$FCHS
First Choice Healthcare Solutions Inc

2024 Q3 Form 10-Q Financial Statement

#000149315224031977 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit $3.303K $58.83K
YoY Change -94.39%
Gross Profit Margin
Selling, General & Admin $370.6K $695.5K
YoY Change -46.71%
% of Gross Profit 11221.22% 1182.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $482.3K $866.7K
YoY Change -44.35%
Operating Profit -$479.0K -$807.9K
YoY Change -40.71%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.383M -$1.847M
YoY Change -25.11%
Pretax Income -$1.862M -$2.655M
YoY Change -29.85%
Income Tax
% Of Pretax Income
Net Earnings -$1.862M -$2.655M
YoY Change -29.85%
Net Earnings / Revenue
Basic Earnings Per Share -$0.06 -$0.08
Diluted Earnings Per Share -$0.06 -$0.08
COMMON SHARES
Basic Shares Outstanding 32.96M shares 35.73M shares 32.96M shares
Diluted Shares Outstanding 32.96M shares 32.96M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.516K $6.658K
Short-Term Investments
Other Short-Term Assets $2.385K
YoY Change
Inventory
Prepaid Expenses
Receivables $81.97K
Other Receivables
Total Short-Term Assets $552.4K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $244.9K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.636M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $552.4K
Total Long-Term Assets $2.636M
Total Assets $3.189M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $31.25M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $31.25M
Total Long-Term Liabilities
Total Liabilities $34.83M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$67.00M
YoY Change
Common Stock $32.96K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$31.64M
YoY Change
Total Liabilities & Shareholders Equity $3.189M
YoY Change

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$1.862M -$2.655M
YoY Change -29.85%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$554.6K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -$554.6K
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash -$554.6K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$554.6K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2173484 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
33000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3794 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
29206 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
173764 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
622500 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
2272481 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
45000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
622500 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2143717 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-11091 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-561 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12607 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7219 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1516 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6658 usd
FCHS Note Payable Addition From Oid
NotePayableAdditionFromOID
155625 usd
FCHS Note Payable Addition From Oid
NotePayableAdditionFromOID
258462 usd
FCHS Warrants Issued For Debt Discount
WarrantsIssuedForDebtDiscount
1672 usd
us-gaap Stock Issued1
StockIssued1
8406 usd
us-gaap Stock Issued1
StockIssued1
900 usd
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zKBvx3fv5IP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Use of estimates</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the financial statements in conformity with U. S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Significant estimates include the recoverability and useful lives of long-lived assets, provision against bad debt, the fair value of the Company’s stock, and stock-based compensation. Actual results may differ from these estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84C_eus-gaap--ConcentrationRiskCreditRisk_zgFdgqFqfbL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Concentrations of credit risk</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s financial instruments are exposed to a concentration of customer risk and accounts receivable risk. Occasionally, the Company’s cash and cash equivalents in interest-bearing accounts may exceed FDIC insurance limits. The financial stability of these institutions is periodically reviewed by senior management.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3114119 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4720324 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32958288 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32958288 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32958288 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32958288 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.14
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2830143352 shares
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2825348539 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_846_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_ziWpUc69x621" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Reclassifications</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain reclassifications have been made to prior year data to conform to the current year’s presentation. These reclassifications had no impact on reported income or losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q2 FCHS Paycheck Protection Plan Loan Payable Noncurrent
PaycheckProtectionPlanLoanPayableNoncurrent
1283624 usd
CY2023Q4 FCHS Paycheck Protection Plan Loan Payable Noncurrent
PaycheckProtectionPlanLoanPayableNoncurrent
1283624 usd
CY2024Q2 us-gaap Notes Payable
NotesPayable
3073751 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
2861425 usd
CY2024Q2 FCHS Paycheck Protection Plan Loan Payable
PaycheckProtectionPlanLoanPayable
1338062 usd
CY2024Q2 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
3073751 usd
CY2023Q4 us-gaap Other Notes Payable Current
OtherNotesPayableCurrent
2861425 usd
CY2024Q2 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
1338062 usd
CY2023Q4 us-gaap Other Long Term Notes Payable
OtherLongTermNotesPayable
1331318 usd
CY2021Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.050 pure
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
172867 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
596223 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
368340 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
377442 usd
CY2024Q2 FCHS Lessee Operating Lease Liability Payments Due After Year Three
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearThree
1379415 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2894287 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
299495 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2594792 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
297501 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2297291 usd
CY2016Q1 us-gaap Sale Leaseback Transaction Lease Terms
SaleLeasebackTransactionLeaseTerms
the Company entered into a lease of Marina Towers under a sale/leaseback transaction, via a 10-year absolute triple-net master lease agreement, to expire in 2026. The Company has two successive options to renew the lease for five-year periods on the same terms and conditions and did not have any residual interest or the option to repurchase the facility at the end of the lease term.
CY2021Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
50000 usd
CY2021Q4 us-gaap Payments For Rent
PaymentsForRent
200000 usd
CY2021Q4 us-gaap Payments For Rent
PaymentsForRent
250000 usd
CY2021Q4 us-gaap Payments For Rent
PaymentsForRent
306166 usd
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
275000 usd
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
31166 usd
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
300000 usd
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
31166 usd
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
1443498 usd
CY2024Q2 us-gaap Contractual Obligation
ContractualObligation
200000 usd
CY2024Q2 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
1200000 usd
CY2024Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
93.75
CY2024Q2 FCHS Working Capital Deficit
WorkingCapitalDeficit
30699329 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-1862361 usd
us-gaap Net Income Loss
NetIncomeLoss
-3067704 usd
CY2024Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-554645 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-633591 usd
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67000708 usd

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