OneMedNet Corp Files Q1 2024 10-Q
Ticker: ONMDW · Form: 10-Q · Filed: Dec 5, 2024 · CIK: 1849380
Sentiment: neutral
Topics: 10-Q, financials, company-information
TL;DR
OneMedNet Corp filed its Q1 2024 10-Q. Check financials.
AI Summary
OneMedNet Corp filed its Q1 2024 10-Q report on December 5, 2024, covering the period ending March 31, 2024. The company, formerly Data Knights Acquisition Corp., is incorporated in Delaware and operates in commercial physical and biological research. Its business address is in Chessington, Surrey, UK.
Why It Matters
This filing provides investors with an update on OneMedNet Corp's financial performance and operational status for the first quarter of 2024.
Risk Assessment
Risk Level: medium — As a publicly traded company, OneMedNet Corp is subject to market fluctuations and regulatory requirements, necessitating careful review of its financial filings.
Key Players & Entities
- OneMedNet Corp (company) — Filer
- Data Knights Acquisition Corp. (company) — Former company name
- 20240331 (date) — Period of report
- 20241205 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The conformed period of report is 20240331, indicating the first quarter of 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on 20241205.
What was OneMedNet Corp's former company name?
OneMedNet Corp was formerly known as Data Knights Acquisition Corp.
In which state is OneMedNet Corp incorporated?
OneMedNet Corp is incorporated in Delaware (DE).
What is the SIC code and industry for OneMedNet Corp?
The Standard Industrial Classification (SIC) code is 8731, categorized under SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH.
Filing Stats: 4,675 words · 19 min read · ~16 pages · Grade level 14.1 · Accepted 2024-12-05 16:05:30
Key Financial Figures
- $0.0001 — ch registered Common stock, par value $0.0001 per share ONMD The Nasdaq Stock Mar
- $11.50 — of Common Stock at an exercise price of $11.50 per share ONMDW The Nasdaq Stock Ma
- $10.00 — version price equal to the lower of (i) $10.00 per share, or (ii) 92.5% of the lowest
- $2.8 million — o either pay to EF Hutton an additional $2.8 million or issue to EF Hutton an additional 3,1
- $0.88 — 75,000 shares of Common Stock valued at $0.88 per share, plus the $0.5 million promis
- $0.5 million — ock valued at $0.88 per share, plus the $0.5 million promissory note. Upon the occurrence of
Filing Documents
- form10-q.htm (10-Q) — 744KB
- ex31-1.htm (EX-31.1) — 17KB
- ex31-2.htm (EX-31.2) — 17KB
- ex32-1.htm (EX-32.1) — 7KB
- ex32-2.htm (EX-32.2) — 7KB
- 0001493152-24-048874.txt ( ) — 4507KB
- onmt-20240331.xsd (EX-101.SCH) — 37KB
- onmt-20240331_cal.xml (EX-101.CAL) — 44KB
- onmt-20240331_def.xml (EX-101.DEF) — 217KB
- onmt-20240331_lab.xml (EX-101.LAB) — 334KB
- onmt-20240331_pre.xml (EX-101.PRE) — 280KB
- form10-q_htm.xml (XML) — 521KB
Financial Statements
Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Unaudited Condensed Consolidated Statements of Changes in Temporary Equity and Stockholders' Deficit for the three months ended March 31, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 21 Item 4.
Controls and Procedures
Controls and Procedures 21 PART II. OTHER INFORMATION 22 Item 1.
Legal Proceedings
Legal Proceedings 22 Item 1A.
Risk Factors
Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 22
Signatures
Signatures 23 i PART I—FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements ONEMEDNET CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 174 $ 47 Accounts receivable, net 253 152 Prepaid expenses and other current assets 229 166 Total current assets 656 365 Property and equipment, net 94 99 Total assets $ 750 $ 464 Liabilities and stockholders' deficit Current liabilities: Accounts payable & accrued expenses $ 5,875 $ 4,965 Deferred revenues 456 254 Loan extensions 2,992 2,992 PIPE Notes 1,617 1,637 Deferred underwriter fee payable 3,307 3,525 Line of credit 411 - Total current liabilities 14,658 13,373 Loan, related party 1,777 465 Other long-term liabilities 16 68 Total liabilities 16,451 13,906 Commitments and contingencies (Note 12) - - Stockholders' deficit: Preferred Stock, par value $ 0.0001 , 1,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023 - - Common Stock, par value $ 0.0001 ; 100,000,000 shares authorized, 23,850,010 shares issued and 23,662,265 shares outstanding at March 31, 2024, and 23,572,232 shares issued and outstanding as of December 31, 2023 2 2 Additional paid-in-capital 78,375 77,996 Treasury stock, at cost, 187,745 and 0 shares at March 31, 2024 and December 31, 2023, respectively ( 529 ) - Accumulated deficit ( 93,549 ) ( 91,440 ) Total stockholders' deficit ( 15,701 ) ( 13,442 ) Total liabilities and stockholders' deficit $ 750 $ 464 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 ONEMEDNET CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data)