Thu, Jun 20, 1:59 PM (79 days ago)
MediXall Group, Inc.'s Q3 2023 financial report highlights significant improvements in financial performance. Revenue for the quarter increased over three times to $65,535 compared to $20,766 in Q3 2022. For the nine months ended September 30, 2023, revenue surged by 5.5 times to $214,925 from $39,025 in the same period in 2022. The net loss for the nine months reduced by over $1.9 million, from $5,047,974 in 2022 to $3,108,940 in 2023. Operating expenses decreased significantly, primarily due to reduced personnel costs and elimination of related party fees. The company raised $1,032,498 from convertible debentures and $1,853 from stock sales. However, the company continues to face substantial doubt about its ability to continue as a going concern due to an accumulated deficit of $35.7 million and insufficient operating cash flows. Subsequent to the quarter, additional convertible debentures totaling $716,500 were issued.