Tue, Apr 15, 6:32 PM (32 days ago)
**Summary of First Choice Healthcare Solutions, Inc. (FCHS) Annual Report (2024)** **Company Overview:** - **Ticker:** FCHS - **Market:** OTC Markets, OTCIQ tier - **Last Reported Price:** $0.0078 per share (as of March 25, 2025) - **Outstanding Shares:** 32,958,288 (as of April 14, 2025) - **Shareholders:** Approximately 382 **Financial Performance (2024 vs. 2023):** - **Revenue:** $0 (2024) vs. $29,985 (2023) - **Net Loss:** $3,941,488 (2024) vs. $8,261,964 (2023) - **Operating Expenses:** $1,289,291 (2024) vs. $2,440,415 (2023) - **Cash Flow from Operations:** -$1,706,636 (2024) vs. -$6,795,445 (2023) **Strategic Overview:** - **Pivot to Primary Care:** Shift from orthopedic services to primary care and wellness clinics. - **Acquisitions:** Pointe Medical Services, Pointe Med Pharmacy, Livewell MD, Livewell Drugstore, and The Good Clinic. - **Growth Strategy:** Expand primary care clinics, focus on personalized medicine, and integrate compounding pharmacy services. **Future Outlook:** - **Market Opportunity:** U.S. primary care market valued at $271.0 billion in 2023, expected to grow at a CAGR of 3.36% from 2024 to 2030. - **Competitive Landscape:** Faces competition from virtual healthcare providers, brick-and-mortar clinics, and individual practices. - **Risk Factors:** Dependence on additional capital, regulatory challenges, and market competition. **Risk Factors:** - **Financial Condition:** Recurring net losses and working capital deficit. - **Operational Risks:** Dependence on acquisitions, regulatory compliance, and market competition. - **Market Position:** Plans to open 30 new clinics by 2029, focusing on urban and suburban areas. **Management and Governance:** - **Executive Team:** Lance Friedman (CEO), Michael C. Howe (COO), Ernest J. Scheidemann, Jr. (former Interim CFO). - **Board of Directors:** Currently, Lance Friedman is the sole board member. **Financial Condition:** - **Cash and Cash Equivalents:** $19,915 (2024) vs. $12,607 (2023) - **Accounts Receivable:** $0 (2024) vs. $92,444 (2023) - **Total Liabilities:** $36,982,542 (2024) vs. $31,653,284 (2023) **Market Position Changes:** - **Clinic Expansion:** Plans to open 30 new clinics by 2029. - **Service Offerings:** Focus on primary care, wellness services, and compounding pharmacy. **Conclusion:** FCHS is pivoting its business model to focus on primary care and wellness clinics, aiming to capitalize on the growing U.S. primary care market. The company faces significant financial and operational challenges but is strategically positioning itself for growth through acquisitions and clinic expansions.