VASO Corp Files Q3 2024 10-Q Report

TL;DR

VASO Corp dropped its Q3 10-Q, check financials.

AI Summary

VASO Corp filed its quarterly report on Form 10-Q for the period ending September 30, 2024. The company, formerly known as Vasomedical, Inc., is incorporated in Delaware and headquartered in Plainview, New York. The filing details its financial performance and operational status for the specified quarter.

Why It Matters

This filing provides investors and analysts with the latest financial and operational data for VASO Corp, crucial for understanding the company's current performance and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing and does not inherently indicate new risks.

Key Numbers

• 0-18105 — Commission File Number (Identifies the company's filing with the SEC)
• 11-2871434 — IRS Employer Identification Number (Company's tax identification number)

Key Players & Entities

• VASO Corp (company) — Registrant
• September 30, 2024 (date) — Quarterly period end date
• 137 Commercial St., Suite 200, Plainview, New York 11803 (address) — Company headquarters
• Delaware (location) — State of incorporation
• Vasomedical, Inc. (company) — Former company name

FAQ

Filing Documents

• ea0220142-10q_vaso.htm (10-Q) — 1210KB
• ea022014201ex31-1_vaso.htm (EX-31.1) — 11KB
• ea022014201ex31-2_vaso.htm (EX-31.2) — 10KB
• ea022014201ex32-1_vaso.htm (EX-32.1) — 4KB
• ea022014201ex32-2_vaso.htm (EX-32.2) — 4KB
• image_001.jpg (GRAPHIC) — 8KB
• 0001213900-24-098378.txt ( ) — 6146KB
• vaso-20240930.xsd (EX-101.SCH) — 45KB
• vaso-20240930_cal.xml (EX-101.CAL) — 49KB
• vaso-20240930_def.xml (EX-101.DEF) — 209KB
• vaso-20240930_lab.xml (EX-101.LAB) — 401KB
• vaso-20240930_pre.xml (EX-101.PRE) — 232KB
• ea0220142-10q_vaso_htm.xml (XML) — 1150KB

- LEGAL PROCEEDINGS

ITEM 1 - LEGAL PROCEEDINGS 23 ITEM 6 – EXHIBITS 23 Page i PART I – FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS Vaso Corporation and Subsidiaries CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) September 30, 2024 December 31, 2023 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 26,841 $ 11,342 Short-term investments - 13,979 Accounts and other receivables, net of an allowance for credit losses and commission adjustments of $ 10,013 at September 30, 2024 and $ 9,708 at December 31, 2023 8,165 12,377 Receivables due from related parties 1,237 929 Inventories, net 1,155 1,470 Deferred commission expense 3,533 3,285 Prepaid expenses and other current assets 2,059 1,717 Total current assets 42,990 45,099 Property and equipment, net of accumulated depreciation of $ 10,715 at September 30, 2024 and $ 10,538 at December 31, 2023 1,642 1,174 Operating lease right of use assets 2,138 1,949 Goodwill 15,598 15,588 Intangibles, net 1,522 1,406 Other assets, net 4,569 4,902 Investment in EECP Global 528 683 Deferred tax assets, net 4,956 4,956 Total assets $ 73,943 $ 75,757 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 4,557 $ 2,670 Accrued commissions 1,260 2,411 Accrued expenses and other liabilities 4,992 7,365 Finance lease liabilities - current 44 72 Operating lease liabilities - current 1,056 928 Sales tax payable 752 699 Deferred revenue - current portion 17,496 15,883 Notes payable - current portion 8 9 Due to related party 3 3 Total current liabilities 30,168 30,040 LONG-TERM LIABILITIES Notes payable, net of current portion - 6 Finance lease liabilities, net of current portion - 25 Operating lease liabilities, net of current portion 1,082 1,020 Deferred revenue, net of current portion 15,625 16,317 Other long-term liabilities 1,41

Business

Business combination transaction costs 1,549 40 1,787 40 Total operating expenses 13,149 11,136 36,690 33,315 Operating income (loss) ( 1,393 ) 907 ( 1,866 ) 3,225 Other (expense) income Interest and financing costs - ( 14 ) ( 4 ) ( 46 ) Interest and other income, net 242 322 827 583 Loss on disposal of fixed assets - ( 1 ) ( 2 ) ( 3 ) Total other income, net 242 307 821 534 Income (loss) before income taxes ( 1,151 ) 1,214 ( 1,045 ) 3,759 Income tax expense ( 30 ) ( 16 ) ( 154 ) ( 35 ) Net income (loss) ( 1,181 ) 1,198 ( 1,199 ) 3,724 Other comprehensive income Foreign currency translation gain (loss ) 118 ( 19 ) ( 4 ) ( 213 ) Comprehensive income (loss) $ ( 1,063 ) $ 1,179 $ ( 1,203 ) $ 3,511 Income (loss) per common share - basic and diluted $ ( 0.01 ) $ 0.01 $ ( 0.01 ) $ 0.02 Weighted average common shares outstanding - basic 175,471 174,938 175,319 174,246 - diluted 175,471 175,846 175,319 175,394 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Page 2 Vaso Corporation and Subsidiaries CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) (in thousands) Common Stock Treasury Stock Additional Paid-in- Accumulated Accumulated Other Comprehensive Total Stockholders' Shares Amount Shares Amount Capital Deficit Loss Equity Balance at January 1, 2023 185,436 $ 185 ( 10,308 ) ( 2,000 ) $ 63,952 $ ( 39,837 ) $ ( 233 ) $ 22,067 Share-based compensation - - - - 13 - - 13 Foreign currency translation gain - - - - - - 15 15 Net income - - - - - 454 - 454 Balance at March 31, 2023 185,436 $ 185 ( 10,308 ) $ ( 2,000 ) $ 63,965 $ ( 39,383 ) $ ( 218 ) $ 22,549 Share-based compensation 13 - - - 15 - - 15 Shares withheld for employee tax liability - - - - ( 1 ) - - ( 1 ) Foreign currency translation loss - -

View Full Filing

View this 10-Q filing on SEC EDGAR