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CareView Communications, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $1,932,382 from $2,425,390 in the same quarter the previous year. The decrease is attributed to no new customer equipment sales during the quarter.
Operating expenses for the quarter increased to $2,616,858 from $2,468,925, primarily due to higher human resource costs, including salaries, benefits, and stock-based compensation.
The company reported an operating loss of $684,476 for the quarter, compared to a loss of $43,535 in the previous year. The increase in loss is primarily due to decreased revenues and increased human resource costs.
Interest expense for the quarter was $802,125, with a total other expense of $786,179, leading to a net loss of $1,470,655, up from a net loss of $869,901 in the previous year.
Cash provided by operating activities was $392,966 for the nine months ended September 30, 2024, while cash used in investing and financing activities was $130,409 and $8,042, respectively.
CareView had a working capital deficit of $40,269,985 as of September 30, 2024. The company acknowledges its dependence on additional funding to meet its obligations within the next year.
The filing also details various financial agreements, including amendments to credit agreements with PDL BioPharma, Inc. (PDLI0.00%) and HealthCor Partners Fund.
The company identified a material weakness in its internal controls over financial reporting, specifically in the areas of revenues, debt, and income taxes.
CareView continues to focus on expanding its patient video monitoring solutions and has entered into several group purchasing agreements to enhance its market presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CareView Communications Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.