Wed, Nov 13, 4:26 PM (96 days ago)
First Choice Healthcare Solutions, Inc. (FCHS) reported a net loss of $3,884.9K for the nine months ending September 30, 2024, a significant decrease from $7,703.8K in the same period of 2023, reflecting a 50% improvement. This reduction is attributed to lower operating and interest expenses, driven by cost-cutting measures and a decrease in service offerings, resulting in a revenue decline to $(19.8K). Operating expenses dropped to $1,405.9K from $2,418.9K, primarily due to decreased compensation and administrative costs. Cash flow from operations was $685.4K, a turnaround from a negative $5,078.0K in the prior year, indicating improved liquidity. As of September 30, 2024, cash and cash equivalents stood at $1,505K, up slightly from $1,468K. However, FCHS faces ongoing financial challenges, including a working capital deficit of $31,881.4K and an accumulated deficit of $67,817.9K. The company is exploring additional funding sources to support its business development strategy and mitigate risks associated with its financial health. Future operations remain uncertain, contingent on successful capital raises and market conditions.