10-Q - OneMedNet Corp (0001849380) (Filer)

Thu, Dec 5, 9:08 PM (38 days ago)

For the quarter ended March 31, 2024, OneMedNet Corporation (ONMD) reported total revenue of $248,000, a 24% increase from $200,000 in Q1 2023, driven by growth in subscription and web imaging revenues. However, the cost of revenue rose to $317,000, resulting in a gross margin of -$69,000. Operating expenses surged by 47% to $2.03 million, primarily due to increased general and administrative costs associated with being a public company. The net loss improved significantly to $2.11 million from $7.83 million year-over-year, reflecting a 73% reduction in losses. Cash flow from operations was negative at $1.55 million, with cash and cash equivalents at $174,000, insufficient to sustain operations for the next 12 months. The company is exploring additional financing options due to substantial doubt about its ability to continue as a going concern. Total liabilities increased to $16.45 million, including significant accounts payable and deferred underwriting fees. Management indicated that future operations depend heavily on securing additional capital, which poses uncertainties amidst ongoing losses.