First Choice Healthcare Solutions Files S-1/A Amendment

TL;DR

FCCH files S-1/A w/ updated financials - check it out.

AI Summary

First Choice Healthcare Solutions, Inc. filed an S-1/A amendment on September 9, 2024, detailing its financial status. The company, formerly known as Medical Billing Assistance, Inc., operates in the medical laboratories sector. The filing includes financial data for periods ending December 31, 2022, 2023, and interim periods in 2024, such as revenue and preferred stock details.

Why It Matters

This S-1/A filing provides updated financial information and disclosures for First Choice Healthcare Solutions, Inc., which is crucial for investors to assess the company's current financial health and future prospects.

Risk Assessment

Risk Level: medium — As an S-1/A filing, it indicates a company undergoing regulatory review or providing updated disclosures, which can carry inherent risks related to financial performance and market perception.

Key Numbers

• 12/31/2023 — Fiscal Year End (Key financial reporting period)
• 12/31/2022 — Previous Fiscal Year End (Comparative financial reporting period)
• 09/09/2024 — Filing Date (Date of the S-1/A submission)

Key Players & Entities

• First Choice Healthcare Solutions, Inc. (company) — Filer of the S-1/A amendment
• Medical Billing Assistance, Inc. (company) — Former name of First Choice Healthcare Solutions, Inc.
• September 9, 2024 (date) — Date of the S-1/A filing
• 333-279357 (other) — SEC file number
• 0001416876 (other) — Central Index Key (CIK)

FAQ

Key Financial Figures

• $0.001 — hares of Shares common stock, par value $0.001 (the "Shares"). No significant public m
• $5.00 — ic offering price of our Shares will be $5.00 per Share. We intend to apply to list
• $5 — ir shares at a fixed price per share of $5.00, which is the per share price of the
• $1,862,361 — pany posted net losses of approximately $1,862,361 and $3,067,704 and corresponding cash o
• $3,067,704 — losses of approximately $1,862,361 and $3,067,704 and corresponding cash outflows from op
• $554,645 — onding cash outflows from operations of $554,645 and $2,049,876, respectively. For the s
• $2,049,876 — utflows from operations of $554,645 and $2,049,876, respectively. For the six months ended
• $2,654,958 — pany posted net losses of approximately $2,654,958 and $4,676,009 and corresponding cash o
• $4,676,009 — losses of approximately $2,654,958 and $4,676,009 and corresponding cash outflows from op
• $633,591 — onding cash outflows from operations of $633,591 and $2,173,484, respectively. As of Jun
• $2,173,484 — utflows from operations of $633,591 and $2,173,484, respectively. As of June 30, 2024 and
• $67,000,708 — e Company had an accumulated deficit of $67,000,708 and $60,437,784, respectively. For the
• $60,437,784 — accumulated deficit of $67,000,708 and $60,437,784, respectively. For the years ended Dece
• $8,171,232 — experienced net losses of approximately $8,171,232 and $9,943,702 and corresponding cash o
• $9,943,702 — losses of approximately $8,171,232 and $9,943,702 and corresponding cash outflows from op

Filing Documents

• forms-1a.htm (S-1/A) — 2940KB
• ex3-2.htm (EX-3.2) — 55KB
• ex10-8.htm (EX-10.8) — 447KB
• ex23-1.htm (EX-23.1) — 6KB
• ex23-2.htm (EX-23.2) — 6KB
• ex99-1.htm (EX-99.1) — 4KB
• ex99-2.htm (EX-99.2) — 4KB
• ex99-3.htm (EX-99.3) — 4KB
• ex107.htm (EX-FILING FEES) — 59KB
• forms-1_001.jpg (GRAPHIC) — 22KB
• chart_001.jpg (GRAPHIC) — 15KB
• chart_002.jpg (GRAPHIC) — 55KB
• ex23-1_001.jpg (GRAPHIC) — 18KB
• ex23-2_001.jpg (GRAPHIC) — 9KB
• 0001493152-24-035520.txt ( ) — 10377KB
• fchs-20240630.xsd (EX-101.SCH) — 52KB
• fchs-20240630_cal.xml (EX-101.CAL) — 61KB
• fchs-20240630_def.xml (EX-101.DEF) — 256KB
• fchs-20240630_lab.xml (EX-101.LAB) — 394KB
• fchs-20240630_pre.xml (EX-101.PRE) — 326KB
• forms-1a_htm.xml (XML) — 1564KB

RISK FACTORS

RISK FACTORS 7 CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS 18

USE OF PROCEEDS

USE OF PROCEEDS 19 DIVIDEND POLICY 20 CAPITALIZATION 20

DESCRIPTION OF CAPITAL STOCK

DESCRIPTION OF CAPITAL STOCK 23

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26 DESCRIPTION OF BUSINESS 33 MANAGEMENT 48

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 50 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS 51

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 51 SHARES ELIGIBLE FOR FUTURE SALE 52 MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS 54

UNDERWRITING

UNDERWRITING 57 DETERMINATION OF OFFERING PRICE 61 INTERESTS OF NAMED EXPERTS AND COUNSEL 61 EXPERTS 61 LEGAL MATTERS 62 WHERE YOU CAN FIND ADDITIONAL INFORMATION 62 INDEX TO FINANCIAL STATEMENTS F-1 i You should rely only on the information contained in this prospectus or contained in any free writing prospectus we may authorize to be delivered or made available to you. Neither we nor any of the underwriters have authorized anyone to provide any information or make any representations other than those contained in this prospectus or in any free writing prospectus. We take no responsibility for and can provide no assurance as to the reliability of any other information that others may give you. We are offering to sell and seeking offers to buy Shares only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the common stock. Our business, financial condition, results of operations, and prospects may have changed since such a date. Through and including, __________, 2024 all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription. For investors outside of the United States: Neither we nor any of the underwriters have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United of this prospectus outside of the United States. See "Underwriting" on page 57. REGARDING INDUSTRY AND

Business

Business Overview First Choice Healthcare Solutions, Inc. ("FCHS," "the Company," "we," "our" or "us") is actively engaged in pivoting the Company's strategy away from our historic orthopedic business model to a strategy of developing a national chain of innovative primary care and wellness clinics focused on providing life improvement services (anti-aging, weight management, and hormone replacement) and pharmacy services, in key high growth markets throughout the U.S. Although we still provide rehabilitative services on a limited basis, such as Physical Therapy, our strategy is to move to the operation of primary care and wellness clinics and concurrently end all orthopedic services and clinical sites. Operating Subsidiaries We have operated as First Choice Healthcare Solutions, Inc., a Delaware corporation, since February 13, 2012. Our corporate address is 95 Bulldog Blvd., Suite, 202, Melbourne, Florida, 32901 and our phone number is 321-725-0090. Our corporate website address is www.myfchs.com. The information contained on our website is not incorporated by reference herein. We have historically operated our business through two wholly owned subsidiaries. FCID Medical, Inc. ("FCID Medical") is the subsidiary under which we own and operate First Choice Medical Group of Brevard, LLC, ("FCMG"), our original medical services practice. During the fiscal quarter ended June 30, 2024 and 2023, the Company posted net losses of approximately $1,862,361 and $3,067,704 and corresponding cash outflows from operations of $554,645 and $2,049,876, respectively. For the six months ended June 30, 2024 and June 30, 2023, the Company posted net losses of approximately $2,654,958 and $4,676,009 and corresponding cash outflows from operations of $633,591 and $2,173,484, respectively. As of June 30, 2024 and June 30, 2023, the Company had an accumulated deficit of $67,000,708 and $60,437,784, respectively. For the years ended December 31, 2023 and 2022, the Company experienced n

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