$USAQ
QHSLab Inc

2024 Q2 Form 10-Q Financial Statement

#000149315224018786 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $473.1K $488.6K $352.8K
YoY Change 16.87% 38.49% -0.71%
Cost Of Revenue $178.6K $202.4K $165.5K
YoY Change 0.39% 22.35% -0.71%
Gross Profit $294.4K $286.2K $187.3K
YoY Change 29.81% 52.75% -0.71%
Gross Profit Margin 62.24% 58.57% 53.1%
Selling, General & Admin $181.6K $211.9K $226.5K
YoY Change -1.3% -6.46% 11.69%
% of Gross Profit 61.69% 74.05% 120.92%
Research & Development $64.81K $42.64K $63.55K
YoY Change 7.09% -32.9% 119.28%
% of Gross Profit 22.01% 14.9% 33.92%
Depreciation & Amortization $36.64K $36.65K $36.64K
YoY Change -0.03% 0.0% 103.24%
% of Gross Profit 12.44% 12.81% 19.56%
Operating Expenses $264.5K $272.6K $308.1K
YoY Change 0.72% -11.54% 23.33%
Operating Profit $29.97K $13.60K -$120.8K
YoY Change -183.81% -111.27% 97.54%
Interest Expense $32.86K $32.13K $71.80K
YoY Change -54.3% -55.25% -156.46%
% of Operating Profit 109.64% 236.17%
Other Income/Expense, Net
YoY Change
Pretax Income -$2.890K -$18.53K -$192.6K
YoY Change -97.29% -90.38% 1.19%
Income Tax
% Of Pretax Income
Net Earnings -$2.890K -$18.53K -$192.6K
YoY Change -97.29% -90.38% 1.18%
Net Earnings / Revenue -0.61% -3.79% -54.58%
Basic Earnings Per Share $0.00 $0.00 -$0.02
Diluted Earnings Per Share $0.00 $0.00 -$0.02
COMMON SHARES
Basic Shares Outstanding 10.22M shares 10.22M shares 9.316M shares
Diluted Shares Outstanding 10.22M shares 9.878M shares 9.316M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.2K $66.93K $93.08K
YoY Change -4.27% -28.09% -40.16%
Cash & Equivalents $104.2K $66.93K $93.08K
Short-Term Investments
Other Short-Term Assets $4.200K $7.570K $9.730K
YoY Change -3.0% -22.2% -86.47%
Inventory $6.217K $37.11K $27.30K
Prepaid Expenses
Receivables $131.5K $130.9K $76.24K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $246.2K $242.5K $206.3K
YoY Change -1.42% 17.52% -47.98%
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 $1.452M $1.489M $1.635M
YoY Change -9.17% -8.96% -8.23%
TOTAL ASSETS
Total Short-Term Assets $246.2K $242.5K $206.3K
Total Long-Term Assets $1.452M $1.489M $1.635M
Total Assets $1.698M $1.731M $1.842M
YoY Change -8.12% -6.0% -15.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $191.9K $164.3K $187.4K
YoY Change -5.29% -12.32% 466.98%
Accrued Expenses $18.99K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.224M $1.224M $288.4K
YoY Change 152.55% 324.24% -53.03%
Long-Term Debt Due $444.4K $494.5K $288.4K
YoY Change -8.27% 71.47% -15.73%
Total Short-Term Liabilities $2.083M $2.113M $1.811M
YoY Change 0.87% 16.7% 74.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $141.1K
YoY Change -100.0% -69.19%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $141.1K
YoY Change -100.0% -69.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.083M $2.113M $1.811M
Total Long-Term Liabilities $0.00 $0.00 $141.1K
Total Liabilities $2.083M $2.113M $1.952M
YoY Change 0.87% 8.27% 29.92%
SHAREHOLDERS EQUITY
Retained Earnings -$4.064M -$4.002M -$3.707M
YoY Change 6.55% 7.94%
Common Stock $1.049K $1.022K $932.00
YoY Change 12.55% 9.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$385.0K -$382.1K -$110.3K
YoY Change
Total Liabilities & Shareholders Equity $1.698M $1.731M $1.842M
YoY Change -8.12% -6.0% -15.47%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$2.890K -$18.53K -$192.6K
YoY Change -97.29% -90.38% 1.18%
Depreciation, Depletion And Amortization $36.64K $36.65K $36.64K
YoY Change -0.03% 0.0% 103.24%
Cash From Operating Activities $87.39K $56.57K $1.702K
YoY Change -322.76% 3223.85% -101.24%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.11K -$41.23K -$87.32K
YoY Change -191.11% -52.79% -301.89%
NET CHANGE
Cash From Operating Activities 87.39K $56.57K $1.702K
Cash From Investing Activities
Cash From Financing Activities -50.11K -$41.23K -$87.32K
Net Change In Cash 37.28K $15.35K -$85.62K
YoY Change 136.4% -117.93% -34.79%
FREE CASH FLOW
Cash From Operating Activities $87.39K $56.57K $1.702K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p id="xdx_80B_eus-gaap--NatureOfOperations_zFunIlhtlES7" 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_826_z18614upial9">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. (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 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>
CY2024Q1 us-gaap Use Of Estimates
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<p id="xdx_84E_eus-gaap--UseOfEstimates_zyj4Y1HjFMHh" 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_867_zkXaOTzjLcN5">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>
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1612500 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
198308 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
180279 usd
CY2024Q1 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
74463 usd
CY2023Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
93079 usd
CY2024Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18616 usd
CY2023Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18616 usd
CY2024Q1 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2023 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1414192 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1432221 usd
CY2024Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18616 usd
CY2023Q1 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
18616 usd
CY2024Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
42638 usd
CY2023Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
63547 usd
CY2024Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
2947608 usd
CY2024Q1 USAQ Net Operating Losses Carryforwards Expire Date
NetOperatingLossesCarryforwardsExpireDate
begin to expire in 2026
CY2024Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
148628 usd
CY2023Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
89827 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
17739 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
18445 usd
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
130889 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
71382 usd
CY2024Q1 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2023Q4 us-gaap Capitalized Computer Software Gross
CapitalizedComputerSoftwareGross
223390 usd
CY2024Q1 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
148927 usd
CY2023Q4 us-gaap Capitalized Computer Software Accumulated Amortization
CapitalizedComputerSoftwareAccumulatedAmortization
130311 usd
CY2024Q1 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2023 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2021Q2 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
1612500 usd
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
18028 usd
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
18028 usd
CY2024Q1 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
405437 usd
CY2023Q4 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
396138 usd
CY2023Q4 us-gaap Proceeds From Loans
ProceedsFromLoans
226700 usd
CY2023Q4 us-gaap Payments For Loans
PaymentsForLoans
28463 usd
CY2024Q1 us-gaap Loans Payable
LoansPayable
122567 usd
CY2023Q4 us-gaap Loans Payable
LoansPayable
174092 usd
CY2024Q1 USAQ Convertible Notes Payable Gross
ConvertibleNotesPayableGross
1223500 usd
CY2023Q4 USAQ Convertible Notes Payable Gross
ConvertibleNotesPayableGross
1235500 usd
CY2024Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1223500 usd
CY2023Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
1235500 usd
CY2024Q1 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1223500 usd
CY2023Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1235500 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
CY2024Q1 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
12000 usd
CY2024Q1 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
806000 usd
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.025
CY2024Q1 us-gaap Debt Instrument Increase Decrease For Period Net
DebtInstrumentIncreaseDecreaseForPeriodNet
806000 usd
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price Decrease
DebtInstrumentConvertibleConversionPriceDecrease
0.20
CY2024Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
440000 usd
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2580000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2660747 shares
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2580000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2660747 shares
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1100000 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
14854 shares

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0001493152-24-018786.txt Edgar Link pending
0001493152-24-018786-xbrl.zip Edgar Link pending
ex31.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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