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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
(Mark
one)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2023
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ______ to ______.
Commission
File Number: 000-33191
INNOVAQOR,
INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
88-0436055 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(IRS
Employer
Identification
No.) |
|
|
|
400
S. Australian Avenue, Suite 800
West
Palm Beach, FL |
|
33401 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(561)
421-1900
(Registrant’s
telephone number, including area code)
Securities
registered under Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
None |
|
None |
|
None |
Securities
registered pursuant to Section 12(g) of the Act:
Common
Stock, $0.0001 Par Value
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
|
Emerging
growth company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of August 21, 2023 the registrant had 244,953,286 shares of its Common Stock, $0.0001 par value, outstanding.
TABLE
OF CONTENTS
INNOVAQOR,
INC.
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Cash | |
$ | 34,101 | | |
$ | 5,415 | |
Accounts receivable, net (including related party receivable of $33,672 and $28,973 at June 30, 2023 and December 31, 2022, respectively) | |
| 81,256 | | |
| 36,226 | |
Prepaid expenses and other current assets | |
| 250 | | |
| — | |
Total current assets | |
| 115,607 | | |
| 41,641 | |
| |
| | | |
| | |
Property and equipment, net | |
| — | | |
| — | |
| |
| | | |
| | |
Total assets | |
$ | 115,607 | | |
$ | 41,641 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,450,975 | | |
$ | 1,239,945 | |
Accrued expenses | |
| 1,561,813 | | |
| 1,638,071 | |
Due to Former Parent | |
| 876,998 | | |
| — | |
Current portion of notes payable | |
| 1,604,567 | | |
| 1,572,422 | |
Total current liabilities | |
| 5,494,353 | | |
| 4,450,438 | |
| |
| | | |
| | |
Notes Payable – Long term | |
| 60,401 | | |
| 60,401 | |
| |
| | | |
| | |
Preferred Series B-1 Stock, Par Value $0.0001, 25,000 shares authorized, 14,950 shares issued and outstanding | |
| 9,086,396 | | |
| 9,086,396 | |
| |
| | | |
| | |
Preferred Series C-1 Stock, Par Value $0.0001, 2,000 shares authorized, 325 and 225 shares issued and outstanding June 30, 2023 and December 31, 2022, respectively | |
| 248,361 | | |
| 137,250 | |
Total Temporary Equity | |
| | | |
| | |
| |
| | | |
| | |
Total Liabilities | |
| 14,889,511 | | |
| 13,734,485 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| - | |
| |
| | | |
| | |
Stockholders’ Deficit | |
| | | |
| | |
| |
| | | |
| | |
Preferred Series A-1 Stock, Par Value $0.0001, 1,000 shares authorized, 1,000 shares issued and outstanding | |
| — | | |
| — | |
| |
| | | |
| | |
Preferred Series D Stock, Par Value $0.0001
and stated value $100,
500 shares authorized, 300 shares issued and outstanding June 30, 2023 | |
| 30,000 | | |
| — | |
Preferred Stock | |
| 30,000 | | |
| - | |
| |
| | | |
| | |
Common Stock, Par Value $0.0001, 2,000,000,000 and 325,000,000 shares authorized June 30, 2023 and December 31, 2022, respectively, 244,953,286 shares issued and outstanding | |
| 24,495 | | |
| 24,495 | |
| |
| | | |
| | |
Additional Paid-In Capital | |
| 5,906,742 | | |
| 5,906,742 | |
| |
| | | |
| | |
Accumulated Deficit | |
| (20,735,141 | ) | |
| (19,624,081 | ) |
| |
| | | |
| | |
Total Stockholders’ Deficit | |
| (14,773,904 | ) | |
| (13,692,844 | ) |
Total Liabilities and Stockholders’ Deficit | |
$ | 115,607 | | |
$ | 41,641 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
INNOVAQOR,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Net Revenues (including net revenue from related party of $181,579
and $102,267 for the Six Months Ended June 30, 2023 and 2022, respectively) | |
$ | 366,768 | | |
$ | 191,327 | |
Operating expenses: | |
| | | |
| | |
Direct costs of revenue | |
| 302,294 | | |
| 255,856 | |
General and administrative expenses | |
| 945,740 | | |
| 520,974 | |
Total operating expenses | |
| 1,248,034 | | |
| 776,830 | |
| |
| | | |
| | |
Loss from operations | |
| (881,266 | ) | |
| (585,503 | ) |
| |
| | | |
| | |
Other (expense) income: | |
| | | |
| | |
Other expense | |
| — | | |
| — | |
Interest expense and payroll tax penalties | |
| (229,794 | ) | |
| (21,007 | ) |
Total other (expense) income | |
| (229,794 | ) | |
| (21,007 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Provision for income taxes | |
| — | | |
| — | |
| |
| | | |
| | |
Net loss | |
$ | (1,111,060 | ) | |
$ | (606,510 | ) |
Basic and Diluted (loss) per share | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Basic (loss) per share | |
$ | (0.00) | | |
$ | (0.00) | |
Basic and Diluted weighted average shares of common stock outstanding | |
| 244,953,286 | | |
| 234,953,286 | |
Basic weighted average shares of common stock outstanding | |
| 244,953,286 | | |
| 234,953,286 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
INNOVAQOR,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Net Revenues (including net revenue from related party of $96,876 and $47,788 for the Three Months Ended June 30, 2023 and 2022, respectively) | |
$ | 190,853 | | |
$ | 94,511 | |
Operating expenses: | |
| | | |
| | |
Direct costs of revenue | |
| 182,412 | | |
| 80,768 | |
General and administrative expenses | |
| 638,103 | | |
| 337,695 | |
Total operating expenses | |
| 820,515 | | |
| 418,463 | |
| |
| | | |
| | |
Loss from operations | |
| (629,662 | ) | |
| (323,952 | ) |
| |
| | | |
| | |
Other
(expense) income: | |
| | | |
| | |
Other expense | |
| — | | |
| — | |
Interest expense and payroll tax penalties | |
| (156,333 | ) | |
| (17,835 | ) |
Total other (expense) income | |
| (156,333 | ) | |
| (17,835 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Provision for income taxes | |
| — | | |
| — | |
| |
| | | |
| | |
Net loss | |
$ | (785,995 | ) | |
$ | (341,787 | ) |
Basic and Diluted (loss) per share | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Basic (loss) per share | |
$ | (0.00) | | |
$ | (0.00) | |
Basic and Diluted weighted average shares of common stock outstanding | |
| 244,935,286 | | |
| 234,953,286
| |
Basic weighted average shares of common stock outstanding | |
| 244,935,286 | | |
| 234,953,286 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
INNOVAQOR,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred Stock | | |
Preferred Stock | | |
Preferred | | |
Preferred | | |
Common | | |
| | |
| | |
| | |
| |
| |
Series A-1 | | |
Series
A-1 | | |
Stock
Series D | | |
Stock
Series D | | |
Stock
Par | | |
Common
Stock | | |
Additional
Paid In | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Value | | |
Shares | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance December 31, 2021 | |
| 1,000 | | |
$ | — | | |
| — | | |
$ | — | | |
$ | 23,495 | | |
| 234,953,286 | | |
$ | 5,857,658 | | |
$ | (18,010,150 | ) | |
$ | (12,128,997 | ) |
Net loss for Period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (606,510 | ) | |
| (606,510 | ) |
Balance June 30, 2022 | |
| 1,000 | | |
$ | — | | |
| — | | |
$ | — | | |
$ | 23,495 | | |
| 234,953,286 | | |
$ | 5,857,658 | | |
$ | (18,616,660 | ) | |
$ | (12,735,507 | ) |
Balance December 31, 2022 | |
| 1,000 | | |
$ | — | | |
| — | | |
| — | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (19,624,081 | ) | |
$ | (13,692,844 | ) |
Issuance Preferred D Shares | |
| - | | |
| | | |
| 300 | | |
$ | 30,000 | | |
| | | |
| | | |
| - | | |
| - | | |
| 30,000 | |
Net loss for Period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,111,060 | ) | |
| (1,111,060 | ) |
Balance June 30, 2023 | |
| 1,000 | | |
$ | — | | |
| 300 | | |
$ | 30,000 | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (20,735,141 | ) | |
$ | (14,773,904 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2022 | |
| 1,000 | | |
$ | — | | |
| — | | |
| — | | |
$ | 23,495 | | |
| 234,953,286 | | |
$ | 5,857,658 | | |
$ | (18,010,150 | ) | |
$ | (12,128,997 | ) |
Balance | |
| 1,000 | | |
$ | — | | |
| — | | |
| — | | |
$ | 23,495 | | |
| 234,953,286 | | |
$ | 5,857,658 | | |
$ | (18,010,150 | ) | |
$ | (12,128,997 | ) |
Net loss for Period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (341,787 | ) | |
| (341,787 | ) |
Balance June 30, 2022 | |
| 1,000 | | |
$ | — | | |
| — | | |
| — | | |
| 23,495 | | |
| 234,953,286 | | |
| 5,857,658 | | |
| (18,616,660 | ) | |
| (12,735,507 | ) |
Balance March 31, 2023 | |
| 1,000 | | |
$ | — | | |
| — | | |
| — | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (19,949,146 | ) | |
$ | (14,017,909 | ) |
Issuance Preferred D Shares | |
| - | | |
| | | |
| 300 | | |
$ | 30,000 | | |
| | | |
| | | |
| - | | |
| - | | |
| 30,000 | |
Net loss for Period | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (785,995 | ) | |
| (785,995 | ) |
Balance June 30, 2023 | |
| 1,000 | | |
$ | — | | |
| 300 | | |
$ | 30,000 | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (20,735,141 | ) | |
$ | (14,773,904 | ) |
Balance | |
| 1,000 | | |
$ | — | | |
| 300 | | |
$ | 30,000 | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (20,735,141 | ) | |
$ | (14,773,904 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
INNOVAQOR,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
| | |
| |
| |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Cash flows (used in) operating activities: | |
| | | |
| | |
Net loss | |
$ | (1,111,060 | ) | |
$ | (606,510 | ) |
Adjustments to reconcile net loss to net cash (used in) operations: | |
| | | |
| | |
Amortization of debt discount | |
| 134,855 | | |
| 14,949 | |
Preferred Shares for services | |
| 111,111 | | |
| — | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (45,030 | ) | |
| (20,037 | ) |
Prepaid expenses | |
| (250 | ) | |
| (7,718 | ) |
Accounts payable and accrued expenses | |
| 154,772 | | |
| 106,825 | |
Net cash (used in) operating activities | |
| (755,602 | ) | |
| (512,491 | ) |
| |
| | | |
| | |
Cash flows used by investing activities: | |
| | | |
| | |
Net cash used by investing activities | |
| — | | |
| — | |
| |
| | | |
| | |
Cash flows provided by financing activities: | |
| | | |
| | |
Loans and Advances from Former Parent | |
| 784,288 | | |
| 428,943 | |
Loan from CEO | |
| — | | |
| 90,100 | |
Net cash provided by financing activities | |
| 784,288 | | |
| 519,043 | |
| |
| | | |
| | |
Net increase in cash | |
| 28,686 | | |
| 6,552 | |
| |
| | | |
| | |
Cash at beginning of period | |
| 5,415 | | |
| 46 | |
| |
| | | |
| | |
Cash at end of period | |
$ | 34,101 | | |
$ | 6,598 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note
1 – Description of Business
InnovaQor, Inc., a Nevada corporation,
was originally incorporated on September 7, 1999, under the name Ancona Mining Corporation. On November 30, 2004,
our corporate name changed to VisualMED Clinical Solutions Corporation (“VisualMED”). On September 8, 2021, our corporate
name changed to InnovaQor, Inc.
The Company provides information
technology solutions and services to healthcare and laboratory customers in the United States. Our goal is to develop and deliver a technology-based
network communication platform to a broad range of healthcare professionals and businesses using a subscription revenue model with added
value bolt on services. The Company has initiated this project in the second quarter of 2023 and is working with a Canadian-based development
company to create a minimum viable product (MVP) to demonstrate the peer-to-peer communication capabilities. The Company will launch this
new platform under the name Curallo. The Company, through an acquisition that closed on June 25, 2021, has a number of fully developed
products and services which it offers through three operating wholly-owned subsidiaries that provide medical support services primarily
to clinical laboratories, corporate operations, rural hospitals, physician practices and behavioral health/substance abuse centers.
Each of the subsidiaries is
wholly owned by the Company and complements each other, allowing for cross selling of products and services. The Company believes the
current solutions will become an added value option to a technology-based network communication platform to a broad range of healthcare
professionals and businesses using a subscription revenue model with added value bolt on services the Company plans to develop.
The
six wholly-owned subsidiaries are.
Health
Technology Solutions, Inc. (“HTS”): HTS provides vCIO, IT managed services and data analytics dashboards to our subsidiaries and outside medical
service providers. HTS operates from the corporate offices in West Palm Beach, Florida.
Medical
Mime, Inc. (“Mime”): Mime was formed on May 9, 2014. It specializes in electronic health records (EHR) software and
subscription services for the behavioral health and rehabilitation market segments. It currently serves 11 behavioral
health/substance abuse facilities.
ClinLab,
Inc. (“ClinLab”): ClinLab develops and markets laboratory information management systems to mid-size clinical laboratories.
It currently services nine clinical laboratories across the country.
AMSG
owns CollabRx, Inc. (“CollabRx”) and Genomas, Inc. (“Genomas”), each of which is an inactive operation.
Genomas
operated a diagnostics lab until December 31, 2019 and was focused solely on the pharmacogenomics technology and platform,
MedTuning, to interpret diagnostics outcomes and translate these outcomes into easily usable information to indicate the
effectiveness of medications for a patient. This solution would require minimum effort to be back in operation. CollabRx owns a
technology platform and database for interpreting diagnostics outcomes from cancer patients that could match the result to known
treatments and or clinical trials. This solution has been dormant for a number of years and to be viable in the marketplace will
require updates to the technology and the database.
Existing
products offered by the Company’s subsidiaries are as follows:
“M2Select”
is a custom built, cloud based, electronic health record which meets the needs of substance
abuse treatment and behavioral health providers. M2Select’s specialized clinical workflow provides intuitive prompts for symptoms
and enables you to quickly select problems and create master treatment plans with goals, objectives, and interventions. M2Select
provides best-in-class patient lifecycle management for Behavioral Health/Substance Abuse (BH/SA) treatment centers. From pre-admission
to billing and aftercare, M2Select is an electronic health record and patient management software that seamlessly integrates into the
natural workflow of day-to-day operations.
“M2Pro”
is a custom built, cloud based, electronic health record for ambulatory physician practices that meets meaningful use stage 2 and no
further. Its unique dictation services further automate the workflow process for physicians allowing them to focus on their continuum
of patient care. This product is not currently offered in the United States market but could be distributed outside of the United States.
“ClinLab”
is a turnkey client/server lab information system for mid-range laboratories. ClinLab supports interfaces to all major reference labs
and the ClinLab team can provide an interface to any system with that capability. ClinLab also features an optional package which enables
interfacing with the most popular EHR systems allowing lab test results to integrate seamlessly into a lab’s EHR for an improved
patient record and to fulfill the federal government requirements.
“Qira”
is our healthcare business analytics service powered by PowerBI. It is a culmination of healthcare financial and revenue cycle management
plus clinical operations oversight needs. It aggregates data from multiple healthcare systems to produce a single source business intelligence
tool with executive level daily briefing to deep dive operational management of claims and operational efficiencies. There are many other
analytical services available that customize solutions but none that has a proven template for success. Our competitive advantage comes
from having created these tools to identify the deficiencies in the real world for the former parent Rennova from its former national
laboratory operations to its more recent rural hospitals.
“vCIO
Services”. Based on the skills and experience inherent within InnovaQor and resulting from work undertaken on behalf of the former
parent, Rennova, InnovaQor offers a range of CIO services centered on our ability to link IT systems to business objectives combined
with our knowledge of technology trends likely to impact our sector. The CIO services would include (but not be limited to):
|
● |
Program
and Project Management |
|
● |
Vendor
Management |
|
● |
Business
Continuity and Disaster Recovery |
|
● |
Security
Services |
|
● |
Network
Infrastructure Management |
|
● |
Helpdesk
Provision |
“MedTuning”
is the technology and platform owned by Genomas. It utilized proprietary biomarkers, treatment
algorithms, and a web-based interactive physician portal delivery system to provide clinical
decision support for physicians and personalized drug treatment for patients. Products were
DNA-guided to improve the therapeutic benefit of widely used prescription drugs while also
reducing the risk of significant side effects for patients.
Medical
Informatics: Our technology platform, proprietary algorithms and physician interface portal can be extended to a wide range of drug categories.
Research
and Development: Technology platform applicable to numerous disease states; current pipeline in mental health, pain management, cardiovascular
and diabetes.
“Advantage”
is a proprietary HIPAA compliant software developed to eliminate the need for paper requisitions by providing an easy to use and efficient
web-based system that lets customers securely place lab orders, track samples and view test reports in real time from any web-enabled
laptop, notepad or smart phone.
Our
goal is to develop and deliver a technology-based network communication platform to a broad range of healthcare professionals and businesses
using a subscription revenue model with added value bolt on services. The Company has initiated this project in the second quarter of
2023 and is working with a Canadian-based development company to create a minimum viable product (MVP) to demonstrate the peer-to-peer
communication capabilities. The Company will launch this new platform under the name Curallo.
Note
2 - Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
consolidated financial statements include the accounts of only the HTS Group (the accounting acquirer) prior to June 25, 2021 and
InnovaQor and the Group since the date of acquisition on June 25, 2021, with the transaction being accounted for as a
recapitalization of the Group on June 25, 2021. The consolidated financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) and require management to make certain
judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and
expenses during the reporting periods. Actual results could differ from those estimates upon subsequent resolution of identified
matters.
The
accompanying condensed consolidated financial statements as of and for the three and six months ended June 30, 2023 and 2022, have
been derived from unaudited financial information. Intercompany accounts and transactions have been eliminated. The accompanying
unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited financial
statements and in accordance with U.S. GAAP, for interim financial information and the rules and regulations of the Securities and
Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information
includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim
information.
Comprehensive
Loss
During
the three and six months ended June 30, 2023 and 2022, comprehensive loss was equal to the net loss amounts presented in the accompanying
condensed consolidated statements of operations.
Going
Concern
Under
Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) Accounting
Standards Codification (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise
substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the
financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential
mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed
the Company’s ability to continue as a going concern in accordance with the requirement of ASC 205-40.
The
accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and the rules and
regulations of the SEC. The condensed consolidated financial statements have been prepared using U.S. GAAP applicable to a going
concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has
accumulated significant losses and has negative cash flows from operations and, at June 30, 2023, had a working capital deficit and
accumulated deficit of $5.4 million and
$20.7 million,
respectively. In addition, the Company’s cash position is critically deficient and critical payments are not being made in the
ordinary course of business, all of which raises substantial doubt about the Company’s ability to continue as a going concern.
Management’s plans with respect to alleviating the adverse financial conditions that caused management to express substantial
doubt about the Company’s ability to continue as a going concern are as follows:
The
Company incurred substantial costs in connection with the acquisition of the Group from Rennova, which included accounting, tax,
legal and other professional services costs, recruiting and relocation costs associated with hiring key senior management personnel who
are new to the Company, tax costs and costs to separate information systems, among other costs. The cost of performing such functions
is anticipated to be higher than the amounts reflected in the Company’s historical financial statements, which would cause its
future losses to increase.
Accordingly,
the Company will continue to focus on reducing its operating costs and increasing revenues.
There
can be no assurance that the Company will be able to achieve its business plan, raise any additional capital or secure the additional
financing necessary to implement its current operating plan. The ability of the Company to continue as a going concern is dependent upon
its ability to increase its revenues and eventually achieve profitable operations. The accompanying condensed consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Significant areas of estimation include estimating the
fair value of intangible assets acquired, the impairment of assets, accrued and contingent liabilities, and future income tax obligations
(benefits), among other items. Actual results could differ from those estimates and would impact future results of operations and cash
flows.
Cash
and Cash Equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
Allowance
for Doubtful Accounts Policy
Accounts
receivable are reported at realizable value, net of allowances for doubtful accounts, which are estimated and recorded in the period
that the Company deems the receivable to be uncollectable. The Company has a standardized approach to estimate and review the collectability
of its receivables based on a number of factors, including the period they have been outstanding. Historical collection is an integral
part of the estimation process related to the allowance for doubtful accounts. In addition, the Company regularly assesses the state
of its billing operations in order to identify issues that may impact the collectability of these receivables or reserve estimates. Receivables
deemed to be uncollectible are charged against the allowance for doubtful accounts at the time such receivables are written-off. Recoveries
of receivables previously written-off are recorded as credits to the allowance for doubtful accounts. Revisions to the allowances for
doubtful accounts estimates are recorded as an adjustment to the provision for bad debts.
Revenue
Recognition
We
recognize revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers
(Topic 606),” including subsequently issued updates. This series of comprehensive guidance has replaced all existing revenue recognition
guidance. There is a five-step approach outlined in the standard. In determining revenue, we first identify the contract according to
the scope of ASU Topic 606 with the following criteria:
|
● |
Identify
the contract(s) with a customer. |
|
● |
Identify
the performance obligations in the contract. |
|
● |
Determine
the transaction price. |
|
● |
Allocate
the transaction price to the performance obligations in the contract. |
|
● |
Recognize
revenue when or as you satisfy a performance obligation. |
Revenue
is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration
expected to be entitled to in exchange for those services. As the Company completes its performance obligations which are identified
in Note 10 below, it has an unconditional right to consideration as outlined in the Company’s contracts. Generally, the Company’s
accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. For many of the Company’s
services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional
services. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service
is generally based upon an agreed hourly rate.
Impairment
or Disposal of Long-Lived Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s
(“FASB”) ASC 360, “Property, Plant and Equipment.” Long-lived assets are reviewed when facts and
circumstances indicate that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down
to estimated fair value based on the best information available. Estimated fair value is generally based either on appraised
value or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted
future cash flows. Accordingly, actual results could vary significantly from such estimates. As of June 30, 2023 and December 31,
2022, all of the Company’s fixed assets were fully depreciated and, therefore, the carrying value of property and
equipment represented fair value. Property and equipment are depreciated over lives ranging from three
to seven
years.
Fair
Value of Financial Instruments
In
accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company applies fair value accounting for
all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market
in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset
or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying
the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within
the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
|
● |
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities that the
Company has the ability to access at the measurement date. |
|
● |
Level
2 applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets;
or quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active
markets). |
|
● |
Level
3 applies to assets or liabilities for which fair value is derived from valuation techniques in which one or more significant inputs
are unobservable, including the Company’s own assumptions. |
The
estimated fair value of financial instruments is determined by the Company using available market information and valuation methodologies
considered to be appropriate. At June 30, 2023 and December 31, 2022, the carrying value of the Company’s accounts receivable,
accounts payable, accrued expenses and notes payable, approximate their fair values due to their short-term nature. For the three and
six months ended June 30, 2023 and 2022, there were no realized and unrealized gains on instruments valued using fair value evaluation
methods.
Income
Taxes
The
entities within the Group were included in the consolidated income tax returns of its Parent for the years ended December 31, 2020 and
prior. A determination was made by Parent’s management not to allocate any of the deferred tax assets or liabilities to the
Group as of December 31, 2020 and prior. Accordingly, the Group did not provide for income taxes in the combined financial statements.
The Company since June 25, 2021 uses the liability method of accounting for income taxes. Under the liability method, future tax liabilities
and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial
statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using
enacted or substantially enacted income tax rates expected to apply when the asset is realized or the liability settled. The effect of
a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the change occurs.
Future income tax assets are recognized to the extent that they are considered more likely than not to be realized. When projected future
taxable income is insufficient to provide for the realization of deferred tax assets, the Company will recognize a valuation allowance.
In
accordance with U.S. GAAP, the Company has determined whether a tax position of the Company is more likely than not to be sustained upon
examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical
merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording
a tax liability that would reduce net assets. The Company has determined that it has not incurred any liability for tax benefits as of
June 30, 2023 and 2022. State income taxes will also be due on any income generated in the future.
Convertible
Preferred Stock
The
Company classifies its Series B-1 and Series C-1 Convertible Preferred Stock as liabilities in accordance with ASC 480 Distinguishing
Liabilities from Equity since the preferred stock is convertible, at the option of the holder, into a variable number of shares based
solely on a fixed dollar amount (stated value) known at issuance of the preferred stock.
Basic
and Diluted Net Income (Loss) Per Share
The
Company computes net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation
of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income
(loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period.
Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury
stock method, and convertible preferred stock, using the if-converted method. As of June 30, 2023 and 2022 there were approximately 3,339,000,000
and 3,164,000,000, respectively, common stock equivalents which where antidilutive due to the Company’s losses.
Note
3 – Acquisition
The
Company acquired all the common stock of the HTS Group from Rennova on June 25, 2021, in exchange for Preferred Series A-1, B-1 and C-1
stock with a fair market value of $9,195,692. This acquisition has been accounted for as a reverse acquisition with the HTS Group being
the accounting acquiror with the excess fair value of the purchase price over net asset fair value acquired treated as a reduction of
additional paid in capital on the date of acquisition.
A
summary of that purchase price is as follows:
Schedule
of Purchase Price
Fair Value of Preferred Series A-1 Stock | |
$ | 100 | |
Fair Value of Preferred Series B-1 Stock | |
| 9,086,396 | |
Fair Value of Preferred Series C-1 Stock | |
| 122,000 | |
Other | |
| (12,804 | ) |
Total | |
$ | 9,195,692 | |
Note
4 – Accounts Receivable
Accounts
receivable at June 30, 2023 and December 31, 2022 consisted of the following:
Schedule of Accounts Receivable
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts receivable – (including related party receivable of $33,672 and $28,973 at June 30, 2023 and December 31, 2022, respectively) | |
$ | 95,656 | | |
$ | 36,266 | |
Less: | |
| | | |
| | |
Allowance for doubtful accounts | |
| (14,400 | ) | |
| — | |
Accounts receivable, net | |
$ | 81,256 | | |
$ | 36,266 | |
For
the three and six months ended June 30, 2023 and 2022, bad debt expense (recovery), was $15,000
and $0,
respectively.
Note
5 – Property and Equipment
Property
and equipment at June 30, 2023 and December 31 2022 consisted of the following:
Summary
of Property and Equipment
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Software | |
$ | 1,435,875 | | |
$ | 1,435,875 | |
Furniture | |
| 8,227 | | |
| 8,227 | |
Office equipment | |
| 30,931 | | |
| 30,931 | |
Computer equipment | |
| 324,131 | | |
| 324,131 | |
Property and equipment , gross | |
| 1,799,164 | | |
| 1,799,164 | |
Less accumulated depreciation | |
| (1,799,164 | ) | |
| (1,799,164 | ) |
Property and equipment, net | |
$ | — | | |
$ | — | |
Depreciation
expense on property and equipment was $0
and $0 for
the three and six months ended June 30, 2023 and 2022, respectively. Management periodically reviews the valuation of long-lived
assets, including property and equipment, for potential impairment.
Note
6 – Accrued Expenses
Accrued
expenses at June 30, 2023 and December 31, 2022 consisted of the following:
Schedule
of Accrued Expenses
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Accrued payroll and related liabilities | |
$ | 1,361,753 | | |
$ | 1,420,130 | |
Accrued legal | |
| 37,997 | | |
| 37,997 | |
Accrued interest | |
| 36,403 | | |
| 23,156 | |
Deferred revenue and customer deposits | |
| 21,230 | | |
| 44,544 | |
Other accrued expenses | |
| 104,430 | | |
| 112,244 | |
Accrued expenses | |
$ | 1,561,813 | | |
$ | 1,638,071 | |
Accrued
payroll and related liabilities at June 30, 2023 and December 31, 2022 included approximately $1.0 million and $1.0 million, respectively,
of accrued past due payroll taxes, related penalties and interest,
Note
7 – Notes Payable
The
carrying amount of notes payable as of June 30, 2023 and December 31, 2022 was as follows:
Schedule
of Notes Payable
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Note payable with the Department of Economic and Community Development in the original amount of $147,372 due in monthly payments of principal and interest totaling $2,132 beginning January 1, 2017 with a final payment due on October 1, 2022. Non-interest bearing. Payments were not made in 2023 or 2022. | |
$ | 134,153 | | |
$ | 134,153 | |
| |
| | | |
| | |
Loans from Related Parties and Companies due December 2022 ($13,162
in default) and December 31, 2023. Original issue discount of $160,608
which is fully amortized at June 30, 2023,
25 shares of Series C-1 Preferred Stock issued in connection with theses loans. | |
| 1,470,414 | | |
| 1,438,269 | |
| |
| | | |
| | |
Paycheck Protection Program Loans (PPP Loans). The PPP Loans and accrued
interest are forgivable as long as the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and
utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the Company terminates employees or
reduces salaries. No collateral or guarantees were provided in connection with the PPP Loans. The unforgiven portion of the PPP
Loans are payable over two years at an interest rate of 1.0%
per annum, with a deferral of payments for the first sixteen months. Beginning sixteen months from the dates of issuance, the
Company is required (if not forgiven) to make monthly payments of principal and interest to the lenders. The Company believes it
used all of the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan
proceeds will meet the conditions for forgiveness of the loans, it cannot assure you that it will not take actions that could cause
the Company to be ineligible for forgiveness of the loans, in whole or in part. | |
| 60,401 | | |
| 60,401 | |
Notes payable | |
| 1,664,968 | | |
| 1,632,823 | |
Less current portion | |
| 1,604,567 | | |
| 1,572,422 | |
Notes payable, long term, net of current portion | |
$ | 60,401 | | |
$ | 60,401 | |
Note
8 – Loans from Parent and Other Related Party Transactions
To
fund the Company’s operations for the six months ended June 30, 2023, the former Parent advanced funds and paid expenses of
InnovaQor and the Group in the amount of $876,998 (Non-interest
bearing). The amounts as of June 30, 2023, and December 31, 2022 are included in Due to Former Parent and Notes Payable in the
accompanying Condensed Consolidated Balance Sheets.
The
Company has a loan payable to its former Parent in the amount of $1,457,253 at June 30, 2023. The loan had a 10% Original Issue Discount
in the amount of $132,498 which is fully amortized as of June 30, 2023, the due date of the loan. The loan has a default interest rate
of 18%.
On
August 9, 2023, the Company and Rennova mutually agreed to modify the promissory note to extend the maturity date from June 30,
2023 to December 31, 2023 and to provide for additional interest in the form of
5% of the principal amount to be added to the amount payable under
the note.
During
the year ended December 31, 2022, Ms. Hollis, the former Chief Executive Officer of the Company, loaned the Company $96,100.
The Company entered into promissory notes in the amount
of $105,710,
representing a 10%
original issue discount. During the year ended December 31, 2022, $13,000 of these loans was repaid. A payment of $93,010,
representing full payment of the loan including interest outstanding, was made by the Company on May 12, 2023. In addition, the
Company issued Ms. Hollis 25 shares of Series C-1 Preferred Stock on March 31, 2022, in connection with one of the loans. These
shares of Series C-1 Preferred Stock were valued at $15,250 using
the Option Price Method and the same assumptions as used to value the prior issuance of Series C-1 Preferred Stock.
The
above amounts are not indicative of what third parties would have agreed to.
Related
Parties Transactions
Included
in net revenues for the three months ended June 30, 2023 and 2022 is $96,876
and $47,788,
respectively, of related party revenue with Rennova (the former parent).
Included
in net revenues for the six months ended June 30, 2023 and 2022 is $181,579 and $102,267, respectively, of related party revenue with
Rennova (the former parent).
The
Group has incurred certain costs that have been allocated from Rennova. Included in the Consolidated Statements of Operations are the
following allocated costs:
Schedule
of Allocated Costs
| |
Three Months Ended June
30, 2023 | | |
Three Months Ended June
30, 2022 | |
Health insurance | |
$ | 4,838 | | |
$ | — | |
Rent and utilities | |
| 30,771 | | |
| 33,441 | |
Total allocated costs | |
$ | 35,609 | | |
$ | 33,441 | |
| |
| Six Months Ended June 30, 2023 | | |
| Six Months Ended June 30, 2022 | |
Health insurance | |
$ | 10,676 | | |
$ | — | |
Rent and utilities | |
| 60,958 | | |
| 62,304 | |
Total allocated costs | |
$ | 71,634 | | |
$ | 60,304 | |
Note
9 – Preferred Stock and Stockholders’ Deficit
Common
Stock
The
Company has authorized
2,000,000,000 shares of $0.0001
par value Common Stock of which 244,953,286
are issued and outstanding as of June 30, 2023 and December 31, 2022. These
shares have 1 vote per share. The authorized Common Stock was increased from 325,000,000
to
2,000,000,000 on June 29, 2023.
Preferred
Stock Series A-1
The
Company has authorized 1,000 shares of $0.0001 par value (stated value $10) Series A-1 Supermajority Voting Preferred Stock of which
1,000 are issued and outstanding as of June 30, 2023 and December 31, 2022. So long as one share of Series A-1 Preferred Stock is outstanding,
the outstanding shares of the Series A-1 Preferred Stock shall have the number of votes, in the aggregate, equal to 51% of all votes
entitled to be voted at any stockholder meeting. These shares have no rights to receive dividends and liquidation rights are equal to
the stated value per share.
Preferred
Stock Series B-1
The
Company has authorized 25,000
shares of $0.0001
par value (stated value $1,000)
Series B-1 Convertible Redeemable Preferred Stock of which 14,950
are issued and outstanding as of June 30, 2023 and December 31, 2022. These
shares have no voting rights, dividends on these shares shall accrue at the rate of 5% of the stated value per share and liquidation
rights are equal to the stated value per share. These shares are convertible into the Company’s Common Stock based on
the stated value at a conversion price equal to 90%
of the average closing price of the Common Stock on the 10
Trading Days immediately prior to the Conversion Date but in any event no less than the par value of the Common Stock. The Series
B-1 Preferred Stock was not convertible prior to the first anniversary of its issuance except with the consent of the holders of
a majority of the then outstanding shares, if any, of the Series A-1 Preferred Stock. No conversion can be made to the extent the
holder’s beneficial interest (as defined pursuant to the terms of the Series B-1 Preferred Stock) in the common stock of
InnovaQor would exceed 4.99%.
These shares are redeemable at the option of the Company at their stated value plus declared and unpaid dividends. Because these
shares are convertible, at the option of the holder, into a variable number of common shares based solely on a fixed dollar amount
(stated value) known at issuance of the shares they have been recorded as a long-term liability at the date of issuance in
accordance with ASC 480, Distinguishing Liabilities from Equity.
Preferred
Stock Series C-1
The
Company has authorized 2,000
shares of $0.0001
par value (stated value $1,000)
Series C-1 Convertible Redeemable Preferred Stock of which 325
and 225
are issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. These
shares have no voting rights, dividends on these shares shall accrue at the rate of 10% of the stated value per share and
liquidation rights are equal to the stated value per share. These shares are convertible into the Company’s Common
Stock based on the stated value at a conversion price equal to 90%
of the average closing price of the Common Stock on the 10
Trading Days immediately prior to the Conversion Date but in any event no less than the par value of the Common Stock. The Series
C-1 Preferred Stock was not convertible prior to the first anniversary of its original issuance except with the consent of the
holders of a majority of the then outstanding shares, if any, of the Series A-1 Preferred Stock. No conversion can be made to the
extent the holder’s beneficial interest (as defined pursuant to the terms of the Series C-1 Preferred Stock) in the common
stock of InnovaQor would exceed 4.99%.
These shares are redeemable at the option of the Company at their stated value plus declared and unpaid dividends. Because these
shares are convertible, at the option of the holder, into a variable number of common shares based solely on a fixed dollar amount
(stated value) known at issuance of the shares they have been recorded as a long-term liability at the date of issuance in
accordance with ASC 480, Distinguishing Liabilities from Equity.
Preferred
Stock Series D
On
May 12, 2023, the Company authorized 500
shares of Series D Non-Convertible Preferred Stock with a par value of $0.0001
and a stated value of $100.
The Company issued 300
shares of Preferred D Stock to three subscribers on May 12, 2023, for a total consideration of $30,000. The
Series D Preferred Stock does not have voting rights but each holder of issued and outstanding Series D Preferred
Stock shall be entitled to receive monthly as a dividend, an amount equal to (a) the sum of (i) five percent (5%) of the amount of
gross sales in excess of $500,000 collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of
business during the month immediately preceding the month in which such dividend becomes payable, which amount shall not exceed
$25,000, (ii) ten percent (10%) of the amount of gross sales in excess of $1 million collected by the Company or any subsidiary (on
a consolidated basis) in the ordinary course of business during the month immediately preceding the month in which such dividend
becomes payable, which amount shall not exceed $100,000 and (iii) two and one-half percent (2.5%) of the amount of gross sales in
excess of $2 million collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of business during
the month immediately preceding the month in which such dividend becomes payable.
So
long as any shares of Series D Preferred Stock are outstanding, the Company shall not, without the consent of the holders of a majority
of the outstanding shares of Series D Preferred Stock, authorize any additional shares of Series D Preferred Stock, create any additional
class or series of capital stack that ranks senior to the Series D Preferred Stock, or amend, alter or repeal any provisions of the Certificate
of Designation or the Company’s articles or bylaws in a manner that adversely affects the powers, preferences or rights of the
Series D Preferred Stock.
Note
10 – Revenue
The
Company had net revenue for the three and six months ended June 30, 2023 and 2022 as follows:
Schedule of Net Revenue
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Three Months ended | | |
Three Months ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Dashboards | |
$ | 19,420 | | |
$ | 10,478 | |
IT Managed Services | |
| — | | |
| 22,620 | |
Software and Interfaces | |
| 2,500 | | |
| 5,580 | |
Support and Maintenance | |
| 66,167 | | |
| 26,895 | |
vCIO Services | |
| 42,356 | | |
| 13,240 | |
Marketing and Management | |
| 35,100 | | |
| — | |
Software Licenses Fees | |
| 25,277 | | |
| 15,247 | |
Other | |
| 33 | | |
| 451 | |
Total Net Revenue | |
$ | 190,853 | | |
$ | 94,511 | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Six Months ended | | |
Six Months ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Dashboards | |
$ | 29,320 | | |
$ | 24,102 | |
IT Managed Services | |
| 65,208 | | |
| 48,360 | |
Software and Interfaces | |
| 12,120 | | |
| 5,580 | |
Support and Maintenance | |
| 112,487 | | |
| 52,736 | |
vCIO Services | |
| 84,801 | | |
| 27,431 | |
Marketing and Management | |
| — | | |
| — | |
Software Licenses Fees | |
| 51,529 | | |
| 30,744 | |
Other | |
| 11,303 | | |
| 2,374 | |
Total Net Revenue | |
$ | 366,768 | | |
$ | 191,327 | |
Generally,
work is billed monthly by the hour at agreed upon hourly rates for all of the above revenue streams.
For
all of the Company’s services, the Company typically has one performance obligation; however, it also provides the customer with
an option to acquire additional services. The Company typically provides a menu of offerings from which the customer may choose to purchase.
The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is generally consistent
for each service irrespective of the other services or quantities requested by the customer.
When
the Company receives consideration from a customer prior to transferring services to the customer under the terms of the contract, it
records deferred revenues on the Company’s consolidated balance sheet, which represents a contract liability.
The
Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period
and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would
meet the criteria to be capitalized and presented as a contract asset on the Company’s consolidated balance sheet.
Note
11 – Commitments and Contingencies
Consulting
Agreement – The Company entered into a consulting agreement effective June 1, 2021, with a company owned by Mr. Dab, the
Company’s former CEO, for a period of one year to assist in developing the Company’s business including communications with
existing shareholders and the general public. The
agreement provided that the Company would pay $3,500 a month and an additional $60,000 upon the earlier of receipt of funding from an
outside source or within 90 days. The $60,000 payment was made during the six months ended June 30, 2023 but the monthly amounts have
not been paid. On June 1, 2022, the agreement was extended for another year. The new agreement increases the monthly fee to $4,500. The
agreement was extended further on June 1, 2023 for another year. The monthly amounts remain unpaid by the Company to date. The amounts
payable to Mr. Dab under this agreement include the fees payable to him as a director of the Company.
Concentration
of Credit Risk - Credit risk with respect to accounts receivable is generally low due to the nature of the customers comprising
the customer base and the significant related party component. The Company does not require collateral or other security to support customer
receivables. However, the Company continually monitors and evaluates its client acceptance and collection procedures to minimize potential
credit risks associated with its accounts receivable and establishes an allowance for uncollectible accounts and, as a consequence, believes
that its accounts receivable credit risk exposure beyond such allowance is not material to the condensed consolidated financial statements.
The
Company maintains its cash balances in high-credit-quality financial institutions. The Company’s cash balances may, at times, exceed
the deposit insurance limits provided by the Federal Deposit Insurance Corp.
Guarantees
Certain
subsidiaries of the Company have guaranteed debt obligations of their former Parent. As part of the transaction with the Company, the
former Parent received a release of guarantees from certain institutional lenders and has been working to settle other debt obligations
where certain subsidiaries of the Company remain a guarantor. The Company believes that any risk associated with previous guarantees
is now minimal and immaterial.
Legal
Matters
From
time to time, the Company may be involved in a variety of claims, lawsuits, investigations and proceedings related to contractual disputes,
employment matters, regulatory and compliance matters, intellectual property rights and other litigation arising in the ordinary course
of business. The Company operates in a highly regulated industry which may inherently lend itself to legal matters. Management is aware
that litigation has associated costs and that results of adverse litigation verdicts could have a material effect on the Company’s
condensed consolidated financial position or results of operations. Management, in consultation with legal counsel, has addressed known
assertions and predicted unasserted claims below.
P2P
Staffing Corp. received a judgment against HTS during 2018 in the amount of $58,784
plus accrued interest and court costs for amounts owed. As of each of June 30, 2023 and December 31, 2022, $10,464
was outstanding and owed for this judgment and included in accounts payable in the accompanying Condensed Consolidated Balance
Sheets.
Two
former employees of CollabRx, Inc., one of the acquired subsidiaries, filed suits in a California state court against the former Parent,
Rennova, and CollabRx, Inc., in connection with amounts claimed to be owed under their respective employment agreements with CollabRx,
Inc. One former employee received a judgment for approximately $253,000, which Rennova has paid in full. The other former employee received
a judgment for approximately $173,000.
Note
13 – Supplemental Disclosure of Cash Flow Information
Schedule
of Supplemental Disclosure of Cash Flow Information
| |
2023 | | |
2022 | |
| |
Six Months ended June 30, | |
| |
2023 | | |
2022 | |
Cash paid for interest | |
$ | 118,096 | | |
$ | 5,937 | |
Cash paid for income taxes | |
$ | — | | |
$ | — | |
Accounts payable, accrued salary and notes payable converted to Series
D Preferred stock | |
$ | 30,000 | | |
$ | — | |
Advances from former parent converted to notes payable | |
$ | 92,710 | | |
$ | — | |
Non-Cash Investing and Financing Activities | |
| — | | |
| — | |
Preferred C-1 Series Stock issued for debt | |
| — | | |
| 15,250 | |
Note
14 – Recent Accounting Pronouncements
All
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s consolidated financial
statements.
Note
15– Subsequent Events
On
August 8, 2023 the Company borrowed an additional $55,000 in the form of a convertible note with an Original Issue Discount of $8,250
and a one time interest charge of 14%. The note is payable monthly in the amount of $8,012 with first payment due September 14, 2023.
It is convertible into Common Stock at a fixed price of $0.005 per share in the event of default.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
SPECIAL
NOTE CONCERNING FORWARD-LOOKING STATEMENTS
Certain
statements made in this Form 10-Q are “forward-looking statements.” These statements involve known and unknown risks, uncertainties
and other factors which may cause our actual results, performance, or achievements to be materially different from any future results,
performances or achievements expressed or implied by the forward-looking statements. We use the words “anticipate”, “believe”,
“could”, “design”, “estimate”, “expect”, “intend”, “forecast”,
“goal”, “may”, “plan”, “potential”, “predict”, “project”, “should”,
“target,” “will,” “would” or the negatives or other tense of such terms and other similar expressions
intended to identify forward-looking statements. Forward-looking statements relate to future events or future financial performance and
involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance,
or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied
by these forward-looking statements.
Our
actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute
to such differences include but are not limited to those contained in the “Risk Factors” section of our Annual Report on
Form 10-K and in our subsequent filings with the Securities and Exchange Commission.
The
following is a discussion of the financial condition and results of operation of InnovaQor as of the date of this Form 10-Q. This discussion
and analysis should be read in conjunction with InnovaQor’s audited consolidated financial statements contained in the Form 10-K
and with our unaudited condensed consolidated financial statements, including the notes thereto, which are included elsewhere in this
report.
Management’s
Discussion and Analysis of Financial Condition and Results of Operations
The
following is a discussion of the financial condition and results of operation of InnovaQor as of the date of this filing. This discussion
and analysis should be read in conjunction with InnovaQor’s audited and unaudited consolidated financial statements including the
notes thereto.
Estimates
Management’s
discussion and analysis of InnovaQor’s financial condition and results of operations are based upon its consolidated financial
statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management
to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure
of contingent liabilities. Significant areas of estimation include estimating fair value of intangible assets acquired, the impairment
of assets, accrued and contingent liabilities, and future income tax obligations (benefits), among other items. On an on-going basis,
management evaluates past estimates and judgments, including those related to bad debts, accrued liabilities, derivative liabilities,
and contingencies. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
InnovaQor believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation
of its consolidated financial statements.
Critical
Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
acquisition of an operating company by a non-operating public shell corporation typically results in the owners and management of the
operating company having actual or effective voting and operating control of the combined company. The Securities and Exchange Commission
staff considers a public shell reverse acquisition to be a capital transaction in substance, rather than a business combination. That
is, the transaction is a reverse recapitalization, equivalent to the issuance of stock by the operating company for the net monetary
assets of the shell corporation accompanied by a recapitalization. The accounting is similar to that resulting from a reverse acquisition,
except that no goodwill or other intangible assets are recorded.
The
condensed consolidated financial statements include the accounts of only the HTS Group (the accounting acquirer) prior to June 25, 2021
and InnovaQor and the Group since the date of acquisition on June 25, 2021, with the transaction being accounted for as a recapitalization
of the Group on June 25, 2021. The condensed consolidated financial statements are prepared in conformity with accounting principles
generally accepted in the United States of America (“U.S. GAAP”) and require management to make certain judgments, estimates,
and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities
at the date of the financial statements. They also may affect the reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from those estimates upon subsequent resolution of identified matters.
The
accompanying condensed consolidated financial statements as of and for the six and three months ended June 30, 2023 and 2022, have been
derived from unaudited financial information. Intercompany accounts and transactions have been eliminated. The accompanying unaudited
interim condensed consolidated financial statements have been prepared on the same basis as the annual audited financial statements and
in accordance with U.S. GAAP, for interim financial information and the rules and regulations of the Securities and Exchange Commission
(“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments
(consisting only of normal recurring accruals) necessary for a fair presentation of this interim information.
Cash
and Cash Equivalents
InnovaQor
considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
Fair
Value Measurements
In
accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company applies fair value accounting for
all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market
in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset
or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying
the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within
the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
|
● |
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities that the
Company has the ability to access at the measurement date. |
|
|
|
|
● |
Level
2 applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets;
or quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active
markets). |
|
|
|
|
● |
Level
3 applies to assets or liabilities for which fair value is derived from valuation techniques in which one or more significant inputs
are unobservable, including the Company’s own assumptions. |
The
estimated fair value of financial instruments is determined by the Company using available market information and valuation methodologies
considered to be appropriate. At June 30, 2023 and December 31, 2022, the carrying value of the Company’s accounts receivable,
accounts payable, accrued expenses and notes payable, approximate their fair values due to their short-term nature. For the six months
ended June 30, 2023 and 2022, there were no realized and unrealized gains on instruments valued using fair value evaluation methods.
Impairment
of Long-lived Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s (“FASB”)
ASC 360, “Property, Plant and Equipment.” Long-lived assets are reviewed when facts and circumstances indicate that the carrying
value of the asset may not be recoverable. When necessary, impaired assets are written down to estimated fair value based on the best
information available. Estimated fair value is generally either based on appraised value or measured by discounting estimated future
cash flows. Considerable management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could
vary significantly from such estimates. As of June 30, 2023 and December 31, 2022, all of the Company’s fixed assets were fully
depreciated and, therefore, the carrying value of fixed assets represented fair value. Fixed assets are depreciated over lives ranging
from three to seven years.
Income
Taxes
The
entities within the Group were included in the consolidated income tax returns of its Parent for the years ended December 31, 2020 and
prior. A determination was made by Parent’s management not to allocate any of the deferred tax assets or liabilities to the Group
as of December 31, 2020 and prior. Accordingly, the Group did not provide for income taxes in the combined financial statements. The
Company since June 25, 2021 uses the liability method of accounting for income taxes. Under the liability method, future tax liabilities
and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial
statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using
enacted or substantially enacted income tax rates expected to apply when the asset is realized or the liability settled. The effect of
a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the change occurs.
Future income tax assets are recognized to the extent that they are considered more likely than not to be realized. When projected future
taxable income is insufficient to provide for the realization of deferred tax assets, the Company will recognize a valuation allowance.
In
accordance with U.S. GAAP, the Company has determined whether a tax position of the Company is more likely than not to be sustained upon
examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical
merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording
a tax liability that would reduce net assets. The Company has determined that it has not incurred any liability for tax benefits as of
June 30, 2023 and 2022. State income taxes will also be due on any income generated in the future.
Revenue
Recognition
We
recognize revenue in accordance with ASC Topic 606), including subsequently issued updates. This series of comprehensive guidance has
replaced all existing revenue recognition guidance. There is a five-step approach outlined in the standard. In determining revenue, we
first identify the contract according to the scope of ASU Topic 606 with the following criteria:
|
● |
Identify
the contract(s) with a customer. |
|
|
|
|
● |
Identify
the performance obligations in the contract. |
|
|
|
|
● |
Determine
the transaction price. |
|
|
|
|
● |
Allocate
the transaction price to the performance obligations in the contract. |
|
|
|
|
● |
Recognize
revenue when or as you satisfy a performance obligation. |
Revenue
is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration
the Company is expected to be entitled to in exchange for those services. As the Company completes its performance obligations which
are identified in Note 10 to the unaudited Condensed Consolidated Financial Statements included herein, it has an unconditional right
to consideration as outlined in the Company’s contracts. Generally, the Company’s accounts receivable are expected to be
collected in 30 days in accordance with the underlying payment terms. For many of the Company’s services, the Company typically
has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company typically
provides a menu of offerings from which the customer may choose to purchase. The price of each service is generally based upon an agreed
hourly rate.
Convertible
Preferred Stock
The
Company classifies its Series B-1 and Series C-1 Convertible Preferred Stock as liabilities in accordance with ASC 480 Distinguishing
Liabilities from Equity since the preferred stock is convertible, at the option of the holder, into a variable number of shares based
solely on a fixed dollar amount (stated value) known at issuance of the preferred stock.
Basic
and Diluted Net Income (Loss) Per Share
The
Company computes net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share” which requires
presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by
dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding
(denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period
including stock options, using the treasury stock method, and convertible preferred stock, using the if-converted method. As of June
30, 2023 and 2022, there were approximately 3,339,000,000 and 3,164,000,000 common stock equivalents, respectively, which were
antidilutive due to the Company’s losses.
Recent
Accounting Pronouncements
All
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s consolidated financial
statements.
Results
of Operations
Financial
Presentation
The
following sets forth a discussion and analysis of InnovaQor’s
consolidated financial condition and results of operations as of and for the six months ended June 30, 2023 and 2022.This discussion
and analysis should be read in conjunction with our consolidated financial statements appearing elsewhere in this filing. The following
discussion contains forward-looking statements. Our actual results may differ significantly from the results discussed in such forward-looking
statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in “Risk
Factors” of our Form 10-K.
Comparison
of the Three Months Ended June 30, 2023 and 2022
The
following summary of our condensed consolidated results of operations should be read in conjunction with our interim consolidated financial
statements as of and for the three months ended June 30, 2023, and 2022, which are included herein.
The
following table summarizes the results of our consolidated operations for the three months ended June 30, 2023 and 2022 (unaudited):
| |
Three Months Ended June 30, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
Net revenues | |
$ | 190,853 | | |
$ | 94,511 | | |
$ | 96,342 | |
Operating expenses: | |
| | | |
| | | |
| | |
Direct costs of revenue | |
| 182,412 | | |
| 80,768 | | |
| 101,644 | |
General and administrative expenses | |
| 638,603 | | |
| 337,695 | | |
| 300,408 | |
Total operating expenses | |
| 820,515 | | |
| 418,463 | | |
| 402,052 | |
Loss from operations | |
| (629,662 | ) | |
| (323,952 | ) | |
| (305,710 | ) |
Other (Expense) | |
| (156,333 | ) | |
| (17,835 | ) | |
| (138,498 | ) |
Loss before income taxes | |
| (785,995 | ) | |
| (341,787 | ) | |
| (444,208 | ) |
Provision for income taxes | |
| — | | |
| — | | |
| — | |
Net loss | |
$ | (785,995 | ) | |
$ | (341,787 | ) | |
$ | (444,208 | ) |
Net
Revenues
Net
revenues were $190,853 and $94,511 for the three months ended June 30, 2023, and 2022, respectively. The increased revenues were a result
of increased prices, new features and revenue from existing customers.
Direct
Costs of Revenue
Direct
costs of revenue increased by $101,644 compared to the three months ended June 30, 2022, principally due to an increase in payroll expenses.
General
and Administrative Expenses
General
and administrative expenses increased by $300,408 compared to the three months ended June 30, 2022, principally due to increases in
professional and consultant fees.
Loss
from Operations
Our
operating loss increased by $(305,710) for the three months ended June 30, 2023, when compared to a loss of $(323,952) for the same
period last year. The increase was due principally to an increase in administrative costs and direct operating costs.
Net
Loss
Our
net loss was $785,995 for the three months ended June 30, 2023, as compared to a net loss of $341,787 for the three months ended June
30, 2022. The $444,208 increase in net loss was principally due to the increase in our general and administrative expenses.
Comparison
of the Six Months Ended June 30, 2023 and 2022
The
following summary of our condensed consolidated results of operations should be read in conjunction with our interim consolidated financial
statements as of and for the six months ended June 30, 2023, and 2022, which are included herein.
The
following table summarizes the results of our consolidated operations for the six months ended June 30, 2023 and 2022 (unaudited):
| |
Six Months Ended June 30, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
Net revenues | |
$ | 366,768 | | |
$ | 191,327 | | |
$ | 175,441 | |
Operating expenses: | |
| | | |
| | | |
| | |
Direct costs of revenue | |
| 302,294 | | |
| 255,856 | | |
| 46,438 | |
General and administrative expenses | |
| 945,740 | | |
| 520,974 | | |
| 424,766 | |
Total operating expenses | |
| 1,248,034 | | |
| 776,830 | | |
| 471,204 | |
Loss from operations | |
| (881,266 | ) | |
| (585,503 | ) | |
| (295,763 | ) |
Other (Expense) | |
| (229,794 | ) | |
| (21,007 | ) | |
| (208,787 | ) |
Loss before income taxes | |
| (1,111,060 | ) | |
| (606,510 | ) | |
| (504,050 | ) |
Provision for income taxes | |
| — | | |
| — | | |
| — | |
Net loss | |
$ | (1,111,060 | ) | |
$ | (606,510 | ) | |
$ | (504,050 | ) |
Net
Revenues
Net
revenues were $366,768 and $191,327 for the six months ended June 30, 2023, and 2022, respectively. The increased revenues were a result
of increased prices, new features and revenue from existing customers.
Direct
Costs of Revenue
Direct
costs of revenue increased by $46,438 compared to the six months ended June 30, 2022, principally due to an increase in payroll and
related expenses.
General
and Administrative Expenses
General
and administrative expenses increased by $424,766 compared to the six months ended June 30, 2022, principally due to increases in professional
and consultant fees.
Loss
from Operations
Our
operating loss increased by $295,763 for the six months ended June 30, 2023, when compared to a loss of $585,503 for the same period
last year. The increase was due principally to an increase in our general and administrative expenses.
Net
Loss
Our
net loss was $1,111,060 for the six months ended June 30, 2023, as compared to a net loss of $606,510 for the six months ended June 30,
2022. The $504,550 increase in net loss was principally due to the increase in our general and administrative expenses.
Liquidity
and Capital Resources
As
of June 30, 2023, we had $115,607 in total assets including cash and cash equivalents of $34,101, as compared to $41,641 in total assets
including cash and cash equivalents of $5,415 as of December 31, 2022. The increase in total assets is primarily attributable to the
increase in Cash and Accounts Receivable.
As
of June 30, 2023, we had total liabilities of $14,889,511 including accounts payable of $1,450,975, accrued expenses of $1,561,813, related
party advances of $876,998, notes payable of $1,664,968, and Preferred Stock liabilities of $9,334,757. As of June 30, 2022,
we had total liabilities of $13,734,485 including accounts payable of $1,239,945, accrued expenses of $1,638,071, notes payable of $1,632,823
and Preferred Stock liabilities of $9,223,646. The increase is mainly due to an increase in accounts payable and related party advances
to fund the operations.
Cash
Flow from Operating Activities
Net
cash used in operations for the six months ended June 30, 2023, was $775,602 as compared to $512,491 for the six months ended June 30,
2022.
The increased increase
in cash used was mostly attributed to payroll for the quarter.
Cash
Flow from Investing Activities
Net
cash used in investing activities for the six months ended June 30, 2023 and 2022, was $0.
Cash
Flow from Financing Activities
Net
cash provided by financing activities for the six months ended June 30, 2023, was $784,288 as compared to $519,043 for the six months
ended June 30, 2022. The increase was due to additional advances from the former Parent in the six months ended June 30, 2023.
There
are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital
resources.
Capitalization
The
following table sets forth InnovaQor’s capitalization as of June 30, 2023, and December 31, 2022, on an historical basis. In addition,
it is not indicative of our future capitalization. This table should be read in conjunction with InnovaQor’s financial statements
and notes thereto included elsewhere herein.
The
following table sets forth our cash and capitalization as of June 30, 2023, and December 31, 2022:
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 34,101 | | |
$ | 5,415 | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Preferred Series A-1 Stock, Par Value $0.0001, 1,000 shares authorized, 1,000 shares issued and outstanding | |
| — | | |
| — | |
Preferred Series D Stock, Par Value $0.0001 and stated value $100, 500 shares authorized, 300
shares issued and outstanding June 30, 2023
| |
| 30,000 | | |
| — | |
Common stock, Par Value $0.0001, 2,000,000,000 shares authorized, 244,953,286 issued and outstanding | |
| 24,495 | | |
| 24,495 | |
| |
| | | |
| | |
Additional Paid-in Capital | |
| 5,906,742 | | |
| 5,906,742 | |
Total capitalization | |
$ | 5,995,338 | | |
$ | 5,936,652 | |
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
applicable
Item
4. Controls and Procedures.
Management
does not expect that its internal controls over financial reporting will prevent all errors and all fraud. Control systems, no matter
how well conceived and managed, can provide only reasonable assurance that the objectives of the control system are met. The design of
a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative
to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance
that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include that
judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.
Additionally,
controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of
the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events,
and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over
time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may
deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and
not be detected.
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and with the participation of management, including the principal executive officer and principal financial officer,
as of June 30, 2023 the Company conducted an evaluation of its disclosure controls and procedures, as such term is defined under
Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, the
principal executive officer and principal financial officer have concluded that, based on the material weaknesses discussed below,
the disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed by the
Company in reports filed or submitted under the Securities Exchange Act were recorded, processed, summarized, and reported within
the time periods specified in the Securities and Exchange Commission’s rules and forms and that its disclosure controls
are not effectively designed to ensure that information required to be disclosed in the reports that the Company files or submits
under the Securities Exchange Act is accumulated and communicated to management, including the principal executive officer and
principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required
disclosure.
The
Company’s internal controls are not effective for the following reasons, (1) there are no entity level controls, because of the
limited time of the Company’s officers, (2) there is no separate audit committee, and (3) the Company has not implemented adequate
system and manual controls. As a result, the Company’s internal controls have inherent weaknesses, which may increase the risks
of errors in financial reporting under current operations and accordingly are not effective as evaluated against the criteria set forth
in the Internal Control – Integrated Framework issued by the committee of Sponsoring Organizations of the Treadway Commission (2013
version). Based on the evaluation, management concluded that the Company’s internal controls over financial reporting were not
effective as of June 30, 2023.
Even
though there are inherent weaknesses, management has taken steps to minimize the risk. The Company uses a third-party consultant CFO
to review transactions for appropriate technical accounting, reconcile accounts, review significant transactions and prepare financial
statements. Any deviation or errors are reported to management.
The
Company can provide no assurance that its internal controls over financial reporting will be compliant in the near future. As revenues
permit, the Company will enhance its internal controls through additional software and other means. If and when it obtains funding, the
Company will create an audit committee comprised of independent directors.
Changes
in Internal Control over Financial Reporting
There
have been no changes in the Company’s internal control over financial reporting during the last quarterly period covered by this
report that have materially affected, or are likely to affect, the internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings.
From
time to time, InnovaQor may be involved in a variety of claims, lawsuits, investigations and proceedings related to contractual disputes,
employment matters, regulatory and compliance matters, intellectual property rights and other litigation arising in the ordinary course
of business. InnovaQor operates in a highly regulated industry which may inherently lend itself to legal matters. Management is aware
that litigation has associated costs and that results of adverse litigation verdicts could have a material effect on InnovaQor’s
consolidated financial position or results of operations. Management, in consultation with legal counsel, has addressed known assertions
and predicted unasserted claims below.
P2P
Staffing Corp. received a judgment against HTS during 2018 in the amount of $58,784 plus accrued interest and court costs for amounts
owed. As of June 30, 2023 and December 31, 2022, $10,464 was outstanding and owed for this judgment and included in accounts payable
at each respective balance sheet date.
Two
former employees of CollabRx, Inc., one of the acquired subsidiaries, filed suits in a California state court against the former Parent,
Rennova and CollabRx, Inc., in connection with amounts claimed to be owed under their respective employment agreements with CollabRx,
Inc. One former employee received a judgment for approximately $253,000, which Rennova has paid in full. The other former employee received
a judgment for approximately $173,000.
Item
1A. Risk Factors.
In
addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, Item
1A of the Form 10-K which could materially affect our business, financial condition, or future results. There have been no material changes
to the risk factors previously disclosed in our Form 10-K.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
On June 26, 2023, the Company issued 100 shares of Series C-1 Preferred Stock to a consultant for services rendered in connection with
software development. These securities were not registered under the Securities Act of 1933, as amended (the “Securities Act”),
but were issued in reliance upon the exemption from registration contained in Section 4(a)(2) of the Securities Act as a transaction by
an issuer not involving a public offering.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
None.
Item
6. Exhibits
* |
Filed
herewith |
|
|
** |
Furnished
herewith |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
INNOVAQOR,
INC. |
|
|
|
Date:
August 21, 2023 |
By: |
/s/
Darrell Peterson |
|
|
Darrell
Peterson
Chief
Executive Officer
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
Thomas J. Bellante |
|
|
Thomas
J. Bellante
Chief
Financial Officer
(Principal
Financial Officer) |
EXHIBIT 31.1
CERTIFICATION OF
PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO RULE 13A-14(a) OF THE SECURITIES EXCHANGE
ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Darrell Peterson, certify that:
|
1. |
I have reviewed this Quarterly Report on Form 10-Q of InnovaQor, Inc.; |
|
|
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
|
|
4. |
The registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s other certifying officer(s), if any, and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
|
/s/ Darrell Peterson |
|
Darrell Peterson |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
Dated: August 21, 2023 |
|
EXHIBIT 31.2
CERTIFICATION OF
PRINCIPAL FINANCIAL OFFICER
PURSUANT TO RULE 13A-14(a) OF THE SECURITIES EXCHANGE
ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE SARBANES-OXLEY ACT OF 2002
I, Thomas J. Bellante, certify that:
|
1. |
I have reviewed this Quarterly Report on Form 10-Q of InnovaQor, Inc.; |
|
|
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
|
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
|
|
|
4. |
The registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
The registrant’s other certifying officer(s), if any, and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
|
/s/ Thomas J. Bellante |
|
Thomas J. Bellante |
|
Chief Financial Officer |
|
(Principal Financial Officer) |
Dated: August 21, 2023 |
|
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of InnovaQor,
Inc., a Nevada corporation (the “Company”), on Form 10-Q for the period ended June 30, 2023 as filed with the Securities and
Exchange Commission (the “Report”), I, Darrell Peterson, Chief Executive Officer of the Company, certify, pursuant to Sec.
906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Sec. 1350), that to the best of my knowledge:
|
1. |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Darrell Peterson |
|
Darrell Peterson |
|
Chief Executive Officer |
|
Dated: August 21, 2023 |
|
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of InnovaQor,
Inc., a Nevada corporation (the “Company”), on Form 10-Q for the period ended June 30, 2023 as filed with the Securities and
Exchange Commission (the “Report”), I, Thomas J. Bellante, Chief Financial Officer of the Company, certify, pursuant to Sec.
906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Sec. 1350), that to the best of my knowledge:
|
1. |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Thomas J. Bellante |
|
Thomas J. Bellante |
|
Chief Financial Officer |
|
Dated: August 21, 2023 |
|
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 21, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-33191
|
|
Entity Registrant Name |
INNOVAQOR,
INC.
|
|
Entity Central Index Key |
0001102942
|
|
Entity Tax Identification Number |
88-0436055
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
400
S. Australian Avenue
|
|
Entity Address, Address Line Two |
Suite 800
|
|
Entity Address, City or Town |
West
Palm Beach
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
33401
|
|
City Area Code |
(561)
|
|
Local Phone Number |
421-1900
|
|
Title of 12(g) Security |
Common
Stock, $0.0001 Par Value
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Elected Not To Use the Extended Transition Period |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
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244,953,286
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
ASSETS |
|
|
Cash |
$ 34,101
|
$ 5,415
|
Accounts receivable, net (including related party receivable of $33,672 and $28,973 at June 30, 2023 and December 31, 2022, respectively) |
81,256
|
36,226
|
Prepaid expenses and other current assets |
250
|
|
Total current assets |
115,607
|
41,641
|
Property and equipment, net |
|
|
Total assets |
115,607
|
41,641
|
Current liabilities: |
|
|
Accounts payable |
1,450,975
|
1,239,945
|
Accrued expenses |
1,561,813
|
1,638,071
|
Due to Former Parent |
876,998
|
|
Current portion of notes payable |
1,604,567
|
1,572,422
|
Total current liabilities |
5,494,353
|
4,450,438
|
Notes Payable – Long term |
60,401
|
60,401
|
Total Liabilities |
14,889,511
|
13,734,485
|
Commitments and contingencies |
|
|
Stockholders’ Deficit |
|
|
Preferred Stock |
30,000
|
|
Common Stock, Par Value $0.0001, 2,000,000,000 and 325,000,000 shares authorized June 30, 2023 and December 31, 2022, respectively, 244,953,286 shares issued and outstanding |
24,495
|
24,495
|
Additional Paid-In Capital |
5,906,742
|
5,906,742
|
Accumulated Deficit |
(20,735,141)
|
(19,624,081)
|
Total Stockholders’ Deficit |
(14,773,904)
|
(13,692,844)
|
Total Liabilities and Stockholders’ Deficit |
115,607
|
41,641
|
Series B-1 Preferred Stock [Member] |
|
|
Current liabilities: |
|
|
Total Temporary Equity |
9,086,396
|
9,086,396
|
Series C-1 Preferred Stock [Member] |
|
|
Current liabilities: |
|
|
Total Temporary Equity |
248,361
|
137,250
|
Preferred Stock Series A-1 [Member] |
|
|
Stockholders’ Deficit |
|
|
Preferred Stock |
|
|
Preferred Stock Series D [Member] |
|
|
Stockholders’ Deficit |
|
|
Preferred Stock |
$ 30,000
|
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical)
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Related party accounts receivable | $ |
$ 81,256
|
Common stock, par value | $ / shares |
$ 0.0001
|
Common stock, shares authorized |
2,000,000,000
|
Common stock, shares issued |
244,953,286
|
Common stock, shares outstanding |
244,953,286
|
Series B-1 Preferred Stock [Member] |
|
Temporary equity, par value | $ / shares |
$ 0.0001
|
Temporary equity, shares authorized |
25,000
|
Temporary equity, shares outstanding |
14,950
|
Temporary equity, shares issued |
14,950
|
Series C-1 Preferred Stock [Member] |
|
Temporary equity, par value | $ / shares |
$ 0.0001
|
Temporary equity, shares authorized |
2,000
|
Temporary equity, shares outstanding |
325
|
Temporary equity, shares issued |
325
|
Preferred Stock Series A-1 [Member] |
|
Preferred stock, shares authorized | $ / shares |
$ 0.0001
|
Series A-1 Preferred Stock [Member] |
|
Preferred stock, shares authorized | $ / shares |
$ 0.0001
|
Preferred stock, shares authorized |
1,000
|
Preferred stock, shares issued |
1,000
|
Preferred stock, shares outstanding |
1,000
|
Series D Preferred Stock [Member] |
|
Preferred stock, shares authorized | $ / shares |
$ 0.0001
|
Preferred stock, shares authorized |
500
|
Preferred stock, shares issued |
300
|
Preferred stock, shares outstanding |
300
|
Preferred stock,Stated Value | $ |
$ 100
|
Related Party [Member] |
|
Related party accounts receivable | $ |
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net Revenues (including net revenue from related party of $96,876 and $47,788 for the Three Months Ended June 30, 2023 and 2022, respectively) |
$ 190,853
|
$ 94,511
|
$ 366,768
|
$ 191,327
|
Operating expenses: |
|
|
|
|
Direct costs of revenue |
182,412
|
80,768
|
302,294
|
255,856
|
General and administrative expenses |
638,103
|
337,695
|
945,740
|
520,974
|
Total operating expenses |
820,515
|
418,463
|
1,248,034
|
776,830
|
Loss from operations |
(629,662)
|
(323,952)
|
(881,266)
|
(585,503)
|
Other (expense) income: |
|
|
|
|
Other expense |
|
|
|
|
Interest expense and payroll tax penalties |
(156,333)
|
(17,835)
|
(229,794)
|
(21,007)
|
Total other (expense) income |
(156,333)
|
(17,835)
|
(229,794)
|
(21,007)
|
Loss before income taxes |
(785,995)
|
(341,787)
|
(1,111,060)
|
(606,510)
|
Provision for income taxes |
|
|
|
|
Net loss |
$ (785,995)
|
$ (341,787)
|
$ (1,111,060)
|
$ (606,510)
|
Basic (loss) per share |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Diluted (loss) per share |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Basic weighted average shares of common stock outstanding |
244,935,286
|
234,953,286
|
244,953,286
|
234,953,286
|
Diluted weighted average shares of common stock outstanding |
244,935,286
|
234,953,286
|
244,953,286
|
234,953,286
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Preferred Stock [Member]
Series D Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
|
|
$ 23,495
|
$ 5,857,658
|
$ (18,010,150)
|
$ (12,128,997)
|
Balance, shares at Dec. 31, 2021 |
1,000
|
|
234,953,286
|
|
|
|
Net loss for Period |
|
|
|
|
(606,510)
|
(606,510)
|
Balance at Jun. 30, 2022 |
|
|
$ 23,495
|
5,857,658
|
(18,616,660)
|
(12,735,507)
|
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1,000
|
|
234,953,286
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
|
|
$ 23,495
|
5,857,658
|
(18,010,150)
|
(12,128,997)
|
Balance, shares at Mar. 31, 2022 |
1,000
|
|
234,953,286
|
|
|
|
Net loss for Period |
|
|
|
|
(341,787)
|
(341,787)
|
Balance at Jun. 30, 2022 |
|
|
$ 23,495
|
5,857,658
|
(18,616,660)
|
(12,735,507)
|
Balance, shares at Jun. 30, 2022 |
1,000
|
|
234,953,286
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
|
$ 24,495
|
5,906,742
|
(19,624,081)
|
(13,692,844)
|
Balance, shares at Dec. 31, 2022 |
1,000
|
|
244,953,286
|
|
|
|
Net loss for Period |
|
|
|
|
(1,111,060)
|
(1,111,060)
|
Issuance Preferred D Shares |
|
$ 30,000
|
|
|
|
30,000
|
Issuance Preferred D Shares, shares |
|
300
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 30,000
|
$ 24,495
|
5,906,742
|
(20,735,141)
|
(14,773,904)
|
Balance, shares at Jun. 30, 2023 |
1,000
|
300
|
244,953,286
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
|
$ 24,495
|
5,906,742
|
(19,949,146)
|
(14,017,909)
|
Balance, shares at Mar. 31, 2023 |
1,000
|
|
244,953,286
|
|
|
|
Net loss for Period |
|
|
|
|
(785,995)
|
(785,995)
|
Issuance Preferred D Shares |
|
$ 30,000
|
|
|
|
30,000
|
Issuance Preferred D Shares, shares |
|
300
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 30,000
|
$ 24,495
|
$ 5,906,742
|
$ (20,735,141)
|
$ (14,773,904)
|
Balance, shares at Jun. 30, 2023 |
1,000
|
300
|
244,953,286
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Cash flows (used in) operating activities: |
|
|
|
|
|
Net loss |
$ (785,995)
|
$ (341,787)
|
$ (1,111,060)
|
$ (606,510)
|
|
Adjustments to reconcile net loss to net cash (used in) operations: |
|
|
|
|
|
Amortization of debt discount |
|
|
134,855
|
14,949
|
|
Preferred Shares for services |
|
|
111,111
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
|
(45,030)
|
(20,037)
|
|
Prepaid expenses |
|
|
(250)
|
(7,718)
|
|
Accounts payable and accrued expenses |
|
|
154,772
|
106,825
|
|
Net cash (used in) operating activities |
|
|
(755,602)
|
(512,491)
|
|
Cash flows used by investing activities: |
|
|
|
|
|
Net cash used by investing activities |
|
|
|
|
|
Cash flows provided by financing activities: |
|
|
|
|
|
Loans and Advances from Former Parent |
|
|
784,288
|
428,943
|
|
Loan from CEO |
|
|
|
90,100
|
|
Net cash provided by financing activities |
|
|
784,288
|
519,043
|
|
Net increase in cash |
|
|
28,686
|
6,552
|
|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Beginning Balance |
|
|
5,415
|
46
|
$ 46
|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Ending Balance |
$ 34,101
|
$ 6,598
|
$ 34,101
|
$ 6,598
|
$ 5,415
|
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v3.23.2
Description of Business
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Description of Business |
Note
1 – Description of Business
InnovaQor, Inc., a Nevada corporation,
was originally incorporated on September 7, 1999, under the name Ancona Mining Corporation. On November 30, 2004,
our corporate name changed to VisualMED Clinical Solutions Corporation (“VisualMED”). On September 8, 2021, our corporate
name changed to InnovaQor, Inc.
The Company provides information
technology solutions and services to healthcare and laboratory customers in the United States. Our goal is to develop and deliver a technology-based
network communication platform to a broad range of healthcare professionals and businesses using a subscription revenue model with added
value bolt on services. The Company has initiated this project in the second quarter of 2023 and is working with a Canadian-based development
company to create a minimum viable product (MVP) to demonstrate the peer-to-peer communication capabilities. The Company will launch this
new platform under the name Curallo. The Company, through an acquisition that closed on June 25, 2021, has a number of fully developed
products and services which it offers through three operating wholly-owned subsidiaries that provide medical support services primarily
to clinical laboratories, corporate operations, rural hospitals, physician practices and behavioral health/substance abuse centers.
Each of the subsidiaries is
wholly owned by the Company and complements each other, allowing for cross selling of products and services. The Company believes the
current solutions will become an added value option to a technology-based network communication platform to a broad range of healthcare
professionals and businesses using a subscription revenue model with added value bolt on services the Company plans to develop.
The
six wholly-owned subsidiaries are.
Health
Technology Solutions, Inc. (“HTS”): HTS provides vCIO, IT managed services and data analytics dashboards to our subsidiaries and outside medical
service providers. HTS operates from the corporate offices in West Palm Beach, Florida.
Medical
Mime, Inc. (“Mime”): Mime was formed on May 9, 2014. It specializes in electronic health records (EHR) software and
subscription services for the behavioral health and rehabilitation market segments. It currently serves 11 behavioral
health/substance abuse facilities.
ClinLab,
Inc. (“ClinLab”): ClinLab develops and markets laboratory information management systems to mid-size clinical laboratories.
It currently services nine clinical laboratories across the country.
AMSG
owns CollabRx, Inc. (“CollabRx”) and Genomas, Inc. (“Genomas”), each of which is an inactive operation.
Genomas
operated a diagnostics lab until December 31, 2019 and was focused solely on the pharmacogenomics technology and platform,
MedTuning, to interpret diagnostics outcomes and translate these outcomes into easily usable information to indicate the
effectiveness of medications for a patient. This solution would require minimum effort to be back in operation. CollabRx owns a
technology platform and database for interpreting diagnostics outcomes from cancer patients that could match the result to known
treatments and or clinical trials. This solution has been dormant for a number of years and to be viable in the marketplace will
require updates to the technology and the database.
Existing
products offered by the Company’s subsidiaries are as follows:
“M2Select”
is a custom built, cloud based, electronic health record which meets the needs of substance
abuse treatment and behavioral health providers. M2Select’s specialized clinical workflow provides intuitive prompts for symptoms
and enables you to quickly select problems and create master treatment plans with goals, objectives, and interventions. M2Select
provides best-in-class patient lifecycle management for Behavioral Health/Substance Abuse (BH/SA) treatment centers. From pre-admission
to billing and aftercare, M2Select is an electronic health record and patient management software that seamlessly integrates into the
natural workflow of day-to-day operations.
“M2Pro”
is a custom built, cloud based, electronic health record for ambulatory physician practices that meets meaningful use stage 2 and no
further. Its unique dictation services further automate the workflow process for physicians allowing them to focus on their continuum
of patient care. This product is not currently offered in the United States market but could be distributed outside of the United States.
“ClinLab”
is a turnkey client/server lab information system for mid-range laboratories. ClinLab supports interfaces to all major reference labs
and the ClinLab team can provide an interface to any system with that capability. ClinLab also features an optional package which enables
interfacing with the most popular EHR systems allowing lab test results to integrate seamlessly into a lab’s EHR for an improved
patient record and to fulfill the federal government requirements.
“Qira”
is our healthcare business analytics service powered by PowerBI. It is a culmination of healthcare financial and revenue cycle management
plus clinical operations oversight needs. It aggregates data from multiple healthcare systems to produce a single source business intelligence
tool with executive level daily briefing to deep dive operational management of claims and operational efficiencies. There are many other
analytical services available that customize solutions but none that has a proven template for success. Our competitive advantage comes
from having created these tools to identify the deficiencies in the real world for the former parent Rennova from its former national
laboratory operations to its more recent rural hospitals.
“vCIO
Services”. Based on the skills and experience inherent within InnovaQor and resulting from work undertaken on behalf of the former
parent, Rennova, InnovaQor offers a range of CIO services centered on our ability to link IT systems to business objectives combined
with our knowledge of technology trends likely to impact our sector. The CIO services would include (but not be limited to):
|
● |
Program
and Project Management |
|
● |
Vendor
Management |
|
● |
Business
Continuity and Disaster Recovery |
|
● |
Security
Services |
|
● |
Network
Infrastructure Management |
|
● |
Helpdesk
Provision |
“MedTuning”
is the technology and platform owned by Genomas. It utilized proprietary biomarkers, treatment
algorithms, and a web-based interactive physician portal delivery system to provide clinical
decision support for physicians and personalized drug treatment for patients. Products were
DNA-guided to improve the therapeutic benefit of widely used prescription drugs while also
reducing the risk of significant side effects for patients.
Medical
Informatics: Our technology platform, proprietary algorithms and physician interface portal can be extended to a wide range of drug categories.
Research
and Development: Technology platform applicable to numerous disease states; current pipeline in mental health, pain management, cardiovascular
and diabetes.
“Advantage”
is a proprietary HIPAA compliant software developed to eliminate the need for paper requisitions by providing an easy to use and efficient
web-based system that lets customers securely place lab orders, track samples and view test reports in real time from any web-enabled
laptop, notepad or smart phone.
Our
goal is to develop and deliver a technology-based network communication platform to a broad range of healthcare professionals and businesses
using a subscription revenue model with added value bolt on services. The Company has initiated this project in the second quarter of
2023 and is working with a Canadian-based development company to create a minimum viable product (MVP) to demonstrate the peer-to-peer
communication capabilities. The Company will launch this new platform under the name Curallo.
|
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 - Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
consolidated financial statements include the accounts of only the HTS Group (the accounting acquirer) prior to June 25, 2021 and
InnovaQor and the Group since the date of acquisition on June 25, 2021, with the transaction being accounted for as a
recapitalization of the Group on June 25, 2021. The consolidated financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) and require management to make certain
judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and
expenses during the reporting periods. Actual results could differ from those estimates upon subsequent resolution of identified
matters.
The
accompanying condensed consolidated financial statements as of and for the three and six months ended June 30, 2023 and 2022, have
been derived from unaudited financial information. Intercompany accounts and transactions have been eliminated. The accompanying
unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited financial
statements and in accordance with U.S. GAAP, for interim financial information and the rules and regulations of the Securities and
Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information
includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim
information.
Comprehensive
Loss
During
the three and six months ended June 30, 2023 and 2022, comprehensive loss was equal to the net loss amounts presented in the accompanying
condensed consolidated statements of operations.
Going
Concern
Under
Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) Accounting
Standards Codification (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise
substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the
financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential
mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed
the Company’s ability to continue as a going concern in accordance with the requirement of ASC 205-40.
The
accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and the rules and
regulations of the SEC. The condensed consolidated financial statements have been prepared using U.S. GAAP applicable to a going
concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has
accumulated significant losses and has negative cash flows from operations and, at June 30, 2023, had a working capital deficit and
accumulated deficit of $5.4 million and
$20.7 million,
respectively. In addition, the Company’s cash position is critically deficient and critical payments are not being made in the
ordinary course of business, all of which raises substantial doubt about the Company’s ability to continue as a going concern.
Management’s plans with respect to alleviating the adverse financial conditions that caused management to express substantial
doubt about the Company’s ability to continue as a going concern are as follows:
The
Company incurred substantial costs in connection with the acquisition of the Group from Rennova, which included accounting, tax,
legal and other professional services costs, recruiting and relocation costs associated with hiring key senior management personnel who
are new to the Company, tax costs and costs to separate information systems, among other costs. The cost of performing such functions
is anticipated to be higher than the amounts reflected in the Company’s historical financial statements, which would cause its
future losses to increase.
Accordingly,
the Company will continue to focus on reducing its operating costs and increasing revenues.
There
can be no assurance that the Company will be able to achieve its business plan, raise any additional capital or secure the additional
financing necessary to implement its current operating plan. The ability of the Company to continue as a going concern is dependent upon
its ability to increase its revenues and eventually achieve profitable operations. The accompanying condensed consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Significant areas of estimation include estimating the
fair value of intangible assets acquired, the impairment of assets, accrued and contingent liabilities, and future income tax obligations
(benefits), among other items. Actual results could differ from those estimates and would impact future results of operations and cash
flows.
Cash
and Cash Equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
Allowance
for Doubtful Accounts Policy
Accounts
receivable are reported at realizable value, net of allowances for doubtful accounts, which are estimated and recorded in the period
that the Company deems the receivable to be uncollectable. The Company has a standardized approach to estimate and review the collectability
of its receivables based on a number of factors, including the period they have been outstanding. Historical collection is an integral
part of the estimation process related to the allowance for doubtful accounts. In addition, the Company regularly assesses the state
of its billing operations in order to identify issues that may impact the collectability of these receivables or reserve estimates. Receivables
deemed to be uncollectible are charged against the allowance for doubtful accounts at the time such receivables are written-off. Recoveries
of receivables previously written-off are recorded as credits to the allowance for doubtful accounts. Revisions to the allowances for
doubtful accounts estimates are recorded as an adjustment to the provision for bad debts.
Revenue
Recognition
We
recognize revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers
(Topic 606),” including subsequently issued updates. This series of comprehensive guidance has replaced all existing revenue recognition
guidance. There is a five-step approach outlined in the standard. In determining revenue, we first identify the contract according to
the scope of ASU Topic 606 with the following criteria:
|
● |
Identify
the contract(s) with a customer. |
|
● |
Identify
the performance obligations in the contract. |
|
● |
Determine
the transaction price. |
|
● |
Allocate
the transaction price to the performance obligations in the contract. |
|
● |
Recognize
revenue when or as you satisfy a performance obligation. |
Revenue
is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration
expected to be entitled to in exchange for those services. As the Company completes its performance obligations which are identified
in Note 10 below, it has an unconditional right to consideration as outlined in the Company’s contracts. Generally, the Company’s
accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. For many of the Company’s
services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional
services. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service
is generally based upon an agreed hourly rate.
Impairment
or Disposal of Long-Lived Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s
(“FASB”) ASC 360, “Property, Plant and Equipment.” Long-lived assets are reviewed when facts and
circumstances indicate that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down
to estimated fair value based on the best information available. Estimated fair value is generally based either on appraised
value or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted
future cash flows. Accordingly, actual results could vary significantly from such estimates. As of June 30, 2023 and December 31,
2022, all of the Company’s fixed assets were fully depreciated and, therefore, the carrying value of property and
equipment represented fair value. Property and equipment are depreciated over lives ranging from three
to seven
years.
Fair
Value of Financial Instruments
In
accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company applies fair value accounting for
all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market
in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset
or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying
the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within
the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
|
● |
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities that the
Company has the ability to access at the measurement date. |
|
● |
Level
2 applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets;
or quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active
markets). |
|
● |
Level
3 applies to assets or liabilities for which fair value is derived from valuation techniques in which one or more significant inputs
are unobservable, including the Company’s own assumptions. |
The
estimated fair value of financial instruments is determined by the Company using available market information and valuation methodologies
considered to be appropriate. At June 30, 2023 and December 31, 2022, the carrying value of the Company’s accounts receivable,
accounts payable, accrued expenses and notes payable, approximate their fair values due to their short-term nature. For the three and
six months ended June 30, 2023 and 2022, there were no realized and unrealized gains on instruments valued using fair value evaluation
methods.
Income
Taxes
The
entities within the Group were included in the consolidated income tax returns of its Parent for the years ended December 31, 2020 and
prior. A determination was made by Parent’s management not to allocate any of the deferred tax assets or liabilities to the
Group as of December 31, 2020 and prior. Accordingly, the Group did not provide for income taxes in the combined financial statements.
The Company since June 25, 2021 uses the liability method of accounting for income taxes. Under the liability method, future tax liabilities
and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial
statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using
enacted or substantially enacted income tax rates expected to apply when the asset is realized or the liability settled. The effect of
a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the change occurs.
Future income tax assets are recognized to the extent that they are considered more likely than not to be realized. When projected future
taxable income is insufficient to provide for the realization of deferred tax assets, the Company will recognize a valuation allowance.
In
accordance with U.S. GAAP, the Company has determined whether a tax position of the Company is more likely than not to be sustained upon
examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical
merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording
a tax liability that would reduce net assets. The Company has determined that it has not incurred any liability for tax benefits as of
June 30, 2023 and 2022. State income taxes will also be due on any income generated in the future.
Convertible
Preferred Stock
The
Company classifies its Series B-1 and Series C-1 Convertible Preferred Stock as liabilities in accordance with ASC 480 Distinguishing
Liabilities from Equity since the preferred stock is convertible, at the option of the holder, into a variable number of shares based
solely on a fixed dollar amount (stated value) known at issuance of the preferred stock.
Basic
and Diluted Net Income (Loss) Per Share
The
Company computes net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation
of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income
(loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period.
Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury
stock method, and convertible preferred stock, using the if-converted method. As of June 30, 2023 and 2022 there were approximately 3,339,000,000
and 3,164,000,000, respectively, common stock equivalents which where antidilutive due to the Company’s losses.
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v3.23.2
Acquisition
|
6 Months Ended |
Jun. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisition |
Note
3 – Acquisition
The
Company acquired all the common stock of the HTS Group from Rennova on June 25, 2021, in exchange for Preferred Series A-1, B-1 and C-1
stock with a fair market value of $9,195,692. This acquisition has been accounted for as a reverse acquisition with the HTS Group being
the accounting acquiror with the excess fair value of the purchase price over net asset fair value acquired treated as a reduction of
additional paid in capital on the date of acquisition.
A
summary of that purchase price is as follows:
Schedule
of Purchase Price
Fair Value of Preferred Series A-1 Stock | |
$ | 100 | |
Fair Value of Preferred Series B-1 Stock | |
| 9,086,396 | |
Fair Value of Preferred Series C-1 Stock | |
| 122,000 | |
Other | |
| (12,804 | ) |
Total | |
$ | 9,195,692 | |
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v3.23.2
Accounts Receivable
|
6 Months Ended |
Jun. 30, 2023 |
Credit Loss [Abstract] |
|
Accounts Receivable |
Note
4 – Accounts Receivable
Accounts
receivable at June 30, 2023 and December 31, 2022 consisted of the following:
Schedule of Accounts Receivable
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts receivable – (including related party receivable of $33,672 and $28,973 at June 30, 2023 and December 31, 2022, respectively) | |
$ | 95,656 | | |
$ | 36,266 | |
Less: | |
| | | |
| | |
Allowance for doubtful accounts | |
| (14,400 | ) | |
| — | |
Accounts receivable, net | |
$ | 81,256 | | |
$ | 36,266 | |
For
the three and six months ended June 30, 2023 and 2022, bad debt expense (recovery), was $15,000
and $0,
respectively.
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.23.2
Property and Equipment
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Note
5 – Property and Equipment
Property
and equipment at June 30, 2023 and December 31 2022 consisted of the following:
Summary
of Property and Equipment
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Software | |
$ | 1,435,875 | | |
$ | 1,435,875 | |
Furniture | |
| 8,227 | | |
| 8,227 | |
Office equipment | |
| 30,931 | | |
| 30,931 | |
Computer equipment | |
| 324,131 | | |
| 324,131 | |
Property and equipment , gross | |
| 1,799,164 | | |
| 1,799,164 | |
Less accumulated depreciation | |
| (1,799,164 | ) | |
| (1,799,164 | ) |
Property and equipment, net | |
$ | — | | |
$ | — | |
Depreciation
expense on property and equipment was $0
and $0 for
the three and six months ended June 30, 2023 and 2022, respectively. Management periodically reviews the valuation of long-lived
assets, including property and equipment, for potential impairment.
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v3.23.2
Accrued Expenses
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
Note
6 – Accrued Expenses
Accrued
expenses at June 30, 2023 and December 31, 2022 consisted of the following:
Schedule
of Accrued Expenses
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Accrued payroll and related liabilities | |
$ | 1,361,753 | | |
$ | 1,420,130 | |
Accrued legal | |
| 37,997 | | |
| 37,997 | |
Accrued interest | |
| 36,403 | | |
| 23,156 | |
Deferred revenue and customer deposits | |
| 21,230 | | |
| 44,544 | |
Other accrued expenses | |
| 104,430 | | |
| 112,244 | |
Accrued expenses | |
$ | 1,561,813 | | |
$ | 1,638,071 | |
Accrued
payroll and related liabilities at June 30, 2023 and December 31, 2022 included approximately $1.0 million and $1.0 million, respectively,
of accrued past due payroll taxes, related penalties and interest,
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.2
Notes Payable
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Notes Payable |
Note
7 – Notes Payable
The
carrying amount of notes payable as of June 30, 2023 and December 31, 2022 was as follows:
Schedule
of Notes Payable
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Note payable with the Department of Economic and Community Development in the original amount of $147,372 due in monthly payments of principal and interest totaling $2,132 beginning January 1, 2017 with a final payment due on October 1, 2022. Non-interest bearing. Payments were not made in 2023 or 2022. | |
$ | 134,153 | | |
$ | 134,153 | |
| |
| | | |
| | |
Loans from Related Parties and Companies due December 2022 ($13,162
in default) and December 31, 2023. Original issue discount of $160,608
which is fully amortized at June 30, 2023,
25 shares of Series C-1 Preferred Stock issued in connection with theses loans. | |
| 1,470,414 | | |
| 1,438,269 | |
| |
| | | |
| | |
Paycheck Protection Program Loans (PPP Loans). The PPP Loans and accrued
interest are forgivable as long as the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and
utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the Company terminates employees or
reduces salaries. No collateral or guarantees were provided in connection with the PPP Loans. The unforgiven portion of the PPP
Loans are payable over two years at an interest rate of 1.0%
per annum, with a deferral of payments for the first sixteen months. Beginning sixteen months from the dates of issuance, the
Company is required (if not forgiven) to make monthly payments of principal and interest to the lenders. The Company believes it
used all of the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan
proceeds will meet the conditions for forgiveness of the loans, it cannot assure you that it will not take actions that could cause
the Company to be ineligible for forgiveness of the loans, in whole or in part. | |
| 60,401 | | |
| 60,401 | |
Notes payable | |
| 1,664,968 | | |
| 1,632,823 | |
Less current portion | |
| 1,604,567 | | |
| 1,572,422 | |
Notes payable, long term, net of current portion | |
$ | 60,401 | | |
$ | 60,401 | |
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v3.23.2
Loans from Parent and Other Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Loans From Parent And Other Related Party Transactions |
|
Loans from Parent and Other Related Party Transactions |
Note
8 – Loans from Parent and Other Related Party Transactions
To
fund the Company’s operations for the six months ended June 30, 2023, the former Parent advanced funds and paid expenses of
InnovaQor and the Group in the amount of $876,998 (Non-interest
bearing). The amounts as of June 30, 2023, and December 31, 2022 are included in Due to Former Parent and Notes Payable in the
accompanying Condensed Consolidated Balance Sheets.
The
Company has a loan payable to its former Parent in the amount of $1,457,253 at June 30, 2023. The loan had a 10% Original Issue Discount
in the amount of $132,498 which is fully amortized as of June 30, 2023, the due date of the loan. The loan has a default interest rate
of 18%.
On
August 9, 2023, the Company and Rennova mutually agreed to modify the promissory note to extend the maturity date from June 30,
2023 to December 31, 2023 and to provide for additional interest in the form of
5% of the principal amount to be added to the amount payable under
the note.
During
the year ended December 31, 2022, Ms. Hollis, the former Chief Executive Officer of the Company, loaned the Company $96,100.
The Company entered into promissory notes in the amount
of $105,710,
representing a 10%
original issue discount. During the year ended December 31, 2022, $13,000 of these loans was repaid. A payment of $93,010,
representing full payment of the loan including interest outstanding, was made by the Company on May 12, 2023. In addition, the
Company issued Ms. Hollis 25 shares of Series C-1 Preferred Stock on March 31, 2022, in connection with one of the loans. These
shares of Series C-1 Preferred Stock were valued at $15,250 using
the Option Price Method and the same assumptions as used to value the prior issuance of Series C-1 Preferred Stock.
The
above amounts are not indicative of what third parties would have agreed to.
Related
Parties Transactions
Included
in net revenues for the three months ended June 30, 2023 and 2022 is $96,876
and $47,788,
respectively, of related party revenue with Rennova (the former parent).
Included
in net revenues for the six months ended June 30, 2023 and 2022 is $181,579 and $102,267, respectively, of related party revenue with
Rennova (the former parent).
The
Group has incurred certain costs that have been allocated from Rennova. Included in the Consolidated Statements of Operations are the
following allocated costs:
Schedule
of Allocated Costs
| |
Three Months Ended June
30, 2023 | | |
Three Months Ended June
30, 2022 | |
Health insurance | |
$ | 4,838 | | |
$ | — | |
Rent and utilities | |
| 30,771 | | |
| 33,441 | |
Total allocated costs | |
$ | 35,609 | | |
$ | 33,441 | |
| |
| Six Months Ended June 30, 2023 | | |
| Six Months Ended June 30, 2022 | |
Health insurance | |
$ | 10,676 | | |
$ | — | |
Rent and utilities | |
| 60,958 | | |
| 62,304 | |
Total allocated costs | |
$ | 71,634 | | |
$ | 60,304 | |
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v3.23.2
Preferred Stock and Stockholders’ Deficit
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Preferred Stock and Stockholders’ Deficit |
Note
9 – Preferred Stock and Stockholders’ Deficit
Common
Stock
The
Company has authorized
2,000,000,000 shares of $0.0001
par value Common Stock of which 244,953,286
are issued and outstanding as of June 30, 2023 and December 31, 2022. These
shares have 1 vote per share. The authorized Common Stock was increased from 325,000,000
to
2,000,000,000 on June 29, 2023.
Preferred
Stock Series A-1
The
Company has authorized 1,000 shares of $0.0001 par value (stated value $10) Series A-1 Supermajority Voting Preferred Stock of which
1,000 are issued and outstanding as of June 30, 2023 and December 31, 2022. So long as one share of Series A-1 Preferred Stock is outstanding,
the outstanding shares of the Series A-1 Preferred Stock shall have the number of votes, in the aggregate, equal to 51% of all votes
entitled to be voted at any stockholder meeting. These shares have no rights to receive dividends and liquidation rights are equal to
the stated value per share.
Preferred
Stock Series B-1
The
Company has authorized 25,000
shares of $0.0001
par value (stated value $1,000)
Series B-1 Convertible Redeemable Preferred Stock of which 14,950
are issued and outstanding as of June 30, 2023 and December 31, 2022. These
shares have no voting rights, dividends on these shares shall accrue at the rate of 5% of the stated value per share and liquidation
rights are equal to the stated value per share. These shares are convertible into the Company’s Common Stock based on
the stated value at a conversion price equal to 90%
of the average closing price of the Common Stock on the 10
Trading Days immediately prior to the Conversion Date but in any event no less than the par value of the Common Stock. The Series
B-1 Preferred Stock was not convertible prior to the first anniversary of its issuance except with the consent of the holders of
a majority of the then outstanding shares, if any, of the Series A-1 Preferred Stock. No conversion can be made to the extent the
holder’s beneficial interest (as defined pursuant to the terms of the Series B-1 Preferred Stock) in the common stock of
InnovaQor would exceed 4.99%.
These shares are redeemable at the option of the Company at their stated value plus declared and unpaid dividends. Because these
shares are convertible, at the option of the holder, into a variable number of common shares based solely on a fixed dollar amount
(stated value) known at issuance of the shares they have been recorded as a long-term liability at the date of issuance in
accordance with ASC 480, Distinguishing Liabilities from Equity.
Preferred
Stock Series C-1
The
Company has authorized 2,000
shares of $0.0001
par value (stated value $1,000)
Series C-1 Convertible Redeemable Preferred Stock of which 325
and 225
are issued and outstanding as of June 30, 2023 and December 31, 2022, respectively. These
shares have no voting rights, dividends on these shares shall accrue at the rate of 10% of the stated value per share and
liquidation rights are equal to the stated value per share. These shares are convertible into the Company’s Common
Stock based on the stated value at a conversion price equal to 90%
of the average closing price of the Common Stock on the 10
Trading Days immediately prior to the Conversion Date but in any event no less than the par value of the Common Stock. The Series
C-1 Preferred Stock was not convertible prior to the first anniversary of its original issuance except with the consent of the
holders of a majority of the then outstanding shares, if any, of the Series A-1 Preferred Stock. No conversion can be made to the
extent the holder’s beneficial interest (as defined pursuant to the terms of the Series C-1 Preferred Stock) in the common
stock of InnovaQor would exceed 4.99%.
These shares are redeemable at the option of the Company at their stated value plus declared and unpaid dividends. Because these
shares are convertible, at the option of the holder, into a variable number of common shares based solely on a fixed dollar amount
(stated value) known at issuance of the shares they have been recorded as a long-term liability at the date of issuance in
accordance with ASC 480, Distinguishing Liabilities from Equity.
Preferred
Stock Series D
On
May 12, 2023, the Company authorized 500
shares of Series D Non-Convertible Preferred Stock with a par value of $0.0001
and a stated value of $100.
The Company issued 300
shares of Preferred D Stock to three subscribers on May 12, 2023, for a total consideration of $30,000. The
Series D Preferred Stock does not have voting rights but each holder of issued and outstanding Series D Preferred
Stock shall be entitled to receive monthly as a dividend, an amount equal to (a) the sum of (i) five percent (5%) of the amount of
gross sales in excess of $500,000 collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of
business during the month immediately preceding the month in which such dividend becomes payable, which amount shall not exceed
$25,000, (ii) ten percent (10%) of the amount of gross sales in excess of $1 million collected by the Company or any subsidiary (on
a consolidated basis) in the ordinary course of business during the month immediately preceding the month in which such dividend
becomes payable, which amount shall not exceed $100,000 and (iii) two and one-half percent (2.5%) of the amount of gross sales in
excess of $2 million collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of business during
the month immediately preceding the month in which such dividend becomes payable.
So
long as any shares of Series D Preferred Stock are outstanding, the Company shall not, without the consent of the holders of a majority
of the outstanding shares of Series D Preferred Stock, authorize any additional shares of Series D Preferred Stock, create any additional
class or series of capital stack that ranks senior to the Series D Preferred Stock, or amend, alter or repeal any provisions of the Certificate
of Designation or the Company’s articles or bylaws in a manner that adversely affects the powers, preferences or rights of the
Series D Preferred Stock.
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v3.23.2
Revenue
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
Note
10 – Revenue
The
Company had net revenue for the three and six months ended June 30, 2023 and 2022 as follows:
Schedule of Net Revenue
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Three Months ended | | |
Three Months ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Dashboards | |
$ | 19,420 | | |
$ | 10,478 | |
IT Managed Services | |
| — | | |
| 22,620 | |
Software and Interfaces | |
| 2,500 | | |
| 5,580 | |
Support and Maintenance | |
| 66,167 | | |
| 26,895 | |
vCIO Services | |
| 42,356 | | |
| 13,240 | |
Marketing and Management | |
| 35,100 | | |
| — | |
Software Licenses Fees | |
| 25,277 | | |
| 15,247 | |
Other | |
| 33 | | |
| 451 | |
Total Net Revenue | |
$ | 190,853 | | |
$ | 94,511 | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Six Months ended | | |
Six Months ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Dashboards | |
$ | 29,320 | | |
$ | 24,102 | |
IT Managed Services | |
| 65,208 | | |
| 48,360 | |
Software and Interfaces | |
| 12,120 | | |
| 5,580 | |
Support and Maintenance | |
| 112,487 | | |
| 52,736 | |
vCIO Services | |
| 84,801 | | |
| 27,431 | |
Marketing and Management | |
| — | | |
| — | |
Software Licenses Fees | |
| 51,529 | | |
| 30,744 | |
Other | |
| 11,303 | | |
| 2,374 | |
Total Net Revenue | |
$ | 366,768 | | |
$ | 191,327 | |
Generally,
work is billed monthly by the hour at agreed upon hourly rates for all of the above revenue streams.
For
all of the Company’s services, the Company typically has one performance obligation; however, it also provides the customer with
an option to acquire additional services. The Company typically provides a menu of offerings from which the customer may choose to purchase.
The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is generally consistent
for each service irrespective of the other services or quantities requested by the customer.
When
the Company receives consideration from a customer prior to transferring services to the customer under the terms of the contract, it
records deferred revenues on the Company’s consolidated balance sheet, which represents a contract liability.
The
Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period
and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would
meet the criteria to be capitalized and presented as a contract asset on the Company’s consolidated balance sheet.
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
11 – Commitments and Contingencies
Consulting
Agreement – The Company entered into a consulting agreement effective June 1, 2021, with a company owned by Mr. Dab, the
Company’s former CEO, for a period of one year to assist in developing the Company’s business including communications with
existing shareholders and the general public. The
agreement provided that the Company would pay $3,500 a month and an additional $60,000 upon the earlier of receipt of funding from an
outside source or within 90 days. The $60,000 payment was made during the six months ended June 30, 2023 but the monthly amounts have
not been paid. On June 1, 2022, the agreement was extended for another year. The new agreement increases the monthly fee to $4,500. The
agreement was extended further on June 1, 2023 for another year. The monthly amounts remain unpaid by the Company to date. The amounts
payable to Mr. Dab under this agreement include the fees payable to him as a director of the Company.
Concentration
of Credit Risk - Credit risk with respect to accounts receivable is generally low due to the nature of the customers comprising
the customer base and the significant related party component. The Company does not require collateral or other security to support customer
receivables. However, the Company continually monitors and evaluates its client acceptance and collection procedures to minimize potential
credit risks associated with its accounts receivable and establishes an allowance for uncollectible accounts and, as a consequence, believes
that its accounts receivable credit risk exposure beyond such allowance is not material to the condensed consolidated financial statements.
The
Company maintains its cash balances in high-credit-quality financial institutions. The Company’s cash balances may, at times, exceed
the deposit insurance limits provided by the Federal Deposit Insurance Corp.
Guarantees
Certain
subsidiaries of the Company have guaranteed debt obligations of their former Parent. As part of the transaction with the Company, the
former Parent received a release of guarantees from certain institutional lenders and has been working to settle other debt obligations
where certain subsidiaries of the Company remain a guarantor. The Company believes that any risk associated with previous guarantees
is now minimal and immaterial.
Legal
Matters
From
time to time, the Company may be involved in a variety of claims, lawsuits, investigations and proceedings related to contractual disputes,
employment matters, regulatory and compliance matters, intellectual property rights and other litigation arising in the ordinary course
of business. The Company operates in a highly regulated industry which may inherently lend itself to legal matters. Management is aware
that litigation has associated costs and that results of adverse litigation verdicts could have a material effect on the Company’s
condensed consolidated financial position or results of operations. Management, in consultation with legal counsel, has addressed known
assertions and predicted unasserted claims below.
P2P
Staffing Corp. received a judgment against HTS during 2018 in the amount of $58,784
plus accrued interest and court costs for amounts owed. As of each of June 30, 2023 and December 31, 2022, $10,464
was outstanding and owed for this judgment and included in accounts payable in the accompanying Condensed Consolidated Balance
Sheets.
Two
former employees of CollabRx, Inc., one of the acquired subsidiaries, filed suits in a California state court against the former Parent,
Rennova, and CollabRx, Inc., in connection with amounts claimed to be owed under their respective employment agreements with CollabRx,
Inc. One former employee received a judgment for approximately $253,000, which Rennova has paid in full. The other former employee received
a judgment for approximately $173,000.
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v3.23.2
Supplemental Disclosure of Cash Flow Information
|
6 Months Ended |
Jun. 30, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
Supplemental Disclosure of Cash Flow Information |
Note
13 – Supplemental Disclosure of Cash Flow Information
Schedule
of Supplemental Disclosure of Cash Flow Information
| |
2023 | | |
2022 | |
| |
Six Months ended June 30, | |
| |
2023 | | |
2022 | |
Cash paid for interest | |
$ | 118,096 | | |
$ | 5,937 | |
Cash paid for income taxes | |
$ | — | | |
$ | — | |
Accounts payable, accrued salary and notes payable converted to Series
D Preferred stock | |
$ | 30,000 | | |
$ | — | |
Advances from former parent converted to notes payable | |
$ | 92,710 | | |
$ | — | |
Non-Cash Investing and Financing Activities | |
| — | | |
| — | |
Preferred C-1 Series Stock issued for debt | |
| — | | |
| 15,250 | |
|
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- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.23.2
Recent Accounting Pronouncements
|
6 Months Ended |
Jun. 30, 2023 |
Recent Accounting Pronouncements |
|
Recent Accounting Pronouncements |
Note
14 – Recent Accounting Pronouncements
All
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s consolidated financial
statements.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
15– Subsequent Events
On
August 8, 2023 the Company borrowed an additional $55,000 in the form of a convertible note with an Original Issue Discount of $8,250
and a one time interest charge of 14%. The note is payable monthly in the amount of $8,012 with first payment due September 14, 2023.
It is convertible into Common Stock at a fixed price of $0.005 per share in the event of default.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
consolidated financial statements include the accounts of only the HTS Group (the accounting acquirer) prior to June 25, 2021 and
InnovaQor and the Group since the date of acquisition on June 25, 2021, with the transaction being accounted for as a
recapitalization of the Group on June 25, 2021. The consolidated financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) and require management to make certain
judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and
expenses during the reporting periods. Actual results could differ from those estimates upon subsequent resolution of identified
matters.
The
accompanying condensed consolidated financial statements as of and for the three and six months ended June 30, 2023 and 2022, have
been derived from unaudited financial information. Intercompany accounts and transactions have been eliminated. The accompanying
unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual audited financial
statements and in accordance with U.S. GAAP, for interim financial information and the rules and regulations of the Securities and
Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such unaudited information
includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim
information.
|
Comprehensive Loss |
Comprehensive
Loss
During
the three and six months ended June 30, 2023 and 2022, comprehensive loss was equal to the net loss amounts presented in the accompanying
condensed consolidated statements of operations.
|
Going Concern |
Going
Concern
Under
Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) Accounting
Standards Codification (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise
substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the
financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential
mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed
the Company’s ability to continue as a going concern in accordance with the requirement of ASC 205-40.
The
accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and the rules and
regulations of the SEC. The condensed consolidated financial statements have been prepared using U.S. GAAP applicable to a going
concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has
accumulated significant losses and has negative cash flows from operations and, at June 30, 2023, had a working capital deficit and
accumulated deficit of $5.4 million and
$20.7 million,
respectively. In addition, the Company’s cash position is critically deficient and critical payments are not being made in the
ordinary course of business, all of which raises substantial doubt about the Company’s ability to continue as a going concern.
Management’s plans with respect to alleviating the adverse financial conditions that caused management to express substantial
doubt about the Company’s ability to continue as a going concern are as follows:
The
Company incurred substantial costs in connection with the acquisition of the Group from Rennova, which included accounting, tax,
legal and other professional services costs, recruiting and relocation costs associated with hiring key senior management personnel who
are new to the Company, tax costs and costs to separate information systems, among other costs. The cost of performing such functions
is anticipated to be higher than the amounts reflected in the Company’s historical financial statements, which would cause its
future losses to increase.
Accordingly,
the Company will continue to focus on reducing its operating costs and increasing revenues.
There
can be no assurance that the Company will be able to achieve its business plan, raise any additional capital or secure the additional
financing necessary to implement its current operating plan. The ability of the Company to continue as a going concern is dependent upon
its ability to increase its revenues and eventually achieve profitable operations. The accompanying condensed consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Significant areas of estimation include estimating the
fair value of intangible assets acquired, the impairment of assets, accrued and contingent liabilities, and future income tax obligations
(benefits), among other items. Actual results could differ from those estimates and would impact future results of operations and cash
flows.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
|
Allowance for Doubtful Accounts Policy |
Allowance
for Doubtful Accounts Policy
Accounts
receivable are reported at realizable value, net of allowances for doubtful accounts, which are estimated and recorded in the period
that the Company deems the receivable to be uncollectable. The Company has a standardized approach to estimate and review the collectability
of its receivables based on a number of factors, including the period they have been outstanding. Historical collection is an integral
part of the estimation process related to the allowance for doubtful accounts. In addition, the Company regularly assesses the state
of its billing operations in order to identify issues that may impact the collectability of these receivables or reserve estimates. Receivables
deemed to be uncollectible are charged against the allowance for doubtful accounts at the time such receivables are written-off. Recoveries
of receivables previously written-off are recorded as credits to the allowance for doubtful accounts. Revisions to the allowances for
doubtful accounts estimates are recorded as an adjustment to the provision for bad debts.
|
Revenue Recognition |
Revenue
Recognition
We
recognize revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers
(Topic 606),” including subsequently issued updates. This series of comprehensive guidance has replaced all existing revenue recognition
guidance. There is a five-step approach outlined in the standard. In determining revenue, we first identify the contract according to
the scope of ASU Topic 606 with the following criteria:
|
● |
Identify
the contract(s) with a customer. |
|
● |
Identify
the performance obligations in the contract. |
|
● |
Determine
the transaction price. |
|
● |
Allocate
the transaction price to the performance obligations in the contract. |
|
● |
Recognize
revenue when or as you satisfy a performance obligation. |
Revenue
is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration
expected to be entitled to in exchange for those services. As the Company completes its performance obligations which are identified
in Note 10 below, it has an unconditional right to consideration as outlined in the Company’s contracts. Generally, the Company’s
accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. For many of the Company’s
services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional
services. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service
is generally based upon an agreed hourly rate.
|
Impairment or Disposal of Long-Lived Assets |
Impairment
or Disposal of Long-Lived Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s
(“FASB”) ASC 360, “Property, Plant and Equipment.” Long-lived assets are reviewed when facts and
circumstances indicate that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down
to estimated fair value based on the best information available. Estimated fair value is generally based either on appraised
value or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted
future cash flows. Accordingly, actual results could vary significantly from such estimates. As of June 30, 2023 and December 31,
2022, all of the Company’s fixed assets were fully depreciated and, therefore, the carrying value of property and
equipment represented fair value. Property and equipment are depreciated over lives ranging from three
to seven
years.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
In
accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company applies fair value accounting for
all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market
in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset
or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying
the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within
the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
|
● |
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities that the
Company has the ability to access at the measurement date. |
|
● |
Level
2 applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets;
or quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active
markets). |
|
● |
Level
3 applies to assets or liabilities for which fair value is derived from valuation techniques in which one or more significant inputs
are unobservable, including the Company’s own assumptions. |
The
estimated fair value of financial instruments is determined by the Company using available market information and valuation methodologies
considered to be appropriate. At June 30, 2023 and December 31, 2022, the carrying value of the Company’s accounts receivable,
accounts payable, accrued expenses and notes payable, approximate their fair values due to their short-term nature. For the three and
six months ended June 30, 2023 and 2022, there were no realized and unrealized gains on instruments valued using fair value evaluation
methods.
|
Income Taxes |
Income
Taxes
The
entities within the Group were included in the consolidated income tax returns of its Parent for the years ended December 31, 2020 and
prior. A determination was made by Parent’s management not to allocate any of the deferred tax assets or liabilities to the
Group as of December 31, 2020 and prior. Accordingly, the Group did not provide for income taxes in the combined financial statements.
The Company since June 25, 2021 uses the liability method of accounting for income taxes. Under the liability method, future tax liabilities
and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial
statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using
enacted or substantially enacted income tax rates expected to apply when the asset is realized or the liability settled. The effect of
a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the change occurs.
Future income tax assets are recognized to the extent that they are considered more likely than not to be realized. When projected future
taxable income is insufficient to provide for the realization of deferred tax assets, the Company will recognize a valuation allowance.
In
accordance with U.S. GAAP, the Company has determined whether a tax position of the Company is more likely than not to be sustained upon
examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical
merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording
a tax liability that would reduce net assets. The Company has determined that it has not incurred any liability for tax benefits as of
June 30, 2023 and 2022. State income taxes will also be due on any income generated in the future.
|
Convertible Preferred Stock |
Convertible
Preferred Stock
The
Company classifies its Series B-1 and Series C-1 Convertible Preferred Stock as liabilities in accordance with ASC 480 Distinguishing
Liabilities from Equity since the preferred stock is convertible, at the option of the holder, into a variable number of shares based
solely on a fixed dollar amount (stated value) known at issuance of the preferred stock.
|
Basic and Diluted Net Income (Loss) Per Share |
Basic
and Diluted Net Income (Loss) Per Share
The
Company computes net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation
of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income
(loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period.
Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury
stock method, and convertible preferred stock, using the if-converted method. As of June 30, 2023 and 2022 there were approximately 3,339,000,000
and 3,164,000,000, respectively, common stock equivalents which where antidilutive due to the Company’s losses.
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v3.23.2
Accounts Receivable (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Credit Loss [Abstract] |
|
Schedule of Accounts Receivable |
Accounts
receivable at June 30, 2023 and December 31, 2022 consisted of the following:
Schedule of Accounts Receivable
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts receivable – (including related party receivable of $33,672 and $28,973 at June 30, 2023 and December 31, 2022, respectively) | |
$ | 95,656 | | |
$ | 36,266 | |
Less: | |
| | | |
| | |
Allowance for doubtful accounts | |
| (14,400 | ) | |
| — | |
Accounts receivable, net | |
$ | 81,256 | | |
$ | 36,266 | |
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Property and Equipment (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Summary of Property and Equipment |
Property
and equipment at June 30, 2023 and December 31 2022 consisted of the following:
Summary
of Property and Equipment
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Software | |
$ | 1,435,875 | | |
$ | 1,435,875 | |
Furniture | |
| 8,227 | | |
| 8,227 | |
Office equipment | |
| 30,931 | | |
| 30,931 | |
Computer equipment | |
| 324,131 | | |
| 324,131 | |
Property and equipment , gross | |
| 1,799,164 | | |
| 1,799,164 | |
Less accumulated depreciation | |
| (1,799,164 | ) | |
| (1,799,164 | ) |
Property and equipment, net | |
$ | — | | |
$ | — | |
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v3.23.2
Accrued Expenses (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses |
Accrued
expenses at June 30, 2023 and December 31, 2022 consisted of the following:
Schedule
of Accrued Expenses
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Accrued payroll and related liabilities | |
$ | 1,361,753 | | |
$ | 1,420,130 | |
Accrued legal | |
| 37,997 | | |
| 37,997 | |
Accrued interest | |
| 36,403 | | |
| 23,156 | |
Deferred revenue and customer deposits | |
| 21,230 | | |
| 44,544 | |
Other accrued expenses | |
| 104,430 | | |
| 112,244 | |
Accrued expenses | |
$ | 1,561,813 | | |
$ | 1,638,071 | |
|
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v3.23.2
Notes Payable (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable |
The
carrying amount of notes payable as of June 30, 2023 and December 31, 2022 was as follows:
Schedule
of Notes Payable
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Note payable with the Department of Economic and Community Development in the original amount of $147,372 due in monthly payments of principal and interest totaling $2,132 beginning January 1, 2017 with a final payment due on October 1, 2022. Non-interest bearing. Payments were not made in 2023 or 2022. | |
$ | 134,153 | | |
$ | 134,153 | |
| |
| | | |
| | |
Loans from Related Parties and Companies due December 2022 ($13,162
in default) and December 31, 2023. Original issue discount of $160,608
which is fully amortized at June 30, 2023,
25 shares of Series C-1 Preferred Stock issued in connection with theses loans. | |
| 1,470,414 | | |
| 1,438,269 | |
| |
| | | |
| | |
Paycheck Protection Program Loans (PPP Loans). The PPP Loans and accrued
interest are forgivable as long as the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and
utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the Company terminates employees or
reduces salaries. No collateral or guarantees were provided in connection with the PPP Loans. The unforgiven portion of the PPP
Loans are payable over two years at an interest rate of 1.0%
per annum, with a deferral of payments for the first sixteen months. Beginning sixteen months from the dates of issuance, the
Company is required (if not forgiven) to make monthly payments of principal and interest to the lenders. The Company believes it
used all of the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan
proceeds will meet the conditions for forgiveness of the loans, it cannot assure you that it will not take actions that could cause
the Company to be ineligible for forgiveness of the loans, in whole or in part. | |
| 60,401 | | |
| 60,401 | |
Notes payable | |
| 1,664,968 | | |
| 1,632,823 | |
Less current portion | |
| 1,604,567 | | |
| 1,572,422 | |
Notes payable, long term, net of current portion | |
$ | 60,401 | | |
$ | 60,401 | |
|
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v3.23.2
Loans from Parent and Other Related Party Transactions (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Loans From Parent And Other Related Party Transactions |
|
Schedule of Allocated Costs |
The
Group has incurred certain costs that have been allocated from Rennova. Included in the Consolidated Statements of Operations are the
following allocated costs:
Schedule
of Allocated Costs
| |
Three Months Ended June
30, 2023 | | |
Three Months Ended June
30, 2022 | |
Health insurance | |
$ | 4,838 | | |
$ | — | |
Rent and utilities | |
| 30,771 | | |
| 33,441 | |
Total allocated costs | |
$ | 35,609 | | |
$ | 33,441 | |
| |
| Six Months Ended June 30, 2023 | | |
| Six Months Ended June 30, 2022 | |
Health insurance | |
$ | 10,676 | | |
$ | — | |
Rent and utilities | |
| 60,958 | | |
| 62,304 | |
Total allocated costs | |
$ | 71,634 | | |
$ | 60,304 | |
|
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v3.23.2
Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Net Revenue |
The
Company had net revenue for the three and six months ended June 30, 2023 and 2022 as follows:
Schedule of Net Revenue
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Three Months ended | | |
Three Months ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Dashboards | |
$ | 19,420 | | |
$ | 10,478 | |
IT Managed Services | |
| — | | |
| 22,620 | |
Software and Interfaces | |
| 2,500 | | |
| 5,580 | |
Support and Maintenance | |
| 66,167 | | |
| 26,895 | |
vCIO Services | |
| 42,356 | | |
| 13,240 | |
Marketing and Management | |
| 35,100 | | |
| — | |
Software Licenses Fees | |
| 25,277 | | |
| 15,247 | |
Other | |
| 33 | | |
| 451 | |
Total Net Revenue | |
$ | 190,853 | | |
$ | 94,511 | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Six Months ended | | |
Six Months ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
Dashboards | |
$ | 29,320 | | |
$ | 24,102 | |
IT Managed Services | |
| 65,208 | | |
| 48,360 | |
Software and Interfaces | |
| 12,120 | | |
| 5,580 | |
Support and Maintenance | |
| 112,487 | | |
| 52,736 | |
vCIO Services | |
| 84,801 | | |
| 27,431 | |
Marketing and Management | |
| — | | |
| — | |
Software Licenses Fees | |
| 51,529 | | |
| 30,744 | |
Other | |
| 11,303 | | |
| 2,374 | |
Total Net Revenue | |
$ | 366,768 | | |
$ | 191,327 | |
|
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v3.23.2
Supplemental Disclosure of Cash Flow Information (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
Schedule of Supplemental Disclosure of Cash Flow Information |
Schedule
of Supplemental Disclosure of Cash Flow Information
| |
2023 | | |
2022 | |
| |
Six Months ended June 30, | |
| |
2023 | | |
2022 | |
Cash paid for interest | |
$ | 118,096 | | |
$ | 5,937 | |
Cash paid for income taxes | |
$ | — | | |
$ | — | |
Accounts payable, accrued salary and notes payable converted to Series
D Preferred stock | |
$ | 30,000 | | |
$ | — | |
Advances from former parent converted to notes payable | |
$ | 92,710 | | |
$ | — | |
Non-Cash Investing and Financing Activities | |
| — | | |
| — | |
Preferred C-1 Series Stock issued for debt | |
| — | | |
| 15,250 | |
|
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
Working capital deficit |
$ 5,400,000
|
|
|
Retained Earnings (Accumulated Deficit) |
$ 20,735,141
|
|
$ 19,624,081
|
Antidilutive potential shares |
3,339,000,000
|
3,164,000,000
|
|
Minimum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Fixed assets useful life |
3 years
|
|
|
Maximum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Fixed assets useful life |
7 years
|
|
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v3.23.2
Schedule of Accounts Receivable (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Credit Loss [Abstract] |
|
|
Accounts receivable – (including related party receivable of $33,672 and $28,973 at June 30, 2023 and December 31, 2022, respectively) |
$ 95,656
|
$ 36,266
|
Allowance for doubtful accounts |
(14,400)
|
|
Accounts receivable, net |
$ 81,256
|
$ 36,266
|
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Schedule of Accounts Receivable (Details) (Parenthetical) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Accounts receivable, related parties, current |
$ 81,256
|
$ 36,226
|
Related Party [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Accounts receivable, related parties, current |
$ 33,672
|
$ 28,973
|
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v3.23.2
Summary of Property and Equipment (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
$ 1,799,164
|
$ 1,799,164
|
Less accumulated depreciation |
(1,799,164)
|
(1,799,164)
|
Property and equipment, net |
|
|
Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
1,435,875
|
1,435,875
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
8,227
|
8,227
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
30,931
|
30,931
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
$ 324,131
|
$ 324,131
|
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v3.23.2
Schedule of Accrued Expenses (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued payroll and related liabilities |
$ 1,361,753
|
$ 1,420,130
|
Accrued legal |
37,997
|
37,997
|
Accrued interest |
36,403
|
23,156
|
Deferred revenue and customer deposits |
21,230
|
44,544
|
Other accrued expenses |
104,430
|
112,244
|
Accrued expenses |
$ 1,561,813
|
$ 1,638,071
|
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v3.23.2
Schedule of Notes Payable (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Notes payable |
$ 1,664,968
|
$ 1,632,823
|
Less current portion |
1,604,567
|
1,572,422
|
Notes payable, long term, net of current portion |
60,401
|
60,401
|
Related Parties And Companies [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
1,470,414
|
1,438,269
|
Department of Economic and Community Development [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
134,153
|
134,153
|
Paycheck Protection Program Loans [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
$ 60,401
|
$ 60,401
|
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v3.23.2
Schedule of Notes Payable (Details) (Parenthetical) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
|
Debt original issue discount |
$ 134,855
|
$ 14,949
|
|
Related Parties And Companies [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt original issue discount |
$ 160,608
|
|
$ 13,162
|
Related Parties And Companies [Member] | Series C-1 Preferred Stock [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Shares issued |
25
|
|
|
Department of Economic and Community Development [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt original amount |
$ 147,372
|
|
147,372
|
Debt instrument principal and interest |
$ 2,132
|
|
$ 2,132
|
Paycheck Protection Program Loans [Member] |
|
|
|
Short-Term Debt [Line Items] |
|
|
|
Debt instrument stated percentage |
1.00%
|
|
|
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v3.23.2
Schedule of Allocated Costs (Details) - Related Party [Member] - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Total allocated costs |
$ 35,609
|
$ 33,441
|
$ 71,634
|
$ 60,304
|
Health Insurance [Member] |
|
|
|
|
Total allocated costs |
4,838
|
|
10,676
|
|
Rent And Utilities [Member] |
|
|
|
|
Total allocated costs |
$ 30,771
|
$ 33,441
|
$ 60,958
|
$ 62,304
|
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v3.23.2
Loans from Parent and Other Related Party Transactions (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
May 12, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Aug. 09, 2023 |
Mar. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
Advanced funds and expenses paid by former parent |
|
|
|
$ 784,288
|
$ 428,943
|
|
|
|
Proceeds from Related Party Debt |
|
|
|
|
90,100
|
|
|
|
Preferred Stock, Value, Issued |
|
$ 30,000
|
|
30,000
|
|
|
|
|
Revenue from related parties |
|
96,876
|
$ 47,788
|
181,579
|
102,267
|
|
|
|
Ms.Hollis [Member] |
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
Proceeds from loan |
|
|
|
1,457,253
|
|
|
|
|
Debt instrument unamortized discount |
|
$ 132,498
|
|
$ 132,498
|
|
|
|
|
Proceeds from Related Party Debt |
|
|
|
|
|
96,100
|
|
|
Loans repaid |
|
|
|
|
|
$ 13,000
|
|
|
Ms.Hollis [Member] | Series C-1 Preferred Stock [Member] |
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
|
|
|
25
|
Preferred Stock, Value, Issued |
|
|
|
|
|
|
|
$ 15,250
|
Ms.Hollis [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
Debt discount percentage |
|
10.00%
|
|
10.00%
|
|
10.00%
|
|
|
Debt instrument interest rate |
|
18.00%
|
|
18.00%
|
|
|
5.00%
|
|
Debt Instrument, Face Amount |
|
|
|
|
|
$ 105,710
|
|
|
Debt instrument principal and interest |
$ 93,010
|
|
|
|
|
|
|
|
Former Parent [Member] |
|
|
|
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
|
|
|
Advanced funds and expenses paid by former parent |
|
|
|
$ 876,998
|
|
|
|
|
Revenue from related parties |
|
$ 96,876
|
$ 47,788
|
$ 181,579
|
$ 102,267
|
|
|
|
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v3.23.2
Preferred Stock and Stockholders’ Deficit (Details Narrative)
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
May 12, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
TradingDays
$ / shares
shares
|
Dec. 31, 2022
TradingDays
$ / shares
shares
|
Class of Stock [Line Items] |
|
|
|
|
Common stock, shares authorized |
|
2,000,000,000
|
2,000,000,000
|
325,000,000
|
Common stock, par value | $ / shares |
|
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
Common stock, shares issued |
|
244,953,286
|
244,953,286
|
244,953,286
|
Common stock, shares outstanding |
|
244,953,286
|
244,953,286
|
244,953,286
|
Common stock, voting rights |
|
|
These
shares have 1 vote per share
|
|
Proceeds from issuance of stock | $ |
|
$ 30,000
|
$ 30,000
|
|
Series A-1 Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Preferred stock, shares authorized |
|
1,000
|
1,000
|
1,000
|
Preferred stock, par value | $ / shares |
|
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
Preferred stock, stated value | $ / shares |
|
$ 10
|
$ 10
|
$ 10
|
Preferred stock, shares issued |
|
1,000
|
1,000
|
1,000
|
Preferred stock, shares outstanding |
|
1,000
|
1,000
|
1,000
|
Preferred stock, voting rights |
|
|
Series A-1 Preferred Stock shall have the number of votes, in the aggregate, equal to 51% of all votes
entitled to be voted at any stockholder meeting. These shares have no rights to receive dividends and liquidation rights are equal to
the stated value per share
|
|
Series B-1 Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Temporary equity, shares authorized |
|
25,000
|
25,000
|
25,000
|
Temporary equity, par value | $ / shares |
|
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
Temporary equity, stated value | $ / shares |
|
$ 1,000
|
$ 1,000
|
$ 1,000
|
Temporary equity, shares issued |
|
14,950
|
14,950
|
14,950
|
Temporary equity, shares outstanding |
|
14,950
|
14,950
|
14,950
|
Temporary stock, voting rights |
|
|
These
shares have no voting rights, dividends on these shares shall accrue at the rate of 5% of the stated value per share and liquidation
rights are equal to the stated value per share
|
|
Preferred stock, conversion price percentage |
|
0.90
|
0.90
|
0.90
|
Conversion trading days | TradingDays |
|
|
10
|
10
|
Conversion rate percentage |
|
|
4.99%
|
4.99%
|
Series C-1 Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Temporary equity, shares authorized |
|
2,000
|
2,000
|
2,000
|
Temporary equity, par value | $ / shares |
|
$ 0.0001
|
$ 0.0001
|
$ 0.0001
|
Temporary equity, stated value | $ / shares |
|
$ 1,000
|
$ 1,000
|
$ 1,000
|
Temporary equity, shares issued |
|
325
|
325
|
225
|
Temporary equity, shares outstanding |
|
325
|
325
|
225
|
Temporary stock, voting rights |
|
|
These
shares have no voting rights, dividends on these shares shall accrue at the rate of 10% of the stated value per share and
liquidation rights are equal to the stated value per share
|
|
Preferred stock, conversion price percentage |
|
0.90
|
0.90
|
0.90
|
Conversion trading days | TradingDays |
|
|
10
|
10
|
Conversion rate percentage |
|
|
4.99%
|
4.99%
|
Series D Non-Convertible Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Preferred stock, shares authorized |
500
|
|
|
|
Preferred stock, par value | $ / shares |
$ 0.0001
|
|
|
|
Preferred stock, stated value | $ / shares |
$ 100
|
|
|
|
Preferred stock, voting rights |
The
Series D Preferred Stock does not have voting rights
|
|
|
|
Number of shares issued |
300
|
|
|
|
Proceeds from issuance of stock | $ |
$ 30,000
|
|
|
|
Preferred stock, dividend payment terms |
Preferred
Stock shall be entitled to receive monthly as a dividend, an amount equal to (a) the sum of (i) five percent (5%) of the amount of
gross sales in excess of $500,000 collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of
business during the month immediately preceding the month in which such dividend becomes payable, which amount shall not exceed
$25,000, (ii) ten percent (10%) of the amount of gross sales in excess of $1 million collected by the Company or any subsidiary (on
a consolidated basis) in the ordinary course of business during the month immediately preceding the month in which such dividend
becomes payable, which amount shall not exceed $100,000 and (iii) two and one-half percent (2.5%) of the amount of gross sales in
excess of $2 million collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of business during
the month immediately preceding the month in which such dividend becomes payable.
|
|
|
|
Maximum [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Common stock, shares authorized |
|
2,000,000,000
|
2,000,000,000
|
|
X |
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v3.23.2
Schedule of Net Revenue (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenue |
$ 190,853
|
$ 94,511
|
$ 366,768
|
$ 191,327
|
Dash Boards [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenue |
19,420
|
10,478
|
29,320
|
24,102
|
I T Managed Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenue |
|
22,620
|
65,208
|
48,360
|
Software And Interfaces [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenue |
2,500
|
5,580
|
12,120
|
5,580
|
Support And Maintenance [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenue |
66,167
|
26,895
|
112,487
|
52,736
|
V C I O Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenue |
42,356
|
13,240
|
84,801
|
27,431
|
Marketing And Management [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenue |
35,100
|
|
|
|
Software Licenses Fees [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenue |
25,277
|
15,247
|
51,529
|
30,744
|
Other Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenue |
$ 33
|
$ 451
|
$ 11,303
|
$ 2,374
|
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v3.23.2
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
6 Months Ended |
12 Months Ended |
|
Jun. 01, 2021 |
Jun. 30, 2023 |
Dec. 31, 2018 |
Dec. 31, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Accounts payable |
|
$ 1,450,975
|
|
$ 1,239,945
|
P2P Staffing Corp. [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Litigation settlement amount |
|
|
$ 58,784
|
|
Accounts payable |
|
10,464
|
|
$ 10,464
|
One Former Employee [Member] | Rennova and Collab Rx, Inc. [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Damages sought value |
|
253,000
|
|
|
Other Former Employee [Member] | Rennova and Collab Rx, Inc. [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Damages sought value |
|
$ 173,000
|
|
|
Consulting Agreement [Member] | Mr Dab [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Other Commitments, Description |
The
agreement provided that the Company would pay $3,500 a month and an additional $60,000 upon the earlier of receipt of funding from an
outside source or within 90 days. The $60,000 payment was made during the six months ended June 30, 2023 but the monthly amounts have
not been paid. On June 1, 2022, the agreement was extended for another year. The new agreement increases the monthly fee to $4,500. The
agreement was extended further on June 1, 2023 for another year. The monthly amounts remain unpaid by the Company to date. The amounts
payable to Mr. Dab under this agreement include the fees payable to him as a director of the Company.
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VisualMED Clinical Solut... (PK) (USOTC:VMCS)
Historical Stock Chart
From Apr 2024 to May 2024
VisualMED Clinical Solut... (PK) (USOTC:VMCS)
Historical Stock Chart
From May 2023 to May 2024