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VSee Health, Inc. 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 $3,354,437, an increase from $1,451,471 in the same quarter the previous year. This increase is attributed to the acquisition of iDoc and higher technical and engineering fees.
Cost of goods sold for the quarter was $941,388, representing 28% of revenues, compared to 33% in the same quarter of the previous year.
The company reported a gross margin of $2,413,049 for the quarter, compared to $973,072 in the previous year.
Operating expenses increased significantly to $59,479,147 from $1,247,428, primarily due to a goodwill impairment charge of $54,984,000.
Other income for the quarter was $4,764,543, compared to an expense of $57,941 in the previous year, driven by changes in the fair value of financial instruments.
Net loss for the quarter was $51,751,525, compared to $98,581 in the previous year.
Cash used in operating activities was $2,815,248 for the nine months ended September 30, 2024. Cash provided by financing activities was $5,045,235, primarily from proceeds from the Quantum Note and the September 2024 Convertible Note.
VSee Health had cash and cash equivalents of $2,327,337 as of September 30, 2024.
The filing also details the business combination with iDoc and DHAC, resulting in a reverse recapitalization and the issuance of new shares and notes.
The company identified material weaknesses in its internal controls over financial reporting due to the delay in filing.
VSee Health continues to focus on expanding its telehealth services and software platform, emphasizing the integration of its technology with healthcare systems and providers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VSee Health Inc. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.