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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 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: 001-40904
“
MARPAI, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Delaware |
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86-1916231 |
(State or other jurisdiction of incorporation) |
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(IRS Employer Identification Number) |
615 Channelside Drive, Suite 207
Tampa, Florida 33602
(Address of principal executive offices)
(646) 303‑3483
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Class A Common Stock, par value $0.0001 per share |
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MRAI |
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The Nasdaq Stock Market LLC |
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 (Section 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.
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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 by Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
As of November 13, 2023, there were 7,810,625 shares of the Company’s common stock, par value $0.0001 per share, outstanding.
MARPAI, INC.
TABLE OF CONTENTS
i
PART I — FINANCIAL INFORMATION
Item 1. Unaudited Condensed Consolidated Financial Statements.
MARPAI, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
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September 30, 2023 |
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December 31, 2022 |
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(Unaudited) |
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ASSETS: |
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Current assets: |
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Cash and cash equivalents |
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$ |
3,018,424 |
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$ |
13,764,508 |
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Restricted cash |
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11,233,440 |
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9,352,608 |
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Accounts receivable, net of allowance for credit losses of $23,458 and $23,458 |
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977,400 |
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1,437,786 |
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Unbilled receivable |
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594,552 |
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350,393 |
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Prepaid expenses and other current assets |
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961,182 |
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1,601,920 |
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Other receivables |
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32,251 |
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30,634 |
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Total current assets |
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16,817,249 |
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26,537,849 |
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Property and equipment, net |
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662,208 |
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1,506,082 |
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Capitalized software, net |
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2,742,947 |
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4,588,706 |
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Operating lease right-of-use assets |
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2,520,453 |
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3,841,810 |
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Goodwill |
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6,035,200 |
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5,837,060 |
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Intangible assets, net |
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5,501,918 |
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6,323,279 |
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Security deposits |
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1,308,908 |
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1,293,166 |
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Other long-term asset |
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21,668 |
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21,668 |
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Total assets |
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$ |
35,610,551 |
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$ |
49,949,620 |
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LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
3,101,229 |
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$ |
1,457,670 |
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Accrued expenses |
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4,659,407 |
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5,274,716 |
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Accrued fiduciary obligations |
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9,877,871 |
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9,024,463 |
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Deferred revenue |
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1,261,067 |
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288,499 |
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Current portion of operating lease liabilities |
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600,104 |
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1,311,295 |
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Other short-term liability |
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947,376 |
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— |
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Due to related party |
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— |
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3,201 |
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Total current liabilities |
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20,447,054 |
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17,359,844 |
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Other long-term liabilities |
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19,113,390 |
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20,203,700 |
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Operating lease liabilities, net of current portion |
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3,812,609 |
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4,771,871 |
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Deferred tax liabilities |
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1,479,880 |
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1,479,880 |
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Total liabilities |
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44,852,933 |
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43,815,295 |
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS’(DEFICIT) EQUITY |
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Common stock, $0.0001 par value, 227,791,050 shares authorized; 7,810,625 and 5,319,758 issued and outstanding at September 30, 2023 and December 31, 2022, respectively (1) |
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781 |
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532 |
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Additional paid-in capital |
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62,475,786 |
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54,127,893 |
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Accumulated deficit |
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(71,718,949 |
) |
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(47,994,100 |
) |
Total stockholders’ (deficit) equity |
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(9,242,382 |
) |
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6,134,325 |
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Total liabilities and stockholders’ (deficit) equity |
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$ |
35,610,551 |
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$ |
49,949,620 |
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(1) Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
1
MARPAI, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
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Three months ended September 30, |
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Nine months ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Revenue |
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$ |
8,729,152 |
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$ |
4,938,105 |
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$ |
28,448,176 |
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$ |
16,713,420 |
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Costs and expenses |
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Cost of revenue (exclusive of depreciation and amortization shown separately below) |
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5,691,278 |
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3,625,415 |
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18,529,768 |
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12,323,770 |
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General and administrative |
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4,986,185 |
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2,717,905 |
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15,937,675 |
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7,940,014 |
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Sales and marketing |
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1,842,018 |
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1,053,814 |
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5,494,446 |
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4,829,718 |
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Information technology |
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1,269,088 |
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1,538,136 |
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4,775,340 |
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3,862,142 |
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Research and development |
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267,269 |
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781,750 |
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1,290,910 |
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2,684,014 |
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Depreciation and amortization |
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927,391 |
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842,047 |
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2,973,973 |
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2,443,856 |
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Loss on disposal of assets |
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6,604 |
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— |
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350,192 |
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60,471 |
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Facilities |
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767,602 |
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193,494 |
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1,917,626 |
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586,430 |
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Total costs and expenses |
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15,757,435 |
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10,752,561 |
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51,269,930 |
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34,730,415 |
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Operating loss |
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(7,028,283 |
) |
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(5,814,456 |
) |
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(22,821,754 |
) |
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(18,016,995 |
) |
Other income (expenses) |
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Other income |
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130,453 |
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56,274 |
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231,357 |
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95,565 |
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Interest expense, net |
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(383,756 |
) |
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(2,908 |
) |
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(1,102,045 |
) |
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(7,415 |
) |
Foreign exchange loss |
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(13,794 |
) |
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(18,770 |
) |
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(32,407 |
) |
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(5,461 |
) |
Loss before provision for income taxes |
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(7,295,380 |
) |
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(5,779,860 |
) |
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(23,724,849 |
) |
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(17,934,306 |
) |
Income tax expense |
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— |
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— |
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— |
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— |
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Net loss |
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$ |
(7,295,380 |
) |
|
$ |
(5,779,860 |
) |
|
$ |
(23,724,849 |
) |
|
$ |
(17,934,306 |
) |
Net loss per share, basic & fully diluted (1) |
|
$ |
(0.98 |
) |
|
$ |
(1.14 |
) |
|
$ |
(3.62 |
) |
|
$ |
(3.58 |
) |
Weighted average shares of common stock outstanding, basic and diluted (1) |
|
|
7,479,401 |
|
|
|
5,087,164 |
|
|
|
6,552,575 |
|
|
|
5,004,779 |
|
(1) Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
2
MARPAI, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid- |
|
|
Accumulated |
|
|
Total Stockholders’ |
|
Three months ended September 30, 2023 |
|
Shares (1) |
|
|
Amount |
|
|
In Capital |
|
|
Deficit |
|
|
(Deficit) Equity |
|
Balance, July 1, 2023 |
|
|
7,255,818 |
|
|
$ |
725 |
|
|
$ |
61,754,084 |
|
|
$ |
(64,423,569 |
) |
|
$ |
(2,668,760 |
) |
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
721,556 |
|
|
|
- |
|
|
|
721,556 |
|
Issuance of common stock upon vesting of restricted stock units |
|
|
524,244 |
|
|
|
53 |
|
|
|
- |
|
|
|
- |
|
|
|
53 |
|
Issuance of common stock upon exercise of stock options |
|
|
21,849 |
|
|
|
2 |
|
|
|
146 |
|
|
|
- |
|
|
|
148 |
|
Issuance of round up shares in connection with reverse split |
|
|
8,714 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,295,380 |
) |
|
|
(7,295,380 |
) |
Balance, September 30, 2023 |
|
|
7,810,625 |
|
|
$ |
781 |
|
|
$ |
62,475,786 |
|
|
$ |
(71,718,949 |
) |
|
$ |
(9,242,382 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, July 1, 2022 |
|
|
5,170,711 |
|
|
$ |
517 |
|
|
$ |
52,750,138 |
|
|
$ |
(33,680,156 |
) |
|
$ |
19,070,499 |
|
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
689,375 |
|
|
|
- |
|
|
|
689,375 |
|
Issuance of common stock upon vesting of restricted stock units |
|
|
61,890 |
|
|
|
6 |
|
|
|
19 |
|
|
|
- |
|
|
|
25 |
|
Common Stock issued to vendors in exchange for services |
|
|
1,875 |
|
|
|
- |
|
|
|
7,726 |
|
|
|
- |
|
|
|
7,726 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,779,860 |
) |
|
|
(5,779,860 |
) |
Balance, September 30, 2022 |
|
|
5,234,475 |
|
|
$ |
523 |
|
|
$ |
53,447,258 |
|
|
$ |
(39,460,016 |
) |
|
$ |
13,987,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2022 |
|
|
5,319,758 |
|
|
$ |
532 |
|
|
$ |
54,127,893 |
|
|
$ |
(47,994,100 |
) |
|
$ |
6,134,325 |
|
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
1,836,930 |
|
|
|
- |
|
|
|
1,836,930 |
|
Issuance of common stock upon vesting of restricted stock units |
|
|
557,631 |
|
|
|
56 |
|
|
|
- |
|
|
|
- |
|
|
|
56 |
|
Common stock issued to vendors in exchange for services |
|
|
25,000 |
|
|
|
2 |
|
|
|
79,128 |
|
|
|
- |
|
|
|
79,130 |
|
Issuance of common stock upon exercise of stock options |
|
|
49,522 |
|
|
|
5 |
|
|
|
408 |
|
|
|
- |
|
|
|
413 |
|
Issuance of round up shares in connection with reverse split |
|
|
8,714 |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
Issuance of common stock in connection with public offering, net |
|
|
1,850,000 |
|
|
|
185 |
|
|
|
6,431,427 |
|
|
|
- |
|
|
|
6,431,612 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(23,724,849 |
) |
|
|
(23,724,849 |
) |
Balance, September 30, 2023 |
|
|
7,810,625 |
|
|
$ |
781 |
|
|
$ |
62,475,786 |
|
|
$ |
(71,718,949 |
) |
|
$ |
(9,242,382 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2021 |
|
|
5,074,932 |
|
|
|
507 |
|
|
|
51,233,615 |
|
|
|
(21,525,710 |
) |
|
|
29,708,412 |
|
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
2,182,696 |
|
|
|
- |
|
|
|
2,182,696 |
|
Issuance of common stock upon vesting of restricted stock units |
|
|
152,044 |
|
|
|
15 |
|
|
|
46 |
|
|
|
- |
|
|
|
61 |
|
Common stock issued to vendors in exchange for services |
|
|
7,500 |
|
|
|
1 |
|
|
|
30,901 |
|
|
|
- |
|
|
|
30,902 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(17,934,306 |
) |
|
|
(17,934,306 |
) |
Balance, September 30, 2022 |
|
|
5,234,475 |
|
|
$ |
523 |
|
|
$ |
53,447,258 |
|
|
$ |
(39,460,016 |
) |
|
$ |
13,987,765 |
|
(1) Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
MARPAI, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(23,724,849 |
) |
|
$ |
(17,934,306 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,973,972 |
|
|
|
2,443,856 |
|
Loss on disposal of assets |
|
|
350,192 |
|
|
|
60,471 |
|
Share-based compensation |
|
|
1,836,986 |
|
|
|
2,432,758 |
|
Common stock issued to vendors in exchange for services |
|
|
79,130 |
|
|
|
30,899 |
|
Amortization of right-of-use asset |
|
|
1,288,744 |
|
|
|
517,985 |
|
Gain on termination of lease |
|
|
32,613 |
|
|
|
— |
|
Non-cash interest |
|
|
1,204,441 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable and unbilled receivable |
|
|
640,737 |
|
|
|
16,215 |
|
Prepaid expense and other assets |
|
|
216,226 |
|
|
|
376,821 |
|
Other receivables |
|
|
(1,617 |
) |
|
|
34,665 |
|
Security deposit |
|
|
(15,743 |
) |
|
|
— |
|
Accounts payable |
|
|
335,647 |
|
|
|
(432,986 |
) |
Accrued expenses |
|
|
(692,991 |
) |
|
|
(436,385 |
) |
Accrued fiduciary obligations |
|
|
853,408 |
|
|
|
(1,642,220 |
) |
Operating lease liabilities |
|
|
(1,670,454 |
) |
|
|
(512,095 |
) |
Due to related party |
|
|
(3,201 |
) |
|
|
(437 |
) |
Other liabilities |
|
|
972,568 |
|
|
|
(294,458 |
) |
Net cash used in operating activities |
|
|
(15,324,191 |
) |
|
|
(15,339,217 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
Capitalization of software development costs |
|
|
— |
|
|
|
(809,856 |
) |
Disposal of property and equipment |
|
|
26,914 |
|
|
|
— |
|
Purchase of property and equipment |
|
|
— |
|
|
|
(70,176 |
) |
Net cash provided by (used in) investing activities |
|
|
26,914 |
|
|
|
(880,032 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
Proceeds from stock options exercises |
|
|
413 |
|
|
|
— |
|
Proceeds from issuance of common stock in a public offering, net |
|
|
6,431,612 |
|
|
|
— |
|
Net cash provided by financing activities |
|
|
6,432,025 |
|
|
|
— |
|
|
|
|
|
|
|
|
Net decrease in cash, cash equivalents and restricted cash |
|
|
(8,865,252 |
) |
|
|
(16,219,249 |
) |
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
23,117,116 |
|
|
|
25,933,643 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
14,251,864 |
|
|
$ |
9,714,394 |
|
|
|
|
|
|
|
|
Reconciliation of cash, cash equivalents, and restricted cash reported in the condensed consolidated balance sheet |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
3,018,424 |
|
|
$ |
4,747,951 |
|
Restricted cash |
|
|
11,233,440 |
|
|
|
4,966,443 |
|
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statement of cash flows |
|
$ |
14,251,864 |
|
|
$ |
9,714,394 |
|
Supplemental disclosure of non-cash activity |
|
|
|
|
|
|
Measurement period adjustment to goodwill |
|
$ |
198,140 |
|
|
$ |
— |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS
Organization
Marpai, Inc.'s (“Marpai” or the “Company”) operations are principally conducted through its wholly-owned subsidiaries, Marpai Health, Inc. (“Marpai Health”), Marpai Administrators LLC (“Marpai Administrators”), and Maestro Health LLC (“Maestro”). Marpai Administrators and Maestro are our healthcare payer subsidiaries that provide administration services to self-insured employer groups across the United States. They act as a third-party administration (“TPA”) handling all administrative aspects of providing healthcare to self-insured employer groups. The Company has combined these two businesses to create what it believes to be the Payer of the Future, which has not only the licenses, processes and know- how of a payer but also the latest technology. This combination allows the Company to differentiate itself in the TPA market by delivering a technology-driven service that it believes can lower the overall cost of healthcare while maintaining or improving healthcare outcomes. Marpai Captive, Inc. (“Marpai Captive”) was founded in March 2022 as a Delaware corporation. Marpai Captive engages in the captive insurance market and commenced operations in the first quarter of 2023.
Nature of Business
The Company’s mission is to positively change healthcare for the benefit of (i) its clients who are self-insured employers that pay for their employees’ healthcare benefits and engage the Company to administer the latter’s healthcare claims, (ii) employees who receive these healthcare benefits from its clients, and (iii) healthcare providers including doctors, doctor groups, hospitals, clinics, and any other entities providing healthcare services or products.
The Company provides benefits outsourcing services to clients in the United States across multiple industries. The Company’s backroom administration and TPA services are supported by a customized technology platform and a dedicated benefits call center. Under its TPA platform, the Company provides health and welfare administration, dependent eligibility verification, Consolidated Omnibus Budget Reconciliation Act (“COBRA”) administration, and benefit billing services.
The Company continues to monitor the effects of the global macroeconomic environment, including increasing inflationary pressures; supply chain disruptions; social and political issues; regulatory matters, geopolitical tensions; and global security issues. The Company is also mindful of inflationary pressures on its cost base and is monitoring the impact on customer preferences.
Reverse Stock Split
On June 29, 2023 the Company effectuated a one-for-four reverse stock split of its outstanding shares of common stock. The number of authorized shares was not adjusted in connection with the reverse stock split. Throughout these unaudited condensed consolidated financial statements common stock share and per share information, including employee stock options, restricted stock awards, restricted stock units and warrants, have been revised for all periods presented to give effect to the reverse stock split.
NOTE 2 – UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim consolidated financial statements furnished reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in the Company’s Annual Report on Form 10-K for its year ended December 31, 2022.
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Maestro is included as of November 1, 2022, the date of the Acquisition (see Note 5). All significant intercompany balances and transactions have been eliminated in consolidation.
5
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses reported in those financial statements. Descriptions of the Company’s significant accounting policies are discussed in the notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Management evaluates the related estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.
NOTE 3 – LIQUIDITY AND GOING CONCERN
As shown in the accompanying condensed consolidated financial statements as of September 30, 2023, the Company had an accumulated deficit of approximately $71.7 million and negative working capital of approximately $3.6 million. At September 30, 2023, the Company had long term debt of approximately $19.1 million and approximately $3.0 million of unrestricted cash on hand. For the nine months ended September 30, 2023, the Company recognized a net loss of approximately $23.7 million and negative cash flows from operations of approximately $15.3 million. Since inception, the Company has met its cash needs through proceeds from issuing convertible notes, warrants and sales of its common stock.
The Company currently projects that it will need additional capital to fund its current operations and capital investment requirements until the Company scales to a revenue level that permits cash self-sufficiency. As a result, the Company needs to raise additional capital or secure debt funding to support on-going operations until such time. This projection is based on the Company’s current expectations regarding revenues, expenditures, cash burn rate and other operating assumptions. The sources of this capital are anticipated to be from the sale of equity and/or debt. Alternatively, or in addition, the Company may seek to sell assets which it regards as non-strategic. Any of the foregoing may not be achievable on favorable terms, or at all. Additionally, any debt or equity transactions may cause significant dilution to existing stockholders.
If the Company is unable to raise additional capital moving forward, its ability to operate in the normal course and continue to invest in its product portfolio may be materially and adversely impacted and the Company may be forced to scale back operations or divest some or all of its assets.
As a result of the above, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the Company’s liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern through twelve months from the date these unaudited condensed consolidated financial statements are available to be issued. These unaudited condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Business Combination
The Company accounts for business combinations in accordance with the FASB’s Accounting Standard Codification (“ASC”) 805, Business Combinations. Accordingly, identifiable tangible and intangible assets acquired, and liabilities assumed are recorded at their estimated fair values, the excess of the purchase consideration over the fair values of net assets acquired is recorded as goodwill, and transaction costs are expensed as incurred. The Company includes the results of operations of the businesses that are acquired as of the acquisition date.
Use of Estimates
The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such
6
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
estimates include, but are not limited to, valuation of share-based compensation, accounting for warrants, allowance for credit losses, useful lives of internally developed software, fair values of net assets acquired, goodwill, intangible assets and property and equipment, incurred but not reported (“IBNR”) reserves, whether an arrangement is or contains a lease, the incremental borrowing rate used for operating leases, income tax accruals, the valuation allowance for deferred income taxes, and contingent liabilities.
The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.
Restricted Cash
Restricted cash balances are composed of funds held on behalf of clients in a fiduciary capacity, cash held in a separate bank account pledged to a bank as collateral for a bank guarantee provided to the lessor to secure the Company’s obligations under a lease agreement, cash in a money market account as required by a credit card company for collateral, and a certificate of deposit held for collateral of a letter of credit. Fiduciary funds generally cannot be utilized for general corporate purposes and are not a source of liquidity for the Company. A corresponding fiduciary obligation, included in current liabilities in the accompanying condensed consolidated balance sheets, exists for disbursements to be made on behalf of the clients and may be more than the restricted cash balance if payment from customers has not been received.
Capitalized Software
The Company complies with the guidance of ASC Topic 350‑40, “Intangibles—Goodwill and Other—Internal Use Software”, in accounting for its internally developed system projects that it utilizes to provide its services to customers. These system projects generally relate to software of the Company that is not intended for sale or otherwise marketed. Internal and external costs incurred during the preliminary project stage are expensed as they are incurred. Once a project has reached the development stage, the Company capitalizes direct internal and external costs until the software is substantially complete and ready for its intended use. Costs for upgrades and enhancements are capitalized, whereas, costs incurred for maintenance are expensed as incurred. These capitalized software costs are amortized on a project-by- project basis over the expected economic life of the underlying software on a straight-line basis, which is generally three to five years. Amortization commences when the software is available for its intended use.
Goodwill
Goodwill is recognized and initially measured as any excess of the acquisition-date consideration transferred in a business combination over the acquisition-date amounts recognized for the net identifiable assets acquired. Goodwill is not amortized but is tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not result in an impairment of goodwill. The Company operates in one reportable segment and reporting unit; therefore, goodwill is tested for impairment at the consolidated level. First, the Company assesses qualitative factors to determine whether or not it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company conducts a quantitative goodwill impairment test comparing the fair value of the applicable reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the Company recognizes an impairment loss in the condensed consolidated statement of operations for the amount by which the carrying amount exceeds the fair value of the reporting unit. The Company performs its annual goodwill impairment test at December 31, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of goodwill below its carrying value. There was no goodwill impairment for the nine months ended September 30, 2023 and 2022.
7
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Intangible Assets
Intangible assets consist of customer relationships, non-compete agreements, and amounts attributed to patent and patent applications that were acquired through an acquisition and are amortized on a straight-line basis over useful lives ranging from five to ten years. The Company’s intangible assets are reviewed for impairment when events or circumstances indicate their carrying amounts may not be recoverable. The Company reviews the recoverability of its intangible assets by comparing the carrying value of such assets to the related undiscounted value of the projected cash flows associated with the assets, or asset group. If the carrying value is found to be greater, the Company records an impairment loss for the excess of book value over fair value. No impairment of the Company’s intangible assets was recorded for the nine months ended September 30, 2023 and 2022.
During the three and nine months ended September 30, 2023, the Company identified triggering events that may indicate the carrying amount of goodwill and intangible assets are not recoverable. The triggering events identified included the decline in the Company’s stock price and the Company’s shortening cash reach. As a result of identifying these potential indicators of impairment, the Company performed a quantitative goodwill impairment analysis for the three months ended September 30, 2023, and the analysis determined that the fair value of the Company’s reporting unit exceeded its carrying value, so no goodwill impairment loss was recorded. During the three and nine months ended September 30, 2023, the Company also determined that its intangible assets were not impaired. The continuation of operating losses, negative cash flows from operations, negative working capital, and decreases in the Company’s market capitalization could result in impairment to goodwill and/or intangible assets that could be material to the consolidated financial statements in future periods. The Company will continue to monitor these events and circumstances each reporting period and perform the required quantitative impairment tests, as applicable.
Revenue Recognition
Third Party Administrator Revenue
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, it has an unconditional right to consideration, as outlined in the Company’s contracts.
The Company also provides certain performance guarantees under their contracts with customers. Customers may be entitled to receive compensation if the Company fails to meet the guarantees. Actual performance is compared to the contractual guarantee for each measure throughout the period. The Company had performance guarantee liabilities of $163,093, which is included in accrued expenses on the accompanying condensed consolidated balance sheet as of September 30, 2023.
Significant Payment Terms
Generally, the Company’s accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. Invoices for services are typically sent to the customer on the 15th day of the month prior to the service month with a 10-day payment term. The Company does not offer discounts if the customer pays some or all of the invoiced amount prior to the due date.
Consideration paid for services rendered by the Company is nonrefundable. Therefore, at the time revenue is recognized, the Company does not estimate expected refunds for services.
The Company uses the practical expedient and does not account for significant financing components because the period between recognition and collection does not exceed one year for all of the Company’s contracts.
Timing of Performance Obligations
All of the Company’s contracts with customers obligate the Company to perform services. Services provided include health and welfare administration, dependent eligibility verification, COBRA administration, and benefit billing. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report claims, and control of these services is transferred to the customer. The Company has the right to receive payment for all services rendered.
8
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Determining and Allocating the Transaction Price
The transaction price of a contract is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer.
To determine the transaction price of a contract, the Company considers its customary business practices and the terms of the contract. For the purpose of determining transaction prices, the Company assumes that the services will be transferred to the customer as promised in accordance with existing contracts and that the contracts will not be canceled, renewed, or modified.
The Company’s contracts with customers have fixed fee prices that are denominated per covered employee per month. The Company includes amounts of variable consideration in a contract’s transaction price only to the extent that it is probable that the amounts will not be subject to significant reversals (that is, downward adjustments to revenue recognized for satisfied performance obligations). In determining amounts of variable consideration to include in a contract’s transaction price, the Company relies on its experience and other evidence that supports its qualitative assessment of whether revenue would be subject to a significant reversal. The Company considers all the facts and circumstances associated with both the risk of a revenue reversal arising from an uncertain future event and the magnitude of the reversal if that uncertain event were to occur.
Captive Revenue
All general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis.
Loss and Loss Adjustment Expenses
The establishment of loss reserves by the policies primary insurer is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience with like claims. Consequently, the reserves established are a reflection of the opinions of a large number of persons and the Company is exposed to the possibility of higher or lower than anticipated loss cost due to real expense.
Earnings (Loss) Per Share
Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding shares of common stock for the period, considering the effect of participating securities. Diluted earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, shares of common stock equivalents, if any, are not considered in the computation. At September 30, 2023 and 2022, there were 1,123,173 and 994,999 common stock equivalents, respectively. For the nine months ended September 30, 2023 and 2022, these potential shares were excluded from the shares used to calculate diluted net loss per share as their effect would have been antidilutive.
Recently Issued Accounting Pronouncements
In September 2022, the FASB issued ASU No. 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which is intended to enhance the transparency surrounding the use of supplier finance programs. The amendments in this update require a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted the guidance when it became effective on January 1, 2023, except for the rollforward requirement, which becomes effective January 1, 2024. The Company does not have any supplier finance programs, and accordingly the adoption did not have a material impact on the Company’s condensed consolidated financial statements and the Company does not believe the impact of adopting the rollforward requirement in this accounting standard update will be material to the condensed consolidated financial statements.
In October 2021, the FASB issued ASU No. 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. For the Company, the new guidance is effective for
9
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. The Company is currently evaluating the impact of this accounting standard update on its condensed consolidated financial statements.
NOTE 5 – ACQUISITION
On November 1, 2022, the Company consummated the acquisition of Maestro. Pursuant to the terms of the Purchase Agreement (“Maestro Agreement”), Marpai agreed to acquire all of the membership interests (the “Units”) of Maestro. In consideration for Marpai’s acquisition of the Units, Marpai agreed to pay the seller (the “Seller”) an aggregate purchase price (the “Purchase Price”) of $19,900,000 determined on the closing date (the “Base Purchase Price”), which shall be payable on or before April 1, 2024 (the “Payment Date”), and shall accrue interest until such time that is paid, such that on the Payment Date the Purchase Price, plus all accrued and unpaid interest, shall equal $22,100,000 (the “Adjusted Purchase Price”).
Any unpaid portion of the Purchase Price shall accrue interest at ten percent (10%) per annum, compounding annually, calculated on the basis of a 365-day year for the actual number of days elapsed (the “Specified Rate”), and shall be repaid as promptly as practicable to the Seller. In addition, in the event Marpai or its subsidiaries receive proceeds from the sale of any securities in a private placement or public offering of securities (each an “Offering”), then Marpai shall pay to the Seller an amount equal to thirty-five percent (35%) of the net proceeds of the Offering no later than sixty (60) days after the closing of Offering until such time as the Purchase Price has been paid in full.
Notwithstanding the foregoing, Marpai shall be required to make cumulative payments, representing the Adjusted Purchase Price and any additional interest that will accrue on the Adjusted Purchase Price after the Payment Date, as follows: (i) $5,000,000 to be paid by December 31, 2024, (ii) $11,000,000 of cumulative payments to be paid by December 31, 2025, and (iii) $19,000,000 of cumulative payments to be paid by December 31, 2026 and (iv) $28,000,000 of cumulative payments to be paid by December 31, 2027.
On April 19, 2023, the Company closed a public offering of 1,850,000 shares of common stock at a public offering price of $4.00 per share, for gross proceeds of $7.4 million. After deducting underwriters' discounts and offering expenses, the net proceeds from the public offering were approximately $6.4 million. In accordance with the terms of the Maestro share purchase agreement, $2,294,751 or 35% of the net proceeds from the offering were expected to be used to pay down the debt to the Seller. Based on an agreement reached with the Seller on July 18, 2023, 50% of the amount due or $1,147,376 was paid to the Seller on July 19, 2023 and the balance will be paid no later than September 18, 2023. On September 18, 2023, Marpai paid the Seller $200,000 and the parties agreed that the balance of $947,376 will be paid at the earlier of (i) October 18, 2023, and (ii) within 48 hours of the closing of certain funding initiatives that Marpai was engaged in. On October 24 2023, the Seller agreed to extend the due date of such payment from October 18, 2023 to November 15, 2023.
As of September 30, 2023, the outstanding principal balance is $19,900,000 and the accrued interest on the principal is $115,765 for a total of $20,015,765 of which $947,376 is in other short-term liabilities and $19,068,389 is other long-term liabilities.
The following table represents the allocation of the purchase consideration among Maestro’s assets acquired and liabilities assumed at their acquisition-date fair values:
10
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
Adjustment |
|
|
September 30, 2023 |
|
Purchase Price |
|
|
|
|
|
|
|
|
|
Purchase Price |
|
$ |
19,900,000 |
|
|
|
|
|
$ |
19,900,000 |
|
|
|
|
|
|
|
|
|
|
|
Purchase Price Allocation |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
17,081,602 |
|
|
|
|
|
$ |
17,081,602 |
|
Restricted cash |
|
|
16,306,547 |
|
|
|
|
|
|
16,306,547 |
|
Accounts receivable |
|
|
321,198 |
|
|
|
|
|
|
321,198 |
|
Unbilled receivable |
|
|
646,189 |
|
|
|
|
|
|
646,189 |
|
Prepaid expenses and other current assets |
|
|
1,751,371 |
|
|
|
|
|
|
1,751,371 |
|
Property and equipment |
|
|
921,680 |
|
|
|
(159,920 |
) |
|
|
761,760 |
|
Operating lease - right of use assets |
|
|
2,555,375 |
|
|
|
|
|
|
2,555,375 |
|
Goodwill |
|
|
3,454,143 |
|
|
|
198,140 |
|
|
|
3,652,283 |
|
Trademarks |
|
|
800,000 |
|
|
|
|
|
|
800,000 |
|
Customer relationships |
|
|
840,000 |
|
|
|
|
|
|
840,000 |
|
Security deposits |
|
|
1,240,889 |
|
|
|
|
|
|
1,240,889 |
|
Account payable |
|
|
(150,328 |
) |
|
|
|
|
|
(150,328 |
) |
Accrued expenses |
|
|
(4,554,280 |
) |
|
|
(38,220 |
) |
|
|
(4,592,500 |
) |
Accrued fiduciary obligations |
|
|
(16,306,547 |
) |
|
|
|
|
|
(16,306,547 |
) |
Operating lease liabilities |
|
|
(4,816,490 |
) |
|
|
|
|
|
(4,816,490 |
) |
Deferred revenue |
|
|
(191,349 |
) |
|
|
|
|
|
(191,349 |
) |
Total fair value of net assets acquired and liabilities assumed |
|
$ |
19,900,000 |
|
|
$ |
— |
|
|
$ |
19,900,000 |
|
The Company recorded a measurement period adjustment to goodwill for the nine months ended September 30, 2023 for property and equipment of $159,920, that was subsequently identified as not received during the acquisition, and accrued expenses of $38,220, relating to pre-acquisition liabilities.
The following table summarizes the estimated fair values of Maestro’s identifiable intangible assets, their estimated useful lives and expected amortization periods:
|
|
|
|
|
|
|
|
|
|
|
|
Useful |
|
|
Acquisition |
|
|
Life in |
|
|
Fair Value |
|
|
Years |
Trademarks |
|
$ |
800,000 |
|
|
5 Years |
Customer relationships |
|
|
840,000 |
|
|
5 Years |
The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2022:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2022 |
|
|
September 30, 2022 |
|
|
|
(pro forma) |
|
|
(pro forma) |
|
Revenue |
|
$ |
9,687,891 |
|
|
$ |
31,621,036 |
|
Net loss |
|
|
(9,049,986 |
) |
|
|
(29,744,227 |
) |
The unaudited pro forma financial information includes adjustments that are directly attributable to the business combination and are factually supportable. The pro forma adjustments include incremental amortization expense of $82,000 related to intangible and tangible assets acquired.
11
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred in integrating Maestro into the Marpai legacy business.
Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.
NOTE 6 – PROPERTY AND EQUIPMENT
Property and equipment consist of the following at:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
Equipment |
|
$ |
49,905 |
|
|
$ |
402,675 |
|
Furniture and fixtures |
|
|
753,133 |
|
|
|
1,007,699 |
|
Leasehold improvements |
|
|
— |
|
|
|
745,453 |
|
Total cost |
|
|
803,038 |
|
|
|
2,155,827 |
|
Accumulated depreciation |
|
|
(140,830 |
) |
|
|
(649,745 |
) |
Property and equipment, net |
|
$ |
662,208 |
|
|
$ |
1,506,082 |
|
Depreciation expense was $306,852 and $164,800 for the nine months ended September 30, 2023 and 2022, respectively. Depreciation expense was $38,350 and $82,066 for the three months ended September 30, 2023 and 2022, respectively.
NOTE 7 – CAPITALIZED SOFTWARE
Capitalized software consists of the following at:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
Capitalized software |
|
$ |
5,656,885 |
|
|
$ |
8,094,385 |
|
Accumulated amortization |
|
|
(2,913,938 |
) |
|
|
(3,505,679 |
) |
Capitalized software, net |
|
$ |
2,742,947 |
|
|
$ |
4,588,706 |
|
Amortization expense was $1,845,759 and $1,703,699 for the nine months ended September 30, 2023 and 2022, respectively. Amortization expense was $615,253 and $568,195 for the three months ended September 30, 2023 and 2022, respectively.
NOTE 8 – GOODWILL AND INTANGIBLE ASSETS
Goodwill consists of the following:
|
|
|
|
|
|
|
Amount |
|
Balance as of December 31, 2022 |
|
$ |
5,837,060 |
|
Measurement period adjustment to goodwill (Note 5) |
|
|
198,140 |
|
Balance as of September 30, 2023 |
|
$ |
6,035,200 |
|
12
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Intangible assets consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
|
Useful |
|
Gross Carrying |
|
|
Accumulated |
|
|
Net Carrying |
|
|
|
Life |
|
Amount |
|
|
Amortization |
|
|
Amount |
|
Trademarks |
|
5-10 Years |
|
$ |
2,320,000 |
|
|
$ |
(526,674 |
) |
|
$ |
1,793,326 |
|
Noncompete agreements |
|
5 Years |
|
|
990,000 |
|
|
|
(495,000 |
) |
|
|
495,000 |
|
Customer relationships |
|
5-7 Years |
|
|
3,760,000 |
|
|
|
(1,196,858 |
) |
|
|
2,563,142 |
|
Patents and patent applications |
|
(*) |
|
|
650,450 |
|
|
|
- |
|
|
|
650,450 |
|
|
|
|
|
$ |
7,720,450 |
|
|
$ |
(2,218,532 |
) |
|
$ |
5,501,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
Trademarks |
|
5-10 Years |
|
$ |
2,320,000 |
|
|
$ |
(292,671 |
) |
|
$ |
2,027,329 |
|
Noncompete agreements |
|
5 Years |
|
|
990,000 |
|
|
|
(346,500 |
) |
|
|
643,500 |
|
Customer relationships |
|
5-7 Years |
|
|
3,760,000 |
|
|
|
(758,000 |
) |
|
|
3,002,000 |
|
Patents and patent applications |
|
(*) |
|
|
650,450 |
|
|
|
— |
|
|
|
650,450 |
|
|
|
|
|
$ |
7,720,450 |
|
|
$ |
(1,397,171 |
) |
|
$ |
6,323,279 |
|
(*)Patents have yet to be approved by the United States Patent and Trademark Office. Useful life is determined upon placement into service after approval.
Amortization expense was $821,361 and $575,357 for the nine months ended September 30, 2023 and 2022, respectively. Amortization expense was $273,787 and $191,786 for the three months ended September 30, 2023 and 2022, respectively.
NOTE 9 – LOSS AND LOSS ADJUSTMENT EXPENSES
The following tables shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Net reserves at January 1, |
|
$ |
— |
|
|
$ |
— |
|
Incurred loss and loss adjustment expenses |
|
|
|
|
|
|
Provisions for insured events of the current year |
|
|
205,238 |
|
|
|
— |
|
Change in provision for insured events of prior year |
|
|
— |
|
|
|
— |
|
Total incurred loss and loss adjustment expense |
|
|
205,238 |
|
|
|
— |
|
Payments |
|
|
|
|
|
|
Loss and loss adjustment expenses attributable to insured events of the current year |
|
|
4,268 |
|
|
|
— |
|
Loss and loss adjustment expenses attributable to insured events of the prior year |
|
|
— |
|
|
|
— |
|
Total payments |
|
|
4,268 |
|
|
|
— |
|
Net reserves at September 30, |
|
$ |
200,970 |
|
|
$ |
— |
|
13
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Net reserves at July 1, |
|
$ |
143,147 |
|
|
$ |
— |
|
Incurred loss and loss adjustment expenses |
|
|
|
|
|
|
Provisions for insured events of the current year |
|
|
57,823 |
|
|
|
— |
|
Change in provision for insured events of prior year |
|
|
— |
|
|
|
— |
|
Total incurred loss and loss adjustment expense |
|
|
57,823 |
|
|
|
— |
|
Payments |
|
|
|
|
|
|
Loss and loss adjustment expenses attributable to insured events of the current year |
|
|
— |
|
|
|
— |
|
Loss and loss adjustment expenses attributable to insured events of the prior year |
|
|
— |
|
|
|
— |
|
Total payments |
|
|
— |
|
|
|
— |
|
Net reserves at September 30, |
|
$ |
200,970 |
|
|
$ |
— |
|
For the three and nine month periods ended September 30, 2023, initial reserves were established for the start of the Company's captive operations.
NOTE 10 – REVENUE
Disaggregation of Revenue
The following tables illustrates the disaggregation of revenue by similar products:
For the three months period
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
TPA services |
|
$ |
8,638,615 |
|
|
$ |
4,938,105 |
|
Captive insurance |
|
|
90,537 |
|
|
|
— |
|
Total |
|
$ |
8,729,152 |
|
|
$ |
4,938,105 |
|
For the nine months period
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
TPA services |
|
$ |
28,212,995 |
|
|
$ |
16,713,420 |
|
Captive insurance |
|
|
235,181 |
|
|
|
— |
|
Total |
|
$ |
28,448,176 |
|
|
$ |
16,713,420 |
|
NOTE 11 – SHARE-BASED COMPENSATION
Global Stock Incentive Plan
On May 31, 2022, the shareholders of the Company approved the Company’s Board of Directors proposal to increase the Company’s Global Incentive Plan (the “Plan”) by 1,575,000 shares, thus bringing the total number of stock options, restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) that may be issued pursuant to the Plan to 1,950,855.
On May 31, 2023, the shareholders of the Company approved the Company’s Board of Directors proposal to increase the Company’s Plan by an additional 500,000 shares, thus bringing the total number of stock options, RSUs and RSAs that may be issued pursuant to the Plan to 2,450,855.
14
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Under the term of the Plan, on the grant date, the Board of Directors determines the vesting schedule of each stock option and RSUs on an individual basis. All stock options expire ten (10) years from the date of the grant. Vested options expire 90 days after the termination of employment of the grantee.
Stock Options
The fair value of options and share awards granted under the Plan during the nine months ended September 30, 2023 was estimated at the date of grant using the Black-Scholes option pricing model and the following assumptions for grants:
|
|
|
|
|
|
|
|
|
|
|
August 2023 |
|
|
January 2023 |
|
Risk-free interest rates |
|
|
4.44 |
% |
|
|
3.43 |
% |
Expected life |
|
5 years |
|
|
5 years |
|
Expected volatility |
|
|
136.99 |
% |
|
|
41.00 |
% |
Expected dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
The following table summarizes the stock option activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
Aggregate |
|
|
|
Number of |
|
|
Weighted Average |
|
|
Remaining |
|
|
Intrinsic |
|
|
|
Options |
|
|
Exercise Price |
|
|
Contractual Term |
|
|
Value |
|
Balance at January 1, 2023 |
|
|
931,934 |
|
|
$ |
5.88 |
|
|
|
8.91 |
|
|
$ |
203,295 |
|
Granted |
|
|
717,250 |
|
|
|
2.56 |
|
|
|
|
|
|
|
Forfeited/Cancelled |
|
|
(207,048 |
) |
|
|
6.13 |
|
|
|
|
|
|
|
Exercised |
|
|
(49,522 |
) |
|
0.008 |
|
|
|
|
|
|
|
Balance at September 30, 2023 |
|
|
1,392,614 |
|
|
|
4.33 |
|
|
|
8.99 |
|
|
$ |
1,909 |
|
Exercisable at September 30, 2023 |
|
|
617,066 |
|
|
$ |
5.50 |
|
|
|
8.61 |
|
|
$ |
1,909 |
|
The following table summarizes the Company’s non-vested stock options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
Non-vested Options |
|
|
Grant Date Fair |
|
|
|
Outstanding |
|
|
Value |
|
At January 1, 2023 |
|
|
507,664 |
|
|
$ |
2.64 |
|
Options granted |
|
|
717,250 |
|
|
|
1.50 |
|
Options forfeited/cancelled |
|
|
(155,306 |
) |
|
|
2.39 |
|
Options exercised |
|
|
(9,554 |
) |
|
|
5.42 |
|
Options vested |
|
|
(284,506 |
) |
|
|
1.85 |
|
At September 30, 2023 |
|
|
775,548 |
|
|
$ |
1.71 |
|
For the nine months ended September 30, 2023 and 2022, the Company recognized $641,628 and $655,973 of stock compensation expense relating to stock options, respectively. For the three months ended September 30, 2023 and 2022, the Company recognized $253,392 and $172,799 of stock compensation expense relating to stock options, respectively. As of September 30, 2023, there was $1,323,313 of unrecognized stock compensation expense related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of approximately 2.9 years.
Restricted Stock Awards
In July 2019, the Board of Directors of the Company authorized grants of restricted stock awards (“RSAs”) through a restricted stock award purchase agreement to certain founders, consultants, and advisors of the Company. Certain grants to the Company’s founders were fully vested at the date of incorporation, other grants vest over a four-year period on each anniversary of the grant date, based on continued employment, and other grants vest based on various milestones. The shares of common stock underlying the RSAs are issued upon grant.
15
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes the restricted stock awards activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
|
|
Grant Date Fair |
|
|
|
Outstanding |
|
|
Value |
|
Outstanding at January 1, 2023 |
|
|
55,735 |
|
|
$ |
5.92 |
|
Granted |
|
|
— |
|
|
|
— |
|
Forfeited/cancelled |
|
|
— |
|
|
|
— |
|
Vested |
|
|
(54,517 |
) |
|
|
5.85 |
|
Outstanding at September 30, 2023 |
|
|
1,218 |
|
|
$ |
8.53 |
|
For the nine months ended September 30, 2023 and 2022, the Company recognized $288,183 and $749,086 of stock compensation expense relating to RSAs, respectively. For the three months ended September 30, 2023 and 2022, the Company recognized $46,401 and $120,891 of stock compensation expense relating to RSAs, respectively. As of September 30, 2023, there was $24,447 of unrecognized compensation expense related to unvested restricted share awards that is expected to be recognized over a weighted-average period of approximately 3 months.
Restricted Stock Units
On June 14, 2022, the Board of Directors of the Company authorized the grant of 356,851 RSUs, of which 336,538 were granted to an officer of the Company who joined the Company in February 2022. Of the RSUs granted to the officer, 48,077 vested immediately and the balance of 288,461 vested in equal quarterly installments through February 28, 2023. Under the terms of the officer’s employment agreement, the Company also agreed to guarantee the minimum value of the RSUs on their vesting dates.
On February 28, 2023, the Company issued 33,387 fully vested RSUs to an officer upon his one year anniversary of employment.
On August 2, 2023, the Company issued 28,090 fully vested RSUs to an officer.
On August 16, 2023, the Company issued 400,000 fully vested on September 7, 2023 RSUs to an advisor, the Company also agreed to guarantee the minimum value of the RSUs on their vesting dates. The Company accrued $548,450 in accounts payable in the condensed consolidated balance sheet, reflecting this minimum value obligation as of September 30, 2023, to be paid over three installments.
The following table summarizes the restricted stock units activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
Non-vested Options |
|
|
Grant Date Fair |
|
|
|
Outstanding |
|
|
Value |
|
Outstanding at January 1, 2023 |
|
|
72,957 |
|
|
$ |
4.44 |
|
Granted |
|
|
580,227 |
|
|
|
1.58 |
|
Forfeited/cancelled |
|
|
(127,605 |
) |
|
|
3.25 |
|
Vested |
|
|
(525,579 |
) |
|
|
1.57 |
|
Outstanding at September 30, 2023 |
|
|
— |
|
|
$ |
— |
|
For the nine months ended September 30, 2023 and 2022, the Company recognized $782,175 and $777,637 of stock compensation expense relating to RSUs, respectively. For the three months ended September 30, 2023 and 2022, the Company recognized $421,819 and $337,351 of stock compensation expense relating to RSUs, respectively. As of September 30, 2023, there was no unrecognized compensation expense remaining related to unvested restricted share units .
NOTE 12 – WARRANTS
Upon closing of the Company's public offering (Note 16), the Company issued to the underwriter, warrants to purchase 92,500 shares of common stock (the “Underwriter’s Warrants”). The Underwriter’s Warrants are exercisable at a per share exercise price equal to
16
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
125% of the public offering price per share in the offering, which was determined to be $5.00. The Underwriter’s Warrants are exercisable at any time, in whole or in part, from October 19, 2023 through April 19, 2028.
The table below summarizes the Company’s warrant activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
|
|
Warrants to |
|
|
Exercise Price |
|
|
Weighted |
|
|
|
Purchase Common |
|
|
Range Per |
|
|
Average |
|
|
|
Shares |
|
|
Share |
|
|
Exercise Price |
|
Balance at January 1, 2023 |
|
|
412,218 |
|
|
$5.72 to 31.60 |
|
|
$ |
23.68 |
|
Granted |
|
|
92,500 |
|
|
|
5.00 |
|
|
|
5.00 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at September 30, 2023 |
|
|
504,718 |
|
|
$5.00 to 31.60 |
|
|
$ |
20.25 |
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022 |
|
|
412,218 |
|
|
$5.72 to 31.60 |
|
|
$ |
23.68 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at September 30, 2022 |
|
|
412,218 |
|
|
$5.72 to 31.60 |
|
|
$ |
23.68 |
|
NOTE 13 – SEGMENT INFORMATION
Research and development activities are conducted through the Company’s wholly owned subsidiary, EYME Technologies, Ltd., in Israel. Geographic long-lived asset information presented below is based on the physical location of the assets at the end of year. All of the Company’s revenues are derived from customers located in the United States.
Long-lived assets including goodwill, intangible assets, capitalized software, property and equipment and operating lease right-of-use, by geographic region, are as follows at:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
United States |
|
$ |
15,661,857 |
|
|
$ |
17,993,006 |
|
Israel |
|
|
1,800,869 |
|
|
|
4,103,931 |
|
Total long-lived assets |
|
$ |
17,462,726 |
|
|
$ |
22,096,937 |
|
NOTE 14 – RELATED PARTY TRANSACTIONS
The Company receives consulting services and marketing services from various shareholders and directors. The total cost of these consulting services for the three months ended September 30, 2023 and 2022 was approximately $0 and $44,000, respectively. The total cost of these consulting services for the nine months ended September 30, 2023 and 2022 was approximately $95,000 and $158,000, respectively. The total cost of marketing services for the three months ended September 30, 2023 and 2022 was approximately $0 and $0, respectively. The total cost of marketing services for the nine months ended September 30, 2023 and 2022 was approximately $0 and $565,000, respectively. No amounts due to these certain shareholders were included in accounts payable of September 30, 2023 and December 31, 2022.
On December 30, 2020, the Company received an advance from a certain investor for reimbursement of certain expenses. This is recorded as due to related party on the accompanying condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 in the amount of $0 and $3,201, respectively.
17
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 15 – ACCRUED EXPENSES
Accrued expenses consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
Employee compensation |
|
$ |
1,597,212 |
|
|
$ |
1,433,327 |
|
Accrued bonuses |
|
|
1,696,875 |
|
|
|
1,712,009 |
|
Performance guarantee liabilities |
|
|
163,093 |
|
|
|
244,029 |
|
Other accrued expenses and liabilities |
|
|
1,202,227 |
|
|
|
1,885,351 |
|
Accrued expenses |
|
$ |
4,659,407 |
|
|
$ |
5,274,716 |
|
NOTE 16 – STOCKHOLDERS’ (DEFICIT) EQUITY
On April 19, 2023, the Company closed its public offering of 1,850,000 shares of common stock at a public offering price of $4.00 per share, for gross proceeds of $7.4 million. After deducting underwriters' discounts and offering expenses, the net proceeds from the public offering were approximately $6.4 million. In accordance with the terms of the Maestro share purchase agreement (Note 5), $2,294,751 or 35% of the net proceeds from the offering were expected to be used to pay down the debt to the Seller. Based on an agreement reached with the Seller on July 18, 2023, 50% of the amount due or $1,147,376 was paid to the Seller on July 19, 2023 and the balance will be paid no later than September 18, 2023. On September 18, 2023 Marpai paid the Seller $200,000 and the parties agreed that the balance of $947,376 will be paid at the earlier of (i) October 18, 2023, and (ii) within 48 hours of the closing of certain funding initiatives that Marpai was engaged in. On October 24 2023, the Seller agreed to change the aforementioned October 18, 2023 date to November 15, 2023.
During the nine months ended September 30, 2023, the Company issued 25,000 shares of common stock to a vendor in consideration for services.
NOTE 17 – INCOME TAXES
The effective tax rate was 0% for the nine months ended September 30, 2023 and 2022. The effective tax rate differs from the federal tax rate of 21% for the nine months ended September 30, 2023 and 2022 due primarily to the full valuation allowance on deferred tax assets, and other discrete items.
At December 31, 2022, the Company had federal and state net operating losses (“NOLs”) in the amount of $29,547,000 and $26,649,000 respectively. These NOLs expire from 2031 to 2041 or have indefinite lives. However, the Tax Cuts & Jobs Act of 2017 limits the amount of net operating loss the Company can utilize each year after December 31, 2020 to 80% of taxable income.
Income tax expense is recorded using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between amounts reported for income tax purposes and financial statement purposes, using current tax rates. A valuation allowance is recognized if it is anticipated that some or all of a deferred tax asset will not be realized. The Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent that the Company believes that recovery is not likely, it must establish a valuation allowance. Significant management judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets.
The Company and its subsidiaries’ income tax returns since 2019 are open to review by the tax authorities.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “Inflation Reduction Act") that includes, among other provisions, changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement income,” and a one percent excise tax on net repurchases of stock after December 31, 2022. The Company is continuing to evaluate the Inflation Reduction Act and its requirements, as well as the application to its business.
18
MARPAI, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 18 – SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date the unaudited condensed consolidated financial statements were available for issuance.
19
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF MARPAI, INC.
As used in this report, the terms “we”, “us”, “our”, the “Company”, and “Marpai” mean Marpai, Inc., and our wholly owned subsidiaries, Marpai Captive, Marpai Administrators, Maestro Health, and Marpai Health and its wholly owned Israeli subsidiary EYME Technologies, Ltd. (“EYME”), unless otherwise indicated or required by the context.
Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10‑Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements other than statements of historical fact included in this Form 10‑Q including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performances, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performances or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to Part II, Item 1A of this Quarterly report and the Risk Factors section of our Annual Report on Form 10-K, filed on March 29, 2023 with the SEC.
We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10‑Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.
The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Nasdaq Deficiency Letters
On May 31, 2023, we received a notification letter (the “Notice”) from The Nasdaq Capital Market LLC (“Nasdaq”) advising us that for the last 30 consecutive business days preceding the date of the Notice, our Market Value of Listed Securities (“MVLS”) has been below the minimum of $35,000,000 required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(b)(2) (the “MVLS Requirement”). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), we have 180 calendar days, or until November 27, 2023, to regain compliance with the MVLS Requirement (the “Compliance Period”). Our securities will continue to trade on Nasdaq during the Compliance Period. To regain compliance, our securities must trade at or above a level such that the Company’s MVLS closes at or above $35,000,000 for a minimum of ten consecutive business days during the Compliance Period, or we must meet another listing standard as required under Nasdaq rules. If we do not regain compliance by November 27, 2023 (or the second compliance period, if applicable), then Nasdaq staff will provide written notice to us that our securities are subject to delisting. At that time, we may appeal the delisting determination to a Hearings Panel. We intend to monitor its MVLS and may, if appropriate, consider implementing available options to regain compliance with the MVLS Requirement.
On October 6, 2023, we received a notification letter from Nasdaq indicating that we did not satisfy the requirement for continued listing on the Nasdaq Capital Market under the Bid Price Requirement. We became deficient with Rule 5550(a)(2) as of October 6, 2023, as the closing bid price of our common stock was less than $1.00 per share for 30 consecutive business days prior to the date of the notice.
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), we have 180 days, or until April 3, 2024, to comply with the Bid Price Requirement by maintaining a closing bid price of at least $1.00 per share for at least 10 consecutive business days during this 180 day period. In the event that we do not regain compliance within this 180 day period, we may be eligible to seek an additional compliance period of 180 calendar days if we meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and provide written notice to Nasdaq of our intent to cure the deficiency during this second compliance period, by effecting a reverse stock split, if necessary.
20
We intend to monitor the closing bid price of our common stock and consider our available options in the event that the closing bid price of our common stock remains below $1.00 per share. There can be no assurance that we will be able to regain compliance with the minimum bid price requirement or maintain compliance with the other listing requirements.
Overview
We were formed as a Delaware corporation on January 22, 2021, with the intention to facilitate an initial public offering and other related transactions in order to carry on the business of two healthcare entities, Marpai Health and Marpai Administrators. We acquired Maestro on November 1, 2022 to increase the capacity to service the heath industry. Marpai Inc.’s mission is to positively change healthcare for the benefit of (i) our clients who are self-insured employers that pay for their employees’ healthcare benefits and engage the Company to administer the latter’s healthcare claims, to whom the Company refers as “Clients”; (ii) employees who receive these healthcare benefits from its clients, to whom we refer as “Members”, and (iii) healthcare providers including doctors, doctor groups, hospitals, clinics, and any other entities providing healthcare services or products to whom we refer as “Providers”. Our mission is to positively change healthcare for the benefit of Clients, Members and Providers.
Our company is the combination of Marpai Health, Inc., Marpai Administrators, and Maestro. Marpai Administrators and Maestro are our healthcare payer subsidiaries that provides administration services to self-insured employer groups across the United States. They act as a TPA handling all administrative aspects of providing healthcare to self-insured employer groups. We have combined these three businesses to create what we believe to be the Payer of the Future, which has not only the licenses, processes and know- how of a payer but also the latest technology. This combination allows us to differentiate in the TPA market by delivering a technology-driven service that we believe can lower the overall cost of healthcare while maintaining or improving healthcare outcomes. Marpai Captive was founded in March 2022 as a Delaware corporation. Marpai Captive engages in the captive insurance market and commenced operations in the first quarter of 2023.
After the acquisition of Maestro, we commenced an integration project that combines the operations of Marpai Administrators and Maestro. We expect to complete the integration of the two businesses in 2023 and they will then operate as one business.
Representation in the Financial Statements of Marpai, Inc.
The unaudited condensed consolidated financial statements of Marpai, Inc and the discussion of the results of its operations in this quarterly report, reflect the results of the operations of Marpai Health (and its subsidiary EYME) for all periods presented, the results of Maestro since its acquisition on November 1, 2022 and the results of Marpai Captive since January 1, 2023. The results for the three months and nine months ended September 30, 2023, as applicable, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
We also continue to monitor the effects of the global macroeconomic environment, including increasing inflationary pressures, supply chain disruptions, social and political issues, regulatory matters, geopolitical tensions, and global security issues. We are also mindful of inflationary pressures on our cost base and are monitoring the impact on customer preferences.
21
Results of Operations
Comparison of the Three and Nine Months Ended September 30, 2023 and 2022
The following tables set forth our consolidated results of operations for the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
Change |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
8,729,152 |
|
|
$ |
4,938,105 |
|
|
$ |
3,791,047 |
|
|
|
76.8 |
% |
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue (exclusive of depreciation and amortization shown separately below) |
|
|
5,691,278 |
|
|
|
3,625,415 |
|
|
|
2,065,863 |
|
|
|
57.0 |
% |
General and administrative |
|
|
4,986,185 |
|
|
|
2,717,905 |
|
|
|
2,268,280 |
|
|
|
83.5 |
% |
Sales and marketing |
|
|
1,842,018 |
|
|
|
1,053,814 |
|
|
|
788,204 |
|
|
|
74.8 |
% |
Information technology |
|
|
1,269,088 |
|
|
|
1,538,136 |
|
|
|
(269,048 |
) |
|
|
(17.5 |
)% |
Research and development |
|
|
267,269 |
|
|
|
781,750 |
|
|
|
(514,481 |
) |
|
|
(65.8 |
)% |
Depreciation and amortization |
|
|
927,390 |
|
|
|
842,047 |
|
|
|
85,343 |
|
|
|
10.1 |
% |
Loss on disposal of assets |
|
|
6,604 |
|
|
|
— |
|
|
|
6,604 |
|
|
|
— |
|
Facilities |
|
|
767,603 |
|
|
|
193,494 |
|
|
|
574,109 |
|
|
|
296.7 |
% |
Total costs and expenses |
|
|
15,757,435 |
|
|
|
10,752,561 |
|
|
|
(5,004,874 |
) |
|
|
(46.5 |
)% |
Operating loss |
|
|
(7,028,283 |
) |
|
|
(5,814,456 |
) |
|
|
1,213,827 |
|
|
|
(20.9 |
)% |
Other income and (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense), net |
|
|
130,453 |
|
|
|
56,274 |
|
|
|
74,179 |
|
|
|
131.8 |
% |
Interest expense |
|
|
(383,756 |
) |
|
|
(2,908 |
) |
|
|
(380,848 |
) |
|
|
13,096.6 |
% |
Foreign exchange gain (loss) |
|
|
(13,794 |
) |
|
|
(18,770 |
) |
|
|
4,976 |
|
|
|
(26.5 |
)% |
Total other income (expense) |
|
|
(267,097 |
) |
|
|
34,596 |
|
|
|
301,693 |
|
|
|
872.0 |
% |
Loss before income taxes |
|
|
(7,295,380 |
) |
|
|
(5,779,860 |
) |
|
|
1,515,520 |
|
|
|
(26.2 |
)% |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
(7,295,380 |
) |
|
|
(5,779,860 |
) |
|
|
1,515,520 |
|
|
|
(26.2 |
)% |
Net loss per share, basic and fully diluted |
|
|
(0.98 |
) |
|
|
(1.14 |
) |
|
|
(0.16 |
) |
|
|
14.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
Change |
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
28,448,176 |
|
|
$ |
16,713,420 |
|
|
$ |
11,734,756 |
|
|
|
70.2 |
% |
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue (exclusive of depreciation and amortization shown separately below) |
|
|
18,529,768 |
|
|
|
12,323,770 |
|
|
|
6,205,998 |
|
|
|
50.4 |
% |
General and administrative |
|
|
15,937,675 |
|
|
|
7,940,014 |
|
|
|
7,997,661 |
|
|
|
100.7 |
% |
Sales and marketing |
|
|
5,494,446 |
|
|
|
4,829,718 |
|
|
|
664,728 |
|
|
|
13.8 |
% |
Information technology |
|
|
4,775,340 |
|
|
|
3,862,142 |
|
|
|
913,198 |
|
|
|
23.6 |
% |
Research and development |
|
|
1,290,910 |
|
|
|
2,684,014 |
|
|
|
(1,393,104 |
) |
|
|
(51.9 |
)% |
Depreciation and amortization |
|
|
2,973,972 |
|
|
|
2,443,856 |
|
|
|
530,116 |
|
|
|
21.69 |
% |
Loss on disposal of assets |
|
|
350,192 |
|
|
|
60,471 |
|
|
|
289,721 |
|
|
|
479.1 |
% |
Facilities |
|
|
1,917,628 |
|
|
|
586,430 |
|
|
|
1,331,198 |
|
|
|
227.0 |
% |
Total costs and expenses |
|
|
51,269,931 |
|
|
|
34,730,415 |
|
|
|
(16,539,516 |
) |
|
|
(47.6 |
)% |
Operating loss |
|
|
(22,821,755 |
) |
|
|
(18,016,995 |
) |
|
|
4,804,760 |
|
|
|
(26.7 |
)% |
Other income and (expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income, net |
|
|
231,357 |
|
|
|
95,565 |
|
|
|
135,792 |
|
|
|
142.1 |
% |
Interest expense, net |
|
|
(1,102,045 |
) |
|
|
(7,415 |
) |
|
|
(1,094,630 |
) |
|
|
14762.4 |
% |
Foreign exchange (loss) gain |
|
|
(32,407 |
) |
|
|
(5,461 |
) |
|
|
(26,946 |
) |
|
|
493.4 |
% |
Total other (expense) income |
|
|
(903,095 |
) |
|
|
82,689 |
|
|
|
(985,784 |
) |
|
|
(1192.2 |
)% |
Loss before income taxes |
|
|
(23,724,850 |
) |
|
|
(17,934,306 |
) |
|
|
(5,790,544 |
) |
|
|
32.3 |
% |
Income tax expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
(23,724,850 |
) |
|
|
(17,934,306 |
) |
|
|
(5,790,544 |
) |
|
|
32.3 |
% |
Net loss per share, basic and fully diluted |
|
|
(3.62 |
) |
|
|
(3.58 |
) |
|
|
(0.04 |
) |
|
|
1.0 |
% |
22
Comparison of the Three and Nine Months Ended September 30, 2023 and 2022
Revenues and Cost of Revenue
During the three months ended September 30, 2023 and 2022, our total revenue was $8,729,152 and $4,938,105, respectively, representing an increase in revenue of $3,791,047. The main reason for the increase in revenues was due to the revenue generated by Maestro amounting to $4,446,257 (which were not included in the operating results of the Company prior to its acquisition on November 1, 2022), and new services offered to existing clients, amounting to $149,365, partially offset by a decline of $958,672 in revenue due to the termination by the Company, effective September 2022, of a contract with a client that failed to meet its contractual obligations.
During the nine months ended September 30, 2023 and 2022, our total revenue was $28,448,176 and $16,713,420, respectively, representing an increase in revenue of $11,734,756. The main reason for the increase in revenues was due to the revenue generated by Maestro amounting to $15,157,941 (which were not included in the operating results of the Company prior to its acquisition on November 1, 2022), and new services offered to existing clients amounting to $149,365, partially offset by a decline of $3,738,447 in revenue due to the termination by the Company, effective September 2022, of a contract with a client that failed to meet its contractual obligations.
Total revenues consist of fees that we charge our customers in consideration for administering their self-insured healthcare plans as well as fees that we receive for ancillary services such as care management, case management, cost containment services, and other services provided to our customers by us or other vendors.
During the three months ended September 30, 2023 and 2022, our cost of revenue exclusive of depreciation and amortization was $5,691,278 and $3,625,415, respectively, representing an increase of $2,065,863. The main reason for the increase in the cost of revenue was due to the cost of revenue generated by Maestro amounting to $2,437,535(which were not included in the operating results of the Company prior to its acquisition on November 1, 2022), and increased computer and telephone costs of $268,416 due to vendor alignment between Maestro and Marpai, partially offset by the reduction in the cost of revenues amounting to $696,006 relating to the termination of the customer contract described above.
During the nine months ended September 30, 2023 and 2022, our cost of revenue exclusive of depreciation and amortization was $18,529,768 and $12,323,770, respectively, representing an increase of $6,205,998. The main reason for the increase in the cost of revenue was due to the cost of revenue generated by Maestro amounting to $7,976,153 (which were not included in the operating results of the Company prior to its acquisition on November 1, 2022), increased computer and telephone costs of $857,297 due to vendor alignment between Maestro and Marpai, partially offset by the reduction in the cost of revenues amounting to $2,841,477 relating to the termination of the customer contract described above.
Total cost of revenues consists of (i) service fees, which primarily include vendor fees associated with the client’s benefit program selections, (ii) the direct labor cost associated with claim management and processing services, and (iii) direct labor costs associated with providing customer support and services to the clients, members, and other external stakeholders.
Research and Development Expenses
We incurred $267,269 of research and development expenses for the three months ended September 30, 2023 compared to $781,750 for the three months ended September 30, 2022, a decrease of $514,481. The decrease is attributable to (i) decreased expenditures in EYME amounting to approximately $423,168, associated primarily with a lower number of research and development employees in the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022, (ii) a decrease in employee stock based compensation of $47,598, and (iii) in 2022, the President of Production and Development’s time was split and allocated with $138,911 being included in research and development expenses, but no allocation was made for research and development in 2023 due to change in the President of Production and Development’s job responsibilities.
We incurred $1,290,910 of research and development expenses for the nine months ended September 30, 2023 compared to $2,684,014 for the nine months ended September 30, 2022, a decrease of $1,393,104. The decrease is attributable to (i) decreased expenditures in EYME amounting to approximately $675,030, associated primarily with a lower number of research and development employees in the nine months ended September 30, 2023 as compared to the nine months ended September 30, 2022, (ii) a decrease in employee stock based compensation of $268,950, and (iii) in 2022, the President of Production and Development’s time was split and allocated with
23
$449,124 being included in research and development expenses, but no allocation was made for research and development in 2023 due to change in the President of Production and Development’s job responsibilities.
General and Administrative Expenses
We incurred $4,986,185 of general and administrative expenses for the three months ended September 30, 2023 compared to $2,717,905 for the three months ended September 30, 2022, an increase of $2,268,280. The reason for the increase is due to (i) general and administrative expenses generated by Maestro amounting to $1,651,433 (which were not included in the operating results of the Company prior to its acquisition on November 1, 2022), (ii) an increase in legal and professional fees expenses of $95,446 due to exploration of equity issuance and capital raising initiatives and additional audit services, and (iii) an increase in Marpai Administrators’ employee cost of approximately $450,000 severance and expanded leadership.
We incurred $15,937,675 of general and administrative expenses for the nine months ended September 30, 2023 compared to $7,940,014 for the nine months ended September 30, 2022, an increase of $7,997,661. The reason for the increase is due to (i) general and administrative expenses generated by Maestro amounting to $6,240,737 (which were not included in the operating results of the Company prior to its acquisition on November 1, 2022), (ii) an increase in legal and professional fees expenses of $358,713 due to exploration of equity issuance and capital raising initiatives and additional audit services, and (iii) an increase in Marpai Administrators’ employee cost of approximately $1,550,000 severance and expanded leadership.
Sales and Marketing Expenses
We incurred $1,842,018 of sales and marketing expenses for the three months ended September 30, 2023 compared to $1,053,814 for the three months ended September 30, 2022, an increase of $788,204. This increase was primarily due to (i) sales and marketing expenses generated by Maestro amounting to $116,990 (which were not included in the operating results of the Company prior to its acquisition on November 1, 2022), (ii) increased expenditures amounting to approximately $338,000, associated with severance expenses and increased employee cost, and (iii) an increase in consulting and contract employee expenses amounting to $438,013, all partially offset by reduction in outside marketing cost of $244,520.
We incurred $5,494,446 of sales and marketing expenses for the nine months ended September 30, 2023 compared to $4,829,718 for the nine months ended September 30, 2022, an increase of $664,728. This increase was primarily due to (i) sales and marketing expenses generated by Maestro amounting to $968,563 (which were not included in the operating results of the Company prior to its acquisition on November 1, 2022), (ii) increased expenditures amounting to approximately $456,000, associated with severance expenses and increased employee cost, (iii) an increase in consulting and contract employee expenses amounting to $606,638, and (iv) increased stock compensation of $373,676, all partially offset by reduction in outside marketing cost of $244,520.
Information Technology Expenses
We incurred $1,269,088 of information technology expenses for the three months ended September 30, 2023 compared to $1,538,136 for the three months ended September 30, 2022, a decrease of $269,048. This decrease was primarily due to information technology expenses generated by Maestro amounting to $474,365 (which were not included in the operating results of the Company prior to its acquisition on November 1, 2022), offset by employee reassignment due to department reorganization of approximately $530,000, and (ii) the allocation in 2022 of the President of Production and Development’s time of $138,911 being included in information technology expenses but no allocation was made to information technology in 2023.
We incurred $4,775,340 of information technology expenses for the nine months ended September 30, 2023 compared to $3,862,142 for the nine months ended September 30, 2022, an increase of $913,198. This increase was primarily due to information technology expenses generated by Maestro amounting to $2,157,881 (which were not included in the operating results of the Company prior to its acquisition on November 1, 2022), offset by employee reassignment due to department reorganization of approximately $335,000, (ii) the allocation in 2022 of the President of Production and Development’s time of $449,125 being included in information technology expenses but no allocation was made to information technology in 2023, and (iii) decreased computer and telephone costs of $373,291 due to vendor alignment between Maestro and Marpai.
Depreciation and Amortization
We incurred $927,390 of depreciation and amortization expenses for the three months ended September 30, 2023 compared to $842,047 for the three months ended September 30, 2022, an increase of $85,343. This increase was primarily due to (i) depreciation and amortization expense generated by Maestro amounting to $114,336 (which were not included in the operating results of the Company
24
prior to its acquisition on November 1, 2022), and (ii) partially offset by a reduction by approximately $29,000 in the depreciation of assets that were disposed of during the current year.
We incurred $2,973,972 of depreciation and amortization expenses for the nine months ended September 30, 2023 compared to $2,443,856 for the nine months ended September 30, 2022, an increase of $530,116 . This increase was primarily due to (i) depreciation and amortization expense generated by Maestro amounting to $526,454 (which were not included in the operating results of the Company prior to its acquisition on November 1, 2022).
Loss on Disposal of Assets
We incurred $6,604 of loss on disposal of assets for the three months ended September 30, 2023 compared to $0 for the three months ended September 30, 2022, an increase of $6,604. This increase was primarily due to disposal of furniture assets that were no longer needed as the lease terms ended.
We incurred $350,192 of loss on disposal of assets for the nine months ended September 30, 2023 compared to $60,471 for the nine months ended September 30, 2022, an increase of $289,721. This increase was primarily due to disposal of furniture and leasehold improvement assets that were no longer needed as the lease terms ended.
Interest Expense, net
We incurred $383,756 of interest expense for the three months ended September 30, 2023 compared to $2,908 for the three months ended September 30, 2022, an increase of $380,848. Interest expense increased primarily due to the interest accrued on outstanding debt relating to the acquisition of Maestro which closed on November 1, 2022.
We incurred $1,102,045 of interest expense for the nine months ended September 30, 2023 compared to $7,415 for the nine months ended September 30, 2022, an increase of $1,094,630. Interest expense increased primarily due to the interest accrued on outstanding debt relating to the acquisition of Maestro which closed on November 1, 2022.
Liquidity and Capital Resources
As of September 30, 2023, the Company had an accumulated deficit of approximately $71.7 million, unrestricted cash and cash equivalents of approximately $3.0 million and negative working capital of approximately $3.6 million. For the nine months ended September 30, 2023, the Company recognized a net loss of approximately $23.7 million and negative cash flows from operations of approximately $15.3 million.
The Company has spent most of its cash resources on funding its operating activities. Through September 30, 2023, the Company has financed its operations primarily with the proceeds from the issuance of convertible promissory notes and warrants as well as sales of its equity securities.
On April 19, 2023, we closed a public offering of 1,850,000 shares of common stock at a public offering price of $4.00 per share, for gross proceeds of $7.4 million. After deducting underwriters' discounts and offering expenses, the net proceeds from the public offering were approximately $6.4 million. In accordance with the terms of the Maestro share purchase agreement, $2,294,751 or 35% of the net proceeds from the offering were expected to be used to pay down the debt to the Seller. Based on an agreement reached with the
Seller on July 18, 2023, 50% of the amount due or $1,147,376 was paid to the Seller on July 19, $200,000 was paid to the Seller on September 18, 2023, and the balance will be paid no later than November 15, 2023.
Management continues to evaluate additional funding alternatives and is seeking to raise additional funds through the issuance of equity or debt securities.
If we are unable to raise additional capital moving forward, our ability to operate in the normal course and continue to invest in its product portfolio may be materially and adversely impacted and we may be forced to scale back operations or divest some or all of our assets.
As a result of the above, in connection with our assessment of going concern considerations in accordance with Financial Accounting Standard Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that our liquidity condition raises substantial doubt about our ability to continue as a going concern through twelve months from the date these condensed consolidated financial statements are available to be issued. These
25
condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should we be unable to continue as a going concern.
Cash Flows
The following tables summarizes selected information about our sources and uses of cash and cash equivalents for the nine months ended September 30, 2023 and 2022:
Comparison of the Nine Months Ended September 30, 2023 and 2022
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
Net cash used in operating activities |
|
$ |
(15,324,191 |
) |
|
$ |
(15,339,217 |
) |
Net cash provided by (used in) investing activities |
|
|
26,914 |
|
|
|
(880,032 |
) |
Net cash provided by financing activities |
|
|
6,432,025 |
|
|
|
— |
|
Net decrease in cash and cash equivalents and restricted cash |
|
$ |
(8,865,252 |
) |
|
$ |
(16,219,249 |
) |
Net Cash Used in Operating Activities
Net cash used in operating activities totaled $15,324,191 for the nine months ended September 30, 2023, a decrease of $15,026 as compared to $15,339,217 for the nine months ended September 30, 2022. Net cash used in operating activities was primarily driven by our net loss for the period of $23,724,849 net of (i) non-cash items totaling $7,766,078 and (ii) decrease in net working capital items amounting to $634,580.
Net Cash Provided by (Used in) Investing Activities
A total of $26,914 was provided by investing activities in the nine months ended September 30, 2023, a decrease of $906,946 as compared to $880,032 in cash used in investing activities for the nine months ended September 30, 2022. The primary reason for the decline is the decline in the capitalization of software development costs.
Net Cash Provided by Financing Activities
A total of $6,432,025 was received from financing activities during the nine months ended September 30, 2023, comprising of net proceeds provided from a public offering of common stock of $6,431,612 and $413 provided from the exercising of stock options.
Critical Accounting Policies and Estimates
Our condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of these condensed consolidated financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the applicable periods. We evaluate our estimates, assumptions and judgments on an ongoing basis. Our estimates, assumptions and judgments are based on historical experience and various other factors that we believe to be reasonable under the circumstances. Different assumptions and judgments would change the estimates used in the preparation of our condensed consolidated financial statements, which, in turn, could change the results from those reported.
See Note 4 to our condensed consolidated financial statements included in this Form 10-Q for a description of the significant accounting policies that we use to prepare our consolidated financial statements.
New Accounting Pronouncements
We have considered recently issued accounting pronouncements and do not believe the adoption of such pronouncements will have a material impact on our condensed consolidated financial statements.
On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) that includes, among other provisions, changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement income,” and a one percent excise tax on net repurchases of stock after December 31, 2022.
26
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Foreign exchange risk
The cash generated from revenue is denominated in U.S. Dollars. Our expenses are generally denominated in the currencies of the jurisdictions in which we conduct our operations, which are in the United States and Israel. Our results of current and future operations and cash flows are therefore subject to fluctuations due to changes in the exchange rate of the New Israeli Shekel (NIS). The effect of a hypothetical 10% change in the exchange rate of the NIS versus the U.S. Dollar would not have had a material impact on our historical condensed consolidated financial statements for the nine months ended September 30, 2023. To date we have not entered into derivative or hedging transactions, but we may do so in the future if our exposure to foreign currency becomes or is expected to become more significant.
Interest rate risk
We had cash and cash equivalents balances of $3,018,424 and $13,764,508 on September 30, 2023 and December 31, 2022, respectively. Currently, management does not view this exposure to be a significant risk.
Inflation Risk
Inflation generally affects us by increasing our labor costs. We do not believe that inflation had a material effect on our business, financial condition or results of operations during the nine months ended September 30, 2023.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial and Accounting Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a‑15(e) and 15d‑15(e) under the Exchange Act) as of the end of the fiscal quarter ended September 30, 2023. Based on this evaluation, our Chief Executive Officer and Chief Financial and Accounting Officer have concluded that, during the period covered by this Quarterly Report, our disclosure controls and procedures were effective.
Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial and accounting officer or persons performing similar functions, as appropriate, to allow timely decisions.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rules 13a‑15(f) and 15d‑15(f) under the Exchange Act) during the third quarter ended September 30, 2023 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on the Effectiveness of Controls
In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.
PART II – OTHER INFORMATION
27
ITEM 6. Exhibits.
|
|
|
|
|
|
Exhibit No. |
|
Description |
10.1+ |
|
Separation Agreement, executed by and between Marpai, Inc. and Lutz Finger, dated August 16, 2023 (incorporated by reference to Exhibit 10.1 filed with the Current Report on Form 8-K filed with the SEC on August 17, 2023). |
10.2+ |
|
Consulting Agreement, executed by and between Marpai, Inc. and Lutz Finger, dated August 16, 2023 (incorporated by reference to Exhibit 10.2 filed with the Current Report on Form 8-K filed with the SEC on August 17, 2023.) |
31.1 |
|
Certification Statement of the Chief Executive Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002 |
31.2 |
|
Certification Statement of the Chief Financial Officer pursuant to Section 302 of the Sarbanes Oxley Act of 2002 |
32.1* |
|
Certification Statement of the Chief Executive Officer pursuant to Section 906 of the Sarbanes Oxley Act of 2002 |
32.2* |
|
Certification Statement of the Chief Financial Officer pursuant to Section 906 of the Sarbanes Oxley Act of 2002 |
101* |
|
Interactive Data Files |
101.INS |
|
Inline XBRL Instance Document |
101.SCH |
|
Inline XBRL Taxonomy Extension Schema Document |
101.CAL |
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
*Furnished, not filed, in accordance with item 601(32)(ii) of Regulation S-K.
** Filed herewith.
+ Management contract or compensation plan.
28
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.
|
|
|
|
|
|
|
MARPAI, INC. |
|
|
|
Date: November 13, 2023 |
|
/s/ Damien Lamendola |
|
Name: |
Damien Lamendola |
|
Title: |
Chief Executive Officer |
|
|
(Principal Executive Officer) |
|
|
|
|
|
/s/ Steve Johnson |
|
Name: |
Steve Johnson |
|
Title |
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
29
Table of Contents`
Exhibit 31.1
Certification of Chief Executive Officer
Pursuant to Rule 13a-14(a)
I, Damien Lamendola, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Marpai, 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 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 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 functions):
(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.
Date: November 13, 2023
|
|
|
/s/ Damien Lamendola |
|
Damien Lamendola |
|
Chief Executive Officer (Principal Executive Officer) |
Exhibit 31.2
Certification of Chief Financial Officer
Pursuant to Rule 13a-14(a)
I, Steve Johnson, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Marpai, 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 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 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 functions):
(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.
Date: November 13, 2023
|
|
|
/s/ Steve Johnson |
|
Steve Johnson |
|
Chief Financial Officer (Principal Financial Officer) |
Table of Contents`
Exhibit 32.1
MARPAI, INC.
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
In connection with the Quarterly Report of Marpai, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Edmundo Gonzalez, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, that to my knowledge:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
|
|
/s/ Damien Lamendola |
|
|
|
Damien Lamendola |
|
Chief Executive Officer (Principal Executive Officer) |
|
November 13, 2023 |
Table of Contents`
Exhibit 32.2
MARPAI, INC.
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
In connection with the Quarterly Report of Marpai, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Yoram Bibring, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, that to my knowledge:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
|
|
|
/s/ Steve Johnson |
|
|
|
Steve Johnson |
|
Chief Financial Officer (Principal Financial Officer) |
|
|
|
November 13, 2023 |
v3.23.3
Document and Entity Information - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 13, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Entity File Number |
001-40904
|
|
Entity Registrant Name |
MARPAI, INC.
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Tax Identification Number |
86-1916231
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Address Line One |
615 Channelside Drive, Suite 207
|
|
Entity Address, City or Town |
Tampa
|
|
Entity Address, Postal Zip Code |
33602
|
|
City Area Code |
646
|
|
Local Phone Number |
303‑3483
|
|
Title of 12(b) Security |
Class A Common Stock, par value $0.0001 per share
|
|
Trading Symbol |
MRAI
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
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|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
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Entity Ex Transition Period |
false
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Entity Shell Company |
false
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Entity Common Stock, Shares Outstanding |
|
7,810,625
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Entity Central Index Key |
0001844392
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Current Fiscal Year End Date |
--12-31
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2023
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Q3
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
|
Cash and cash equivalents |
|
$ 3,018,424
|
$ 13,764,508
|
Restricted cash |
|
11,233,440
|
9,352,608
|
Accounts receivable, net |
|
977,400
|
1,437,786
|
Unbilled receivable |
|
594,552
|
350,393
|
Prepaid expenses and other current assets |
|
961,182
|
1,601,920
|
Other receivables |
|
32,251
|
30,634
|
Total current assets |
|
16,817,249
|
26,537,849
|
Property and equipment, net |
|
662,208
|
1,506,082
|
Capitalized software, net |
|
2,742,947
|
4,588,706
|
Operating lease right-of-use assets |
|
2,520,453
|
3,841,810
|
Goodwill |
|
6,035,200
|
5,837,060
|
Intangible assets, net |
|
5,501,918
|
6,323,279
|
Security deposits |
|
1,308,908
|
1,293,166
|
Other long-term asset |
|
21,668
|
21,668
|
Total assets |
|
35,610,551
|
49,949,620
|
Current liabilities: |
|
|
|
Accounts payable |
|
3,101,229
|
1,457,670
|
Accrued expenses |
|
4,659,407
|
5,274,716
|
Accrued fiduciary obligations |
|
9,877,871
|
9,024,463
|
Deferred revenue |
|
1,261,067
|
288,499
|
Current portion of operating lease liabilities |
|
600,104
|
1,311,295
|
Total current liabilities |
|
20,447,054
|
17,359,844
|
Other long-term liabilities |
|
19,113,390
|
20,203,700
|
Operating lease liabilities, net of current portion |
|
3,812,609
|
4,771,871
|
Deferred tax liabilities |
|
1,479,880
|
1,479,880
|
Total liabilities |
|
44,852,933
|
43,815,295
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
STOCKHOLDERS' (DEFICIT) EQUITY |
|
|
|
Common stock, $0.0001 par value, 227,791,050 shares authorized; 7,810,625 and 5,319,758 issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
[1] |
781
|
532
|
Additional paid-in capital |
|
62,475,786
|
54,127,893
|
Accumulated deficit |
|
(71,718,949)
|
(47,994,100)
|
Total stockholders' (deficit) equity |
|
(9,242,382)
|
6,134,325
|
Total liabilities and stockholders' (deficit) equity |
|
35,610,551
|
49,949,620
|
Nonrelated Party |
|
|
|
Current liabilities: |
|
|
|
Other short-term liability |
|
$ 947,376
|
|
Related Party |
|
|
|
Current liabilities: |
|
|
|
Other short-term liability |
|
|
$ 3,201
|
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Statement of Financial Position [Abstract] |
|
|
Allowance for credit losses | $ |
$ 23,458
|
$ 23,458
|
Common stock, par value | $ / shares |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
227,791,050
|
227,791,050
|
Common stock, shares issued |
7,810,625
|
5,319,758
|
Common stock, shares outstanding |
7,810,625
|
5,319,758
|
Reverse stock split ratio |
0.25
|
0.25
|
Reverse stock split |
Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
|
Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
|
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- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
|
Revenue |
|
$ 8,729,152
|
$ 4,938,105
|
$ 28,448,176
|
$ 16,713,420
|
Costs and expenses |
|
|
|
|
|
Cost of revenue (exclusive of depreciation and amortization shown separately below) |
|
5,691,278
|
3,625,415
|
18,529,768
|
12,323,770
|
General and administrative |
|
4,986,185
|
2,717,905
|
15,937,675
|
7,940,014
|
Sales and marketing |
|
1,842,018
|
1,053,814
|
5,494,446
|
4,829,718
|
Information technology |
|
1,269,088
|
1,538,136
|
4,775,340
|
3,862,142
|
Research and development |
|
267,269
|
781,750
|
1,290,910
|
2,684,014
|
Depreciation and amortization |
|
927,391
|
842,047
|
2,973,973
|
2,443,856
|
Loss on disposal of assets |
|
6,604
|
|
350,192
|
60,471
|
Facilities |
|
767,602
|
193,494
|
1,917,626
|
586,430
|
Total costs and expenses |
|
15,757,435
|
10,752,561
|
51,269,930
|
34,730,415
|
Operating loss |
|
(7,028,283)
|
(5,814,456)
|
(22,821,754)
|
(18,016,995)
|
Other income (expenses) |
|
|
|
|
|
Other income |
|
130,453
|
56,274
|
231,357
|
95,565
|
Interest expense net |
|
(383,756)
|
(2,908)
|
(1,102,045)
|
(7,415)
|
Foreign exchange loss |
|
(13,794)
|
(18,770)
|
(32,407)
|
(5,461)
|
Loss before provision for income taxes |
|
(7,295,380)
|
(5,779,860)
|
(23,724,849)
|
(17,934,306)
|
Net loss |
|
$ (7,295,380)
|
$ (5,779,860)
|
$ (23,724,849)
|
$ (17,934,306)
|
Net loss per share, basic |
[1] |
$ (0.98)
|
$ (1.14)
|
$ (3.62)
|
$ (3.58)
|
Net loss per share, fully diluted |
[1] |
$ (0.98)
|
$ (1.14)
|
$ (3.62)
|
$ (3.58)
|
Weighted average shares of common stock outstanding, basic |
[1] |
7,479,401
|
5,087,164
|
6,552,575
|
5,004,779
|
Weighted average shares of common stock outstanding, diluted |
[1] |
7,479,401
|
5,087,164
|
6,552,575
|
5,004,779
|
|
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical)
|
|
9 Months Ended |
12 Months Ended |
Jun. 29, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Income Statement [Abstract] |
|
|
|
Reverse stock split |
Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
|
Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
|
Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
|
Reverse stock split ratio |
0.25
|
0.25
|
0.25
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY - USD ($)
|
Total |
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Balance at the beginning at Dec. 31, 2021 |
$ 29,708,412
|
$ 507
|
$ 51,233,615
|
$ (21,525,710)
|
Balance at the beginning (in shares) at Dec. 31, 2021 |
|
5,074,932
|
|
|
Share-based compensation |
2,182,696
|
|
2,182,696
|
|
Issuance of common stock upon vesting of restricted stock units |
61
|
$ 15
|
46
|
|
Issuance of common stock upon vesting of restricted stock units (in shares) |
|
152,044
|
|
|
Common Stock issued to vendors in exchange for services |
30,902
|
$ 1
|
30,901
|
|
Common Stock issued to vendors in exchange for services (in shares) |
|
7,500
|
|
|
Net loss |
(17,934,306)
|
|
|
(17,934,306)
|
Balance at the end at Sep. 30, 2022 |
13,987,765
|
$ 523
|
53,447,258
|
(39,460,016)
|
Balance at the end (in shares) at Sep. 30, 2022 |
|
5,234,475
|
|
|
Balance at the beginning at Jun. 30, 2022 |
19,070,499
|
$ 517
|
52,750,138
|
(33,680,156)
|
Balance at the beginning (in shares) at Jun. 30, 2022 |
|
5,170,711
|
|
|
Share-based compensation |
689,375
|
|
689,375
|
|
Issuance of common stock upon vesting of restricted stock units |
25
|
$ 6
|
19
|
|
Issuance of common stock upon vesting of restricted stock units (in shares) |
|
61,890
|
|
|
Common Stock issued to vendors in exchange for services |
7,726
|
|
7,726
|
|
Common Stock issued to vendors in exchange for services (in shares) |
|
1,875
|
|
|
Net loss |
(5,779,860)
|
|
|
(5,779,860)
|
Balance at the end at Sep. 30, 2022 |
13,987,765
|
$ 523
|
53,447,258
|
(39,460,016)
|
Balance at the end (in shares) at Sep. 30, 2022 |
|
5,234,475
|
|
|
Balance at the beginning at Dec. 31, 2022 |
$ 6,134,325
|
$ 532
|
54,127,893
|
(47,994,100)
|
Balance at the beginning (in shares) at Dec. 31, 2022 |
5,319,758
|
5,319,758
|
|
|
Share-based compensation |
$ 1,836,930
|
|
1,836,930
|
|
Issuance of common stock upon vesting of restricted stock units |
56
|
$ 56
|
|
|
Issuance of common stock upon vesting of restricted stock units (in shares) |
|
557,631
|
|
|
Common Stock issued to vendors in exchange for services |
79,130
|
$ 2
|
79,128
|
|
Common Stock issued to vendors in exchange for services (in shares) |
|
25,000
|
|
|
Issuance of common stock upon exercise of stock options |
413
|
$ 5
|
408
|
|
Issuance of common stock upon exercise of stock options (in shares) |
|
49,522
|
|
|
Issuance of common stock in connection with public offering, net |
6,431,612
|
$ 185
|
6,431,427
|
|
Issuance of common stock in connection with public offering, net (in shares) |
|
1,850,000
|
|
|
Issuance of round up shares in connection with reverse split |
1
|
$ 1
|
|
|
Issuance of round up shares in connection with reverse split (in shares) |
|
8,714
|
|
|
Net loss |
(23,724,849)
|
|
|
(23,724,849)
|
Balance at the end at Sep. 30, 2023 |
$ (9,242,382)
|
$ 781
|
62,475,786
|
(71,718,949)
|
Balance at the end (in shares) at Sep. 30, 2023 |
7,810,625
|
7,810,625
|
|
|
Balance at the beginning at Jun. 30, 2023 |
$ (2,668,760)
|
$ 725
|
61,754,084
|
(64,423,569)
|
Balance at the beginning (in shares) at Jun. 30, 2023 |
|
7,255,818
|
|
|
Share-based compensation |
721,556
|
|
721,556
|
|
Issuance of common stock upon vesting of restricted stock units |
53
|
$ 53
|
|
|
Issuance of common stock upon vesting of restricted stock units (in shares) |
|
524,244
|
|
|
Issuance of common stock upon exercise of stock options |
148
|
$ 2
|
146
|
|
Issuance of common stock upon exercise of stock options (in shares) |
|
21,849
|
|
|
Issuance of round up shares in connection with reverse split |
1
|
$ 1
|
|
|
Issuance of round up shares in connection with reverse split (in shares) |
|
8,714
|
|
|
Net loss |
(7,295,380)
|
|
|
(7,295,380)
|
Balance at the end at Sep. 30, 2023 |
$ (9,242,382)
|
$ 781
|
$ 62,475,786
|
$ (71,718,949)
|
Balance at the end (in shares) at Sep. 30, 2023 |
7,810,625
|
7,810,625
|
|
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY (Parenthetical)
|
|
9 Months Ended |
12 Months Ended |
Jun. 29, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Stockholders' Equity [Abstract] |
|
|
|
Reverse stock split |
Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
|
Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
|
Reflects 1-for-4 reverse stock split that became effective June 29, 2023. See Note 1 to the unaudited condensed consolidated financial statements.
|
Reverse stock split ratio |
0.25
|
0.25
|
0.25
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (23,724,849)
|
$ (17,934,306)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
2,973,972
|
2,443,856
|
Loss on disposal of assets |
350,192
|
60,471
|
Share-based compensation |
1,836,986
|
2,432,758
|
Common stock issued to vendors in exchange for services |
79,130
|
30,899
|
Amortization of right-of-use asset |
1,288,744
|
517,985
|
Gain on termination of lease |
32,613
|
|
Non-cash interest |
1,204,441
|
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable and unbilled receivable |
640,737
|
16,215
|
Prepaid expense and other assets |
216,226
|
376,821
|
Other receivables |
(1,617)
|
34,665
|
Security deposit |
(15,743)
|
|
Accounts payable |
335,647
|
(432,986)
|
Accrued expenses |
(692,991)
|
(436,385)
|
Accrued fiduciary obligations |
853,408
|
(1,642,220)
|
Operating lease liabilities |
(1,670,454)
|
(512,095)
|
Due to related party |
(3,201)
|
(437)
|
Other liabilities |
972,568
|
(294,458)
|
Net cash used in operating activities |
(15,324,191)
|
(15,339,217)
|
Cash flows from investing activities: |
|
|
Capitalization of software development costs |
|
(809,856)
|
Disposal of property and equipment |
26,914
|
|
Purchase of property and equipment |
|
(70,176)
|
Net cash provided by (used in) investing activities |
26,914
|
(880,032)
|
Cash flows from financing activities: |
|
|
Proceeds from stock options exercises |
413
|
|
Proceeds from issuance of common stock in a public offering, net |
6,431,612
|
|
Net cash provided by financing activities |
6,432,025
|
|
Net decrease in cash, cash equivalents and restricted cash |
(8,865,252)
|
(16,219,249)
|
Cash, cash equivalents and restricted cash at beginning of period |
23,117,116
|
25,933,643
|
Cash, cash equivalents and restricted cash at end of period |
14,251,864
|
9,714,394
|
Reconciliation of cash, cash equivalents, and restricted cash reported in the condensed consolidated balance sheet |
|
|
Cash and cash equivalents |
3,018,424
|
4,747,951
|
Restricted cash |
11,233,440
|
4,966,443
|
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statement of cash flows |
14,251,864
|
$ 9,714,394
|
Supplemental disclosure of non-cash activity |
|
|
Measurement period adjustment to goodwill |
$ 198,140
|
|
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v3.23.3
Organization and Description of Business
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Description of Business |
NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Organization Marpai, Inc.'s (“Marpai” or the “Company”) operations are principally conducted through its wholly-owned subsidiaries, Marpai Health, Inc. (“Marpai Health”), Marpai Administrators LLC (“Marpai Administrators”), and Maestro Health LLC (“Maestro”). Marpai Administrators and Maestro are our healthcare payer subsidiaries that provide administration services to self-insured employer groups across the United States. They act as a third-party administration (“TPA”) handling all administrative aspects of providing healthcare to self-insured employer groups. The Company has combined these two businesses to create what it believes to be the Payer of the Future, which has not only the licenses, processes and know- how of a payer but also the latest technology. This combination allows the Company to differentiate itself in the TPA market by delivering a technology-driven service that it believes can lower the overall cost of healthcare while maintaining or improving healthcare outcomes. Marpai Captive, Inc. (“Marpai Captive”) was founded in March 2022 as a Delaware corporation. Marpai Captive engages in the captive insurance market and commenced operations in the first quarter of 2023. Nature of Business The Company’s mission is to positively change healthcare for the benefit of (i) its clients who are self-insured employers that pay for their employees’ healthcare benefits and engage the Company to administer the latter’s healthcare claims, (ii) employees who receive these healthcare benefits from its clients, and (iii) healthcare providers including doctors, doctor groups, hospitals, clinics, and any other entities providing healthcare services or products. The Company provides benefits outsourcing services to clients in the United States across multiple industries. The Company’s backroom administration and TPA services are supported by a customized technology platform and a dedicated benefits call center. Under its TPA platform, the Company provides health and welfare administration, dependent eligibility verification, Consolidated Omnibus Budget Reconciliation Act (“COBRA”) administration, and benefit billing services. The Company continues to monitor the effects of the global macroeconomic environment, including increasing inflationary pressures; supply chain disruptions; social and political issues; regulatory matters, geopolitical tensions; and global security issues. The Company is also mindful of inflationary pressures on its cost base and is monitoring the impact on customer preferences. Reverse Stock Split On June 29, 2023 the Company effectuated a one-for-four reverse stock split of its outstanding shares of common stock. The number of authorized shares was not adjusted in connection with the reverse stock split. Throughout these unaudited condensed consolidated financial statements common stock share and per share information, including employee stock options, restricted stock awards, restricted stock units and warrants, have been revised for all periods presented to give effect to the reverse stock split.
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v3.23.3
Unaudited Interim Condensed Consolidated Financial Statements
|
9 Months Ended |
Sep. 30, 2023 |
Condensed Financial Statements [Abstract] |
|
Unaudited Interim Condensed Consolidated Financial Statements |
NOTE 2 – UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim consolidated financial statements furnished reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. The unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying footnotes included in the Company’s Annual Report on Form 10-K for its year ended December 31, 2022. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Maestro is included as of November 1, 2022, the date of the Acquisition (see Note 5). All significant intercompany balances and transactions have been eliminated in consolidation. The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses reported in those financial statements. Descriptions of the Company’s significant accounting policies are discussed in the notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Management evaluates the related estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.
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v3.23.3
Liquidity and Going Concern
|
9 Months Ended |
Sep. 30, 2023 |
LIQUIDITY |
|
Liquidity and Going Concern |
NOTE 3 – LIQUIDITY AND GOING CONCERN As shown in the accompanying condensed consolidated financial statements as of September 30, 2023, the Company had an accumulated deficit of approximately $71.7 million and negative working capital of approximately $3.6 million. At September 30, 2023, the Company had long term debt of approximately $19.1 million and approximately $3.0 million of unrestricted cash on hand. For the nine months ended September 30, 2023, the Company recognized a net loss of approximately $23.7 million and negative cash flows from operations of approximately $15.3 million. Since inception, the Company has met its cash needs through proceeds from issuing convertible notes, warrants and sales of its common stock. The Company currently projects that it will need additional capital to fund its current operations and capital investment requirements until the Company scales to a revenue level that permits cash self-sufficiency. As a result, the Company needs to raise additional capital or secure debt funding to support on-going operations until such time. This projection is based on the Company’s current expectations regarding revenues, expenditures, cash burn rate and other operating assumptions. The sources of this capital are anticipated to be from the sale of equity and/or debt. Alternatively, or in addition, the Company may seek to sell assets which it regards as non-strategic. Any of the foregoing may not be achievable on favorable terms, or at all. Additionally, any debt or equity transactions may cause significant dilution to existing stockholders. If the Company is unable to raise additional capital moving forward, its ability to operate in the normal course and continue to invest in its product portfolio may be materially and adversely impacted and the Company may be forced to scale back operations or divest some or all of its assets. As a result of the above, in connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s (“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that the Company’s liquidity condition raises substantial doubt about the Company’s ability to continue as a going concern through twelve months from the date these unaudited condensed consolidated financial statements are available to be issued. These unaudited condensed consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.
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v3.23.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Combination The Company accounts for business combinations in accordance with the FASB’s Accounting Standard Codification (“ASC”) 805, Business Combinations. Accordingly, identifiable tangible and intangible assets acquired, and liabilities assumed are recorded at their estimated fair values, the excess of the purchase consideration over the fair values of net assets acquired is recorded as goodwill, and transaction costs are expensed as incurred. The Company includes the results of operations of the businesses that are acquired as of the acquisition date. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, valuation of share-based compensation, accounting for warrants, allowance for credit losses, useful lives of internally developed software, fair values of net assets acquired, goodwill, intangible assets and property and equipment, incurred but not reported (“IBNR”) reserves, whether an arrangement is or contains a lease, the incremental borrowing rate used for operating leases, income tax accruals, the valuation allowance for deferred income taxes, and contingent liabilities. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. Restricted Cash Restricted cash balances are composed of funds held on behalf of clients in a fiduciary capacity, cash held in a separate bank account pledged to a bank as collateral for a bank guarantee provided to the lessor to secure the Company’s obligations under a lease agreement, cash in a money market account as required by a credit card company for collateral, and a certificate of deposit held for collateral of a letter of credit. Fiduciary funds generally cannot be utilized for general corporate purposes and are not a source of liquidity for the Company. A corresponding fiduciary obligation, included in current liabilities in the accompanying condensed consolidated balance sheets, exists for disbursements to be made on behalf of the clients and may be more than the restricted cash balance if payment from customers has not been received. Capitalized Software The Company complies with the guidance of ASC Topic 350‑40, “Intangibles—Goodwill and Other—Internal Use Software”, in accounting for its internally developed system projects that it utilizes to provide its services to customers. These system projects generally relate to software of the Company that is not intended for sale or otherwise marketed. Internal and external costs incurred during the preliminary project stage are expensed as they are incurred. Once a project has reached the development stage, the Company capitalizes direct internal and external costs until the software is substantially complete and ready for its intended use. Costs for upgrades and enhancements are capitalized, whereas, costs incurred for maintenance are expensed as incurred. These capitalized software costs are amortized on a project-by- project basis over the expected economic life of the underlying software on a straight-line basis, which is generally three to five years. Amortization commences when the software is available for its intended use. Goodwill Goodwill is recognized and initially measured as any excess of the acquisition-date consideration transferred in a business combination over the acquisition-date amounts recognized for the net identifiable assets acquired. Goodwill is not amortized but is tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not result in an impairment of goodwill. The Company operates in one reportable segment and reporting unit; therefore, goodwill is tested for impairment at the consolidated level. First, the Company assesses qualitative factors to determine whether or not it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company conducts a quantitative goodwill impairment test comparing the fair value of the applicable reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the Company recognizes an impairment loss in the condensed consolidated statement of operations for the amount by which the carrying amount exceeds the fair value of the reporting unit. The Company performs its annual goodwill impairment test at December 31, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of goodwill below its carrying value. There was no goodwill impairment for the nine months ended September 30, 2023 and 2022. Intangible Assets Intangible assets consist of customer relationships, non-compete agreements, and amounts attributed to patent and patent applications that were acquired through an acquisition and are amortized on a straight-line basis over useful lives ranging from five to ten years. The Company’s intangible assets are reviewed for impairment when events or circumstances indicate their carrying amounts may not be recoverable. The Company reviews the recoverability of its intangible assets by comparing the carrying value of such assets to the related undiscounted value of the projected cash flows associated with the assets, or asset group. If the carrying value is found to be greater, the Company records an impairment loss for the excess of book value over fair value. No impairment of the Company’s intangible assets was recorded for the nine months ended September 30, 2023 and 2022. During the three and nine months ended September 30, 2023, the Company identified triggering events that may indicate the carrying amount of goodwill and intangible assets are not recoverable. The triggering events identified included the decline in the Company’s stock price and the Company’s shortening cash reach. As a result of identifying these potential indicators of impairment, the Company performed a quantitative goodwill impairment analysis for the three months ended September 30, 2023, and the analysis determined that the fair value of the Company’s reporting unit exceeded its carrying value, so no goodwill impairment loss was recorded. During the three and nine months ended September 30, 2023, the Company also determined that its intangible assets were not impaired. The continuation of operating losses, negative cash flows from operations, negative working capital, and decreases in the Company’s market capitalization could result in impairment to goodwill and/or intangible assets that could be material to the consolidated financial statements in future periods. The Company will continue to monitor these events and circumstances each reporting period and perform the required quantitative impairment tests, as applicable. Revenue Recognition Third Party Administrator Revenue 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, it has an unconditional right to consideration, as outlined in the Company’s contracts. The Company also provides certain performance guarantees under their contracts with customers. Customers may be entitled to receive compensation if the Company fails to meet the guarantees. Actual performance is compared to the contractual guarantee for each measure throughout the period. The Company had performance guarantee liabilities of $163,093, which is included in accrued expenses on the accompanying condensed consolidated balance sheet as of September 30, 2023. Significant Payment Terms Generally, the Company’s accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. Invoices for services are typically sent to the customer on the 15th day of the month prior to the service month with a 10-day payment term. The Company does not offer discounts if the customer pays some or all of the invoiced amount prior to the due date. Consideration paid for services rendered by the Company is nonrefundable. Therefore, at the time revenue is recognized, the Company does not estimate expected refunds for services. The Company uses the practical expedient and does not account for significant financing components because the period between recognition and collection does not exceed one year for all of the Company’s contracts. Timing of Performance Obligations All of the Company’s contracts with customers obligate the Company to perform services. Services provided include health and welfare administration, dependent eligibility verification, COBRA administration, and benefit billing. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report claims, and control of these services is transferred to the customer. The Company has the right to receive payment for all services rendered. Determining and Allocating the Transaction Price The transaction price of a contract is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer. To determine the transaction price of a contract, the Company considers its customary business practices and the terms of the contract. For the purpose of determining transaction prices, the Company assumes that the services will be transferred to the customer as promised in accordance with existing contracts and that the contracts will not be canceled, renewed, or modified. The Company’s contracts with customers have fixed fee prices that are denominated per covered employee per month. The Company includes amounts of variable consideration in a contract’s transaction price only to the extent that it is probable that the amounts will not be subject to significant reversals (that is, downward adjustments to revenue recognized for satisfied performance obligations). In determining amounts of variable consideration to include in a contract’s transaction price, the Company relies on its experience and other evidence that supports its qualitative assessment of whether revenue would be subject to a significant reversal. The Company considers all the facts and circumstances associated with both the risk of a revenue reversal arising from an uncertain future event and the magnitude of the reversal if that uncertain event were to occur. Captive Revenue All general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis. Loss and Loss Adjustment Expenses The establishment of loss reserves by the policies primary insurer is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience with like claims. Consequently, the reserves established are a reflection of the opinions of a large number of persons and the Company is exposed to the possibility of higher or lower than anticipated loss cost due to real expense. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding shares of common stock for the period, considering the effect of participating securities. Diluted earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, shares of common stock equivalents, if any, are not considered in the computation. At September 30, 2023 and 2022, there were 1,123,173 and 994,999 common stock equivalents, respectively. For the nine months ended September 30, 2023 and 2022, these potential shares were excluded from the shares used to calculate diluted net loss per share as their effect would have been antidilutive. Recently Issued Accounting Pronouncements In September 2022, the FASB issued ASU No. 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which is intended to enhance the transparency surrounding the use of supplier finance programs. The amendments in this update require a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted the guidance when it became effective on January 1, 2023, except for the rollforward requirement, which becomes effective January 1, 2024. The Company does not have any supplier finance programs, and accordingly the adoption did not have a material impact on the Company’s condensed consolidated financial statements and the Company does not believe the impact of adopting the rollforward requirement in this accounting standard update will be material to the condensed consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. For the Company, the new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. The Company is currently evaluating the impact of this accounting standard update on its condensed consolidated financial statements.
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v3.23.3
Acquisition
|
9 Months Ended |
Sep. 30, 2023 |
Business Combinations [Abstract] |
|
Acquisition |
NOTE 5 – ACQUISITION On November 1, 2022, the Company consummated the acquisition of Maestro. Pursuant to the terms of the Purchase Agreement (“Maestro Agreement”), Marpai agreed to acquire all of the membership interests (the “Units”) of Maestro. In consideration for Marpai’s acquisition of the Units, Marpai agreed to pay the seller (the “Seller”) an aggregate purchase price (the “Purchase Price”) of $19,900,000 determined on the closing date (the “Base Purchase Price”), which shall be payable on or before April 1, 2024 (the “Payment Date”), and shall accrue interest until such time that is paid, such that on the Payment Date the Purchase Price, plus all accrued and unpaid interest, shall equal $22,100,000 (the “Adjusted Purchase Price”). Any unpaid portion of the Purchase Price shall accrue interest at ten percent (10%) per annum, compounding annually, calculated on the basis of a 365-day year for the actual number of days elapsed (the “Specified Rate”), and shall be repaid as promptly as practicable to the Seller. In addition, in the event Marpai or its subsidiaries receive proceeds from the sale of any securities in a private placement or public offering of securities (each an “Offering”), then Marpai shall pay to the Seller an amount equal to thirty-five percent (35%) of the net proceeds of the Offering no later than sixty (60) days after the closing of Offering until such time as the Purchase Price has been paid in full. Notwithstanding the foregoing, Marpai shall be required to make cumulative payments, representing the Adjusted Purchase Price and any additional interest that will accrue on the Adjusted Purchase Price after the Payment Date, as follows: (i) $5,000,000 to be paid by December 31, 2024, (ii) $11,000,000 of cumulative payments to be paid by December 31, 2025, and (iii) $19,000,000 of cumulative payments to be paid by December 31, 2026 and (iv) $28,000,000 of cumulative payments to be paid by December 31, 2027. On April 19, 2023, the Company closed a public offering of 1,850,000 shares of common stock at a public offering price of $4.00 per share, for gross proceeds of $7.4 million. After deducting underwriters' discounts and offering expenses, the net proceeds from the public offering were approximately $6.4 million. In accordance with the terms of the Maestro share purchase agreement, $2,294,751 or 35% of the net proceeds from the offering were expected to be used to pay down the debt to the Seller. Based on an agreement reached with the Seller on July 18, 2023, 50% of the amount due or $1,147,376 was paid to the Seller on July 19, 2023 and the balance will be paid no later than September 18, 2023. On September 18, 2023, Marpai paid the Seller $200,000 and the parties agreed that the balance of $947,376 will be paid at the earlier of (i) October 18, 2023, and (ii) within 48 hours of the closing of certain funding initiatives that Marpai was engaged in. On October 24 2023, the Seller agreed to extend the due date of such payment from October 18, 2023 to November 15, 2023. As of September 30, 2023, the outstanding principal balance is $19,900,000 and the accrued interest on the principal is $115,765 for a total of $20,015,765 of which $947,376 is in other short-term liabilities and $19,068,389 is other long-term liabilities. The following table represents the allocation of the purchase consideration among Maestro’s assets acquired and liabilities assumed at their acquisition-date fair values:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
Adjustment |
|
|
September 30, 2023 |
|
Purchase Price |
|
|
|
|
|
|
|
|
|
Purchase Price |
|
$ |
19,900,000 |
|
|
|
|
|
$ |
19,900,000 |
|
|
|
|
|
|
|
|
|
|
|
Purchase Price Allocation |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
17,081,602 |
|
|
|
|
|
$ |
17,081,602 |
|
Restricted cash |
|
|
16,306,547 |
|
|
|
|
|
|
16,306,547 |
|
Accounts receivable |
|
|
321,198 |
|
|
|
|
|
|
321,198 |
|
Unbilled receivable |
|
|
646,189 |
|
|
|
|
|
|
646,189 |
|
Prepaid expenses and other current assets |
|
|
1,751,371 |
|
|
|
|
|
|
1,751,371 |
|
Property and equipment |
|
|
921,680 |
|
|
|
(159,920 |
) |
|
|
761,760 |
|
Operating lease - right of use assets |
|
|
2,555,375 |
|
|
|
|
|
|
2,555,375 |
|
Goodwill |
|
|
3,454,143 |
|
|
|
198,140 |
|
|
|
3,652,283 |
|
Trademarks |
|
|
800,000 |
|
|
|
|
|
|
800,000 |
|
Customer relationships |
|
|
840,000 |
|
|
|
|
|
|
840,000 |
|
Security deposits |
|
|
1,240,889 |
|
|
|
|
|
|
1,240,889 |
|
Account payable |
|
|
(150,328 |
) |
|
|
|
|
|
(150,328 |
) |
Accrued expenses |
|
|
(4,554,280 |
) |
|
|
(38,220 |
) |
|
|
(4,592,500 |
) |
Accrued fiduciary obligations |
|
|
(16,306,547 |
) |
|
|
|
|
|
(16,306,547 |
) |
Operating lease liabilities |
|
|
(4,816,490 |
) |
|
|
|
|
|
(4,816,490 |
) |
Deferred revenue |
|
|
(191,349 |
) |
|
|
|
|
|
(191,349 |
) |
Total fair value of net assets acquired and liabilities assumed |
|
$ |
19,900,000 |
|
|
$ |
— |
|
|
$ |
19,900,000 |
|
The Company recorded a measurement period adjustment to goodwill for the nine months ended September 30, 2023 for property and equipment of $159,920, that was subsequently identified as not received during the acquisition, and accrued expenses of $38,220, relating to pre-acquisition liabilities. The following table summarizes the estimated fair values of Maestro’s identifiable intangible assets, their estimated useful lives and expected amortization periods:
|
|
|
|
|
|
|
|
|
|
|
|
Useful |
|
|
Acquisition |
|
|
Life in |
|
|
Fair Value |
|
|
Years |
Trademarks |
|
$ |
800,000 |
|
|
5 Years |
Customer relationships |
|
|
840,000 |
|
|
5 Years |
The following unaudited pro forma summary presents consolidated information of the Company as if the business combination had occurred on January 1, 2022:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2022 |
|
|
September 30, 2022 |
|
|
|
(pro forma) |
|
|
(pro forma) |
|
Revenue |
|
$ |
9,687,891 |
|
|
$ |
31,621,036 |
|
Net loss |
|
|
(9,049,986 |
) |
|
|
(29,744,227 |
) |
The unaudited pro forma financial information includes adjustments that are directly attributable to the business combination and are factually supportable. The pro forma adjustments include incremental amortization expense of $82,000 related to intangible and tangible assets acquired. The unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies or the effect of the incremental costs incurred in integrating Maestro into the Marpai legacy business. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the acquisition had occurred at the beginning of the period presented, nor are they indicative of future results of operations.
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.3
Property and Equipment
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
NOTE 6 – PROPERTY AND EQUIPMENT Property and equipment consist of the following at:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
Equipment |
|
$ |
49,905 |
|
|
$ |
402,675 |
|
Furniture and fixtures |
|
|
753,133 |
|
|
|
1,007,699 |
|
Leasehold improvements |
|
|
— |
|
|
|
745,453 |
|
Total cost |
|
|
803,038 |
|
|
|
2,155,827 |
|
Accumulated depreciation |
|
|
(140,830 |
) |
|
|
(649,745 |
) |
Property and equipment, net |
|
$ |
662,208 |
|
|
$ |
1,506,082 |
|
Depreciation expense was $306,852 and $164,800 for the nine months ended September 30, 2023 and 2022, respectively. Depreciation expense was $38,350 and $82,066 for the three months ended September 30, 2023 and 2022, respectively.
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.23.3
Capitalized Software
|
9 Months Ended |
Sep. 30, 2023 |
Capitalized Computer Software, Net [Abstract] |
|
Capitalized Software |
NOTE 7 – CAPITALIZED SOFTWARE Capitalized software consists of the following at:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
Capitalized software |
|
$ |
5,656,885 |
|
|
$ |
8,094,385 |
|
Accumulated amortization |
|
|
(2,913,938 |
) |
|
|
(3,505,679 |
) |
Capitalized software, net |
|
$ |
2,742,947 |
|
|
$ |
4,588,706 |
|
Amortization expense was $1,845,759 and $1,703,699 for the nine months ended September 30, 2023 and 2022, respectively. Amortization expense was $615,253 and $568,195 for the three months ended September 30, 2023 and 2022, respectively.
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- DefinitionThe entire disclosure for research, development, and computer software activities, including contracts and arrangements to be performed for others and with federal government. Includes costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility and in-process research and development acquired in a business combination consummated during the period.
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v3.23.3
Goodwill and Intangible Assets
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
NOTE 8 – GOODWILL AND INTANGIBLE ASSETS Goodwill consists of the following:
|
|
|
|
|
|
|
Amount |
|
Balance as of December 31, 2022 |
|
$ |
5,837,060 |
|
Measurement period adjustment to goodwill (Note 5) |
|
|
198,140 |
|
Balance as of September 30, 2023 |
|
$ |
6,035,200 |
|
Intangible assets consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
|
Useful |
|
Gross Carrying |
|
|
Accumulated |
|
|
Net Carrying |
|
|
|
Life |
|
Amount |
|
|
Amortization |
|
|
Amount |
|
Trademarks |
|
5-10 Years |
|
$ |
2,320,000 |
|
|
$ |
(526,674 |
) |
|
$ |
1,793,326 |
|
Noncompete agreements |
|
5 Years |
|
|
990,000 |
|
|
|
(495,000 |
) |
|
|
495,000 |
|
Customer relationships |
|
5-7 Years |
|
|
3,760,000 |
|
|
|
(1,196,858 |
) |
|
|
2,563,142 |
|
Patents and patent applications |
|
(*) |
|
|
650,450 |
|
|
|
- |
|
|
|
650,450 |
|
|
|
|
|
$ |
7,720,450 |
|
|
$ |
(2,218,532 |
) |
|
$ |
5,501,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
Trademarks |
|
5-10 Years |
|
$ |
2,320,000 |
|
|
$ |
(292,671 |
) |
|
$ |
2,027,329 |
|
Noncompete agreements |
|
5 Years |
|
|
990,000 |
|
|
|
(346,500 |
) |
|
|
643,500 |
|
Customer relationships |
|
5-7 Years |
|
|
3,760,000 |
|
|
|
(758,000 |
) |
|
|
3,002,000 |
|
Patents and patent applications |
|
(*) |
|
|
650,450 |
|
|
|
— |
|
|
|
650,450 |
|
|
|
|
|
$ |
7,720,450 |
|
|
$ |
(1,397,171 |
) |
|
$ |
6,323,279 |
|
(*)Patents have yet to be approved by the United States Patent and Trademark Office. Useful life is determined upon placement into service after approval. Amortization expense was $821,361 and $575,357 for the nine months ended September 30, 2023 and 2022, respectively. Amortization expense was $273,787 and $191,786 for the three months ended September 30, 2023 and 2022, respectively.
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v3.23.3
Loss and Loss Adjustment Expenses
|
9 Months Ended |
Sep. 30, 2023 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
Loss and Loss Adjustment Expenses |
NOTE 9 – LOSS AND LOSS ADJUSTMENT EXPENSES The following tables shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Net reserves at January 1, |
|
$ |
— |
|
|
$ |
— |
|
Incurred loss and loss adjustment expenses |
|
|
|
|
|
|
Provisions for insured events of the current year |
|
|
205,238 |
|
|
|
— |
|
Change in provision for insured events of prior year |
|
|
— |
|
|
|
— |
|
Total incurred loss and loss adjustment expense |
|
|
205,238 |
|
|
|
— |
|
Payments |
|
|
|
|
|
|
Loss and loss adjustment expenses attributable to insured events of the current year |
|
|
4,268 |
|
|
|
— |
|
Loss and loss adjustment expenses attributable to insured events of the prior year |
|
|
— |
|
|
|
— |
|
Total payments |
|
|
4,268 |
|
|
|
— |
|
Net reserves at September 30, |
|
$ |
200,970 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Net reserves at July 1, |
|
$ |
143,147 |
|
|
$ |
— |
|
Incurred loss and loss adjustment expenses |
|
|
|
|
|
|
Provisions for insured events of the current year |
|
|
57,823 |
|
|
|
— |
|
Change in provision for insured events of prior year |
|
|
— |
|
|
|
— |
|
Total incurred loss and loss adjustment expense |
|
|
57,823 |
|
|
|
— |
|
Payments |
|
|
|
|
|
|
Loss and loss adjustment expenses attributable to insured events of the current year |
|
|
— |
|
|
|
— |
|
Loss and loss adjustment expenses attributable to insured events of the prior year |
|
|
— |
|
|
|
— |
|
Total payments |
|
|
— |
|
|
|
— |
|
Net reserves at September 30, |
|
$ |
200,970 |
|
|
$ |
— |
|
For the three and nine month periods ended September 30, 2023, initial reserves were established for the start of the Company's captive operations.
|
X |
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v3.23.3
Revenue
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
NOTE 10 – REVENUE Disaggregation of Revenue The following tables illustrates the disaggregation of revenue by similar products: For the three months period
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
TPA services |
|
$ |
8,638,615 |
|
|
$ |
4,938,105 |
|
Captive insurance |
|
|
90,537 |
|
|
|
— |
|
Total |
|
$ |
8,729,152 |
|
|
$ |
4,938,105 |
|
For the nine months period
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
TPA services |
|
$ |
28,212,995 |
|
|
$ |
16,713,420 |
|
Captive insurance |
|
|
235,181 |
|
|
|
— |
|
Total |
|
$ |
28,448,176 |
|
|
$ |
16,713,420 |
|
|
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.23.3
Share-based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Share-based Compensation |
NOTE 11 – SHARE-BASED COMPENSATION Global Stock Incentive Plan On May 31, 2022, the shareholders of the Company approved the Company’s Board of Directors proposal to increase the Company’s Global Incentive Plan (the “Plan”) by 1,575,000 shares, thus bringing the total number of stock options, restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) that may be issued pursuant to the Plan to 1,950,855. On May 31, 2023, the shareholders of the Company approved the Company’s Board of Directors proposal to increase the Company’s Plan by an additional 500,000 shares, thus bringing the total number of stock options, RSUs and RSAs that may be issued pursuant to the Plan to 2,450,855. Under the term of the Plan, on the grant date, the Board of Directors determines the vesting schedule of each stock option and RSUs on an individual basis. All stock options expire ten (10) years from the date of the grant. Vested options expire 90 days after the termination of employment of the grantee. Stock Options The fair value of options and share awards granted under the Plan during the nine months ended September 30, 2023 was estimated at the date of grant using the Black-Scholes option pricing model and the following assumptions for grants:
|
|
|
|
|
|
|
|
|
|
|
August 2023 |
|
|
January 2023 |
|
Risk-free interest rates |
|
|
4.44 |
% |
|
|
3.43 |
% |
Expected life |
|
5 years |
|
|
5 years |
|
Expected volatility |
|
|
136.99 |
% |
|
|
41.00 |
% |
Expected dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
The following table summarizes the stock option activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
Aggregate |
|
|
|
Number of |
|
|
Weighted Average |
|
|
Remaining |
|
|
Intrinsic |
|
|
|
Options |
|
|
Exercise Price |
|
|
Contractual Term |
|
|
Value |
|
Balance at January 1, 2023 |
|
|
931,934 |
|
|
$ |
5.88 |
|
|
|
8.91 |
|
|
$ |
203,295 |
|
Granted |
|
|
717,250 |
|
|
|
2.56 |
|
|
|
|
|
|
|
Forfeited/Cancelled |
|
|
(207,048 |
) |
|
|
6.13 |
|
|
|
|
|
|
|
Exercised |
|
|
(49,522 |
) |
|
0.008 |
|
|
|
|
|
|
|
Balance at September 30, 2023 |
|
|
1,392,614 |
|
|
|
4.33 |
|
|
|
8.99 |
|
|
$ |
1,909 |
|
Exercisable at September 30, 2023 |
|
|
617,066 |
|
|
$ |
5.50 |
|
|
|
8.61 |
|
|
$ |
1,909 |
|
The following table summarizes the Company’s non-vested stock options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
Non-vested Options |
|
|
Grant Date Fair |
|
|
|
Outstanding |
|
|
Value |
|
At January 1, 2023 |
|
|
507,664 |
|
|
$ |
2.64 |
|
Options granted |
|
|
717,250 |
|
|
|
1.50 |
|
Options forfeited/cancelled |
|
|
(155,306 |
) |
|
|
2.39 |
|
Options exercised |
|
|
(9,554 |
) |
|
|
5.42 |
|
Options vested |
|
|
(284,506 |
) |
|
|
1.85 |
|
At September 30, 2023 |
|
|
775,548 |
|
|
$ |
1.71 |
|
For the nine months ended September 30, 2023 and 2022, the Company recognized $641,628 and $655,973 of stock compensation expense relating to stock options, respectively. For the three months ended September 30, 2023 and 2022, the Company recognized $253,392 and $172,799 of stock compensation expense relating to stock options, respectively. As of September 30, 2023, there was $1,323,313 of unrecognized stock compensation expense related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of approximately 2.9 years. Restricted Stock Awards In July 2019, the Board of Directors of the Company authorized grants of restricted stock awards (“RSAs”) through a restricted stock award purchase agreement to certain founders, consultants, and advisors of the Company. Certain grants to the Company’s founders were fully vested at the date of incorporation, other grants vest over a four-year period on each anniversary of the grant date, based on continued employment, and other grants vest based on various milestones. The shares of common stock underlying the RSAs are issued upon grant. The following table summarizes the restricted stock awards activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
|
|
Grant Date Fair |
|
|
|
Outstanding |
|
|
Value |
|
Outstanding at January 1, 2023 |
|
|
55,735 |
|
|
$ |
5.92 |
|
Granted |
|
|
— |
|
|
|
— |
|
Forfeited/cancelled |
|
|
— |
|
|
|
— |
|
Vested |
|
|
(54,517 |
) |
|
|
5.85 |
|
Outstanding at September 30, 2023 |
|
|
1,218 |
|
|
$ |
8.53 |
|
For the nine months ended September 30, 2023 and 2022, the Company recognized $288,183 and $749,086 of stock compensation expense relating to RSAs, respectively. For the three months ended September 30, 2023 and 2022, the Company recognized $46,401 and $120,891 of stock compensation expense relating to RSAs, respectively. As of September 30, 2023, there was $24,447 of unrecognized compensation expense related to unvested restricted share awards that is expected to be recognized over a weighted-average period of approximately 3 months. Restricted Stock Units On June 14, 2022, the Board of Directors of the Company authorized the grant of 356,851 RSUs, of which 336,538 were granted to an officer of the Company who joined the Company in February 2022. Of the RSUs granted to the officer, 48,077 vested immediately and the balance of 288,461 vested in equal quarterly installments through February 28, 2023. Under the terms of the officer’s employment agreement, the Company also agreed to guarantee the minimum value of the RSUs on their vesting dates. On February 28, 2023, the Company issued 33,387 fully vested RSUs to an officer upon his one year anniversary of employment. On August 2, 2023, the Company issued 28,090 fully vested RSUs to an officer. On August 16, 2023, the Company issued 400,000 fully vested on September 7, 2023 RSUs to an advisor, the Company also agreed to guarantee the minimum value of the RSUs on their vesting dates. The Company accrued $548,450 in accounts payable in the condensed consolidated balance sheet, reflecting this minimum value obligation as of September 30, 2023, to be paid over three installments. The following table summarizes the restricted stock units activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
Non-vested Options |
|
|
Grant Date Fair |
|
|
|
Outstanding |
|
|
Value |
|
Outstanding at January 1, 2023 |
|
|
72,957 |
|
|
$ |
4.44 |
|
Granted |
|
|
580,227 |
|
|
|
1.58 |
|
Forfeited/cancelled |
|
|
(127,605 |
) |
|
|
3.25 |
|
Vested |
|
|
(525,579 |
) |
|
|
1.57 |
|
Outstanding at September 30, 2023 |
|
|
— |
|
|
$ |
— |
|
For the nine months ended September 30, 2023 and 2022, the Company recognized $782,175 and $777,637 of stock compensation expense relating to RSUs, respectively. For the three months ended September 30, 2023 and 2022, the Company recognized $421,819 and $337,351 of stock compensation expense relating to RSUs, respectively. As of September 30, 2023, there was no unrecognized compensation expense remaining related to unvested restricted share units .
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
Warrants
|
9 Months Ended |
Sep. 30, 2023 |
Warrants and Rights Note Disclosure [Abstract] |
|
Warrants |
NOTE 12 – WARRANTS Upon closing of the Company's public offering (Note 16), the Company issued to the underwriter, warrants to purchase 92,500 shares of common stock (the “Underwriter’s Warrants”). The Underwriter’s Warrants are exercisable at a per share exercise price equal to 125% of the public offering price per share in the offering, which was determined to be $5.00. The Underwriter’s Warrants are exercisable at any time, in whole or in part, from October 19, 2023 through April 19, 2028. The table below summarizes the Company’s warrant activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
|
|
Warrants to |
|
|
Exercise Price |
|
|
Weighted |
|
|
|
Purchase Common |
|
|
Range Per |
|
|
Average |
|
|
|
Shares |
|
|
Share |
|
|
Exercise Price |
|
Balance at January 1, 2023 |
|
|
412,218 |
|
|
$5.72 to 31.60 |
|
|
$ |
23.68 |
|
Granted |
|
|
92,500 |
|
|
|
5.00 |
|
|
|
5.00 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at September 30, 2023 |
|
|
504,718 |
|
|
$5.00 to 31.60 |
|
|
$ |
20.25 |
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022 |
|
|
412,218 |
|
|
$5.72 to 31.60 |
|
|
$ |
23.68 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at September 30, 2022 |
|
|
412,218 |
|
|
$5.72 to 31.60 |
|
|
$ |
23.68 |
|
|
X |
- DefinitionThe entire disclosure on warrants liability.
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v3.23.3
Segment Information
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Segment Information |
NOTE 13 – SEGMENT INFORMATION Research and development activities are conducted through the Company’s wholly owned subsidiary, EYME Technologies, Ltd., in Israel. Geographic long-lived asset information presented below is based on the physical location of the assets at the end of year. All of the Company’s revenues are derived from customers located in the United States. Long-lived assets including goodwill, intangible assets, capitalized software, property and equipment and operating lease right-of-use, by geographic region, are as follows at:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
United States |
|
$ |
15,661,857 |
|
|
$ |
17,993,006 |
|
Israel |
|
|
1,800,869 |
|
|
|
4,103,931 |
|
Total long-lived assets |
|
$ |
17,462,726 |
|
|
$ |
22,096,937 |
|
|
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v3.23.3
Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
NOTE 14 – RELATED PARTY TRANSACTIONS The Company receives consulting services and marketing services from various shareholders and directors. The total cost of these consulting services for the three months ended September 30, 2023 and 2022 was approximately $0 and $44,000, respectively. The total cost of these consulting services for the nine months ended September 30, 2023 and 2022 was approximately $95,000 and $158,000, respectively. The total cost of marketing services for the three months ended September 30, 2023 and 2022 was approximately $0 and $0, respectively. The total cost of marketing services for the nine months ended September 30, 2023 and 2022 was approximately $0 and $565,000, respectively. No amounts due to these certain shareholders were included in accounts payable of September 30, 2023 and December 31, 2022. On December 30, 2020, the Company received an advance from a certain investor for reimbursement of certain expenses. This is recorded as due to related party on the accompanying condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022 in the amount of $0 and $3,201, respectively.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
Accrued Expenses
|
9 Months Ended |
Sep. 30, 2023 |
Accrued Liabilities, Current [Abstract] |
|
Accrued Expenses |
NOTE 15 – ACCRUED EXPENSES Accrued expenses consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
Employee compensation |
|
$ |
1,597,212 |
|
|
$ |
1,433,327 |
|
Accrued bonuses |
|
|
1,696,875 |
|
|
|
1,712,009 |
|
Performance guarantee liabilities |
|
|
163,093 |
|
|
|
244,029 |
|
Other accrued expenses and liabilities |
|
|
1,202,227 |
|
|
|
1,885,351 |
|
Accrued expenses |
|
$ |
4,659,407 |
|
|
$ |
5,274,716 |
|
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- DefinitionThe entire disclosure of accrued expenses.
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v3.23.3
Stockholders' (Deficit) Equity
|
9 Months Ended |
Sep. 30, 2023 |
Stockholders' Equity Note [Abstract] |
|
Stockholders' (Deficit) Equity |
NOTE 16 – STOCKHOLDERS’ (DEFICIT) EQUITY On April 19, 2023, the Company closed its public offering of 1,850,000 shares of common stock at a public offering price of $4.00 per share, for gross proceeds of $7.4 million. After deducting underwriters' discounts and offering expenses, the net proceeds from the public offering were approximately $6.4 million. In accordance with the terms of the Maestro share purchase agreement (Note 5), $2,294,751 or 35% of the net proceeds from the offering were expected to be used to pay down the debt to the Seller. Based on an agreement reached with the Seller on July 18, 2023, 50% of the amount due or $1,147,376 was paid to the Seller on July 19, 2023 and the balance will be paid no later than September 18, 2023. On September 18, 2023 Marpai paid the Seller $200,000 and the parties agreed that the balance of $947,376 will be paid at the earlier of (i) October 18, 2023, and (ii) within 48 hours of the closing of certain funding initiatives that Marpai was engaged in. On October 24 2023, the Seller agreed to change the aforementioned October 18, 2023 date to November 15, 2023. During the nine months ended September 30, 2023, the Company issued 25,000 shares of common stock to a vendor in consideration for services.
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- DefinitionThe entire disclosure for equity.
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
NOTE 17 – INCOME TAXES The effective tax rate was 0% for the nine months ended September 30, 2023 and 2022. The effective tax rate differs from the federal tax rate of 21% for the nine months ended September 30, 2023 and 2022 due primarily to the full valuation allowance on deferred tax assets, and other discrete items. At December 31, 2022, the Company had federal and state net operating losses (“NOLs”) in the amount of $29,547,000 and $26,649,000 respectively. These NOLs expire from 2031 to 2041 or have indefinite lives. However, the Tax Cuts & Jobs Act of 2017 limits the amount of net operating loss the Company can utilize each year after December 31, 2020 to 80% of taxable income. Income tax expense is recorded using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences attributable to temporary differences between amounts reported for income tax purposes and financial statement purposes, using current tax rates. A valuation allowance is recognized if it is anticipated that some or all of a deferred tax asset will not be realized. The Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent that the Company believes that recovery is not likely, it must establish a valuation allowance. Significant management judgment is required in determining the provision for income taxes, deferred tax assets and liabilities and any valuation allowance recorded against net deferred tax assets. The Company and its subsidiaries’ income tax returns since 2019 are open to review by the tax authorities. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “Inflation Reduction Act") that includes, among other provisions, changes to the U.S. corporate income tax system, including a fifteen percent minimum tax based on "adjusted financial statement income,” and a one percent excise tax on net repurchases of stock after December 31, 2022. The Company is continuing to evaluate the Inflation Reduction Act and its requirements, as well as the application to its business.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
NOTE 18 – SUBSEQUENT EVENTS Management has evaluated subsequent events through the date the unaudited condensed consolidated financial statements were available for issuance.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Business Combination |
Business Combination The Company accounts for business combinations in accordance with the FASB’s Accounting Standard Codification (“ASC”) 805, Business Combinations. Accordingly, identifiable tangible and intangible assets acquired, and liabilities assumed are recorded at their estimated fair values, the excess of the purchase consideration over the fair values of net assets acquired is recorded as goodwill, and transaction costs are expensed as incurred. The Company includes the results of operations of the businesses that are acquired as of the acquisition date.
|
Use of Estimates |
Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include, but are not limited to, valuation of share-based compensation, accounting for warrants, allowance for credit losses, useful lives of internally developed software, fair values of net assets acquired, goodwill, intangible assets and property and equipment, incurred but not reported (“IBNR”) reserves, whether an arrangement is or contains a lease, the incremental borrowing rate used for operating leases, income tax accruals, the valuation allowance for deferred income taxes, and contingent liabilities. The Company bases these estimates on historical and anticipated results, trends, and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.
|
Restricted Cash |
Restricted Cash Restricted cash balances are composed of funds held on behalf of clients in a fiduciary capacity, cash held in a separate bank account pledged to a bank as collateral for a bank guarantee provided to the lessor to secure the Company’s obligations under a lease agreement, cash in a money market account as required by a credit card company for collateral, and a certificate of deposit held for collateral of a letter of credit. Fiduciary funds generally cannot be utilized for general corporate purposes and are not a source of liquidity for the Company. A corresponding fiduciary obligation, included in current liabilities in the accompanying condensed consolidated balance sheets, exists for disbursements to be made on behalf of the clients and may be more than the restricted cash balance if payment from customers has not been received.
|
Capitalized Software |
Capitalized Software The Company complies with the guidance of ASC Topic 350‑40, “Intangibles—Goodwill and Other—Internal Use Software”, in accounting for its internally developed system projects that it utilizes to provide its services to customers. These system projects generally relate to software of the Company that is not intended for sale or otherwise marketed. Internal and external costs incurred during the preliminary project stage are expensed as they are incurred. Once a project has reached the development stage, the Company capitalizes direct internal and external costs until the software is substantially complete and ready for its intended use. Costs for upgrades and enhancements are capitalized, whereas, costs incurred for maintenance are expensed as incurred. These capitalized software costs are amortized on a project-by- project basis over the expected economic life of the underlying software on a straight-line basis, which is generally three to five years. Amortization commences when the software is available for its intended use.
|
Goodwill |
Goodwill Goodwill is recognized and initially measured as any excess of the acquisition-date consideration transferred in a business combination over the acquisition-date amounts recognized for the net identifiable assets acquired. Goodwill is not amortized but is tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not result in an impairment of goodwill. The Company operates in one reportable segment and reporting unit; therefore, goodwill is tested for impairment at the consolidated level. First, the Company assesses qualitative factors to determine whether or not it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company conducts a quantitative goodwill impairment test comparing the fair value of the applicable reporting unit with its carrying value. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the Company recognizes an impairment loss in the condensed consolidated statement of operations for the amount by which the carrying amount exceeds the fair value of the reporting unit. The Company performs its annual goodwill impairment test at December 31, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of goodwill below its carrying value. There was no goodwill impairment for the nine months ended September 30, 2023 and 2022.
|
Intangible Assets |
Intangible Assets Intangible assets consist of customer relationships, non-compete agreements, and amounts attributed to patent and patent applications that were acquired through an acquisition and are amortized on a straight-line basis over useful lives ranging from five to ten years. The Company’s intangible assets are reviewed for impairment when events or circumstances indicate their carrying amounts may not be recoverable. The Company reviews the recoverability of its intangible assets by comparing the carrying value of such assets to the related undiscounted value of the projected cash flows associated with the assets, or asset group. If the carrying value is found to be greater, the Company records an impairment loss for the excess of book value over fair value. No impairment of the Company’s intangible assets was recorded for the nine months ended September 30, 2023 and 2022. During the three and nine months ended September 30, 2023, the Company identified triggering events that may indicate the carrying amount of goodwill and intangible assets are not recoverable. The triggering events identified included the decline in the Company’s stock price and the Company’s shortening cash reach. As a result of identifying these potential indicators of impairment, the Company performed a quantitative goodwill impairment analysis for the three months ended September 30, 2023, and the analysis determined that the fair value of the Company’s reporting unit exceeded its carrying value, so no goodwill impairment loss was recorded. During the three and nine months ended September 30, 2023, the Company also determined that its intangible assets were not impaired. The continuation of operating losses, negative cash flows from operations, negative working capital, and decreases in the Company’s market capitalization could result in impairment to goodwill and/or intangible assets that could be material to the consolidated financial statements in future periods. The Company will continue to monitor these events and circumstances each reporting period and perform the required quantitative impairment tests, as applicable.
|
Revenue Recognition |
Revenue Recognition Third Party Administrator Revenue 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, it has an unconditional right to consideration, as outlined in the Company’s contracts. The Company also provides certain performance guarantees under their contracts with customers. Customers may be entitled to receive compensation if the Company fails to meet the guarantees. Actual performance is compared to the contractual guarantee for each measure throughout the period. The Company had performance guarantee liabilities of $163,093, which is included in accrued expenses on the accompanying condensed consolidated balance sheet as of September 30, 2023. Significant Payment Terms Generally, the Company’s accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. Invoices for services are typically sent to the customer on the 15th day of the month prior to the service month with a 10-day payment term. The Company does not offer discounts if the customer pays some or all of the invoiced amount prior to the due date. Consideration paid for services rendered by the Company is nonrefundable. Therefore, at the time revenue is recognized, the Company does not estimate expected refunds for services. The Company uses the practical expedient and does not account for significant financing components because the period between recognition and collection does not exceed one year for all of the Company’s contracts. Timing of Performance Obligations All of the Company’s contracts with customers obligate the Company to perform services. Services provided include health and welfare administration, dependent eligibility verification, COBRA administration, and benefit billing. Revenue is recognized over time as services are provided as the performance obligations are satisfied through the effort expended to research, investigate, evaluate, document, and report claims, and control of these services is transferred to the customer. The Company has the right to receive payment for all services rendered. Determining and Allocating the Transaction Price The transaction price of a contract is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer. To determine the transaction price of a contract, the Company considers its customary business practices and the terms of the contract. For the purpose of determining transaction prices, the Company assumes that the services will be transferred to the customer as promised in accordance with existing contracts and that the contracts will not be canceled, renewed, or modified. The Company’s contracts with customers have fixed fee prices that are denominated per covered employee per month. The Company includes amounts of variable consideration in a contract’s transaction price only to the extent that it is probable that the amounts will not be subject to significant reversals (that is, downward adjustments to revenue recognized for satisfied performance obligations). In determining amounts of variable consideration to include in a contract’s transaction price, the Company relies on its experience and other evidence that supports its qualitative assessment of whether revenue would be subject to a significant reversal. The Company considers all the facts and circumstances associated with both the risk of a revenue reversal arising from an uncertain future event and the magnitude of the reversal if that uncertain event were to occur. Captive Revenue All general insurance premiums pertain to annual policies and are reflected in income on a pro-rata basis. Loss and Loss Adjustment Expenses The establishment of loss reserves by the policies primary insurer is a reasonably complex and dynamic process influenced by a large variety of factors. These factors principally include past experience with like claims. Consequently, the reserves established are a reflection of the opinions of a large number of persons and the Company is exposed to the possibility of higher or lower than anticipated loss cost due to real expense.
|
Earnings (Loss) Per Share |
Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding shares of common stock for the period, considering the effect of participating securities. Diluted earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, shares of common stock equivalents, if any, are not considered in the computation. At September 30, 2023 and 2022, there were 1,123,173 and 994,999 common stock equivalents, respectively. For the nine months ended September 30, 2023 and 2022, these potential shares were excluded from the shares used to calculate diluted net loss per share as their effect would have been antidilutive.
|
Recently Issued Accounting Pronouncements |
Recently Issued Accounting Pronouncements In September 2022, the FASB issued ASU No. 2022-04, “Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations,” which is intended to enhance the transparency surrounding the use of supplier finance programs. The amendments in this update require a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted the guidance when it became effective on January 1, 2023, except for the rollforward requirement, which becomes effective January 1, 2024. The Company does not have any supplier finance programs, and accordingly the adoption did not have a material impact on the Company’s condensed consolidated financial statements and the Company does not believe the impact of adopting the rollforward requirement in this accounting standard update will be material to the condensed consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (Topic 805). This ASU requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities (deferred revenue) from acquired contracts using the revenue recognition guidance in Topic 606. At the acquisition date, the acquirer applies the revenue model as if it had originated the acquired contracts. For the Company, the new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Adoption of the ASU should be applied prospectively. Early adoption is also permitted, including adoption in an interim period. The Company is currently evaluating the impact of this accounting standard update on its condensed consolidated financial statements.
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v3.23.3
Acquisition (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combinations [Abstract] |
|
Summary of Assets Acquired and Liabilities Assumed at their Acquisition Date Fair Value |
The following table represents the allocation of the purchase consideration among Maestro’s assets acquired and liabilities assumed at their acquisition-date fair values:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
Adjustment |
|
|
September 30, 2023 |
|
Purchase Price |
|
|
|
|
|
|
|
|
|
Purchase Price |
|
$ |
19,900,000 |
|
|
|
|
|
$ |
19,900,000 |
|
|
|
|
|
|
|
|
|
|
|
Purchase Price Allocation |
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
17,081,602 |
|
|
|
|
|
$ |
17,081,602 |
|
Restricted cash |
|
|
16,306,547 |
|
|
|
|
|
|
16,306,547 |
|
Accounts receivable |
|
|
321,198 |
|
|
|
|
|
|
321,198 |
|
Unbilled receivable |
|
|
646,189 |
|
|
|
|
|
|
646,189 |
|
Prepaid expenses and other current assets |
|
|
1,751,371 |
|
|
|
|
|
|
1,751,371 |
|
Property and equipment |
|
|
921,680 |
|
|
|
(159,920 |
) |
|
|
761,760 |
|
Operating lease - right of use assets |
|
|
2,555,375 |
|
|
|
|
|
|
2,555,375 |
|
Goodwill |
|
|
3,454,143 |
|
|
|
198,140 |
|
|
|
3,652,283 |
|
Trademarks |
|
|
800,000 |
|
|
|
|
|
|
800,000 |
|
Customer relationships |
|
|
840,000 |
|
|
|
|
|
|
840,000 |
|
Security deposits |
|
|
1,240,889 |
|
|
|
|
|
|
1,240,889 |
|
Account payable |
|
|
(150,328 |
) |
|
|
|
|
|
(150,328 |
) |
Accrued expenses |
|
|
(4,554,280 |
) |
|
|
(38,220 |
) |
|
|
(4,592,500 |
) |
Accrued fiduciary obligations |
|
|
(16,306,547 |
) |
|
|
|
|
|
(16,306,547 |
) |
Operating lease liabilities |
|
|
(4,816,490 |
) |
|
|
|
|
|
(4,816,490 |
) |
Deferred revenue |
|
|
(191,349 |
) |
|
|
|
|
|
(191,349 |
) |
Total fair value of net assets acquired and liabilities assumed |
|
$ |
19,900,000 |
|
|
$ |
— |
|
|
$ |
19,900,000 |
|
The Company recorded a measurement period adjustment to goodwill for the nine months ended September 30, 2023 for property and equipment of $159,920, that was subsequently identified as not received during the acquisition, and accrued expenses of $38,220, relating to pre-acquisition liabilities.
|
Summary of Identifiable Intangible Assets at Estimated Fair Values and Useful Lives with Expected Amortization Periods |
|
|
|
|
|
|
|
|
|
|
|
|
Useful |
|
|
Acquisition |
|
|
Life in |
|
|
Fair Value |
|
|
Years |
Trademarks |
|
$ |
800,000 |
|
|
5 Years |
Customer relationships |
|
|
840,000 |
|
|
5 Years |
|
Summary of Unaudited Pro Forma Information |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, 2022 |
|
|
September 30, 2022 |
|
|
|
(pro forma) |
|
|
(pro forma) |
|
Revenue |
|
$ |
9,687,891 |
|
|
$ |
31,621,036 |
|
Net loss |
|
|
(9,049,986 |
) |
|
|
(29,744,227 |
) |
|
X |
- DefinitionTabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.
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v3.23.3
Property and Equipment (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Summary of Property and Equipment |
Property and equipment consist of the following at:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
Equipment |
|
$ |
49,905 |
|
|
$ |
402,675 |
|
Furniture and fixtures |
|
|
753,133 |
|
|
|
1,007,699 |
|
Leasehold improvements |
|
|
— |
|
|
|
745,453 |
|
Total cost |
|
|
803,038 |
|
|
|
2,155,827 |
|
Accumulated depreciation |
|
|
(140,830 |
) |
|
|
(649,745 |
) |
Property and equipment, net |
|
$ |
662,208 |
|
|
$ |
1,506,082 |
|
|
X |
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v3.23.3
Capitalized Software (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Computer Software, Intangible Asset [Member] |
|
Finite-Lived Intangible Assets [Line Items] |
|
Summary of Intangible Assets |
Capitalized software consists of the following at:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
Capitalized software |
|
$ |
5,656,885 |
|
|
$ |
8,094,385 |
|
Accumulated amortization |
|
|
(2,913,938 |
) |
|
|
(3,505,679 |
) |
Capitalized software, net |
|
$ |
2,742,947 |
|
|
$ |
4,588,706 |
|
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.3
Goodwill and Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
Summary of Goodwill |
Goodwill consists of the following:
|
|
|
|
|
|
|
Amount |
|
Balance as of December 31, 2022 |
|
$ |
5,837,060 |
|
Measurement period adjustment to goodwill (Note 5) |
|
|
198,140 |
|
Balance as of September 30, 2023 |
|
$ |
6,035,200 |
|
|
Intangible Assets other than Capitalized Software |
|
Finite-Lived Intangible Assets [Line Items] |
|
Summary of Intangible Assets |
Intangible assets consist of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
|
Useful |
|
Gross Carrying |
|
|
Accumulated |
|
|
Net Carrying |
|
|
|
Life |
|
Amount |
|
|
Amortization |
|
|
Amount |
|
Trademarks |
|
5-10 Years |
|
$ |
2,320,000 |
|
|
$ |
(526,674 |
) |
|
$ |
1,793,326 |
|
Noncompete agreements |
|
5 Years |
|
|
990,000 |
|
|
|
(495,000 |
) |
|
|
495,000 |
|
Customer relationships |
|
5-7 Years |
|
|
3,760,000 |
|
|
|
(1,196,858 |
) |
|
|
2,563,142 |
|
Patents and patent applications |
|
(*) |
|
|
650,450 |
|
|
|
- |
|
|
|
650,450 |
|
|
|
|
|
$ |
7,720,450 |
|
|
$ |
(2,218,532 |
) |
|
$ |
5,501,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
Trademarks |
|
5-10 Years |
|
$ |
2,320,000 |
|
|
$ |
(292,671 |
) |
|
$ |
2,027,329 |
|
Noncompete agreements |
|
5 Years |
|
|
990,000 |
|
|
|
(346,500 |
) |
|
|
643,500 |
|
Customer relationships |
|
5-7 Years |
|
|
3,760,000 |
|
|
|
(758,000 |
) |
|
|
3,002,000 |
|
Patents and patent applications |
|
(*) |
|
|
650,450 |
|
|
|
— |
|
|
|
650,450 |
|
|
|
|
|
$ |
7,720,450 |
|
|
$ |
(1,397,171 |
) |
|
$ |
6,323,279 |
|
(*)Patents have yet to be approved by the United States Patent and Trademark Office. Useful life is determined upon placement into service after approval.
|
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v3.23.3
Loss and Loss Adjustment Expenses (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
Schedule of Changes in Aggregate Reserves of Loss and Loss Adjustment Expenses |
The following tables shows changes in aggregate reserves for the Company's loss and loss adjustment expenses:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Net reserves at January 1, |
|
$ |
— |
|
|
$ |
— |
|
Incurred loss and loss adjustment expenses |
|
|
|
|
|
|
Provisions for insured events of the current year |
|
|
205,238 |
|
|
|
— |
|
Change in provision for insured events of prior year |
|
|
— |
|
|
|
— |
|
Total incurred loss and loss adjustment expense |
|
|
205,238 |
|
|
|
— |
|
Payments |
|
|
|
|
|
|
Loss and loss adjustment expenses attributable to insured events of the current year |
|
|
4,268 |
|
|
|
— |
|
Loss and loss adjustment expenses attributable to insured events of the prior year |
|
|
— |
|
|
|
— |
|
Total payments |
|
|
4,268 |
|
|
|
— |
|
Net reserves at September 30, |
|
$ |
200,970 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
Net reserves at July 1, |
|
$ |
143,147 |
|
|
$ |
— |
|
Incurred loss and loss adjustment expenses |
|
|
|
|
|
|
Provisions for insured events of the current year |
|
|
57,823 |
|
|
|
— |
|
Change in provision for insured events of prior year |
|
|
— |
|
|
|
— |
|
Total incurred loss and loss adjustment expense |
|
|
57,823 |
|
|
|
— |
|
Payments |
|
|
|
|
|
|
Loss and loss adjustment expenses attributable to insured events of the current year |
|
|
— |
|
|
|
— |
|
Loss and loss adjustment expenses attributable to insured events of the prior year |
|
|
— |
|
|
|
— |
|
Total payments |
|
|
— |
|
|
|
— |
|
Net reserves at September 30, |
|
$ |
200,970 |
|
|
$ |
— |
|
|
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v3.23.3
Revenue (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue |
The following tables illustrates the disaggregation of revenue by similar products: For the three months period
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
TPA services |
|
$ |
8,638,615 |
|
|
$ |
4,938,105 |
|
Captive insurance |
|
|
90,537 |
|
|
|
— |
|
Total |
|
$ |
8,729,152 |
|
|
$ |
4,938,105 |
|
For the nine months period
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
September 30, 2022 |
|
TPA services |
|
$ |
28,212,995 |
|
|
$ |
16,713,420 |
|
Captive insurance |
|
|
235,181 |
|
|
|
— |
|
Total |
|
$ |
28,448,176 |
|
|
$ |
16,713,420 |
|
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
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v3.23.3
Share-based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Fair Value of Options and Share Awards Granted Under the Plan |
|
|
|
|
|
|
|
|
|
|
|
August 2023 |
|
|
January 2023 |
|
Risk-free interest rates |
|
|
4.44 |
% |
|
|
3.43 |
% |
Expected life |
|
5 years |
|
|
5 years |
|
Expected volatility |
|
|
136.99 |
% |
|
|
41.00 |
% |
Expected dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
Summary of Stock Option Activity |
The following table summarizes the stock option activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
Aggregate |
|
|
|
Number of |
|
|
Weighted Average |
|
|
Remaining |
|
|
Intrinsic |
|
|
|
Options |
|
|
Exercise Price |
|
|
Contractual Term |
|
|
Value |
|
Balance at January 1, 2023 |
|
|
931,934 |
|
|
$ |
5.88 |
|
|
|
8.91 |
|
|
$ |
203,295 |
|
Granted |
|
|
717,250 |
|
|
|
2.56 |
|
|
|
|
|
|
|
Forfeited/Cancelled |
|
|
(207,048 |
) |
|
|
6.13 |
|
|
|
|
|
|
|
Exercised |
|
|
(49,522 |
) |
|
0.008 |
|
|
|
|
|
|
|
Balance at September 30, 2023 |
|
|
1,392,614 |
|
|
|
4.33 |
|
|
|
8.99 |
|
|
$ |
1,909 |
|
Exercisable at September 30, 2023 |
|
|
617,066 |
|
|
$ |
5.50 |
|
|
|
8.61 |
|
|
$ |
1,909 |
|
|
Summary of Non-vested Stock Options Activity |
The following table summarizes the Company’s non-vested stock options:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
Non-vested Options |
|
|
Grant Date Fair |
|
|
|
Outstanding |
|
|
Value |
|
At January 1, 2023 |
|
|
507,664 |
|
|
$ |
2.64 |
|
Options granted |
|
|
717,250 |
|
|
|
1.50 |
|
Options forfeited/cancelled |
|
|
(155,306 |
) |
|
|
2.39 |
|
Options exercised |
|
|
(9,554 |
) |
|
|
5.42 |
|
Options vested |
|
|
(284,506 |
) |
|
|
1.85 |
|
At September 30, 2023 |
|
|
775,548 |
|
|
$ |
1.71 |
|
|
Summary of Restricted Stock Awards Activity |
The following table summarizes the restricted stock awards activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
|
|
|
Grant Date Fair |
|
|
|
Outstanding |
|
|
Value |
|
Outstanding at January 1, 2023 |
|
|
55,735 |
|
|
$ |
5.92 |
|
Granted |
|
|
— |
|
|
|
— |
|
Forfeited/cancelled |
|
|
— |
|
|
|
— |
|
Vested |
|
|
(54,517 |
) |
|
|
5.85 |
|
Outstanding at September 30, 2023 |
|
|
1,218 |
|
|
$ |
8.53 |
|
|
Summary of Restricted Stock Units Activity |
The following table summarizes the restricted stock units activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-Average |
|
|
|
Non-vested Options |
|
|
Grant Date Fair |
|
|
|
Outstanding |
|
|
Value |
|
Outstanding at January 1, 2023 |
|
|
72,957 |
|
|
$ |
4.44 |
|
Granted |
|
|
580,227 |
|
|
|
1.58 |
|
Forfeited/cancelled |
|
|
(127,605 |
) |
|
|
3.25 |
|
Vested |
|
|
(525,579 |
) |
|
|
1.57 |
|
Outstanding at September 30, 2023 |
|
|
— |
|
|
$ |
— |
|
|
X |
- DefinitionTabular disclosure of the changes in outstanding nonvested restricted stock shares.
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v3.23.3
Warrants (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Warrants and Rights Note Disclosure [Abstract] |
|
Schedule of Warrant Activities |
The table below summarizes the Company’s warrant activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
|
|
Warrants to |
|
|
Exercise Price |
|
|
Weighted |
|
|
|
Purchase Common |
|
|
Range Per |
|
|
Average |
|
|
|
Shares |
|
|
Share |
|
|
Exercise Price |
|
Balance at January 1, 2023 |
|
|
412,218 |
|
|
$5.72 to 31.60 |
|
|
$ |
23.68 |
|
Granted |
|
|
92,500 |
|
|
|
5.00 |
|
|
|
5.00 |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at September 30, 2023 |
|
|
504,718 |
|
|
$5.00 to 31.60 |
|
|
$ |
20.25 |
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022 |
|
|
412,218 |
|
|
$5.72 to 31.60 |
|
|
$ |
23.68 |
|
Granted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Forfeited |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at September 30, 2022 |
|
|
412,218 |
|
|
$5.72 to 31.60 |
|
|
$ |
23.68 |
|
|
X |
- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
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v3.23.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Schedule of Long-lived Assets by Geographic Region |
Long-lived assets including goodwill, intangible assets, capitalized software, property and equipment and operating lease right-of-use, by geographic region, are as follows at:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
United States |
|
$ |
15,661,857 |
|
|
$ |
17,993,006 |
|
Israel |
|
|
1,800,869 |
|
|
|
4,103,931 |
|
Total long-lived assets |
|
$ |
17,462,726 |
|
|
$ |
22,096,937 |
|
|
X |
- DefinitionTabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets.
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v3.23.3
Accrued Expenses (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accrued Liabilities, Current [Abstract] |
|
Schedule of Accrued Expenses |
Accrued expenses consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2023 |
|
|
December 31, 2022 |
|
|
|
|
|
|
|
|
Employee compensation |
|
$ |
1,597,212 |
|
|
$ |
1,433,327 |
|
Accrued bonuses |
|
|
1,696,875 |
|
|
|
1,712,009 |
|
Performance guarantee liabilities |
|
|
163,093 |
|
|
|
244,029 |
|
Other accrued expenses and liabilities |
|
|
1,202,227 |
|
|
|
1,885,351 |
|
Accrued expenses |
|
$ |
4,659,407 |
|
|
$ |
5,274,716 |
|
|
X |
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X |
- References
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v3.23.3
Liquidity and Going Concern - Additional Information (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Subsequent Event [Line Items] |
|
|
|
|
|
Accumulated deficit |
$ 71,718,949
|
|
$ 71,718,949
|
|
$ 47,994,100
|
Working capital |
(3,600,000)
|
|
(3,600,000)
|
|
|
Long term debt |
19,100,000
|
|
19,100,000
|
|
|
Cash and cash equivalents |
3,018,424
|
$ 4,747,951
|
3,018,424
|
$ 4,747,951
|
$ 13,764,508
|
Net loss |
$ (7,295,380)
|
$ (5,779,860)
|
(23,724,849)
|
(17,934,306)
|
|
Cash flows from operations |
|
|
$ 15,324,191
|
$ 15,339,217
|
|
X |
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v3.23.3
Summary of Significant Accounting Policies - Additional Information (Details)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
Segment
shares
|
Sep. 30, 2022
USD ($)
shares
|
Jan. 01, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Number of reportable segment | Segment |
|
1
|
|
|
Goodwill impairment charges |
$ 0
|
$ 0
|
$ 0
|
|
Impairment of intangible assets |
0
|
0
|
$ 0
|
|
Performance guarantee liabilities |
$ 163,093
|
$ 163,093
|
|
|
Accounts receivable, payments term |
|
30 days
|
|
|
Number of shares excluded to calculate diluted net earnings per share as their effect would have been antidilutive | shares |
|
1,123,173
|
994,999
|
|
Accounting Standards Update 2022-04 |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Change in accounting principle, accounting standards update, adoption date |
|
|
|
Jan. 01, 2023
|
Change in accounting principle, accounting standards update, adopted |
|
|
|
true
|
Change in accounting principle, accounting standards update, immaterial effect |
|
|
|
true
|
Minimum |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Useful Life |
5 years
|
5 years
|
|
|
Maximum |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Useful Life |
10 years
|
10 years
|
|
|
Capitalized Software | Minimum |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Useful Life |
3 years
|
3 years
|
|
|
Capitalized Software | Maximum |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Useful Life |
5 years
|
5 years
|
|
|
X |
- DefinitionRepresents the payments term of accounts receivable.
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v3.23.3
Acquisition - Additional Information (Details) - USD ($)
|
|
|
|
|
|
9 Months Ended |
12 Months Ended |
Sep. 18, 2023 |
Jul. 19, 2023 |
Jul. 18, 2023 |
Apr. 19, 2023 |
Nov. 01, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Net proceeds from offering |
|
|
|
|
|
$ 6,431,612
|
|
Other long-term liabilities |
|
|
|
|
|
19,113,390
|
$ 20,203,700
|
Public Offering |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
1,850,000
|
|
|
|
Price per share |
|
|
|
$ 4
|
|
|
|
Gross proceeds from offering |
|
|
|
$ 7,400,000
|
|
|
|
Net proceeds from offering |
|
|
|
6,400,000
|
|
|
|
Maestro |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Purchase price |
|
|
|
|
$ 19,900,000
|
19,900,000
|
19,900,000
|
Adjusted Purchase Price |
|
|
|
|
$ 22,100,000
|
|
|
Accrue interest percent |
|
|
|
|
10.00%
|
|
|
Percentage of net proceeds of the Offering |
|
|
|
|
35.00%
|
|
|
Number of days after closing of offering |
|
|
|
|
60 days
|
|
|
2024 |
|
|
|
|
$ 5,000,000
|
|
|
2025 |
|
|
|
|
11,000,000
|
|
|
2026 |
|
|
|
|
19,000,000
|
|
|
2027 |
|
|
|
|
28,000,000
|
|
|
Property and equipment, adjustment during period |
|
|
|
|
|
(159,920)
|
|
Accrued expense, Adjustment during period |
|
|
|
|
|
(38,220)
|
|
Other short-term liability |
|
|
|
|
|
947,376
|
|
Other long-term liabilities |
|
|
|
|
|
19,068,389
|
|
Other liabilities |
|
|
|
|
|
20,015,765
|
|
Business acquisition, outstanding principle balance |
|
|
|
|
|
19,900,000
|
|
Business acquisition, accrued interest on principle |
|
|
|
|
|
115,765
|
|
Total purchase price paid, net of cash acquired |
|
|
|
|
$ 19,900,000
|
19,900,000
|
$ 19,900,000
|
Incremental amortization expense related to intangible and tangible assets acquired |
|
|
|
|
|
$ 82,000
|
|
Maestro | Debt Seller |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Payment on net proceeds of offering until such time as purchase price paid in full |
|
|
|
$ 2,294,751
|
|
|
|
Percentage of payment on net proceeds of offering due amount as purchase price to be paid |
|
|
50.00%
|
|
|
|
|
Payment on net proceeds of offering due amount as purchase price to be paid |
$ 947,376
|
$ 1,147,376
|
|
|
|
|
|
Paid to seller |
$ 200,000
|
|
|
|
|
|
|
Percentage of payment on net proceeds of offering until such time as purchase price paid in full |
|
|
|
35.00%
|
|
|
|
X |
- DefinitionAccrued expenses Adjustment During Period.
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v3.23.3
Acquisition - Summary of Assets Acquired and Liabilities Assumed at their Acquisition Date Fair Value (Details) - USD ($)
|
|
9 Months Ended |
12 Months Ended |
Nov. 01, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Purchase Price Allocation |
|
|
|
Goodwill |
|
$ 6,035,200
|
$ 5,837,060
|
Maestro |
|
|
|
Purchase Price |
|
|
|
Purchase price |
$ 19,900,000
|
19,900,000
|
19,900,000
|
Purchase Price Allocation |
|
|
|
Cash |
|
17,081,602
|
17,081,602
|
Restricted cash |
|
16,306,547
|
16,306,547
|
Accounts receivable |
|
321,198
|
321,198
|
Unbilled receivable |
|
646,189
|
646,189
|
Prepaid expenses and other current assets |
|
1,751,371
|
1,751,371
|
Property and equipment |
|
761,760
|
921,680
|
Operating lease - right of use assets |
|
2,555,375
|
2,555,375
|
Goodwill |
|
3,652,283
|
3,454,143
|
Security deposits |
|
1,240,889
|
1,240,889
|
Account payable |
|
(150,328)
|
(150,328)
|
Accrued expenses |
|
(4,592,500)
|
(4,554,280)
|
Accrued fiduciary obligations |
|
(16,306,547)
|
16,306,547
|
Operating lease liabilities |
|
(4,816,490)
|
4,816,490
|
Deferred revenue |
|
(191,349)
|
(191,349)
|
Total fair value of net assets acquired and liabilities assumed |
|
19,900,000
|
19,900,000
|
Property And Equipment, Adjustment During Period |
|
(159,920)
|
|
Measurement period adjustment to Goodwill (Note 5) |
|
198,140
|
|
Accrued expense, Adjustment during period |
|
(38,220)
|
|
Maestro | Trademarks |
|
|
|
Purchase Price Allocation |
|
|
|
Intangible assets |
|
800,000
|
800,000
|
Maestro | Customer relationships |
|
|
|
Purchase Price Allocation |
|
|
|
Intangible assets |
|
$ 840,000
|
$ 840,000
|
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|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2022 |
Business Acquisition [Line Items] |
|
|
Proforma revenue |
$ 9,687,891
|
$ 31,621,036
|
Proforma net loss |
$ (9,049,986)
|
$ (29,744,227)
|
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Property and Equipment - Summary of Property and Equipment (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment, Net, by Type [Abstract] |
|
|
Total cost |
$ 803,038
|
$ 2,155,827
|
Accumulated depreciation |
(140,830)
|
(649,745)
|
Property and equipment, net |
662,208
|
1,506,082
|
Equipment |
|
|
Property, Plant and Equipment, Net, by Type [Abstract] |
|
|
Total cost |
49,905
|
402,675
|
Furniture and Fixtures |
|
|
Property, Plant and Equipment, Net, by Type [Abstract] |
|
|
Total cost |
$ 753,133
|
1,007,699
|
Leasehold Improvements |
|
|
Property, Plant and Equipment, Net, by Type [Abstract] |
|
|
Total cost |
|
$ 745,453
|
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Capitalized Software - Summary of Intangible Assets (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Capitalized Computer Software, Net [Abstract] |
|
|
Capitalized software |
$ 5,656,885
|
$ 8,094,385
|
Accumulated amortization |
(2,913,938)
|
(3,505,679)
|
Capitalized software, net |
$ 2,742,947
|
$ 4,588,706
|
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|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Capitalized Computer Software, Net [Abstract] |
|
|
|
|
Amortization expense |
$ 615,253
|
$ 568,195
|
$ 1,845,759
|
$ 1,703,699
|
X |
- DefinitionAmount of expense for amortization of capitalized computer software costs.
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Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Minimum |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful Life |
5 years
|
|
Maximum |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful Life |
10 years
|
|
Intangible Assets other than Capitalized Software |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Gross Carrying Amount |
$ 7,720,450
|
$ 7,720,450
|
Accumulated Amortization |
(2,218,532)
|
(1,397,171)
|
Net Carrying Amount |
5,501,918
|
6,323,279
|
Trademarks |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Gross Carrying Amount |
2,320,000
|
2,320,000
|
Accumulated Amortization |
(526,674)
|
(292,671)
|
Net Carrying Amount |
$ 1,793,326
|
$ 2,027,329
|
Trademarks | Minimum |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful Life |
5 years
|
5 years
|
Trademarks | Maximum |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful Life |
10 years
|
10 years
|
Noncompete Agreements |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful Life |
5 years
|
5 years
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Gross Carrying Amount |
$ 990,000
|
$ 990,000
|
Accumulated Amortization |
(495,000)
|
(346,500)
|
Net Carrying Amount |
495,000
|
643,500
|
Customer Relationships |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Gross Carrying Amount |
3,760,000
|
3,760,000
|
Accumulated Amortization |
(1,196,858)
|
(758,000)
|
Net Carrying Amount |
$ 2,563,142
|
$ 3,002,000
|
Customer Relationships | Minimum |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful Life |
5 years
|
5 years
|
Customer Relationships | Maximum |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Useful Life |
7 years
|
7 years
|
Patents and Patent Applications |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Gross Carrying Amount |
$ 650,450
|
$ 650,450
|
Net Carrying Amount |
$ 650,450
|
$ 650,450
|
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v3.23.3
Loss and Loss Adjustment Expenses - Schedule of Changes in Aggregate Reserves of Loss and Loss Adjustment Expenses (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2023 |
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
|
|
Net reserves at beginning of period |
$ 143,147
|
|
Incurred loss and loss adjustment expenses |
|
|
Provisions for insured events of the current year |
57,823
|
$ 205,238
|
Total incurred loss and loss adjustment expense |
57,823
|
205,238
|
Payments |
|
|
Loss and loss adjustment expenses attributable to insured events of the current year |
|
4,268
|
Total payments |
|
4,268
|
Net reserves at end of period |
$ 200,970
|
$ 200,970
|
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v3.23.3
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
$ 8,729,152
|
$ 4,938,105
|
$ 28,448,176
|
$ 16,713,420
|
TPA Services |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
8,638,615
|
$ 4,938,105
|
28,212,995
|
$ 16,713,420
|
Captive Insurance |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Revenue |
$ 90,537
|
|
$ 235,181
|
|
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v3.23.3
Share-Based Compensation - Stock Options (Details) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
|
May 31, 2023 |
May 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 14, 2022 |
Stock Options |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Expiration term of award |
|
|
|
|
10 years
|
|
|
Stock compensation expense |
|
|
$ 253,392
|
$ 172,799
|
$ 641,628
|
$ 655,973
|
|
Unrecognized stock compensation expense |
|
|
1,323,313
|
|
$ 1,323,313
|
|
|
Unrecognized stock compensation expense, expected to be recognized over a weighted-average period |
|
|
|
|
2 years 10 months 24 days
|
|
|
Increase in number of shares authorized |
500,000
|
1,575,000
|
|
|
|
|
|
Restricted Stock Units |
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
Number of shares authorized |
2,450,855
|
1,950,855
|
|
|
|
|
356,851
|
Stock compensation expense |
|
|
$ 421,819
|
$ 337,351
|
$ 782,175
|
$ 777,637
|
|
Termination term after the termination of employment of the grantee |
|
|
|
|
90 days
|
|
|
X |
- DefinitionRepresents the termination term of options after the termination of employment of the grantee.
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- DefinitionThe estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
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v3.23.3
Share-Based Compensation - Stock Option Activity (Details) - Stock Options
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
shares
|
Number of Options |
|
|
Balance at the beginning | shares |
931,934
|
|
Granted | shares |
717,250
|
|
Forfeited/Cancelled | shares |
(207,048)
|
|
Exercised | shares |
(49,522)
|
|
Balance at the end | shares |
1,392,614
|
931,934
|
Exercisable at the end | shares |
617,066
|
|
Weighted Average Exercise Price |
|
|
Balance at the beginning (in dollars per share) | $ / shares |
$ 5.88
|
|
Granted (in dollars per share) | $ / shares |
2.56
|
|
Forfeited/Cancelled (in dollars per share) | $ / shares |
6.13
|
|
Exercised (in dollars per share) | $ / shares |
0.008
|
|
Balance at the end (in dollars per share) | $ / shares |
4.33
|
$ 5.88
|
Exercisable at the end (in dollars per share) | $ / shares |
$ 5.5
|
|
Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value |
|
|
Balance (in years) |
8 years 11 months 26 days
|
8 years 10 months 28 days
|
Exercisable at the end (in years) |
8 years 7 months 9 days
|
|
Aggregate Intrinsic Value, balance | $ |
$ 1,909
|
$ 203,295
|
Exercisable at the end (in dollars) | $ |
$ 1,909
|
|
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v3.23.3
Share-Based Compensation - Restricted Stock Awards Activity (Details) - $ / shares
|
|
9 Months Ended |
Jun. 14, 2022 |
Sep. 30, 2023 |
Restricted Stock Awards |
|
|
Restricted Stock Awards |
|
|
Outstanding at the beginning |
|
55,735
|
Vested |
|
(54,517)
|
Outstanding at the end |
|
1,218
|
Weighted-Average Grant Date Fair Value Per Share |
|
|
Outstanding at the beginning (in dollars per share) |
|
$ 5.92
|
Vested (in dollars per share) |
|
5.85
|
Outstanding at the end (in dollars per share) |
|
$ 8.53
|
Restricted Stock Units |
|
|
Restricted Stock Awards |
|
|
Outstanding at the beginning |
|
72,957
|
Granted |
336,538
|
580,227
|
Forfeited/cancelled |
|
(127,605)
|
Vested |
|
(525,579)
|
Weighted-Average Grant Date Fair Value Per Share |
|
|
Outstanding at the beginning (in dollars per share) |
|
$ 4.44
|
Granted (in dollars per share) |
|
1.58
|
Forfeited/cancelled (in dollars per share) |
|
3.25
|
Vested (in dollars per share) |
|
$ 1.57
|
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v3.23.3
Share-Based Compensation - Restricted Stock Awards (Details)
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
|
Aug. 16, 2023
shares
|
Aug. 02, 2023
shares
|
Feb. 28, 2023
shares
|
Jun. 14, 2022
shares
|
Sep. 30, 2023
USD ($)
Installment
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
Installment
shares
|
Sep. 30, 2022
USD ($)
|
May 31, 2023
shares
|
May 31, 2022
shares
|
Restricted Stock Awards |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Vesting period |
|
|
|
|
|
|
4 years
|
|
|
|
Stock compensation expense | $ |
|
|
|
|
$ 46,401
|
$ 120,891
|
$ 288,183
|
$ 749,086
|
|
|
Unrecognized compensation expense related to unvested restricted share awards | $ |
|
|
|
|
24,447
|
|
$ 24,447
|
|
|
|
Unrecognized compensation expense related to unvested restricted share awards recognized over a weighted-average period |
|
|
|
|
|
|
3 months
|
|
|
|
Number of shares vested |
|
|
|
|
|
|
54,517
|
|
|
|
Restricted Stock Units |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock compensation expense | $ |
|
|
|
|
421,819
|
$ 337,351
|
$ 782,175
|
$ 777,637
|
|
|
Unrecognized compensation expense related to unvested restricted share awards | $ |
|
|
|
|
$ 0
|
|
$ 0
|
|
|
|
Number of installments required to pay minimum obligation | Installment |
|
|
|
|
3
|
|
3
|
|
|
|
Number of shares vested |
|
|
|
|
|
|
525,579
|
|
|
|
Number of shares authorized |
|
|
|
356,851
|
|
|
|
|
2,450,855
|
1,950,855
|
Number of shares granted |
|
|
|
336,538
|
|
|
580,227
|
|
|
|
Minimum value obligation | $ |
|
|
|
|
$ 548,450
|
|
$ 548,450
|
|
|
|
Restricted Stock Units | Officer |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Vesting period |
|
|
1 year
|
|
|
|
|
|
|
|
Number of shares vested |
|
28,090
|
33,387
|
|
|
|
|
|
|
|
Restricted Stock Units | Advisor |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares vested |
400,000
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units | Vested immediately | Officer |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares vested |
|
|
|
48,077
|
|
|
|
|
|
|
Restricted Stock Units | Vest in equal quarterly installments through February 28, 2023 | Officer |
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
Number of shares vested |
|
|
|
288,461
|
|
|
|
|
|
|
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v3.23.3
Segment Information - Schedule of Long-lived Assets by Geographic Region (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total long-lived assets |
$ 17,462,726
|
$ 22,096,937
|
United States |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total long-lived assets |
15,661,857
|
17,993,006
|
Israel |
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] |
|
|
Total long-lived assets |
$ 1,800,869
|
$ 4,103,931
|
X |
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v3.23.3
Related Party Transactions - Additional Information (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Accounts payable - related party |
$ 3,101,229
|
|
$ 3,101,229
|
|
$ 1,457,670
|
Consulting Services |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Related party transaction expense |
0
|
$ 44,000
|
95,000
|
$ 158,000
|
|
Marketing Services |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Related party transaction expense |
0
|
$ 0
|
0
|
$ 565,000
|
|
Accounts payable - related party |
0
|
|
0
|
|
0
|
Due to related parties |
$ 0
|
|
$ 0
|
|
$ 3,201
|
X |
- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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v3.23.3
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] |
|
|
Employee compensation |
$ 1,597,212
|
$ 1,433,327
|
Accrued bonuses |
1,696,875
|
1,712,009
|
Performance guarantee liabilities |
163,093
|
244,029
|
Other accrued expenses and liabilities |
1,202,227
|
1,885,351
|
Accrued expenses |
$ 4,659,407
|
$ 5,274,716
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable for incentive compensation awarded to employees and directors or earned by them based on the terms of one or more relevant arrangements. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
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v3.23.3
Stockholders' (Deficit) Equity - Addtional Information (Details)
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 18, 2023
USD ($)
|
Jul. 19, 2023
USD ($)
|
Jul. 18, 2023 |
Jun. 29, 2023 |
Apr. 19, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2022
shares
|
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2022
shares
|
Dec. 31, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Forward split ratio |
|
|
|
0.25
|
|
|
0.25
|
|
0.25
|
Net proceeds from offering |
|
|
|
|
|
|
$ 6,431,612
|
|
|
Debt Seller | Maestro Health LLC |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Percentage of payment on net proceeds of offering until such time as purchase price paid in full |
|
|
|
|
35.00%
|
|
|
|
|
Payment on net proceeds of offering until such time as purchase price paid in full |
|
|
|
|
$ 2,294,751
|
|
|
|
|
Percentage of payment on net proceeds of offering due amount as purchase price to be paid |
|
|
50.00%
|
|
|
|
|
|
|
Payment on net proceeds of offering due amount as purchase price to be paid |
$ 947,376
|
$ 1,147,376
|
|
|
|
|
|
|
|
Paid to seller |
$ 200,000
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued | shares |
|
|
|
|
|
|
1,850,000
|
|
|
Shares issued to vendors in exchange for services (in shares) | shares |
|
|
|
|
|
1,875
|
25,000
|
7,500
|
|
Public Offering |
|
|
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued | shares |
|
|
|
|
1,850,000
|
|
|
|
|
Price per share | $ / shares |
|
|
|
|
$ 4
|
|
|
|
|
Gross proceeds from offering |
|
|
|
|
$ 7,400,000
|
|
|
|
|
Net proceeds from offering |
|
|
|
|
$ 6,400,000
|
|
|
|
|
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v3.23.3
Subsequent Events - Additional Information (Details) - USD ($)
|
|
|
|
|
9 Months Ended |
Sep. 18, 2023 |
Jul. 19, 2023 |
Jul. 18, 2023 |
Apr. 19, 2023 |
Sep. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
Net proceeds from offering |
|
|
|
|
$ 6,431,612
|
Public Offering |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Number of shares issued |
|
|
|
1,850,000
|
|
Price per share |
|
|
|
$ 4
|
|
Gross proceeds from offering |
|
|
|
$ 7,400,000
|
|
Net proceeds from offering |
|
|
|
6,400,000
|
|
Maestro Health LLC | Debt Seller |
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
Payment on net proceeds of offering until such time as purchase price paid in full |
|
|
|
$ 2,294,751
|
|
Percentage of payment on net proceeds of offering until such time as purchase price paid in full |
|
|
|
35.00%
|
|
Percentage of payment on net proceeds of offering due amount as purchase price to be paid |
|
|
50.00%
|
|
|
Payment on net proceeds of offering due amount as purchase price to be paid |
$ 947,376
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$ 1,147,376
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