$HITC
Healthcare Integrated Technologies Inc.

2023 Q2 Form 10-Q Financial Statement

#000149315223020911 Filed on June 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $255.6K $252.5K
YoY Change 1.24% -29.98%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.610K $2.820K
YoY Change -42.91% 23.68%
% of Gross Profit
Operating Expenses $255.6K $255.3K
YoY Change 0.12% -29.65%
Operating Profit -$255.6K -$255.3K
YoY Change 0.12%
Interest Expense $118.9K -$160.6K
YoY Change -174.06% -35.43%
% of Operating Profit
Other Income/Expense, Net $9.084K -$160.6K
YoY Change -105.66%
Pretax Income -$246.5K -$415.9K
YoY Change -40.72% -32.0%
Income Tax
% Of Pretax Income
Net Earnings -$246.5K -$415.9K
YoY Change -40.72% -32.0%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$9.854K
COMMON SHARES
Basic Shares Outstanding 43.70M shares 42.20M shares
Diluted Shares Outstanding 43.70M shares

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.34K $10.59K
YoY Change 677.53% -78.97%
Cash & Equivalents $82.34K $10.59K
Short-Term Investments
Other Short-Term Assets $34.06K $36.62K
YoY Change -6.99% -7.41%
Inventory
Prepaid Expenses $34.06K
Receivables
Other Receivables
Total Short-Term Assets $116.4K $47.21K
YoY Change 146.54% -47.49%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $840.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $840.0K $640.0K
YoY Change 31.25% 90.02%
TOTAL ASSETS
Total Short-Term Assets $116.4K $47.21K
Total Long-Term Assets $840.0K $640.0K
Total Assets $956.4K $687.2K
YoY Change 39.17% 61.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $485.8K $352.1K
YoY Change 37.95% -2.78%
Accrued Expenses $2.339M $1.752M
YoY Change 33.54% 56.76%
Deferred Revenue
YoY Change
Short-Term Debt $175.0K $325.0K
YoY Change -46.15% -23.53%
Long-Term Debt Due $675.0K $358.4K
YoY Change 88.33% 55.83%
Total Short-Term Liabilities $3.588M $3.073M
YoY Change 16.78% 34.3%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.588M $3.073M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.588M $3.073M
YoY Change 16.77% 34.3%
SHAREHOLDERS EQUITY
Retained Earnings -$15.42M
YoY Change
Common Stock $12.79M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.632M -$2.385M
YoY Change
Total Liabilities & Shareholders Equity $956.4K $687.2K
YoY Change 39.17% 61.05%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$246.5K -$415.9K
YoY Change -40.72% -32.0%
Depreciation, Depletion And Amortization $1.610K $2.820K
YoY Change -42.91% 23.68%
Cash From Operating Activities -$16.68K -$67.60K
YoY Change -75.33% -87.14%
INVESTING ACTIVITIES
Capital Expenditures $16.78K -$3.840K
YoY Change -536.98% -90.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$16.78K -$3.840K
YoY Change 336.98% -90.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 115.8K 81.90K
YoY Change 41.36% -84.8%
NET CHANGE
Cash From Operating Activities -16.68K -67.60K
Cash From Investing Activities -16.78K -3.840K
Cash From Financing Activities 115.8K 81.90K
Net Change In Cash 82.31K 10.46K
YoY Change 686.9% -137.72%
FREE CASH FLOW
Cash From Operating Activities -$16.68K -$67.60K
Capital Expenditures $16.78K -$3.840K
Free Cash Flow -$33.46K -$63.76K
YoY Change -47.52% -86.86%

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DerivativeLiabilityRecordedAsDebtDiscount
192886 usd
HITC Issuance Of Warrants With Debt Recorded As Debt Discount
IssuanceOfWarrantsWithDebtRecordedAsDebtDiscount
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_843_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z8sTe3GJZzaa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_863_zv3a98P1Cpsj">Reclassifications</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior period amounts may be reclassified to conform to current period presentation with no changes to previously reported net loss or stockholders’ deficit.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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_848_eus-gaap--ConcentrationRiskCreditRisk_zSUMg8l2X5S2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_z3DKVWr2Kho2">Risk and Uncertainties</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factors that could affect our future operating results and cause actual results to vary materially from management’s expectation include, but are not limited to: our ability to maintain and secure adequate capital to fund our operations and fully develop our product(s); our ability to source strong opportunities with sufficient risk adjusted returns; acceptance of the terms and conditions of our licenses and/or the acceptance of our royalties and fees; the nature and extent of competition from other companies that may reduce market share and create pressure on pricing and investment return expectations; changes in the projects in which we plan to invest which result from factors beyond our control, including, but not limited to, a change in circumstances, capacity and economic impacts; changes in laws, regulations, accounting, taxation, and other requirements affecting our operations and business. Negative developments in these or other risk factors could have a significant adverse effect on our financial position, results of operations and cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84C_eus-gaap--UseOfEstimates_zz0pG6yQTP6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86A_zC8Zxu35pWbd">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. We base our estimates on experience and various other assumptions that are believed to be reasonable under the circumstances. We evaluate our estimates and assumptions on a regular basis and actual results may differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
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CY2022Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
76451 usd
us-gaap Advertising Expense
AdvertisingExpense
5418 usd
us-gaap Advertising Expense
AdvertisingExpense
24380 usd
CY2023Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
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CY2022Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
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CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2022Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
3590000 usd
us-gaap Net Income Loss
NetIncomeLoss
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CY2022 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8923 usd
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8923 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8923 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8923 usd
us-gaap Depreciation
Depreciation
0 usd
us-gaap Depreciation
Depreciation
232 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-21804 usd
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-17333 usd
CY2023Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
840005 usd
CY2022Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
688353 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13475 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
8162 usd
CY2023Q2 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
8279 usd
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P18Y
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1610 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
6440 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6440 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
6440 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6440 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
88405 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
115775 usd
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
1159769 usd
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
844288 usd
CY2023Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1653189 usd
CY2022Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1440364 usd
CY2023Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
12070 usd
CY2022Q3 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
12070 usd
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1665259 usd
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1452434 usd
CY2023Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
675000 usd
CY2022Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
975000 usd
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
194395 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
675000 usd
CY2022Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
780605 usd
CY2022 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
expiring in fiscal 2037
CY2023Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2022Q2 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 usd
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
88068 usd
CY2022Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
76451 usd
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
11617 usd
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
11617 usd
us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
15744 usd
us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
15744 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-232579 usd
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-257180 usd
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
60322 usd
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
96202 usd
HITC Income Tax Reconciliation Derivatives
IncomeTaxReconciliationDerivatives
-43263 usd
HITC Income Tax Reconciliation Derivatives
IncomeTaxReconciliationDerivatives
-25198 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
128975 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
135342 usd
us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
19 usd
us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
438 usd
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 usd
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
47482384 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
42304673 shares
CY2022 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2186666 shares
CY2022Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
846093 shares
CY2022Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.0135
CY2022Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
154662 shares
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
197877 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
100000 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
200000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2846093 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
352539 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
100000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2593554 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
100000 shares

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