$USAQ
QHSLab, Inc.

2023 Q3 Form 10-Q Financial Statement

#000149315223027470 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $336.4K $404.8K $350.8K
YoY Change 24.91% 15.38% -23.0%
Cost Of Revenue $146.9K $177.9K $180.6K
YoY Change 2.21% -1.48% -27.32%
Gross Profit $189.5K $226.8K $170.2K
YoY Change 50.88% 33.27% -17.82%
Gross Profit Margin 56.33% 56.04% 48.52%
Selling, General & Admin $161.3K $184.0K $243.9K
YoY Change -38.57% -24.53% -17.78%
% of Gross Profit 85.11% 81.13% 143.27%
Research & Development $45.42K $60.52K $58.62K
YoY Change -6.17% 3.25% 283.83%
% of Gross Profit 23.97% 26.68% 34.44%
Depreciation & Amortization $36.64K $36.65K $36.64K
YoY Change -0.03% 0.03%
% of Gross Profit 19.33% 16.16% 21.53%
Operating Expenses $224.7K $262.6K $320.5K
YoY Change -31.69% -18.07% 2.78%
Operating Profit -$35.23K -$35.76K -$150.3K
YoY Change -82.68% -76.21% 43.51%
Interest Expense $48.58K $71.89K $129.1K
YoY Change -54.47% -44.31% 1600.05%
% of Operating Profit
Other Income/Expense, Net $1.370K $920.00
YoY Change
Pretax Income -$82.44K -$106.7K -$279.4K
YoY Change -73.42% -61.8% 148.72%
Income Tax
% Of Pretax Income
Net Earnings -$82.44K -$106.7K -$279.4K
YoY Change -73.42% -61.8% 148.72%
Net Earnings / Revenue -24.51% -26.37% -79.64%
Basic Earnings Per Share -$0.01 -$0.01 -$0.03
Diluted Earnings Per Share -$0.01 -$0.01 -$31.76K
COMMON SHARES
Basic Shares Outstanding 9.316M shares 9.316M shares 8.798M shares
Diluted Shares Outstanding 9.316M shares 9.316M shares 8.798M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.24K $108.9K $97.17K
YoY Change -78.88% 12.02% -33.42%
Cash & Equivalents $50.24K $108.8K $97.17K
Short-Term Investments
Other Short-Term Assets $4.250K $4.330K $29.18K
YoY Change -91.39% -85.16% 92.73%
Inventory $38.95K $34.85K $54.16K
Prepaid Expenses
Receivables $83.55K $101.7K $112.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $177.0K $249.7K $292.5K
YoY Change -60.08% -14.63% 2.57%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $1.540M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.562M $1.599M $1.745M
YoY Change -8.58% -8.4% 2.1%
TOTAL ASSETS
Total Short-Term Assets $177.0K $249.7K $292.5K
Total Long-Term Assets $1.562M $1.599M $1.745M
Total Assets $1.739M $1.848M $2.038M
YoY Change -19.19% -9.29% 2.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $220.2K $202.6K $113.5K
YoY Change 46.83% 78.52% 150.94%
Accrued Expenses $24.00K $21.48K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $412.8K $484.5K $327.1K
YoY Change 38.88% 48.11%
Long-Term Debt Due $412.8K $484.5K $327.1K
YoY Change 38.88% 48.11% 4.99%
Total Short-Term Liabilities $2.038M $2.065M $1.353M
YoY Change 23.04% 52.62% 267.06%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $275.3K
YoY Change -100.0% -100.0% -71.23%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $275.3K
YoY Change -74.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.038M $2.065M $1.353M
Total Long-Term Liabilities $275.3K
Total Liabilities $2.038M $2.065M $1.629M
YoY Change 9.26% 26.82% 13.15%
SHAREHOLDERS EQUITY
Retained Earnings -$3.897M -$3.814M -$2.989M
YoY Change 18.13% 27.62%
Common Stock $932.00 $932.00 $882.00
YoY Change 0.0% 5.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$299.5K -$217.0K $409.1K
YoY Change
Total Liabilities & Shareholders Equity $1.739M $1.848M $2.038M
YoY Change -19.19% -9.29% 2.17%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$82.44K -$106.7K -$279.4K
YoY Change -73.42% -61.8% 148.72%
Depreciation, Depletion And Amortization $36.64K $36.65K $36.64K
YoY Change -0.03% 0.03%
Cash From Operating Activities $13.07K -$39.23K $39.32K
YoY Change -107.14% -199.77% -159.12%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -71.67K 55.00K -97.70K
YoY Change -122.13% -156.29% -145.23%
NET CHANGE
Cash From Operating Activities 13.07K -39.23K 39.32K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities -71.67K 55.00K -97.70K
Net Change In Cash -58.60K 15.77K -58.38K
YoY Change -141.63% -127.01% -152.42%
FREE CASH FLOW
Cash From Operating Activities $13.07K -$39.23K $39.32K
Capital Expenditures $0.00
Free Cash Flow $39.32K
YoY Change -238.45%

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162000 usd
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
128500 usd
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
194316 usd
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
182954 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-32316 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-54454 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-69847 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-189683 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
178694 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
286855 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
108847 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
97172 usd
us-gaap Interest Paid Net
InterestPaidNet
26824 usd
us-gaap Interest Paid Net
InterestPaidNet
38172 usd
USAQ Debt And Accrued Interest Converted To Shares Of Common Stock
DebtAndAccruedInterestConvertedToSharesOfCommonStock
27925 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80B_eus-gaap--NatureOfOperations_zZUw4zXTbNhj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b>Note 1. <span id="xdx_821_zYpEwxVxMVFf">The Company</span></b></span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">QHSLab, Inc. (the “Company” or the “Registrant”) was incorporated in Delaware on September 1, 1983. In 2019, 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. On April 19, 2022, the Company changed its name to QHSLab, Inc.</span></p> <p style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">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: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zi8UPRNKFMi6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i><span id="xdx_86D_zpP5jY6AU024">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: 12pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><i> </i></span></p>
CY2022Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2023Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18616 usd
CY2022Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18615 usd
USAQ Capitalized Computer Software Amortization
CapitalizedComputerSoftwareAmortization
37232 usd
USAQ Capitalized Computer Software Amortization
CapitalizedComputerSoftwareAmortization
18615 usd
CY2022 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2023Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
60522 usd
CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
58615 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
124070 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
87593 usd
CY2023Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
3814178 usd
USAQ Net Operating Losses Carryforwards Expire Date
NetOperatingLossesCarryforwardsExpireDate
begin to expire in 2027
CY2023Q2 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
93079 usd
CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
55847 usd
CY2023Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18616 usd
CY2022Q2 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18615 usd
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
37232 usd
us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18615 usd
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
CY2023Q2 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
111535 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
55964 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
9848 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
8230 usd
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
101687 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
47734 usd
CY2023Q2 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2022Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2023Q2 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
93079 usd
CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
55847 usd
CY2023Q2 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
130311 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
167543 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1612500 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1612500 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
144224 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
108168 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1468276 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1504332 usd
CY2023Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
18028 usd
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
18028 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
36056 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
36056 usd
CY2023Q2 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
374337 usd
CY2022Q4 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
426451 usd
CY2023Q2 us-gaap Proceeds From Loans
ProceedsFromLoans
162000 usd
CY2022Q2 us-gaap Payments For Loans
PaymentsForLoans
20538 usd
CY2023Q2 us-gaap Loans Payable
LoansPayable
112497 usd
CY2022Q4 us-gaap Loans Payable
LoansPayable
93146 usd
CY2023Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1246000 usd
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1246000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
9113 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
84082 usd
CY2023Q2 USAQ Convertible Notes Payable Debt Discount And Issuance Costs
ConvertibleNotesPayableDebtDiscountAndIssuanceCosts
1236887 usd
CY2022Q4 USAQ Convertible Notes Payable Debt Discount And Issuance Costs
ConvertibleNotesPayableDebtDiscountAndIssuanceCosts
1161918 usd
CY2023Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1236887 usd
CY2022Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1161918 usd
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.25
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2660747 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2126647 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2660747 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2126647 shares
us-gaap Share Based Compensation
ShareBasedCompensation
6000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
17841 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
0 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
8921 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1100000 shares
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
81793 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd

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