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Optimus Healthcare Services, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports net revenues of $384,763 for the quarter, a decrease from $453,717 in the same quarter the previous year. The decrease is attributed to fewer trials added during the quarter.
Cost of sales for the quarter was $74,061, compared to $79,750 in the same quarter of the previous year, resulting in a gross profit of $310,702.
Stock-based compensation expenses increased to $986,347 from $682,452, due to new issuances and terminated options.
Personnel expenses decreased to $424,856 from $448,836, primarily due to the termination of the former CEO in July 2023.
General and administrative expenses were $447,926, down from $472,544, reflecting reduced payroll costs after discontinuing the Vitality Rx pharmacy operations.
Professional fees decreased to $53,003 from $116,437, attributed to reduced legal expenses.
The company reported a loss from operations of $1,601,430, compared to $1,346,302 in the previous year.
Interest expense increased to $205,169 from $144,499, due to higher interest rates on convertible debt.
Net loss for the quarter was $1,806,532, slightly higher than the $1,778,119 loss reported in the previous year.
The filing highlights the company's ongoing efforts to address liquidity challenges, including a forbearance agreement with Arena Investors, LP, and a subscription agreement for preferred stock issuance.
The company is actively seeking additional financing to support its operations and address its working capital deficit.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Optimus Healthcare Svcs Inc quarterly 10-Q report dated November 21, 2024. To report an error, please email earnings@qz.com.