Wed, Nov 13, 7:14 PM (93 days ago)
QHSLab, Inc. (USAQ) reported significant improvements in its financial performance for the quarter ended September 30, 2024, compared to the same period in 2023. Revenue surged to $544,285 from $336,407, driven by a 126% increase in Integrated Service Program (ISP) revenues and initial clinical study milestone recognition. Year-to-date revenue reached $1,505,945, up from $1,093,974, primarily due to ISP growth and a 21% rise in Allergy Diagnostic Kit sales. Gross profit for the quarter was $365,133, reflecting a gross margin increase to 67.1%, up from 56.3%. Operating expenses rose, with sales and marketing costs at $122,816 and R&D expenses at $79,500, as the company invests in growth. QHSLab posted net income of $49,765 for the quarter, contrasting with a net loss of $82,443 in Q3 2023. Despite these gains, QHSLab faces liquidity challenges, with current liabilities of $2,089,850 against current assets of $349,274, leading to a working capital deficit. The company is in default on multiple loans, raising substantial doubt about its ability to continue as a going concern. Future operations will depend on securing financing and maintaining revenue growth.