Wed, Nov 13, 10:08 PM (30 days ago)
Elite Health Systems Inc. (USNU) reported a net loss of $290,000 for Q3 2024, compared to a loss of $127,000 in Q3 2023, primarily driven by increased operational costs associated with its new healthcare initiatives. Revenue remained nonexistent, with general and administrative expenses rising 156% year-over-year to $387,000. For the nine months ending September 30, 2024, the net loss was $1,034,000, up from $670,000 in the same period last year. The company’s total assets increased to $3,804,000 from $1,321,000, largely due to capital raised through a private placement, generating $4,050,000. Cash and cash equivalents stood at $3,173,000, while the accumulated deficit reached $3,424,000. Management expressed concerns about the company's ability to continue as a going concern, although they believe their strategic focus on establishing managed healthcare plans could alleviate these doubts. The financial health remains precarious, with no current access to credit lines, emphasizing the need for effective execution of future plans and capital raising efforts to ensure sustainability.