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OneMedNet Corp (ONMD+8.26%) has submitted its 10-Q filing for the quarterly period ended June 30, 2024.
The filing includes financial statements for the quarter, showing total revenue of $227,000, an increase from $173,000 in the same quarter the previous year. The increase is attributed to growth in web imaging revenue.
Cost of revenue for the quarter was $329,000, representing 145% of sales, compared to 133% in the same quarter of the previous year. This increase is due to higher consulting costs related to the transition away from the BEAM platform.
The company reported a gross margin of negative $102,000 for the quarter, compared to negative $57,000 in the previous year, with the decline attributed to increased costs.
General and administrative expenses increased to $1,716,000 from $624,000, primarily due to higher professional fees and a commitment fee from the SEPA.
Sales and marketing expenses decreased to $253,000 from $311,000, largely due to reduced salaries and benefits.
Research and development expenses decreased to $383,000 from $579,000, mainly due to lower stock compensation expenses.
Net loss for the quarter was $3,589,000, down from $9,601,000 in the previous year. The decrease is primarily due to a reduction in stock warrant expense and change in fair value of convertible promissory notes.
The company reported cash used in operating activities of $3,053,000 for the six months ended June 30, 2024, compared to $1,966,000 in the previous year.
OneMedNet Corp had a working capital deficit of $19,527,000 as of June 30, 2024. The company acknowledges its need for additional financing to meet future obligations.
The filing also details various financial agreements, including a Standby Equity Purchase Agreement with Yorkville and a line of credit with BOC Bank.
OneMedNet Corp is focused on transitioning away from its BEAM platform to enhance its iRWD sales, with plans to discontinue BEAM by 2025.
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 11, 2024. To report an error, please email earnings@qz.com.