Thu, Nov 21, 1:31 PM (114 days ago)
Optimus Healthcare Services, Inc. (OTC: OHCS) reported a net loss of $1,806,532 for Q3 2024, slightly higher than the $1,778,119 loss in Q3 2023. Revenue fell to $384,763 from $453,717, attributed to fewer clinical trials. Cost of sales decreased to $74,061, resulting in a gross profit of $310,702. Operating expenses rose to $1,912,132, driven largely by increased stock-based compensation (up to $986,347). For the nine months ended September 30, 2024, revenue increased to $1,368,531 from $1,047,773, with a net loss of $3,681,086, reduced from $7,592,961 in the prior year. The company faced a working capital deficit of $9,424,229 and had cash reserves of $152,357. Optimus is under a forbearance agreement due to its inability to meet financial obligations, with ongoing efforts to raise capital through convertible preferred stock offerings. Future operations remain uncertain, heavily reliant on securing additional funding to continue business activities and manage existing debts.