United Health Products, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>United Health Products, Inc. (UEEC) has filed its 2023 10-K, detailing its financial performance and corporate activities.</b>

AI Summary

United Health Products, Inc. (UEEC) filed a Annual Report (10-K) with the SEC on April 1, 2024. United Health Products, Inc. (UEEC) filed its 10-K for the fiscal year ending December 31, 2023. The company is classified under "Orthopedic, Prosthetic & Surgical Appliances & Supplies" with SIC code 3842. Incorporated in Nevada, the company's principal business address is in Mesquite, NV. UEEC was formerly known as United EcoEnergy Corp. and MNS Eagle Equity Group III Inc. The filing details various financial transactions and agreements, including those with White Lion Capital and Installment Members.

Why It Matters

For investors and stakeholders tracking United Health Products, Inc., this filing contains several important signals. The 10-K filing provides a comprehensive overview of the company's financial health, operational status, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess its current standing and future prospects. This annual report discloses key financial figures, risk factors, and executive compensation, offering transparency and insights into the company's management and governance structure.

Risk Assessment

Risk Level: — United Health Products, Inc. shows moderate risk based on this filing. The company's financial disclosures are limited in this header, making a full assessment of its financial health challenging without the full report content. Specific revenue, net income, and debt figures are not readily available in this extract.

Analyst Insight

Review the full 10-K filing for detailed financial statements, revenue breakdowns, and risk factor analysis to make an informed investment decision.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting Period)
• 2024-04-01 — Filing Date (Submission Date)
• 3842 — SIC Code (Industry Classification)
• NV — State of Incorporation (Corporate Information)
• 000-27781 — SEC File Number (Regulatory Filing Information)

Key Players & Entities

• United Health Products, Inc. (company) — Filer
• UEEC (company) — Ticker Symbol
• NV (location) — State of Incorporation
• Mesquite (location) — City
• United EcoEnergy Corp. (company) — Former Company Name
• MNS Eagle Equity Group III Inc (company) — Former Company Name
• WhiteLionsMember (company) — Member Name
• InstallmentOneMember (company) — Member Name

FAQ

Industry Context

The company operates within the Orthopedic, Prosthetic & Surgical Appliances & Supplies industry, indicated by its SIC code 3842.

Regulatory Implications

The filing is a Form 10-K, an annual report required by the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Thoroughly review the complete 10-K filing for detailed financial statements and disclosures.
2. Analyze the company's business description and risk factors for potential investment considerations.
3. Investigate the nature of the transactions with entities like White Lion Capital and Installment Members.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-04-01: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of the company's financial health and operations for the fiscal year.)

Year-Over-Year Comparison

This is the 2023 annual report (10-K) filing. Previous filings would need to be consulted for comparison.

Key Financial Figures

• $0.34 — rket value based on the last sale (i.e. $0.34 per share as of June 30, 2023, the last
• $598,810 — esearch and development expenditures of $598,810 and $624,564, respectively. Personnel
• $624,564 — evelopment expenditures of $598,810 and $624,564, respectively. Personnel As of April
• $2,623,267 — and 2022, the Company had a net loss of $2,623,267 and $1,687,501, respectively. We may co
• $1,687,501 — ompany had a net loss of $2,623,267 and $1,687,501, respectively. We may continue to lose

Filing Documents

• ueec_10k.htm (10-K) — 1011KB
• ueec_ex311.htm (EX-31.1) — 8KB
• ueec_ex312.htm (EX-31.2) — 8KB
• ueec_ex321.htm (EX-32.1) — 4KB
• ueec_ex322.htm (EX-32.2) — 4KB
• 0001477932-24-001671.txt (&nbsp;) — 4483KB
• ueec-20231231.xsd (EX-101.SCH) — 54KB
• ueec-20231231_lab.xml (EX-101.LAB) — 316KB
• ueec-20231231_cal.xml (EX-101.CAL) — 44KB
• ueec-20231231_pre.xml (EX-101.PRE) — 254KB
• ueec-20231231_def.xml (EX-101.DEF) — 155KB
• ueec_10k_htm.xml (XML) — 467KB

Forward-Looking Statements

Forward-Looking Statements 2 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS Company Overview United Health Products, Inc. ("UHP" or the "Company") develops, manufactures, and markets a patented hemostatic gauze for the healthcare and wound care sectors. Our gauze product, HemoStyp, is derived from cotton and designed to absorb exudate/drainage from superficial wounds and help control bleeding. We are in the process of seeking regulatory approval to sell our Hemostyp product line into the U.S. Class III and European CE Mark surgical markets. Developments During 2022 and 2023, the Company worked to address certain deficiencies in its Premarket Approval (PMA) application that were identified by the FDA in 2021. These were largely related to the need for standardized procedures for our manufacturing process, and quality assurance procedures for finished, customer ready products. As of the date of this report we have implemented procedures and Good Manufacturing Practices that are responsive to the deficiencies identified by the FDA. On March 21, 2024, we submitted to the FDA a revised Premarket Approval application to market our absorbable hemostatic gauze for human surgical applications in the United States. The FDA is currently reviewing our application and there can be no assurance that our PMA application will be approved. Our HemoStyp Gauze Products HemoStyp hemostatic gauze is a natural substance created from chemically treated cellulose derived from cotton. It is an effective hemostatic agent registered with the FDA for superficial use under a 510(k) approval obtained in 2012 to help control bleeding from open wounds and body cavities. The HemoStyp hemostatic material contains no chemical additives, thrombin, collagen or animal-derived products, and is hypoallergenic. When the product comes in contact with blood it expands slightly and quickly converts to a translucent gel that subsequently breaks down into glucose and salts. Because of its benign impact on body tissue and the fact that it degrades to non-tox

RISK FACTORS

ITEM 1A. RISK FACTORS We are engaged in the development, sale and distribution of hemostatic gauze products to stop superficial bleeding. As we develop our business, there are numerous and varied risks, known and unknown, that may prevent us from achieving our goals. If any of these risks actually occur, our business, financial condition or results of operation may be materially adversely affected. In such case, the trading price of our common stock could decline, and investors could lose all or part of their investment. 6 Table of Contents RISKS RELATED TO OUR BUSINESS We have a history of operating losses and we may continue to lose money in the future. For the years ended December 31, 2023 and 2022, the Company had a net loss of $2,623,267 and $1,687,501, respectively. We may continue to lose money in the future, and we will rely on financing to fund our business strategy for the foreseeable future as discussed in the Risk Factor " We will need additional financing to execute our business plan and fund operations, which may not be available" . We can provide no assurances that our Class III application for internal surgical procedures in the U.S. market will be approved by the FDA. In response to the FDA's comments and questions to our 2021 and 2022 PMA submissions, we have developed and incorporated several product design, manufacturing and quality assurance procedures into our production process. Upon completion of certain finished product testing that is being conducted by outside laboratories we will submit a revised application to the FDA. There can be no assurance that our revised application, once resubmitted, will lead to a successful FDA decision regarding a PMA. No assurances can be given that our plans to penetrate certain market segments will be successful. We continue to believe that the Class III surgical markets, both domestic and international, represent the most attractive market for our products due to the limited competition f

View Full Filing

View this 10-K filing on SEC EDGAR