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U.S. Neurosurgical Holdings Inc (USNU0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's transition to Elite Health Systems Inc and its focus on developing Medicare Advantage plans in California and Nevada. The company has not generated revenue in 2024 or 2023 as it is in the development stage of its new business model.
Elite Health Systems Inc is pursuing necessary licenses to operate Medicare Advantage plans, with a focus on California initially, followed by Nevada. The success of these plans depends on obtaining approvals and establishing a network of providers.
The company reported a net loss of $2,055,000 for 2024, compared to a net loss of $816,000 in 2023. The increase in loss is attributed to higher selling, general, and administrative expenses related to preparing for the Medicare Advantage plan application.
As of December 31, 2024, the company had cash and cash equivalents of $4,034,000, compared to $466,000 at the end of 2023. This increase is primarily due to a private placement raising $5.8 million.
The company has no revenue and significant expenses, leading to a working capital of $3,917,000 at the end of 2024, compared to a working capital deficit of $80,000 at the end of 2023.
Elite Health Systems Inc plans to use the proceeds from the private placement to support the development of its Medicare Advantage plans and related health services.
The company acknowledges the risks associated with its new business focus, including obtaining necessary licenses, establishing a provider network, and managing costs effectively.
Elite Health Systems Inc has identified no material cybersecurity threats that have materially affected its operations but emphasizes ongoing risk management and governance.
The company has adopted new accounting standards related to segment reporting and leases, impacting its financial disclosures and balance sheet presentation.
U.S. Neurosurgical Holdings Inc is transitioning its operations and headquarters to Ontario, California, to align with its new business strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the U.S. Neurosurgical Holdings Inc annual 10-K report dated April 2, 2025. To report an error, please email earnings@qz.com.