First Choice Healthcare Solutions Files Q3 2024 Report
Ticker: FCHS · Form: 10-Q · Filed: Nov 13, 2024 · CIK: 1416876
Sentiment: neutral
Topics: 10-Q, healthcare, financial-report
TL;DR
FCCH filed its Q3 2024 10-Q. Financials and ops update.
AI Summary
First Choice Healthcare Solutions, Inc. filed its quarterly report for the period ending September 30, 2024. The company, formerly known as Medical Billing Assistance, Inc., is based in Melbourne, Florida, and operates in the medical laboratories sector. This filing provides financial updates and operational details for the third quarter of 2024.
Why It Matters
This filing provides investors and stakeholders with the latest financial performance and operational status of First Choice Healthcare Solutions, Inc. for the third quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly filing providing financial information, with no immediate red flags or significant new risks indicated in the provided snippet.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Covers the third quarter of fiscal year 2024.)
- 2024-11-13 — Filing Date (Date the 10-Q was submitted to the SEC.)
Key Players & Entities
- First Choice Healthcare Solutions, Inc. (company) — Filer
- Medical Billing Assistance, Inc. (company) — Former company name
- Melbourne, FL (location) — Company address
FAQ
What were the key financial highlights for First Choice Healthcare Solutions in Q3 2024?
The provided snippet does not contain specific financial figures for Q3 2024, only the reporting period end date.
When was First Choice Healthcare Solutions previously known by another name?
The company was formerly known as Medical Billing Assistance, Inc., with name changes noted on January 7, 2011, and October 30, 2007.
What is the primary business of First Choice Healthcare Solutions?
The company operates in the SERVICES-MEDICAL LABORATORIES sector, with SIC code 8071.
Where is First Choice Healthcare Solutions headquartered?
The company is headquartered in Melbourne, Florida, at 709 S. Harbor City Blvd., Suite 250.
What is the fiscal year end for First Choice Healthcare Solutions?
The company's fiscal year ends on December 31.
Filing Stats: 4,475 words · 18 min read · ~15 pages · Grade level 16.4 · Accepted 2024-11-13 11:24:54
Filing Documents
- form10-q.htm (10-Q) — 596KB
- ex31-1.htm (EX-31.1) — 18KB
- ex31-2.htm (EX-31.2) — 19KB
- ex32-1.htm (EX-32.1) — 10KB
- 0001493152-24-045011.txt ( ) — 3541KB
- fchs-20240930.xsd (EX-101.SCH) — 27KB
- fchs-20240930_cal.xml (EX-101.CAL) — 44KB
- fchs-20240930_def.xml (EX-101.DEF) — 91KB
- fchs-20240930_lab.xml (EX-101.LAB) — 240KB
- fchs-20240930_pre.xml (EX-101.PRE) — 185KB
- form10-q_htm.xml (XML) — 472KB
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
OTHER INFORMATION
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, unaudited) As of As of September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,505 $ 12,607 Accounts receivable, net 49,201 92,444 Deposits 396,488 — Other Current Assets 112,063 206,631 Total current assets 559,257 311,682 Property, plant and equipment, net 236,278 262,243 Operating lease right-of-use assets 3,815,972 2,437,358 Deferred tax asset 111,949 111,949 Total assets $ 4,723,456 $ 3,123,232 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued expenses 9,279,593 $ 8,410,879 Operating lease liabilities, current portion 515,020 299,244 Notes payable, current portion 22,669,266 19,217,018 Total current liabilities 32,463,879 27,927,141 Long term liabilities: PPP loan payable 1,283,624 1,283,624 Operating lease liabilities, non-current portion 3,460,539 2,442,519 Convertible notes — — Total liabilities $ 37,208,042 $ 31,653,284 Stockholders' equity (deficit): Series A Convertible Preferred stock; $ 0.01 par value, 40,000 shares authorized, 147 and 147 shares issued and outstanding at September 30, 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 September 30, 2024 and December 31, 2023, respectively 32,958 32,958 Additional paid-in capital 35,300,370 35,369,995 Treasury stock, 74,453 common shares, at cost — — Accumulated deficit ( 67,817,915 ) ( 63,933,006 ) Total stockholders' equity (deficit) ( 32,484,586 ) ( 28,530,052 ) Total liabilities and stockholders' equity (deficit) $ 4,723,456 $ 3,123,232 The accompanying notes are an integral part of these consolidated financial statements. 3 FIRST CHOICE HEALTHCARE SERVICES, INC. AND