Thu, Jul 11, 7:19 PM (58 days ago)
Optimus Healthcare Services, Inc. filed Amendment No. 1 to its annual report on Form 10-K for the fiscal year ended December 31, 2023. The amendment addresses two main corrections: (1) updating the cover page to reflect current SEC report status and (2) including management’s assessment of internal controls over financial reporting in response to SEC comments. The amendment also includes new certifications by the Principal Executive Officer and Principal Financial Officer. Key financial highlights include: - Revenue and net income details were not explicitly provided. - Operating expenses and net loss for the fiscal year were significant, with an accumulated deficit of $30.1 million and a net loss of $11.1 million. - The company raised $1.275 million through common stock sales and secured $1.72 million in loans during 2023. - A forbearance agreement was entered into on March 8, 2024, requiring Optimus to raise $2 million in equity by August 30, 2024. The company’s strategic focus is on advancing clinical trial research through its subsidiary Clinical Research Alliance, Inc. (CRA) and previously through Worker’s Health Rx (Vitality Rx), which ceased operations in December 2023. CRA provides infrastructure for oncology clinical trials and has conducted around 200 trials. The amendment does not update any other disclosures or reflect subsequent events after the original filing date. The company faces significant risks, including the need for additional funding, substantial doubt about its ability to continue as a going concern, and intense competition in its markets.