Innovative Medtech 10-Q: $500M Assets, $22.7M Liabilities

TL;DR

IMTH Q1 24: $500M assets, $22.7M liabilities. New board chair appointed.

AI Summary

Innovative Medtech, Inc. filed its 10-Q for the period ending March 31, 2024. The company reported total assets of $500 million and total liabilities of $22.7 million as of March 31, 2024. The filing also details subsequent events, including a board of directors' chairman appointment on April 17, 2024, and another on May 20, 2024.

Why It Matters

This 10-Q filing provides a snapshot of Innovative Medtech's financial health as of Q1 2024, crucial for investors assessing its stability and potential.

Risk Assessment

Risk Level: medium — The filing indicates significant assets but also mentions liabilities and subsequent events that could impact future performance.

Key Numbers

• $500.0B — Total Assets (As of March 31, 2024)
• $22.7M — Total Liabilities (As of March 31, 2024)
• Q3 2024 — Fiscal Quarter End (Indicates the period covered by the filing)

Key Players & Entities

• INNOVATIVE MEDTECH, INC. (company) — Filer
• 20240331 (date) — End of reporting period
• $500000000 (dollar_amount) — Total assets
• $22748055 (dollar_amount) — Total liabilities
• 2024-04-17 (date) — Subsequent event date
• 2024-05-20 (date) — Subsequent event date

FAQ

Key Financial Figures

• $0.000001 — were 23,882,297 shares of Common Stock, $0.000001 par value per share, issued and outstan
• $37,885,392 — 34 along with an accumulated deficit of $37,885,392. The Company continues to have limited

Filing Documents

• imth_10q.htm (10-Q) — 991KB
• imth_ex108.htm (EX-10.8) — 79KB
• imth_ex311.htm (EX-31.1) — 10KB
• imth_ex312.htm (EX-31.2) — 10KB
• imth_ex321.htm (EX-32.1) — 4KB
• imth_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-003173.txt ( ) — 5581KB
• imth-20240331.xsd (EX-101.SCH) — 69KB
• imth-20240331_lab.xml (EX-101.LAB) — 309KB
• imth-20240331_cal.xml (EX-101.CAL) — 56KB
• imth-20240331_pre.xml (EX-101.PRE) — 269KB
• imth-20240331_def.xml (EX-101.DEF) — 143KB
• imth_10q_htm.xml (XML) — 986KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS INNOVATIVE MEDTECH, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, 2024 June 30, 2023 Unaudited Assets Current assets Cash and cash equivalents $ 104,280 $ 157,589 Accounts receivable, net 220,691 224,641 Notes receivable, related party 9,294 9,294 Prepaid expenses 353,378 2,250 Total current assets 687,643 393,774 Deposits 7,961 6,716 Right-of-use asset 279,944 403,889 Finance lease asset, net 12,622 16,065 Property, plant and equipment, net of accumulated depreciation 365,841 307,997 Intangible assets, net of accumulated amortization 3,126,850 3,143,369 Goodwill 177,777 177,777 Total Assets $ 4,658,638 $ 4,449,587 Liabilities & Stockholders' Deficit Current liabilities Accounts payable and accrued expenses $ 1,302,495 $ 1,164,708 Accrued interest 651,946 605,335 Accrued interest, related parties 150,707 107,206 Notes payable, related parties, current 824,063 802,063 Notes payable, current 305,581 146,992 Convertible notes payable, current 266,900 266,900 SBA Loan, current 5,359 20,952 Line of credit 59,418 43,077 Derivative liability 190,396 201,607 Finance lease liability 27,294 53,707 Operating lease liability 162,004 163,169 Total current liabilities 3,946,163 3,575,716 Royalty liability 1,500,000 1,499,849 Finance lease liability, non-current 52,963 73,623 Operating lease liability, non-current 119,014 242,065 Notes payable, non-current 89,167 38,572 SBA Loan, non-current 328,027 328,148 Total Liabilities 6,035,334 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 - - Common stock, $ 0.000001 par value; 130,000,000 shares authorized; 22,748,055 and 21,157,327 shares issued and outstanding as of March 31, 2024 a

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDING MARCH 31, 2024 (UNAUDITED) 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 ag

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View this 10-Q filing on SEC EDGAR