Tue, May 14, 8:29 PM (73 days ago)
MediXall Group, Inc.'s Q1 2023 10-Q report highlights significant changes and financial performance improvements. The company reported a revenue increase to $77.9K from $7.9K in Q1 2022, nearly a tenfold rise. Operating expenses decreased by 50% to $1.2M, primarily due to reduced personnel and related party expenses. The net loss for the period was $1.2M, down from $2.4M in Q1 2022. The company’s cash position was $2.3K with a working capital deficit of $5M. Cash used in operations decreased to $383.8K from $1.1M. The company raised $382.7K through stock sales and convertible debt issuance. Despite improved revenue, the company’s going concern status remains uncertain due to its accumulated deficit of $33.8M and reliance on additional financing. Significant management changes were noted, which have not hampered growth. Future operations depend on continued revenue growth and securing additional funding.