Pacific Health Care Org. Files Q2 2024 10-Q

TL;DR

PHCO filed its Q2 10-Q, check financials for health services update.

AI Summary

Pacific Health Care Organization Inc. filed its 10-Q for the quarterly period ended June 30, 2024. The company, headquartered in Irvine, CA, operates within the miscellaneous health and allied services sector. This filing provides an update on its financial performance and operational status for the specified period.

Why It Matters

This 10-Q filing provides investors and stakeholders with crucial financial and operational updates for Pacific Health Care Organization Inc. during the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a publicly traded company, Pacific Health Care Organization Inc. is subject to market fluctuations and regulatory changes inherent in the healthcare sector.

Key Numbers

• 20240630 — Quarterly Period End Date (The report covers financial performance up to this date.)
• 20240807 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• PACIFIC HEALTH CARE ORGANIZATION INC (company) — Filer
• 0001138476 (company) — Central Index Key
• UT (company) — State of Incorporation
• IRVINE (company) — City
• CA (company) — State
• 92612 (company) — ZIP Code
• (949) 721-8272 (company) — Business Phone
• 000-50009 (company) — SEC File Number
• 241182880 (company) — Film Number
• June 30, 2024 (date) — Quarterly Period End Date

FAQ

Key Financial Figures

• $0 — 0,000 shares of common stock, par value $0.001, issued and outstanding. PACIFIC H

Filing Documents

• pacifichco20240630_10q.htm (10-Q) — 865KB
• ex_707398.htm (EX-31.1) — 13KB
• ex_707399.htm (EX-31.2) — 13KB
• ex_707400.htm (EX-32.1) — 6KB
• 0001185185-24-000764.txt ( ) — 2916KB
• pfho-20240630.xsd (EX-101.SCH) — 22KB
• pfho-20240630_cal.xml (EX-101.CAL) — 29KB
• pfho-20240630_def.xml (EX-101.DEF) — 99KB
• pfho-20240630_lab.xml (EX-101.LAB) — 188KB
• pfho-20240630_pre.xml (EX-101.PRE) — 95KB
• pacifichco20240630_10q_htm.xml (XML) — 197KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 3 Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 3 (Unaudited) Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 4 (Unaudited) Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 5 (Unaudited) Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 11

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

— OTHER INFORMATION

PART II — OTHER INFORMATION

Risk Factors

Item 1A. Risk Factors 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 24

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Information

Item 1. Financial Information Pacific Health Care Organization, Inc. Condensed Consolidated Balance Sheets (Unaudited) June 30, December 31, 2024 2023 ASSETS Current Assets Cash $ 2,619,437 $ 2,565,992 Investments 8,083,936 7,877,752 Accounts receivable (net of allowance $ 12,944 and $ 32,814 ) 941,313 1,020,580 Deferred tax asset 52,061 38,871 Prepaid income tax 27,141 - Prepaid expenses 146,968 179,702 Total current assets 11,870,856 11,682,897 Property and Equipment, net Computer equipment 241,167 255,783 Furniture and fixtures 13,283 21,620 Total property and equipment 254,450 277,403 Less: accumulated depreciation and amortization ( 189,818 ) ( 200,009 ) Net property and equipment 64,632 77,394 Operating lease right-of-use assets, net - 56,489 Other assets 7,110 7,110 Total Assets $ 11,942,598 $ 11,823,890 LIABILITIES AND STOCKHOLDERS ' EQUITY Current Liabilities Accounts payable $ 163,133 $ 159,789 Accrued expenses 424,318 367,609 Income tax payable - 296,452 Dividends payable 94,858 109,013 Operating lease liabilities, current portion - 44,519 Unearned revenue 43,711 30,919 Total current liabilities 726,020 1,008,301 Long Term Liabilities Operating lease liabilities, long term portion - 11,970 Total Liabilities $ 726,020 $ 1,020,271 Commitments and Contingencies - - Stockholders ' Equity Convertible preferred stock, $ 0.001 par value, 5,000,000 shares authorized of which 40,000 shares designated as Series A preferred and 16,000 shares issued and outstanding 16 16 Common stock, $ 0.001 par value, 800,000,000 shares authorized, 12,800,000 shares issued and outstanding 12,800 12,800 Additional paid-in capital 416,057 416,057 Retained earnings 10,787,705 10,374,746 Total stockholders' equity 11,216,578 10,803,619 Total Liabilities and Stockholders ' Equity $ 11,942,598

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations Throughout this quarterly report, unless the context indicates otherwise, the terms, "we," "us," "our" or the "Company" refer to Pacific Health Care Organization, Inc., ("PHCO") and our wholly-owned subsidiaries Medex Healthcare, Inc. ("Medex"), Medex Managed Care, Inc. ("MMC") and Medex Medical Management, Inc. ("MMM"). All statements other than statements of historical fact included herein and in the documents incorporated by reference in this quarterly report on Form 10-Q (this "quarterly report"), if any, including without limitation, statements regarding our future financial position or results of operations, business strategy, potential acquisitions, budgets, projected costs, and plans and objectives of management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "foresee," "future," "intend," "likely," "may," "might," "plan," "potential," "predict," "project," "should," "strategy," "will," "would," and other similar expressions and their negatives. Forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties, many of which may be beyond our control. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and actual results could differ materially as a result of various factors. The following include some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events: cost reduction efforts by our existing and prospective customers; our ability to retain existing customers and to attract new customers; competition within our industry, i

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View this 10-Q filing on SEC EDGAR