2022 Q4 Form 10-Q Financial Statement

#000121390022071111 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $217.9K $347.2K $147.3K
YoY Change 135.67% -23.17%
Cost Of Revenue $60.82K $65.02K $46.00K
YoY Change 41.35% 311.82%
Gross Profit $157.1K $282.1K $101.3K
YoY Change 178.49% -43.89%
Gross Profit Margin 72.09% 81.27% 68.77%
Selling, General & Admin -$149.3K $2.651M $3.041M
YoY Change -12.81% 502.71%
% of Gross Profit -94.99% 939.77% 3001.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $149.1K -$1.950K $350.00
YoY Change -657.14% 94.44%
% of Gross Profit 94.88% -0.69% 0.35%
Operating Expenses -$149.3K $2.651M $3.041M
YoY Change -12.81% 502.71%
Operating Profit $306.4K -$2.369M -$2.940M
YoY Change -19.41% 807.34%
Interest Expense -$126.3K $104.3K -$82.34K
YoY Change -226.66% 5781.43%
% of Operating Profit -41.23%
Other Income/Expense, Net -$291.3K -$721.0K -$277.3K
YoY Change 160.04%
Pretax Income -$193.2K -$3.090M -$3.299M
YoY Change -6.34% 913.94%
Income Tax $7.680K $0.00
% Of Pretax Income
Net Earnings -$200.6K -$3.090M -$23.36K
YoY Change 13128.97% -85.35%
Net Earnings / Revenue -92.05% -890.16% -15.86%
Basic Earnings Per Share -$0.08 -$0.14
Diluted Earnings Per Share -$0.01 -$0.10 -$901.00
COMMON SHARES
Basic Shares Outstanding 40.29M shares 40.29M shares 22.64M shares
Diluted Shares Outstanding 40.17M shares 22.64M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.000M $1.078M $1.965M
YoY Change -45.16%
Cash & Equivalents $751.0K $680.9K $1.218M
Short-Term Investments $249.1K $396.9K $747.7K
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $525.1K $602.9K $554.1K
Other Receivables $200.7K $0.00 $365.0K
Total Short-Term Assets $1.726M $1.681M $2.884M
YoY Change -16.78% -41.73%
LONG-TERM ASSETS
Property, Plant & Equipment $56.20K $30.32K $4.710K
YoY Change 1144.38% 543.74%
Goodwill $815.5K $3.636M
YoY Change -71.09%
Intangibles $2.750K $1.703M
YoY Change -99.86%
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $1.214M $5.725M $4.726M
YoY Change -78.74% 21.13%
TOTAL ASSETS
Total Short-Term Assets $1.726M $1.681M $2.884M
Total Long-Term Assets $1.214M $5.725M $4.726M
Total Assets $2.940M $7.406M $7.611M
YoY Change -62.23% -2.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $738.4K $1.588M $975.6K
YoY Change -13.26% 62.75%
Accrued Expenses $581.8K $65.22K
YoY Change 44.83%
Deferred Revenue
YoY Change
Short-Term Debt $140.3K $142.6K $177.0K
YoY Change -19.42%
Long-Term Debt Due $5.300K $5.300K $7.660K
YoY Change -30.81%
Total Short-Term Liabilities $1.533M $1.801M $1.160M
YoY Change 8.18% 55.22%
LONG-TERM LIABILITIES
Long-Term Debt $2.767M $2.476M $544.8K
YoY Change 354.58%
Other Long-Term Liabilities $283.1K $300.6K
YoY Change
Total Long-Term Liabilities $3.050M $2.777M $544.8K
YoY Change 409.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.533M $1.801M $1.160M
Total Long-Term Liabilities $3.050M $2.777M $544.8K
Total Liabilities $4.582M $4.578M $1.292M
YoY Change 93.24% 254.38%
SHAREHOLDERS EQUITY
Retained Earnings -$19.03M -$18.83M
YoY Change 129.1%
Common Stock $38.29K $40.29K
YoY Change 45.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.641M $2.829M $6.319M
YoY Change
Total Liabilities & Shareholders Equity $2.940M $7.406M $7.611M
YoY Change -62.23% -2.7%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$200.6K -$3.090M -$23.36K
YoY Change 13128.97% -85.35%
Depreciation, Depletion And Amortization $149.1K -$1.950K $350.00
YoY Change -657.14% 94.44%
Cash From Operating Activities -$1.005M -$880.1K -$2.110M
YoY Change -58.29% 7495.82%
INVESTING ACTIVITIES
Capital Expenditures $28.16K -$21.88K -$5.060K
YoY Change 332.41%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $0.00 -$967.8K
YoY Change -100.0%
Cash From Investing Activities -$128.2K -$21.88K -$972.9K
YoY Change -97.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.203M 371.2K 3.259M
YoY Change -88.61% 2242.71%
NET CHANGE
Cash From Operating Activities -1.005M -880.1K -2.110M
Cash From Investing Activities -128.2K -21.88K -972.9K
Cash From Financing Activities 1.203M 371.2K 3.259M
Net Change In Cash 70.14K -530.8K 175.7K
YoY Change -402.11% 57.82%
FREE CASH FLOW
Cash From Operating Activities -$1.005M -$880.1K -$2.110M
Capital Expenditures $28.16K -$21.88K -$5.060K
Free Cash Flow -$1.033M -$858.2K -$2.105M
YoY Change -59.23% 7477.61%

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us-gaap Profit Loss
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us-gaap Payments To Acquire Other Productive Assets
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Notes Payable
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us-gaap Repayments Of Lines Of Credit
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us-gaap Net Cash Provided By Used In Financing Activities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>1. Nature of operations</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Optimus Healthcare Services, Inc. (formerly Between Dandelions, Inc., “Optimus”, “Company”) was initially organized under the laws of Florida on February 26, 1990, as Phoenix Management Associates, Inc. Over the ensuing years, the Company made a series of amendments to its Articles of Incorporation relating to authorization of various series of Preferred Shares and made a series of name changes. The current name of Optimus Healthcare Services, Inc. became effective with the State of Florida on January 24, 2021.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is dedicated to: (1) improving patient/physician interactions and outcomes through the acquisition and deployment of telehealth and compliance technologies (TACT); (2) advancing access to clinical trial research; and (3) improving and simplifying access to vaccines and pharmaceutical products. Currently the Company provides these services through its portfolio companies, AdhereRx Corporation (d/b/a PainScript), Clinical Research Alliance, Inc. (CRA), and Worker’s Health Rx (d/b/a Vitality Rx).</p>
us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; "> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with 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 financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant assumptions and estimates relate to the valuation of equity issued for services, valuation of equity associated with convertible debt, the valuation of derivative liabilities, and the valuation of deferred tax assets. Actual results could differ from these estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt"> </p>
us-gaap Revenue Recognition Allowances
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt"><span style="text-decoration:underline">Revenue Recognition</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify">The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “<i>Revenue from contracts with customers,”</i> (Topic 606). Revenue is recognized when a customer obtains control of promised goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods in the contract; (ii) determination of whether the promised goods are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company’s main revenue stream is from services. The Company recognizes as revenues the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify">For services performed by CRA, the Company’s performance obligations are generally met at the point in time the services are rendered.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adhere Rx, Inc. provides software services primarily to physicians and physician groups through a cloud software as a service (SaaS) platform through which the physicians and physician groups will be billed on a periodic basis for the services. Adhere Rx, Inc. will typically meet its performance obligations over a period of time. Revenues will be recognized ratable over the related contractual term of the service. </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2022Q3 ohcs No Coupon Due On Demand Issued Three
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The unforgiven portion of the PPP loan totaling $19,137 is payable over five years at an interest rate of 1%, with a deferral of payments for the first twelve months.
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CY2021Q2 us-gaap Debt Instrument Description
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On May 25, 2021, the Company entered into a securities purchase agreement with certain institutional investors (collectively, the “May 2021 Investors”) pursuant to which the Company issued convertible notes in an aggregate principal amount of $2,200,000 for an aggregate purchase price of $2 million (collectively, the “May 2021 Notes”). In connection with the issuance of the May 2021 Notes, the Company issued to the May 2021 Investors warrants to purchase an aggregate of 165,000 shares of common stock (collectively, the “Warrants”) and 1,727,859 shares of common stock. The May 2021 Notes accrue interest at a rate of 9% per annum, subject to increase to 20% per annum upon and during the occurrence of an event of default. Interest is payable in cash on a quarterly basis. The May 2021 Notes are convertible at any time, at the holder’s option, into shares of the Company’s common stock at a conversion price of $1.00 per share, subject to certain beneficial ownership limitations (with a maximum ownership limit of 9.99%). The conversion price is also subject to adjustment due to certain events, including stock dividends and stock splits. Each Warrant is exercisable for a period of five years from the date of issuance at an initial exercise price of $1.25 per share, subject to certain beneficial ownership limitations (with a maximum ownership limit of 9.99%).
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1
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us-gaap Warrant Exercise Price Increase
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1.25
CY2022Q3 ohcs Equity Method Investments Ownership Percentages
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CY2017Q4 us-gaap Operating Loss Carryforwards
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CY2022Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
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CY2022Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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CY2022Q3 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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CY2022Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Reserves
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39888 usd
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CY2022Q3 us-gaap Deferred Tax Assets Investments
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CY2022Q3 us-gaap Deferred Tax Assets Charitable Contribution Carryforwards
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dei Amendment Flag
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false
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