Elite Health Systems Inc. Renames, Files Q3 2024 10-Q

TL;DR

**Elite Health Systems Inc. (formerly US NeuroSurgical) filed its Q3 2024 10-Q, showing corporate name change.**

AI Summary

Elite Health Systems Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as U.S. NeuroSurgical Holdings, Inc., changed its name to Elite Health Systems Inc. on October 2, 2024. The filing details financial information for the third quarter of 2024.

Why It Matters

This filing provides insight into the financial performance and corporate changes of Elite Health Systems Inc. during a key reporting period.

Risk Assessment

Risk Level: medium — The company has undergone a name change and has a history of former names, indicating potential restructuring or strategic shifts that could impact future performance.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20241002 — Name Change Date (Marks the official date the company transitioned to its new name, Elite Health Systems Inc.)

Key Players & Entities

• Elite Health Systems Inc. (company) — Filer and current company name
• U.S. NeuroSurgical Holdings, Inc. (company) — Former company name
• 2024-09-30 (date) — End of reporting period
• 20241002 (date) — Date of name change

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share USNU OTC Pink Indicate by

Filing Documents

• usnu20240930_10q.htm (10-Q) — 601KB
• ex_743317.htm (EX-3.1) — 9KB
• ex_742494.htm (EX-31.1) — 11KB
• ex_742495.htm (EX-32.1) — 5KB
• 0001437749-24-034956.txt ( ) — 3546KB
• usnu-20240930.xsd (EX-101.SCH) — 33KB
• usnu-20240930_def.xml (EX-101.DEF) — 234KB
• usnu-20240930_lab.xml (EX-101.LAB) — 179KB
• usnu-20240930_pre.xml (EX-101.PRE) — 251KB
• usnu-20240930_cal.xml (EX-101.CAL) — 28KB
• usnu20240930_10q_htm.xml (XML) — 464KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3

Management Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management Discussion and Analysis of Financial Condition and Results of Operations. 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 18

Controls and Procedures

Item 4. Controls and Procedures 18

– OTHER INFORMATION

PART II – OTHER INFORMATION 20

Legal Proceedings

Item 1. Legal Proceedings 20 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities Unregistered Sales of Equity Securities and Use of Proceeds 20

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 20

Submission of Matters to a Vote of Security Holders

Item 4. Submission of Matters to a Vote of Security Holders 20

Other Information

Item 5. Other Information 21

Exhibits

Item 6. Exhibits 21

SIGNATURES

SIGNATURES 22 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ELITE HEALTH SYSTEMS INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS September 30, December 31, 2024 2023 (Unaudited) (Audited) ASSETS Current assets: Cash and cash equivalents $ 3,173,000 $ 466,000 Other current assets 18,000 61,000 Total current assets 3,191,000 527,000 Other assets: Due from related parties 525,000 520,000 Investments in unconsolidated entities 22,000 189,000 Total other assets 547,000 709,000 Property and equipment: Operating lease right-of-use asset 66,000 85,000 Total property and equipment 66,000 85,000 TOTAL ASSETS $ 3,804,000 $ 1,321,000 LIABILITIES Current liabilities: Operating lease right-of-use liability - current portion $ 28,000 $ 27,000 Accounts payable and accrued expenses 65,000 59,000 Income taxes payable - 166,000 Share application money pending allotment - 355,000 Total current liabilities 93,000 607,000 Operating lease right-of-use liability - net of current portion 39,000 58,000 Guarantee liability 11,000 11,000 Total liabilities 143,000 676,000 EQUITY Common stock - par value $ .01 ; 25,000,000 shares authorized; 17,384,924 and 9,284,924 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively. 174,000 93,000 Additional paid-in capital 6,911,000 2,942,000 Accumulated deficit ( 3,424,000 ) ( 2,390,000 ) Total stockholders' equity 3,661,000 645,000 TOTAL LIABILITIES AND EQUITY $ 3,804,000 $ 1,321,000 See accompanying notes to the consolidated financial statements 3 Table of Contents ELITE HEALTH SYSTEMS INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenue $ - $ - - - Costs and expenses: General and administrative 387,000 151,000 1,299,000 522,000 Total

Management Discussion and Analysis of Financial Condition

Item 2. Management Discussion and Analysis of Financial Condition

View Full Filing

View this 10-Q filing on SEC EDGAR