$USAQ
QHSLab Inc

2024 Q1 Form 10-K Financial Statement

#000149315224011551 Filed on March 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $488.6K $315.0K $1.409M
YoY Change 38.49% 17.67% 13.34%
Cost Of Revenue $202.4K $125.1K $615.4K
YoY Change 22.35% -5.73% -1.33%
Gross Profit $286.2K $189.9K $793.6K
YoY Change 52.75% 40.67% 28.1%
Gross Profit Margin 58.57% 60.29% 56.32%
Selling, General & Admin $211.9K $175.8K $747.6K
YoY Change -6.46% -15.72% -18.54%
% of Gross Profit 74.05% 92.56% 94.21%
Research & Development $42.64K $44.52K $214.0K
YoY Change -32.9% -17.74% 12.57%
% of Gross Profit 14.9% 23.44% 26.97%
Depreciation & Amortization $36.65K $36.65K $146.6K
YoY Change 0.0% 0.03% 14.55%
% of Gross Profit 12.81% 19.3% 18.47%
Operating Expenses $272.6K $238.3K $1.034M
YoY Change -11.54% -15.1% -12.4%
Operating Profit $13.60K -$48.41K -$240.2K
YoY Change -111.27% -66.77% -57.16%
Interest Expense $32.13K -$38.23K $230.5K
YoY Change -55.25% -45.77% -46.82%
% of Operating Profit 236.17%
Other Income/Expense, Net $0.00 $2.290K
YoY Change
Pretax Income -$18.53K -$86.64K -$468.4K
YoY Change -90.38% -59.93% -52.98%
Income Tax
% Of Pretax Income
Net Earnings -$18.53K -$86.64K -$468.4K
YoY Change -90.38% -59.93% -52.98%
Net Earnings / Revenue -3.79% -27.5% -33.24%
Basic Earnings Per Share $0.00 -$0.05
Diluted Earnings Per Share $0.00 -$0.01 -$0.05
COMMON SHARES
Basic Shares Outstanding 10.22M shares 9.736M shares 9.417M shares
Diluted Shares Outstanding 9.878M shares 9.417M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.93K $51.58K $51.58K
YoY Change -28.09% -71.13% -71.13%
Cash & Equivalents $66.93K $51.58K $51.58K
Short-Term Investments
Other Short-Term Assets $7.570K $7.990K $7.990K
YoY Change -22.2% 9.3% 9.3%
Inventory $37.11K $25.18K $25.18K
Prepaid Expenses
Receivables $130.9K $71.38K $71.38K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $242.5K $156.1K $156.1K
YoY Change 17.52% -45.33% -45.33%
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 $1.489M $1.525M $1.525M
YoY Change -8.96% -8.77% -8.77%
TOTAL ASSETS
Total Short-Term Assets $242.5K $156.1K $156.1K
Total Long-Term Assets $1.489M $1.525M $1.525M
Total Assets $1.731M $1.681M $1.681M
YoY Change -6.0% -14.1% -14.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $164.3K $78.91K $78.91K
YoY Change -12.32% -7.97% -7.97%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.224M $546.1K $1.236M
YoY Change 324.24% 59.48% 6.33%
Long-Term Debt Due $494.5K $546.1K $546.1K
YoY Change 71.47% 59.48% 59.48%
Total Short-Term Liabilities $2.113M $2.057M $2.057M
YoY Change 16.7% 20.52% 20.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.113M $2.057M $2.057M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.113M $2.057M $2.057M
YoY Change 8.27% 9.35% 9.35%
SHAREHOLDERS EQUITY
Retained Earnings -$4.002M -$3.983M
YoY Change 7.94% 13.33%
Common Stock $1.022K $974.00
YoY Change 9.66% 4.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$382.1K -$375.6K -$375.6K
YoY Change
Total Liabilities & Shareholders Equity $1.731M $1.681M $1.681M
YoY Change -6.0% -14.1% -14.1%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$18.53K -$86.64K -$468.4K
YoY Change -90.38% -59.93% -52.98%
Depreciation, Depletion And Amortization $36.65K $36.65K $146.6K
YoY Change 0.0% 0.03% 14.55%
Cash From Operating Activities $56.57K -$135.2K -$159.6K
YoY Change 3223.85% 93.71% -54.52%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$41.23K 136.5K $32.52K
YoY Change -52.79% 1193.93% -88.39%
NET CHANGE
Cash From Operating Activities $56.57K -135.2K -$159.6K
Cash From Investing Activities
Cash From Financing Activities -$41.23K 136.5K $32.52K
Net Change In Cash $15.35K 1.340K -$127.1K
YoY Change -117.93% -102.26% 17.52%
FREE CASH FLOW
Cash From Operating Activities $56.57K -$135.2K -$159.6K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023 us-gaap Nature Of Operations
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<p id="xdx_80B_eus-gaap--NatureOfOperations_ztKN7YKXIC71" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1. <span id="xdx_82B_zLPSqaM1ct26">The Company</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: 10pt Times New Roman, Times, Serif; margin: 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 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_z9o3EazhpOee" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_862_zMyKOoFLPPYd">Use of Estimates</span>:</i> The preparation of 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 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 0"><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 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
93079 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
167543 usd
CY2023 USAQ Capitalized Computer Software Amortization Recognized
CapitalizedComputerSoftwareAmortizationRecognized
74464 usd
CY2022 USAQ Capitalized Computer Software Amortization Recognized
CapitalizedComputerSoftwareAmortizationRecognized
55847 usd
CY2023 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2022 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2023 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
214008 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
190117 usd
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
3983258 usd
CY2023 USAQ Net Operating Losses Carryforwards Expire Date
NetOperatingLossesCarryforwardsExpireDate
begin to expire in 2027
CY2023Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
89827 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
55964 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
18445 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
71382 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
47734 usd
CY2023Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2022Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2023Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
130311 usd
CY2022Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
55847 usd
CY2023Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
93079 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
167543 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1612500 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1612500 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
180279 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
108168 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1432221 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1504332 usd
CY2023 USAQ Capitalized Computer Software Amortization Recognized
CapitalizedComputerSoftwareAmortizationRecognized
74464 usd
CY2022 USAQ Capitalized Computer Software Amortization Recognized
CapitalizedComputerSoftwareAmortizationRecognized
55847 usd
CY2023 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
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
72112 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
72112 usd
CY2023Q4 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
396138 usd
CY2022Q4 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
426451 usd
CY2022Q4 us-gaap Proceeds From Loans
ProceedsFromLoans
111300 usd
CY2022Q4 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
May 2024
CY2022Q4 us-gaap Payments For Loans
PaymentsForLoans
13776 usd
CY2023Q4 us-gaap Loans Payable
LoansPayable
0 usd
CY2022Q4 us-gaap Loans Payable
LoansPayable
93146 usd
CY2023Q2 us-gaap Proceeds From Loans
ProceedsFromLoans
162000 usd
CY2023Q2 us-gaap Payments For Loans
PaymentsForLoans
20538 usd
CY2023Q2 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
October 2024
CY2023Q4 us-gaap Proceeds From Loans
ProceedsFromLoans
226700 usd
CY2023Q4 us-gaap Payments For Loans
PaymentsForLoans
28463 usd
CY2023Q4 us-gaap Loans Payable Current
LoansPayableCurrent
174092 usd
CY2023Q4 USAQ Convertible Notes Payable Gross
ConvertibleNotesPayableGross
1235500 usd
CY2022Q4 USAQ Convertible Notes Payable Gross
ConvertibleNotesPayableGross
1246000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
84082 usd
CY2023Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1235500 usd
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1161918 usd
CY2023Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1235500 usd
CY2022Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1161918 usd
CY2023Q4 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
10500 usd
CY2023Q4 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
806000 usd
CY2023Q4 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.025
CY2023Q4 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
806000 usd
CY2023Q4 us-gaap Debt Instrument Convertible Conversion Price Decrease
DebtInstrumentConvertibleConversionPriceDecrease
0.20
CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.25
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2594854 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2676647 shares
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2594854 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2676647 shares
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
6000 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
30084 usd
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6968 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1100000 shares
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6000 usd
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1100000 shares
CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3M
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
836484 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
738128 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
98356 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
209160 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2100 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2100 pure
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
CY2023Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
3983258 usd
CY2023 USAQ Net Operating Losses Carryforwards Expire Date
NetOperatingLossesCarryforwardsExpireDate
begin to expire in 2027
CY2021Q3 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
420000 usd
CY2021Q3 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.025

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