First Choice Healthcare Solutions Q1 2024 10-Q Filed
Ticker: FCHS · Form: 10-Q · Filed: May 31, 2024 · CIK: 1416876
Sentiment: neutral
Topics: 10-Q, financials, healthcare
TL;DR
**FCHSLD Q1 2024 10-Q is IN. Check financials.**
AI Summary
First Choice Healthcare Solutions, Inc. filed its 10-Q for the period ending March 31, 2024. The filing details financial performance and operational updates for the first quarter of 2024. Key financial data and disclosures relevant to investors are presented.
Why It Matters
This filing provides investors with the latest financial health and operational status of First Choice Healthcare Solutions, Inc. as of Q1 2024.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant risks or opportunities for the company.
Key Numbers
- 2024-03-31 — End of Reporting Period (Q1 2024 financial data)
- 2024-05-31 — Filing Date (Date the 10-Q was submitted)
Key Players & Entities
- First Choice Healthcare Solutions, Inc. (company) — Filer of the 10-Q
- 20240331 (date) — End of reporting period
- 20240531 (date) — Filing date
- Medical Billing Assistance, Inc. (company) — Former company name
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended March 31, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on May 31, 2024.
What was the company's former name?
The company was formerly known as Medical Billing Assistance, Inc.
What is the company's Standard Industrial Classification (SIC) code?
The company's SIC code is 8071, which falls under SERVICES-MEDICAL LABORATORIES.
Where is First Choice Healthcare Solutions, Inc. headquartered?
First Choice Healthcare Solutions, Inc. is headquartered in Melbourne, Florida.
Filing Stats: 4,461 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-05-30 20:05:59
Key Financial Figures
- $0.001 — he registrant's Common Stock, par value $0.001 . PART I. FINANCIAL INFORMATION IT
Filing Documents
- form10-q.htm (10-Q) — 515KB
- ex31-1.htm (EX-31.1) — 18KB
- ex31-2.htm (EX-31.2) — 18KB
- ex32-1.htm (EX-32.1) — 10KB
- 0001493152-24-022041.txt ( ) — 3364KB
- fchs-20240331.xsd (EX-101.SCH) — 26KB
- fchs-20240331_cal.xml (EX-101.CAL) — 43KB
- fchs-20240331_def.xml (EX-101.DEF) — 113KB
- fchs-20240331_lab.xml (EX-101.LAB) — 235KB
- fchs-20240331_pre.xml (EX-101.PRE) — 188KB
- form10-q_htm.xml (XML) — 428KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 17 ITEM 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 19 ITEM 4.
Controls and Procedures
Controls and Procedures 19 PART II. OTHER INFORMATION ITEM 1.
Legal Proceedings
Legal Proceedings 20 ITEM 1A.
Risk Factors
Risk Factors 20 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 ITEM 3. Defaults Upon Senior Securities 20 ITEM 4. Mine Safety Disclosures 20 ITEM 5. Other Information 20 ITEM 6. Exhibits 20
SIGNATURES
SIGNATURES 21 2 FIRST CHOICE HEALTHCARE SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in dollars) As of March 31, As of December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 8,661 $ 12,607 Accounts receivable, net 87,760 92,444 Deposits 248,952 — Other Current Assets 1,664 206,631 Total current assets 347,037 311,682 Property, plant and equipment, net 253,561 262,243 Operating lease right-of-use assets 2,358,760 2,437,358 Deferred tax asset 111,949 111,949 Total assets $ 3,071,307 $ 3,123,232 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued expenses $ 8,914,431 $ 8,410,879 Operating lease liabilities, current portion 304,613 299,244 Notes payable, current portion 20,107,597 19,217,018 Total current liabilities 29,326,641 27,927,141 Long term liabilities: PPP loan payable 1,283,624 1,283,624 Operating lease liabilities, non-current portion 2,364,288 4,058,455 Convertible notes — — Total liabilities $ 32,974,553 $ 33,269,220 Stockholders' equity (deficit): Series A Convertible Preferred stock; $ 0.01 par value, 40,000 shares authorized, 147 and 147 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 1 1 Common stock, $ 0.001 par value, 100,000,000 shares authorized 32,958,288 and 32,958,288 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 32,958 32,958 Additional paid-in capital 35,202,143 35,369,995 Treasury stock, 74,453 common shares, at cost — — Accumulated deficit ( 65,138,349 ) ( 63,933,006 ) Total stockholders' equity (deficit) ( 29,758,603 ) ( 28,530,052 ) Total liabilities and stockholders' equity (deficit) $ 3,071,307 $ 3,123,232 See the accompanying notes to these unaudited condensed consolidated financial statements 3 FIRST CHOICE HEALTHCARE SERVICES, INC. AND SUBSIDIARIES