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FOXO Technologies Inc. (FOXO+29.13%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total revenues of $1,196, an increase from $10 in the same quarter the previous year. This increase was primarily due to the acquisition of Myrtle Recovery Centers, Inc. and Rennova Community Health, Inc.
Direct costs of revenues for the quarter were $541, compared to $70 in the same quarter of the previous year, reflecting the costs associated with the new acquisitions.
Research and development expenses decreased to $43 from $283, attributed to lower employee-related expenses and professional services.
The company reported a net loss attributable to FOXO of $1,946 for the quarter, compared to a net loss of $3,660 in the previous year, with the improvement largely due to reduced operating expenses.
FOXO Technologies Inc. acquired Myrtle Recovery Centers, Inc. and Rennova Community Health, Inc. during the quarter, expanding its operations into the healthcare sector.
The company faces challenges related to compliance with NYSE American continued listing requirements and has received notices of noncompliance due to stockholder deficits and losses.
FOXO's ability to continue as a going concern is dependent on generating revenue, raising additional capital, and improving future cash flows.
The filing also details various financial agreements, including promissory notes issued during the quarter and amendments to existing debt agreements.
FOXO Technologies Inc. is focused on commercializing scientific discoveries in health and longevity, with a focus on epigenetic biomarker technology.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FOXO Technologies Inc. Class A quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.