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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
(Mark
one)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended 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: 000-33191
INNOVAQOR,
INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
88-0436055 |
(State
or other jurisdiction |
|
(IRS
Employer |
of
incorporation or organization) |
|
Identification
No.) |
400
S. Australian Avenue, Suite 800 |
|
|
West
Palm Beach, FL |
|
33401 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(561)
421-1900
(Registrant’s
telephone number, including area code)
Securities
registered under Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
None |
|
None |
|
None |
Securities
registered pursuant to Section 12(g) of the Act:
Common
Stock, $0.0001 Par Value
Indicate
by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
Emerging
growth company ☒ |
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of November 14, 2023 the registrant had 244,953,286 shares of its Common Stock, $0.0001 par value, outstanding.
TABLE
OF CONTENTS
INNOVAQOR,
INC.
PART
I - FINANCIAL INFORMATION
Item 1. Financial Statements
CONDENSED
CONSOLIDATED BALANCE SHEETS
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
(Unaudited) | | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Cash | |
$ | 13,695 | | |
$ | 5,415 | |
Accounts receivable, net (including related party receivable of $40,697 and $28,973 at September 30, 2023 and December 31, 2022, respectively) | |
| 32,567 | | |
| 36,226 | |
Prepaid expenses and other current assets | |
| 1,250 | | |
| — | |
Total current assets | |
| 47,512 | | |
| 41,641 | |
| |
| | | |
| | |
Property and equipment, net | |
| — | | |
| — | |
| |
| | | |
| | |
Total assets | |
$ | 47,512 | | |
$ | 41,641 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,531,372 | | |
$ | 1,239,945 | |
Accrued expenses | |
| 1,580,992 | | |
| 1,638,071 | |
Due to Former Parent | |
| 1,008,832 | | |
| — | |
Current portion of notes payable | |
| 1,643,867 | | |
| 1,572,422 | |
Total current liabilities | |
| 5,765,063 | | |
| 4,450,438 | |
| |
| | | |
| | |
Notes Payable – Long term | |
| 60,401 | | |
| 60,401 | |
| |
| | | |
| | |
Preferred Series B-1 Stock, Par Value $0.0001, 25,000 shares authorized, 14,950 shares issued and outstanding | |
| 9,086,396 | | |
| 9,086,396 | |
| |
| | | |
| | |
Preferred
Series C-1 Stock, Par Value $0.0001,
2,000
shares authorized, 325
and 225
shares issued and outstanding September 30, 2023 and December 31, 2022, respectively | |
| 248,361 | | |
| 137,250 | |
Temporary Equity | |
| 248,361 | | |
| 137,250 | |
| |
| | | |
| | |
Total Liabilities | |
| 15,160,221 | | |
| 13,734,485 | |
| |
| | | |
| | |
Commitments and contingencies | |
| | | |
| - | |
| |
| | | |
| | |
Stockholders’ Deficit | |
| | | |
| | |
| |
| | | |
| | |
Preferred Series A-1 Stock, Par Value $0.0001, 1,000 shares authorized, 1,000 shares issued and outstanding | |
| — | | |
| — | |
| |
| | | |
| | |
Preferred Series D Stock, Par Value $0.0001 and stated value $100. 500 shares authorized, 300 shares issued and outstanding September 30, 2023 | |
| 30,000 | | |
| — | |
Preferred stock value | |
| - | | |
| - | |
| |
| | | |
| | |
Common Stock, Par Value $0.0001, 2,000,000,000 and 325,000,000 shares authorized September 30, 2023 and December 31, 2022, respectively, 244,953,286 shares issued and outstanding | |
| 24,495 | | |
| 24,495 | |
| |
| | | |
| | |
Additional Paid-In Capital | |
| 5,906,742 | | |
| 5,906,742 | |
| |
| | | |
| | |
Accumulated Deficit | |
| (21,073,946 | ) | |
| (19,624,081 | ) |
| |
| | | |
| | |
Total Stockholders’ Deficit | |
| (15,112,709 | ) | |
| (13,692,844 | ) |
Total Liabilities and Stockholders’ Deficit | |
$ | 47,512 | | |
$ | 41,641 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
INNOVAQOR,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
September
30, 2023 | | |
September
30, 2022 | |
| |
Nine
Months Ended | |
| |
September
30, 2023 | | |
September
30, 2022 | |
Net
Revenues (including net revenue from related party of $283,728 and $135,291 for the Nine Months Ended September 30, 2023 and 2022,
respectively) | |
$ | 474,770 | | |
$ | 268,430 | |
Operating
expenses: | |
| | | |
| | |
Direct
costs of revenue | |
| 438,654 | | |
| 288,102 | |
General
and administrative expenses | |
| 1,264,930 | | |
| 853,515 | |
Total
operating expenses | |
| 1,703,584 | | |
| 1,141,617 | |
| |
| | | |
| | |
Loss
from operations | |
| (1,228,814 | ) | |
| (873,187 | ) |
| |
| | | |
| | |
Other
(expense) income: | |
| | | |
| | |
| |
| | | |
| | |
Other
income | |
| 1,370 | | |
| 810 | |
Interest
expense and payroll tax penalties | |
| (222,421 | ) | |
| (67,161 | ) |
Total
other (expense) income | |
| (221,051 | ) | |
| (66,351 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Provision
for income taxes | |
| — | | |
| — | |
| |
| | | |
| | |
Net
loss | |
$ | (1,449,865 | ) | |
| (939,538 | ) |
Basic
and Diluted (loss) per share | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Basic
and Diluted weighted average shares of common stock outstanding | |
| 244,953,286 | | |
| 234,953,286 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
INNOVAQOR,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| |
September30,
2023 | | |
September
30, 2022 | |
| |
Three
Months Ended | |
| |
September
30, 2023 | | |
September
30, 2022 | |
Net
Revenues (including net revenue from related party of $102,149 and $33,498 for the Three Months Ended September 30, 2023 and 2022,
respectively) | |
$ | 151,810 | | |
$ | 78,027 | |
Net
Revenues | |
| 151,810 | | |
| 78,027 | |
Operating
expenses: | |
| | | |
| | |
Direct
costs of revenue | |
| 121,360 | | |
| 32,245 | |
General
and administrative expenses | |
| 377,210 | | |
| 332,657 | |
Total
operating expenses | |
| 498,570 | | |
| 364,902 | |
| |
| | | |
| | |
Loss from
operations | |
| (346,760 | ) | |
| (286,875 | ) |
| |
| | | |
| | |
Other
(expense) income: | |
| | | |
| | |
Other
income | |
| 587 | | |
| — | |
Interest
expense and payroll tax penalties | |
| 7,368 | | |
| (46,153 | ) |
Total
other (expense) income | |
| 7,955 | | |
| (46,153 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Provision
for income taxes | |
| — | | |
| — | |
| |
| | | |
| | |
Net
loss | |
$ | (338,805 | ) | |
| (333,028 | ) |
Basic
and Diluted (loss) per share | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
Basic
and Diluted weighted average shares of common stock outstanding | |
| 244,953,286 | | |
| 234,953,286 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
INNOVAQOR,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
(Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Preferred Stock | | |
Preferred Stock | | |
Preferred Stock | | |
Preferred Stock | | |
| | |
| | |
Additional | | |
| | |
| |
| |
Series A-1 | | |
Series A-1 | | |
Series D | | |
Series D | | |
Common Stock | | |
Common Stock | | |
Paid In | | |
Accumulated | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Par Value | | |
Shares | | |
Capital | | |
Deficit | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance December 31, 2021 | |
| 1,000 | | |
$ | — | | |
| — | | |
$ | — | | |
$ | 23,495 | | |
| 234,953,286 | | |
$ | 5,857,658 | | |
$ | (18,010,150 | ) | |
$ | (12,128,997 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for Period | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | (939,538 | ) | |
$ | (939,538 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2022 | |
| 1,000 | | |
$ | — | | |
| — | | |
$ | — | | |
$ | 23,495 | | |
| 234,953,286 | | |
$ | 5,857,658 | | |
$ | (18,949,688 | ) | |
$ | (13,068,535 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance December 31, 2022 | |
| 1,000 | | |
$ | — | | |
| — | | |
$ | — | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (19,624,081 | ) | |
$ | (13,692,844 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance Preferred D Shares | |
| — | | |
| — | | |
| 300 | | |
| 30,000 | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | 30,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for Period | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | (1,449,865 | ) | |
$ | (1,449,865 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2023 | |
| 1,000 | | |
$ | — | | |
| 300 | | |
$ | 30,000 | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (21,073,946 | ) | |
$ | (15,112,709 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2022 | |
| 1,000 | | |
$ | — | | |
| — | | |
$ | — | | |
$ | 23,495 | | |
| 234,953,286 | | |
$ | 5,857,658 | | |
$ | (18,616,660 | ) | |
$ | (12,735,507 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for Period | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | (333,028 | ) | |
$ | (333,028 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2022 | |
| 1,000 | | |
$ | — | | |
| — | | |
$ | — | | |
| 23,495 | | |
| 234,953,286 | | |
| 5,857,658 | | |
$ | (18,949,688 | ) | |
$ | (13,068,535 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2023 | |
| 1,000 | | |
$ | — | | |
| 300 | | |
$ | 30,000 | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (20,735,141 | ) | |
$ | (14,773,904 | ) |
Balance | |
| 1,000 | | |
| — | | |
| 300 | | |
$ | 30,000 | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (20,735,141 | ) | |
$ | (14,773,904 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss for Period | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
$ | (338,805 | ) | |
$ | (338,805 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2023 | |
| 1,000 | | |
$ | — | | |
| 300 | | |
$ | 30,000 | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (21,073,946 | ) | |
$ |
(15,112,709 | ) |
Balance | |
| 1,000 | | |
| — | | |
| 300 | | |
$ | 30,000 | | |
$ | 24,495 | | |
| 244,953,286 | | |
$ | 5,906,742 | | |
$ | (21,073,946 | ) | |
$ | (15,112,709 | ) |
The
accompanying notes are an integral part of these condensed consolidated financial statements
INNOVAQOR,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| |
September 30, 2023 | | |
September 30, 2022 | |
| |
Nine Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | |
Cash flows (used in) operating activities: | |
| | | |
| | |
Net loss | |
$ | (1,449,865 | ) | |
$ | (939,538 | ) |
Adjustments to reconcile net loss to net cash (used in) operations: | |
| | | |
| | |
Amortization of debt discount | |
| 137,316 | | |
| 23,660 | |
Preferred Shares for services | |
| 141,111 | | |
| — | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| 3,659 | | |
| (23,699 | ) |
Prepaid expenses | |
| (1,250 | ) | |
| — | |
Accounts payable and accrued expenses | |
| 234,683 | | |
| 275,619 | |
Net cash (used in) operating activities | |
| (934,346 | ) | |
| (663,958 | ) |
| |
| | | |
| | |
Cash flows used in investing activities: | |
| | | |
| | |
Net cash used in investing activities | |
| — | | |
| — | |
| |
| | | |
| | |
Cash flows provided by financing activities: | |
| | | |
| | |
Loans and Advances from Former Parent | |
| 1,008,832 | | |
| 496,517 | |
Payment of Related Parties Loans | |
| (116,206 | ) | |
| — | |
Loans from Third Parties | |
| 50,000 | | |
| 170,555 | |
Net cash provided by financing activities | |
| 942,626 | | |
| 667,072 | |
| |
| | | |
| | |
Net increase in cash | |
| 8,280 | | |
| 3,114 | |
| |
| | | |
| | |
Cash at beginning of period | |
| 5,415 | | |
| 46 | |
| |
| | | |
| | |
Cash at end of period | |
$ | 13,695 | | |
$ | 3,160 | |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note
1 – Description of Business
InnovaQor,
Inc., a Nevada corporation, was originally incorporated on September 7, 1999, under the name Ancona Mining Corporation. On November
30, 2004, our corporate name changed to VisualMED Clinical Solutions Corporation (“VisualMED”). On September 8, 2021,
our corporate name changed to InnovaQor, Inc.
The
Company provides information technology solutions and services to healthcare and laboratory customers in the United
States. Our goal is to develop and deliver a medical professional’s communication platform to a broad range of healthcare
professionals and businesses using a subscription revenue model with added value bolt on services.
The Company initiated this project in the second quarter of 2023 and is working with a Canadian-based development
company to create a minimum viable product (MVP) to demonstrate the peer-to-peer communication capabilities. The Company will launch this
new platform under the name Curallo. The Company, through an acquisition that closed on June 25, 2021, has a number of fully developed
products and services which it offers through three operating wholly-owned subsidiaries that provide medical support services primarily to clinical laboratories, corporate operations, rural
hospitals, physician practices and behavioral health/substance abuse centers.
Each of the subsidiaries is wholly owned by
the Company and complements each other, allowing for cross selling of products and services. The Company believes the current
solutions will become an added value option to a medical professional’s communication platform the Company is developing as
described above.
The
six wholly-owned subsidiaries are:
Health
Technology Solutions, Inc. (“HTS”): HTS provides vCIO, IT managed services and data analytics dashboards to our subsidiaries and outside medical
service providers. HTS operates from the corporate offices in West Palm Beach, Florida.
Medical
Mime, Inc. (“Mime”): Mime was formed on May 9, 2014. It specializes in electronic health records (EHR) software and subscription
services for the behavioral health and rehabilitation market segments. It currently serves 11 behavioral health/substance abuse facilities.
ClinLab,
Inc. (“ClinLab”): ClinLab develops and markets laboratory information management systems to mid-size clinical laboratories.
It currently services nine clinical laboratories across the country.
AMSG
owns CollabRx, Inc. (“CollabRx”) and Genomas, Inc. (“Genomas”), each of which is an inactive operation.
Genomas
operated a diagnostics lab until December 31, 2019 and was focused solely on the pharmacogenomics technology and platform, MedTuning,
to interpret diagnostics outcomes and translate these outcomes into easily usable information to indicate the effectiveness of medications
for a patient. This solution would require minimum effort to be back in operation. CollabRx owns a technology platform and database for
interpreting diagnostics outcomes from cancer patients that could match the result to known treatments and or clinical trials. This solution
has been dormant for a number of years and to be viable in the marketplace will require updates to the technology and the database.
Existing
products offered by the Company’s subsidiaries are as follows:
“M2Select”
is a custom built, cloud based, electronic health record which meets the needs of substance
abuse treatment and behavioral health providers. M2Select’s specialized clinical workflow provides intuitive prompts for
symptoms and enables you to quickly select problems and create master treatment plans with goals, objectives, and interventions.
M2Select provides best-in-class patient lifecycle management for Behavioral Health/Substance Abuse (BH/SA) treatment centers.
From pre-admission to billing and aftercare, M2Select is an electronic health record and patient management software that
seamlessly integrates into the natural workflow of day-to-day operations.
“ClinLab”
is a turnkey client/server lab information system for mid-range laboratories. ClinLab supports interfaces to all major reference labs
and the ClinLab team can provide an interface to any system with that capability. ClinLab also features an optional package which
enables interfacing with the most popular EHR systems allowing lab test results to integrate seamlessly into a lab’s EHR for
an improved patient record and to fulfill the federal government requirements.
“Qira”
is our healthcare business analytics service powered by PowerBI. It is a culmination of healthcare financial and revenue cycle management
plus clinical operations oversight needs. It aggregates data from multiple healthcare systems to produce a single source business intelligence
tool with executive level daily briefing to deep dive operational management of claims and operational efficiencies. There are many other
analytical services available that customize solutions but none that has a proven template for success. Our competitive advantage comes
from having created these tools to identify the deficiencies in the real world for the former parent Rennova from its former national
laboratory operations to its more recent rural hospitals.
“vCIO
Services”. Based on the skills and experience inherent within InnovaQor and resulting from work undertaken on behalf of the former
parent, Rennova, InnovaQor offers a range of CIO services centered on our ability to link IT systems to business objectives combined
with our knowledge of technology trends likely to impact our sector. The CIO services would include (but not be limited to):
|
● |
Program
and Project Management |
|
● |
Vendor Management |
|
● |
Business
Continuity and Disaster Recovery |
|
● |
Security
Services |
|
● |
Network
Infrastructure Management |
|
● |
Helpdesk
Provision |
“MedTuning”
is the technology and platform owned by Genomas. It utilized proprietary biomarkers, treatment algorithms, and a web-based interactive physician portal delivery system to provide clinical
decision support for physicians and personalized drug treatment for patients. Products were DNA-guided to improve the therapeutic benefit
of widely used prescription drugs while also reducing the risk of significant side effects for patients.
Medical
Informatics: Our technology platform, proprietary algorithms and physician interface portal can be extended to a wide range of drug categories.
Research
and Development: Technology platform applicable to numerous disease states; current pipeline in mental health, pain management, cardiovascular
and diabetes.
“Advantage”
is a proprietary HIPAA compliant software developed to eliminate the need for paper requisitions by providing an easy to use and efficient
web-based system that lets customers securely place lab orders, track samples and view test reports in real time from any web-enabled
laptop, notepad or smart phone.
Our
goal is to develop and deliver a medical proffessional’s communication platform to a broad range of healthcare professionals and
businesses using a subscription revenue model with added value bolt on services. The Company initiated this project in the
second quarter of 2023 and is working with a Canadian-based development company to create a minimum viable product (MVP) to
demonstrate the peer-to-peer communication capabilities. The Company will launch this new platform under the name Curallo. Further
information can be found at www.curallo.com
Note
2 - Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
consolidated financial statements include the accounts of only the HTS Group (the accounting acquirer) prior to June 25, 2021 and
InnovaQor and the Group since the date of acquisition on June 25, 2021, with the transaction being accounted for as a
recapitalization of the Group on June 25, 2021. The consolidated financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) and require management to make certain
judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and
expenses during the reporting periods. Actual results could differ from those estimates upon subsequent resolution of identified
matters.
The
accompanying condensed consolidated financial statements as of and for the three and nine months ended September 30, 2023 and 2022,
have been derived from unaudited financial information. Intercompany accounts and transactions have been eliminated. The
accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual
audited financial statements and in accordance with U.S. GAAP, for interim financial information and the rules and regulations of
the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such
unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of
this interim information.
Comprehensive
Loss
During
the three and nine months ended September 30, 2023 and 2022, comprehensive loss was equal to the net loss amounts presented in the accompanying
condensed consolidated statements of operations.
Going
Concern
Under
Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) Accounting
Standards Codification (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise
substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the
financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential
mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed
the Company’s ability to continue as a going concern in accordance with the requirement of ASC 205-40.
The
accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and the rules and
regulations of the SEC. The condensed consolidated financial statements have been prepared using U.S. GAAP applicable to a going
concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has
accumulated significant losses and has negative cash flows from operations and, at September 30, 2023, had a working capital deficit
and accumulated deficit of $5.7 million and $21.1 million, respectively. In addition, the Company’s cash position is
critically deficient and critical payments are not being made in the ordinary course of business, all of which raises substantial
doubt about the Company’s ability to continue as a going concern. Management’s plans with respect to alleviating the
adverse financial conditions that caused management to express substantial doubt about the Company’s ability to continue as a
going concern are as follows:
The
Company incurred substantial costs in connection with the acquisition of the Group from Rennova, which included accounting, tax,
legal and other professional services costs, recruiting and relocation costs associated with hiring key senior management personnel who
are new to the Company, tax costs and costs to separate information systems, among other costs. The cost of performing such functions
is anticipated to be higher than the amounts reflected in the Company’s historical financial statements, which would cause its
future losses to increase.
Accordingly,
the Company will continue to focus on reducing its operating costs and increasing revenues.
There
can be no assurance that the Company will be able to achieve its business plan, raise any additional capital or secure the additional
financing necessary to implement its current operating plan. The ability of the Company to continue as a going concern is dependent upon
its ability to increase its revenues and eventually achieve profitable operations. The accompanying condensed consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Significant areas of estimation include estimating the
fair value of intangible assets acquired, the impairment of assets, accrued and contingent liabilities, and future income tax obligations
(benefits), among other items. Actual results could differ from those estimates and would impact future results of operations and cash
flows.
Cash
and Cash Equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
Allowance
for Doubtful Accounts Policy
Accounts
receivable are reported at realizable value, net of allowances for doubtful accounts, which are estimated and recorded in the period
that the Company deems the receivable to be uncollectable. The Company has a standardized approach to estimate and review the collectability
of its receivables based on a number of factors, including the period they have been outstanding. Historical collection is an integral
part of the estimation process related to the allowance for doubtful accounts. In addition, the Company regularly assesses the state
of its billing operations in order to identify issues that may impact the collectability of these receivables or reserve estimates. Receivables
deemed to be uncollectible are charged against the allowance for doubtful accounts at the time such receivables are written-off. Recoveries
of receivables previously written-off are recorded as credits to the allowance for doubtful accounts. Revisions to the allowances for
doubtful accounts estimates are recorded as an adjustment to the provision for bad debts.
Revenue
Recognition
We
recognize revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers
(Topic 606),” including subsequently issued updates. This series of comprehensive guidance has replaced all existing revenue recognition
guidance. There is a five-step approach outlined in the standard. In determining revenue, we first identify the contract according to
the scope of ASU Topic 606 with the following criteria:
|
● |
Identify
the contract(s) with a customer. |
|
● |
Identify
the performance obligations in the contract. |
|
● |
Determine
the transaction price. |
|
● |
Allocate
the transaction price to the performance obligations in the contract. |
|
● |
Recognize
revenue when or as you satisfy a performance obligation. |
Revenue
is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration
expected to be entitled to in exchange for those services. As the Company completes its performance obligations which are identified
in Note 10 below, it has an unconditional right to consideration as outlined in the Company’s contracts. Generally, the Company’s
accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. For many of the Company’s
services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional
services. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service
is generally based upon an agreed hourly rate.
Impairment
or Disposal of Long-Lived Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s
(“FASB”) ASC 360, “Property, Plant and Equipment.” Long-lived assets are reviewed when facts and
circumstances indicate that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down
to estimated fair value based on the best information available. Estimated fair value is generally based either on appraised value
or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future
cash flows. Accordingly, actual results could vary significantly from such estimates. As of September 30, 2023 and December 31,
2022, all of the Company’s fixed assets were fully depreciated and, therefore, the carrying value of property and equipment
represented fair value. Property and equipment are depreciated over lives ranging from three to seven years.
Fair
Value of Financial Instruments
In
accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company applies fair value accounting for
all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market
in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset
or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying
the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within
the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
|
● |
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities that the
Company has the ability to access at the measurement date. |
|
● |
Level
2 applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets;
or quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active
markets). |
|
● |
Level
3 applies to assets or liabilities for which fair value is derived from valuation techniques in which one or more significant inputs
are unobservable, including the Company’s own assumptions. |
The
estimated fair value of financial instruments is determined by the Company using available market information and valuation methodologies
considered to be appropriate. At September 30, 2023 and December 31, 2022, the carrying value of the Company’s accounts receivable,
accounts payable, accrued expenses and notes payable, approximate their fair values due to their short-term nature. For the three and
nine months ended September 30, 2023 and 2022, there were no realized and unrealized gains on instruments valued using fair value evaluation
methods.
Income
Taxes
The
entities within the Group were included in the consolidated income tax returns of its Parent for the years ended December 31, 2020 and
prior. A determination was made by Parent’s management not to allocate any of the deferred tax assets or liabilities to the
Group as of December 31, 2020 and prior. Accordingly, the Group did not provide for income taxes in the combined financial statements.
The Company since June 25, 2021 uses the liability method of accounting for income taxes. Under the liability method, future tax liabilities
and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial
statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using
enacted or substantially enacted income tax rates expected to apply when the asset is realized or the liability settled. The effect of
a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the change occurs.
Future income tax assets are recognized to the extent that they are considered more likely than not to be realized. When projected future
taxable income is insufficient to provide for the realization of deferred tax assets, the Company will recognize a valuation allowance.
In
accordance with U.S. GAAP, the Company has determined whether a tax position of the Company is more likely than not to be sustained upon
examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical
merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording
a tax liability that would reduce net assets. The Company has determined that it has not incurred any liability for tax benefits as of
September 30, 2023 and 2022. State income taxes will also be due on any income generated in the future.
Convertible
Preferred Stock
The
Company classifies its Series B-1 and Series C-1 Convertible Preferred Stock as liabilities in accordance with ASC 480 Distinguishing
Liabilities from Equity since the preferred stock is convertible, at the option of the holder, into a variable number of shares based
solely on a fixed dollar amount (stated value) known at issuance of the preferred stock.
Basic
and Diluted Net Income (Loss) Per Share
The
Company computes net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation
of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income
(loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period.
Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury
stock method, and convertible preferred stock, using the if-converted method. As of September 30, 2023 and 2022 there were approximately
2,546,000 and 1,671,000, respectively, common stock equivalents which where antidilutive due to the Company’s losses.
Note
3 – Acquisition
The
Company acquired all the common stock of the HTS Group from Rennova on June 25, 2021, in exchange for Preferred Series A-1, B-1 and C-1
stock with a fair market value of $9,195,692. This acquisition has been accounted for as a reverse acquisition with the HTS Group being
the accounting acquiror with the excess fair value of the purchase price over net asset fair value acquired treated as a reduction of
additional paid in capital on the date of acquisition.
A
summary of that purchase price is as follows:
Schedule
of Purchase Price
Fair Value of Preferred Series A-1 Stock | |
$ | 100 | |
Fair Value of Preferred Series B-1 Stock | |
| 9,086,396 | |
Fair Value of Preferred Series C-1 Stock | |
| 122,000 | |
Other | |
| (12,804 | ) |
Total | |
$ | 9,195,692 | |
Note
4 – Accounts Receivable
Accounts
receivable at September 30, 2023 and December 31, 2022 consisted of the following:
Schedule
of Accounts Receivable
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts receivable – (including related party receivable of $40,697 and $28,973 at September 30, 2023 and December 31, 2022, respectively) | |
$ | 46,967 | | |
$ | 36,266 | |
Less: | |
| | | |
| | |
Allowance for doubtful accounts | |
| (14,400 | ) | |
| — | |
Accounts receivable, net | |
$ | 32,567 | | |
$ | 36,266 | |
For
the nine months ended September 30, 2023 and 2022, bad debt expense (recovery), was $15,000 and $0, respectively.
For the three months ended September 30, 2023 and 2022, bad debt expense (recovery), was $ 0 and $ 0 respectively.
Note
5 – Property and Equipment
Property
and equipment at September 30, 2023 and December 31, 2022 consisted of the following:
Summary
of Property and Equipment
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Software | |
$ | 1,435,875 | | |
$ | 1,435,875 | |
Furniture | |
| 8,227 | | |
| 8,227 | |
Office equipment | |
| 30,931 | | |
| 30,931 | |
Computer equipment | |
| 324,131 | | |
| 324,131 | |
Property and equipment , gross | |
| 1,799,164 | | |
| 1,799,164 | |
Less accumulated depreciation | |
| (1,799,164 | ) | |
| (1,799,164 | ) |
Property and equipment, net | |
$ | — | | |
$ | — | |
Depreciation
expense on property and equipment was $0
and $0
for the three and nine months ended September 30, 2023 and 2022, respectively. Management periodically reviews the valuation of
long-lived assets, including property and equipment, for potential impairment.
Note
6 – Accrued Expenses
Accrued
expenses at September 30, 2023 and December 31, 2022 consisted of the following:
Schedule
of Accrued Expenses
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Accrued payroll and related liabilities | |
$ | 1,328,954 | | |
$ | 1,420,130 | |
Accrued legal | |
| 37,997 | | |
| 37,997 | |
Accrued interest | |
| 46,784 | | |
| 23,156 | |
Deferred revenue and customer deposits | |
| 57,121 | | |
| 44,544 | |
Other accrued expenses | |
| 110,136 | | |
| 112,244 | |
Accrued expenses | |
$ | 1,580,992 | | |
$ | 1,638,071 | |
Accrued
payroll and related liabilities at September 30, 2023 and December 31, 2022 included approximately $1.0
million and $1.0 million,
respectively, of accrued past due payroll taxes, related penalties and interest.
Note
7 – Notes Payable
The
carrying amount of notes payable as of September 30, 2023 and December 31, 2022 was as follows:
Schedule
of Notes Payable
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Note payable with the Department of Economic and Community Development in the original amount of $147,372 due in monthly payments of principal and interest totaling $2,132 beginning January 1, 2017 with a final payment due on October 1, 2022. Non-interest bearing. Payments were not made in 2023 or 2022. | |
$ | 134,153 | | |
$ | 134,153 | |
| |
| | | |
| | |
Loans from Related Parties and Companies due December 31, 2023, Original issue discount of $132,498 which is fully amortized at September 30, 2023, 5% interest due from August 9, 2023 (date of extension) to December 31, 2023 | |
| 1,457,253 | | |
| 1,438,269 | |
| |
| | | |
| | |
Loan from Third Party, Issued August 9, 2023, Due May 15, 2024, Original issue discount of $13,250
which is amortized by $2,461
at September 30, 2023. Default interest at 22%,
Convertible into common stock at a conversion price of $0.005
per share on event of default. Payable monthly at the rate of $8,012
per month | |
| 52,461 | | |
| — | |
| |
| | | |
| | |
Paycheck Protection Program Loans (PPP Loans). The PPP Loans and accrued interest are forgivable as long as the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the Company terminates employees or reduces salaries. No collateral or guarantees were provided in connection with the PPP Loans. The unforgiven portion of the PPP Loans are payable over two years at an interest rate of 1.0% per annum, with a deferral of payments for the first sixteen months. Beginning sixteen months from the dates of issuance, the Company is required (if not forgiven) to make monthly payments of principal and interest to the lenders. The Company used all of the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loans, it cannot assure you that it will not take actions that could cause the Company to be ineligible for forgiveness of the loans, in whole or in part. | |
| 60,401 | | |
| 60,401 | |
Notes payable | |
| 1,704,268 | | |
| 1,632,823 | |
Less current portion | |
| 1,643,867 | | |
| 1,572,422 | |
Notes payable, long term, net of current portion | |
$ | 60,401 | | |
$ | 60,401 | |
Note
8 – Loans from Parent and Other Related Party Transactions
To
fund the Company’s operations for the nine months ended September 30, 2023, the former Parent advanced funds and paid expenses
of InnovaQor and the Group in the amount of $1,008,832
(Non-interest bearing). The amounts as of September 30, 2023 are included in Due to Former Parent in the accompanying Consolidated
Balance Sheets.
The
Company has a loan payable to its former Parent in the amount of $1,457,253 at September 30, 2023. The loan had a 10% Original Issue
Discount in the amount of $132,498 which is fully amortized as of September 30, 2023, the original due date of the loan. The loan has
a default interest rate of 18%. On August 9, 2023 the due date of the loan was extended to December 31, 2023 with no charge for default
interest from the original due date of the loan to the date of the extension. Also, the extension calls for interest at 5% from the date
of the extension to the new due date of the loan.
During
the year ended December 31, 2022, Ms. Hollis, the former Chief Executive Officer of the Company, loaned the Company $96,100. The
Company entered into promissory notes in the amount of $105,710, representing a 10% original issue discount. During the year ended
December 31, 2022, $13,000 of these loans was repaid. A payment of $93,010, representing full payment of the loans including
interest outstanding, was made by the Company on May 12, 2023. In addition, the Company issued Ms. Hollis 25
shares of Series C-1 Preferred Stock on March 31, 2022, in connection with one of these loans. These shares of Series C-1 Preferred
Stock were valued at $15,250
using the Option Price Method and the same assumptions as used to value the prior issuance of Series C-1 Preferred Stock.
During the year ended December 31, 2022,
Alcimede Limited loaned the Company $32,500.
Seamus Lagan, the Chief Executive Officer of the Company’s former parent, is the sole director of Alcimede Limited. This
amount was due on demand. The Company entered into a promissory note in the amount of $35,750,
representing a 10%
original issue discount. The note was due on December 5, 2022, and is currently in default. The note provides for default interest
at 18%
per annum on any balance outstanding. During the year ended December 31, 2022, $12,554
of this note was repaid. The note balance was reduced by $10,000
in May 2023 for the purchase of 100
shares of Series D Non-Convertible Preferred Stock by Alcimede Limited. A balance of $15,789
remained outstanding on this note at September 30, 2023. In May 2023 Alcimede Limited separately made a payment of $25,000
on behalf of the Company. This payment is reimbursable to Alcimede Limited and remains outstanding in full at September 30, 2023.
Other expenses of approximately $3,338
remained outstanding to Alcimede Limited at September 30, 2023. Alcimede Limited has a consulting contract with the Company as
described in Note 11.
The
above amounts are not indicative of what third parties would have agreed to.
Related
Parties Transactions
Included
in net revenues for the three months ended September 30, 2023 and 2022 is $102,149 and $33,498, respectively, of related party revenue
with Rennova (the former parent).
Included
in net revenues for the nine months ended September 30, 2023 and 2022 is $283,728 and $135,291, respectively, of related party revenue
with Rennova (the former parent).
The
Group has incurred certain costs that have been allocated from Rennova. Included in the Consolidated Statements of Operations are the
following allocated costs:
Schedule
of Allocated Costs
| |
Three Months Ended September 30, | | |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Rent and utilities | |
$ | 30,187 | | |
$ | 19,676 | |
Total allocated costs | |
$ | 30,187 | | |
$ | 19,676 | |
| |
| Nine Months Ended September 30, | | |
| Nine Months Ended September 30, | |
| |
| 2023 | | |
| 2022 | |
| |
| | | |
| | |
Health insurance | |
$ | 4,838 | | |
$ | — | |
Rent and utilities | |
| 91,146 | | |
| 81,799 | |
| |
| | | |
| | |
Total allocated costs | |
$ | 96,984 | | |
$ | 81,799 | |
See
Note 11 for additional related party transactions.
Note
9 – Preferred Stock and Stockholders’ Deficit
Common
Stock
The
Company has authorized 2,000,000,000
shares of $0.0001
par value Common Stock of which 244,953,286
are issued and outstanding as of September 30, 2023 and December 31, 2022. These
shares have 1 vote per share. The authorized Common Stock was increased from 325,000,000
to 2,000,000,000
on June 29, 2023.
Preferred
Stock Series A-1
The
Company has authorized 1,000 shares of $0.0001 par value (stated value $10) Series A-1 Supermajority Voting Preferred Stock of which
1,000 are issued and outstanding as of September 30, 2023 and December 31, 2022. So long as one share of Series A-1 Preferred Stock is
outstanding, the outstanding shares of the Series A-1 Preferred Stock shall have the number of votes, in the aggregate, equal to 51%
of all votes entitled to be voted at any stockholder meeting. These shares have no rights to receive dividends and liquidation rights
are equal to the stated value per share.
Preferred
Stock Series B-1
The
Company has authorized 25,000
shares of $0.0001
par value (stated value $1,000)
Series B-1 Convertible Redeemable Preferred Stock of which 14,950
are issued and outstanding as of September 30, 2023 and December 31, 2022. These
shares have no voting rights, dividends on these shares shall accrue at the rate of 5% of the stated value per share and liquidation
rights are equal to the stated value per share. These shares are convertible into the Company’s Common Stock based on
the stated value at a conversion price equal to 90%
of the average closing price of the Common Stock on the 10
Trading Days immediately prior to the Conversion Date but in any event no less than the par value of the Common Stock. The Series
B-1 Preferred Stock was not convertible prior to the first anniversary of its issuance except with the consent of the holders of a
majority of the then outstanding shares, if any, of the Series A-1 Preferred Stock. No conversion can be made to the extent the
holder’s beneficial interest (as defined pursuant to the terms of the Series B-1 Preferred Stock) in the common stock of
InnovaQor would exceed 4.99%.
These shares are redeemable at the option of the Company at their stated value plus declared and unpaid dividends. Because these
shares are convertible, at the option of the holder, into a variable number of common shares based solely on a fixed dollar amount
(stated value) known at issuance of the shares they have been recorded as a long-term liability at the date of issuance in
accordance with ASC 480, Distinguishing Liabilities from Equity.
Preferred
Stock Series C-1
The
Company has authorized 2,000
shares of $0.0001
par value (stated value $1,000)
Series C-1 Convertible Redeemable Preferred Stock of which 325
and 225
are issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. These
shares have no voting rights, dividends on these shares shall accrue at the rate of 10% of the stated value per share and
liquidation rights are equal to the stated value per share. These shares are convertible into the Company’s Common
Stock based on the stated value at a conversion price equal to 90%
of the average closing price of the Common Stock on the 10
Trading Days immediately prior to the Conversion Date but in any event no less than the par value of the Common Stock. The Series
C-1 Preferred Stock was not convertible prior to the first anniversary of its original issuance except with the consent of the
holders of a majority of the then outstanding shares, if any, of the Series A-1 Preferred Stock. No conversion can be made to the
extent the holder’s beneficial interest (as defined pursuant to the terms of the Series C-1 Preferred Stock) in the common
stock of InnovaQor would exceed
4.99%. These shares are redeemable at the option of the Company at their stated value plus declared and unpaid dividends.
Because these shares are convertible, at the option of the holder, into a variable number of common shares based solely on a fixed
dollar amount (stated value) known at issuance of the shares they have been recorded as a long-term liability at the date of
issuance in accordance with ASC 480, Distinguishing Liabilities from Equity.
Preferred
Stock Series D
On
May 12, 2023, the Company authorized 500
shares of Series D Non-Convertible Preferred Stock with a par value of $0.0001
and a stated value of $100.
The Company issued an aggregate of 300 shares of Series D Preferred Stock to Alcimede Limited, Pathlogic Limited and Hollis Capital
Holdings, LLC on May 12, 2023, for a total consideration of $30,000. The
Series D Preferred Stock does not have voting rights but each holder of issued and outstanding Series D Preferred
Stock shall be entitled to receive monthly as a dividend, an amount equal to (a) the sum of (i) five percent (5%) of the amount of
gross sales in excess of $500,000 collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of
business during the month immediately preceding the month in which such dividend becomes payable, which amount shall not exceed
$25,000, (ii) ten percent (10%) of the amount of gross sales in excess of $1 million collected by the Company or any subsidiary (on
a consolidated basis) in the ordinary course of business during the month immediately preceding the month in which such dividend
becomes payable, which amount shall not exceed $100,000 and (iii) two and one-half percent (2.5%) of the amount of gross sales in
excess of $2 million collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of business during
the month immediately preceding the month in which such dividend becomes payable.
So
long as any shares of Series D Preferred Stock are outstanding, the Company shall not, without the consent of the holders of a majority
of the outstanding shares of Series D Preferred Stock, authorize any additional shares of Series D Preferred Stock, create any additional
class or series of capital stack that ranks senior to the Series D Preferred Stock, or amend, alter or repeal any provisions of the Certificate
of Designation or the Company’s articles or bylaws in a manner that adversely affects the powers, preferences or rights of the
Series D Preferred Stock.
Note
10 – Revenue
The
Company had net revenues for the three and nine months ended September 30, 2023 and 2022 as follows:
Schedule of Net Revenue
| |
Three Months ended | | |
Three Months ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Dashboards | |
$ | 20,275 | | |
$ | 10,925 | |
IT Managed Services | |
| 39,780 | | |
| 21,059 | |
Software and Interfaces | |
| 2,708 | | |
| 12,500 | |
Support and Maintenance | |
| 18,435 | | |
| 14,603 | |
vCIO Services | |
| 42,094 | | |
| 1,963 | |
Software Licenses Fees | |
| 28,518 | | |
| 16,977 | |
Other | |
| — | | |
| — | |
Total Net Revenues | |
$ | 151,810 | | |
$ | 78,027 | |
| |
Nine Months ended | | |
Nine Months ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Dashboards | |
$ | 49,595 | | |
$ | 35,026 | |
IT Managed Services | |
| 104,988 | | |
| 69,420 | |
Software and Interfaces | |
| 24,828 | | |
| 12,500 | |
Support and Maintenance | |
| 87,046 | | |
| 67,399 | |
vCIO Services | |
| 126,895 | | |
| 29,394 | |
Software Licenses Fees | |
| 80,046 | | |
| 47,721 | |
Other | |
| 1,372 | | |
| 6,970 | |
Total Net Revenues | |
$ | 474,770 | | |
$ | 268,430 | |
Generally,
work is billed monthly by the hour at agreed upon hourly rates for all of the above revenue streams.
For
all of the Company’s services, the Company typically has one performance obligation; however, it also provides the customer with
an option to acquire additional services. The Company typically provides a menu of offerings from which the customer may choose to purchase.
The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is generally consistent
for each service irrespective of the other services or quantities requested by the customer.
When
the Company receives consideration from a customer prior to transferring services to the customer under the terms of the contract, it
records deferred revenues on the Company’s consolidated balance sheet, which represents a contract liability.
The
Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period
and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would
meet the criteria to be capitalized and presented as a contract asset on the Company’s consolidated balance sheet.
Note
11 – Commitments and Contingencies
Consulting
Agreement – The Company entered into a consulting agreement effective June 1, 2021, with a company owned by Mr. Dab,
the Company’s former CEO, for a period of one year to assist in the development of the
Company’s business including communications with existing shareholders and the general public. The agreement provided that the Company would pay $3,500 a month and
an additional $60,000 upon the earlier of receipt of funding from an outside source or within 90 days. The $60,000 payment was made during
the six months ended June 30, 2023 but the monthly amounts have not been paid. On June 1, 2022, the agreement was extended for another
year. The new agreement increases the monthly fee to $4,500. The agreement was extended further on June 1, 2023 for another year. The
monthly amounts remain unpaid by the Company to date. The amounts payable to Mr. Dab under this agreement include the fees payable to
him as a director of the Company.
Consulting
Agreement – The Company entered into a Consulting agreement with Alcimede Limited (“Alcimede”), effective
October 1, 2022. Seamus Lagan, the Chief Executive Officer of the Company’s former parent, is the sole director of Alcimede.
Under the agreement, Alcimede assists the Company with its capital structure, management, acquisitions and sources of financing. The
agreement is for three years and will thereafter renew on a yearly basis unless either party provides notice of non-renewal.
Alcimede is to receive a one-time retainer of $100,000
(payable in shares of Series C-1 Preferred Stock), which retainer has not yet been paid, and monthly payments of $10,000.
Alcimede Limited is owed $145,339
of unpaid consulting fees under this contract as of September 30, 2023 and other fees as described in Note 8 above.
Consulting
Agreement - The Company entered into a consulting agreement, with Pathlogic Limited, a company
owned by Mr. Doherty, a director, to act as an active consultant for the Company for its officers with regard to computer and
programming engineering. The
consulting agreement calls for monthly payments of $10,000 and is on a month-to-month basis and includes the director’s fees accrued
with it. Pathlogic Limited was owed $102,500
as of September 30, 2023.
Concentration
of Credit Risk - Credit risk with respect to accounts receivable is generally low due to the nature of the customers comprising
the customer base and the significant related party component. The Company does not require collateral or other security to support customer
receivables. However, the Company continually monitors and evaluates its client acceptance and collection procedures to minimize potential
credit risks associated with its accounts receivable and establishes an allowance for uncollectible accounts and, as a consequence, believes
that its accounts receivable credit risk exposure beyond such allowance is not material to the condensed consolidated financial statements.
The
Company maintains its cash balances in high-credit-quality financial institutions. The Company’s cash balances may, at times, exceed
the deposit insurance limits provided by the Federal Deposit Insurance Corp.
Guarantees
Certain
subsidiaries of the Company have guaranteed debt obligations of their former Parent. As part of the transaction with the Company, the
former Parent received a release of guarantees from certain institutional lenders and has been working to settle other debt obligations
where certain subsidiaries of the Company remain a guarantor. The Company believes that any risk associated with previous guarantees
is now minimal and immaterial.
Legal
Matters
From
time to time, the Company may be involved in a variety of claims, lawsuits, investigations and proceedings related to contractual disputes,
employment matters, regulatory and compliance matters, intellectual property rights and other litigation arising in the ordinary course
of business. The Company operates in a highly regulated industry which may inherently lend itself to legal matters. Management is aware
that litigation has associated costs and that results of adverse litigation verdicts could have a material effect on the Company’s
condensed consolidated financial position or results of operations. Management, in consultation with legal counsel, has addressed known
assertions and predicted unasserted claims below.
P2P
Staffing Corp. received a judgment against HTS during 2018 in the amount of $58,784
plus accrued interest and court costs for amounts owed. As of each of September 30, 2023 and December 31, 2022, $10,464
was outstanding and owed for this judgment and included in accounts payable in the accompanying Consolidated Balance
Sheets.
Two
former employees of CollabRx, Inc., one of the acquired subsidiaries, filed suits in a California state court against the former Parent,
Rennova, and CollabRx, Inc., in connection with amounts claimed to be owed under their respective employment agreements with CollabRx,
Inc. One former employee received a judgment for approximately $253,000, which Rennova has paid in full. The other former employee received
a judgment for approximately $173,000.
Note
12 – Supplemental Disclosure of Cash Flow Information
Schedule
of Supplemental Disclosure of Cash Flow Information
| |
2023 | | |
2022 | |
| |
Nine Months ended September 30, | |
| |
2023 | | |
2022 | |
Cash paid for interest | |
$ | 61,477 | | |
$ | 8,737 | |
Cash paid for income taxes | |
$ | — | | |
$ | — | |
Series A-1, B-1 & C-1 Preferred Stock issued for transaction | |
$ | — | | |
$ | 9,086,396 | |
Debt Discount offset to Notes Payable | |
$ | 13,250 | | |
$ | — | |
Series C-1 Preferred Stock issued for debt | |
$ | — | | |
$ | 122,000 | |
Note
13 – Recent Accounting Pronouncements
All
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s consolidated financial
statements.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
SPECIAL
NOTE CONCERNING FORWARD-LOOKING STATEMENTS
Certain
statements made in this Form 10-Q are “forward-looking statements.” These statements involve known and unknown risks, uncertainties
and other factors which may cause our actual results, performance, or achievements to be materially different from any future results,
performances or achievements expressed or implied by the forward-looking statements. We use the words “anticipate”, “believe”,
“could”, “design”, “estimate”, “expect”, “intend”, “forecast”,
“goal”, “may”, “plan”, “potential”, “predict”, “project”, “should”,
“target,” “will,” “would” or the negatives or other tense of such terms and other similar expressions
intended to identify forward-looking statements. Forward-looking statements relate to future events or future financial performance and
involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance,
or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied
by these forward-looking statements.
Our
actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute
to such differences include but are not limited to those contained in the “Risk Factors” section of our Annual Report on
Form 10-K and in our subsequent filings with the Securities and Exchange Commission.
Management’s
Discussion and Analysis of Financial Condition and Results of Operations
The
following is a discussion of the financial condition and results of operation of InnovaQor as of the date of this Form 10-Q. This discussion
and analysis should be read in conjunction with InnovaQor’s audited consolidated financial statements contained in the Form 10-K
and with our unaudited condensed consolidated financial statements, including the notes thereto, which are included elsewhere in this
report.
Estimates
Management’s
discussion and analysis of InnovaQor’s financial condition and results of operations are based upon its consolidated financial
statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management
to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure
of contingent liabilities. Significant areas of estimation include estimating fair value of intangible assets acquired, the impairment
of assets, accrued and contingent liabilities, and future income tax obligations (benefits), among other items. On an on-going basis,
management evaluates past estimates and judgments, including those related to bad debts, accrued liabilities, derivative liabilities,
and contingencies. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
InnovaQor believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation
of its consolidated financial statements.
Critical
Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
acquisition of an operating company by a non-operating public shell corporation typically results in the owners and management of the
operating company having actual or effective voting and operating control of the combined company. The Securities and Exchange Commission
staff considers a public shell reverse acquisition to be a capital transaction in substance, rather than a business combination. That
is, the transaction is a reverse recapitalization, equivalent to the issuance of stock by the operating company for the net monetary
assets of the shell corporation accompanied by a recapitalization. The accounting is similar to that resulting from a reverse acquisition,
except that no goodwill or other intangible assets are recorded.
The
condensed consolidated financial statements include the accounts of only the HTS Group (the accounting acquirer) prior to June 25,
2021 and InnovaQor and the Group since the date of acquisition on June 25, 2021, with the transaction being accounted for as a
recapitalization of the Group on June 25, 2021. The condensed consolidated financial statements are prepared in conformity with
accounting principles generally accepted in the United States of America (“U.S. GAAP”) and require management to make
certain judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and
expenses during the reporting periods. Actual results could differ from those estimates upon subsequent resolution of identified
matters.
The
accompanying condensed consolidated financial statements as of and for the nine and three months ended September 30, 2023 and 2022, have
been derived from unaudited financial information. Intercompany accounts and transactions have been eliminated. The accompanying unaudited
interim condensed consolidated financial statements have been prepared on the same basis as the annual audited financial statements and
in accordance with U.S. GAAP, for interim financial information and the rules and regulations of the Securities and Exchange Commission
(“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments
(consisting only of normal recurring accruals) necessary for a fair presentation of this interim information.
Cash
and Cash Equivalents
InnovaQor
considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
Fair
Value Measurements
In
accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company applies fair value accounting for
all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market
in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset
or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying
the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within
the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
|
● |
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities that the
Company has the ability to access at the measurement date. |
|
|
|
|
● |
Level
2 applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets;
or quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active
markets). |
|
|
|
|
● |
Level
3 applies to assets or liabilities for which fair value is derived from valuation techniques in which one or more significant inputs
are unobservable, including the Company’s own assumptions. |
The
estimated fair value of financial instruments is determined by the Company using available market information and valuation methodologies
considered to be appropriate. At September 30, 2023 and December 31, 2022, the carrying value of the Company’s accounts receivable,
accounts payable, accrued expenses and notes payable, approximate their fair values due to their short-term nature. For the nine months
ended September 30, 2023 and 2022, there were no realized and unrealized gains on instruments valued using fair value evaluation methods.
Impairment
of Long-lived Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s (“FASB”)
ASC 360, “Property, Plant and Equipment.” Long-lived assets are reviewed when facts and circumstances indicate that the carrying
value of the asset may not be recoverable. When necessary, impaired assets are written down to estimated fair value based on the best
information available. Estimated fair value is generally either based on appraised value or measured by discounting estimated future
cash flows. Considerable management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could
vary significantly from such estimates. As of September 30, 2023 and December 31, 2022, all of the Company’s fixed assets were
fully depreciated and, therefore, the carrying value of fixed assets represented fair value. Fixed assets are depreciated over lives
ranging from three to seven years.
Income
Taxes
The
entities within the Group were included in the consolidated income tax returns of its Parent for the years ended December 31, 2020
and prior. A determination was made by Parent’s management not to allocate any of the deferred tax assets or liabilities to
the Group as of December 31, 2020 and prior. Accordingly, the Group did not provide for income taxes in the combined financial
statements. The Company since June 25, 2021 uses the liability method of accounting for income taxes. Under the liability method,
future tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the
amounts reported in the financial statement carrying amounts of assets and liabilities and their respective tax bases. Future tax
assets and liabilities are measured using enacted or substantially enacted income tax rates expected to apply when the asset is
realized or the liability settled. The effect of a change in income tax rates on future income tax liabilities and assets is
recognized in income in the period that the change occurs. Future income tax assets are recognized to the extent that they are
considered more likely than not to be realized. When projected future taxable income is insufficient to provide for the realization
of deferred tax assets, the Company will recognize a valuation allowance.
In
accordance with U.S. GAAP, the Company has determined whether a tax position of the Company is more likely than not to be sustained upon
examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical
merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording
a tax liability that would reduce net assets. The Company has determined that it has not incurred any liability for tax benefits as of
September 30, 2023 and 2022. State income taxes will also be due on any income generated in the future.
Revenue
Recognition
We
recognize revenue in accordance with ASC Topic 606, including subsequently issued updates. This series of comprehensive guidance has
replaced all existing revenue recognition guidance. There is a five-step approach outlined in the standard. In determining revenue, we
first identify the contract according to the scope of ASU Topic 606 with the following criteria:
|
● |
Identify
the contract(s) with a customer. |
|
|
|
|
● |
Identify
the performance obligations in the contract. |
|
|
|
|
● |
Determine
the transaction price. |
|
|
|
|
● |
Allocate
the transaction price to the performance obligations in the contract. |
|
|
|
|
● |
Recognize
revenue when or as you satisfy a performance obligation. |
Revenue
is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration
the Company is expected to be entitled to in exchange for those services. As the Company completes its performance obligations which
are identified in Note 10 to the unaudited Condensed Consolidated Financial Statements included herein, it has an unconditional right
to consideration as outlined in the Company’s contracts. Generally, the Company’s accounts receivable are expected to be
collected in 30 days in accordance with the underlying payment terms. For many of the Company’s services, the Company typically
has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company typically
provides a menu of offerings from which the customer may choose to purchase. The price of each service is generally based upon an agreed
hourly rate.
Convertible
Preferred Stock
The
Company classifies its Series B-1 and Series C-1 Convertible Preferred Stock as liabilities in accordance with ASC 480 Distinguishing
Liabilities from Equity since the preferred stock is convertible, at the option of the holder, into a variable number of shares based
solely on a fixed dollar amount (stated value) known at issuance of the preferred stock.
Basic
and Diluted Net Income (Loss) Per Share
The
Company computes net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation
of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income
(loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period.
Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury
stock method, and convertible preferred stock, using the if-converted method. As of September 30, 2023 and 2022, there were approximately
2,546,000,000 and 1,671,000,000 common stock equivalents, respectively, which were antidilutive due to the Company’s losses.
Recent
Accounting Pronouncements
All
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s consolidated financial
statements.
Results
of Operations
Financial
Presentation
The
following sets forth a discussion and analysis of InnovaQor’s consolidated financial condition and results of operations as of
and for the three and nine months ended September 30, 2023 and 2022. This discussion and analysis should be read in
conjunction with our consolidated financial statements appearing elsewhere in this filing. The following discussion contains
forward-looking statements. Our actual results may differ significantly from the results discussed in such forward-looking
statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in
“Risk Factors” of our Form 10-K.
Comparison
of the Three Months Ended September 30, 2023 and 2022
The
following summary of our condensed consolidated results of operations should be read in conjunction with our interim consolidated financial
statements as of and for the three months ended September 30, 2023, and 2022, which are included herein.
The
following table summarizes the results of our consolidated operations for the three months ended September 30, 2023 and 2022 (unaudited):
| |
Three Months Ended
September 30, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
| |
| | |
| | |
| |
Net revenues | |
$ | 151,810 | | |
$ | 78,027 | | |
$ | 73,783 | |
Operating expenses: | |
| | | |
| | | |
| | |
Direct costs of revenue | |
| 121,360 | | |
| 32,245 | | |
| 89,115 | |
General and administrative expenses | |
| 377,210 | | |
| 332,657 | | |
| 44,553 | |
Total operating expenses | |
| 498,570 | | |
| 364,902 | | |
| 133,668 | |
Loss from operations | |
| (346,760 | ) | |
| (286,875 | ) | |
| (59,885 | ) |
Other income (expense) | |
| 7,955 | | |
| (46,153 | ) | |
| 54,108 | |
Loss before income taxes | |
| (338,805 | ) | |
| (333,028 | ) | |
| (5,777 | ) |
Provision for income taxes | |
| — | | |
| — | | |
| — | |
Net loss | |
$ | (338,805 | ) | |
$ | (333,028 | ) | |
$ | (5,777 | ) |
Net
Revenues
Net
revenues were $151,810 and $78,027 for the three months ended September 30, 2023, and 2022, respectively. The increased revenues were
a result of increased prices, new features and one time revenue recognition from existing customers.
Direct
Costs of Revenue
Direct
costs of revenue increased by $89,115 compared to the three months ended September 30, 2022, principally due to an increase in operating
payroll expenses.
General
and Administrative Expenses
General
and administrative expenses increased by $44,553 compared to the three months ended September 30, 2022, principally due to increases
in professional and consultant fees.
Loss
from Operations
Our
operating loss increased by $59,885 for the three months ended September 30, 2023, when compared to a loss of $(286,875) for the same
period last year. The increase was due principally to an increase in administrative costs and direct operating costs.
Net
Loss
Our
net loss was $(338,805) for the three months ended September 30, 2023, as compared to a net loss of $(333,028) for the three months ended
September 30, 2022. The $5,777 increase in net loss was principally due to a small increase in our payroll expenses.
Comparison
of the Nine months Ended September 30, 2023 and 2022
The
following summary of our condensed consolidated results of operations should be read in conjunction with our interim consolidated financial
statements as of and for the nine months ended September 30, 2023, and 2022, which are included herein.
The
following table summarizes the results of our consolidated operations for the nine months ended September 30, 2023 and 2022 (unaudited):
| |
Nine Months Ended September 30, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
Net revenues | |
$ | 474,770 | | |
$ | 268,430 | | |
$ | 206,340 | |
Operating expenses: | |
| | | |
| | | |
| | |
Direct costs of revenue | |
| 438,654 | | |
| 288,101 | | |
| 150,552 | |
General and administrative expenses | |
| 1,264,930 | | |
| 853,515 | | |
| 414,415 | |
Total operating expenses | |
| 1,703,584 | | |
| 1,141,617 | | |
| 561,967 | |
Loss from operations | |
| (1,228,814 | ) | |
| (873,187 | ) | |
| (355,627 | ) |
Other (expense) | |
| (221,051 | ) | |
| (66,351 | ) | |
| (154,700 | ) |
Loss before income taxes | |
| (1,449,865 | ) | |
| (939,538 | ) | |
| (510,327 | ) |
Provision for income taxes | |
| — | | |
| — | | |
| — | |
Net loss | |
$ | (1,449,865 | ) | |
$ | (939,538 | ) | |
$ | (510,327 | ) |
Net
Revenues
Net
revenues were $474,770 and $268,430 for the nine months ended September 30, 2023, and 2022, respectively. The increased revenues were
a result of increased prices, new features and revenue from existing customers.
Direct
Costs of Revenue
Direct
costs of revenue increased by $150,552 compared to the nine months ended September 30, 2022, principally due to an increase in payroll
and related expenses.
General
and Administrative Expenses
General
and administrative expenses increased by $414,415 compared to the nine months ended September 30, 2022, principally due to increases
in professional and consultant fees.
Loss
from Operations
Our
operating loss increased by $(561,967) for the nine months ended September 30, 2023, when compared to a loss of $(873,187) for the same
period last year. The increase was due principally to an increase in our general and administrative expenses.
Net
Loss
Our
net loss was $1,449,865 for the nine months ended September 30, 2023, as compared to a net loss of $939,538 for the nine months ended
September 30, 2022.
The
$510,327 increase in net loss was principally due to the increase in our general and administrative expenses and professional and
consulting fees.
Liquidity
and Capital Resources
As
of September 30, 2023, we had $47,512 in total assets including cash and cash equivalents of $13,695, as compared to $41,641 in total
assets including cash and cash equivalents of $5,415 as of December 31, 2022. The increase in total assets is primarily attributable
to the increase in Cash and Accounts Receivable.
As
of September 30, 2023, we had total liabilities of $15,160,221 including accounts payable of $1,531,372, accrued expenses of $1,587,992,
related party advances of 1,008,832, notes payable of $1,704,268, and Preferred Stock liabilities of $9,334,757. As of September 30,
2022, we had total liabilities of $13,734,485 including accounts payable of $1,239,945, accrued expenses of $1,638,071, notes payable
of $1,632,823 and Preferred Stock liabilities of $9,223,646. The increase is mainly due to an increase in accounts payable and related
party advances to fund the operations.
Cash
Flow from Operating Activities
Net
cash used in operations for the nine months ended September 30, 2023, was $934,346 as compared to $663,958 for the nine months ended
September 30, 2022. The increased use of cash was mostly attributed to payroll for the nine months ended September 30, 2023.
Cash
Flow from Investing Activities
Net
cash used in investing activities for the nine months ended September 30, 2023 and 2022, was $0.
Cash
Flow from Financing Activities
Net
cash provided by financing activities for the nine months ended September 30, 2023, was $942,626 as compared to $667,072 for the nine
months ended September 30, 2022. The increase was due to additional advances from the former Parent in the nine months ended September
30, 2023.
There
are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources.
Capitalization
The
following table sets forth InnovaQor’s capitalization as of September 30, 2023, and December 31, 2022, on an historical basis.
In addition, it is not indicative of our future capitalization. This table should be read in conjunction with InnovaQor’s financial
statements and notes thereto included elsewhere herein.
The
following table sets forth our cash and capitalization as of September 30, 2023, and December 31, 2022:
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 13,695 | | |
$ | 5,415 | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Preferred Series A-1 Stock, Par Value $0.0001, 1,000 shares authorized, 1,000 shares issued and outstanding | |
| — | | |
| — | |
Preferred Series D Stock, Par Value $0.0001 and stated value $100, 500 shares authorized, 300 shares issued and outstanding September 30, 2023 | |
| 30,000 | | |
| — | |
Common stock, Par Value $0.0001, 2,000,000,000 shares authorized, 244,953,286 issued and outstanding | |
| 24,495 | | |
| 24,495 | |
| |
| | | |
| | |
Additional Paid-in Capital | |
| 5,906,742 | | |
| 5,906,742 | |
Total capitalization | |
$ | 5,974,935 | | |
$ | 5,936,652 | |
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
applicable
Item
4. Controls and Procedures.
Management
does not expect that its internal controls over financial reporting will prevent all errors and all fraud. Control systems, no matter
how well conceived and managed, can provide only reasonable assurance that the objectives of the control system are met. The design of
a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative
to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance
that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include that
judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.
Additionally,
controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of
the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events,
and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over
time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may
deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and
not be detected.
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and with the participation of management, including the principal executive officer and principal financial officer,
as of September 30, 2023 the Company conducted an evaluation of its disclosure controls and procedures, as such term is defined under
Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, the principal
executive officer and principal financial officer have concluded that, based on the material weaknesses discussed below, the disclosure
controls and procedures were not effective as of such date to ensure that information required to be disclosed by the Company in reports
filed or submitted under the Securities Exchange Act were recorded, processed, summarized, and reported within the time periods specified
in the Securities and Exchange Commission’s rules and forms and that its disclosure controls are not effectively designed to ensure
that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act is accumulated
and communicated to management, including the principal executive officer and principal financial officer, or persons performing similar
functions, as appropriate to allow timely decisions regarding required disclosure.
The
Company’s internal controls are not effective for the following reasons, (1) there are no entity level controls, because of the
limited time of the Company’s officers, (2) there is no separate audit committee, and (3) the Company has not implemented adequate
system and manual controls. As a result, the Company’s internal controls have inherent weaknesses, which may increase the risks
of errors in financial reporting under current operations and accordingly are not effective as evaluated against the criteria set forth
in the Internal Control – Integrated Framework issued by the committee of Sponsoring Organizations of the Treadway Commission (2013
version). Based on the evaluation, management concluded that the Company’s internal controls over financial reporting were not
effective as of September 30, 2023.
Even
though there are inherent weaknesses, management has taken steps to minimize the risk. The Company uses a third-party consultant CFO
to review transactions for appropriate technical accounting, reconcile accounts, review significant transactions and prepare financial
statements. Any deviation or errors are reported to management.
The
Company can provide no assurance that its internal controls over financial reporting will be compliant in the near future. As revenues
permit, the Company will enhance its internal controls through additional software and other means. If and when it obtains funding, the
Company will create an audit committee comprised of independent directors.
Changes
in Internal Control over Financial Reporting
There
have been no changes in the Company’s internal control over financial reporting during the last quarterly period covered by this
report that have materially affected, or are likely to affect, the internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings.
From
time to time, InnovaQor may be involved in a variety of claims, lawsuits, investigations and proceedings related to contractual disputes,
employment matters, regulatory and compliance matters, intellectual property rights and other litigation arising in the ordinary course
of business. InnovaQor operates in a highly regulated industry which may inherently lend itself to legal matters. Management is aware
that litigation has associated costs and that results of adverse litigation verdicts could have a material effect on InnovaQor’s
consolidated financial position or results of operations. Management, in consultation with legal counsel, has addressed known assertions
and predicted unasserted claims below.
P2P
Staffing Corp. received a judgment against HTS during 2018 in the amount of $58,784 plus accrued interest and court costs for amounts
owed. As of September 30, 2023 and December 31, 2022, $10,464 was outstanding and owed for this judgment and included in accounts payable
at each respective balance sheet date.
Two
former employees of CollabRx, Inc., one of the acquired subsidiaries, filed suits in a California state court against the former Parent,
Rennova and CollabRx, Inc., in connection with amounts claimed to be owed under their respective employment agreements with CollabRx,
Inc. One former employee received a judgment for approximately $253,000, which Rennova has paid in full. The other former employee received
a judgment for approximately $173,000.
Item
1A. Risk Factors.
In
addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, Item
1A of the Form 10-K which could materially affect our business, financial condition, or future results. There have been no material changes
to the risk factors previously disclosed in our Form 10-K.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
Covid Matters
The occurrence of an uncontrollable event such
as the COVID-19 pandemic did not materially affect our operations since we had rotated to a remote model for our employees well
before the COVID-19 event occurred. The pandemic resulted in social distancing, travel bans and quarantines. This limited access to
our facilities, customers, management, support staff and professional advisors. These, in turn however, did not impact our
operations and financial condition.
While the pandemic phase of COVID-19 has receded
and the virus is now considered to be endemic in the United States as of this filing, the evolution of an acute and more contagious
variant is possible. In such a case, it may impact demand for our products and may again hamper our efforts to provide our investors
with timely information and comply with our filing obligations with the Securities and Exchange Commission.
Real GDP growth, inflation, employment levels, oil
prices, interest rates, tax rates, availability of customer financing, foreign currency exchange rate fluctuations, and other macroeconomic
trends can adversely affect demand for the products that we offer. Geopolitical issues around the world and how our markets are positioned
can also impact macroeconomic conditions and could have a material adverse impact on our financial results.
Item
6. Exhibits
10.1 |
|
Promissory Note of InnovaQor,
Inc., dated July 1, 2022, payable to Rennova Health, Inc.* |
|
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|
10.2 |
|
Promissory Note of InnovaQor, Inc., dated December 31, 2022, payable to Rennova Health, Inc.* |
|
|
|
31.1 |
|
Rule 13a-14(a) Certification by the Principal Executive Officer.* |
|
|
|
31.2 |
|
Rule 13a-14(a) Certification by the Principal Financial Officer.* |
|
|
|
32.1 |
|
Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
|
|
|
32.2 |
|
Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
|
|
|
101.INS |
|
Inline XBRL Instance Document |
|
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|
101.SCH |
|
Inline XBRL Schema Document |
|
|
|
101.CAL |
|
Inline XBRL Calculation Link base Document |
|
|
|
101.DEF |
|
Inline XBRL Definition Link base Document |
|
|
|
101.LAB |
|
Inline XBRL Label Link base Document |
|
|
|
101.PRE |
|
Inline XBRL Presentation Link base Document |
|
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* |
Filed
herewith |
|
|
** |
Furnished
herewith |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
INNOVAQOR,
INC. |
|
|
|
Date:
November 20, 2023 |
By: |
/s/
Darrell Peterson |
|
|
Darrell
Peterson |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
Thomas J. Bellante |
|
|
Thomas
J. Bellante |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
Exhibit
10.1
PROMISSORY
NOTE
$883,757.27 |
July
1st, 2022 |
FOR
VALUE RECEIVED the undersigned, InnovaQor, Inc. (the “Borrower”), hereby promises to pay to the order of Rennova
Health, Inc. (the “Holder”), the principal amount of Eight hundred and eighty three thousand, seven hundred and
fifty seven dollars and twenty seven cents ($883,757.27) on December 31st, 2022 (Maturity date)
SUMMARY,
InnovaQor, Inc. is in the process of filing the required documents with the SEC to become a fully reporting company and upon becoming
fully reporting anticipates completing a registration statement (Reg A and/or S1) to register new shares and access capital. Rennova
Health, Inc., has provided $803,415.70 as a loan to the Company under the terms described herein.
Section
1. Interest.
A.
Generally. The Note value provides for a 10% original issue discount for the cash received for the six-month term.
B.
Default Rate of Interest. Subject to applicable law, any principal of this Note outstanding after six months shall bear interest,
payable on demand in immediately available funds, for each partial or full month until the date of actual payment, at a rate equal to
the sum of 18% per annum.
Section
2. Repayment. The principal amount of this Note shall be paid as follows:
(a)
$883,757.27 shall be due and payable on the Maturity Date.
Section
3. Payments. The payment or prepayment of any amount under this Note shall be payable in lawful money of the United States of
America. Any part payment under this Note shall be applied first to accrued interest and second to any principal amount outstanding under
this Note.
Section
4. Events of Default. The occurrence (whether such occurrence shall be voluntary or involuntary or come about or be effected by
operation of law or otherwise) and continuation for any reason whatsoever of any of the following events shall constitute an “Event
of Default”:
|
(a) |
the
Borrower fails to make payment of any principal on this Note when the same shall become due and payable within 30 days after Holder’s
written notice to Borrower giving notice of such non-payment; or, |
|
|
|
|
(b) |
the
Borrower fails to make payment of any Interest on this Note provided for hereunder when the same shall become due and payable within
30 days after Holder’s written notice to Borrower giving notice of such non-payment |
Section
5. Rights upon Event of Default. If an Event of Default described in Section 5 has occurred, the Holder, at its option, may declare
the aggregate principal amount of this Note, together with all accrued and unpaid interest thereon, immediately due.
Section
6. Transferability. Holder shall not be entitled to assign, transfer, hypothecate, pledge or otherwise convey all or any part
of this Note.
Section
7. Miscellaneous.
A.
Unconditional Obligation; Waivers. The obligations of the Borrower to make the payments provided for in this Note are absolute
and unconditional and not subject to any defense, set-off, counterclaim, rescission, recoupment or adjustment whatsoever. Except as provided
herein, the Borrower hereby waives presentment and demand for payment, notice of non-payment, notice of dishonor, protest, notice of
protest, bringing of suit and diligence in taking any action to collect any amount called for under this Note. No waiver of any provision
of this Note made by agreement of the Holder and any other person shall constitute a waiver of any other terms hereof, or otherwise release
or discharge the liability of the Borrower under this Note. No failure to exercise and no delay in exercising, on the part of the Holder,
any right, power or privilege under this Note shall operate as a waiver thereof nor shall partial exercise of any right, power or privilege.
The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law.
B.
Notices and Addresses. Any notice, demand, request, waiver, or other communication under this Note shall be in writing and shall
be deemed to have been duly given on the date of service, if personally served or sent by facsimile; on the business day after notice
is delivered to a courier or mailed by express mail, if sent by courier delivery service for next day delivery; and on the third day
after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered, return receipt requested, postage
prepaid and addressed as follows:
To
Borrower: |
InnovaQor,
Inc. |
|
400
S Australian Avenue |
|
West
Palm Beach |
|
Florida
33401 |
|
|
To
Holder: |
Rennova
Health, Inc. |
|
400
S Australian Avenue |
|
West
Palm Beach |
|
Florida
33401 |
C.
Severability; Binding Effect. Any provision of this Note which is invalid or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining
terms and provisions of this Note or affecting the validity or unenforceability of any of the terms and provisions of this Note in any
other jurisdiction. This Note shall be binding upon and inure to the benefit of the parties hereto. Neither this Note nor any rights
or obligations hereunder may be assigned by the Borrower or the Holder.
D.
Governing Law. This Note and any dispute, disagreement, or issue of construction or interpretation arising hereunder whether relating
to its execution, its validity, the obligations provided therein or performance shall be governed and interpreted according to the internal
laws of the state of Florida, without giving effect to the principles of conflicts of laws thereof.
E.
Amendment. This Note can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument
making specific reference to this Note and signed by the Borrower and the Holder
F.
Section Headings. Section headings herein have been inserted for reference only and shall not be deemed to limit or otherwise
affect, in any matter, or be deemed to interpret in whole or in part any of the terms or provisions of this Note.
IN
WITNESS WHEREOF, this Note has been executed and delivered as of the date specified above.
|
InnovaQor,
Inc. |
|
|
|
|
/s/ Gerard
Dab |
|
Name: |
Gerard
Dab |
|
Title:
|
Corporate
Secretary |
Exhibit
10.2
PROMISSORY
NOTE
$1,457,253.00 |
December
31st 2022 |
FOR
VALUE RECEIVED the undersigned, InnovaQor, Inc. (the “Borrower”), hereby promises to pay to the order of Rennova
Health, Inc. (the “Holder or Rennova”), the principal amount of One Million Four Hundred and Fifty Seven Thousand,
Two Hundred and Fifty Three dollars on June 30th, 2023 (Maturity date).
Whereas.
InnovaQor, Inc. is a fully reporting company and has an effective Reg A registration statement that it intends to use to access capital.
Whereas.
Rennova provided $803,415.70 as a loan to the Company under the terms described in a Promissory Note dated July 1st 2022.
The Note value was $883,757.27 with a maturity date of December 31st 2022. This Note remains outstanding.
Whereas.
Rennova has provided a further $441,018.19 to the Company between July 1st 2022 and December 31st 2022.
Whereas.
The amount owed to Rennova by the Company at December 31st 2022 is $1,324,755.46
Whereas.
The Company and Rennova have agreed the $1,324,755.46, owing under the Promissory Note dated July 1st 2022 plus the additional
funds provided between July 1st and December 31 to be recognized as a loan to the Company under the terms described herein.
Section
1. Interest.
A.
Generally. The Note value provides for a 10% original issue discount for the cash received for the six-month term.
B.
Default Rate of Interest. Subject to applicable law, any principal of this Note outstanding after six months shall bear interest,
payable on demand in immediately available funds, for each partial or full month until the date of actual payment, at a rate equal to
the sum of 18% per annum.
Section
2. Repayment. The principal amount of this Note shall be paid as follows:
| (a) | $1,457,253.00
shall be due and payable on the Maturity Date except that the Company will pay 25% of any
capital it receives from new capital secured from this date forward to reduce the Note. (this
included funding it may receive from its Reg A offering) |
Section
3. Payments. The payment or prepayment of any amount under this Note shall be payable in lawful money of the United States of
America. Any part payment under this Note shall be applied first to accrued interest and second to any principal amount outstanding under
this Note.
Section
4. Events of Default. The occurrence (whether such occurrence shall be voluntary or involuntary or come about or be effected by
operation of law or otherwise) and continuation for any reason whatsoever of any of the following events shall constitute an “Event
of Default”:
| (a) | the
Borrower fails to make payment of any principal on this Note when the same shall become due
and payable within 30 days after Holder’s written notice to Borrower giving notice
of such non-payment; or, |
| (b) | the
Borrower fails to make payment of any Interest on this Note provided for hereunder when the
same shall become due and payable within 30 days after Holder’s written notice to Borrower
giving notice of such non-payment |
Section
5. Rights upon Event of Default. If an Event of Default described in Section 5 has occurred, the Holder, at its option, may declare
the aggregate principal amount of this Note, together with all accrued and unpaid interest thereon, immediately due.
Section
6. Transferability. Holder shall not be entitled to assign, transfer, hypothecate, pledge or otherwise convey all or any part
of this Note without permission from the Company.
Section
7. Miscellaneous.
A.
Unconditional Obligation; Waivers. The obligations of the Borrower to make the payments provided for in this Note are absolute
and unconditional and not subject to any defense, set-off, counterclaim, rescission, recoupment or adjustment whatsoever. Except as provided
herein, the Borrower hereby waives presentment and demand for payment, notice of non-payment, notice of dishonor, protest, notice of
protest, bringing of suit and diligence in taking any action to collect any amount called for under this Note. No waiver of any provision
of this Note made by agreement of the Holder and any other person shall constitute a waiver of any other terms hereof, or otherwise release
or discharge the liability of the Borrower under this Note. No failure to exercise and no delay in exercising, on the part of the Holder,
any right, power or privilege under this Note shall operate as a waiver thereof nor shall partial exercise of any right, power or privilege.
The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law.
B.
Notices and Addresses. Any notice, demand, request, waiver, or other communication under this Note shall be in writing and shall
be deemed to have been duly given on the date of service, if personally served or sent by facsimile; on the business day after notice
is delivered to a courier or mailed by express mail, if sent by courier delivery service for next day delivery; and on the third day
after mailing, if mailed to the party to whom notice is to be given, by first class mail, registered, return receipt requested, postage
prepaid and addressed as follows:
To
Borrower: |
InnovaQor,
Inc. |
|
400
S Australian Avenue |
|
West
Palm Beach |
|
Florida
33401 |
To
Holder: |
Rennova
Health, Inc. |
|
400
S Australian Avenue |
|
West
Palm Beach |
|
Florida
33401 |
C.
Severability; Binding Effect. Any provision of this Note which is invalid or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining
terms and provisions of this Note or affecting the validity or unenforceability of any of the terms and provisions of this Note in any
other jurisdiction. This Note shall be binding upon and inure to the benefit of the parties hereto. Neither this Note nor any rights
or obligations hereunder may be assigned by the Borrower.
D.
Governing Law. This Note and any dispute, disagreement, or issue of construction or interpretation arising hereunder whether relating
to its execution, its validity, the obligations provided therein or performance shall be governed and interpreted according to the internal
laws of the state of Florida, without giving effect to the principles of conflicts of laws thereof.
E.
Amendment. This Note can be amended, supplemented or changed, and any provision hereof can be waived, only by written instrument
making specific reference to this Note and signed by the Borrower and the Holder.
F.
Section Headings. Section headings herein have been inserted for reference only and shall not be deemed to limit or otherwise
affect, in any matter, or be deemed to interpret in whole or in part any of the terms or provisions of this Note.
IN
WITNESS WHEREOF, this Note has been executed and delivered as of the date specified above.
|
InnovaQor,
Inc. |
|
|
|
By: |
/s/ Gerard Dab |
|
Name: |
Gerard
Dab |
|
Title: |
Corporate
Secretary |
EXHIBIT
31.1
CERTIFICATION
OF
PRINCIPAL EXECUTIVE OFFICER
PURSUANT
TO RULE 13A-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE
SARBANES-OXLEY ACT OF 2002
I,
Darrell Peterson, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of InnovaQor, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s), if any, and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent function): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
|
/s/
Darrell Peterson |
|
Darrell
Peterson |
|
Chief
Executive Officer |
|
(Principal
Executive Officer) |
Dated:
November 20, 2023 |
|
EXHIBIT
31.2
CERTIFICATION
OF
PRINCIPAL FINANCIAL OFFICER
PURSUANT
TO RULE 13A-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934,
AS ADOPTED PURSUANT TO SECTION 302 OF
THE
SARBANES-OXLEY ACT OF 2002
I,
Thomas J. Bellante, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of InnovaQor, Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer(s), if any, and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors
(or persons performing the equivalent function): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
|
/s/
Thomas J. Bellante |
|
Thomas
J. Bellante |
|
Chief
Financial Officer |
|
(Principal
Financial Officer) |
Dated:
November 20, 2023 |
|
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of InnovaQor, Inc., a Nevada corporation (the “Company”), on Form 10-Q for the period
ended September 30, 2023 as filed with the Securities and Exchange Commission (the “Report”), I, Darrell Peterson, Chief
Executive Officer of the Company, certify, pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Sec. 1350), that to the
best of my knowledge:
| 1. | The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as amended; and |
| | |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
/s/
Darrell Peterson |
|
Darrell
Peterson |
|
Chief
Executive Officer |
|
Dated:
November 20, 2023 |
|
EXHIBIT
32.2
CERTIFICATION
PURSUANT TO
18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of InnovaQor, Inc., a Nevada corporation (the “Company”), on Form 10-Q for the period
ended September 30, 2023 as filed with the Securities and Exchange Commission (the “Report”), I, Thomas J. Bellante, Chief
Financial Officer of the Company, certify, pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Sec. 1350), that to the
best of my knowledge:
| 1. | The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934, as amended; and |
| | |
| 2. | The
information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
/s/
Thomas J. Bellante |
|
Thomas
J. Bellante |
|
Chief
Financial Officer |
|
Dated:
November 20, 2023 |
|
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 14, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
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false
|
|
Document Period End Date |
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|
|
Document Fiscal Period Focus |
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|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-33191
|
|
Entity Registrant Name |
INNOVAQOR,
INC.
|
|
Entity Central Index Key |
0001102942
|
|
Entity Tax Identification Number |
88-0436055
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
400
S. Australian Avenue
|
|
Entity Address, Address Line Two |
Suite 800
|
|
Entity Address, City or Town |
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Palm Beach
|
|
Entity Address, State or Province |
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|
|
Entity Address, Postal Zip Code |
33401
|
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City Area Code |
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|
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421-1900
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
ASSETS |
|
|
Cash |
$ 13,695
|
$ 5,415
|
Accounts receivable, net (including related party receivable of $40,697 and $28,973 at September 30, 2023 and December 31, 2022, respectively) |
32,567
|
36,226
|
Prepaid expenses and other current assets |
1,250
|
|
Total current assets |
47,512
|
41,641
|
Property and equipment, net |
|
|
Total assets |
47,512
|
41,641
|
Current liabilities: |
|
|
Accounts payable |
1,531,372
|
1,239,945
|
Accrued expenses |
1,580,992
|
1,638,071
|
Due to Former Parent |
1,008,832
|
|
Current portion of notes payable |
1,643,867
|
1,572,422
|
Total current liabilities |
5,765,063
|
4,450,438
|
Notes Payable – Long term |
60,401
|
60,401
|
Total Liabilities |
15,160,221
|
13,734,485
|
Commitments and contingencies |
|
|
Stockholders’ Deficit |
|
|
Preferred stock value |
|
|
Common Stock, Par Value $0.0001, 2,000,000,000 and 325,000,000 shares authorized September 30, 2023 and December 31, 2022, respectively, 244,953,286 shares issued and outstanding |
24,495
|
24,495
|
Additional Paid-In Capital |
5,906,742
|
5,906,742
|
Accumulated Deficit |
(21,073,946)
|
(19,624,081)
|
Total Stockholders’ Deficit |
(15,112,709)
|
(13,692,844)
|
Total Liabilities and Stockholders’ Deficit |
47,512
|
41,641
|
Series B-1 Preferred Stock [Member] |
|
|
Current liabilities: |
|
|
Temporary Equity |
9,086,396
|
9,086,396
|
Series C-1 Preferred Stock [Member] |
|
|
Current liabilities: |
|
|
Temporary Equity |
248,361
|
137,250
|
Series A-1 Preferred Stock [Member] |
|
|
Stockholders’ Deficit |
|
|
Preferred stock value |
|
|
Series D-1 Preferred Stock [Member] |
|
|
Stockholders’ Deficit |
|
|
Preferred stock value |
$ 30,000
|
|
X |
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Related party accounts receivable |
$ 32,567
|
$ 36,226
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
2,000,000,000
|
325,000,000
|
Common stock, shares Issued |
244,953,286
|
244,953,286
|
Common stock, shares outstanding |
244,953,286
|
244,953,286
|
Series B-1 Preferred Stock [Member] |
|
|
Temporary equity, par value |
$ 0.0001
|
$ 0.0001
|
Temporary equity, shares authorized |
25,000
|
25,000
|
Temporary equity shares issued |
14,950
|
14,950
|
Temporary equity shares outstanding |
14,950
|
14,950
|
Preferred stock, shares authorized |
$ 0.0001
|
$ 0.0001
|
Series C-1 Preferred Stock [Member] |
|
|
Temporary equity, par value |
$ 0.0001
|
$ 0.0001
|
Temporary equity, shares authorized |
2,000
|
2,000
|
Temporary equity shares issued |
325
|
225
|
Temporary equity shares outstanding |
325
|
225
|
Preferred stock, shares authorized |
$ 0.0001
|
$ 0.0001
|
Series A-1 Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000
|
1,000
|
Preferred stock, shares issued |
1,000
|
1,000
|
Preferred stock, shares outstanding |
1,000
|
1,000
|
Series D-1 Preferred Stock [Member] |
|
|
Preferred stock, shares authorized |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
500
|
|
Preferred stock, shares issued |
300
|
|
Preferred stock, shares outstanding |
300
|
|
Preferred stock,Stated Value |
$ 100
|
|
Related Party [Member] |
|
|
Related party accounts receivable |
$ 40,697
|
$ 28,973
|
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v3.23.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net Revenues |
$ 151,810
|
$ 78,027
|
$ 474,770
|
$ 268,430
|
Operating expenses: |
|
|
|
|
Direct costs of revenue |
121,360
|
32,245
|
438,654
|
288,102
|
General and administrative expenses |
377,210
|
332,657
|
1,264,930
|
853,515
|
Total operating expenses |
498,570
|
364,902
|
1,703,584
|
1,141,617
|
Loss from operations |
(346,760)
|
(286,875)
|
(1,228,814)
|
(873,187)
|
Other (expense) income: |
|
|
|
|
Other income |
587
|
|
1,370
|
810
|
Interest expense and payroll tax penalties |
7,368
|
(46,153)
|
(222,421)
|
(67,161)
|
Total other (expense) income |
7,955
|
(46,153)
|
(221,051)
|
(66,351)
|
Loss before income taxes |
(338,805)
|
(333,028)
|
(1,449,865)
|
(939,538)
|
Provision for income taxes |
|
|
|
|
Net loss |
$ (338,805)
|
$ (333,028)
|
$ (1,449,865)
|
$ (939,538)
|
Basic (loss) per shar |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Diluted (loss) per share |
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
$ (0.00)
|
Basic weighted average shares of common stock outstanding |
244,953,286
|
234,953,286
|
244,953,286
|
234,953,286
|
Diluted weighted average shares of common stock outstanding |
244,953,286
|
234,953,286
|
244,953,286
|
234,953,286
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.3
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series A-1 Preferred Stock [Member]
|
Preferred Stock [Member]
Series D Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
|
|
$ 23,495
|
$ 5,857,658
|
$ (18,010,150)
|
$ (12,128,997)
|
Balance, shares at Dec. 31, 2021 |
1,000
|
|
234,953,286
|
|
|
|
Net loss for Period |
|
|
|
|
(939,538)
|
(939,538)
|
Balance at Sep. 30, 2022 |
$ 0
|
$ 0
|
$ 23,495
|
5,857,658
|
(18,949,688)
|
(13,068,535)
|
Balance, shares at Sep. 30, 2022 |
1,000
|
|
234,953,286
|
|
|
|
Balance at Jun. 30, 2022 |
|
|
$ 23,495
|
5,857,658
|
(18,616,660)
|
(12,735,507)
|
Balance, shares at Jun. 30, 2022 |
1,000
|
|
234,953,286
|
|
|
|
Net loss for Period |
|
|
|
|
(333,028)
|
(333,028)
|
Balance at Sep. 30, 2022 |
$ 0
|
$ 0
|
$ 23,495
|
5,857,658
|
(18,949,688)
|
(13,068,535)
|
Balance, shares at Sep. 30, 2022 |
1,000
|
|
234,953,286
|
|
|
|
Balance at Dec. 31, 2022 |
|
|
$ 24,495
|
5,906,742
|
(19,624,081)
|
(13,692,844)
|
Balance, shares at Dec. 31, 2022 |
1,000
|
|
244,953,286
|
|
|
|
Net loss for Period |
|
|
|
|
(1,449,865)
|
(1,449,865)
|
Issuance Preferred D Shares |
|
$ 30,000
|
|
|
|
30,000
|
Stock Issued During Period, Shares, New Issues |
|
300
|
|
|
|
|
Balance at Sep. 30, 2023 |
|
$ 30,000
|
$ 24,495
|
5,906,742
|
(21,073,946)
|
(15,112,709)
|
Balance, shares at Sep. 30, 2023 |
1,000
|
300
|
244,953,286
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 30,000
|
$ 24,495
|
5,906,742
|
(20,735,141)
|
(14,773,904)
|
Balance, shares at Jun. 30, 2023 |
1,000
|
300
|
244,953,286
|
|
|
|
Net loss for Period |
|
|
|
|
(338,805)
|
(338,805)
|
Balance at Sep. 30, 2023 |
|
$ 30,000
|
$ 24,495
|
$ 5,906,742
|
$ (21,073,946)
|
$ (15,112,709)
|
Balance, shares at Sep. 30, 2023 |
1,000
|
300
|
244,953,286
|
|
|
|
X |
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v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Cash flows (used in) operating activities: |
|
|
|
|
|
Net loss |
$ (338,805)
|
$ (333,028)
|
$ (1,449,865)
|
$ (939,538)
|
|
Adjustments to reconcile net loss to net cash (used in) operations: |
|
|
|
|
|
Amortization of debt discount |
|
|
137,316
|
23,660
|
|
Preferred Shares for services |
|
|
141,111
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
|
3,659
|
(23,699)
|
|
Prepaid expenses |
|
|
(1,250)
|
|
|
Accounts payable and accrued expenses |
|
|
234,683
|
275,619
|
|
Net cash (used in) operating activities |
|
|
(934,346)
|
(663,958)
|
|
Cash flows used in investing activities: |
|
|
|
|
|
Net cash used in investing activities |
|
|
|
|
|
Cash flows provided by financing activities: |
|
|
|
|
|
Loans and Advances from Former Parent |
|
|
1,008,832
|
496,517
|
|
Payment of Related Parties Loans |
|
|
(116,206)
|
|
|
Loans from Third Parties |
|
|
50,000
|
170,555
|
|
Net cash provided by financing activities |
|
|
942,626
|
667,072
|
|
Net increase in cash |
|
|
8,280
|
3,114
|
|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Beginning Balance |
|
|
5,415
|
46
|
$ 46
|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations, Ending Balance |
$ 13,695
|
$ 3,160
|
$ 13,695
|
$ 3,160
|
$ 5,415
|
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v3.23.3
Description of Business
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Description of Business |
Note
1 – Description of Business
InnovaQor,
Inc., a Nevada corporation, was originally incorporated on September 7, 1999, under the name Ancona Mining Corporation. On November
30, 2004, our corporate name changed to VisualMED Clinical Solutions Corporation (“VisualMED”). On September 8, 2021,
our corporate name changed to InnovaQor, Inc.
The
Company provides information technology solutions and services to healthcare and laboratory customers in the United
States. Our goal is to develop and deliver a medical professional’s communication platform to a broad range of healthcare
professionals and businesses using a subscription revenue model with added value bolt on services.
The Company initiated this project in the second quarter of 2023 and is working with a Canadian-based development
company to create a minimum viable product (MVP) to demonstrate the peer-to-peer communication capabilities. The Company will launch this
new platform under the name Curallo. The Company, through an acquisition that closed on June 25, 2021, has a number of fully developed
products and services which it offers through three operating wholly-owned subsidiaries that provide medical support services primarily to clinical laboratories, corporate operations, rural
hospitals, physician practices and behavioral health/substance abuse centers.
Each of the subsidiaries is wholly owned by
the Company and complements each other, allowing for cross selling of products and services. The Company believes the current
solutions will become an added value option to a medical professional’s communication platform the Company is developing as
described above.
The
six wholly-owned subsidiaries are:
Health
Technology Solutions, Inc. (“HTS”): HTS provides vCIO, IT managed services and data analytics dashboards to our subsidiaries and outside medical
service providers. HTS operates from the corporate offices in West Palm Beach, Florida.
Medical
Mime, Inc. (“Mime”): Mime was formed on May 9, 2014. It specializes in electronic health records (EHR) software and subscription
services for the behavioral health and rehabilitation market segments. It currently serves 11 behavioral health/substance abuse facilities.
ClinLab,
Inc. (“ClinLab”): ClinLab develops and markets laboratory information management systems to mid-size clinical laboratories.
It currently services nine clinical laboratories across the country.
AMSG
owns CollabRx, Inc. (“CollabRx”) and Genomas, Inc. (“Genomas”), each of which is an inactive operation.
Genomas
operated a diagnostics lab until December 31, 2019 and was focused solely on the pharmacogenomics technology and platform, MedTuning,
to interpret diagnostics outcomes and translate these outcomes into easily usable information to indicate the effectiveness of medications
for a patient. This solution would require minimum effort to be back in operation. CollabRx owns a technology platform and database for
interpreting diagnostics outcomes from cancer patients that could match the result to known treatments and or clinical trials. This solution
has been dormant for a number of years and to be viable in the marketplace will require updates to the technology and the database.
Existing
products offered by the Company’s subsidiaries are as follows:
“M2Select”
is a custom built, cloud based, electronic health record which meets the needs of substance
abuse treatment and behavioral health providers. M2Select’s specialized clinical workflow provides intuitive prompts for
symptoms and enables you to quickly select problems and create master treatment plans with goals, objectives, and interventions.
M2Select provides best-in-class patient lifecycle management for Behavioral Health/Substance Abuse (BH/SA) treatment centers.
From pre-admission to billing and aftercare, M2Select is an electronic health record and patient management software that
seamlessly integrates into the natural workflow of day-to-day operations.
“ClinLab”
is a turnkey client/server lab information system for mid-range laboratories. ClinLab supports interfaces to all major reference labs
and the ClinLab team can provide an interface to any system with that capability. ClinLab also features an optional package which
enables interfacing with the most popular EHR systems allowing lab test results to integrate seamlessly into a lab’s EHR for
an improved patient record and to fulfill the federal government requirements.
“Qira”
is our healthcare business analytics service powered by PowerBI. It is a culmination of healthcare financial and revenue cycle management
plus clinical operations oversight needs. It aggregates data from multiple healthcare systems to produce a single source business intelligence
tool with executive level daily briefing to deep dive operational management of claims and operational efficiencies. There are many other
analytical services available that customize solutions but none that has a proven template for success. Our competitive advantage comes
from having created these tools to identify the deficiencies in the real world for the former parent Rennova from its former national
laboratory operations to its more recent rural hospitals.
“vCIO
Services”. Based on the skills and experience inherent within InnovaQor and resulting from work undertaken on behalf of the former
parent, Rennova, InnovaQor offers a range of CIO services centered on our ability to link IT systems to business objectives combined
with our knowledge of technology trends likely to impact our sector. The CIO services would include (but not be limited to):
|
● |
Program
and Project Management |
|
● |
Vendor Management |
|
● |
Business
Continuity and Disaster Recovery |
|
● |
Security
Services |
|
● |
Network
Infrastructure Management |
|
● |
Helpdesk
Provision |
“MedTuning”
is the technology and platform owned by Genomas. It utilized proprietary biomarkers, treatment algorithms, and a web-based interactive physician portal delivery system to provide clinical
decision support for physicians and personalized drug treatment for patients. Products were DNA-guided to improve the therapeutic benefit
of widely used prescription drugs while also reducing the risk of significant side effects for patients.
Medical
Informatics: Our technology platform, proprietary algorithms and physician interface portal can be extended to a wide range of drug categories.
Research
and Development: Technology platform applicable to numerous disease states; current pipeline in mental health, pain management, cardiovascular
and diabetes.
“Advantage”
is a proprietary HIPAA compliant software developed to eliminate the need for paper requisitions by providing an easy to use and efficient
web-based system that lets customers securely place lab orders, track samples and view test reports in real time from any web-enabled
laptop, notepad or smart phone.
Our
goal is to develop and deliver a medical proffessional’s communication platform to a broad range of healthcare professionals and
businesses using a subscription revenue model with added value bolt on services. The Company initiated this project in the
second quarter of 2023 and is working with a Canadian-based development company to create a minimum viable product (MVP) to
demonstrate the peer-to-peer communication capabilities. The Company will launch this new platform under the name Curallo. Further
information can be found at www.curallo.com
|
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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
2 - Summary of Significant Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
consolidated financial statements include the accounts of only the HTS Group (the accounting acquirer) prior to June 25, 2021 and
InnovaQor and the Group since the date of acquisition on June 25, 2021, with the transaction being accounted for as a
recapitalization of the Group on June 25, 2021. The consolidated financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) and require management to make certain
judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and
expenses during the reporting periods. Actual results could differ from those estimates upon subsequent resolution of identified
matters.
The
accompanying condensed consolidated financial statements as of and for the three and nine months ended September 30, 2023 and 2022,
have been derived from unaudited financial information. Intercompany accounts and transactions have been eliminated. The
accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual
audited financial statements and in accordance with U.S. GAAP, for interim financial information and the rules and regulations of
the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such
unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of
this interim information.
Comprehensive
Loss
During
the three and nine months ended September 30, 2023 and 2022, comprehensive loss was equal to the net loss amounts presented in the accompanying
condensed consolidated statements of operations.
Going
Concern
Under
Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) Accounting
Standards Codification (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise
substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the
financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential
mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed
the Company’s ability to continue as a going concern in accordance with the requirement of ASC 205-40.
The
accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and the rules and
regulations of the SEC. The condensed consolidated financial statements have been prepared using U.S. GAAP applicable to a going
concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has
accumulated significant losses and has negative cash flows from operations and, at September 30, 2023, had a working capital deficit
and accumulated deficit of $5.7 million and $21.1 million, respectively. In addition, the Company’s cash position is
critically deficient and critical payments are not being made in the ordinary course of business, all of which raises substantial
doubt about the Company’s ability to continue as a going concern. Management’s plans with respect to alleviating the
adverse financial conditions that caused management to express substantial doubt about the Company’s ability to continue as a
going concern are as follows:
The
Company incurred substantial costs in connection with the acquisition of the Group from Rennova, which included accounting, tax,
legal and other professional services costs, recruiting and relocation costs associated with hiring key senior management personnel who
are new to the Company, tax costs and costs to separate information systems, among other costs. The cost of performing such functions
is anticipated to be higher than the amounts reflected in the Company’s historical financial statements, which would cause its
future losses to increase.
Accordingly,
the Company will continue to focus on reducing its operating costs and increasing revenues.
There
can be no assurance that the Company will be able to achieve its business plan, raise any additional capital or secure the additional
financing necessary to implement its current operating plan. The ability of the Company to continue as a going concern is dependent upon
its ability to increase its revenues and eventually achieve profitable operations. The accompanying condensed consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Significant areas of estimation include estimating the
fair value of intangible assets acquired, the impairment of assets, accrued and contingent liabilities, and future income tax obligations
(benefits), among other items. Actual results could differ from those estimates and would impact future results of operations and cash
flows.
Cash
and Cash Equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
Allowance
for Doubtful Accounts Policy
Accounts
receivable are reported at realizable value, net of allowances for doubtful accounts, which are estimated and recorded in the period
that the Company deems the receivable to be uncollectable. The Company has a standardized approach to estimate and review the collectability
of its receivables based on a number of factors, including the period they have been outstanding. Historical collection is an integral
part of the estimation process related to the allowance for doubtful accounts. In addition, the Company regularly assesses the state
of its billing operations in order to identify issues that may impact the collectability of these receivables or reserve estimates. Receivables
deemed to be uncollectible are charged against the allowance for doubtful accounts at the time such receivables are written-off. Recoveries
of receivables previously written-off are recorded as credits to the allowance for doubtful accounts. Revisions to the allowances for
doubtful accounts estimates are recorded as an adjustment to the provision for bad debts.
Revenue
Recognition
We
recognize revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers
(Topic 606),” including subsequently issued updates. This series of comprehensive guidance has replaced all existing revenue recognition
guidance. There is a five-step approach outlined in the standard. In determining revenue, we first identify the contract according to
the scope of ASU Topic 606 with the following criteria:
|
● |
Identify
the contract(s) with a customer. |
|
● |
Identify
the performance obligations in the contract. |
|
● |
Determine
the transaction price. |
|
● |
Allocate
the transaction price to the performance obligations in the contract. |
|
● |
Recognize
revenue when or as you satisfy a performance obligation. |
Revenue
is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration
expected to be entitled to in exchange for those services. As the Company completes its performance obligations which are identified
in Note 10 below, it has an unconditional right to consideration as outlined in the Company’s contracts. Generally, the Company’s
accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. For many of the Company’s
services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional
services. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service
is generally based upon an agreed hourly rate.
Impairment
or Disposal of Long-Lived Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s
(“FASB”) ASC 360, “Property, Plant and Equipment.” Long-lived assets are reviewed when facts and
circumstances indicate that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down
to estimated fair value based on the best information available. Estimated fair value is generally based either on appraised value
or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future
cash flows. Accordingly, actual results could vary significantly from such estimates. As of September 30, 2023 and December 31,
2022, all of the Company’s fixed assets were fully depreciated and, therefore, the carrying value of property and equipment
represented fair value. Property and equipment are depreciated over lives ranging from three to seven years.
Fair
Value of Financial Instruments
In
accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company applies fair value accounting for
all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market
in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset
or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying
the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within
the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
|
● |
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities that the
Company has the ability to access at the measurement date. |
|
● |
Level
2 applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets;
or quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active
markets). |
|
● |
Level
3 applies to assets or liabilities for which fair value is derived from valuation techniques in which one or more significant inputs
are unobservable, including the Company’s own assumptions. |
The
estimated fair value of financial instruments is determined by the Company using available market information and valuation methodologies
considered to be appropriate. At September 30, 2023 and December 31, 2022, the carrying value of the Company’s accounts receivable,
accounts payable, accrued expenses and notes payable, approximate their fair values due to their short-term nature. For the three and
nine months ended September 30, 2023 and 2022, there were no realized and unrealized gains on instruments valued using fair value evaluation
methods.
Income
Taxes
The
entities within the Group were included in the consolidated income tax returns of its Parent for the years ended December 31, 2020 and
prior. A determination was made by Parent’s management not to allocate any of the deferred tax assets or liabilities to the
Group as of December 31, 2020 and prior. Accordingly, the Group did not provide for income taxes in the combined financial statements.
The Company since June 25, 2021 uses the liability method of accounting for income taxes. Under the liability method, future tax liabilities
and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial
statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using
enacted or substantially enacted income tax rates expected to apply when the asset is realized or the liability settled. The effect of
a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the change occurs.
Future income tax assets are recognized to the extent that they are considered more likely than not to be realized. When projected future
taxable income is insufficient to provide for the realization of deferred tax assets, the Company will recognize a valuation allowance.
In
accordance with U.S. GAAP, the Company has determined whether a tax position of the Company is more likely than not to be sustained upon
examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical
merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording
a tax liability that would reduce net assets. The Company has determined that it has not incurred any liability for tax benefits as of
September 30, 2023 and 2022. State income taxes will also be due on any income generated in the future.
Convertible
Preferred Stock
The
Company classifies its Series B-1 and Series C-1 Convertible Preferred Stock as liabilities in accordance with ASC 480 Distinguishing
Liabilities from Equity since the preferred stock is convertible, at the option of the holder, into a variable number of shares based
solely on a fixed dollar amount (stated value) known at issuance of the preferred stock.
Basic
and Diluted Net Income (Loss) Per Share
The
Company computes net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation
of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income
(loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period.
Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury
stock method, and convertible preferred stock, using the if-converted method. As of September 30, 2023 and 2022 there were approximately
2,546,000 and 1,671,000, respectively, common stock equivalents which where antidilutive due to the Company’s losses.
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v3.23.3
Acquisition
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisition |
Note
3 – Acquisition
The
Company acquired all the common stock of the HTS Group from Rennova on June 25, 2021, in exchange for Preferred Series A-1, B-1 and C-1
stock with a fair market value of $9,195,692. This acquisition has been accounted for as a reverse acquisition with the HTS Group being
the accounting acquiror with the excess fair value of the purchase price over net asset fair value acquired treated as a reduction of
additional paid in capital on the date of acquisition.
A
summary of that purchase price is as follows:
Schedule
of Purchase Price
Fair Value of Preferred Series A-1 Stock | |
$ | 100 | |
Fair Value of Preferred Series B-1 Stock | |
| 9,086,396 | |
Fair Value of Preferred Series C-1 Stock | |
| 122,000 | |
Other | |
| (12,804 | ) |
Total | |
$ | 9,195,692 | |
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v3.23.3
Accounts Receivable
|
9 Months Ended |
Sep. 30, 2023 |
Credit Loss [Abstract] |
|
Accounts Receivable |
Note
4 – Accounts Receivable
Accounts
receivable at September 30, 2023 and December 31, 2022 consisted of the following:
Schedule
of Accounts Receivable
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts receivable – (including related party receivable of $40,697 and $28,973 at September 30, 2023 and December 31, 2022, respectively) | |
$ | 46,967 | | |
$ | 36,266 | |
Less: | |
| | | |
| | |
Allowance for doubtful accounts | |
| (14,400 | ) | |
| — | |
Accounts receivable, net | |
$ | 32,567 | | |
$ | 36,266 | |
For
the nine months ended September 30, 2023 and 2022, bad debt expense (recovery), was $15,000 and $0, respectively.
For the three months ended September 30, 2023 and 2022, bad debt expense (recovery), was $ 0 and $ 0 respectively.
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.23.3
Property and Equipment
|
9 Months Ended |
Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
Property and Equipment |
Note
5 – Property and Equipment
Property
and equipment at September 30, 2023 and December 31, 2022 consisted of the following:
Summary
of Property and Equipment
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Software | |
$ | 1,435,875 | | |
$ | 1,435,875 | |
Furniture | |
| 8,227 | | |
| 8,227 | |
Office equipment | |
| 30,931 | | |
| 30,931 | |
Computer equipment | |
| 324,131 | | |
| 324,131 | |
Property and equipment , gross | |
| 1,799,164 | | |
| 1,799,164 | |
Less accumulated depreciation | |
| (1,799,164 | ) | |
| (1,799,164 | ) |
Property and equipment, net | |
$ | — | | |
$ | — | |
Depreciation
expense on property and equipment was $0
and $0
for the three and nine months ended September 30, 2023 and 2022, respectively. Management periodically reviews the valuation of
long-lived assets, including property and equipment, for potential impairment.
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v3.23.3
Accrued Expenses
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Accrued Expenses |
Note
6 – Accrued Expenses
Accrued
expenses at September 30, 2023 and December 31, 2022 consisted of the following:
Schedule
of Accrued Expenses
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Accrued payroll and related liabilities | |
$ | 1,328,954 | | |
$ | 1,420,130 | |
Accrued legal | |
| 37,997 | | |
| 37,997 | |
Accrued interest | |
| 46,784 | | |
| 23,156 | |
Deferred revenue and customer deposits | |
| 57,121 | | |
| 44,544 | |
Other accrued expenses | |
| 110,136 | | |
| 112,244 | |
Accrued expenses | |
$ | 1,580,992 | | |
$ | 1,638,071 | |
Accrued
payroll and related liabilities at September 30, 2023 and December 31, 2022 included approximately $1.0
million and $1.0 million,
respectively, of accrued past due payroll taxes, related penalties and interest.
|
X |
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v3.23.3
Notes Payable
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Notes Payable |
Note
7 – Notes Payable
The
carrying amount of notes payable as of September 30, 2023 and December 31, 2022 was as follows:
Schedule
of Notes Payable
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Note payable with the Department of Economic and Community Development in the original amount of $147,372 due in monthly payments of principal and interest totaling $2,132 beginning January 1, 2017 with a final payment due on October 1, 2022. Non-interest bearing. Payments were not made in 2023 or 2022. | |
$ | 134,153 | | |
$ | 134,153 | |
| |
| | | |
| | |
Loans from Related Parties and Companies due December 31, 2023, Original issue discount of $132,498 which is fully amortized at September 30, 2023, 5% interest due from August 9, 2023 (date of extension) to December 31, 2023 | |
| 1,457,253 | | |
| 1,438,269 | |
| |
| | | |
| | |
Loan from Third Party, Issued August 9, 2023, Due May 15, 2024, Original issue discount of $13,250
which is amortized by $2,461
at September 30, 2023. Default interest at 22%,
Convertible into common stock at a conversion price of $0.005
per share on event of default. Payable monthly at the rate of $8,012
per month | |
| 52,461 | | |
| — | |
| |
| | | |
| | |
Paycheck Protection Program Loans (PPP Loans). The PPP Loans and accrued interest are forgivable as long as the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the Company terminates employees or reduces salaries. No collateral or guarantees were provided in connection with the PPP Loans. The unforgiven portion of the PPP Loans are payable over two years at an interest rate of 1.0% per annum, with a deferral of payments for the first sixteen months. Beginning sixteen months from the dates of issuance, the Company is required (if not forgiven) to make monthly payments of principal and interest to the lenders. The Company used all of the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loans, it cannot assure you that it will not take actions that could cause the Company to be ineligible for forgiveness of the loans, in whole or in part. | |
| 60,401 | | |
| 60,401 | |
Notes payable | |
| 1,704,268 | | |
| 1,632,823 | |
Less current portion | |
| 1,643,867 | | |
| 1,572,422 | |
Notes payable, long term, net of current portion | |
$ | 60,401 | | |
$ | 60,401 | |
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v3.23.3
Loans from Parent and Other Related Party Transactions
|
9 Months Ended |
Sep. 30, 2023 |
Loans From Parent And Other Related Party Transactions |
|
Loans from Parent and Other Related Party Transactions |
Note
8 – Loans from Parent and Other Related Party Transactions
To
fund the Company’s operations for the nine months ended September 30, 2023, the former Parent advanced funds and paid expenses
of InnovaQor and the Group in the amount of $1,008,832
(Non-interest bearing). The amounts as of September 30, 2023 are included in Due to Former Parent in the accompanying Consolidated
Balance Sheets.
The
Company has a loan payable to its former Parent in the amount of $1,457,253 at September 30, 2023. The loan had a 10% Original Issue
Discount in the amount of $132,498 which is fully amortized as of September 30, 2023, the original due date of the loan. The loan has
a default interest rate of 18%. On August 9, 2023 the due date of the loan was extended to December 31, 2023 with no charge for default
interest from the original due date of the loan to the date of the extension. Also, the extension calls for interest at 5% from the date
of the extension to the new due date of the loan.
During
the year ended December 31, 2022, Ms. Hollis, the former Chief Executive Officer of the Company, loaned the Company $96,100. The
Company entered into promissory notes in the amount of $105,710, representing a 10% original issue discount. During the year ended
December 31, 2022, $13,000 of these loans was repaid. A payment of $93,010, representing full payment of the loans including
interest outstanding, was made by the Company on May 12, 2023. In addition, the Company issued Ms. Hollis 25
shares of Series C-1 Preferred Stock on March 31, 2022, in connection with one of these loans. These shares of Series C-1 Preferred
Stock were valued at $15,250
using the Option Price Method and the same assumptions as used to value the prior issuance of Series C-1 Preferred Stock.
During the year ended December 31, 2022,
Alcimede Limited loaned the Company $32,500.
Seamus Lagan, the Chief Executive Officer of the Company’s former parent, is the sole director of Alcimede Limited. This
amount was due on demand. The Company entered into a promissory note in the amount of $35,750,
representing a 10%
original issue discount. The note was due on December 5, 2022, and is currently in default. The note provides for default interest
at 18%
per annum on any balance outstanding. During the year ended December 31, 2022, $12,554
of this note was repaid. The note balance was reduced by $10,000
in May 2023 for the purchase of 100
shares of Series D Non-Convertible Preferred Stock by Alcimede Limited. A balance of $15,789
remained outstanding on this note at September 30, 2023. In May 2023 Alcimede Limited separately made a payment of $25,000
on behalf of the Company. This payment is reimbursable to Alcimede Limited and remains outstanding in full at September 30, 2023.
Other expenses of approximately $3,338
remained outstanding to Alcimede Limited at September 30, 2023. Alcimede Limited has a consulting contract with the Company as
described in Note 11.
The
above amounts are not indicative of what third parties would have agreed to.
Related
Parties Transactions
Included
in net revenues for the three months ended September 30, 2023 and 2022 is $102,149 and $33,498, respectively, of related party revenue
with Rennova (the former parent).
Included
in net revenues for the nine months ended September 30, 2023 and 2022 is $283,728 and $135,291, respectively, of related party revenue
with Rennova (the former parent).
The
Group has incurred certain costs that have been allocated from Rennova. Included in the Consolidated Statements of Operations are the
following allocated costs:
Schedule
of Allocated Costs
| |
Three Months Ended September 30, | | |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Rent and utilities | |
$ | 30,187 | | |
$ | 19,676 | |
Total allocated costs | |
$ | 30,187 | | |
$ | 19,676 | |
| |
| Nine Months Ended September 30, | | |
| Nine Months Ended September 30, | |
| |
| 2023 | | |
| 2022 | |
| |
| | | |
| | |
Health insurance | |
$ | 4,838 | | |
$ | — | |
Rent and utilities | |
| 91,146 | | |
| 81,799 | |
| |
| | | |
| | |
Total allocated costs | |
$ | 96,984 | | |
$ | 81,799 | |
See
Note 11 for additional related party transactions.
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v3.23.3
Preferred Stock and Stockholders’ Deficit
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Preferred Stock and Stockholders’ Deficit |
Note
9 – Preferred Stock and Stockholders’ Deficit
Common
Stock
The
Company has authorized 2,000,000,000
shares of $0.0001
par value Common Stock of which 244,953,286
are issued and outstanding as of September 30, 2023 and December 31, 2022. These
shares have 1 vote per share. The authorized Common Stock was increased from 325,000,000
to 2,000,000,000
on June 29, 2023.
Preferred
Stock Series A-1
The
Company has authorized 1,000 shares of $0.0001 par value (stated value $10) Series A-1 Supermajority Voting Preferred Stock of which
1,000 are issued and outstanding as of September 30, 2023 and December 31, 2022. So long as one share of Series A-1 Preferred Stock is
outstanding, the outstanding shares of the Series A-1 Preferred Stock shall have the number of votes, in the aggregate, equal to 51%
of all votes entitled to be voted at any stockholder meeting. These shares have no rights to receive dividends and liquidation rights
are equal to the stated value per share.
Preferred
Stock Series B-1
The
Company has authorized 25,000
shares of $0.0001
par value (stated value $1,000)
Series B-1 Convertible Redeemable Preferred Stock of which 14,950
are issued and outstanding as of September 30, 2023 and December 31, 2022. These
shares have no voting rights, dividends on these shares shall accrue at the rate of 5% of the stated value per share and liquidation
rights are equal to the stated value per share. These shares are convertible into the Company’s Common Stock based on
the stated value at a conversion price equal to 90%
of the average closing price of the Common Stock on the 10
Trading Days immediately prior to the Conversion Date but in any event no less than the par value of the Common Stock. The Series
B-1 Preferred Stock was not convertible prior to the first anniversary of its issuance except with the consent of the holders of a
majority of the then outstanding shares, if any, of the Series A-1 Preferred Stock. No conversion can be made to the extent the
holder’s beneficial interest (as defined pursuant to the terms of the Series B-1 Preferred Stock) in the common stock of
InnovaQor would exceed 4.99%.
These shares are redeemable at the option of the Company at their stated value plus declared and unpaid dividends. Because these
shares are convertible, at the option of the holder, into a variable number of common shares based solely on a fixed dollar amount
(stated value) known at issuance of the shares they have been recorded as a long-term liability at the date of issuance in
accordance with ASC 480, Distinguishing Liabilities from Equity.
Preferred
Stock Series C-1
The
Company has authorized 2,000
shares of $0.0001
par value (stated value $1,000)
Series C-1 Convertible Redeemable Preferred Stock of which 325
and 225
are issued and outstanding as of September 30, 2023 and December 31, 2022, respectively. These
shares have no voting rights, dividends on these shares shall accrue at the rate of 10% of the stated value per share and
liquidation rights are equal to the stated value per share. These shares are convertible into the Company’s Common
Stock based on the stated value at a conversion price equal to 90%
of the average closing price of the Common Stock on the 10
Trading Days immediately prior to the Conversion Date but in any event no less than the par value of the Common Stock. The Series
C-1 Preferred Stock was not convertible prior to the first anniversary of its original issuance except with the consent of the
holders of a majority of the then outstanding shares, if any, of the Series A-1 Preferred Stock. No conversion can be made to the
extent the holder’s beneficial interest (as defined pursuant to the terms of the Series C-1 Preferred Stock) in the common
stock of InnovaQor would exceed
4.99%. These shares are redeemable at the option of the Company at their stated value plus declared and unpaid dividends.
Because these shares are convertible, at the option of the holder, into a variable number of common shares based solely on a fixed
dollar amount (stated value) known at issuance of the shares they have been recorded as a long-term liability at the date of
issuance in accordance with ASC 480, Distinguishing Liabilities from Equity.
Preferred
Stock Series D
On
May 12, 2023, the Company authorized 500
shares of Series D Non-Convertible Preferred Stock with a par value of $0.0001
and a stated value of $100.
The Company issued an aggregate of 300 shares of Series D Preferred Stock to Alcimede Limited, Pathlogic Limited and Hollis Capital
Holdings, LLC on May 12, 2023, for a total consideration of $30,000. The
Series D Preferred Stock does not have voting rights but each holder of issued and outstanding Series D Preferred
Stock shall be entitled to receive monthly as a dividend, an amount equal to (a) the sum of (i) five percent (5%) of the amount of
gross sales in excess of $500,000 collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of
business during the month immediately preceding the month in which such dividend becomes payable, which amount shall not exceed
$25,000, (ii) ten percent (10%) of the amount of gross sales in excess of $1 million collected by the Company or any subsidiary (on
a consolidated basis) in the ordinary course of business during the month immediately preceding the month in which such dividend
becomes payable, which amount shall not exceed $100,000 and (iii) two and one-half percent (2.5%) of the amount of gross sales in
excess of $2 million collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of business during
the month immediately preceding the month in which such dividend becomes payable.
So
long as any shares of Series D Preferred Stock are outstanding, the Company shall not, without the consent of the holders of a majority
of the outstanding shares of Series D Preferred Stock, authorize any additional shares of Series D Preferred Stock, create any additional
class or series of capital stack that ranks senior to the Series D Preferred Stock, or amend, alter or repeal any provisions of the Certificate
of Designation or the Company’s articles or bylaws in a manner that adversely affects the powers, preferences or rights of the
Series D Preferred Stock.
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v3.23.3
Revenue
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
Note
10 – Revenue
The
Company had net revenues for the three and nine months ended September 30, 2023 and 2022 as follows:
Schedule of Net Revenue
| |
Three Months ended | | |
Three Months ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Dashboards | |
$ | 20,275 | | |
$ | 10,925 | |
IT Managed Services | |
| 39,780 | | |
| 21,059 | |
Software and Interfaces | |
| 2,708 | | |
| 12,500 | |
Support and Maintenance | |
| 18,435 | | |
| 14,603 | |
vCIO Services | |
| 42,094 | | |
| 1,963 | |
Software Licenses Fees | |
| 28,518 | | |
| 16,977 | |
Other | |
| — | | |
| — | |
Total Net Revenues | |
$ | 151,810 | | |
$ | 78,027 | |
| |
Nine Months ended | | |
Nine Months ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Dashboards | |
$ | 49,595 | | |
$ | 35,026 | |
IT Managed Services | |
| 104,988 | | |
| 69,420 | |
Software and Interfaces | |
| 24,828 | | |
| 12,500 | |
Support and Maintenance | |
| 87,046 | | |
| 67,399 | |
vCIO Services | |
| 126,895 | | |
| 29,394 | |
Software Licenses Fees | |
| 80,046 | | |
| 47,721 | |
Other | |
| 1,372 | | |
| 6,970 | |
Total Net Revenues | |
$ | 474,770 | | |
$ | 268,430 | |
Generally,
work is billed monthly by the hour at agreed upon hourly rates for all of the above revenue streams.
For
all of the Company’s services, the Company typically has one performance obligation; however, it also provides the customer with
an option to acquire additional services. The Company typically provides a menu of offerings from which the customer may choose to purchase.
The price of each service is separate and distinct and provides a separate and distinct value to the customer. Pricing is generally consistent
for each service irrespective of the other services or quantities requested by the customer.
When
the Company receives consideration from a customer prior to transferring services to the customer under the terms of the contract, it
records deferred revenues on the Company’s consolidated balance sheet, which represents a contract liability.
The
Company has an internal sales force compensation program where remuneration is based solely on the revenues recognized in the period
and does not represent an incremental cost to the Company which provides a future benefit expected to be longer than one year and would
meet the criteria to be capitalized and presented as a contract asset on the Company’s consolidated balance sheet.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
11 – Commitments and Contingencies
Consulting
Agreement – The Company entered into a consulting agreement effective June 1, 2021, with a company owned by Mr. Dab,
the Company’s former CEO, for a period of one year to assist in the development of the
Company’s business including communications with existing shareholders and the general public. The agreement provided that the Company would pay $3,500 a month and
an additional $60,000 upon the earlier of receipt of funding from an outside source or within 90 days. The $60,000 payment was made during
the six months ended June 30, 2023 but the monthly amounts have not been paid. On June 1, 2022, the agreement was extended for another
year. The new agreement increases the monthly fee to $4,500. The agreement was extended further on June 1, 2023 for another year. The
monthly amounts remain unpaid by the Company to date. The amounts payable to Mr. Dab under this agreement include the fees payable to
him as a director of the Company.
Consulting
Agreement – The Company entered into a Consulting agreement with Alcimede Limited (“Alcimede”), effective
October 1, 2022. Seamus Lagan, the Chief Executive Officer of the Company’s former parent, is the sole director of Alcimede.
Under the agreement, Alcimede assists the Company with its capital structure, management, acquisitions and sources of financing. The
agreement is for three years and will thereafter renew on a yearly basis unless either party provides notice of non-renewal.
Alcimede is to receive a one-time retainer of $100,000
(payable in shares of Series C-1 Preferred Stock), which retainer has not yet been paid, and monthly payments of $10,000.
Alcimede Limited is owed $145,339
of unpaid consulting fees under this contract as of September 30, 2023 and other fees as described in Note 8 above.
Consulting
Agreement - The Company entered into a consulting agreement, with Pathlogic Limited, a company
owned by Mr. Doherty, a director, to act as an active consultant for the Company for its officers with regard to computer and
programming engineering. The
consulting agreement calls for monthly payments of $10,000 and is on a month-to-month basis and includes the director’s fees accrued
with it. Pathlogic Limited was owed $102,500
as of September 30, 2023.
Concentration
of Credit Risk - Credit risk with respect to accounts receivable is generally low due to the nature of the customers comprising
the customer base and the significant related party component. The Company does not require collateral or other security to support customer
receivables. However, the Company continually monitors and evaluates its client acceptance and collection procedures to minimize potential
credit risks associated with its accounts receivable and establishes an allowance for uncollectible accounts and, as a consequence, believes
that its accounts receivable credit risk exposure beyond such allowance is not material to the condensed consolidated financial statements.
The
Company maintains its cash balances in high-credit-quality financial institutions. The Company’s cash balances may, at times, exceed
the deposit insurance limits provided by the Federal Deposit Insurance Corp.
Guarantees
Certain
subsidiaries of the Company have guaranteed debt obligations of their former Parent. As part of the transaction with the Company, the
former Parent received a release of guarantees from certain institutional lenders and has been working to settle other debt obligations
where certain subsidiaries of the Company remain a guarantor. The Company believes that any risk associated with previous guarantees
is now minimal and immaterial.
Legal
Matters
From
time to time, the Company may be involved in a variety of claims, lawsuits, investigations and proceedings related to contractual disputes,
employment matters, regulatory and compliance matters, intellectual property rights and other litigation arising in the ordinary course
of business. The Company operates in a highly regulated industry which may inherently lend itself to legal matters. Management is aware
that litigation has associated costs and that results of adverse litigation verdicts could have a material effect on the Company’s
condensed consolidated financial position or results of operations. Management, in consultation with legal counsel, has addressed known
assertions and predicted unasserted claims below.
P2P
Staffing Corp. received a judgment against HTS during 2018 in the amount of $58,784
plus accrued interest and court costs for amounts owed. As of each of September 30, 2023 and December 31, 2022, $10,464
was outstanding and owed for this judgment and included in accounts payable in the accompanying Consolidated Balance
Sheets.
Two
former employees of CollabRx, Inc., one of the acquired subsidiaries, filed suits in a California state court against the former Parent,
Rennova, and CollabRx, Inc., in connection with amounts claimed to be owed under their respective employment agreements with CollabRx,
Inc. One former employee received a judgment for approximately $253,000, which Rennova has paid in full. The other former employee received
a judgment for approximately $173,000.
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v3.23.3
Supplemental Disclosure of Cash Flow Information
|
9 Months Ended |
Sep. 30, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
Supplemental Disclosure of Cash Flow Information |
Note
12 – Supplemental Disclosure of Cash Flow Information
Schedule
of Supplemental Disclosure of Cash Flow Information
| |
2023 | | |
2022 | |
| |
Nine Months ended September 30, | |
| |
2023 | | |
2022 | |
Cash paid for interest | |
$ | 61,477 | | |
$ | 8,737 | |
Cash paid for income taxes | |
$ | — | | |
$ | — | |
Series A-1, B-1 & C-1 Preferred Stock issued for transaction | |
$ | — | | |
$ | 9,086,396 | |
Debt Discount offset to Notes Payable | |
$ | 13,250 | | |
$ | — | |
Series C-1 Preferred Stock issued for debt | |
$ | — | | |
$ | 122,000 | |
|
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v3.23.3
Recent Accounting Pronouncements
|
9 Months Ended |
Sep. 30, 2023 |
Recent Accounting Pronouncements |
|
Recent Accounting Pronouncements |
Note
13 – Recent Accounting Pronouncements
All
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s consolidated financial
statements.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
SPECIAL
NOTE CONCERNING FORWARD-LOOKING STATEMENTS
Certain
statements made in this Form 10-Q are “forward-looking statements.” These statements involve known and unknown risks, uncertainties
and other factors which may cause our actual results, performance, or achievements to be materially different from any future results,
performances or achievements expressed or implied by the forward-looking statements. We use the words “anticipate”, “believe”,
“could”, “design”, “estimate”, “expect”, “intend”, “forecast”,
“goal”, “may”, “plan”, “potential”, “predict”, “project”, “should”,
“target,” “will,” “would” or the negatives or other tense of such terms and other similar expressions
intended to identify forward-looking statements. Forward-looking statements relate to future events or future financial performance and
involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance,
or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied
by these forward-looking statements.
Our
actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute
to such differences include but are not limited to those contained in the “Risk Factors” section of our Annual Report on
Form 10-K and in our subsequent filings with the Securities and Exchange Commission.
Management’s
Discussion and Analysis of Financial Condition and Results of Operations
The
following is a discussion of the financial condition and results of operation of InnovaQor as of the date of this Form 10-Q. This discussion
and analysis should be read in conjunction with InnovaQor’s audited consolidated financial statements contained in the Form 10-K
and with our unaudited condensed consolidated financial statements, including the notes thereto, which are included elsewhere in this
report.
Estimates
Management’s
discussion and analysis of InnovaQor’s financial condition and results of operations are based upon its consolidated financial
statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management
to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure
of contingent liabilities. Significant areas of estimation include estimating fair value of intangible assets acquired, the impairment
of assets, accrued and contingent liabilities, and future income tax obligations (benefits), among other items. On an on-going basis,
management evaluates past estimates and judgments, including those related to bad debts, accrued liabilities, derivative liabilities,
and contingencies. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
InnovaQor believes the following critical accounting policies affect its more significant judgments and estimates used in the preparation
of its consolidated financial statements.
Critical
Accounting Policies
Basis
of Presentation and Principles of Consolidation
The
acquisition of an operating company by a non-operating public shell corporation typically results in the owners and management of the
operating company having actual or effective voting and operating control of the combined company. The Securities and Exchange Commission
staff considers a public shell reverse acquisition to be a capital transaction in substance, rather than a business combination. That
is, the transaction is a reverse recapitalization, equivalent to the issuance of stock by the operating company for the net monetary
assets of the shell corporation accompanied by a recapitalization. The accounting is similar to that resulting from a reverse acquisition,
except that no goodwill or other intangible assets are recorded.
The
condensed consolidated financial statements include the accounts of only the HTS Group (the accounting acquirer) prior to June 25,
2021 and InnovaQor and the Group since the date of acquisition on June 25, 2021, with the transaction being accounted for as a
recapitalization of the Group on June 25, 2021. The condensed consolidated financial statements are prepared in conformity with
accounting principles generally accepted in the United States of America (“U.S. GAAP”) and require management to make
certain judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and
expenses during the reporting periods. Actual results could differ from those estimates upon subsequent resolution of identified
matters.
The
accompanying condensed consolidated financial statements as of and for the nine and three months ended September 30, 2023 and 2022, have
been derived from unaudited financial information. Intercompany accounts and transactions have been eliminated. The accompanying unaudited
interim condensed consolidated financial statements have been prepared on the same basis as the annual audited financial statements and
in accordance with U.S. GAAP, for interim financial information and the rules and regulations of the Securities and Exchange Commission
(“SEC”) for interim financial statements. In the opinion of management, such unaudited information includes all adjustments
(consisting only of normal recurring accruals) necessary for a fair presentation of this interim information.
Cash
and Cash Equivalents
InnovaQor
considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
Fair
Value Measurements
In
accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company applies fair value accounting for
all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market
in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset
or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying
the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within
the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
|
● |
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities that the
Company has the ability to access at the measurement date. |
|
|
|
|
● |
Level
2 applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets;
or quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active
markets). |
|
|
|
|
● |
Level
3 applies to assets or liabilities for which fair value is derived from valuation techniques in which one or more significant inputs
are unobservable, including the Company’s own assumptions. |
The
estimated fair value of financial instruments is determined by the Company using available market information and valuation methodologies
considered to be appropriate. At September 30, 2023 and December 31, 2022, the carrying value of the Company’s accounts receivable,
accounts payable, accrued expenses and notes payable, approximate their fair values due to their short-term nature. For the nine months
ended September 30, 2023 and 2022, there were no realized and unrealized gains on instruments valued using fair value evaluation methods.
Impairment
of Long-lived Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s (“FASB”)
ASC 360, “Property, Plant and Equipment.” Long-lived assets are reviewed when facts and circumstances indicate that the carrying
value of the asset may not be recoverable. When necessary, impaired assets are written down to estimated fair value based on the best
information available. Estimated fair value is generally either based on appraised value or measured by discounting estimated future
cash flows. Considerable management judgment is necessary to estimate discounted future cash flows. Accordingly, actual results could
vary significantly from such estimates. As of September 30, 2023 and December 31, 2022, all of the Company’s fixed assets were
fully depreciated and, therefore, the carrying value of fixed assets represented fair value. Fixed assets are depreciated over lives
ranging from three to seven years.
Income
Taxes
The
entities within the Group were included in the consolidated income tax returns of its Parent for the years ended December 31, 2020
and prior. A determination was made by Parent’s management not to allocate any of the deferred tax assets or liabilities to
the Group as of December 31, 2020 and prior. Accordingly, the Group did not provide for income taxes in the combined financial
statements. The Company since June 25, 2021 uses the liability method of accounting for income taxes. Under the liability method,
future tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the
amounts reported in the financial statement carrying amounts of assets and liabilities and their respective tax bases. Future tax
assets and liabilities are measured using enacted or substantially enacted income tax rates expected to apply when the asset is
realized or the liability settled. The effect of a change in income tax rates on future income tax liabilities and assets is
recognized in income in the period that the change occurs. Future income tax assets are recognized to the extent that they are
considered more likely than not to be realized. When projected future taxable income is insufficient to provide for the realization
of deferred tax assets, the Company will recognize a valuation allowance.
In
accordance with U.S. GAAP, the Company has determined whether a tax position of the Company is more likely than not to be sustained upon
examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical
merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording
a tax liability that would reduce net assets. The Company has determined that it has not incurred any liability for tax benefits as of
September 30, 2023 and 2022. State income taxes will also be due on any income generated in the future.
Revenue
Recognition
We
recognize revenue in accordance with ASC Topic 606, including subsequently issued updates. This series of comprehensive guidance has
replaced all existing revenue recognition guidance. There is a five-step approach outlined in the standard. In determining revenue, we
first identify the contract according to the scope of ASU Topic 606 with the following criteria:
|
● |
Identify
the contract(s) with a customer. |
|
|
|
|
● |
Identify
the performance obligations in the contract. |
|
|
|
|
● |
Determine
the transaction price. |
|
|
|
|
● |
Allocate
the transaction price to the performance obligations in the contract. |
|
|
|
|
● |
Recognize
revenue when or as you satisfy a performance obligation. |
Revenue
is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration
the Company is expected to be entitled to in exchange for those services. As the Company completes its performance obligations which
are identified in Note 10 to the unaudited Condensed Consolidated Financial Statements included herein, it has an unconditional right
to consideration as outlined in the Company’s contracts. Generally, the Company’s accounts receivable are expected to be
collected in 30 days in accordance with the underlying payment terms. For many of the Company’s services, the Company typically
has one performance obligation; however, it also provides the customer with an option to acquire additional services. The Company typically
provides a menu of offerings from which the customer may choose to purchase. The price of each service is generally based upon an agreed
hourly rate.
Convertible
Preferred Stock
The
Company classifies its Series B-1 and Series C-1 Convertible Preferred Stock as liabilities in accordance with ASC 480 Distinguishing
Liabilities from Equity since the preferred stock is convertible, at the option of the holder, into a variable number of shares based
solely on a fixed dollar amount (stated value) known at issuance of the preferred stock.
Basic
and Diluted Net Income (Loss) Per Share
The
Company computes net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation
of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income
(loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period.
Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury
stock method, and convertible preferred stock, using the if-converted method. As of September 30, 2023 and 2022, there were approximately
2,546,000,000 and 1,671,000,000 common stock equivalents, respectively, which were antidilutive due to the Company’s losses.
Recent
Accounting Pronouncements
All
recent accounting standards issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the SEC did not or are not believed by management to have a material impact on the Company’s consolidated financial
statements.
Results
of Operations
Financial
Presentation
The
following sets forth a discussion and analysis of InnovaQor’s consolidated financial condition and results of operations as of
and for the three and nine months ended September 30, 2023 and 2022. This discussion and analysis should be read in
conjunction with our consolidated financial statements appearing elsewhere in this filing. The following discussion contains
forward-looking statements. Our actual results may differ significantly from the results discussed in such forward-looking
statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in
“Risk Factors” of our Form 10-K.
Comparison
of the Three Months Ended September 30, 2023 and 2022
The
following summary of our condensed consolidated results of operations should be read in conjunction with our interim consolidated financial
statements as of and for the three months ended September 30, 2023, and 2022, which are included herein.
The
following table summarizes the results of our consolidated operations for the three months ended September 30, 2023 and 2022 (unaudited):
| |
Three Months Ended
September 30, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
| |
| | |
| | |
| |
Net revenues | |
$ | 151,810 | | |
$ | 78,027 | | |
$ | 73,783 | |
Operating expenses: | |
| | | |
| | | |
| | |
Direct costs of revenue | |
| 121,360 | | |
| 32,245 | | |
| 89,115 | |
General and administrative expenses | |
| 377,210 | | |
| 332,657 | | |
| 44,553 | |
Total operating expenses | |
| 498,570 | | |
| 364,902 | | |
| 133,668 | |
Loss from operations | |
| (346,760 | ) | |
| (286,875 | ) | |
| (59,885 | ) |
Other income (expense) | |
| 7,955 | | |
| (46,153 | ) | |
| 54,108 | |
Loss before income taxes | |
| (338,805 | ) | |
| (333,028 | ) | |
| (5,777 | ) |
Provision for income taxes | |
| — | | |
| — | | |
| — | |
Net loss | |
$ | (338,805 | ) | |
$ | (333,028 | ) | |
$ | (5,777 | ) |
Net
Revenues
Net
revenues were $151,810 and $78,027 for the three months ended September 30, 2023, and 2022, respectively. The increased revenues were
a result of increased prices, new features and one time revenue recognition from existing customers.
Direct
Costs of Revenue
Direct
costs of revenue increased by $89,115 compared to the three months ended September 30, 2022, principally due to an increase in operating
payroll expenses.
General
and Administrative Expenses
General
and administrative expenses increased by $44,553 compared to the three months ended September 30, 2022, principally due to increases
in professional and consultant fees.
Loss
from Operations
Our
operating loss increased by $59,885 for the three months ended September 30, 2023, when compared to a loss of $(286,875) for the same
period last year. The increase was due principally to an increase in administrative costs and direct operating costs.
Net
Loss
Our
net loss was $(338,805) for the three months ended September 30, 2023, as compared to a net loss of $(333,028) for the three months ended
September 30, 2022. The $5,777 increase in net loss was principally due to a small increase in our payroll expenses.
Comparison
of the Nine months Ended September 30, 2023 and 2022
The
following summary of our condensed consolidated results of operations should be read in conjunction with our interim consolidated financial
statements as of and for the nine months ended September 30, 2023, and 2022, which are included herein.
The
following table summarizes the results of our consolidated operations for the nine months ended September 30, 2023 and 2022 (unaudited):
| |
Nine Months Ended September 30, | | |
| |
| |
2023 | | |
2022 | | |
Change | |
Net revenues | |
$ | 474,770 | | |
$ | 268,430 | | |
$ | 206,340 | |
Operating expenses: | |
| | | |
| | | |
| | |
Direct costs of revenue | |
| 438,654 | | |
| 288,101 | | |
| 150,552 | |
General and administrative expenses | |
| 1,264,930 | | |
| 853,515 | | |
| 414,415 | |
Total operating expenses | |
| 1,703,584 | | |
| 1,141,617 | | |
| 561,967 | |
Loss from operations | |
| (1,228,814 | ) | |
| (873,187 | ) | |
| (355,627 | ) |
Other (expense) | |
| (221,051 | ) | |
| (66,351 | ) | |
| (154,700 | ) |
Loss before income taxes | |
| (1,449,865 | ) | |
| (939,538 | ) | |
| (510,327 | ) |
Provision for income taxes | |
| — | | |
| — | | |
| — | |
Net loss | |
$ | (1,449,865 | ) | |
$ | (939,538 | ) | |
$ | (510,327 | ) |
Net
Revenues
Net
revenues were $474,770 and $268,430 for the nine months ended September 30, 2023, and 2022, respectively. The increased revenues were
a result of increased prices, new features and revenue from existing customers.
Direct
Costs of Revenue
Direct
costs of revenue increased by $150,552 compared to the nine months ended September 30, 2022, principally due to an increase in payroll
and related expenses.
General
and Administrative Expenses
General
and administrative expenses increased by $414,415 compared to the nine months ended September 30, 2022, principally due to increases
in professional and consultant fees.
Loss
from Operations
Our
operating loss increased by $(561,967) for the nine months ended September 30, 2023, when compared to a loss of $(873,187) for the same
period last year. The increase was due principally to an increase in our general and administrative expenses.
Net
Loss
Our
net loss was $1,449,865 for the nine months ended September 30, 2023, as compared to a net loss of $939,538 for the nine months ended
September 30, 2022.
The
$510,327 increase in net loss was principally due to the increase in our general and administrative expenses and professional and
consulting fees.
Liquidity
and Capital Resources
As
of September 30, 2023, we had $47,512 in total assets including cash and cash equivalents of $13,695, as compared to $41,641 in total
assets including cash and cash equivalents of $5,415 as of December 31, 2022. The increase in total assets is primarily attributable
to the increase in Cash and Accounts Receivable.
As
of September 30, 2023, we had total liabilities of $15,160,221 including accounts payable of $1,531,372, accrued expenses of $1,587,992,
related party advances of 1,008,832, notes payable of $1,704,268, and Preferred Stock liabilities of $9,334,757. As of September 30,
2022, we had total liabilities of $13,734,485 including accounts payable of $1,239,945, accrued expenses of $1,638,071, notes payable
of $1,632,823 and Preferred Stock liabilities of $9,223,646. The increase is mainly due to an increase in accounts payable and related
party advances to fund the operations.
Cash
Flow from Operating Activities
Net
cash used in operations for the nine months ended September 30, 2023, was $934,346 as compared to $663,958 for the nine months ended
September 30, 2022. The increased use of cash was mostly attributed to payroll for the nine months ended September 30, 2023.
Cash
Flow from Investing Activities
Net
cash used in investing activities for the nine months ended September 30, 2023 and 2022, was $0.
Cash
Flow from Financing Activities
Net
cash provided by financing activities for the nine months ended September 30, 2023, was $942,626 as compared to $667,072 for the nine
months ended September 30, 2022. The increase was due to additional advances from the former Parent in the nine months ended September
30, 2023.
There
are no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition,
changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources.
Capitalization
The
following table sets forth InnovaQor’s capitalization as of September 30, 2023, and December 31, 2022, on an historical basis.
In addition, it is not indicative of our future capitalization. This table should be read in conjunction with InnovaQor’s financial
statements and notes thereto included elsewhere herein.
The
following table sets forth our cash and capitalization as of September 30, 2023, and December 31, 2022:
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 13,695 | | |
$ | 5,415 | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Preferred Series A-1 Stock, Par Value $0.0001, 1,000 shares authorized, 1,000 shares issued and outstanding | |
| — | | |
| — | |
Preferred Series D Stock, Par Value $0.0001 and stated value $100, 500 shares authorized, 300 shares issued and outstanding September 30, 2023 | |
| 30,000 | | |
| — | |
Common stock, Par Value $0.0001, 2,000,000,000 shares authorized, 244,953,286 issued and outstanding | |
| 24,495 | | |
| 24,495 | |
| |
| | | |
| | |
Additional Paid-in Capital | |
| 5,906,742 | | |
| 5,906,742 | |
Total capitalization | |
$ | 5,974,935 | | |
$ | 5,936,652 | |
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
Not
applicable
Item
4. Controls and Procedures.
Management
does not expect that its internal controls over financial reporting will prevent all errors and all fraud. Control systems, no matter
how well conceived and managed, can provide only reasonable assurance that the objectives of the control system are met. The design of
a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative
to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance
that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include that
judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake.
Additionally,
controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of
the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events,
and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over
time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may
deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and
not be detected.
Evaluation
of Disclosure Controls and Procedures
Under
the supervision and with the participation of management, including the principal executive officer and principal financial officer,
as of September 30, 2023 the Company conducted an evaluation of its disclosure controls and procedures, as such term is defined under
Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, the principal
executive officer and principal financial officer have concluded that, based on the material weaknesses discussed below, the disclosure
controls and procedures were not effective as of such date to ensure that information required to be disclosed by the Company in reports
filed or submitted under the Securities Exchange Act were recorded, processed, summarized, and reported within the time periods specified
in the Securities and Exchange Commission’s rules and forms and that its disclosure controls are not effectively designed to ensure
that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act is accumulated
and communicated to management, including the principal executive officer and principal financial officer, or persons performing similar
functions, as appropriate to allow timely decisions regarding required disclosure.
The
Company’s internal controls are not effective for the following reasons, (1) there are no entity level controls, because of the
limited time of the Company’s officers, (2) there is no separate audit committee, and (3) the Company has not implemented adequate
system and manual controls. As a result, the Company’s internal controls have inherent weaknesses, which may increase the risks
of errors in financial reporting under current operations and accordingly are not effective as evaluated against the criteria set forth
in the Internal Control – Integrated Framework issued by the committee of Sponsoring Organizations of the Treadway Commission (2013
version). Based on the evaluation, management concluded that the Company’s internal controls over financial reporting were not
effective as of September 30, 2023.
Even
though there are inherent weaknesses, management has taken steps to minimize the risk. The Company uses a third-party consultant CFO
to review transactions for appropriate technical accounting, reconcile accounts, review significant transactions and prepare financial
statements. Any deviation or errors are reported to management.
The
Company can provide no assurance that its internal controls over financial reporting will be compliant in the near future. As revenues
permit, the Company will enhance its internal controls through additional software and other means. If and when it obtains funding, the
Company will create an audit committee comprised of independent directors.
Changes
in Internal Control over Financial Reporting
There
have been no changes in the Company’s internal control over financial reporting during the last quarterly period covered by this
report that have materially affected, or are likely to affect, the internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings.
From
time to time, InnovaQor may be involved in a variety of claims, lawsuits, investigations and proceedings related to contractual disputes,
employment matters, regulatory and compliance matters, intellectual property rights and other litigation arising in the ordinary course
of business. InnovaQor operates in a highly regulated industry which may inherently lend itself to legal matters. Management is aware
that litigation has associated costs and that results of adverse litigation verdicts could have a material effect on InnovaQor’s
consolidated financial position or results of operations. Management, in consultation with legal counsel, has addressed known assertions
and predicted unasserted claims below.
P2P
Staffing Corp. received a judgment against HTS during 2018 in the amount of $58,784 plus accrued interest and court costs for amounts
owed. As of September 30, 2023 and December 31, 2022, $10,464 was outstanding and owed for this judgment and included in accounts payable
at each respective balance sheet date.
Two
former employees of CollabRx, Inc., one of the acquired subsidiaries, filed suits in a California state court against the former Parent,
Rennova and CollabRx, Inc., in connection with amounts claimed to be owed under their respective employment agreements with CollabRx,
Inc. One former employee received a judgment for approximately $253,000, which Rennova has paid in full. The other former employee received
a judgment for approximately $173,000.
Item
1A. Risk Factors.
In
addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, Item
1A of the Form 10-K which could materially affect our business, financial condition, or future results. There have been no material changes
to the risk factors previously disclosed in our Form 10-K.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item
3. Defaults Upon Senior Securities.
None.
Item
4. Mine Safety Disclosures.
Not
applicable.
Item
5. Other Information.
Covid Matters
The occurrence of an uncontrollable event such
as the COVID-19 pandemic did not materially affect our operations since we had rotated to a remote model for our employees well
before the COVID-19 event occurred. The pandemic resulted in social distancing, travel bans and quarantines. This limited access to
our facilities, customers, management, support staff and professional advisors. These, in turn however, did not impact our
operations and financial condition.
While the pandemic phase of COVID-19 has receded
and the virus is now considered to be endemic in the United States as of this filing, the evolution of an acute and more contagious
variant is possible. In such a case, it may impact demand for our products and may again hamper our efforts to provide our investors
with timely information and comply with our filing obligations with the Securities and Exchange Commission.
Real GDP growth, inflation, employment levels, oil
prices, interest rates, tax rates, availability of customer financing, foreign currency exchange rate fluctuations, and other macroeconomic
trends can adversely affect demand for the products that we offer. Geopolitical issues around the world and how our markets are positioned
can also impact macroeconomic conditions and could have a material adverse impact on our financial results.
Item
6. Exhibits
10.1 |
|
Promissory Note of InnovaQor,
Inc., dated July 1, 2022, payable to Rennova Health, Inc.* |
|
|
|
10.2 |
|
Promissory Note of InnovaQor, Inc., dated December 31, 2022, payable to Rennova Health, Inc.* |
|
|
|
31.1 |
|
Rule 13a-14(a) Certification by the Principal Executive Officer.* |
|
|
|
31.2 |
|
Rule 13a-14(a) Certification by the Principal Financial Officer.* |
|
|
|
32.1 |
|
Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
|
|
|
32.2 |
|
Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
|
|
|
101.INS |
|
Inline XBRL Instance Document |
|
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101.SCH |
|
Inline XBRL Schema Document |
|
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|
101.CAL |
|
Inline XBRL Calculation Link base Document |
|
|
|
101.DEF |
|
Inline XBRL Definition Link base Document |
|
|
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101.LAB |
|
Inline XBRL Label Link base Document |
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101.PRE |
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Inline XBRL Presentation Link base Document |
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|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* |
Filed
herewith |
|
|
** |
Furnished
herewith |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
INNOVAQOR,
INC. |
|
|
|
Date:
November 20, 2023 |
By: |
/s/
Darrell Peterson |
|
|
Darrell
Peterson |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
Thomas J. Bellante |
|
|
Thomas
J. Bellante |
|
|
Chief
Financial Officer |
|
|
(Principal
Financial Officer) |
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Principles of Consolidation |
Basis
of Presentation and Principles of Consolidation
The
consolidated financial statements include the accounts of only the HTS Group (the accounting acquirer) prior to June 25, 2021 and
InnovaQor and the Group since the date of acquisition on June 25, 2021, with the transaction being accounted for as a
recapitalization of the Group on June 25, 2021. The consolidated financial statements are prepared in conformity with accounting
principles generally accepted in the United States of America (“U.S. GAAP”) and require management to make certain
judgments, estimates, and assumptions. These may affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements. They also may affect the reported amounts of revenues and
expenses during the reporting periods. Actual results could differ from those estimates upon subsequent resolution of identified
matters.
The
accompanying condensed consolidated financial statements as of and for the three and nine months ended September 30, 2023 and 2022,
have been derived from unaudited financial information. Intercompany accounts and transactions have been eliminated. The
accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual
audited financial statements and in accordance with U.S. GAAP, for interim financial information and the rules and regulations of
the Securities and Exchange Commission (“SEC”) for interim financial statements. In the opinion of management, such
unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of
this interim information.
|
Comprehensive Loss |
Comprehensive
Loss
During
the three and nine months ended September 30, 2023 and 2022, comprehensive loss was equal to the net loss amounts presented in the accompanying
condensed consolidated statements of operations.
|
Going Concern |
Going
Concern
Under
Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) Accounting
Standards Codification (“ASC 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise
substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the
financial statements are issued. As required by ASC 205-40, this evaluation shall initially not take into consideration the potential
mitigating effects of plans that have not been fully implemented as of the date the financial statements are issued. Management has assessed
the Company’s ability to continue as a going concern in accordance with the requirement of ASC 205-40.
The
accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and the rules and
regulations of the SEC. The condensed consolidated financial statements have been prepared using U.S. GAAP applicable to a going
concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has
accumulated significant losses and has negative cash flows from operations and, at September 30, 2023, had a working capital deficit
and accumulated deficit of $5.7 million and $21.1 million, respectively. In addition, the Company’s cash position is
critically deficient and critical payments are not being made in the ordinary course of business, all of which raises substantial
doubt about the Company’s ability to continue as a going concern. Management’s plans with respect to alleviating the
adverse financial conditions that caused management to express substantial doubt about the Company’s ability to continue as a
going concern are as follows:
The
Company incurred substantial costs in connection with the acquisition of the Group from Rennova, which included accounting, tax,
legal and other professional services costs, recruiting and relocation costs associated with hiring key senior management personnel who
are new to the Company, tax costs and costs to separate information systems, among other costs. The cost of performing such functions
is anticipated to be higher than the amounts reflected in the Company’s historical financial statements, which would cause its
future losses to increase.
Accordingly,
the Company will continue to focus on reducing its operating costs and increasing revenues.
There
can be no assurance that the Company will be able to achieve its business plan, raise any additional capital or secure the additional
financing necessary to implement its current operating plan. The ability of the Company to continue as a going concern is dependent upon
its ability to increase its revenues and eventually achieve profitable operations. The accompanying condensed consolidated financial
statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Significant areas of estimation include estimating the
fair value of intangible assets acquired, the impairment of assets, accrued and contingent liabilities, and future income tax obligations
(benefits), among other items. Actual results could differ from those estimates and would impact future results of operations and cash
flows.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
|
Allowance for Doubtful Accounts Policy |
Allowance
for Doubtful Accounts Policy
Accounts
receivable are reported at realizable value, net of allowances for doubtful accounts, which are estimated and recorded in the period
that the Company deems the receivable to be uncollectable. The Company has a standardized approach to estimate and review the collectability
of its receivables based on a number of factors, including the period they have been outstanding. Historical collection is an integral
part of the estimation process related to the allowance for doubtful accounts. In addition, the Company regularly assesses the state
of its billing operations in order to identify issues that may impact the collectability of these receivables or reserve estimates. Receivables
deemed to be uncollectible are charged against the allowance for doubtful accounts at the time such receivables are written-off. Recoveries
of receivables previously written-off are recorded as credits to the allowance for doubtful accounts. Revisions to the allowances for
doubtful accounts estimates are recorded as an adjustment to the provision for bad debts.
|
Revenue Recognition |
Revenue
Recognition
We
recognize revenue in accordance with Accounting Standards Update (“ASU”) 2014-09, “Revenue from Contracts with Customers
(Topic 606),” including subsequently issued updates. This series of comprehensive guidance has replaced all existing revenue recognition
guidance. There is a five-step approach outlined in the standard. In determining revenue, we first identify the contract according to
the scope of ASU Topic 606 with the following criteria:
|
● |
Identify
the contract(s) with a customer. |
|
● |
Identify
the performance obligations in the contract. |
|
● |
Determine
the transaction price. |
|
● |
Allocate
the transaction price to the performance obligations in the contract. |
|
● |
Recognize
revenue when or as you satisfy a performance obligation. |
Revenue
is recognized when control of the promised services is transferred to the Company’s customers in an amount that reflects the consideration
expected to be entitled to in exchange for those services. As the Company completes its performance obligations which are identified
in Note 10 below, it has an unconditional right to consideration as outlined in the Company’s contracts. Generally, the Company’s
accounts receivable are expected to be collected in 30 days in accordance with the underlying payment terms. For many of the Company’s
services, the Company typically has one performance obligation; however, it also provides the customer with an option to acquire additional
services. The Company typically provides a menu of offerings from which the customer may choose to purchase. The price of each service
is generally based upon an agreed hourly rate.
|
Impairment or Disposal of Long-Lived Assets |
Impairment
or Disposal of Long-Lived Assets
The
Company accounts for the impairment or disposal of long-lived assets according to the Financial Accounting Standards Board’s
(“FASB”) ASC 360, “Property, Plant and Equipment.” Long-lived assets are reviewed when facts and
circumstances indicate that the carrying value of the asset may not be recoverable. When necessary, impaired assets are written down
to estimated fair value based on the best information available. Estimated fair value is generally based either on appraised value
or measured by discounting estimated future cash flows. Considerable management judgment is necessary to estimate discounted future
cash flows. Accordingly, actual results could vary significantly from such estimates. As of September 30, 2023 and December 31,
2022, all of the Company’s fixed assets were fully depreciated and, therefore, the carrying value of property and equipment
represented fair value. Property and equipment are depreciated over lives ranging from three to seven years.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
In
accordance with ASC 820, “Fair Value Measurements and Disclosures,” the Company applies fair value accounting for
all financial assets and liabilities and non-financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Fair value is defined as the price that would be received from selling an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements
for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market
in which it would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset
or liability, such as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying
the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within
the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
|
● |
Level
1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities that the
Company has the ability to access at the measurement date. |
|
● |
Level
2 applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for
the asset or liability, either directly or indirectly, such as quoted prices for similar assets or liabilities in active markets;
or quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active
markets). |
|
● |
Level
3 applies to assets or liabilities for which fair value is derived from valuation techniques in which one or more significant inputs
are unobservable, including the Company’s own assumptions. |
The
estimated fair value of financial instruments is determined by the Company using available market information and valuation methodologies
considered to be appropriate. At September 30, 2023 and December 31, 2022, the carrying value of the Company’s accounts receivable,
accounts payable, accrued expenses and notes payable, approximate their fair values due to their short-term nature. For the three and
nine months ended September 30, 2023 and 2022, there were no realized and unrealized gains on instruments valued using fair value evaluation
methods.
|
Income Taxes |
Income
Taxes
The
entities within the Group were included in the consolidated income tax returns of its Parent for the years ended December 31, 2020 and
prior. A determination was made by Parent’s management not to allocate any of the deferred tax assets or liabilities to the
Group as of December 31, 2020 and prior. Accordingly, the Group did not provide for income taxes in the combined financial statements.
The Company since June 25, 2021 uses the liability method of accounting for income taxes. Under the liability method, future tax liabilities
and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial
statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using
enacted or substantially enacted income tax rates expected to apply when the asset is realized or the liability settled. The effect of
a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the change occurs.
Future income tax assets are recognized to the extent that they are considered more likely than not to be realized. When projected future
taxable income is insufficient to provide for the realization of deferred tax assets, the Company will recognize a valuation allowance.
In
accordance with U.S. GAAP, the Company has determined whether a tax position of the Company is more likely than not to be sustained upon
examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical
merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent
likely of being realized upon ultimate settlement. Derecognition of a tax benefit previously recognized could result in the Company recording
a tax liability that would reduce net assets. The Company has determined that it has not incurred any liability for tax benefits as of
September 30, 2023 and 2022. State income taxes will also be due on any income generated in the future.
|
Convertible Preferred Stock |
Convertible
Preferred Stock
The
Company classifies its Series B-1 and Series C-1 Convertible Preferred Stock as liabilities in accordance with ASC 480 Distinguishing
Liabilities from Equity since the preferred stock is convertible, at the option of the holder, into a variable number of shares based
solely on a fixed dollar amount (stated value) known at issuance of the preferred stock.
|
Basic and Diluted Net Income (Loss) Per Share |
Basic
and Diluted Net Income (Loss) Per Share
The
Company computes net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share” which requires presentation
of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income
(loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period.
Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury
stock method, and convertible preferred stock, using the if-converted method. As of September 30, 2023 and 2022 there were approximately
2,546,000 and 1,671,000, respectively, common stock equivalents which where antidilutive due to the Company’s losses.
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v3.23.3
Accounts Receivable (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Credit Loss [Abstract] |
|
Schedule of Accounts Receivable |
Accounts
receivable at September 30, 2023 and December 31, 2022 consisted of the following:
Schedule
of Accounts Receivable
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts receivable – (including related party receivable of $40,697 and $28,973 at September 30, 2023 and December 31, 2022, respectively) | |
$ | 46,967 | | |
$ | 36,266 | |
Less: | |
| | | |
| | |
Allowance for doubtful accounts | |
| (14,400 | ) | |
| — | |
Accounts receivable, net | |
$ | 32,567 | | |
$ | 36,266 | |
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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 at September 30, 2023 and December 31, 2022 consisted of the following:
Summary
of Property and Equipment
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Software | |
$ | 1,435,875 | | |
$ | 1,435,875 | |
Furniture | |
| 8,227 | | |
| 8,227 | |
Office equipment | |
| 30,931 | | |
| 30,931 | |
Computer equipment | |
| 324,131 | | |
| 324,131 | |
Property and equipment , gross | |
| 1,799,164 | | |
| 1,799,164 | |
Less accumulated depreciation | |
| (1,799,164 | ) | |
| (1,799,164 | ) |
Property and equipment, net | |
$ | — | | |
$ | — | |
|
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v3.23.3
Accrued Expenses (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Expenses |
Accrued
expenses at September 30, 2023 and December 31, 2022 consisted of the following:
Schedule
of Accrued Expenses
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Accrued payroll and related liabilities | |
$ | 1,328,954 | | |
$ | 1,420,130 | |
Accrued legal | |
| 37,997 | | |
| 37,997 | |
Accrued interest | |
| 46,784 | | |
| 23,156 | |
Deferred revenue and customer deposits | |
| 57,121 | | |
| 44,544 | |
Other accrued expenses | |
| 110,136 | | |
| 112,244 | |
Accrued expenses | |
$ | 1,580,992 | | |
$ | 1,638,071 | |
|
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v3.23.3
Notes Payable (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable |
The
carrying amount of notes payable as of September 30, 2023 and December 31, 2022 was as follows:
Schedule
of Notes Payable
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Note payable with the Department of Economic and Community Development in the original amount of $147,372 due in monthly payments of principal and interest totaling $2,132 beginning January 1, 2017 with a final payment due on October 1, 2022. Non-interest bearing. Payments were not made in 2023 or 2022. | |
$ | 134,153 | | |
$ | 134,153 | |
| |
| | | |
| | |
Loans from Related Parties and Companies due December 31, 2023, Original issue discount of $132,498 which is fully amortized at September 30, 2023, 5% interest due from August 9, 2023 (date of extension) to December 31, 2023 | |
| 1,457,253 | | |
| 1,438,269 | |
| |
| | | |
| | |
Loan from Third Party, Issued August 9, 2023, Due May 15, 2024, Original issue discount of $13,250
which is amortized by $2,461
at September 30, 2023. Default interest at 22%,
Convertible into common stock at a conversion price of $0.005
per share on event of default. Payable monthly at the rate of $8,012
per month | |
| 52,461 | | |
| — | |
| |
| | | |
| | |
Paycheck Protection Program Loans (PPP Loans). The PPP Loans and accrued interest are forgivable as long as the Company uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and maintains its payroll levels. The amount of loan forgiveness will be reduced if the Company terminates employees or reduces salaries. No collateral or guarantees were provided in connection with the PPP Loans. The unforgiven portion of the PPP Loans are payable over two years at an interest rate of 1.0% per annum, with a deferral of payments for the first sixteen months. Beginning sixteen months from the dates of issuance, the Company is required (if not forgiven) to make monthly payments of principal and interest to the lenders. The Company used all of the proceeds for purposes consistent with the PPP. While the Company currently believes that its use of the loan proceeds will meet the conditions for forgiveness of the loans, it cannot assure you that it will not take actions that could cause the Company to be ineligible for forgiveness of the loans, in whole or in part. | |
| 60,401 | | |
| 60,401 | |
Notes payable | |
| 1,704,268 | | |
| 1,632,823 | |
Less current portion | |
| 1,643,867 | | |
| 1,572,422 | |
Notes payable, long term, net of current portion | |
$ | 60,401 | | |
$ | 60,401 | |
|
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v3.23.3
Loans from Parent and Other Related Party Transactions (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Loans From Parent And Other Related Party Transactions |
|
Schedule of Allocated Costs |
The
Group has incurred certain costs that have been allocated from Rennova. Included in the Consolidated Statements of Operations are the
following allocated costs:
Schedule
of Allocated Costs
| |
Three Months Ended September 30, | | |
Three Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Rent and utilities | |
$ | 30,187 | | |
$ | 19,676 | |
Total allocated costs | |
$ | 30,187 | | |
$ | 19,676 | |
| |
| Nine Months Ended September 30, | | |
| Nine Months Ended September 30, | |
| |
| 2023 | | |
| 2022 | |
| |
| | | |
| | |
Health insurance | |
$ | 4,838 | | |
$ | — | |
Rent and utilities | |
| 91,146 | | |
| 81,799 | |
| |
| | | |
| | |
Total allocated costs | |
$ | 96,984 | | |
$ | 81,799 | |
|
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v3.23.3
Revenue (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Net Revenue |
The
Company had net revenues for the three and nine months ended September 30, 2023 and 2022 as follows:
Schedule of Net Revenue
| |
Three Months ended | | |
Three Months ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Dashboards | |
$ | 20,275 | | |
$ | 10,925 | |
IT Managed Services | |
| 39,780 | | |
| 21,059 | |
Software and Interfaces | |
| 2,708 | | |
| 12,500 | |
Support and Maintenance | |
| 18,435 | | |
| 14,603 | |
vCIO Services | |
| 42,094 | | |
| 1,963 | |
Software Licenses Fees | |
| 28,518 | | |
| 16,977 | |
Other | |
| — | | |
| — | |
Total Net Revenues | |
$ | 151,810 | | |
$ | 78,027 | |
| |
Nine Months ended | | |
Nine Months ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Dashboards | |
$ | 49,595 | | |
$ | 35,026 | |
IT Managed Services | |
| 104,988 | | |
| 69,420 | |
Software and Interfaces | |
| 24,828 | | |
| 12,500 | |
Support and Maintenance | |
| 87,046 | | |
| 67,399 | |
vCIO Services | |
| 126,895 | | |
| 29,394 | |
Software Licenses Fees | |
| 80,046 | | |
| 47,721 | |
Other | |
| 1,372 | | |
| 6,970 | |
Total Net Revenues | |
$ | 474,770 | | |
$ | 268,430 | |
|
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v3.23.3
Supplemental Disclosure of Cash Flow Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
Schedule of Supplemental Disclosure of Cash Flow Information |
Schedule
of Supplemental Disclosure of Cash Flow Information
| |
2023 | | |
2022 | |
| |
Nine Months ended September 30, | |
| |
2023 | | |
2022 | |
Cash paid for interest | |
$ | 61,477 | | |
$ | 8,737 | |
Cash paid for income taxes | |
$ | — | | |
$ | — | |
Series A-1, B-1 & C-1 Preferred Stock issued for transaction | |
$ | — | | |
$ | 9,086,396 | |
Debt Discount offset to Notes Payable | |
$ | 13,250 | | |
$ | — | |
Series C-1 Preferred Stock issued for debt | |
$ | — | | |
$ | 122,000 | |
|
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v3.23.3
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
Working capital deficit |
$ 5,700,000
|
|
|
Retained Earnings (Accumulated Deficit) |
$ 21,073,946
|
|
$ 19,624,081
|
Antidilutive potential shares |
2,546,000
|
1,671,000
|
|
Minimum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Fixed assets useful life |
3 years
|
|
|
Maximum [Member] |
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
Fixed assets useful life |
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|
|
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v3.23.3
Schedule of Accounts Receivable (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Credit Loss [Abstract] |
|
|
Accounts receivable – (including related party receivable of $40,697 and $28,973 at September 30, 2023 and December 31, 2022, respectively) |
$ 46,967
|
$ 36,266
|
Allowance for doubtful accounts |
(14,400)
|
|
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$ 32,567
|
$ 36,266
|
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Schedule of Accounts Receivable (Details) (Parenthetical) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
Accounts receivable, related parties, current |
$ 32,567
|
$ 36,226
|
Related Party [Member] |
|
|
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|
|
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$ 40,697
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$ 28,973
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v3.23.3
Summary of Property and Equipment (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
$ 1,799,164
|
$ 1,799,164
|
Less accumulated depreciation |
(1,799,164)
|
(1,799,164)
|
Property and equipment, net |
|
|
Software [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
1,435,875
|
1,435,875
|
Furniture and Fixtures [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
8,227
|
8,227
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
30,931
|
30,931
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment , gross |
$ 324,131
|
$ 324,131
|
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v3.23.3
Schedule of Accrued Expenses (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accrued payroll and related liabilities |
$ 1,328,954
|
$ 1,420,130
|
Accrued legal |
37,997
|
37,997
|
Accrued interest |
46,784
|
23,156
|
Deferred revenue and customer deposits |
57,121
|
44,544
|
Other accrued expenses |
110,136
|
112,244
|
Accrued expenses |
$ 1,580,992
|
$ 1,638,071
|
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v3.23.3
Schedule of Notes Payable (Details) - USD ($)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Notes payable |
$ 1,704,268
|
$ 1,632,823
|
Less current portion |
1,643,867
|
1,572,422
|
Notes payable, long term, net of current portion |
60,401
|
60,401
|
Related Parties And Companies [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
1,457,253
|
1,438,269
|
Department Of Economic And Community Development Note [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
134,153
|
134,153
|
Debt original amount |
147,372
|
147,372
|
Debt instrument principal and interest |
2,132
|
2,132
|
Pay check Protection Program Loans [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable |
$ 60,401
|
$ 60,401
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
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v3.23.3
Schedule of Allocated Costs (Details) - Related Party [Member] - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Total allocated costs |
$ 30,187
|
$ 19,676
|
$ 96,984
|
$ 81,799
|
Rent and Utilities [Member] |
|
|
|
|
Total allocated costs |
$ 30,187
|
$ 19,676
|
91,146
|
81,799
|
Health Insurance [Member] |
|
|
|
|
Total allocated costs |
|
|
$ 4,838
|
|
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v3.23.3
Loans from Parent and Other Related Party Transactions (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
May 12, 2023 |
May 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Aug. 09, 2023 |
Advanced funds and expenses paid by former parent |
|
|
|
|
|
$ 1,008,832
|
$ 496,517
|
|
|
Proceeds from loan |
|
|
|
|
|
50,000
|
170,555
|
|
|
Preferred Stock, Value, Issued |
|
|
|
|
|
|
|
|
|
Revenue from related parties |
|
|
102,149
|
$ 33,498
|
|
283,728
|
135,291
|
|
|
Alcimede Limited [Member] |
|
|
|
|
|
|
|
|
|
Proceeds from loan |
|
$ 10,000
|
|
|
|
|
|
|
|
Outstanding debt |
|
|
15,789
|
|
|
15,789
|
|
|
|
Outstanding debt |
|
$ 25,000
|
|
|
|
|
|
|
|
Other expenses |
|
|
|
|
|
3,338
|
|
|
|
Series D-1 Non Convertible Preferred Stock [Member] | Alcimede Limited [Member] |
|
|
|
|
|
|
|
|
|
Purchase of shares |
|
100
|
|
|
|
|
|
|
|
MsHollis [Member] |
|
|
|
|
|
|
|
|
|
Proceeds from loan |
|
|
|
|
|
1,457,253
|
|
|
|
Debt instrument unamortized discount |
|
|
$ 132,498
|
|
|
$ 132,498
|
|
|
|
Debt instrument interest rate |
|
|
18.00%
|
|
|
18.00%
|
|
|
|
Proceeds from loan |
|
|
|
|
|
|
|
$ 96,100
|
|
MsHollis [Member] | Series C-1 Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
Preferred stock, shares issued |
|
|
|
|
25
|
|
|
|
|
Preferred Stock, Value, Issued |
|
|
|
|
$ 15,250
|
|
|
|
|
MsHollis [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
Debt discount percentage |
|
|
1000.00%
|
|
|
1000.00%
|
|
10.00%
|
|
Debt instrument interest rate |
|
|
|
|
|
|
|
|
5.00%
|
Debt Instrument, Face Amount |
|
|
|
|
|
|
|
$ 105,710
|
|
Loans repaid |
$ 93,010
|
|
|
|
|
|
|
13,000
|
|
Seamus Lagan [Member] |
|
|
|
|
|
|
|
|
|
Proceeds from loan |
|
|
|
|
$ 32,500
|
|
|
|
|
Proceeds from loan |
|
|
|
|
|
|
|
$ 12,554
|
|
Seamus Lagan [Member] | Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
Debt discount percentage |
|
|
|
|
|
|
|
10.00%
|
|
Debt instrument interest rate |
|
|
|
|
|
|
|
18.00%
|
|
Debt Instrument, Face Amount |
|
|
|
|
|
|
|
$ 35,750
|
|
Former Parent [Member] |
|
|
|
|
|
|
|
|
|
Advanced funds and expenses paid by former parent |
|
|
|
|
|
$ 1,008,832
|
|
|
|
Revenue from related parties |
|
|
$ 102,149
|
$ 33,498
|
|
$ 283,728
|
$ 135,291
|
|
|
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v3.23.3
Preferred Stock and Stockholders’ Deficit (Details Narrative)
|
|
9 Months Ended |
|
|
May 12, 2023
USD ($)
$ / shares
shares
|
Sep. 30, 2023
USD ($)
TradingDays
$ / shares
shares
|
Jun. 29, 2023
shares
|
Dec. 31, 2022
$ / shares
shares
|
Class of Stock [Line Items] |
|
|
|
|
Common stock, shares authorized |
|
2,000,000,000
|
2,000,000,000
|
325,000,000
|
Common stock, par value | $ / shares |
|
$ 0.0001
|
|
$ 0.0001
|
Common stock, shares issued |
|
244,953,286
|
|
244,953,286
|
Common stock, shares outstanding |
|
244,953,286
|
|
244,953,286
|
Common stock, voting rights |
|
These
shares have 1 vote per share
|
|
|
Proceeds from issuance of stock | $ |
|
$ 30,000
|
|
|
Series A-1 Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Preferred stock, shares authorized |
|
1,000
|
|
1,000
|
Preferred stock, par value | $ / shares |
|
$ 0.0001
|
|
$ 0.0001
|
Preferred stock, stated value | $ / shares |
|
$ 10
|
|
$ 10
|
Preferred stock, shares issued |
|
1,000
|
|
1,000
|
Preferred stock, shares outstanding |
|
1,000
|
|
1,000
|
Preferred stock, voting rights |
|
Series A-1 Preferred Stock shall have the number of votes, in the aggregate, equal to 51%
of all votes entitled to be voted at any stockholder meeting. These shares have no rights to receive dividends and liquidation rights
are equal to the stated value per share
|
|
|
Series B-1 Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Preferred stock, par value | $ / shares |
|
$ 0.0001
|
|
$ 0.0001
|
Temporary equity, shares authorized |
|
25,000
|
|
25,000
|
Temporary equity, stated value | $ / shares |
|
$ 1,000
|
|
$ 1,000
|
Temporary equity, shares issued |
|
14,950
|
|
14,950
|
Temporary equity, shares outstanding |
|
14,950
|
|
14,950
|
Temporary stock, voting rights |
|
These
shares have no voting rights, dividends on these shares shall accrue at the rate of 5% of the stated value per share and liquidation
rights are equal to the stated value per share.
|
|
|
Preferred stock, conversion price percentage |
|
0.90
|
|
|
Debt instrument trading days | TradingDays |
|
10
|
|
|
Conversion rate percentage |
|
4.99%
|
|
|
Series C-1 Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Preferred stock, par value | $ / shares |
|
$ 0.0001
|
|
$ 0.0001
|
Temporary equity, shares authorized |
|
2,000
|
|
2,000
|
Temporary equity, stated value | $ / shares |
|
$ 1,000
|
|
$ 1,000
|
Temporary equity, shares issued |
|
325
|
|
225
|
Temporary equity, shares outstanding |
|
325
|
|
225
|
Temporary stock, voting rights |
|
These
shares have no voting rights, dividends on these shares shall accrue at the rate of 10% of the stated value per share and
liquidation rights are equal to the stated value per share.
|
|
|
Preferred stock, conversion price percentage |
|
0.90
|
|
|
Debt instrument trading days | TradingDays |
|
10
|
|
|
Conversion rate percentage |
|
4.99%
|
|
|
Series D Non Convertible Preferred Stock [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Preferred stock, shares authorized |
500
|
|
|
|
Preferred stock, par value | $ / shares |
$ 0.0001
|
|
|
|
Preferred stock, stated value | $ / shares |
$ 100
|
|
|
|
Preferred stock, voting rights |
The
Series D Preferred Stock does not have voting rights
|
|
|
|
Proceeds from issuance of stock | $ |
$ 30,000
|
|
|
|
Preferred stock, dividend payment terms |
Preferred
Stock shall be entitled to receive monthly as a dividend, an amount equal to (a) the sum of (i) five percent (5%) of the amount of
gross sales in excess of $500,000 collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of
business during the month immediately preceding the month in which such dividend becomes payable, which amount shall not exceed
$25,000, (ii) ten percent (10%) of the amount of gross sales in excess of $1 million collected by the Company or any subsidiary (on
a consolidated basis) in the ordinary course of business during the month immediately preceding the month in which such dividend
becomes payable, which amount shall not exceed $100,000 and (iii) two and one-half percent (2.5%) of the amount of gross sales in
excess of $2 million collected by the Company or any subsidiary (on a consolidated basis) in the ordinary course of business during
the month immediately preceding the month in which such dividend becomes payable.
|
|
|
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v3.23.3
Schedule of Net Revenue (Details) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenues |
$ 151,810
|
$ 78,027
|
$ 474,770
|
$ 268,430
|
Dash Boards [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenues |
20,275
|
10,925
|
49,595
|
35,026
|
IT Managed Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenues |
39,780
|
21,059
|
104,988
|
69,420
|
Software and Interfaces [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenues |
2,708
|
12,500
|
24,828
|
12,500
|
Support and Maintenance [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenues |
18,435
|
14,603
|
87,046
|
67,399
|
vCIO Services [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenues |
42,094
|
1,963
|
126,895
|
29,394
|
Software Licenses Fees [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenues |
28,518
|
16,977
|
80,046
|
47,721
|
Other Revenue [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Total Net Revenues |
|
|
$ 1,372
|
$ 6,970
|
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
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
9 Months Ended |
12 Months Ended |
|
Jun. 01, 2021 |
Sep. 30, 2023 |
Dec. 31, 2018 |
Dec. 31, 2022 |
Accounts payable |
|
$ 1,531,372
|
|
$ 1,239,945
|
P2P Staffing Corp [Member] |
|
|
|
|
Litigation settlement amount |
|
|
$ 58,784
|
|
Accounts payable |
|
10,464
|
|
$ 10,464
|
Former Employee One [Member] | Rennova And Collab Rx Inc [Member] |
|
|
|
|
Damages sought value |
|
253,000
|
|
|
Other Former Employee [Member] | Rennova And Collab Rx Inc [Member] |
|
|
|
|
Damages sought value |
|
173,000
|
|
|
Series C Preferred Stock [Member] |
|
|
|
|
One-time retainer deposit |
|
100,000
|
|
|
One-time retainer deposit |
|
10,000
|
|
|
Consulting Agreement [Member] | MrDab [Member] |
|
|
|
|
Other Commitments, Description |
The agreement provided that the Company would pay $3,500 a month and
an additional $60,000 upon the earlier of receipt of funding from an outside source or within 90 days. The $60,000 payment was made during
the six months ended June 30, 2023 but the monthly amounts have not been paid. On June 1, 2022, the agreement was extended for another
year. The new agreement increases the monthly fee to $4,500. The agreement was extended further on June 1, 2023 for another year. The
monthly amounts remain unpaid by the Company to date. The amounts payable to Mr. Dab under this agreement include the fees payable to
him as a director of the Company.
|
|
|
|
Consulting Agreement [Member] | Alcimede Limited [Member] |
|
|
|
|
Other Commitment |
|
$ 145,339
|
|
|
Consulting Agreement [Member] | Pathlogic Limitedis [Member] |
|
|
|
|
Other Commitments, Description |
|
The
consulting agreement calls for monthly payments of $10,000 and is on a month-to-month basis and includes the director’s fees accrued
with it.
|
|
|
Other Commitment |
|
$ 102,500
|
|
|
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