For the Years Ended October 31, 2023 and 2022

 Year Ended

 2023

 2022

 CASH FLOWS FROM OPERATING ACTIVITIES

 Net loss

 $

 ( 6,986,708

)

 $

 ( 8,896,557

)

 Adjustments to reconcile net loss to net cash used in operating activities:

 Depreciation and amortization expense

 486,354

 332,508

 Amortization of OID and commitment fee discount – Promissory Note

 349,272

 323,111

 Change in Commitment Fee Shortfall Obligation

 18,917

 30,692

 Gain from sale of assets

 ( 340,611

)

 -

 Gain from write-off of liabilities attributable to discontinued operations

 -

 ( 125,851

)

 Gain from write-offs and settlements of accounts payable and notes payable

 -

 ( 249,504

)

 Write-off of non-marketable securities

 -

 Write-off of receivables from officers and other receivable

 142,405

 -

 Write-off of fixed assets

 36,219

 -

 Reserve for bad debt

 -

 27,500

 Write-off of inventory

 -

 37,455

 Stock issued in settlement of litigation

 -

 43,800

 Stock-based compensation

 3,208,776

 3,916,590

 Changes in operating assets and liabilities:

 Accounts receivable, net of allowance for bad debts

 36,898

 17,148

 Receivables from related party

 -

 ( 128,939

)

 Other receivable

 ( 17,411

)

 ( 7,433

)

 Prepaid expenses

 66,968

 ( 103,505

)

 Inventories

 ( 61,673

)

 ( 51,138

)

 Accounts payable and accrued expenses

 233,439

 1,035,609

 Accrued liabilities to management

 -

 657,003

 Security deposits

 32,621

 ( 14,754

)

 Deferred revenue

 497,259

 ( 9,575

)

 Net cash used in operating activities

 ( 2,197,275

)

 ( 3,165,840

)

 CASH FLOWS FROM INVESTING

 Purchase of fixed assets

 ( 25,391

)

 ( 824,743

)

 Proceeds from sale of assets

 740,957

 -

 Investment in non-marketable equity securities

 ( 100,000

)

 -

 Net cash provided by (used in) investing activities

 615,566

 ( 824,743

)

 CASH FLOWS FROM FINANCING ACTIVITIES

 Proceeds from issuance of notes payable

 1,229,400

 540,000

 Shares repurchased in connection with litigation

 ( 500,000

)

 -

 Capital contributed by former executive

 -

 Payments on finance leases

 ( 114,586

)

 ( 59,930

)

 Repayments of notes payable

 ( 1,130,000

)

 ( 364,960

)

 Proceeds from sale of common stock

 7,270,000

 Net cash (used in) provided by financing activities

 ( 415,186

)

 7,635,110

 Increase (decrease) in cash

 ( 1,996,895

)

 3,644,527

 Cash at beginning of period

 108,570

 Cash at end of period

 $

 1,756,202

 $

 SUPPLEMENTAL CASH FLOW INFORMATION:

 Cash paid for taxes

 $

 -

 $

 -

 Cash paid for interest

 $

 67,145

 $

 78,625

 NON-CASH INVESTING AND FINANCING TRANSACTIONS:

 Executive forgiveness of employment obligations in connection with Restructuring

 $

 -

 $

 1,526,893

 Warrants issued to executives as payment for outstanding compensation

 $

 -

 $

 649,740

 Warrants issued in connection with convertible notes

 $

 72,430

 $

 -

 Finance lease assigned to buyer in connection with asset sale

 $

 213,261

 $

 -

 Stock issued in exchange for accounts payable

 $

 -

 $

 117,500

 OID discount on proceeds received from Promissory Note

 $

 10,600

 $

 60,000

 Stock purchased from payments due on accounts payable

 $

 -

 $

 20,000

 Common stock issued as commitment fee for Promissory Note

 $

 282,500

 $

 156,231

 Commitment Fee Shortfall Obligation

 $

 -

 $

 143,769

 Commitment to repurchase shares in connection with settlement of litigation

 $

 -

 $

 500,000

 Promissory note issued for past due Professional Fees

 $

 -

 $

 256,000

 Purchase of fixed assets included in accounts payable

 $

 -

 $

 77,865

 Common stock issued in satisfaction of Commitment Fee Shortfall Obligation

 $

 193,379

 $

 -

 The accompanying notes are an integral part of these consolidated financial statements.

 F- 8

 ORGANICELL REGENERATIVE MEDICINE, INC.

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

 Organicell Regenerative Medicine, Inc. ("Organicell" or the "Company") was incorporated on August 9, 2011 in the State of Nevada under the name Bespoke Tricycles Inc. (changed to Biotech Products Services and Research, Inc. during September 2015 and to Organicell Regenerative Medicine, Inc., effective June 20, 2018). The Company is a clinical-stage biopharmaceutical company principally focusing on the development of innovative biological therapeutics for the treatment of degenerative diseases and regenerative medicine. The Company's proprietary products are derived from perinatal sources and manufactured to retain the naturally occurring extracellular vesicles, hyaluronic acid, and proteins without the addition or combination of any other substance or diluent ("RAAM Products"). Our RAAM Products and related services are principally used in the health care industry administered through doctors and clinics ("Providers").

 On December 8, 2023, our board of directors and our stockholders holding a majority of the Company's voting power, approved resolutions authorizing the Company to amend its Articles of Incorporation to change the name ("Name Change") of the Company from Organicell Regenerative Medicine, Inc. to "Zeo ScientifiX, Inc." Implementation and effectiveness of the Name Change will be subject to Organicell's compliance with applicable regulatory requirements of the Securities and Exchange Commission and FINRA.

 For the years ended October 31, 2023 and 2022, the Company principally operated through General Surgical of Florida, Inc., a Florida corporation and wholly owned subsidiary, which was formed to sell the Company's therapeutic products to Providers.

 The Company's leading product, Zofin (also known as Organicell Flow), is an acellular, biologic therapeutic derived from perinatal sources and is manufactured to retain naturally occurring microRNAs, without the addition or combination of any other substance or diluent.

 The Company recently launched a service platform for its first autologous product called Patient Pure X (PPX). PPX is a non-manipulated biologic containing the nanoparticle fraction from a patient's own peripheral blood. To date, revenues from PPX continue to be minimal.

 During the year ended October 31, 2023, the Company began to expand the use of its proprietary products in future formulations for a variety of topical use applications in the skin-care industry.

 On November 7, 2023, the Company filed a certificate of amendment to its Articles of Incorporation to affect a reverse split of our issued and outstanding common stock on a one-for-two-hundred basis. The reverse stock split was effective with FINRA on November 28, 2023 (the "Reverse Split"). The par value of the Company's common stock was unchanged at $0.001 per share after the Reverse Split. As a result, on the effective date of the Reverse Split, the stated capital on the Company's balance sheet attributable to the Company's common stock was reduced proportionately based on the reverse stock split ratio of one-for-two hundred and the additional paid-in capital account was credited with the amount by which the stated capital was reduced. All per share amounts referenced herein are reflective of the Reverse Split.

 F- 9

 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 Basis of Presentation

 The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.

 Concentrations of Risk

 Credit Risk

 The balance sheet items that potentially subject us to concentrations of credit risk are primarily cash and cash equivalents and accounts receivable. Balances in accounts are insured up to Federal Deposit Insurance Corporation ("FDIC") limits of $ 250,000 per institution. At October 31, 2023, the Company held in two financial institutions a total of $ 915,497 of cash balances in excess of FDIC insurance coverage limits.

 Major Customer

 During the year ended October 31, 2023, the Company sold products and services totaling approximately $ 1,301,000 ( 28.5 %) to a large distributor and the distributor's customers, approximately $ 459,000 ( 10.1 %) to a large distributor and the distributor's customers and approximately $ 460,000 ( 10.1 %) to an individual medical practice.

 During the fiscal year ended October 31, 2022, the Company sold a total of approximately $ 2,124,000 ( 32.7 %) to a large distributor and the distributors customers, approximately $ 1,413,700 ( 21.8 %) to customers of another distributor and $ 702,100 ( 10.8 %) of product to a management services organization (MSO) that provides administrative services and contracts for medical supplies for several medical practices.

 The Company's sales agreements are non-exclusive and the Company does not believe it has any exposure based on the customers of its products.

 Major Supplier

 During the fiscal year ended October 31, 2023, the Company purchased the tissue raw material used in manufacturing of its products from two suppliers, of which each accounted for approximately $ 113,100 and $ 86,900 or 57.0 % and 43.0 %, respectively, of the total amount of tissue raw material purchased during that period.

 During the fiscal year ended October 31, 2022, the Company purchased the tissue raw material used in manufacturing of its products from two suppliers, of which each accounted for approximately $ 145,000 and $ 130,000 or 53.0 % and 47.0 %, respectively, of the total amount of tissue raw material purchased during that period.

 The Company's supply agreements are non-exclusive and the Company does not believe it has any exposure based on the availability of raw materials and/or products from other suppliers.

 F- 10

 Use of Estimates

 The preparation of financial statements in conformity with generally accepted accounting principles of the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.

 Those estimates and assumptions include estimates for credit loss reserves for accounts receivable, assumptions used in valuing inventories at net realizable value, impairment testing of recorded long-term tangible and intangible assets, the valuation allowance for deferred tax assets, accruals for potential liabilities, assumptions made in valuing equity instruments issued for services, and assumptions used in the determination of the Company's liquidity.

 Cash Equivalents

 The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents.

 Accounts Receivable

 Accounts receivable are recorded at net realizable value on the date revenue is recognized. The Company provides allowances for doubtful accounts for estimated losses resulting from the inability of its customers to pay their obligation. If the financial condition of the Company's customers were to deteriorate, resulting in an impairment of their ability to repay, additional allowances may be required. The Company provides for potential uncollectible accounts receivable based on specific customer identification and historical collection experience adjusted for existing market conditions.

 The policy for determining past due status is based on the contractual payment terms of each customer, which are generally net 30 or net 60 days. Once collection efforts by the Company and its collection agency are exhausted, the determination for charging off uncollectible receivables is made. Management determined that no allowance for bad debts was necessary at October 31, 2023 and 2022. For the year ended October 31, 2023 and 2022, the Company recorded bad debt expense of $ 0 and $ 27,500, respectively.

 Inventory

 Inventory is stated at the lower of cost or net realizable value using the average cost method. The Company provides a reserve for potential excess, dated or obsolete inventories based on an analysis of forecasted demand compared to quantities on hand and any firm purchase orders, as well as product shelf life. At October 31, 2023 and 2022, the Company determined that no reserves were required in connection with our inventory. At October 31, 2022, the Company wrote off $ 37,455 in connection with inventory that the Company determined was no longer saleable due to its expired shelf life.

 Property and Equipment

 Property and equipment are stated at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the related assets. The estimated useful lives of property and equipment range from 3 to 15 years. Upon sale or retirement, the cost and related accumulated depreciation and amortization are eliminated from their respective accounts, and the resulting gain or loss is included in results of operations. Repairs and maintenance charges, which do not increase the useful lives of the assets, are charged to operations as incurred.

 F- 11

 Non-marketable Securities

 Non-marketable securities consist of equity investments in privately held companies, which are classified as other assets on the consolidated balance sheets. These non-marketable equity securities do not have readily determinable fair values. Under the measurement alternative election, the Company accounts for these non-marketable securities at cost and adjusted for observable price changes in orderly transactions for the identical or similar investments of the same issuer or upon impairment and are not eligible for the net-asset-value practical expedient from fair value measurement. The measurement alternative election is reassessed each reporting period to determine whether the non-marketable securities continue to be eligible for this election.

 The Company periodically evaluates its non-marketable securities for impairment when events and circumstances indicate that the carrying amount of the investment may not be recovered. Impairment indicators may include, but are not limited to, a significant deterioration in earnings performance, credit rating, asset quality or business outlook or a significant adverse change in the regulatory, economic, or technological environment.

 Under current U.S. GAAP, equity investments without readily determinable fair values are reported at cost minus impairment. However, impairment losses are recognized only if they are considered other-than- temporary. The Company evaluated its investment in non-marketable securities at October 31, 2023, and determined such investment was impaired.

 Leasehold Improvements

 Leasehold improvements in excess of $1,000 that are made in connection with leases having a term of more than 12 months are capitalized by the Company and amortized over the shorter of the useful life of the asset or the remaining lease periods and renewals that are deemed to be reasonably certain at the date the leasehold improvements are purchased. Costs associated with leasehold improvements that do not exceed $1,000 are expensed as incurred.

 Revenue Recognition

 The Company follows the guidance of FASB Accounting Standards Update ("ASU") Topic 606 "Revenue from Contracts with Customers" which requires the Company to recognize revenue in amounts that reflect the prorata completion of the performance obligations of the Company required under the contracts.

 The Company recognizes revenue only when it transfers control of a promised good or service to a customer in an amount that reflects the consideration it expects to receive in exchange for the good or service. Our performance obligations are satisfied and control is transferred at a point-in-time, which is typically when the transfer and title to the product sold has taken place and there is evidence of our customer's satisfactory acceptance of the product shipment or delivery except in those instances when the customer has made prior arrangements with the Company to store the product purchased by the customer at the Company's facilities that is to be delivered at a later date to be designated by the customer. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue on the Company's consolidated balance sheet.

 Net Income (Loss) Per Common Share

 Basic income (loss) per common share is calculated by dividing the Company's net loss applicable to common shareholders by the weighted average number of fully vested common shares outstanding during the period. Diluted earnings per share is calculated by dividing the Company's net income available to common shareholders by the diluted weighted average number of fully vested shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted average number of shares adjusted for any potentially dilutive debt or equity instruments.

 At October 31, 2023, the Company had 2,571,656 common shares issuable upon the exercise of warrants and 100,000 unvested restricted stock that were not included in the computation of dilutive loss per share because their inclusion is anti-dilutive for the year ended October 31, 2023. At October 31, 2022, the Company had 2,149,000 common shares issuable upon the exercise of warrants and 499,216 unvested restricted stock that were not included in the computation of dilutive loss per share because their inclusion is anti-dilutive for the year ended October 31, 2022.

 F- 12

 Stock-Based Compensation

 All stock-based payments are recognized in the financial statements based on their fair values.

 The Company periodically issues stock options and stock awards to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line basis over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company had paid cash for the services.

 The fair value of the Company's stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods.

 Research and Development Costs

 Research and development costs consist of direct and indirect costs associated with the development of the Company's technologies. These costs are expensed as incurred. Our research and development expenses were approximately $ 922,700 and $ 791,300 for the years ended October 31, 2023 and 2022, respectively. The research and development costs primarily relate to the filing and approval of IND applications and the performance of clinical trials.

 Income Taxes

 The Company files a consolidated tax return that includes all of its subsidiaries.

 Provisions for income taxes are based on taxes payable or refundable for the current year taxable income for federal and state income tax reporting purposes and deferred income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss carryforwards. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of the operations in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some or all of the deferred tax assets will not be realized.

 The Company accounts for uncertain tax positions in accordance with FASB Topic 740 – Income Taxes. This pronouncement prescribes a recognition threshold and measurement process for financial statement recognition of uncertain tax positions taken or expected to be taken in a tax return. The interpretation also provides guidance on recognition, derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.

 For the years ended October 31, 2023 and 2022 the Company incurred operating losses, and therefore, there was not any income tax expense amount recorded during those periods. There is a full valuation allowance established for the tax benefit associated with the net losses for the years ended October 31, 2023 and 2022.

 F- 13

 Valuation of Derivatives

 The Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, "Derivatives and Hedging." The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date.

 Sequencing

 The Company has adopted a sequencing policy whereby, in the event that reclassification of contracts from equity to assets or liabilities is necessary pursuant to ASC 815 due to the Company's inability to demonstrate it has sufficient authorized shares, shares will be allocated on the basis of the earliest issuance date of potentially dilutive instruments, with the earliest grants receiving the first allocation of shares.

 The Company currently has 2,500,000,000 authorized shares of common stock of which 7,283,483 shares are issued and outstanding as of October 31, 2023. The Company expects that it will continue to issue common stock in the future in connection with debt and/or equity financings, transactions with third parties, performance incentives and as compensation to its employees. Currently the amount of authorized shares is sufficient to provide for the additional shares that the Company may be contingently obligated to issue under existing arrangements.

 Fair Value of Financial Instruments

 The Company includes fair value information in the notes to financial statements when the fair value of its financial instruments is different from the book value. When the book value approximates fair value, no additional disclosure is made.

 The Company follows FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. It defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company's financial instruments consist of cash and cash equivalents, accounts payable, accrued liabilities and convertible debt. The estimated fair value of cash, accounts payable and accrued liabilities approximate their carrying amounts due to the short-term nature of these instruments.

 The Company follows the provisions of ASC 820 with respect to its financial instruments. As required by ASC 820, assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement.

 Level one — Quoted market prices in active markets for identical assets or liabilities;

 Level two — Inputs other than level one inputs that are either directly or indirectly observable such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

 Level three — Unobservable inputs that are supported by little or no market activity and developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use.

 F- 14

 The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

 Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter.

 Operating Lease Obligations

 Under the provisions of Accounting Standards Update (ASU) No. 2016-02 (Topic 842) ("ASC 842"), the Company recognizes a right of use ("ROU") asset and corresponding lease liability for all operating leases upon commencement of the lease.

 The Company's policy is to treat operating leases that have a term of one year or less at lease commencement date and do not include a purchase option that is reasonably certain of exercise, consistent with the lease recognition approach as previously outlined under ASC 840. In addition, month to month leases which do not involve additional financial commitments on the part of the Company are also treated consistent with the lease recognition approach as previously outlined under ASC 840. The Company has established a capitalization threshold of $ 15,000 in determining whether any future operating leases will be capitalized.

 Subsequent Events

 The Company has evaluated subsequent events that occurred after October 31, 2023 through the financial statement issuance date for subsequent event disclosure or recording.

 NOTE 3 – GOING CONCERN

 The accompanying consolidated financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company has had limited revenues since its inception. The Company incurred net losses of $ 6,986,708 for the year ended October 31, 2023 and used $ 2,197,275 of cash from operating activities during that period. In addition, the Company had an accumulated deficit and a stockholders' deficit of $ 57,508,014 and $ 1,241,019, respectively, at October 31, 2023. The Company had a working capital deficit of $ 1,807,926 at October 31, 2023.

 United States Food and Drug Administration ("FDA") regulations which were announced in November 2017 and which became effective in May 2021 require that the sale of products that fall under Section 351 of the Public Health Services Act pertaining to marketing traditional biologics and human cells, tissues and cellular and tissue based products ("HCT/Ps") can only be sold pursuant to an approved biologics license application ("BLA"). The Company has not obtained any opinion or ruling regarding the Company's operations and whether the processing, sales and distribution of the products it currently produces would be subject to the FDA's previously announced intended enforcement policies regarding HCT/P's.

 As a result of the above, the Company's efforts to establish a stabilized source of sufficient revenues to cover operating costs has yet to be achieved and ultimately may prove to be unsuccessful unless (a) the Company's ability to process, sell and distribute the products currently being produced or developed in the future are not restricted; and/or (b) additional sources of working capital through operations or debt and/or equity financings are realized. These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 F- 15

 Management anticipates that the Company will remain dependent, for the near future, on additional investment capital to fund ongoing operating expenses and research and development costs related to development of new products and to perform required clinical studies in connection with the sale of its products. The Company does not have any assets to pledge for the purpose of borrowing additional capital. In addition, the Company relies on its ability to produce and sell products it manufactures that are subject to changing technology and regulations that it currently sells and distributes to its customers. The Company's current market capitalization, common stock liquidity and available authorized shares may hinder its ability to raise equity proceeds. The Company anticipates that future sources of funding, if any, will therefore be costly and dilutive, if available at all.

 In view of the matters described in the preceding paragraphs, recoverability of the recorded asset amounts shown in the accompanying consolidated balance sheet assumes that (a) the Company is able to continue to produce products or obtain products under supply arrangements which are in compliance with current and future regulatory guidelines; (b) the Company will be able to establish a stabilized source of revenues, including efforts to expand sales internationally and the development of new product offerings and/or designations of products; (c) obligations to the Company's creditors are not accelerated; (d) the Company's operating expenses remain at current levels and/or the Company is successful in restructuring and/or deferring ongoing obligations; (e) the Company is able to continue its research and development activities, particularly in regards to remaining compliant with the FDA and ongoing safety and efficacy of its products; and/or (f) the Company obtains additional working capital to meet its contractual commitments and maintain the current level of Company operations through debt or equity sources.

 There is no assurance that the products we currently produce will not be subject to the FDA's previously announced intended enforcement policies regarding HCT/P's and/or the Company will be able to complete its revenue growth strategy. There is no assurance that the Company's research and development activities will be successful or that the Company will be able to timely fund the required costs of those activities. Without sufficient cash reserves, the Company's ability to pursue growth objectives will be adversely impacted. Furthermore, despite significant effort since July 2015, the Company has thus far been unsuccessful in achieving a stabilized source of revenues.

 If revenues do not increase and stabilize, if the Company's ability to process, sell and/or distribute the products currently being produced or developed in the future are restricted, and/or if additional funds cannot otherwise be raised, the Company might be required to seek other alternatives which could include the sale of assets, closure of operations and/or protection under the U.S. bankruptcy laws. As of October 31, 2023, based on the factors described above, the Company concluded that there was substantial doubt about its ability to continue to operate as a going concern for the 12 months following the issuance of these financial statements.

 NOTE 4 – RESTRUCTURING

 Effective July 13, 2022, the Company entered into (a) a binding letter of intent with Skycrest Holdings, LLC ("Skycrest") and Greyt Ventures LLC ("Greyt," and together with Skycrest, the "Skycrest/Greyt Group") to invest $ 2,000,000 in the Company through the purchase of 500,000 shares of the Company's common stock ("Shares") at a price of $ 4.00 per Share; and (b) effective July 16, 2022, a second binding letter of intent with Beyond 100 FZE, a Dubai company ("Beyond 100," and together with the Skycrest/Greyt Group, the "Investors") to invest $ 2,000,000 in the Company through the purchase of 500,000 shares at a price of $ 4.00 per Share.

 Pursuant to the binding letters of intent (the "LOIs"), the Company agreed to (a) make certain corporate governance changes as more fully described therein, including allowing the Investors to appoint new independent directors who will comprise a majority of the members of the Board; (b) enter into 36-month consulting agreements with each of Skycrest and Greyt (each, a "Consulting Agreement," and collectively, the "Consulting Agreements"), pursuant to which (i) Skycrest and Greyt will provide certain advisory services to the Company as more fully set forth in the LOIs; and (ii) Skycrest and Greyt shall each be compensated for their services by the Company issuing to each of them ten year-warrants to purchase 750,000 Shares at an exercise price of $ 4.00 per Share (the "Warrants"), which Warrants will be exercisable on a "cashless" basis; (c) implement certain changes in management, including Albert Mitrani stepping down as Chief Executive Officer; and (d) make modifications to management compensation, all as more fully set forth in the LOIs.

 F- 16

 Contemporaneously with entering into the respective LOIs, the Skycrest/Greyt Group and Beyond 100 each advanced Organicell $400,000 and $300,000, respectively (a total of $700,000) as good faith deposits against the $2,000,000 (a total of $4,000,000) purchase price for the Shares.

 On August 19, 2022 ("Closing"), the Company entered into stock purchase agreements (each, an "SPA" and collectively, the "SPAs") with Skycrest Holdings, LLC ("Skycrest"), Greyt Ventures LLC ("Greyt"), Beyond 100 FZE ("Beyond 100") and Smart Co. Holding Pte. Ltd. ("Smart Co," and together with Skycrest, Greyt and Beyond 100, individually, an "Investor" and collectively, the "Investors").

 Pursuant to the SPAs, the Company issued each Investor 250,000 shares of the Company's common stock ("Shares") at a price of $4.00 per Share ($1,000,000). In addition, under the SPAs with Skycrest and Greyt, the Company issued each of them 50 shares of newly designated Series C Non-Convertible Preferred Stock (the "Series C Preferred Shares"). The Series C Preferred Shares vote together with Shares of our common stock as a single class on all matters presented to a vote of stockholders, except as required by law and entitle Skycrest and Greyt to each exercise 25.5% of the total voting power of the Company.

 The SPAs with Skycrest and Greyt, also grant them the right, acting jointly, to designate a majority of the nominees to be elected to the Company's board of directors at each annual meeting of the Company's stockholders (the "Designation Right"). The Designation Right expires at such time as the Series C Preferred Shares are no longer outstanding.

 As a result of the issuance to Skycrest and Grey of the Series C Preferred Stock and the granting to them of the Designation Right, a "Change in Control" of the Company is deemed to have occurred.

 The SPA with Beyond 100 grants that Investor a right of first refusal for a period of 18 months from Closing with respect to any bona fide offer, or proposal received by the Company from or agreement in principal reached by the Company with a third party to enter into an exclusive arrangement providing for manufacturing, distributing, licensing, and commercializing any of its existing and/or future products and services to be manufactured, licensed and/or distributed by the Company or any of its subsidiaries in India.

 The SPAs also accord the Investors registration rights under the Securities Act of 1933, as amended (the "Securities Act"), pursuant to which the Company has agreed to file a registration statement under the Securities Act with the Securities and Exchange Commission (the "SEC") within 180 days of Closing and use its commercially reasonable efforts to cause such registration statement to be declared effective by the SEC within 60 days thereafter. The registration statement will cover the resale of the Shares pursuant to the SPAs, and in the case of Skycrest and Greyt, the Shares issued or issuable upon exercise of the Consulting Warrants. The SPAs also provide the Investors "piggy-back" registration rights with respect to their respective Shares. To date, the Investors have deferred any of the Company's registration obligations pursuant to the SPA.

 Consulting Agreements

 At Closing, the Company also entered into 36-month consulting agreements with each of Skycrest and Greyt (each, a "Consulting Agreement," and collectively, the "Consulting Agreements"), pursuant to which (a) Skycrest and Greyt will provide certain advisory services to the Company as more fully set forth therein; and (b) Skycrest and Greyt are being compensated for their services by the Company issuing to each of them at closing ten (10) year-warrants to purchase 750,000 Shares at an exercise price of $4.00 per Share (the "Consulting Agreement Warrants"), which Warrants are exercisable on a "cashless" basis (see Note 14).

 F- 17

 NOTE 5 – INVENTORIES

 Schedule of inventories

 2023

 2022

 Raw materials and supplies

 $

 153,868

 $

 85,096

 Finished goods

 156,315

 163,414

 Total inventories

 $

 310,183

 $

 248,510

 NOTE 6 – PROPERTY AND EQUIPMENT

 Schedule of property and equipment

2023

2022

 Computer equipment

 $

 -

 $

 26,881

 Finance lease equipment

 260,356

 544,378

 Manufacturing equipment

 534,531

 625,979

 Leasehold improvements

 -

 925,932

 794,887

 2,123,170

 Less: accumulated depreciation and amortization

 ( 222,161

)

 ( 439,654

)

 Total property and equipment, net

 $

 572,726

 $

 1,683,516

 As described in Note 8, during the year ended October 31, 2021, the Company began the build-out of additional laboratory processing, product distribution and administrative office capacity at its Basalt Lab (as defined in Note 8). The Basalt Lab Lease location became operational during May 2022 and the depreciation of equipment and the amortization of the leasehold improvement costs at the Basalt Lab began during May 2022.

 Sale Of Basalt Lab Assets

 Effective, August 7, 2023, the Company sold the Basalt Lab ("Sale") to a non-affiliated third-party purchaser ("Purchaser"). The transaction included the assignment of the Basalt Lab Lease and the lease for certain laboratory equipment and the sale of all leasehold improvements associated with the Basalt Lab and inventory. The purchase price paid by Purchaser was $ 1,252,000 of which $ 752,000 was allocated to the sale of equipment and leaseholds, and $ 500,000 was allocated to future purchases of inventory, plus the assumption by Purchaser of all remaining financial and other obligations under the leases for the Basalt Lab premises and certain laboratory equipment. In addition, Organicell and Purchaser entered into a distribution agreement, pursuant to which Purchaser became a non-exclusive distributor of Organicell's products and a commission agreement, pursuant to which Organicell may become entitled to certain payments from Purchaser in connection with transactions by it with specified third parties. As of the date of the Sale, the net book value of the equipment sold and leasehold improvements assigned to the Purchaser was $318,068 and $295,489, respectively, and finance lease obligations assumed by the Purchaser were $ 213,261. In connection with the Sale, the Company recorded a gain of $ 340,611, net of transaction fees of approximately $ 11,100.

 Depreciation expense totaled $ 106,384 and $ 82,036 for the years ended October 31, 2023 and 2022, respectively.

 Amortization expense totaled $ 379,970 and 250,472 for the years ended October 31, 2023 and 2022, respectively.

 F- 18

 NOTE 7 – EQUITY IN NON-MARKETABLE SECURITIES OF AFFILIATED ENTITY

 Schedule of equity in non marketable securities affiliated entity

2023

2022

 Equity in non-marketable securities

 $

 -

 Reserve on carrying value of investment in non-marketable securities

 $

 ( 100,000

)

 -

 Equity in non-marketable securities

 $

 -

 -

 During the year ended October 31, 2023, the Company invested $100,000 in cash (representing a 10% equity interest at the time of the investment) in the non-marketable equity securities of one privately held skin-care formulator ("Formulator") in an effort to accelerate the Company's development of expertise with respect to the skincare industry and the potential supply of the Company's products in future topical formulations. The Company evaluated its ownership, contractual and other interests in this entity and determined the Company does not have a variable interest in this entity and therefore it is not required to be consolidated in the Company's consolidated financial statements, as the Company is not the primary beneficiary and does not have the power to direct activities that most significantly impact the entities' economic performance. The Company's maximum loss exposure is limited to the carrying value of this investment.

 At the time of the investment, both Greyt Ventures, LLC and Skycrest Holdings, LLC, principal shareholders of the Company, each owned a 20% interest in the Formulator. In addition, Mr. Robert Smoley, a consultant and advisor to the Company is also the Chief Operating Officer of the Formulator. The Company's, Greyt Ventures, LLC's and Skycrest Holdings, LLC's equity interests in the Formulator have since been reduced to 8.96%, 17.93% and 17.93%, respectively, as a result of additional sales of equity interests in the Formulator to outside parties. In addition, the Company's CMO was granted an option to acquire up to 200,000 membership interests in the Formulator, of which 100,000 vested immediately and the remaining $100,000 will vest based on future sales of the Formulator attributed to the CMO. The option price is $20,000 for the 200,000 membership interests.

 As of October 31, 2023, the Company recorded a reserve against the carrying value of its investment of the Formulator of $100,000, based on the limited financial history of the Formulator to date to ascertain the fair value of the Formulator and the Company's limited rights to control future dilution to the Company's interests and the timing of available distributions, if any, of the Formulator. As such, at October 31, 2023, the carrying value of the Company's investments in equity securities without readily determinable fair values totaled $0.

 Sales Representative Agreement

 During November 2023, the Company and the Formulator entered into a Sales Representative Agreement ("Sales Agreement") in connection with the Company's efforts to expand the use of its proprietary products for a variety of topical use applications. In connection with the Sales Agreement, the Company will receive commissions on the net sales value of Formulator products that are sold to pre-approved retailors, wholesale distributors, private label customers and direct to consumer customers which were introduced to the Formulator by the Company of 10%, 5%, 10% and 15%, respectively.

 Joint Supply Agreement

 The Company and the Formulator entered into an agreement whereby the Formulator has agreed to supply the Moisturizer that the Company is obligated to supply under the Amended Skincare Agreement (see Note 15).

 F- 19

 NOTE 8 – LEASE OBLIGATIONS

 Finance Lease Obligations:

 During March 2019, the Company entered into a lease agreement for certain lab equipment in the amount of $ 239,595. Under the terms of the lease agreement, the Company is required to make 60 equal monthly payments of $ 4,513 plus applicable sales taxes. Under the Lease Agreement, the Company has the right to acquire all of the leased equipment for $ 1.00 upon termination of the lease. As a result, the lease agreement is being accounted for as a finance lease obligation. The annual interest rate charged in connection with the lease is 4.5 %. The leased equipment are being depreciated over their estimated useful lives of 15 years.

 During October 2021, the Company entered into a second lease agreement in the amount of $ 304,873 for certain lab equipment that is being installed at the Basalt lab location. Under the terms of the lease agreement, the Company is required to make 60 equal monthly payments of $ 5,478 plus applicable sales taxes. Under the Lease Agreement, the Company has the right to acquire all of the leased equipment for $ 1.00 upon termination of the lease. As a result, the lease agreement is being accounted for as a finance lease obligation. The annual interest rate charged in connection with the lease is 3.0 %. Lease payments and depreciation of the leased equipment began during May 2022, the date that the Basalt lab buildout was completed (see below) and the facility became operational. The leased equipment are being depreciated over their estimated useful lives of 15 years.

 As described in Note 6, on August 7, 2023, certain equipment under the second lease agreement were assigned to the Purchaser resulting in the reduction of the Company's remaining aggregate lease obligations by $ 213,261, and reducing payments under the second lease agreement from $5,478 per month to $461 per month.

 As of October 31, 2023, finance lease obligations were $ 36,241, of which $ 23,107 were current.

 The weighted average remaining term of the Company's Finance Leases as of October 31, 2023 was 7.4 months. The minimum lease payments pursuant to the Finance Leases are as follows:

 Schedule of minimum lease payment to finance lease

 Year Ended October 31,

 Minimum
 Rent

 2024

 $

 23,588

 2025

 5,536

 2026

 5,536

 2027

 2,768

 2028

 -

 Thereafter

 -

 Total undiscounted finance lease payments

 37,428

 Less: imputed interest

 ( 1,187

)

 Present value of finance lease liabilities

 $

 36,241

 Operating Lease:

 The Company's previously leased corporate administrative offices from MariLuna, LLC. The lease term began July 1, 2020 and expired in July 2022 in connection with the Closing. The monthly rental rate of the lease was $ 3,500. On July 1, 2020, in connection with the adoption of ASC 842, the Company recorded a ROU asset and corresponding operating lease obligation of $ 117,659 (present value of the associated leased payments based on an assumed borrowing rate of 4.5 %). In connection with the Closing, the remaining ROU asset and security deposit were written off (see Note 4). Lease amortization expense for the year ended October 31, 2022 was $ 29,670.

 F- 20

 During March 2021, the Company entered into a lease agreement ("Basalt Lab Lease") for an approximately 2,452 square foot commercial space located in Basalt, Colorado (the "Basalt Lab"). The term of the Basalt Lab Lease is for three years and may be renewed for an additional (3) three-year term provided the Company is not in default ("First Renewal Option"). Rental expense is $ 6,800 per month and provides for annual increases of 3% or the Denver Aurora Metropolitan CPI index, whichever is greater. In connection with the Basalt Lab Lease, the Company was required to post a security deposit of $ 20,400. The Company completed the construction of the initial laboratory and office build-out at a cost of $925,932, which was included as leasehold improvements in the accompanying balance sheet. The Basalt Lab became operational during May 2022. The Company used the Basalt Lab for additional processing, product distribution and administrative office capacity.

 In connection with the execution of the Basalt Lab Lease, the Company recorded a ROU asset and corresponding operating lease obligation of $ 235,313 (present value of the associated leased payments based on an assumed borrowing rate of 4.5 %). The right of use asset was $ 110,955 at October 31, 2022. As described in Note 6, on August 7, 2023, the Basalt Lab was sold and the Basalt Lab Lease was assigned to Purchaser and the remaining balance of the ROU asset and corresponding liability of $ 49,750 was written off. In September 2023, in connection with the sale, the Company's security deposit of $ 20,400 was returned to the Company. Lease amortization expense for the years ended October 31, 2023 and 2022 was $ 61,246 and $ 76,351, respectively. As of October 31, 2023, the operating lease obligation in connection with the Basalt Lab Lease was $ 0.

 NOTE 9 – RELATED PARTY TRANSACTIONS

 The Company's corporate administrative offices were previously leased from MariLuna, LLC, a Florida limited liability company which is owned by a former executive under a lease agreement that expired June 30, 2023. The Company paid a security deposit of $ 5,000. Monthly rent was $ 3,500. In connection with the Closing, the lease agreement was terminated effective July 31, 2022 and the deposit was forfeited by the Company (see Note 15). Total rent expense for the year ended October 31, 2023 and 2022 was $ 0 and $ 31,500, respectively.

 Beginning October 1, 2020, the Company entered into a second lease agreement with Mariluna LLC for office space located in Aspen, CO. The initial term of the lease was for one year, expiring on September 30, 2021 and the lease was subsequently extended on a month to month basis. Under the terms of the lease, the Company was required to make monthly rental payments of $ 6,500 and was required to provide a security deposit of $ 11,000 upon execution of the lease agreement. Total rent expense for the years ended October 31, 2023 and 2022 was $ 0 and $ 58,500, respectively. In connection with the Closing, the lease agreement was terminated effective July 31, 2012 and the deposits were forfeited by the Company (see Note 15).

 In connection with Mr. Bothwell's executive employment agreements, the Company agreed to reimburse Rover Advanced Technologies, LLC ("Rover"), a company owned and controlled by Mr. Bothwell for office rent and other direct expenses (phone, internet, copier and direct administrative fees, etc.) totaling $ 0 and $ 36,352 for the years ended October 31, 2023 and 2022, respectively. In connection with the Closing, beginning November 2022, the Company no longer reimbursed for office expenses and other direct expenses of Rover (see Note 15).

 For the year ended October 31, 2023, the Company sold a total of approximately $ 180,900 of product to a management services organization ("MSO") that provides administrative services and contracts for medical supplies for several medical practices, including approximately $115,440 of products purchased from the Company that were attributable to the medical practice owned by Dr. George Shapiro the Company's Chief Medical Officer and a member of the board of directors. Dr. Shapiro also has an indirect economic interest in the parent company that owns the MSO.

 F- 21

 For the year ended October 31, 2022, the Company sold a total of approximately $ 702,100 of product to a management services organization ("MSO") that provides administrative services and contracts for medical supplies for several medical practices, including $207,072 of products purchased from the Company that were attributable to the medical practice owned by Dr. George Shapiro the Company's Chief Medical Officer and a member of the board of directors. Dr. Shapiro also has an indirect economic interest in the parent company that owns the MSO. For the year ended October 31, 2022, the total amount of sales of products to the medical practice owned by Dr. Allen Meglin, a member of the board of directors until August 2022 and to customers related to Mr. Michael Carbonara, a member of the board of directors until August 2022 totaled $20,820 and $ 101,715, respectively.

 At Closing, the Company and each of Albert Mitrani (a former executive of the Company) and Dr. Mari Mitrani (a former executive of the Company) agreed to forego unpaid salary amounts as of the date of the Closing in the amount of $ 430,200 and $ 563,455 (reduced for $22,500 of security deposits that were retained by Mariluna LLC upon termination of leases), respectively. At Closing, Ian Bothwell waived all unpaid and accrued compensation in the amount of $1,043,478, in exchange for ten-year warrants to purchase 150,000 Shares at an exercise price of $4.00 per share, exercisable on a "cashless basis" and a cash payment of $50,000 at Closing. At Closing, Dr. George Shapiro terminated his consulting arrangement with the Company and waived all unpaid consulting fee obligations in the amount of $139,500 in exchange for ten-year warrants to purchase 15,750 Shares at an exercise price of $4.00 per share, exercisable on a "cashless basis."

 During June 2022, Albert Mitrani, a former executive of the Company, made a capital contribution of $ 250,000 to the Company. The proceeds were used for working capital.

 During the year ended October 31, 2023, the Company invested $ 100,000 in cash (representing a 10% equity interest at the time of the investment) in the non-marketable equity securities of a privately held skin-care formulator ("Formulator"). At the time of the investment, both Greyt Ventures, LLC and Skycrest Holdings, LLC, principal shareholders in the Company, each owned a 20% interest in the Formulator. In addition, Mr. Robert Smoley, a consultant and advisor to the Company is also the Chief Operating Officer of the Formulator. In addition, the Company's CMO was granted an option to acquire up to 200,000 membership interests in the Formulator, of which 100,000 vested immediately and the remaining $100,000 will vest based on future sales of the Formulator attributed to the CMO. The option price is $20,000 for the 200,000 membership interests (see Note 7).

 At October 31, 2023 and October 31, 2022, advances payable to an affiliate of a former executive were $ 220,897. The advances are non-interest bearing and there are no formal arrangements regarding the repayment of the advances.

 F- 22

 NOTE 10 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 Schedule of account payable and accrued expenses

 2023

 2022

 Accrued payroll related liabilities

 $

 666,924

 $

 666,780

 Lab equipment and supplies payables

 407,183

 477,255

 Clinical trial and research payables

 675,284

 312,711

 Legal fees payables

 478,810

 328,121

 Other professional fees payables

 81,135

 90,993

 Accrued IRS penalty (Note 12)

 86,319

 83,684

 Accrued commissions payable

 101,627

 39,675

 Construction payables

 9,317

 5,474

 Other payables and accrued expenses

 105,370

 373,838

 Total Accounts Payable and Accrued Expenses

 $

 2,611,969

 $

 2,378,531

 NOTE 11 – NOTES PAYABLE

 Schedule
 of notes payable

2023

2022

 SPA 22

 $

 -

 $

 600,000

 SPA 23

 -

 -

 Convertible Promissory Notes

 725,000

 -

 Unamortized discount

 ( 68,147

)

 ( 36,889

)

 Total Notes Payable

 $

 656,853

 $

 563,111

 Unsecured Promissory Note For Professional Fees Owed

 On January 24, 2022, the Company reached an agreement with a professional firm in connection with unpaid legal services owing as of December 31, 2021 in the amount of $ 278,340 ("Unpaid Professional Fees"). In connection with the agreement, the Company issued the professional firm a promissory note in the amount of $ 256,000 of which the Company was required to make a cash payment of $ 166,000 by January 25, 2022 and twelve monthly payments of $ 7,500 beginning February 28, 2022. On August 25, 2022, the Company had paid off the entire remaining amount due under the promissory note. In accordance with the terms of the promissory note, the Company received a discount of $ 22,340 from the original balance of the Unpaid Professional Fees.

 Promissory Note – SPA 22

 On January 11, 2022, the Company entered into a Securities Purchase Agreement ("SPA 22") with AJB Capital Investments, LLC ("Purchaser") pursuant to which we sold a promissory note in the principal amount of $ 600,000 ("Promissory Note") to the Purchaser in a private transaction for a purchase price of $540,000 (giving effect to original issue discount of $ 60,000). The Promissory Note was initially due on July 11, 2022, and was extended by the Company for an additional six-month period ("Extension"). The Promissory Note bears interest at a rate of 10 % per annum for the first six months, payable monthly, and 12% per annum thereafter, payable monthly. The Promissory Note matured on January 11, 2023 and the Promissory Note was paid in full.

 F- 23

 Pursuant to the terms of the SPA 22, the Company paid a commitment fee to the Purchaser in the amount of $ 123,000 ("Initial Commitment Fee") in the form of 15,385 shares of the Company's common stock ("Initial Commitment Fee Shares") valued at $ 8.00, the closing price of the common stock of the Company on the closing date. In addition, in connection with the Extension, the Company paid an additional commitment fee to the Purchaser in the amount of $ 33,231 in the form of an additional 7,692 shares of its common stock ("Additional Commitment Fee Shares," and together with the Initial Commitment Fee Shares, collectively, "Commitment Fee Shares") valued at $ 4.32, the closing price of the common stock of the Company on the Extension date.

 Pursuant to the terms of the SPA 22, in the event that by the earlier of the first anniversary of repayment of the Promissory Note by the Company or the date that the Purchaser has sold all of the Commitment Fee Shares ("True-Up Date"), the Purchaser has not generated the amount of $ 300,000 from public sales of the Commitment Fee Shares, the Company shall either pay the amount of any such shortfall either (i) by issuing additional shares of our common stock at a price equal to the VWAP for the common stock during the five (5) trading day period prior to the True-up Date ("Conversion Price"); or (ii) in cash, in which case, the Company shall repurchase any unsold Commitment Fee Shares then held by the Purchaser for such shortfall amount ("Commitment Fee Shortfall Obligation").

 Upon the closing, the Company recorded a discount of the Promissory Note in the amount of $ 260,000, consisting of the original issue discount of $ 60,000, the fair value of the Initial Commitment Fee Shares of $ 123,000 and the Commitment Fee Shortfall Obligation of $ 77,000. These costs were fully amortized over the initial term of the Promissory Note from January 11, 2022 to July 11, 2022. In connection with the extension of the Promissory Note from July 12, 2022 to January 11, 2023, the Company recorded a discount of the Promissory Note in the amount of $ 100,000, consisting of the fair value of the Additional Commitment Fee Shares of $ 33,231 and the Additional Commitment Fee Shortfall Obligation of $ 66,769. These costs were amortized over the term of the Extension.

 For the year ended October 31, 2023 and 2022, $ 36,889 and $ 323,111, respectively, of the total discounts recorded in connection with the issuance of the Promissory Note have been amortized.

 At February 10, 2023, the date that the Company received notice to repay the Commitment Fee Shortfall Obligation (see below) and October 31, 2022, the fair value of the Commitment Fee Shares was approximately $ 76,200 (valued at $3.30 the closing price of the common stock of the Company on February 10, 2023) and approximately $ 125,500 (valued at $5.44 the closing price of the common stock of the Company on October 31, 2022), respectively. The Company recorded an increase in the Commitment Fee Shortfall Obligation in the amount of $ 49,384 for the year ended October 31, 2023. The Company recorded an increase in the Commitment Fee Shortfall Obligation in the amount of $ 30,692 for the year ended October 31, 2022.

 On February 10, 2023, the Company received a notice from the Purchaser that it had sold all of the Commitment Fee Shares and that the Commitment Fee Shortfall Obligation of $ 187,519 was due. The Company elected to satisfy the obligation through the issuance of 58,600 shares of common stock based on a Conversion Price as defined in the SPA 22 of $ 3.20 per share, which resulted in a reduction of $ 30,468 from the Commitment Fee Shortfall Obligation recorded as of February 10, 2023.

 The total Commitment Fee Shortfall Obligation at October 31, 2023 and October 31, 2022 was $ 0 and $ 174,462, respectively.

 Promissory Note – SPA 23

 On March 6, 2023, the Company entered into another Securities Purchase Agreement ("SPA 23") with the Purchaser, pursuant to which we sold a promissory note in the principal amount of $ 530,000 ("Note") to the Purchaser in a private transaction for a purchase price of $519,400 (giving effect to original issue discount of $10,600). In connection with the sale of the Note, the Company also paid the Purchaser's legal fees and due diligence costs of $ 15,000, resulting in net proceeds to the Company of $ 504,400, which will be used for working capital and other general corporate purposes. The Note bears interest at the rate of 12 % per annum. The Note matured on September 6, 2023 and was paid in full.

 F- 24

 Pursuant to the terms of the SPA 23, the Company paid a commitment fee to the Purchaser ("Commitment Fee") in the form of 75,000 shares of the Company's common stock ("Commitment Fee Shares") and issued the Purchaser a Warrant exercisable for a five-year period to purchase up to 50,000 shares of our common stock at a price of $ 12.00 per share ("Warrant Shares").

 Upon the closing, the Company recorded a discount of the Promissory Note in the amount of $ 308,000, consisting of the original issue discount of $ 10,600, transaction fees of $ 15,000, the fair value of the Commitment Fee Shares of $ 169,500 and the fair value of the Warrant Shares of $ 113,000.

 The discount is being amortized over the term of Note. For the year ended October 31, 2023, $ 308,000 of the total discounts recorded in connection with the issuance of the Note have been amortized.

 Pursuant to the terms of the SPA 23, the Company granted certain piggyback registration rights under the Securities Act of 1933, as amended with respect to the Conversion Shares, the Warrant Shares and the Commitment Fee Shares.

 Convertible Promissory Notes

 During the period August 2023 through September 2023, the Company sold 2.9 Units ("Units") to 4 investors in a private offering at a purchase price of $ 250,000 per Unit for an aggregate purchase price of $ 725,000. Each Unit consists of (a) a $ 250,000 in principal amount 8 % Convertible Promissory Note due September 30, 2026 ("Convertible Promissory Note "); and (b) 7,813 common stock purchase warrants (the "Warrants"), each entitling the holder to purchase one share of common stock, $ 0.001 par value ("Shares") at an exercise price of $ 20.00 for a period of five years from the date of issuance.

 Interest on the Convertible Promissory Notes are payable annually and together with the principal amount on the Maturity Date.

 The Convertible Promissory Notes may be prepaid by the Company, in whole, but not in part, at any time prior to the Maturity Date, subject to payment of a premium of 10%, provided that the Company gives the holders fifteen (15) business notice prior to prepayment, during which period, Investors may elect to convert the Notes and accrued but unpaid interest thereon into Shares at a conversion price equal to 80% of the average of the daily VWAP of the Shares (as defined in the Note) for twenty consecutive (20) trading days ending on the date the Company gives the holders of the Convertible Promissory Notes notice of prepayment.

 Holders of the Convertible Promissory Notes will have the right, at any time during the period commencing on April 1, 2024 and ending on the earliest to occur of the Maturity Date, the date of a Prepayment or the date of an automatic conversion, to convert the Convertible Promissory Note in whole, but not in part, and accrued interest thereon into Shares at a conversion price equal to 80% of the average of the daily VWAP of the Shares (as defined in the Convertible Promissory Note) for twenty consecutive ( 20) trading days ending on the date the investor gives the Company a notice of conversion, subject to a minimum conversion price of $ 6.00 per Share.

 In addition, the Convertible Promissory Notes and accrued but unpaid interest thereon will automatically convert into Shares in the event that prior to the Maturity Date, the Company consummates a "Qualified Financing" or a "Qualified Sale" (as defined in the Convertible Promissory Note) at a conversion price equal to 80% of the offering price of Shares sold in the Qualified Financing or 80% of the purchase price per Share to be received by stockholders following consummation of a Qualified Sale.

 The fair value of the Warrants issued was $ 80,469. The Company has recorded a discount of the Promissory Note in the amount of $72,430, representing the allocable fair market value of the Note and the warrants. The discount is being amortized over the term of Note. For the year ended October 31, 2023, $4,284 of the discounts recorded in connection with the issuance of the Note have been amortized, resulting to unamortized debt discount of $68,146 as of October 31, 2023.

 The securities were offered and sold in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to the exemptions from registration afforded by Rule 506(b) of Regulation D under the Securities Act.

 F- 25

 NOTE 12 – INCOME TAXES

 The Company files a consolidated federal income tax return that includes all of its subsidiaries. For the years ended October 31, 2023 and 2022, the Company incurred operating losses, and therefore, there was not any current income tax expense amount recorded during those periods.

 The consolidated provision for income taxes for October 31, 2023 and 2022 consists of the following:

 Schedule of provision for income tax

 Year Ended
 2023

 Year Ended
 2022

 Current:

 Federal

 $

 -

 $

 -

 State

 -

 -

 Current Income Tax Expense (Benefit)

 $

 -

 $

 -

 Deferred:

 Federal

 $

 ( 385,315

)

 $

 4,405,121

 State

 ( 349,335

)

 1,079,723

 Deferred Income Tax Expense (Benefit)

 ( 734,650

)

 5,484,844

 Change in Valuation Allowance

 734,650

 ( 5,484,844

)

 Income tax provision

 $

 -

 $

 -

 Effective tax rates differ from the federal statutory rate of 21 % for 2023 and 2022 applied to income before income taxes. A reconciliation of the U.S. federal statutory tax amount to the Company's effective tax amount is as follows:

 Schedule of effective income tax rate

 2023

 2022

 Tax at federal statutory rate

 $

 ( 1,467,209

)

 $

 ( 1,868,277

)

 State taxes, net of federal benefit

 ( 349,335

)

 ( 386,555

)

 Permanent differences

 -

 400,100

 Stock-based compensation

 834,282

 6,609,802

 Executive Forgiveness of employment obligations In connection with Restructuring

 -

 480,109

 Other

 247,612

 249,665

 Total income tax expense (benefit)

 ( 734,650

)

 5,484,844

 Change in valuation allowance

 734,650

 ( 5,484,844

)

 Income tax provision

 $

 -

 $

 -

 The Company had a federal net operating loss carryover of $ 17,196,794 as of October 31, 2023, of which 80% is available to offset future taxable income indefinitely. The Company had state net operating loss carryovers of $ 12,025,813 of which $ 6,554,845, carryover indefinitely and the balance expires in varying amounts through 2042.

 F- 26

 The tax effects of temporary differences and carry-forwards that give rise to deferred tax assets and liabilities for the Company were as follows:

 Schedule of deferred tax assets and liabilities

 2023

 2022

 Deferred Tax Assets:

 Stock based compensation

 $

 1,636,853

 $

 798,239

 Net operating loss carryforward-Federal

 3,611,327

 3,002,402

 Net operating loss carryforward-State

 617,525

 396,530

 Other

 -

 1,477

 Total deferred tax assets:

 5,865,705

 4,198,648

 Deferred Tax Liabilities:

 Property and equipment

 309,260

 302,447

 Total deferred tax liabilities:

 309,260

 302,447

 Valuation Allowance

 ( 5,556,445

)

 ( 3,896,201

)

 Net deferred tax assets

 $

 -

 $

 -

 FASB ASC 740 requires a valuation allowance against deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. At October 31, 2023 and October 31, 2022, the net deferred tax asset was offset by a full valuation allowance.

 Pursuant to Code Sec. 382 of the Internal Revenue Code ("the Code"), the utilization of net operating loss carryforwards may be limited as a result of a cumulative change in stock ownership of more than 50% over a three-year period. The Company may be subject to such limitation.

 IRS Penalties

 The Company's income tax returns for the periods since inception through the tax year ended October 31, 2015 were not filed with the Internal Revenue Service ("IRS") until August 2017 ("Delinquent Filed Returns"). The Company's income tax returns for the tax year ended October 31, 2016 were filed with the IRS during December 2017. In connection with the Delinquent Filed Returns, during the period September 2017 through October 2017, the Company received notices that it was being assessed approximately $ 90,000 of penalties, plus interest ("IRS Penalties"), in connection with the late filing of certain information returns that were included as part of the Delinquent Filed Returns. In connection with the notices, the IRS indicated its intent to levy property of the Company if the IRS penalties were not paid as required. During January 2018, the Company requested from the IRS an abatement of the IRS penalties based on reasonable cause. During April 2018, the IRS notified the Company that the IRS penalties for the tax year ended 2011 of $ 20,000, plus interest, were abated and the request for abatement for the IRS penalties for the tax years ended 2012 – 2015 were denied. The Company is currently appealing the initial determination by the IRS to exclude the IRS penalties for the tax years 2012-2015 in its consideration of abatement and filed a "Request for Collection Due Process Equivalent Hearing" ("Request") in September 2021. A hearing was held on June 28, 2022 and the Company is awaiting the IRS' determination. During the period that the Request is being reviewed and processed by the IRS, the IRS has agreed to put a hold on taking any levy action against the Company for the remaining amounts of the IRS Penalties that are still outstanding. In connection with the notices, the Company has accrued $ 86,319 and $ 83,684 of accrued tax penalties and interest on the balance sheet as of October 31, 2023 and October 31, 2022, respectively.

 F- 27

 NOTE 13 – CAPITAL STOCK

 Preferred Stock

 The Company is authorized to issue 10,000,000 shares of $ 0.001 par value preferred stock in one or more designated series, each of which shall be so designated as to distinguish the shares of each series of preferred stock from the shares of all other series and classes. The Company's board of directors is authorized, without stockholders' approval, within any limitations prescribed by law and the Company's Articles of Incorporation, to fix and determine the designations, rights, qualifications, preferences, limitations and terms of the shares of any series of preferred stock.

 On August 17, 2022, the Company filed a Certificate of Designation for a newly created Series C Non-Convertible Preferred Stock consisting of 100 shares, $ 0.001 par value of authorized but unissued preferred stock of the Company ("Series C Preferred Shares").

 The Series C Preferred Shares vote together with shares of our common stock as a single class on all matters presented to a vote of stockholders, except as required by law. The Series C Preferred Shares are not convertible into common stock, do not have any dividend rights and do have a nominal liquidation preference. The Series C Preferred Shares also have certain protective provisions, such as requiring the vote of a majority of Series C Preferred Shares to change or amend their rights, powers, privileges, limitations and restrictions.

 Issued Shares

 In connection with the Closing (see Note 4), on August 19, 2022, the Company issued each of Skycrest and Greyt, 50 shares of the Series C Preferred Shares. The Series C Preferred Shares are automatically redeemed by the Company for nominal consideration at such time as the holder owns less than 50% of the Shares purchased pursuant to its SPA and Shares issued or issuable upon exercise of the Consulting Warrants or in the event the holder transfers or seeks to transfer the Series C Preferred Shares, other than by the laws of descent and distribution.

 Common Stock

 On November 7, 2023, the Company filed a certificate of amendment to its Articles of Incorporation to affect a reverse split of our issued and outstanding common stock on a one-for-two-hundred basis. The reverse stock split was effective with FINRA on November 28, 2023 (the "Reverse Split"). The par value of the Company's common stock was unchanged at $0.001 per share after the Reverse Split.

 Issuances of Common Stock - Sales:

 In November 2021, the Company sold an aggregate of 40,000 shares of common stock to one "accredited investor" at $ 10.00 per share for an aggregate purchase price of $ 400,000. The proceeds were used for working capital.

 In January 2022, the Company sold an aggregate of 3,333 shares of common stock to one "accredited investor" at $ 6.00 per share for an aggregate purchase price of $ 20,000. The purchase price was paid through an offset of an outstanding balance owed by the Company to the investor at the time of the sale of $20,000.

 In February 2022, the Company sold an aggregate of 41,667 shares of common stock to one "accredited investor" at $ 6.00 per share for an aggregate purchase price of $ 250,000. The proceeds were used for working capital.

 F- 28

 During August 2022, in connection with the Closing, the Company sold an aggregate of 1,000,000 shares of common stock to several "accredited investors" at $ 4.00 per share for an aggregate purchase price of $ 4,000,000. The proceeds are being used for working capital.

 During August 2022 and September 2022, the Company sold an aggregate of 327,500 shares of common stock to four "accredited investors" at $ 8.00 per share for an aggregate purchase price of $ 2,620,000. The proceeds are being used for working capital.

 Issuances of Common Stock – Stock Based Compensation:

 In connection with agreements entered into with two former sales executives ("Sales Executives"), the Sales Executives were each granted 5,000 shares of unregistered common stock of the Company ("Execution Shares") valued at $ 7.00 per share, the closing price of the common stock of the Company on the grant date. The Company recorded $ 35,000 of stock-based compensation expense on the grant date for each issuance. In addition, each of the Sales Executives received 45,000 of unregistered common stock of the Company ("Performance Shares") (cumulative aggregate total 90,000 Performance Shares issued). On June 30, 2022, the Sales Executives agreements were terminated (see Note 15). The Company recorded stock-based compensation expense for the year ended October 31, 2022 of $ 149,100.

 Effective March 29, 2021, the Company and Assure Immune L.L.C ("Consultant") executed an amendment of the Consultant's Agreement, whereby the Company issued to the Consultants 100,000 shares of unregistered common stock ("Shares") valued at $ 12.28 per share, the closing price of the common stock of the Company on the grant date. The Company amortized the costs associated with this issuance of $ 1,228,000 over the remaining term of the Consultant's Agreement expiring March 30, 2023. The shares issued vested 50% as of the date of the Amendment and the remaining 50% vested on December 31, 2021. The Company recorded a total of $ 614,000 of stock-based compensation expense during the year ended October 31, 2022, respectively (see Note 15).

 On August 9, 2021, the Company entered into an additional consulting agreement with a third party to provide consulting services in connection with the development of international research and development, sales and distribution and financing opportunities for a period of six months. The 10,000 shares of fully vested unregistered common stock issued to the consultant under the new agreement were valued at $ 185,400 (valued at $ 18.60 per share, the closing price of the common stock of the Company on the effective date of the agreement). The Company recorded $ 92,700 of stock-based compensation expense during the year ended October 31, 2022, based on the grant date fair value of these shares amortized over the term of the agreement.

 During February 2021, the Company entered into a consulting agreement with a third party to provide consulting services for a one-year period. As consideration for agreeing to provide consulting services to the Company, the Company agreed to issue the consultant 2,500 shares of unregistered common stock upon completion of the three-month anniversary of the agreement. The shares issued were valued at $ 19.00 per share, the closing price of the common stock of the Company on the effective date of the agreement, totaling $ 47,500. The Company amortized the costs associated with the issuance over the term of the agreement. The Company amortized $ 11,875 of stock-based compensation expense during the year ended October 31, 2022.

 On June 4, 2021, the Company and a former employee agreed to amendment of the employee's employment agreement. Under the terms of the amendment, the employee agreed to extend the term of the agreement through December 31, 2022 and the Company agreed to grant the employee 5,000 shares of common stock of the Company to vest upon execution of the amendment (valued at $ 27.20 per share, the closing price of the common stock of the Company on the grant date). The total value of the stock granted in connection with the amendment of $ 136,000 will be amortized beginning June 4, 2021 over the remaining term of the agreement. On October 31, 2022, the parties mutually agreed to terminate the employee's employment agreement. The Company recorded $ 100,211 of stock-based compensation expense based on the grant date fair value of these shares during the year ended October 31, 2022.

 F- 29

 On December 27, 2021, the Company and an employee agreed to an amendment of the employee's employment agreement. Under the terms of the amendment, the employee agreed to extend the term of the agreement through December 31, 2024 and the Company agreed to increase the employee's annual salary from $ 180,000 per year to $ 210,000 per year effective January 1, 2022. In connection with the amendment, the Company agreed to grant the employee 5,000 shares of common stock of the Company to vest quarterly over the remaining term of the agreement (valued at $ 5.80 per share, the closing price of the common stock of the Company on the grant date). The total value of the stock granted in connection with the amendment was $ 29,000 which will be amortized over the remaining term of the agreement. The Company recorded $ 22,958 of stock-based compensation during the year ended October 31, 2022 in connection with these shares.

 On March 17, 2022, the Company entered into a consulting agreement with a third party to assist the Company with certain services associated with the implementation of the PPX service platform as well as other customary day to day activities as reasonably requested. The term of the agreement expired on September 30, 2022 ("Initial Term"). As consideration for agreeing to provide consulting services to the Company during the Initial Term, the Company agreed to issue the consultant 35,000 shares of unregistered common stock. The shares issued were valued at $ 3.60 per share, the closing price of the common stock of the Company on the effective date of the agreement, totaling $ 126,000. The Company will amortize the costs associated with the issuance over the Initial Term of the agreement. The Company amortized $ 126,000 of stock-based compensation expense during the year ended October 31, 2022.

 On June 9, 2022, the Company entered into a consulting agreement with a company affiliated with Mr. Sinnreich in connection with past and future consulting and advisory services to be provided to the Company. In connection with the consulting agreement, for the months of June 2022 and July 2022, the Company issued the consultant 8,500 shares and 10,000 shares of unregistered common stock valued at $ 3.80 per share and $ 2.70 per share, the closing price of the common stock of the Company on June 9, 2022 and July 1, 2022, respectively. All of the shares granted vested immediately on the date of grant. The Company recorded $ 59,300 of stock-based compensation expense based on the grant date fair value of these shares during the year ended October 31, 2022.

 On July 21, 2022, in connection with the Term Sheet, Mr. Sinnreich was issued 50,000 shares of restricted common stock that vested immediately upon issuance. The shares issued were valued at $ 6.80 per share, the closing price of the common stock of the Company on the effective date of the Term Sheet, totaling $343,000. The Company recorded $ 343,000 of stock-based compensation expense during year ended October 31, 2022.

 On July 21, 2022, in connection with the Term Sheet, during the first year of the Initial Term, Mr. Sinnreich was to be compensated by the issuance of 120,000 shares of Organicell's common stock upon execution of the Term Sheet, which shall vest pro-rata in equal monthly installments of 10,000 shares each. The shares issued were valued at $6.80 per share, the closing price of the common stock of the Company on the effective date of the Term Sheet, totaling $823,200. On November 22, 2022, Mr. Sinnreich resigned from the Company. The Company amortized the costs associated with the issuance through the date of Mr. Sinnreich's termination. For the year ended October 31, 2023 and 2022, a total of 7,233 and 33,534 shares, respectively, had vested and the Company recorded $ 49,618 and $ 228,353 of stock-based compensation expense during the years ended October 31, 2023 and 2022, respectively.

 On August 18, 2022, the Company entered into a consulting agreement with a third party to provide strategic marketing and digital marketing services for a minimum period of six months. As consideration for agreeing to provide consulting services to the Company, the Company will pay the consultant $15,000 per month and issued the consultant 12,500 shares of unregistered common stock valued at $4.82 per share, the closing price of the common stock of the Company on the effective date of the agreement. All of the shares granted vested immediately on the date of issuance. The Company will record $60,250 of stock-based compensation expense based on the grant date fair value of these shares during the term of the consulting agreement. The Company recorded $ 35,146 and $ 25,104 of stock-based compensation expense during the years ended October 31, 2023 and 2022, respectively.

 F- 30

 On December 1, 2022, the Company granted 750 shares of common stock to an employee as provided for in the employment agreement valued at $ 6.00 per share, the closing price of the common stock of the Company on the grant date. The Company recorded $ 4,500 of stock-based compensation expense based on the grant date fair value of these shares during the year ended October 31, 2023.

 On December 29, 2022, the Company agreed to issue 25,000 shares of common stock to a service provider in exchange for the provider providing discounts of 10% on all services provided retroactive to August 2022. The common stock granted was valued at $ 100,000 based on the closing price of the common stock of the Company on the date of the agreement of $ 4.00 per share. The Company recorded $100,000 of stock-based compensation expense based on the grant date fair value of these shares during the year ended October 31, 2023.

 Equity Line Of Credit Commitment:

 During November 2021, the Company entered into an term sheet agreement with Tysadco Partners LLC, a Delaware limited company ("Tysadco") whereby Tysadco agreed to provide the Company with a $1 0,000,000 equity line of credit facility ("ELOC"), subject to many conditions including the Company determining to proceed with the ELOC, approval and execution of definitive agreements for the ELOC and the Company subsequently filing a registration statement covering the underlying shares to be sold under the ELOC. The Company was not obligated to proceed with the ELOC or file a registration statement for the ELOC. In connection with the above, Tysadco agreed to purchase 35,000 restricted common shares of the Company priced at $ 10.00 per share ($350,000) upon such time that the Company initially files the registration statement for the ELOC. In connection with the above, the Company agreed to pay a commitment fee to the investor in the amount of 15,000 shares of common stock of the Company fully vested (valued at $13.40 per share, the closing price of the common stock of the Company on the date of the agreement). The Company recorded $ 201,000 of stock-based compensation expense based on the grant date fair value of these shares during the year ended October 31, 2022.

 On September 1, 2022, the Company entered into a Purchase Agreement (the "Purchase Agreement") with Tysadco and a Registration Rights Agreement (the "Registration Rights Agreement") with Tysadco.

 Pursuant to the Purchase Agreement, Tysadco committed to purchase, subject to certain restrictions and conditions, up to $10,000,000 worth of the Company's common stock (the "Commitment"), over a period of 24 months from the effectiveness of the registration statement registering the resale of shares purchased by Tysadco pursuant to the Purchase Agreement (the "Registration Statement"). Pursuant to the terms of the Registration Rights Agreement, the Company was obligated to use its commercially reasonable efforts to file a registration statement with the Securities and Exchange Commission within thirty (30) days after the date of such agreement, to register the resale by Tysadco of the shares of common stock issuable under the Purchase Agreement. On September 2, 2022, the Company filed the required registration statement and on October 24, 2022, the Registration Statement was declared effective ("Registration").

 The Purchase Agreement provides that at any time after the effective date of the Registration Statement, from time to time on any business day selected by the Company (the "Purchase Date"), the Company shall have the right, but not the obligation, to direct Tysadco to buy the lesser of $1,000,000 in common stock per sale or 500% of the daily average share value traded for the 10 days prior to the closing request date, at a purchase price of 80% of the of the two lowest individual daily VWAPs during the ten (10) trading days preceding the draw down or put notice ("Valuation Period"), with a minimum request of $25,000 ("Request"). The payment for the shares covered by each request notice will occur on the business day immediately following the Valuation Period.

 F- 31

 Pursuant to the Purchase Agreement, on December 2, 2022, the Company submitted a put request to Tysadco to purchase 22,282 registered shares at a purchase price of $4.49, for a total of $100,000 ("Put Request"). On December 5, 2022, Tysadco funded the Put Request and the Company issued 22,282 shares to Tysadco. The proceeds from the share sale were used for working capital and general corporate purposes.

 Due to overall market conditions, the Company determined that it would not seek to obtain additional financing through the ELOC Purchase Agreement and the ELOC Registration lapsed and is no longer effective and the Company can no longer receive additional fundings pursuant to the ELOC.

 Shares Issued - Promissory Note – SPA 22:

 As described in Note 11, in connection with the issuance of the Promissory Note on January 11, 2022, the Company issued the Purchaser's 15,385 commitment shares valued at $ 123,000. In addition, in connection with the Extension on July 11, 2022, the Company issued the Purchaser an additional 7,692 commitment shares valued at $33,231.

 Shares Issued – SPA 23:

 As described in Note 11, in connection with the issuance of the Note on March 6, 2023, the Company issued the Purchaser's 75,000 commitment shares of the Company's common stock valued at $ 169,500 based on the closing price of the common stock of the Company on the date of the agreement of $2.26 per share.

 Shares Issued – Amendment of consulting agreement:

 On August 19, 2022 the Company and a consultant ("Consultant") agreed to an amendment to the consulting agreement whereby the Consultant was issued 25,000 shares of common stock of the Company and received a $ 20,000 cash payment in exchange for satisfaction of approximately $210,000 in outstanding consulting fees due to the Consultant up through August 31, 2022. The parties also agreed to the reduction of future fees payable to the Consultant from $40,000 per month to $15,000 per month for the period September 2022 through March 2023.

 The shares issued were valued at $4.70 per share, the closing price of the common stock of the Company on the effective date of the settlement, totaling $117,500. The Company recorded a gain of $72,500 for the year ended October 31, 2022 in connection with the settlement, representing the difference in the fair value of the shares issued and the amount of obligations settled.

 Shares Issued – Settlement of Litigation:

 As described in Note 15, during April 2022 the Company settled a lawsuit whereby the Company paid LAE $ 45,000 in cash and 10,000 shares of restricted common stock of the Company. The shares issued were valued at $4.38 per share, the closing price of the common stock of the Company on the effective date of the settlement, totaling $ 43,800.

 Shares Repurchased – Settlement of Litigation:

 As described in Note 15, effective October 13, 2022, the Company settled a lawsuit by agreeing to repurchase 124,000 shares of common stock for $ 500,000 which was recorded as a liability at October 31, 2022. The shares repurchased were transferred to the Company on February 2. 2023 and redeposited back into the Company's treasury of authorized and unissued shares on February 3, 2023.

 F- 32

 Management and Consultants Performance Stock Plan

 On April 25, 2020, the Company approved the adoption of the Management and Consultants Performance Stock Plan ("MCPP") providing for the grant to current senior executive members of management and third-party consultants shares of common stock of the Company ("Shares") based on the achievement of certain defined operational performance milestones ("Milestones").

 Pursuant to the MCPP, a total of 1,712,500 shares have been issued. On October 29, 2021, the MCPP (but not Awards of unexchanged shares of our common stock) was terminated.

 In connection with the Closing, the Company and each of the grantees of awards authorized but not yet issued under the MCPP ("Awards") agreed to waive and terminate their respective Awards.

 2021 Plan and Share Exchange Agreement

 In September 2021, the Company adopted the 2021 Equity Incentive Plan ("2021 Plan"). The 2021 Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, and Performance Shares (an "Award") to any person who is an employee or director of, or consultant to the Company. The maximum aggregate number of shares that may be issued pursuant to all Awards was 1,250,000 shares. On June 6, 2023, the Company's approved an increase in the number of shares of the Company's common stock reserved for issuance under the Company's 2021 Plan from 1,250,000 shares to 2,500,000 shares.

 The 2021 Plan is administered by (a) the board of the directors of the Company; or (b) a committee designated by the board, which Committee shall be constituted in such a manner as to satisfy the applicable laws and to permit such grants and related transactions under the Plan to be exempt from Section 16(b) of the Exchange Act in accordance with Rule 16b-3. Once appointed, such committee shall continue to serve in its designated capacity until otherwise directed by the board. The board of directors may at any time amend, suspend, or terminate the Plan; provided, however, that no such amendment shall be made without the approval of the Company's shareholders to the extent such approval is required by applicable laws.

 As of October 31, 2023, a total of 900,500 shares of our common stock (net of 181,500 shares of our common stock redeposited for future issuance) that have been awarded under the 2021 Plan remain issued and outstanding.

 As of October 31, 2022, a total of 417,000 shares of our common stock were awarded and remained issued and outstanding under the 2021 Plan.

 Unvested Equity Instruments:

 A summary of unvested equity instruments outstanding for the years ended October 31, 2023 and 2022 are presented below:

 Schedule of non vested share activity

 Nonvested

 Weighted-
Average
Grant Date
Value

 Outstanding at October 31, 2022

 499,216

 $

 11.35

 Non-Vested Shares Granted

 -

 $

 -

 Vested

 169,983

 $

 12.19

 Expired/Forfeited

 229,233

 $

 10.35

 Outstanding at October 31, 2023

 $

 12.20

 F- 33

 Nonvested

 Weighted-
Average
Grant Date
Value

 Outstanding at October 31, 2021

 419,222

 $

 12.34

 Non-Vested Shares Granted

 129,500

 $

 6.86

 Vested

 49,506

 $

 7.98

 Expired/Forfeited

 -

 $

 -

 Outstanding at October 31, 2022

 499,216

 $

 11.35

 As of October 31, 2023, there was no unamortized compensation cost related to nonvested awards.

 As of October 31, 2022, the total compensation cost related to nonvested awards not yet recognized and the weighted-average period over which such costs are expected to be recognized was $855,030 and 7.0 months, respectively.

 NOTE 14 – WARRANTS

 A summary of warrant activity for the years ended October 31, 2023 and 2022 are presented below:

 Schedule of warrant activity

 Weighted-
 average
 Exercise
 Price

 Remaining
 Contractual
 Term (years)

 Aggregate
 Intrinsic
 Value

 Outstanding at October 31, 2022

 2,149,000

 $

 4.52

 9.63

 $

 2,440,110

 Granted

 737,656

 $

 3.57

 5.00

 $

 -

 Exercised

 -

 $

 -

 -

 $

 -

 Expired/Forfeited

 ( 315,000

)

 $

 6.62

 8.46

 $

 -

 Outstanding at October 31, 2023

 2,571,656

 $

 3.99

 7.50

 $

 -

 Exercisable at October 31, 2023

 1,959,365

 $

 4.45

 8.33

 $

 -

 Weighted-
 average
Exercise
 Price

 Remaining
Contractual
Term (years)

 Aggregate
Intrinsic
 Value

 Outstanding at October 31, 2021

 47,500

 $

 6.11

 6.90

 $

 289,500

 Granted

 2,101,500

 $

 4.48

 10.0

 $

 -

 Exercised

 -

 $

 -

 -

 $

 -

 Expired/Forfeited

 -

 $

 -

 -

 $

 -

 Outstanding at October 31, 2022

 2,149,000

 $

 4.52

 9.63

 $

 2,440,110

 Exercisable at October 31, 2022

 1,940,242

 $

 4.37

 9.62

 $

 2,403,058

 F- 34

 On July 21, 2022, the Company issued Mr. Sinnreich (a former executive) a cashless warrant to purchase an aggregate of 200,000 shares of common stock in connection with Mr. Sinnreich's employment agreement. The warrant is exercisable for $ 6.80 per share (the closing price of the Company's common stock on the date of grant), until the tenth anniversary date of the date of issuance. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 2.91 %, (2) term of 10 years, (3) expected stock volatility of 144 %, and (4) expected dividend rate of 0 %. All of the warrants vested immediately. The grant date fair value of the warrants issued was $ 1,332,000. The Company recorded $ 1,332,000 of stock-based compensation expense for the year ended October 31, 2022 based on the fair value of these warrants on the grant date.

 At Closing, the Company also entered into 36-month consulting agreements with each of Skycrest and Greyt (each, a "Consulting Agreement," and collectively, the "Consulting Agreements"), pursuant to which (a) Skycrest and Greyt will provide certain advisory services to the Company as more fully set forth therein; and (b) Skycrest and Greyt are being compensated for their services by the Company issuing to each of them at closing ten (10) year-warrants to purchase 750,000 Shares at an exercise price of $ 4.00 per Share (the "Consulting Agreement Warrants"), which Warrants are exercisable on a "cashless" basis. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 2.91 %, (2) term of 10 years, (3) expected stock volatility of 144 %, and (4) expected dividend rate of 0 %. All of the warrants vested immediately. The grant date fair value of the warrants issued to Skycrest and Greyt was $ 2,940,000 and $ 2,940,000, respectively. The Company will amortize the costs associated with warrants issued over the term of the Consulting Agreement. The Company recorded $ 1,960,000 and $ 408,333 of stock-based compensation expense for the year ended October 31, 2023 and 2022, respectively, based on the fair value of these warrants on the grant date.

 At Closing, Ian Bothwell waived all unpaid and accrued compensation except for four unpaid base salary payments outstanding as of July 31, 2022, in exchange for ten-year warrants to purchase 150,000 Shares at an exercise price of $ 4.00 per Share, exercisable on a "cashless basis" and a cash payment of $50,000 at Closing. All of the warrants vested immediately. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 2.91 %, (2) term of 10 years, (3) expected stock volatility of 144 %, and (4) expected dividend rate of 0 %. The grant date fair value of the warrants issued to Mr. Bothwell was $ 588,000 which amount was applied towards the amount of unpaid and accrued compensation. The remaining balance of unpaid and accrued compensation that was forgiven by Mr. Bothwell totaling $ 455,478 was recorded as additional paid in capital as of October 31, 2022 (see Note 15).

 At Closing, Dr. George Shapiro terminated his consulting arrangement with the Company and waived all unpaid consulting fee obligations in exchange for ten-year warrants to purchase 15,750 Shares at an exercise price of $ 4.00 per Share, exercisable on a "cashless basis." All of the warrants vested immediately. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 2.91 %, (2) term of 10 years, (3) expected stock volatility of 144 %, and (4) expected dividend rate of 0 %. The grant date fair value of the warrants issued to Dr. Shapiro was $ 61,740 which amount was applied towards the amount of unpaid and accrued compensation, The remaining balance of unpaid and accrued compensation that was forgiven by Dr. Shapiro totaling $ 77,760 was recorded as additional paid in capital as of October 31, 2022 (see Note 15).

 During August 2022, the Company entered into five separate consulting and employment agreements providing for the issuance of ten-year warrants to purchase an aggregate of 205,750 Shares at exercise prices ranging from $ 4.80 to $ 6.00 per Share, exercisable on a "cashless basis". The warrants vest over the term of the agreements that range for 6 months to 2 years. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rates between 2.60 % - 3.05 %, (2) term of 10 years, (3) expected stock volatility of 143 %, and (4) expected dividend rate of 0 %. The grant date aggregate fair value of all the warrants issued was $ 1,122,075. The Company recorded an aggregate of $ 237,638 and $ 133,363 of stock-based compensation expense for the years ended October 31, 2023 and 2022, respectively, based on the fair value of these warrants on the grant date.

 F- 35

 During September 2022, each of the five non-executive directors (other than the Chairman) were granted the right to be party to a Director's Service Agreement. Pursuant to that agreement, non-employee directors will be compensated for their services by the annual issuance of warrants to acquire up to 5,000 shares of the Company's common stock at an exercise price of $ 8.80 (the fair market value of the common stock as of the date of grant, exercisable for a period of ten (10) years from the date of grant ("Director Warrants"). The Director Warrants shall be and shall vest in equal monthly installments of 416.67 shares, subject to continued service by the director as a member of the board of directors. The agreement will also provide for indemnification of directors to the fullest extent permitted by Nevada law. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 3.69 %, (2) term of 10 years, (3) expected stock volatility of 143 %, and (4) expected dividend rate of 0 %. The grant date fair value of each warrant issued was $ 43,200 (aggregate total of $216,000). The Company recorded an aggregate of $ 160,373 and $ 23,079 of stock-based compensation expense for the years ended October 31, 2023 and 2022, respectively, based on the fair value of these warrants on the grant date.

 Effective August 1, 2022, the Company entered into a one-year consulting agreement with a third party to provide strategic advice, assistance with implementation of new business strategies and overall advice concerning the Company's business goals and objectives. The consultant received compensation in the form of a warrant to acquire up to 5,000 shares of the Company's common stock at an exercise price of $ 6.60 (the fair market value of the common stock as of the date of grant, exercisable for a period of ten (10) years from the date of grant and exercisable on a "cashless basis." The warrant shall vest in equal monthly installments. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 2.60 %, (2) term of 10 years, (3) expected stock volatility of 143 %, and (4) expected dividend rate of 0 %. The grant date fair value of the warrant issued was $ 32,700. The Company will record stock-based compensation expense during the term of the agreement based on the fair value of these warrants on the grant date. The Company recorded $ 24,525 and $ 8,175 of stock-based compensation expense for the years ended October 31, 2023 and 2022, respectively.

 As described in Note 11, in connection with the issuance of the Note on March 6, 2023, the Company issued the Purchaser's 50,000 commitment Warrant Shares exercisable for a five-year period at a price of $ 12.00 per share. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 3.98 %, (2) term of 5 years, (3) expected stock volatility of 169 %, and (4) expected dividend rate of 0 %. All of the warrants vested immediately. The grant date fair value of the warrants issued was $ 113,000. The Company recorded $ 113,000 as a loan discount which was amortized over the term of the Note.

 As described in Note 15, effective June 1, 2023, the Company issued Dr. Leider a warrant to purchase an aggregate of 285,000 shares of common stock in connection with Dr. Leider's employment agreement. The warrant is exercisable for $ 2.40 per share (the closing price of the Company's common stock on the date of grant), until the fifth anniversary date of the date of issuance. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 3.7 %, (2) term of 5 years, (3) expected stock volatility of 168 %, and (4) expected dividend rate of 0 %. The warrant vests in equal quarterly installments over a three-year period. The grant date fair value of the warrants issued was $ 684,000. The Company recorded $ 95,000 of stock-based compensation expense for the year ended October 31, 2023 based on the fair value of these warrants on the grant date.

 As described in Note 15, effective June 1, 2023, the Company issued Dr. Golub a warrant to purchase an aggregate of 250,000 shares of common stock in connection with Dr. Golub's employment agreement. The warrant is exercisable for $ 2.40 per share (the closing price of the Company's common stock on the date of grant), until the fifth anniversary date of the date of issuance. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 3.7 %, (2) term of 5 years, (3) expected stock volatility of 168 %, and (4) expected dividend rate of 0 %. The warrant vests in equal quarterly installments over a one-year period. The grant date fair value of the warrants issued was $ 600,000. The Company recorded $ 250,000 of stock-based compensation expense for the year ended October 31, 2023 based on the fair value of these warrants on the grant date.

 F- 36

 As described in Note 15, effective July 12, 2023, the Company issued Ms. Swartz a warrant to purchase an aggregate of 130,000 shares of common stock in connection with Ms. Swartz's employment agreement. The warrant is exercisable for $ 2.28 per share (the closing price of the Company's common stock on the date of grant), until the fifth anniversary date of the date of issuance. The Company valued the warrants on the dates of the grant using the Black-Scholes option pricing model with the following weighted average assumptions: (1) risk free interest rate 4.1 %, (2) term of 5 years, (3) expected stock volatility of 167 %, and (4) expected dividend rate of 0 %. The warrant vests over a three-year period. The grant date fair value of the warrants issued was $ 296,400. The Company recorded $ 28,817 of stock-based compensation expense for the year ended October 31, 2023 based on the fair value of these warrants on the grant date.

 As described in Note 11, during the period August 2023 through September 2023, the Company sold 2.9 Units ("Units") to 4 investors in a private offering at a purchase price of $ 250,000 per Unit for an aggregate purchase price of $ 725,000. Each Unit consists of (a) a $ 250,000 in principal amount 8 % Convertible Promissory Note due September 30, 2026 (the "Note"); and (b) 7,813 common stock purchase warrants (the "Warrants"), each entitling the holder to purchase one share of common stock, $ 0.001 par value ("Shares") at an exercise price of $ 20.00 for a period of five years from the date of issuance.

 As of October 31, 2023, there was approximately $ 4,881,000 of unamortized compensation associated with warrants outstanding as of October 31, 2023 that will be amortized over their respective remaining service periods.

 All stock compensation expense is classified under general and administrative expenses in the consolidated statements of operations.

 NOTE 15 – COMMITMENTS AND CONTINGENCIES

 Skincare Agreement

 In September 2022, the Company entered into a joint development agreement and supply agreement with a third-party supplier ("Supplier") that develops and manufactures various devices and related equipment and consumables used in the skincare industry ("Skincare Agreement") that are marketed and sold directly and/or through its affiliates or third parties, in the United States of America and in most major international markets. Under the terms of the Skincare Agreement, the Company was obligated to provide and the Third Party was obligated to purchase a minimum volume of raw material ingredient ("Ingredient") from the Company to be used as part of formulations in exclusive biologic topical products ("Products") to be marketed and sold by Supplier during the first year of the Agreement in the amount of $ 167,000 ("Minimum Purchase") and mutually agreed upon minimal annual amounts thereafter. In June 2023, the Supplier informed the Company that there were delays in the Supplier's development of the Products, including the timing of providing a purchase order for the Minimum Purchase of the Company's Ingredient.

 During September 2023, the Company and the Supplier agreed to enter into an Amendment and Restatement of the Skincare Agreement ("Amended Skincare Agreement"). Under the terms of the Amended Skincare Agreement, the products to be provided by the Company was modified to include both the Ingredient and a topical moisturizer ("Moisturizer") supplied by the Formulator (see Note 7). The Ingredient and the Moisturizer are hereinafter referred to as the "Combined Product". The Supplier was obligated to deliver a purchase order for a minimum of $ 403,200 of the Combined Product by September 30, 2023 ("Initial Purchase Order") and a total of $ 648,000 of the Combined Product during the first year of the Amended Skincare Agreement.

 During November 2023, the Supplier paid the Company $ 403,200 in connection with the Initial Purchase Order. Pursuant to Sales Agreement with the Formulator, the Company paid the Formulator $ 235,200 representing the amount of Initial Purchase Order associated with the Company's arrangement with the Formulator to supply he Moisturizer. Both the Company and the Formulator have yet to deliver the Ingredient or the Moisturizer to the Supplier.

 F- 37

 Executive Employment Agreements

 The Company is party to executive employment agreements with each of Ian T. Bothwell (our Chief Financial Officer), Dr. Maria Ines Mitrani (our former Chief Science Officer) (see below) and Albert Mitrani, our former Executive Vice President of Sales) (see below), originally executed in April 2018 and subsequently amended (the " Executive Employment Agreements "). As amended, the Executive Employment Agreements provided for a term expiring on December 31, 2025 and a base annual salary of $ 300,000 and specified expense reimbursement allowances. They also contained customary confidentiality and non-competition provisions.

 Pursuant to the terms of the SPA, the Executive Employment Agreements were further amended on August 19, 2022 and February 9, 2023 as follows:

 1.

 Each of Albert Mitrani, Dr. Maria Ines Mitrani and Ian Bothwell amended their respective employment agreements providing for (a) setting their respective base salaries at $ 300,000 per annum; (b) limits on cell phone, automobile and other monthly allowances; (b) elimination of any compensation associated with commissions, fixed bonus, increases to base salary (based on revenue milestones), and/or tax make-whole provisions associated with equity grants; and (c) deletion of change in control provisions.

 In the February 9, 2023 amendment, each of Albert Mitrani, Dr. Maria Ines Mitrani and Ian Bothwell agreed to a reduction in each executive's annual salary to $ 150,000 per year effective December 15, 2022 in the case of Dr. Mari Mitrani and Albert Mitrani and November 30, 2022 in the case of Mr. Bothwell. The reduction will remain in effect through such time that net revenues from operations are breakeven when calculating the salaries of all three executives without the agreed upon reductions ("Salary Reduction Period"). There is no obligation of the Company to repay that portion of Base Salary that has been reduced during the Salary Reduction Period. Beginning August 16, 2023, Mr. Bothwell's annual salary was increased to $ 200,000 per year.

 2.

 Albert Mitrani and Dr. Maria Ines Mitrani each waived all accrued but unpaid compensation outstanding as of July 31, 2022. The Company, Albert Mitrani and Dr. Maria Ines Mitrani also agreed to terminate the leases with Mariluna LLC for use of Albert Mitrani's and Mari Mitrani's Miami, FL and Aspen, Colorado homes, retroactive to July 13, 2022. The Company wrote off the related ROU asset and lease liability as of the Closing Date. The balance of unpaid and accrued compensation that was forgiven by Albert Mitrani and Dr. Maria Ines Mitrani totaling $ 430,200 and $ 563,455 (reduced for $22,500 of security deposits that were retained by Mariluna LLC upon termination of leases), respectively, was recorded as additional paid in capital as of October 31, 2022.

 3.

 Ian Bothwell waived all unpaid and accrued compensation outstanding as of July 31, 2022, in exchange for ten-year warrants to purchase 150,000 Shares at an exercise price of $ 4.00 per Share, exercisable on a "cashless basis" and a cash payment of $50,000 at Closing. The Company and Mr. Bothwell also agreed that rental and other office costs associated with the California office currently used by him will not be reimbursed after October 31, 2022. The balance of unpaid and accrued compensation that was forgiven by Mr. Bothwell totaling $ 455,478, was recorded as additional paid in capital as of October 31, 2022.

 4.

 Each of Albert Mitrani, Dr. Maria Ines Mitrani, Ian Bothwell and all other recipients agreed to terminate all awards granted but not yet issued under the Company's Management and Consultant Performance Plan.

 5.

 Each of Albert Mitrani, Dr. Maria Ines Mitrani and Ian Bothwell agreed to modify severance compensation provisions to be paid upon termination to only occur upon a termination without cause in an amount equal to one month's base salary for each year of service.

 F- 38

 In connection with the February 9, 2023 amendment to the Executive Employment Agreements, Mr. Bothwell and Mr. Mitrani also agreed to repay approximately $ 44,600 and $ 84,300, respectively, of previously reimbursed expenses to the Company and the Company and the executives exchanged mutual releases. During August 2023, the Company agreed to extinguish Mr. Bothwell's obligation to repay the previously reimbursed expenses of approximately $44,600. In connection with the settlement agreement with Albert Mitrani and Dr. Maria Ines Mitrani effective November 13, 2023 (see Legal Matters below), the Company agreed to extinguish Mr. Mitrani's obligation to repay the previously reimbursed expenses outstanding at the time of the settlement of approximately $75,900.

 On April 28, 2023, the Company terminated Dr. Maria Ines Mitrani as its Chief Scientific Officer and contemporaneously terminated her employment agreement with the Company.

 On May 12, 2023, the Company terminated Albert Mitrani as its Executive Vice President of Sales and contemporaneously terminated his employment agreement with the Company.

 As of October 31, 2023, the Company reserved the remaining amounts due of $ 0 and $ 75,900 against the amounts due from Mr. Bothwell and Mr. Mitrani, respectively.

 As of October 31, 2023 and October 31, 2022, the total amounts due from related parties were $ 0 and $ 128,939, respectively, and is included in receivables from related party in the accompanying consolidated balance sheets.

 Resignation Of Matthew Sinnreich

 On July 21, 2022 ("Effective Date"), Matthew Sinnreich was appointed by the Board of Directors to the position of Chief Operating Officer and Acting Chief Executive Officer.

 On the Effective Date, Organicell and Mr. Sinnreich entered into a term sheet (the "Term Sheet") setting forth in principle the terms of Mr. Sinnreich's employment agreement with and compensation by the Company. The Term Sheet was subject to the negotiation and execution of a definitive employment agreement embodying the provisions of the Term Sheet, as well as customary terms and conditions for an executive employment agreement (the "Employment Agreement"). The parties agreed to use their respective commercial best efforts to negotiate and execute the Employment Agreement.

 In connection with the Term Sheet, as an inducement for Mr. Sinnreich to join the Company, Mr. Sinnreich was issued 50,000 shares of restricted common stock ("Inducement Shares") and ten-year warrants to purchase 200,000 shares at a price of $ 6.80 per share, exercisable on a "cashless" basis ("Inducement Warrants". The foregoing Inducement Shares and Inducement Warrants vested immediately upon issuance.

 During the first year of the Initial Term, Mr. Sinnreich was to be compensated by the issuance of 120,000 shares of Organicell's common stock, which were to vest in equal monthly installments of 10,000 shares each ("Salary Shares"). During the second year of the Initial Term, Mr. Sinnreich was to be entitled to receive a base salary of $ 25,000 per month, payable in cash or shares of Organicell's common stock, at his election.

 On September 13, 2022, Mr. Sinnreich assumed the position of President and Acting Chief Executive Officer. He subsequently resigned from the Company on November 22, 2022. During the period November 1, 2022 through November 22, 2022 and as of November 22, 2022, a total of 7,233 and 40,767 of the Salary Shares were vested, respectively.

 In July 2023, Mr. Sinnreich paid the Company $ 50,000 and returned to the Company 170,000 shares and warrants to purchase 200,000 shares. The total amount of shares returned to the Company of 170,000 were redeposited back into the Company's treasury of authorized and unissued shares on July 19, 2023.

 F- 39

 Chief Executive Officer, Chief Science Officer and Chief Products Officer

 On June 6, 2023, our board of directors appointed Harry Leider, M.D., M.B.A., as Chief Executive Officer and a member of the board of directors and Howard J. Golub, M.D., as Executive Vice President and Chief Science Officer. Ian T. Bothwell, who has served as Interim Chief Executive Officer since November 2022, in addition to his position as Chief Financial Officer will continue in his Chief Financial Officer role. On July 12, 2023, our board of directors appointed Jill Swartz, as Chief Products Officer.

 Dr. Leider's employment agreement provides for a base salary of $ 325,000 per year and the grant of an option under Organicell's Equity Incentive Plan ("Incentive Plan") to purchase 285,000 shares of our common stock at a price of $ 2.40 per share (fair market value on the date of grant) ("Leider Option"). The Leider Option vests in equal quarterly installments over a three-year period, contingent upon Dr. Leider's continued employment with the Company and expires five years from the date of grant. The vesting of the Leider Option is accelerated in the event of a change in control of the Company (as described in the employment agreement) or if the Company achieves certain market cap valuations.

 Dr. Leider shall also be entitled to earn a commission of ten percent (10%) of the net profit (sales less cost of goods sold) generated by the sale of any of the Company's biologic products sold directly by him solely from sources generated by him alone.

 Dr. Leider's employment with the Company is "At Will" meaning that his employment with the Company and his employment agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without "Cause" (as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Dr. Leider's employment without Cause or Dr. Leider terminates his employment with the Company for "Good Reason" (as defined in the Agreement), Dr. Leider will be entitled to receive an amount equal to one year's salary as severance, less the value of the Leider Option as vested on the date of termination, as calculated by subtracting the market price for the shares underlying the option as of the date of termination, less the exercise price for such shares, provided further, that the combined amount of the severance payment and market value of the Leider Option shall not be less than $200,000. In such circumstance he will also be entitled to receive a pro-rated share of any bonus earned for the year in which the termination takes place.

 Dr. Golub's employment agreement provides for a base salary of $ 150,000 per year. Dr. Golub will not be a full-time employee, but rather will devote such amount of his working time as the Company deems reasonably necessary to fulfill his duties thereunder (estimated to be approximately his working time). Dr. Golub will perform his duties remotely from his residence, with travel, as required by his position. He will be permitted to continue serving as a Principal of Care-Safe, LLC.

 Dr. Golub is also granted an option under the Incentive Plan to purchase 250,000 shares of our common stock at a price of $ 2.40 per share (fair market value on the date of grant) ("Golub Option"). The Golub Option vests in equal quarterly installments over a one-year period, contingent upon Dr. Golub's continued employment with the Company and expires five (5) years from the date of grant.

 Dr. Golub's employment with the Company is "At Will" meaning that his employment with the Company and his employment agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without "Cause" (as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Dr. Golub's employment without Cause or Dr. Golub terminates his employment with the Company for "Good Reason" (as defined in the Agreement), Dr. Golub will be entitled to receive an amount equal to one year's base salary as severance. He will also be entitled to receive a pro-rated share of any bonus earned for the year in which the termination takes place.

 F- 40

 Ms. Swartz's employment agreement provides for a base salary of $ 215,000 per year and the grant of an option under Organicell's Equity Incentive Plan ("Incentive Plan") to purchase 130,000 shares of our common stock at a price of $ 2.40 per share (fair market value on the date of grant) ("Swartz Option"). The Swartz Option vests one-third (1/3) on the first anniversary of the employment agreement. The remaining portion will vest in equal quarterly installments during the second and third year of the employment agreement, contingent upon Ms. Swartz's continued employment with the Company and expires five years from the date of grant.

 Ms. Swartz's employment with the Company is "At Will" meaning that her employment with the Company and her employment agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without "Cause" (as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Ms. Swartz's employment without Cause or Ms. Swartz terminates her employment with the Company for "Good Reason" (as defined in the Agreement), Ms. Swartz will be entitled to receive an amount equal to one year's base salary as severance.

 All the above employment agreements contain customary confidentiality, non-competition and non-solicitation covenants.

 Consultant Agreements

 Assure Immune LLC

 Effective March 29, 2021, the Company and Assure Immune L.L.C ("Consultant") entered into an amendment ("Amendment") to the consulting agreement between the parties dated March 30, 2020 ("Agreement"). Under the terms of the Amendment, the initial term of the Agreement was extended for an additional 2 years (until March 30, 2023) and the terms for eligibility of the Consultants to receive future grants of stock above those stock issuances granted as of the date of the Amendment based on achievement of certain future milestones previously provided for in the Agreement were eliminated. In addition, the Amendment provided additional terms in connection with termination of the Agreement. Under the terms of the Amendment, the Consultant received an additional 100,000 shares of common stock that vested 50% upon execution of the Amendment and the remaining 50% on December 31, 2021.

 On August 19, 2022 the Company and Consultant agreed to an amendment to the consulting agreement whereby the Consultant was issued 25,000 shares of common stock of the Company and received a $20,000 cash payment in exchange for satisfaction of approximately $200,000 in outstanding consulting fees due to the Consultant up through August 31, 2022. The parties also agreed to the reduction of future fees payable to the Consultant from $40,000 per month to $15,000 per month for the period September 2022 through March 2023. The Agreement was not renewed upon its expiration.

 F- 41

 Preparation of IRB, Pre-IND, IND Protocols for Clinical Applications and Clinical Trial Initiation and Monitoring:

 In connection with the Company's ongoing research and development efforts and the Company's efforts to meet compliance with current and anticipated United States Food and Drug Administration ("FDA") regulations pertaining to marketing traditional biologics and human cells, tissues and cellular and tissue based products that fall under Section 351 of the Public Health Services Act ("HCT/Ps"), the Company has applied for and received Investigation New Drug ("IND") approval from the FDA to commence clinical trials in connection with the use of the Company's products and related treatment protocols for specific indications.

 New CRO Agreements

 During August 2021, October 2021, and December 2021, the Company entered into agreements with a new CRO to provide ongoing clinical research and related services in connection with two of the Company's approved clinical research trials ("New CRO Agreements"). On August 23, 2022 the New CRO Agreements were amended. In connection with the New CRO Agreements, the Company is obligated to make aggregate payments to the CRO of approximately $1,443,000 plus estimated aggregate pass-through costs and other third-party direct costs of approximately $495,000 ("Pass-Through Costs") as well as site and patient related costs. The Company is obligated to make the CRO payments based on the actual costs incurred over the term of the clinical trial beginning on the commencement of the work by the CRO in connection with the applicable clinical trial and the payments for the pass-through costs and other third-party direct costs as well as site and patient related costs are paid in accordance with completion of agreed upon milestones.

 In connection with the two aforementioned studies, the Company determined in one of the studies that it acquired sufficient safety data with less than the originally planned patient enrollment and the study has been closed. In the other study, the Company is reviewing the benefit from continued efforts to commence the study and/or whether the existing approved IND should be modified, terminated and/or replaced.

 As of October 31, 2023, the Company has been billed a total of approximately $1,431,300 in connection with the New CRO Agreements, Pass-Through Costs and Site related costs, respectively, of which approximately $ 587,800 was outstanding as of October 31, 2023.

 As of October 31, 2022, the Company has been billed a total of approximately $680,000 in connection with the New CRO Agreements, including $18,400 of escrow related payments, of which approximately $ 244,900 was outstanding as of October 31, 2022.

 Contingent Convertible Obligations Into Equity Securities

 Obligations Due Under Executive Employment Agreements

 In connection with the Closing, the Company and each of the Executives agreed to forego their unpaid Original Base Salary and Incremental Salary (see "Changes in Management Compensation" above).

 F- 42

 Legal Matters

 SEC Matter

 On June 17, 2021, Organicell received a subpoena dated June 14, 2021, from the Atlanta Regional Office of the SEC requiring the production of certain documents and communications in connection with the treatment and results of various COVID-19 patients, as discussed in the Company's Current Reports on Form 8-K filed with the SEC during the period from May 27, 2020 through May 11, 2021. The Company fully cooperated with the SEC's investigation and believes that it has provided all of the information requested by the SEC. The Company can make no assurances as to the time or resources that will need to be devoted to this investigation in the future or its final outcome, or the impact, if any, of this investigation or any proceedings on the Company's current business, financial condition, results of operations, cash flows, or the Company's future operations.

 LAE International Consulting

 On August 17, 2021, the Company was served with a summons and complaint by LAE International Consulting, LLC ("LAE"), in the case styled LAE International Consulting, LLC v. Organicell Regenerative Medicine, Inc. et al., Case No. 2021-018461-CA-01 (In the Circuit Court of the 11th Judicial Circuit in and for Miami Dade County, Florida) (the "Lawsuit"). Albert Mitrani, Mari Mitrani and Ian Bothwell (the "Individual Defendants") were also named as defendants in the Lawsuit. In the Lawsuit, LAE alleges breach of contract, unjust enrichment, violation of Florida's Unfair and Deceptive Trade Practices Act, breach of obligation of good faith and fair dealing, negligent misrepresentation and fraudulent misrepresentation in connection with a prior consulting agreement entered into between the Company and LAE. During April 2022 the Lawsuit was settled whereby the Company agreed to pay LAE $ 45,000 in cash and 2,000,000 shares of restricted common stock of the Company.

 Daniel Pepock and Tracy Yourke

 The Company terminated the employment agreements with the former Sales Executives Daniel Pepock ("Pepock") and Tracy Yourke ("Yourke") effective June 30, 2022. On August 22, 2022, Mr. Pepock, Ms. Yourke and Organicell agreed to a material settlement term sheet ("Settlement") which provided for the resolution and full settlement and release of all claims among the parties and for the Company to buy back all of the shares of common stock of the Company issued to and owned by Mr. Pepock and Ms. Yourke at the time of the Settlement (represented by Mr. Pepock and Ms. Yourke to be in excess of 124,000 shares) in exchange for a payment by the Company of $500,000 ("Purchase Price"). In addition, the Company agreed to release Mr. Pepock and Ms. Yourke from their non-compete restrictions upon transfer of the shares to the Company. Effective October 13, 2022, the parties executed a Confidential Settlement Agreement and Mutual General Release memorializing the terms of the Settlement. Under the terms of the Settlement, the Company agreed to repurchase 124,000 shares of common stock for $500,000. On January 31, 2023, 124,000 shares were transferred to the Company and the Company paid the Purchase Price. The shares received by the Company were immediately cancelled and returned to the Company's treasury of authorized and unissued shares on February 3, 2023.

 At October 31, 2022, the Company has recorded the obligation to repurchase the shares in connection with settlement of the litigation in the amount of $500,000 in the consolidated balance sheet.

 F- 43

 Albert Mitrani and Dr. Maria Ines Mitrani

 On June 7, 2023, Organicell filed a four-count complaint with the Seventeenth Judicial Circuit in and for Broward County, Florida against Albert Mitrani and Dr. Maria Ines Mitrani, co-founders of the Company. Albert Mitrani was a former director and executive officer of the Company (most recently serving as Chief Executive Officer from September 2019 to July 2022 and as Executive Vice President of Sales from July 2022 until his termination in May 2023) and Dr. Mitrani is a former director and former executive officer of the Company (serving as Chief Science Officer from November 2016 until her termination in April 2023). The complaint alleges (i) breach of contract; (ii) breach of fiduciary duty; and (iii) tortious interference with business relationships; and seeks injunctive relief, in connection with, inter alia, non-solicitation and non-competition violations, misappropriation of Organicell materials and proprietary information resulting in unjust enrichment, causing detriment to business relationships and goodwill towards customers and physicians, self-dealing and misconduct afoul to Organicell's business interests as members of Organicell's board of directors, executive officers and minority equity interest holders—all causing irreparable harm to Organicell. The complaint seeks injunctive relief, in addition to both compensatory and punitive damages.

 Effective November 13, 2023, the Company entered into a settlement agreement with Albert Mitrani and Dr. Maria Ines Mitrani, pursuant to which it resolved various claims against the Mitranis, including those set forth in the previously reported Florida state action the Company had filed against the Mitranis. As part of the settlement, Albert Mitrani and Dr. Maria Ines Mitrani returned to the Company 682,161 and 481,831 shares of Organicell common stock held by them respectively and the parties exchanged mutual releases.

 Other

 In addition to the foregoing, from time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is subject to inherent uncertainties, and an adverse result in any such matter may harm our business.

 NOTE 16 – SEGMENT INFORMATION

 For the years ended October 31, 2023 and
2022, the Company operated only one 1 operating segment.

 F- 44

 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

 None.

 Item 9A. Controls and Procedures.

 Evaluation of Controls and Procedures.

 In accordance with Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), our management is required to perform an evaluation under the supervision and with the participation of the Company's management, including the Company's principal executive and principal financial officers, or persons performing similar functions, of the effectiveness of the design and operation of the Company's disclosure controls and procedures as of the end of the period.

 Based on their evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of October 31, 2023, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

 Management's Report on Internal Control Over Financial Reporting

 General

 Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act, as a process designed by, or under the supervision of, the Company's principal executive and principal financial officers, or persons performing similar functions, and effected by the Company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that: pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the company; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.

 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

 As of October 31, 2023, management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control-Integrated Framework of 2013 issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") and SEC guidance on conducting such assessments.

 Based on that evaluation under this framework, our management concluded that as of October 31, 2023, our internal control over financial reporting was not effective because of the following material weaknesses:

 Due to our small number of employees and resources, we have limited segregation of duties, as a result of which there is insufficient independent review of duties performed.

 Due to our small number of employees and resources, we have limited segregation of duties, as a result of which do not have the ability to implement internal controls over the granting of access to our IT environment.

 As a result of the limited number of accounting personnel, we rely on inexperienced staff and outside consultants for the preparation of our financial reports, including tax preparation, which could require adjustments and lead to overlooking items requiring disclosure.

 As a result of the Company's limited financial and personnel resources, there may be difficulties in timely analyzing and identifying potential operational and disclosure transactions within management and to comply with financial reporting regulations.

 Management's Remediation Initiatives

 In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we have expanded our accounting and administrative support staff during the fiscal year ended October 31, 2023. We also continue to engage outside tax consultants to assist in advising the Company in tax matters on an ongoing basis.

 If and when the Company obtains sufficient capital resources, the Company intends to hire additional personnel with sufficient U.S. GAAP knowledge and business experience and to segregate appropriate duties among them. The Company has also begun efforts to further automate its accounting, sales ordering and inventory management functions.

 In September 2022, we appointed six (6) independent members to our board of directors (and established an audit committee consisting of three independent directors, which is responsible for the oversight in the establishment and monitoring of required internal controls and procedures such as reviewing and approving estimates and assumptions made by management). Two of those independent members, one of whom served on the audit committee, subsequently resigned. We plan to seek additional independent director candidates in the proximate future.

 This report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to temporary rules of the SEC that permit us to provide only management's report in this annual report.

 Changes in Internal Controls

 No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fourth quarter ended October 31, 2023 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

 Item 9B. Other Information.

 None.

 Item 10. Directors, Executive Officers and Corporate Governance.

 Directors and Executive Officers

 Below are the names of and certain information regarding the Company's current executive officers and directors:

 Name:

 Age:

 Position:

 Director or Officer Since:

 Dr. Harry Leider

 Chief Executive Officer and Director

 June 6, 2023

 Chief Financial Officer and Director

 November 4, 2016

 Dr. Howard L. Golub

 Executive Vice President and Chief Science Officer

 June 6, 2023

 Dr. George Shapiro

 Chief Medical Officer and Director

 February 7, 2019

 Chuck Bretz

 Director – Chairman of the Board

 September 23, 2022

 Gurvinder Pal Singh

 September 23, 2022

 S. Jerry Glauser

 September 23, 2022

 Leathem Stearn

 September 23, 2022

 Directors are elected to serve until the next annual meeting of stockholders and until their successors are elected and qualified. Directors are elected by a plurality of the votes cast at the annual meeting of stockholders and hold office until the expiration of the term for which he or she was elected and until a successor has been elected and qualified.

 Executive officers are appointed by, and serve at the pleasure of, the board of directors of the Company, subject to any contractual arrangements.

 Professional Experience

 Dr. Harry Leider was appointed Chief Executive Officer and a member of the Board on June 6, 2023. Dr Leider has over 25 years of experience as a senior healthcare executive in a variety of innovative high growth healthcare companies. Prior to joining Organicell, he served as the Chief Medical Officer and Executive Vice President of Apos Health from December 2022 to May 2023. From May 2018 to October 2022, Dr. Leider was the Chief Medical Officer and Executive Vice President of Gelesis, Inc., a biotech company that successfully developed an FDA-cleared therapy for obesity and went public in January 2022. Prior thereto, he served from 2013 to 2018 as the Chief Medical Officer and Group Vice President of Walgreens Boots Alliance. He has also previously served as a member of the Boards of Directors of Alivio Therapeutics, TytoCare and Mobile Help. In addition, Dr. Leider has served on the faculty of Harvard Medical School and the John Hopkins Carey School of Business, where he taught healthcare marketing. He received his medical degree from the University of Pennsylvania, an M.B.A. from the University of Washington where he was a Robert Wood Johnson Clinical Scholar, and his B.A., summa cum laude from Pennsylvania State University.

 Ian T. Bothwell was elected as a member of the board of directors of the Company effective September 11, 2019. Mr. Bothwell previously served as a member of the board of directors of the Company from March 8, 2017 until his resignation in April 2018, when the Company executed a Plan and Agreement of Reorganization. Mr. Bothwell serves as the Chief Financial Officer of the Company, a position he has held since November 4, 2016. In addition, he was served as Interim Chief Executive Officer of the Company from November 22, 2022 until June 6, 2023. From 2003 through November 2015, Mr. Bothwell served in various executive positions for Central Energy GP LLC, the general partner of Central Energy Partners LP, a previously publicly traded master limited partnership. From July 2007 through November 2015, Mr. Bothwell served as President and a director of Regional Enterprises, Inc. Since April 2007, Mr. Bothwell has served as the President and controlling member of Rover Advanced Technologies, LLC, a company formed to provide management solutions to the public transportation industry. Since 2015, Mr. Bothwell has also served as the President and controlling member of CountOnMe Inc., a company that provides software solutions for the educational industry. Mr. Bothwell received his Bachelor of Science in Business Administration from Boston University in 1984.

 Dr. Howard L. Golub was appointed Executive Vice President and Chief Science Officer on June 6, 20230, has been a principal in Care-Safe LLC (a senior clinical development consulting company whose corporate clients included biotech/drug/medical device companies) since 2008. He also currently serves as one of the Clinical Leads for the RADx N.I.H. program (designed to help companies develop and accelerate accurate COVID-19 testing and bring them to market). From 2014 to 2016, he was Vice President of Research and Development at Walgreens Boots Alliance, helping to develop a program that utilized its massive customer database to aid in clinical trial patient recruitment. In 1996, he was one of the founders of CareStat LLC, a 150 person CRO in the Boston area, where he served as Chief Executive Officer until the company was sold in 2008. For 20 years prior thereto, Dr. Golub was a serial entrepreneur, being one of the founders and an executive officer of three healthcare companies, two of which were successfully sold. In addition, from 2003 to 2013 he held an adjunct professorship at the Harvard-M.I.T. joint M.S./M.B.A. program where he taught a course entitled "Clinical Development for Private Enterprise." Dr. Golub received his Ph. D. in biomedical engineering and an M.D. from a Harvard Medical School-M.I.T. joint program in 1983.

 Dr. George Shapiro was elected as a member of the board of directors of the Company effective February 2019. Since September 2018, Dr. Shapiro has served as the Company's Chief Medical Officer. George C. Shapiro has been in practice for over 27 years. His career in medicine began in 1988 when he graduated from New York Medical College. An internship and residency then followed at Albert Einstein college of Medicine, after which, Dr. Shapiro completed a Cardiovascular Disease fellowship at Columbia University College of Physicians and Surgeons in 1994. Dr. Shapiro is currently a cardiologist in private practice.

 Chuck Bretz became a director of the Company and Vice Chairman of the Board on September 23, 2022. Mr. Bretz has been a practicing attorney for the last 40 years in both the private and public sectors. Since 1999, Mr. Bretz, has been a principal of the Joliet, Illinois law firm he founded, which is now known as Chuck Bretz & Associates, P.C. The firm advises various businesses in multiple commercial and real estate matters. Mr. Bretz is also currently actively involved in advising entrepreneurs across the country in structuring and negotiating business and real estate transactions. We believe that his combination of legal and business experience brings value to the Company as a member of our board of directors and as its Vice-Chairman.

 Gurvinder Pal Singh joined our Board of Directors on September 23, 2022, has over 35 years of professional experience in business strategy, corporate finance and financial accounting covering varied areas such as mergers and acquisitions, statutory compliance, capital raising, budgeting and internal controls, audit, financial management, risk management, investor relations and tax planning. Since 1996, he has served as Chief Finance Officer of Modi Holdings, whose holdings include various companies in India, Singapore and the U.S., in the fields of mobile services, mobile devices, mobile retain, healthcare, new energy and wellness. Mr. Singh is a graduate of the University of New Delhi and a Chartered Accountant in India. Given his varied and extensive finance and business experience, we believe that he will be a valuable addition to Organicell as a member of the board of directors.

 S. Jerry Glauser joined the Company's board of directors on September 23, 2022. He has been in the automobile business for 50 years, starting in the family business in South New Jersey. In 1973, Mr. Glauser bought his first dealership in Sarasota Florida and over the next three decades expanded to ownership of a dozen dealerships in Florida. In 2004, he sold his Florida dealerships and acquired a Mercedes-Benz dealership in Denver, Colorado, which he sold in 2006. He then bought a Mercedes-Benz dealership in Houston, Texas, which he operated until its sale. For the last eight years, Mr. Glauser has been a private investor in various biotech companies and real estate ventures. We believe that his over half century of business experience brings a unique perspective to the board of directors.

 Leathem Stearn joined the board of directors on September 23, 2002. Since 1970, Mr. Stearn been an inventor, designer, entrepreneur and investor in various industries and with multiple companies. In 1986, Mr. Stearn founded Scunci International, LLC, where he developed the "Scrunchy" product and Scunci Brand of women hair accessories. He managed the Company until its sale in 1988, but continues to hold and license the Scunci Trademark world-wide. From 1992 to1995, Mr. Stearn was a partner and CEO of Artnet, a company which he co-founded that became the leading art information company in the Art industry. Mr. Stearn has also founded or co-founded, developed and managed a number of other ventures including; Showcase International, LLC (from 1989 to 1992), which developed the first entertainment industry multi-media portfolio database; Smith Stearn Yachts LLC (from 2004 to 2010), which developed and operated a yacht sharing business and a number of other companies in the maritime industry. The Company believes that Mr. Stearn's diverse experience makes him a valuable addition to the board of directors.

 Family Relationships

 None.

 Board Committees

 The Board has established three standing committees; an audit committee, a compensation committee and a nominating and corporate governance committee. The members of the audit committee are Messrs. Singh and Glauser, with Mr. Singh acting as Chairman, the members of the compensation committee are Mr. Bretz and Mr. Stearn, with Mr. Bretz acting as Chairman and the members of the nominating and corporate governance committee are Messrs. Bretz and Singh, with Mr. Bretz serving as Chairman.

 Independence

 The Board has determined that each of our non-executive directors is " independent " within the meaning of the applicable rules and regulations of the SEC and the listing standards of the Nasdaq Stock Market.

 In addition, we believe Mr. Singh qualifies an " audit committee financial expert " as the term is defined by the applicable rules and regulations of the SEC and the Nasdaq Stock Market listing standards, based on his business professional experience in the financial and accounting fields. At the time of the listing of our common stock for trading on the Nasdaq Stock Market, we are required to certify to the Nasdaq Stock Market, that our audit committee has, and will continue to have, at least one member who has past employment experience in finance or accounting, requisite professional certification in accounting, or other comparable experience or background that results in the individual's financial sophistication.

 Compliance with Section 16(a) of the Securities Exchange Act of 1934

 Section 16(a) of the Exchange Act requires our executive officers and directors and persons who own more than 10% of a registered class of our equity securities to file with the SEC initial statements of beneficial ownership, reports of changes in ownership and annual reports concerning their ownership of our common stock and other equity securities, on Forms 3, 4 and 5 respectively. Executive officers, directors and greater than 10% stockholders are required by the SEC regulations to furnish us with copies of all Section 16(a) reports that they file.

 Based solely on our review of the copies of such forms received by us, or written representations from certain reporting persons, we believe that all filing requirements applicable to our officers, directors and greater than 10% beneficial owners were complied with under Section 16 of the Exchange Act during the fiscal year ended October 31, 2023 and up through the date of this Annual Report, except that Mr. Albert Mitrani and Dr. Maria Ines Mitrani, former directors and executive officers of the Company have not filed Form 4 reports with respect to 682,161 and 481,831 of our common stock held by them, respectively, which was returned to the Company on November 14, 2023, in connection with the settlement of various claims the Company had against the Mitranis.

 Rule 10b5-1 Trading Arrangements

 During the quarter ended October 31, 2023, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated any Rule 10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements (in each case, as defined in Item 408(a) of Regulation S-K).

 Item 11. Executive Compensation.

 The following table sets forth information concerning the total compensation paid or accrued by the Company during the last two fiscal years indicated to (i) all individuals that served as the Company's principal executive officer or acted in a similar capacity for the Company at any time during the fiscal years ended October 31, 2023 and October 31, 2022; (ii) all individuals that served as the Company's principal financial officer or acted in a similar capacity for the Company at any time during the fiscal years ended October 31, 2023 and October 31, 2022; and (ii) the other individuals who were serving as executive officers of the Company at the end of the fiscal year ended October 31, 2023 whose total compensation exceeded $100,000.

 SUMMARY COMPENSATION TABLE

 Name and Principal Position

 Fiscal
 Year

 Salary
 ($)

 Bonus
 ($)

 Stock Awards
 ($)

 Option Awards
 ($)

 Non-equity
 Incentive Plan
 Compensation
 ($)

 Nonqualified
 Deferred
 Compensation
 Earnings
 ($)

 All Other
 Consideration
 ($)

 Total Actually
 Received
 ($)

 Harry Leider, MD

 2023

 135,584

 -0-

 -0-

 95,000

 (1)

 -0-

 -0-

 4,383

 (12)

 234,967

 Chief Executive Officer (1)

 2022

 -0-

 -0-

 -0-

 -0-

 -0-

 -0-

 -0-

 -0-

 Ian T. Bothwell,

 2023

 166,667

 -0-

 -0-

 -0-

 -0-

 -0-

 41,648 (8)

 208,315

 Chief Financial Officer (2)

 2022

 300,000

 200,000

 -0-

 -0-

 -0-

 -0-

 35,957 (8)

 80,119

 (6)

 Matthew Sinnreich,

 2023

 -0-

 -0-

 49,618

 (3)

 -0-

 -0-

 -0-

 -0-

 49,618

 (3)

 Former Acting Chief Executive Officer (3)

 2022

 -0-

 300,000

 571,353

 (3)

 1,332,000

 (3)

 -0-

 -0-

 -0-

 2,203,353

 (3)

 Howard Golub,

 2023

 62,500

 -0-

 -0-

 (4)

 -0-

 -0-

 -0-

 312,500

 Chief Science Officer and Executive Vice President (4)

 2022

 -0-

 -0-

 -0-

 -0-

 -0-

 -0-

 -0-

 -0-

 Dr. George Shapiro,

 2023

 -0-

 -0-

 -0-

 -0-

 -0-

 -0-

 Chief Medical Officer (5)

 2022

 85,500

 -0-

 -0-

 -0-

 -0-

 -0-

 -0-

 7,740

 (7)

 Albert Mitrani -

 2023

 93,750

 -0-

 -0-

 -0-

 -0-

 -0-

 22,834

 (11)

 116,584

 Former CEO, President and Executive Vice President of Sales (9)

 2022

 428,623

 -0-

 -0-

 -0-

 -0-

 -0-

 83,243

 (11)

 79,479

 (10)

 (1)

 Dr. Leider has served as Chief Executive Officer of the Company since June 6, 2023. During the year ended October 31, 2023, Dr. Leider received a warrant to purchase 285,000 shares of common stock of the Company with an aggregate grant value of 684,000, of which 39,583 warrants ($95,000) was vested for the year ended October 31, 2023. See Note 14 to the October 31, 2023 audited consolidated financial statements for a description of the assumptions used in determining the value of the warrants granted.

 (2)

 Mr. Bothwell has served as Chief Financial Officer of the Company since November 4, 2016. From November 22, 2022 through June 6, 2023, he served as Interim Chief Executive Officer.

 (3)

 Matthew Sinnreich served as Acting Chief Executive Officer and Chief Operating Officer of the Company from July 21, 2022 to September 23, 2022 and as Acting Chief Executive Officer and President from September 23, 2022 to November 22, 2022, when he resigned. During fiscal year 2022, Mr. Sinnreich was issued 50,000 shares of common stock of the Company and a warrant to purchase 200,000 shares of common stock of the Company with an aggregate grant value of $343,000 and $1,332,000, respectively. Mr. Sinnreich was also issued 120,000 shares of common stock of the Company in lieu of any cash salary during his first year of employment with an aggregate grant value of $823,200, of which 33,534 ($228,353) was vested for the year ended October 31, 2022 and 7,233 ($49,618) was vested for the year ended October 31, 2023. See Notes 13 and 14 to the October 31, 2023 audited consolidated financial statements for a description of the assumptions used in determining the value of the stock granted and the warrants issued. In July 2023, Mr. Sinnreich paid the Company $50,000 and returned to the Company 170,000 shares and warrants to purchase 200,000 shares.

 (4)

 Dr. Golub has served as Vice President and Chief Science Officer of the Company since June 6, 2023. During the year ended October 31, 2023, Dr. Golub was issued a warrant to purchase 250,000 shares of common stock of the Company with an aggregate grant value of $600,000, of which 104,167 warrants ($250,000) was vested for the year ended October 31, 2023. See Note 14 to the October 31, 2023 audited consolidated financial statements for a description of the assumptions used in determining the value of the warrants granted.

 (5)

 Dr. George Shapiro has served as the Chief Medical Officer of the Company since September 2018.

 (6)

 In August 2022, Mr. Bothwell was issued a warrant to purchase 150,000 shares of common stock of the Company with a grant value of $588,000 as payment for $588,000 of accrued and unpaid salary. In addition, $455,478 of accrued and unpaid salary was forgiven by Mr. Bothwell in connection with the Restructuring on August 19, 2022 and is reflected as a reduction in the total amount received during the year ended October 31, 2022. See Note 14 to the October 31, 2023 audited consolidated financial statements for a description of the assumptions used in determining the value of the warrants issued.

 (7)

 In August 2022, Dr. Shapiro was issued a warrant to purchase 15,750 shares of common stock of the Company with a grant value of $61,740 as payment for $61,740 of accrued and unpaid salary. In addition, $77,760 of accrued and unpaid salary was forgiven by Dr. Shapiro contemporaneously therewith and is reflected as a reduction in the total amount received during the year ended October 31, 2022. See Note 14 to the October 31, 2023 audited consolidated financial statements for a description of the assumptions used in determining the value of the warrants issued.

 (8)

 Ian Bothwell received benefits totaling approximately $41,648 and $35,957 during fiscal years ended October 31, 2023 and 2022, respectively.

 (9)

 Albert Mitrani served as Chief Executive Officer from September 2019 until July 21, 2022. On July 21, 2022, when he stepped down from that position and assumed the position of Executive Vice President of Sales. Mr. Mitrani was terminated in May 2023.

 (10)

 $430,200 of accrued and unpaid salary was forgiven by Mr. Mitrani in connection with the Restructuring on August 19, 2022 and is reflected as a reduction in the total amount received during the year ended October 31, 2022.

 (11)

 Albert Mitrani and his wife, Dr. Maria I. Mitrani, former Chief Science Officer of the Company received benefits totaling approximately $22,834 and $83,243 during fiscal years ended October 31, 2023 and 2022, respectively.

 (12)

 Dr. Leider received benefits totaling approximately $4,383 and $0 during fiscal years ended October 31, 2023 and 2022, respectively.

 We have no plans in place and have never maintained any plans that provide for the payment of retirement benefits or benefits that will be paid primarily following retirement including, but not limited to, tax qualified deferred benefit plans, supplemental executive retirement plans, tax-qualified deferred contribution plans and nonqualified deferred contribution plans.

 Executive Employment Agreements

 The Company is party to executive employment agreements with each of Dr. Harry Leider, our Chief Executive Officer, Ian T. Bothwell, our Chief Financial Officer, and Dr. Howard Golub, our Chief Science Officer.

 Harry Leider, M.D.

 Dr. Leider's employment agreement provides for a base salary of $325,000 per year and the grant of an option under our 2021 Equity Incentive Plan (the "2021 Plan") to purchase 285,000 shares of our common stock at a price of $2.40 per share (fair market value on the date of grant) (the " Leider Option "). The Leider Option vests in equal quarterly installments over a three-year period, contingent upon Dr. Leider's continued employment with the Company and expires five years from the date of grant. The vesting of the Leider Option is accelerated in the event of a change in control of the Company (as described in the employment agreement) or if the Company achieves certain market cap valuations.

 Dr. Leider is also be entitled to earn a commission of ten percent (10%) of the net profit (sales less cost of goods sold) generated by the sale of any of the Company's biologic products sold directly by him solely from sources generated by him alone.

 Dr. Leider's employment with the Company is "At Will" meaning that his employment with the Company and his employment agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without "Cause" (as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Dr. Leider's employment without Cause or Dr. Leider terminates his employment with the Company for "Good Reason" (as defined in the Agreement), Dr. Leider will be entitled to receive an amount equal to one year's salary as severance, less the value of the Leider Option as vested on the date of termination, as calculated by subtracting the market price for the shares underlying the option as of the date of termination, less the exercise price for such shares, provided further, that the combined amount of the severance payment and market value of the Leider Option shall not be less than $200,000. In such circumstance he will also be entitled to receive a pro-rated share of any bonus earned for the year in which the termination takes place.

 Mr. Bothwell's executive employment agreement, as amended to date, provides for a term expiring on December 31, 2025, an annual base salary of $300,000 and specified expense reimbursement allowances. Notwithstanding the foregoing, effective November 30, 2022, Mr. Bothwell agreed to a reduction in his annual base salary to $150,000, with the reduction to remain in effect through such time that net revenues from operations are breakeven or as otherwise decided by the board of directors. There is no obligation of the Company to repay that portion of base salary that has been reduced during the salary reduction period. Beginning August 16, 2023, Mr. Bothwell's annual base salary was increased to $200,000.

 On February 9, 2023, Mr. Bothwell entered into a further amendment to the employment agreement, which provided For modification of the severance provisions to provide for payment of severance only upon a termination without cause with the amount of such severance to equal to one month's base salary for each year of service. In addition, he agreed to repay approximately $44,600 of previously reimbursed expenses. In August 2023, the Company waived Mr. Bothwell's obligation to repay the previously reimbursed expenses.

 Howard Golub, M.D.

 Dr. Golub's employment agreement provides for a base salary of $150,000 per year. Dr. Golub will not be a full-time employee, but rather will devote such amount of his working time as the Company deems reasonably necessary to fulfill his duties thereunder (estimated to be approximately his working time). Dr. Golub will perform his duties remotely from his residence, with travel, as required by his position. He will be permitted to continue serving as a Principal of Care-Safe, LLC.

 Dr. Golub is also granted an option under the Incentive Plan to purchase 250,000 shares of our common stock at a price of $2.40 per share (fair market value on the date of grant) ("Golub Option"). The Golub Option vests in equal quarterly installments over a one-year period, contingent upon Dr. Golub's continued employment with the Company and expires five (5) years from the date of grant.

 Dr. Golub's employment with the Company is "At Will" meaning that his employment with the Company and his employment agreement may be terminated by the Company at any time, for any reason or for no reason at all and with or without "Cause" (as defined in the Agreement). Notwithstanding the foregoing, in the event the Company terminates Dr. Golub's employment without Cause or Dr. Golub terminates his employment with the Company for "Good Reason" (as defined in the Agreement), Dr. Golub will be entitled to receive an amount equal to one year's base salary as severance. He will also be entitled to receive a pro-rated share of any bonus earned for the year in which the termination takes place.

 Each of the above agreements contains customary confidentiality and non-competition agreements.

 Outstanding Equity Awards at Fiscal Year-End

 Option Awards

 Stock Awards

 Name
 (a)

 Securities
 Underlying
 Unexercised
 Options
 Exercisable
 (b)

 Securities
 Underlying
 Unexercised
 Options
 Unexercisable
 (c)

 Equity
 Incentive
 Plan Awards:
 Securities
 Underlying
 Unexercised
 Unearned
 Options
 (d)

 Option
 Exercise
 Price
 (e)

 Option
 Expiration
 Date
 (f)

 Stock Awards
 Shares or
 Units of Stock
 That Have
 Not Vested
 (g)

 Market Value
 of Shares or
 Units of Stock
 That Have
 Not Vested
 (h)

 Equity Incentive
 Plan Awards:
 Unearned Shares,
 Units or
 Other Rights
 That Have
 Not Vested
 (i)

 Equity Incentive
 Plan Awards:
 Market or
 Payout Value
 of Unearned
 Shares, Units
 of Other Rights
 That Have
 Not Vested
 (j)

 Dr. Harry Leider

 39,583

 245,417

 285,000

 $

 2.40

 06/06/28

 -

 -

 -

 $

 -

 37,500

 -

 -

 $

 5.60

 02/26/30

 -

 -

 75,000

 $

 133,500

 (1)

 150,000

 -

 -

 $

 4.00

 07/13/32

 -

 -

 -

 $

 -

 Dr. Howard Golub

 104,167

 145,833

 $

 2.40

 06/06/28

 -

 -

 -

 $

 -

 Dr. George Shapiro

 15,750

 -

 -

 $

 4.00

 07/13/32

 -

 -

 25,000

 $

 44,500

 (1)

 (1)

 Based on the closing stock price of $1.78 on October 31, 2023.

 2021 Plan

 In September 2021, the Company adopted the 2021 Equity Incentive Plan ("2021 Plan"). The 2021 Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units, and Performance Shares (an " Award ") to any person who is an employee or director of, or consultant to the Company. The maximum aggregate number of shares that may be issued pursuant to all Awards was 1,250,000 shares. On June 6, 2023, the Company's board of directors and stockholders holding a majority of the Company's voting power, approved an increase in the number of shares of the Company's common stock reserved for issuance under the Company's 2021 Plan from 1,250,000 shares to 2,500,000 shares.

 The 2021 Plan is administered by (a) the board of the directors of the Company; or (b) a committee designated by the board, which Committee shall be constituted in such a manner as to satisfy the applicable laws and to permit such grants and related transactions under the Plan to be exempt from Section 16(b) of the Exchange Act in accordance with Rule 16b-3. Once appointed, such committee shall continue to serve in its designated capacity until otherwise directed by the board. The board of directors may at any time amend, suspend, or terminate the Plan; provided, however, that no such amendment shall be made without the approval of the Company's shareholders to the extent such approval is required by applicable laws.

 As of October 31, 2023, a total of 900,500 shares of our common stock (net of 181,500 shares of our common stock redeposited for future issuance) that have been awarded under the 2021 Plan remain issued and outstanding.

 Compensation of Directors Table

 The following table summarizes all compensation paid to our non-executive directors for the fiscal year ended October 31, 2023.

 Name

 Fees Earned Or Paid In Cash ($)

 Option/Equity
 Awards (#)

 Non-Equity
 Plan Compensation ($)

 Non-Qualified
 Deferred Compensation Earnings ($)

 All Other
 Compensation ($)

 Total
 ($)

 Dr. Bhupendra Kumar Modi (1)

 -

 -

 -

 -

 -

 -

 Chuck Bretz

 -

 -

 -

 -

 -

 -

 Jerry Glauser

 -

 -

 -

 -

 -

 -

 Leathem Stearn

 -

 -

 -

 -

 -

 -

 Gurvinder Pal Singh

 -

 -

 -

 -

 -

 -

 (1)

 Mr. Modi stepped down as a director in June 2023.

 Narrative Disclosure to the Director Compensation Table

 Each of our non-executive directors will be party to a Director's Service Agreement. Pursuant to that agreement, non-employee directors (other than Dr. Modi) will be compensated for their services by the annual issuance of warrants to acquire up to 5,000 shares of the Company's common stock at an exercise price equal to fair market value of the common stock as of the date of grant (the " Director Warrants "). The Director Warrants shall be exercisable for a period of ten (10) years from the date of grant and shall vest in equal monthly installments of 416.67 shares, subject to continued service by the director as a member of the board of directors. The agreement will also provide for indemnification of directors to the fullest extent permitted by Nevada law.

 It is contemplated that non-executive directors will be granted a comparable amount of Director Warrants or stock options for each year of service. The Company has not yet authorized or issued Director Warrants or stock options for the second year of service of its non-executive directors, which commenced on September 23, 2023.

 Non-employee directors are also reimbursed for out-of-pocket costs incurred in connection with attending meetings.

 Code of Ethics

 Due to our small size, we have not adopted a Code of Ethics and Business Conduct that applies to our officers, directors and employees. We intend to adopt a Code of Ethics and Business Conduct in the near future as we grow our operations and hire additional employees.

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 The following table sets forth, as of January 28, 2024, the beneficial ownership of our common stock by each director and executive officer, by each person known by us to beneficially own 5% or more of our common stock and by directors and executive officers as a group. Unless otherwise stated, the address of the persons set forth in the table is c/o the Company, 3321 College Ave, Suite 246, Davie, Florida 33314:

 Officers and Directors

 Title

 % of
Class (1)

 % of
Voting Power (2)

 Harry Leider, M.D. (3)

 Chief Executive Officer and Director

 76,497

 1.23

 %

 *

 Ian Bothwell (4)

 Chief Financial Officer and Director

 927,594

 14.69

 %

 7.20

 %

 Dr. George Shapiro (5)

 Chief Medical Officer and Director

 418,771

 6.82

 %

 3.34

 %

 Howard L. Golub, M.D. (6)

 Executive Vice President and Chief Science Officer

 187,500

 2.97

 %

 1.46

 %

 Chuck Bretz (7)

 Director – Chairman of the Board

 5,000

 *

 *

 Jerry Glauser (8)

 138,333

 2.26

 %

 1.11

 %

 Leathem Stearn (9)

 70,833

 1.16

 %

 *

 Gurvinder Pal Singh (10)

 5,000

 *

 *

 All officers and directors as a group (8 persons)

 1,829,528

 27.69

 %

 13.57

 %

 Other 5% or Greater Stockholders

 Skycrest Holdings LLC (11)

 1,008,604

 14.67

 %

 32.69

 %

 Greyt Ventures LLC (12)

 1,000,000

 14.54

 %

 32.63

 %

 Dr. Bhupendra Kumar Modi (13)

 500,000

 8.16

 %

 4.00

 %

 *

 Less than 1%.

 (1)

 Based on 6,125,482 shares of vested common stock outstanding as of January 28, 2024.

 (2)

 Based on 6,125,482 shares of vested common stock and 100 Series C Preferred Shares outstanding as of January 28, 2024. The shares of common stock and the Series C Preferred Shares vote together as a single class on all matters presented to stockholders, except as required by Nevada law. Each Series C Preferred Share entitles the holder to 51.0% of the combined voting power of the Company's capital stock and an aggregate of 51.0% for all 100 Series C Preferred Shares outstanding, notwithstanding the number of shares of common stock outstanding.

 (3)

 Includes vested warrants to purchase 47,500 shares of common stock of the Company under the Plan and warrants to purchase 23,750 shares of common stock of the Company under the Plan that vest within sixty (60) days of January 28, 2024.

 (4)

 Includes warrants to purchase 187,500 shares of common stock of the Company.

 (5)

 Includes warrants to purchase 15,750 shares of common stock of the Company.

 (6)

 Includes vested warrants to purchase 125,000 shares of common stock of the Company under the Plan and warrants to purchase 62,500 shares of common stock of the Company under the Plan that vest within sixty (60) days of January 28, 2024.

 (7)

 Includes vested warrants to purchase 5,000 shares of common stock of the Company.

 (8)

 Includes vested warrants to purchase 5,000 shares of common stock of the Company.

 (9)

 Includes 62,500 shares of common stock held of record by Stearn Enterprises LLC, of which Mr. Stearn is the sole beneficial owner. Includes vested warrants to purchase 5,000 shares of common stock of the Company.

 (10)

 Includes vested warrants to purchase 5,000 shares of common stock of the Company.

 (11)

 812 Meridian Lane, Hollywood FL 33020. Represents 258,604 shares of common stock, warrants to purchase 750,000 shares of common stock and 50 Series C Preferred Shares held of record by Skycrest Holdings, LLC, of which Louis Birdman is the managing member.

 (12)

 20533 Biscayne Blvd., Suite 648, Aventura, FL 33180. Represents 250,000 shares of common stock, warrants to purchase 750,000 shares of common stock and 50 Series C Preferred Shares held of record by Greyt Ventures LLC, of which Ms. Wendy Grey is the sole member and manager.

 (13)

 6 Marina Boulevard # 63-18, Singapore 018985. Represents 250,000 shares of common stock held of record by Beyond 100 FZE and 250,000 shares of common stock held of record by Smart Co. Holding Pte. Ltd., each of which Dr. Modi is the sole beneficial owner.

 The Company has not received any other filings by a third party indicating beneficial ownership of more than 5% of our outstanding voting capital stock that are not listed herein.

 The persons named above have full voting and investment power with respect to the shares indicated. Under the rules of the SEC, a person (or group of persons) is deemed to be a " beneficial owner " of a security if he or she, directly or indirectly, has or shares the power to vote or to direct the voting of such security, or the power to dispose of or to direct the disposition of such security. Accordingly, more than one person may be deemed to be a beneficial owner of the same security. Beneficial ownership is determined in accordance with SEC rules and includes only vested securities and those securities which a person or entity may have the right to acquire and/or vest in the next 60 days, but excludes shares of common stock underlying options or other convertible securities held by any other person. Except as noted otherwise, the amounts reflected above are based upon information provided to the Company and filings with the SEC.

 Securities Authorized for Issuance under Equity Compensation Plans

 Plan category

 securities to be
 issued upon exercise of
 outstanding options,
 warrants and rights

 Weighted-average
 exercise price of
 outstanding options,
 warrants and rights

 securities remaining
 available for future
 issuance under equity
 compensation plans
 (excluding securities
 reflected in column (a))

 Board Stock Compensation Plan (1)

 -0-

 -

 22,570

 2021 Equity Incentive Plan

 665,000

 $2.38

 1,599,500

 (1)

 The Company is no longer using the Board Stock Compensation Plan to compensate its non-executive directors.

 Item 13. Certain Relationships and Related Transactions and Director Independence.

 Review, Approval and Ratification of Related Party Transactions

 Review, approval, or ratification of transactions with our executive officers, directors and significant stockholders are subject to approval or ratification by a majority of disinterested directors. Once our board of directors is comprised of a majority of independent directors, we anticipate that such transactions will require approval or ratification by a majority of our independent directors or a committee of the board of directors consisting of independent directors.

 Leases

 The Company previously leased certain office space from MariLuna, LLC, a Florida limited liability company which is owned by a former executive officer and director. The lease agreement was terminated effective July 31, 2022. Total rent expense for the year ended October 31, 2022 was $31,500.

 Commencing October 1, 2020, the Company entered into a second lease agreement with Mariluna LLC for office space located in Aspen, Colorado. The initial term of the lease was for one year, expiring on September 30, 2021 and the lease was subsequently extended on a month to month basis. The lease agreement was terminated effective July 31, 2022. Total rent expense for the year ended October 31, 2022 was $58,500.

 Reimbursements

 In connection with Mr. Bothwell's executive employment agreement, the Company agreed to reimburse Rover Advanced Technologies, LLC (" Rover "), a company owned and controlled by Mr. Bothwell for office rent and other direct expenses (phone, internet, copier and direct administrative fees, etc.) totaling $41,648 and $36,352 for the years ended October 31, 2023 and 2022, respectively. Beginning November 2022, the Company no longer reimbursed for office expenses and other direct expenses of Rover.

 Advances by Executive Officers

 Manuel Iglesias, the Company's former Chief Executive Officer, and/or his affiliates (" Iglesias ") previously advanced funds to the Company to pay for certain expenses of the Company. At October 31, 2023 and October 31, 2022, advances payable to the former executive were $220,897. The advances are non-interest bearing and there are no formal arrangements regarding the repayment of the advances.

 Interests in Affiliated Entities

 During the year ended October 31, 2023, the Company invested $100,000 in cash (representing a 10% equity interest at the time of the investment) in the non-marketable equity securities of a privately held skin-care formulator ( "Formulator "). At the time of the investment, both Greyt Ventures, LLC and Skycrest Holdings, LLC, controlling stockholders of the Company, each owned a 20% interest in the Formulator. In addition, Mr. Robert Smoley, a consultant and advisor to the Company, is also the Chief Operating Officer of the Formulator. In addition, the Company's Chief Medical Officer was granted an option by Formulator to acquire up to 200,000 membership interests in the Formulator, of which 100,000 vested immediately and the remaining $100,000 will vest based on future sales of the Formulator attributed to the Chief Medical Officer. The option price is $20,000 for the 200,000 membership interests.

 Sales to Related Parties

 For the year ended October 31, 2023, the Company sold a total of approximately $180,900 of product to a management services organization ("MSO") that provides administrative services and contracts for medical supplies for several medical practices, including approximately $115,440 of products purchased from the Company that were attributable to the medical practice owned by Dr. George Shapiro the Company's Chief Medical Officer and a member of the board of directors. Dr. Shapiro also has an indirect economic interest in the parent company that owns the MSO.

 For the year ended October 31, 2022, the Company sold a total of approximately $702,100 of product to a management services organization (" MSO ") that provides administrative services and contracts for medical supplies for several medical practices, including $207,072 of products purchased from the Company that were attributable to the medical practice owned by Dr. George Shapiro the Company's Chief Medical Officer and a member of the board of directors. Dr. Shapiro also has an indirect economic interest in the parent company that owns the MSO.

 Item 14. Principal Accounting Fees and Services.

 Weinberg & Company P.A. (" Weinberg ") as served as the Company's independent registered public accounting firm for the fiscal year ended October 31, 2023 and Marcum LLP (" Marcum ") served as the Company's independent registered public accounting firm for the fiscal year ended October 31, 2022.

 Audit Fees

 The aggregate fees billed the Company for the fiscal years ended October 31, 2023 and October 31, 2022 for professional services rendered by our principal accountants for their audit of our annual financial statements and review of financial statements included in our quarterly reports or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were:

 Fiscal Year Ended October 31, 2023:

 $

 150,000

 Fiscal Year Ended October 31, 2022:

 $

 240,000

 Audit-Related Fees

 The aggregate fees billed the Company for the fiscal years ended October 31, 2023 and October 31, 2022 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit or review of the registrant's financial statements and are not reported under Item 9(e)(1) of Schedule 14A.

 Fiscal Year Ended October 31, 2023:

 $

 25,000

 Fiscal Year Ended October 31, 2022:

 $

 36,838

 Tax Fees

 The aggregate fees billed the Company for the fiscal years ended October 31, 2023 and October 31, 2022 for professional services rendered by the principal accountants for tax compliance, tax advice, and tax planning.

 Fiscal Year Ended October 31, 2023:

 $

 25,213

 Fiscal Year Ended October 31, 2022:

 $

 -

 All Other Fees

 The aggregate fees billed the Company for the fiscal years ended October 31, 2023 and October 31, 2022 for products and services provided by the principal accountants, other than the services reported in Items 9(e)(1) through 9(e)(3) of Schedule 14A.

 Fiscal Year Ended October 31, 2023:

 $

 -

 Fiscal Year Ended October 31, 2022:

 $

 -

 Pre-Approval Policies and Procedures

 We have not used Weinberg or Marcum for financial information system design and implementation. These services, which include designing or implementing a system that aggregates source data underlying the financial statements or generates information that is significant to our financial statements, are provided internally or by other service providers. We did not engage Weinberg or Marcum to provide compliance outsourcing services.

 Our board of directors pre-approves all services provided by our independent auditors. All of the above services and fees were reviewed and approved by the board of directors either before or after the respective services were rendered. The board of directors has considered the nature and amount of fees billed by Weinberg (and previously Marcum) and believes that the provision of services for activities unrelated to the audit is compatible with maintaining our independence.

 Item 15. Exhibits and Financial Statement Schedules.

 The following documents are filed as part of this Report:

 (1)

 Financial Statements. The following consolidated financial statements and the report of our independent registered public accounting firm, are filed as " Item 8. Financial Statements and Supplementary Data " of this Report:

 Reports of Independent Registered Public Accounting Firms

 Consolidated Balance Sheets as of October 31, 2023 and 2022

 Consolidated Statements of Operations for the Years Ended October 31, 2023 and 2022

 Consolidated Statement of Changes In Stockholders' Equity (Deficit) for the Years Ended October 31, 2023 and 2022

 Consolidated Statements of Cash flows for the Years Ended October 31, 2023 and 2022

 Notes to Consolidated Financial Statements

 (2)

 Financial Statement Schedules.

 Financial Statement Schedules are omitted because the information required is not applicable or the required information is shown in the financial statements or notes thereto.

 (3)

 Exhibits.

 2.1

 Plan and Agreement of Reorganization, dated April 23, 2018, between Management and Business Associates, LLC and Biotech Products Services and Research, Inc. (Filed as an exhibit to the Registrant's Form 8-K filed on April 26, 2018 and incorporated by reference herein)

 3.1

 Articles of Incorporation, as amended (Filed as an exhibit to Registration Statement on Form S-1 filed on September 4, 2012 (File No: 333-183710) and incorporated by reference herein)

 3.2

 Certificate of Amendment to the Articles of Incorporation (Filed as an exhibit to Form 8-K filed on November 3, 2015 and incorporated by reference herein)

 3.3

 Amendment to the Certificate of Incorporation of Biotech Products Services and Research, Inc., filed with the Secretary of State of Nevada on July 22, 2017, effective July 10, 2017 (Filed as an exhibit to Form 10-K for the fiscal year ended October 31, 2017 filed on July 7, 2018 and incorporated by reference herein)

 3.4

 Series A Non-Convertible Preferred Stock Certificate of Designation, effective November 1, 2016 (Filed as an exhibit to the Registrant's Form 8-K filed on November 3, 2016 and incorporated by reference herein)

 3.5

 Amendment to Certificate of Designation of Series A Non-Convertible Preferred Stock of Biotech Products Services and Research, Inc. (Filed as an exhibit to the Registrant's Form 8-K filed on March 15, 2017 and incorporated by reference herein)

 3.6

 Series B Convertible Preferred Stock Certificate of Designation, effective November 1, 2016 (Filed as an exhibit to the Registrant's Form 8-K filed on November 3, 2016 and incorporated by reference herein)

 3.7

 Amendment to the Certificate of Incorporation of Biotech Products Services and Research, Inc., filed with the Secretary of State of Nevada on May 21, 2018, effective June 20, 2018 (Filed as an exhibit to the Registrant's Form 10-K filed on November 1, 2018 and incorporated by reference herein)

 3.8

 Certificate of Correction filed with the Secretary of State of Nevada on June 18, 2018 (Filed as an exhibit to the Registrant's Form 10-K filed on November 1, 2018 and incorporated by reference herein)

 3.9

 Certificate of Withdrawal filed with the Secretary of State of Nevada on June 14, 2018 (Filed as an exhibit to the Registrant's Form 10-K filed on November 1, 2018 and incorporated by reference herein)

 3.10

 Amended and Restated By-laws of Biotech Products Services and Research, Inc. (Filed as an exhibit to the Registrant's Form 8-K filed on March 15, 2017 and incorporated by reference herein)

 3.11

 Second Amended and Restated By-laws of Biotech Products Services and Research, Inc. (Filed as an exhibit to the Registrant's Form 8-K filed on December 18, 2017 and incorporated by reference herein)

 3.12

 Certificate of Amendment to the Articles of Incorporation filed with the Secretary of State of Nevada on June 24, 2020, effective June 24, 2020. (Filed as an exhibit to Form 8-K filed on July 14, 2020 and incorporated by reference herein)

 3.13

 Certificate of Designation of Series C Non-Convertible Preferred Stock (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 3.14

 Second Amended and Restated Bylaws (as amended effective August 19, 2021) (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.1

 Stock Purchase Agreement dated October 30, 2015 between Biotech Products Services and Research, Inc. and John Goodhew (Filed as an exhibit to Form 8-K filed on November 3, 2015 and incorporated by reference herein)

 10.2

 Series A Non-Convertible Preferred Stock Share Exchange Agreement, dated November 1, 2016, between Biotech Products Services and Research, Inc. and Albert Mitrani (Filed as an exhibit to the Registrant's Form 8-K filed on November 3, 2016 and incorporated by reference herein)

 10.3

 Series B Convertible Preferred Stock Share Exchange Agreement, dated November 1, 2016, between Biotech Products Services and Research, Inc. and Albert Mitrani (Filed as an exhibit to the Registrant's Form 8-K filed on November 3, 2016 and incorporated by reference herein)

 10.4+

 Employment Agreement, dated November 4, 2016, between Biotech Products Services and Research, Inc. and Albert Mitrani (Filed as an exhibit to the Registrant's Form 8-K filed on November 14, 2016 and incorporated by reference herein)

 10.5+

 Employment Agreement, dated November 4, 2016, between Biotech Products Services and Research, Inc. and Dr. Bruce Werber (Filed as an exhibit to the Registrant's Form 8-K filed on November 14, 2016 and incorporated by reference herein)

 10.6+

 Amendment No.1, dated March 8, 2017, to Employment Agreement, dated November 4, 2016, between Biotech Products Services and Research, Inc. and Dr. Bruce Werber (Filed as an exhibit to the Registrant's Form 8-K filed on March 15, 2017 and incorporated by reference herein)

 10.7+

 Employment Agreement, dated November 4, 2016, between Biotech Products Services and Research, Inc. and Ian T. Bothwell (Filed as an exhibit to the Registrant's Form 8-K filed on November 14, 2016 and incorporated by reference herein)

 10.8+

 Amendment No.1, dated March 8, 2017, to Employment Agreement, dated November 4, 2016, between Biotech Products Services and Research, Inc. and Ian T. Bothwell (Filed as an exhibit to the Registrant's Form 8-K filed on March 15, 2017 and incorporated by reference herein)

 10.9+

 Employment Agreement, dated November 4, 2016, between Biotech Products Services and Research, Inc. and Dr. Maria Ines Mitrani (Filed as an exhibit to the Registrant's Form 8-K filed on November 14, 2016 and incorporated by reference herein)

 10.10+

 Amendment No.1, dated March 8, 2017, to Employment Agreement, dated November 4, 2016, between Biotech Products Services and Research, Inc. and Dr. Maria Ines Mitrani (Filed as an exhibit to the Registrant's Form 8-K filed on March 15, 2017 and incorporated by reference herein)

 10.11+

 Employment Agreement, dated March 8, 2017, between Biotech Products Services and Research, Inc. and Terrell Suddarth (Filed as an exhibit to the Registrant's Form 8-K filed on March 15, 2017 and incorporated by reference herein)

 10.12+

 Warrant, dated November 4, 2016, issued to Dr. Bruce Werber (Filed as an exhibit to the Registrant's Form 8-K filed on November 14, 2016 and incorporated by reference herein)

 10.13+

 Warrant, dated November 4, 2016, issued to Ian T. Bothwell (Filed as an exhibit to the Registrant's Form 8-K filed on November 14, 2016 and incorporated by reference herein)

 10.14+

 Warrant, dated November 4, 2016, issued to Dr. Maria Ines Mitrani (Filed as an exhibit to the Registrant's Form 8-K filed on November 14, 2016 and incorporated by reference herein)

 10.15+

 Warrant, dated March 8, 2017, from Biotech Products Services and Research, Inc. to Dr. Bruce Werber (Filed as an exhibit to the Registrant's Form 8-K filed on March 15, 2017 and incorporated by reference herein)

 10.16+

 Warrant, dated March 8, 2017, from Biotech Products Services and Research, Inc. to Ian T. Bothwell (Filed as an exhibit to the Registrant's Form 8-K filed on March 15, 2017 and incorporated by reference herein)

 10.17+

 Warrant, dated March 8, 2017, from Biotech Products Services and Research, Inc. to Dr. Maria Ines Mitrani (Filed as an exhibit to the Registrant's Form 8-K filed on March 15, 2017 and incorporated by reference herein)

 10.18+

 Warrant, dated March 8, 2017, from Biotech Products Services and Research, Inc. to Terrell Suddarth (Filed as an exhibit to the Registrant's Form 8-K filed on March 15, 2017 and incorporated by reference herein)

 10.19

 Form of the Securities Purchase Agreement, dated March 29, 2017, by and among Biotech Products Services and Research, Inc., each of its Subsidiaries, the Agent, LLC, Dr. Bruce Werber and Ian T. Bothwell (Filed as an exhibit to the Registrant's Form 8-K filed on April 3, 2017 and incorporated by reference herein)

 10.20

 Form of the 10% Original Issue Discount Convertible Secured Promissory Note and Guarantee, dated March 29, 2017, of Biotech Products Services and Research, Inc. (Filed as an exhibit to the Registrant's Form 8-K filed on April 3, 2017 and incorporated by reference herein)

 10.21

 Form of the Security Agreement, dated March 29, 2017, by and among Biotech Products Services and Research, Inc., each of its Subsidiaries, and the Agent (Filed as an exhibit to the Registrant's Form 8-K filed on April 3, 2017 and incorporated by reference herein)

 10.22

 Form of the Intellectual Property Security Agreement, dated March 29, 2017, by and among Biotech Products Services and Research, Inc., and each of its, Subsidiaries, and the Agent (Filed as an exhibit to the Registrant's Form 8-K filed on April 3, 2017 and incorporated by reference herein)

 10.23

 Form of the Subsidiary Guarantee, dated March 29, 2017, by and among Biotech Products Services and Research, Inc. and each of its Subsidiaries (Filed as an exhibit to the Registrant's Form 8-K filed on April 3, 2017 and incorporated by reference herein)

 10.24+

 Employment Agreement, dated as of May 1, 2017, by and between Peter Taddeo and Mint Organics Inc. (Filed as an exhibit to the Registrant's Form 8-K filed on May 24, 2017 and incorporated by reference herein)

 10.25

 Lease Agreement, dated May 23, 2017, by and between Sunwest Office Park, LLC and Anu Life Sciences, Inc. (Filed as an exhibit to the Registrant's Form 8-K filed on May 24, 2017 and incorporated by reference herein)

 10.26

 Asset Purchase Agreement, dated February 5, 2018, by and among Vera Acquisition, LLC, Anu Life Sciences, Inc., Biotech Products Services and Research, Inc. and Controlling Stockholders, and General Surgical Florida, Inc. (Filed as an exhibit to the Registrant's Form 8-K filed on February 9, 2018 and incorporated by reference herein)

 10.27

 Distribution Agreement, dated February 5, 2018, by and between Vera Acquisition, LLC, and Biotech Products Services and Research, Inc. (Filed as an exhibit to the Registrant's Form 8-K filed on February 9, 2018 and incorporated by reference herein)

 10.28

 Separation and General Release Agreement, dated April 6, 2018, by and between Peter Taddeo, and Mint Organics, Inc., Mint Organics Florida, Inc., Biotech Products Services and Research, Inc. and Ian T. Bothwell (Filed as an exhibit to the Registrant's Form 8-K filed on April 12, 2018 and incorporated by reference herein)

 10.29

 Share Purchase and General Release Agreement, dated April 6, 2018, by and between Peter Taddeo and Biotech Products Services and Research, Inc. and Mint Organics, Inc. (Filed as an exhibit to the Registrant's Form 8-K filed on April 12, 2018 and incorporated by reference herein)

 10.30+

 Amendment No. 2, dated April 6, 2018, to Employment Agreement between Biotech Products Services and Research, Inc. and Ian T. Bothwell (Filed as an exhibit to the Registrant's Form 8-K filed on April 12, 2018 and incorporated by reference herein)

 10.31+

 Amendment No. 2, dated April 6, 2018, to Employment Agreement between Biotech Products Services and Research, Inc. and Maria I. Mitrani (Filed as an exhibit to the Registrant's Form 8-K filed on April 12, 2018 and incorporated by reference herein)

 10.32

 Form of Employment Agreement (Filed as an exhibit to the Registrant's Form 8-K filed on April 26, 2018 and incorporated by reference herein)

 10.33

 Form of 2018 6% Convertible Debenture Issued by Biotech Products Services And Research, Inc., a Nevada corporation (Filed as an exhibit to the Registrant's Form 10-K filed on November 1, 2018 and incorporated by reference herein)

 10.34

 Consulting Services Agreement effective as of March 30, 2020 between Assure Immune L.L.C and the Company (Filed as an exhibit to the Registrant's Form 8-K filed on April 30, 2020 and incorporated by reference herein)

 10.35+

 Amended and Restated Employment Agreement between Organicell Regenerative Medicine Inc. and Albert Mitrani dated June 29, 2020 (Filed as an exhibit to the Registrant's Form 10-K filed on October 16, 2020 and incorporated by reference herein)

 10.36+

 Amended and Restated Employment Agreement between Organicell Regenerative Medicine Inc. and Dr. Maria Mitrani dated June 29, 2020 (Filed as an exhibit to the Registrant's Form 10-K filed on October 16, 2020 and incorporated by reference herein)

 10.37+

 Amended and Restated Employment Agreement between Organicell Regenerative Medicine Inc. and Ian T. Bothwell dated June 29, 2020 (Filed as an exhibit to the Registrant's Form 10-K filed on October 16, 2020 and incorporated by reference herein)

 10.38+

 Warrant for the purchase of shares of common stock of Organicell Regenerative Medicine inc. issued to Ian Bothwell dated February 26, 2020 (Filed as an exhibit to the Registrant's Form 10-K filed on October 16, 2020 and incorporated by reference herein)

 10.39

 Warrant for the purchase of shares of common stock of Organicell Regenerative Medicine inc. issued to Raymond Zoeller dated May 15, 2020 (Filed as an exhibit to the Registrant's Form 10-K filed on October 16, 2020 and incorporated by reference herein)

 10.40+

 2021 Equity Incentive Plan (Filed as an exhibit to the Registrant's Registration Statement on Form S-8 (File No. 333-26062) and incorporated by reference therein)

 10.41+

 Exchange Agreement (Filed as an exhibit to the Registrant's Form 8-K filed on November 2, 2021 and incorporated by reference herein)

 10.42

 Securities Purchase Agreement dated January 11, 2022 with AJB Capital Investment (Filed as an exhibit to the Registrant's Form 10-K filed on February 14, 2022 and incorporated by reference herein)

 10.43

 Promissory Note dated January 11, 2022 made in favor of AJB Capital Investment (Filed as an exhibit to the Registrant's Form 10-K filed on February 14, 2022 and incorporated by reference herein)

 10.44

 Stock Purchase Agreement with Skycrest Holdings, LLC (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.45

 Stock Purchase Agreement with Greyt Ventures LLC (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.46

 Stock Purchase Agreement with Beyond 100 FZE (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.47

 Stock Purchase Agreement with Smart Co. Holding Pte. Ltd. (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.48

 Consulting Agreement with Skycrest Holdings, LLC (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.49

 Consulting Agreement with Greyt Ventures LLC (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.50

 Warrant issued to Skycrest Holdings, LLC (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.51

 Warrant issued to Greyt Ventures LLC (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.52+

 Amendment to Albert Mitrani Employment Agreement (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.53+

 Amendment to Dr. Maria Ines Mitrani Employment Agreement (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.54+

 Amendment to Ian T. Bothwell Employment Agreement (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.55+

 Termination of Consulting Arrangement with Dr. George Shapiro (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.56+

 Form of Warrant to be issued to Ian T. Bothwell and Dr. George Shapiro (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.57+

 Termination of Management and Consulting Performance Plan Awards (Filed as an exhibit to the Registrant's Form 8-K filed on August 23, 2022 and incorporated by reference herein)

 10.58

 Purchase Agreement between Organicell and Tysadco Partners LLC, dated September 1, 2022 (Filed as an exhibit to the Registrant's Form 8-K filed on September 6, 2022 and incorporated by reference herein)

 10.59

 Registration Rights Agreement between Organicell and Tysadco Partners LLC, dated September 1, 2022 (Filed as an exhibit to the Registrant's Form 8-K filed on September 6, 2022 and incorporated by reference herein)

 10.60+

 Form of Director Services Agreement (Filed as an exhibit to the Registrant's Form 8-K filed on September 27, 2022 and incorporated by reference herein)

 10.61+

 Amendment to Dr. Maria Ines Mitrani Employment Agreement, dated February 9, 2023 (Filed as an exhibit to the Registrant's Form 10-K filed on February 14, 2023 and incorporated by reference herein)

 10.62+

 Amendment to Albert Mitrani Employment Agreement, dated February 9, 2023 (Filed as an exhibit to the Registrant's Form 10-K filed on February 14, 2023 and incorporated by reference herein)

 10.63+

 Amendment to Ian Bothwell Employment Agreement, dated February 9, 2023 (Filed as an exhibit to the Registrant's Form 10-K filed on February 14, 2023 and incorporated by reference herein)

 10.64+

 Employment Agreement with Dr. Harry Leider (Filed an exhibit to the Registrant's Form 8-K filed on June 6, 2023 and incorporated by reference herein)

 10.65+

 Employment Agreement with Dr. Howard Golub (Filed an exhibit to the Registrant's Form 8-K filed on June 6, 2023 and incorporated by reference herein)

 21.1

 Subsidiaries of the Registrant (Filed as an exhibit to the Amendment No. l to the Registrant's Form S-1 Registration Statement filed on October 20, 2022 (File No. 333-267563) and incorporated by reference herein)

 23.1(a)*

 Consent of Weinberg & Company P.A. (filed herewith)

 23.1(b)*

 Consent of Marcum LLP (filed herewith)

 31.1*

 Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer (filed herewith)

 31.2*

 Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer (filed herewith)

 32.1*

 Section 1350 Certification of Chief Executive Officer (filed herewith)

 32.2*

 Section 1350 Certification of Chief Financial Officer (filed herewith)

 101.INS**

 101.SCH**

 101.CAL**

 101.LAB**

 101.DEF**

 101.PRE**

 *

 Filed herewith.

 +

 Management compensation plan or arrangement.

 **

 Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or filing for purposes of Sections 11 or 12 of the Securities Act of 1933, deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under those sections.

 Item 16. Form 10-K Summary.

 None.

 SIGNATURES

 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 ORGANICELL REGENERATIVE MEDICINE, INC.

 By:

 /s/ HARRY LEIDER

 Harry Leider, M.D.

 Chief Executive Officer

 (Principal Executive Officer)

 By:

 /s/ IAN T. BOTHWELL

 Chief Financial Officer

 (Principal Financial and Accounting Officer)

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

 Signature

 Title

 Date

 /s/ Harry Leider, M.D.

 Chief Executive Officer, Director

 Harry Leider, M.D.

 (Principal Executive Officer)

 /s/ Ian T. Bothwell

 Chief Financial Officer, Director

 (Principal Financial and Accounting Officer)

 /s/ George Shapiro, M.D.

 Chief Medical Officer, Director

 George Shapiro, M.D.

 /s/ Chuck Bretz

 Director and Chairman of the Board

 Chuck Bretz

 /s/ Gurvinder Pal Singh

 Gurvinder Pal Singh

 /s/ S. Jerry Glauser

 S. Jerry Glauser

 /s/ Leathem Stearn

 Leathem Stearn