2023 Q2 Form 10-Q Financial Statement

#000149315223016675 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $404.8K $352.8K $355.3K
YoY Change 15.38% -0.71% 16.75%
Cost Of Revenue $177.9K $165.5K $166.6K
YoY Change -1.48% -0.71% -2.41%
Gross Profit $226.8K $187.3K $188.7K
YoY Change 33.27% -0.71% 41.26%
Gross Profit Margin 56.04% 53.1% 53.1%
Selling, General & Admin $184.0K $226.5K $202.8K
YoY Change -24.53% 11.69% 11.54%
% of Gross Profit 81.13% 120.92% 107.48%
Research & Development $60.52K $63.55K $28.98K
YoY Change 3.25% 119.28% 3.43%
% of Gross Profit 26.68% 33.92% 15.36%
Depreciation & Amortization $36.65K $36.64K $18.03K
YoY Change 0.03% 103.24%
% of Gross Profit 16.16% 19.56% 9.56%
Operating Expenses $262.6K $308.1K $249.8K
YoY Change -18.07% 23.33% 19.06%
Operating Profit -$35.76K -$120.8K -$61.13K
YoY Change -76.21% 97.54% -19.83%
Interest Expense $71.89K $71.80K -$127.2K
YoY Change -44.31% -156.46% 1119.18%
% of Operating Profit
Other Income/Expense, Net $920.00
YoY Change
Pretax Income -$106.7K -$192.6K -$190.3K
YoY Change -61.8% 1.19% 119.52%
Income Tax
% Of Pretax Income
Net Earnings -$106.7K -$192.6K -$190.3K
YoY Change -61.8% 1.18% 119.53%
Net Earnings / Revenue -26.37% -54.58% -53.56%
Basic Earnings Per Share -$0.01 -$0.02 -$0.02
Diluted Earnings Per Share -$0.01 -$0.02 -$21.67K
COMMON SHARES
Basic Shares Outstanding 9.316M shares 9.316M shares 8.780M shares
Diluted Shares Outstanding 9.316M shares 9.316M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.9K $93.08K $155.6K
YoY Change 12.02% -40.16% 349.99%
Cash & Equivalents $108.8K $93.08K $155.6K
Short-Term Investments
Other Short-Term Assets $4.330K $9.730K $71.89K
YoY Change -85.16% -86.47% 466.51%
Inventory $34.85K $27.30K $73.15K
Prepaid Expenses
Receivables $101.7K $76.24K $96.09K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $249.7K $206.3K $396.7K
YoY Change -14.63% -47.98% 121.75%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.599M $1.635M $1.782M
YoY Change -8.4% -8.23% 2941.67%
TOTAL ASSETS
Total Short-Term Assets $249.7K $206.3K $396.7K
Total Long-Term Assets $1.599M $1.635M $1.782M
Total Assets $1.848M $1.842M $2.179M
YoY Change -9.29% -15.47% 817.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $202.6K $187.4K $33.05K
YoY Change 78.52% 466.98% -57.56%
Accrued Expenses $21.48K $18.99K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $484.5K $288.4K $614.0K
YoY Change 48.11% -53.03%
Long-Term Debt Due $484.5K $288.4K $342.2K
YoY Change 48.11% -15.73%
Total Short-Term Liabilities $2.065M $1.811M $1.036M
YoY Change 52.62% 74.86% 1047.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $141.1K $457.8K
YoY Change -100.0% -69.19% 0.1%
Other Long-Term Liabilities $8.990K
YoY Change -92.07%
Total Long-Term Liabilities $141.1K $466.8K
YoY Change -69.78% -18.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.065M $1.811M $1.036M
Total Long-Term Liabilities $141.1K $466.8K
Total Liabilities $2.065M $1.952M $1.502M
YoY Change 26.82% 29.92% 127.3%
SHAREHOLDERS EQUITY
Retained Earnings -$3.814M -$3.707M
YoY Change 27.62%
Common Stock $932.00 $932.00
YoY Change 5.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$217.0K -$110.3K $676.1K
YoY Change
Total Liabilities & Shareholders Equity $1.848M $1.842M $2.179M
YoY Change -9.29% -15.47% 817.38%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$106.7K -$192.6K -$190.3K
YoY Change -61.8% 1.18% 119.53%
Depreciation, Depletion And Amortization $36.65K $36.64K $18.03K
YoY Change 0.03% 103.24%
Cash From Operating Activities -$39.23K $1.702K -$137.4K
YoY Change -199.77% -101.24% 317.85%
INVESTING ACTIVITIES
Capital Expenditures -$37.12K
YoY Change 38.1%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 -$37.12K
YoY Change 38.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 55.00K -$87.32K 43.25K
YoY Change -156.29% -301.89%
NET CHANGE
Cash From Operating Activities -39.23K $1.702K -137.4K
Cash From Investing Activities 0.000 -37.12K
Cash From Financing Activities 55.00K -$87.32K 43.25K
Net Change In Cash 15.77K -$85.62K -131.3K
YoY Change -127.01% -34.79%
FREE CASH FLOW
Cash From Operating Activities -$39.23K $1.702K -$137.4K
Capital Expenditures -$37.12K
Free Cash Flow -$100.3K
YoY Change 1569.05%

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CY2023Q1 us-gaap Nature Of Operations
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<p id="xdx_80B_eus-gaap--NatureOfOperations_zFq9JtSWzZtj" 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"><b>Note 1. <span id="xdx_82B_znxu0DQALUJ2">The Company</span></b></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QHSLab, Inc. (f/k/a USA Equities Corp.) (the “Company” or the “Registrant”) was incorporated in Delaware on September 1, 1983<span style="background-color: white">. </span>In 2019, the Company consummated a share exchange agreement with the stockholders of Medical Practice Income, Inc. a Florida corporation (“MPI”). As a result of the acquisition, MPI became a wholly-owned subsidiary of the Company and the Company became engaged in value-based healthcare, informatics and algorithmic personalized medicine including digital therapeutics, behavior based remote patient monitoring, chronic care and preventive medicine. On September 23, 2021, the Company changed its state of incorporation from Delaware to Nevada as a result of a merger with and into its newly formed wholly-owned subsidiary, USA Equities Corp., a Nevada corporation (“USA Equities Nevada”), the surviving entity pursuant to an Agreement and Plan of Merger. USA Equities Nevada is deemed to be the successor to USA Equities Corp., the Delaware corporation. <span style="background-color: white">On April 19, 2022, the Company changed its name to QHSLab, Inc.</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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is a medical device technology and software-as-a-service (“SaaS”) company focused on enabling primary care physicians (“PCP’s”) to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures.</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>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84F_eus-gaap--UseOfEstimates_zu8TiX2WAJ6k" 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"><i><span id="xdx_86C_zYTxYsTlCmr1">Use of Estimates</span>:</i> The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
CY2023Q1 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2022Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2023Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18616 usd
CY2022Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
0 usd
CY2023Q1 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2022 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
63547 usd
CY2022Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28979 usd
CY2023Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
3707451 usd
CY2023Q1 USAQ Net Operating Losses Carryforwards Expire Date
NetOperatingLossesCarryforwardsExpireDate
begin to expire in 2027
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
80829 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
55964 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
4590 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
8230 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
76239 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
47734 usd
CY2023Q1 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2022Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2023Q1 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
74463 usd
CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
55847 usd
CY2023Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
148927 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
167543 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1612500 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1612500 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
126196 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
108168 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1486304 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1504332 usd
CY2023Q1 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
74463 usd
CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
55847 usd
CY2023Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18616 usd
CY2022Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
0 usd
CY2023Q1 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2022 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2021Q2 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
1612500 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
18028 usd
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
18028 usd
CY2023Q1 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
416279 usd
CY2022Q4 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
426451 usd
CY2022Q4 us-gaap Proceeds From Loans
ProceedsFromLoans
111300 usd
CY2022Q4 us-gaap Payments For Loans
PaymentsForLoans
13776 usd
CY2022Q4 us-gaap Loans Payable
LoansPayable
93146 usd
CY2023Q1 us-gaap Loans Payable
LoansPayable
26499 usd
CY2023Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1246000 usd
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1246000 usd
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
46805 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
84082 usd
CY2023Q1 USAQ Convertible Notes Payable Debt Discount And Issuance Costs
ConvertibleNotesPayableDebtDiscountAndIssuanceCosts
1199195 usd
CY2022Q4 USAQ Convertible Notes Payable Debt Discount And Issuance Costs
ConvertibleNotesPayableDebtDiscountAndIssuanceCosts
1161918 usd
CY2023Q1 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1199195 usd
CY2022Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1161918 usd
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.25
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2660747 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2126647 shares
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8920 usd
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
0 shares
CY2022Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3484 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1100000 shares
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
15900 shares

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