VASO Corp Files 10-Q for Period Ended March 31, 2024

TL;DR

<b>VASO Corp has filed its quarterly report (10-Q) for the period ending March 31, 2024, indicating its status as a smaller reporting company.</b>

AI Summary

VASO Corp (VASO) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. VASO Corp filed a 10-Q report for the quarterly period ended March 31, 2024. The company is incorporated in Delaware and has its principal executive offices in Plainview, New York. VASO Corp was formerly known as VASOMEDICAL, INC and FUTURE MEDICAL PRODUCTS INC /DE/. The filing indicates VASO Corp is a non-accelerated filer and a smaller reporting company. No securities are registered pursuant to Section 12(b) of the Act.

Why It Matters

For investors and stakeholders tracking VASO Corp, this filing contains several important signals. The 10-Q filing provides a snapshot of VASO Corp's financial and operational status as of March 31, 2024, which is crucial for investors to assess the company's performance and outlook. As a smaller reporting company and non-accelerated filer, VASO Corp's disclosures may differ from larger entities, impacting how investors interpret its financial health and strategic direction.

Risk Assessment

Risk Level: — VASO Corp shows moderate risk based on this filing. The filing does not contain specific financial performance data or forward-looking statements that would indicate significant risk at this stage.

Analyst Insight

Investors should review the full 10-Q filing for detailed financial statements and management's discussion and analysis to understand VASO Corp's current operational and financial standing.

Key Players & Entities

• VASO Corp (company) — Registrant
• March 31, 2024 (date) — Quarterly period ended
• Delaware (jurisdiction) — State of incorporation
• Plainview, New York (location) — Address of principal executive offices
• VASOMEDICAL, INC (company) — Former company name
• FUTURE MEDICAL PRODUCTS INC /DE/ (company) — Former company name

FAQ

Industry Context

VASO Corp operates within the electromedical and electrotherapeutic apparatus industry, which involves the development and sale of medical devices.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and operational updates.
2. Analyze the company's classification as a smaller reporting company and non-accelerated filer.
3. Monitor future filings for any changes in financial performance or strategic direction.

Key Dates

• 2024-03-31: Quarterly period end — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This filing is a standard 10-Q for the period ended March 31, 2024. No comparative data from a prior filing is immediately available in this header information.

Filing Documents

• ea0205774-10q_vaso.htm (10-Q) — 604KB
• ea020577401ex31_vaso.htm (EX-31) — 19KB
• ea020577401ex32_vaso.htm (EX-32) — 7KB
• image_001.jpg (GRAPHIC) — 3KB
• 0001213900-24-043559.txt (&nbsp;) — 4814KB
• vaso-20240331.xsd (EX-101.SCH) — 58KB
• vaso-20240331_cal.xml (EX-101.CAL) — 46KB
• vaso-20240331_def.xml (EX-101.DEF) — 239KB
• vaso-20240331_lab.xml (EX-101.LAB) — 449KB
• vaso-20240331_pre.xml (EX-101.PRE) — 251KB
• ea0205774-10q_vaso_htm.xml (XML) — 616KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS 1 CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) as of March 31, 2024 and December 31, 2023 1 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) for the Three Months Ended March 31, 2024, and 2023 2 CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) for the Three Months Ended March 31, 2024, and 2023 3 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) for the Three Months Ended March 31, 2024, and 2023 4 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) 5

- 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 20

- CONTROLS AND PROCEDURES

ITEM 4 - CONTROLS AND PROCEDURES 24

- OTHER INFORMATION

PART II - OTHER INFORMATION 25

– EXHIBITS

ITEM 6 – EXHIBITS 25 Page i

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

- FINANCIAL STATEMENTS

ITEM 1 - FINANCIAL STATEMENTS Vaso Corporation and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) March 31, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 19,536 $ 11,342 Short-term investments 4,235 13,979 Accounts and other receivables, net of an allowance for credit losses and commission adjustments of $ 9,508 at March 31, 2024 and $ 9,708 at December 31, 2023 7,465 12,377 Receivables due from related parties 1,053 929 Inventories, net 1,566 1,470 Deferred commission expense 3,367 3,285 Prepaid expenses and other current assets 1,776 1,717 Total current assets 38,998 45,099 Property and equipment, net of accumulated depreciation of $ 10,456 at March 31, 2024 and $ 10,538 at December 31, 2023 1,302 1,174 Operating lease right of use assets 1,826 1,949 Goodwill 15,562 15,588 Intangibles, net 1,424 1,406 Other assets, net 4,724 4,902 Investment in EECP Global 652 683 Deferred tax assets, net 4,956 4,956 Total assets $ 69,444 $ 75,757 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 2,976 $ 2,670 Accrued commissions 326 2,411 Accrued expenses and other liabilities 4,904 7,365 Finance lease liabilities - current 75 72 Operating lease liabilities - current 887 928 Sales tax payable 685 699 Deferred revenue - current portion 17,272 15,883 Notes payable - current portion 147 9 Due to related party 3 3 Total current liabilities 27,275 30,040 LONG-TERM LIABILITIES Notes payable, net of current portion 4 6 Finance lease liabilities, net of current portion 5 25 Operating lease liabilities, net of current portion 938 1,020 Deferred revenue, net of current portion 14,157 16,317 Other long-term liabilities 1,487 1,506 Total long-term liabilities 16,591 18,874 COMMITMENTS AND CONTINGENCIES (NOTE N) STOCKHOLDERS

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View this 10-Q filing on SEC EDGAR