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OneMedNet Corp (ONMD+8.26%) has submitted its 10-Q filing for the quarterly period ended March 31, 2024.
The filing reveals that OneMedNet Corp reported total revenue of $248,000 for the quarter, an increase from $200,000 in the same period the previous year. This increase was driven by higher subscription revenue and web imaging revenue.
Cost of revenue for the quarter was $317,000, resulting in a gross margin of negative $69,000, compared to a negative $89,000 in the previous year.
General and administrative expenses rose significantly to $1,358,000 from $539,000, primarily due to increased professional fees and employee-related expenses.
Sales and marketing expenses decreased to $229,000 from $259,000, while research and development expenses decreased to $445,000 from $582,000.
The company reported a net loss of $2,109,000 for the quarter, compared to a net loss of $7,826,000 in the previous year. The decrease in net loss is attributed to lower other expenses, including changes in the fair value of convertible promissory notes and stock warrant expenses.
Cash used in operating activities was $1,547,000, and cash provided by financing activities was $1,680,000, primarily from proceeds from related party loans and a revolving line of credit.
OneMedNet's balance sheet shows total assets of $750,000 and total liabilities of $16,451,000 as of March 31, 2024, resulting in a stockholders' deficit of $15,701,000.
The filing notes substantial doubt about the company's ability to continue as a going concern due to recurring net losses and insufficient cash to fund operations for the next 12 months.
The company plans to raise additional capital through equity or debt offerings to meet its operating and capital requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OneMedNet Corp quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.