$HITC
Healthcare Integrated Technologies Inc.

2024 Q2 Form 10-Q Financial Statement

#000149315224024375 Filed on June 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q2
Revenue $60.28K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $128.1K $255.6K
YoY Change -49.89% 1.24%
% of Gross Profit
Research & Development $7.010K
YoY Change
% of Gross Profit
Depreciation & Amortization $55.70K $1.610K
YoY Change 3359.63% -42.91%
% of Gross Profit
Operating Expenses $128.1K $255.6K
YoY Change -49.89% 0.12%
Operating Profit -$201.9K -$255.6K
YoY Change -21.03% 0.12%
Interest Expense $13.36K $118.9K
YoY Change -88.77% -174.06%
% of Operating Profit
Other Income/Expense, Net -$13.36K $9.084K
YoY Change -247.08% -105.66%
Pretax Income -$215.2K -$246.5K
YoY Change -12.7% -40.72%
Income Tax
% Of Pretax Income
Net Earnings -$215.2K -$246.5K
YoY Change -12.7% -40.72%
Net Earnings / Revenue -357.01%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01
COMMON SHARES
Basic Shares Outstanding 74.47M shares 43.70M shares
Diluted Shares Outstanding 71.48M shares 43.70M shares

Balance Sheet

Concept 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.00 $82.34K
YoY Change -99.96% 677.53%
Cash & Equivalents $30.00 $82.34K
Short-Term Investments
Other Short-Term Assets $33.02K $34.06K
YoY Change -3.05% -6.99%
Inventory
Prepaid Expenses $33.02K $34.06K
Receivables $14.00K
Other Receivables $0.00
Total Short-Term Assets $47.05K $116.4K
YoY Change -59.57% 146.54%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $702.3K $840.0K
YoY Change -16.39%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $702.3K $840.0K
YoY Change -16.39% 31.25%
TOTAL ASSETS
Total Short-Term Assets $47.05K $116.4K
Total Long-Term Assets $702.3K $840.0K
Total Assets $749.4K $956.4K
YoY Change -21.64% 39.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $411.0K $485.8K
YoY Change -15.38% 37.95%
Accrued Expenses $558.3K $2.339M
YoY Change -76.14% 33.54%
Deferred Revenue
YoY Change
Short-Term Debt $390.7K $175.0K
YoY Change 123.24% -46.15%
Long-Term Debt Due $225.0K $675.0K
YoY Change -66.67% 88.33%
Total Short-Term Liabilities $1.585M $3.588M
YoY Change -55.83% 16.78%
LONG-TERM LIABILITIES
Long-Term Debt $225.0K
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $225.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.585M $3.588M
Total Long-Term Liabilities $225.0K $0.00
Total Liabilities $1.585M $3.588M
YoY Change -55.83% 16.77%
SHAREHOLDERS EQUITY
Retained Earnings -$16.21M -$15.42M
YoY Change 5.15%
Common Stock $15.38M $12.79M
YoY Change 20.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$835.6K -$2.632M
YoY Change
Total Liabilities & Shareholders Equity $749.4K $956.4K
YoY Change -21.64% 39.17%

Cashflow Statement

Concept 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$215.2K -$246.5K
YoY Change -12.7% -40.72%
Depreciation, Depletion And Amortization $55.70K $1.610K
YoY Change 3359.63% -42.91%
Cash From Operating Activities -$385.9K -$16.68K
YoY Change 2213.67% -75.33%
INVESTING ACTIVITIES
Capital Expenditures $16.78K
YoY Change -536.98%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$16.78K
YoY Change 336.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.17K 115.8K
YoY Change -39.39% 41.36%
NET CHANGE
Cash From Operating Activities -385.9K -16.68K
Cash From Investing Activities -16.78K
Cash From Financing Activities 70.17K 115.8K
Net Change In Cash -315.8K 82.31K
YoY Change -483.61% 686.9%
FREE CASH FLOW
Cash From Operating Activities -$385.9K -$16.68K
Capital Expenditures $16.78K
Free Cash Flow -$33.46K
YoY Change -47.52%

Facts In Submission

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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zR52sCECubu7" 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_868_zLvHo3Td9Iu">Reclassifications</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 usd
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zetB3hY0JTV1" 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_zsm0NBmlKt7b">Concentration of Credit Risk</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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">Financial instruments that potentially expose the Company to credit risk consist of demand deposits with a financial institution. The Company is exposed to credit risk on its cash and cash equivalents in the event of default by the financial institution to the extent account balances exceed the amount insured by the FDIC, which is $<span id="xdx_90E_eus-gaap--CashFDICInsuredAmount_iI_c20240430_zX6jpDymnzl9" title="Cash FDIC insured amount">250,000</span>. One (1) customer accounted for <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20230801__20240430__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zcTPkjdjVLIc" title="Concentration risk percentage">100</span>% of our consolidated accounts receivable at April 30, 2024 and <span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_dp_uPure_c20230801__20240430__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--RevenuesMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember__srt--MajorCustomersAxis__custom--CustomerOneMember_zH8I0w2Gmfxa" title="Concentration risk percentage">100</span>% of our consolidated revenue for the nine months ended April 30, 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </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>
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 usd
CY2023Q3 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0 usd
us-gaap Advertising Expense
AdvertisingExpense
5864 usd
us-gaap Advertising Expense
AdvertisingExpense
5418 usd
us-gaap Net Income Loss
NetIncomeLoss
-598881 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-1302458 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-192306 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-25215 usd
CY2024Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
702341 usd
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
869432 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
167091 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13475 usd
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P7Y
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
55697 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
222788 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
222788 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
13641 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
13641 usd
CY2024Q2 HITC Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
173786 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
702341 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
630047 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
817591 usd
CY2024Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
327155 usd
CY2023Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
143073 usd
CY2024Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
12070 usd
CY2023Q3 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
12070 usd
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
339225 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
155143 usd
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
225000 usd
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
225000 usd
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
73218542 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
68016167 shares
CY2023 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
25711494 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
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2282031 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
100000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1300000 shares
CY2023 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
1382031 shares
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
664062 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2200000 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2282031 shares
CY2023Q3 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
4705900 usd
CY2024Q2 us-gaap Payments For Legal Settlements
PaymentsForLegalSettlements
4705900 usd

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hitc-20240430_cal.xml Edgar Link unprocessable
hitc-20240430_def.xml Edgar Link unprocessable
hitc-20240430_lab.xml Edgar Link unprocessable
hitc-20240430_pre.xml Edgar Link unprocessable
form10-q_htm.xml Edgar Link completed
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