10-Q - Optimus Healthcare Services, Inc. (0001892025) (Filer)

Tue, Jun 25, 12:34 PM (20 days ago)

Optimus Healthcare Services, Inc.'s Form 10-Q for the quarter ended March 31, 2024, highlights several key points: 1. **Financial Performance**: - Net revenue increased to $344,465 from $271,642 YoY, driven by new trials and service timing. - Gross profit rose to $282,283 from $191,618 YoY. - Significant reduction in operating expenses, notably stock-based compensation, which saw a recovery due to terminated options and RSUs. - Net loss decreased substantially to $423,487 from $2,954,465 YoY. 2. **Balance Sheet**: - Cash and equivalents decreased to $71,572 from $100,319 as of December 31, 2023. - Current liabilities increased, leading to a working capital deficit of $8,320,170. - Convertible notes payable increased, with a significant portion maturing in 2024. 3. **Cash Flow**: - Operating activities used $126,954 in cash. - No cash flow from investing activities. - Financing activities provided $98,207, primarily from related party loans. 4. **Strategic Initiatives**: - Entered a forbearance agreement with Arena Investors, LP, addressing defaults and restructuring debt terms. - Plans to sell assets or equity of CRA business and raise $2 million in equity financing by February 2025. - Convertible debt interest rates increased to 12%. 5. **Future Outlook**: - Continues to face liquidity challenges and requires additional funding to sustain operations. - Strategic actions to secure financing and manage debt are critical to future viability.