Elite Health Systems Inc. (formerly U.S. NeuroSurgical Holdings, Inc.) reported significant financial developments in its 10-Q filing for the three and nine months ended September 30, 2024. The company experienced a net loss of $290,000 for the third quarter of 2024, compared to a net loss of $127,000 for the same period in 2023. For the nine months ended September 30, 2024, the net loss increased to $1,034,000 from $670,000 in the prior year. The increase in losses is primarily attributed to higher selling, general, and administrative expenses, which rose 156% to $387,000 in Q3 2024, and 149% to $1,299,000 for the nine-month period, largely due to start-up costs associated with the establishment of the Elite Health managed care organization.
The company reported no revenue for the nine months ended September 30, 2024, a stark contrast to patient revenue of $376,000 for the same period in 2023. This lack of revenue is linked to the company's ongoing efforts to secure necessary licenses for its Medicare Advantage plans in California and Nevada. The company’s cash and cash equivalents significantly improved, reaching $3,173,000 as of September 30, 2024, up from $466,000 at the end of 2023, following a private placement that raised $4,050,000.
Total assets increased to $3,804,000 as of September 30, 2024, compared to $1,321,000 at the end of 2023, while total current liabilities decreased to $93,000 from $607,000. Stockholders' equity also saw a substantial rise to $3,661,000 from $645,000, reflecting the capital raised through the private placement.
The company recognized a gain of $97,000 from investments in unconsolidated entities in Q3 2024, a significant increase from $2,000 in Q3 2023, attributed to the sale of its interest in Boca West IMP. However, income from investments in unconsolidated entities for the nine months ended September 30, 2024, showed a loss of $100,000 compared to a gain of $265,000 in the same period in 2023.
Management has identified a material weakness in internal controls over financial reporting, particularly in areas such as accounting for investments and related party transactions. The company is taking steps to address this issue by engaging consultants and advisors.
Overall, Elite Health Systems Inc. is focused on establishing a managed care organization while navigating financial challenges and operational changes.
About U.S. NeuroSurgical Holdings, Inc.
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