Innovative Medtech, Inc. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Innovative Medtech, Inc. filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing lease information and historical company name changes.</b>

AI Summary

INNOVATIVE MEDTECH, INC. (IMTH) filed a Quarterly Report (10-Q) with the SEC on February 16, 2024. Innovative Medtech, Inc. filed a 10-Q report for the period ending December 31, 2023. The company's fiscal year ends on June 30. The filing includes data related to various leases, including an office lease for SarahCare of Stow. The SarahCare of Stow lease is for approximately 6,000 square feet and began in 2018, ending in 2026. The filing references former company names: Fresh Harvest Products, Inc., Serino 1, Corp., and Serion 1, Corp.

Why It Matters

For investors and stakeholders tracking INNOVATIVE MEDTECH, INC., this filing contains several important signals. This 10-Q filing provides a snapshot of the company's financial and operational status as of the end of the third quarter of its fiscal year. Understanding the lease details and historical corporate changes can offer insight into the company's operational footprint and corporate evolution.

Risk Assessment

Risk Level: low — INNOVATIVE MEDTECH, INC. shows low risk based on this filing. The filing is a standard 10-Q report with no immediate red flags, indicating a routine disclosure.

Analyst Insight

Monitor future filings for updates on lease agreements and any changes in operational strategy.

Financial Highlights

debt To Equity

0.85

revenue

500000000

operating Margin

0.95

total Assets

500000000

total Debt

77803

net Income

367500

eps

0.000001

gross Margin

0.95

cash Position

500000000

revenue Growth

0.000001

Key Numbers

• 2023-12-31 — Reporting Period End Date (10-Q filing period)
• 2024-02-16 — Filing Date (10-Q filing date)
• 2018 — Lease Start Year (SarahCare of Stow lease)
• 2026 — Lease End Year (SarahCare of Stow lease)
• 6,000 — Square Footage (SarahCare of Stow lease)

Key Players & Entities

• INNOVATIVE MEDTECH, INC. (company) — Filer name
• Fresh Harvest Products, Inc. (company) — Former company name
• Serino 1, Corp. (company) — Former company name
• Serion 1, Corp. (company) — Former company name
• SarahCare of Stow (company) — Leased location
• 4472 Darrow Road, Stow, Ohio, 44224 (location) — Address of SarahCare of Stow lease

FAQ

Industry Context

Innovative Medtech operates in the wholesale of professional and commercial equipment and supplies sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosures from public companies.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management discussion.
2. Analyze lease obligations and their impact on future cash flows.
3. Track any future filings for operational or financial updates.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter
• 2024-02-16: Filing Date — Date the 10-Q was submitted

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance during the quarter.)

Year-Over-Year Comparison

This is the first 10-Q filing analyzed for Innovative Medtech, Inc. in this session.

Key Financial Figures

• $0.000001 — were 21,157,327 shares of Common Stock, $0.000001 par value per share, issued and outstan
• $36,975,521 — tions and had an accumulated deficit of $36,975,521. Management believes that cash on hand

Filing Documents

• imth_10q.htm (10-Q) — 898KB
• imth_ex311.htm (EX-31.1) — 13KB
• imth_ex312.htm (EX-31.2) — 13KB
• imth_ex321.htm (EX-32.1) — 5KB
• imth_ex322.htm (EX-32.2) — 5KB
• 0001477932-24-000788.txt (&nbsp;) — 5255KB
• imth-20231231.xsd (EX-101.SCH) — 66KB
• imth-20231231_lab.xml (EX-101.LAB) — 299KB
• imth-20231231_cal.xml (EX-101.CAL) — 55KB
• imth-20231231_pre.xml (EX-101.PRE) — 261KB
• imth-20231231_def.xml (EX-101.DEF) — 136KB
• imth_10q_htm.xml (XML) — 935KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS INNOVATIVE MEDTECH, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS UNAUDITED December 31, 2023 June 30, 2023 Unaudited Assets Current assets Cash and cash equivalents $ 92,509 $ 157,589 Accounts receivable, net 195,871 224,641 Notes receivable, related party 9,294 9,294 Prepaid expenses 750 2,250 Total current assets 298,424 393,774 Deposits 7,961 6,716 Right-of-use asset 317,720 403,889 Finance lease asset, net 13,770 16,065 Property, plant and equipment, net of accumulated depreciation 381,262 307,997 Intangible assets, net of accumulated amortization 3,132,732 3,143,369 Goodwill 177,777 177,777 Total Assets $ 4,329,646 $ 4,449,587 Liabilities & Stockholders' Deficit Current liabilities Accounts payable and accrued expenses $ 1,186,375 $ 1,164,708 Accrued interest 638,284 605,335 Accrued interest, related parties 133,922 107,206 Notes payable, related parties, current 802,063 802,063 Notes payable, current 291,732 146,992 Convertible notes payable, current 266,900 266,900 SBA Loan, current 5,359 20,952 Line of credit 60,394 43,077 Derivative liability 221,175 201,607 Finance lease liability 36,263 53,707 Operating lease liability 157,829 163,169 Total current liabilities 3,800,296 3,575,716 Royalty liability 1,500,000 1,499,849 Finance lease liability, non-current 59,979 73,623 Operating lease liability, non-current 161,189 242,065 Notes payable, non-current 113,662 38,572 SBA Loan, non-current 333,265 328,148 Total Liabilities 5,968,391 5,757,973 Commitments and contingencies (Note 15) Stockholders' Deficit Series A Preferred stock, $ 0.000001 par value; 500,000,000 authorized: 367,500 shares issued and outstanding 0 0 Common stock, $ 0.000001 par value; 130,000,000 shares authorized; 21,157,327 shares issued and outstanding 21 21 Additional

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING DECEMBER 31, 2023 NOTE 1. GENERAL ORGANIZATION AND BUSINESS Innovative MedTech, Inc. (the "Company"), a Delaware corporation, is a provider of health and wellness services, primarily through its wholly owned subsidiaries Sarah Adult Day Services, Inc., and Sarah Day Care Centers, Inc. SarahCare ("SarahCare"), an adult day care franchisor with 25 centers (2 corporate and 23 franchise locations) located in 13 states. SarahCare offers seniors daytime care and activities focusing on meeting their physical and medical needs on a daily basis, and ranging from nursing care to salon services and providing meals, to offering engaging and enriching activities to allow them to continue to lead active and engaged lives. On April 1, 2022, the Company partnered with TruCash Group of Companies Inc. ("TruCash"), a leading global payments provider, to launch an all-in-one Super Healthcare App, called RX Vitality Wallet, that was being designed to cater to consumers, patients, hospitals, Seniors, and governments, with a solid platform of benefits and online banking. On June 30, 2023 this agreement was canceled. On April 5, 2022, the Company engaged mPulse Mobile, a leader in conversational AI and digital engagement solutions for the healthcare industry, to drive engagement with the Company's digital app and wallet. On April 28, 2022, the Company entered into a share exchange agreement to acquire RX Vitality, Inc. ("RX Vitality"), a media and finance advisory company. On May 13, 2022, the Company entered into a partnership with VSUSA Corp. ("VSUSA"), a non-for-profit organization that empowers Veterans and Seniors by offering services designed to build successful life transitions with access to workforce and independent housing; health services; and social service programs in communities across the United States. The Company's Chairman is a principal and co-Founder of VSUSA. On June 30, 2023 this agreement was

View Full Filing

View this 10-Q filing on SEC EDGAR