CareView Communications Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
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Extracted filing text, with the paragraph anchors used by the comparison.
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Table of Contents
INDEX
| Page | ||
|---|---|---|
| PART I - FINANCIAL INFORMATION | ||
| Item. 1 · Financial Statements | ||
| Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 | 3 | |
| Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) | 4 | |
| Condensed Consolidated Statements of Changes in Stockholders' Deficit for the Three and Nine Months Ended September 30, 2024 and 2023 (Unaudited) | 5 | |
| Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (Unaudited) | 6 | |
| Notes to the Condensed Consolidated Financial Statements | 7 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 17 |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 22 |
| Item 4. | Controls and Procedures | 22 |
| PART II - OTHER INFORMATION | ||
| Item 1. | Legal Proceedings | 24 |
| Item 1A. | Risk Factors | 24 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 24 |
| Item 3. | Defaults Upon Senior Securities | 24 |
| Item 4. | Mine Safety Disclosures | 24 |
| Item 5. | Other Information | 24 |
| Item 6. | Exhibits | 24 |
CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, | ||
|---|---|---|
| 2024 | December 31, | |
| (unaudited) | 2023 | |
| ASSETS | ||
| Current Assets: | ||
| Cash | $1,400,386 | $1,145,871 |
| Accounts receivable | 996,983 | 1,167,934 |
| Inventory | 317,314 | 294,435 |
| Other current assets | 368,173 | 335,091 |
| Total current assets | 3,082,856 | 2,943,331 |
| Property and equipment, net | 190,973 | 317,626 |
| Other Assets: | ||
| Intangible assets, net | 408,608 | 406,301 |
| Operating lease right-of-use asset | 170,992 | 292,990 |
| Other assets, net | 294,120 | 302,010 |
| Total other assets | 873,720 | 1,001,301 |
| Total assets | $4,147,549 | $4,262,258 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
| Current Liabilities: | ||
| Accounts payable | $427,244 | 598,095 |
| Notes payable | 20,000,000 | 20,000,000 |
| Notes payable - related parties | 700,000 | 700,000 |
| Deferred revenue | 2,689,605 | 1,752,061 |
| Operating lease liability | 192,154 | 188,184 |
| Accrued interest payable | 18,885,514 | 16,479,139 |
| Other current liabilities | 458,324 | 489,497 |
| Total current liabilities | 43,352,841 | 40,206,976 |
| Long-term Liabilities: | ||
| Operating lease liability, non-current | - | 139,099 |
| Other liabilities | 287,143 | 178,907 |
| Total long-term liabilities | 287,143 | 318,006 |
| Total liabilities | 43,639,984 | 40,524,982 |
| Stockholders' Deficit: | ||
| Preferred stock - par value $0.001; 20,000,000 shares authorized; no shares issued and outstanding | - | - |
| Common stock - par value $0.001; 800,000,000 shares authorized; 583,880,748 issued and outstanding | 583,881 | 583,881 |
| Additional paid in capital | 171,408,790 | 171,038,349 |
| Accumulated deficit | (211,485,106) | (207,884,954) |
| Total stockholders' deficit | (39,492,435) | (36,262,724) |
| Total liabilities and stockholders' deficit | $4,147,549 | $4,262,258 |
CAREVIEW COMMUNICATIONS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THEthree and nine months ended September 30, 2024 and 2023
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |
| Revenues | ||||
| Subscription-based lease revenue | $997,771 | $1,031,828 | $3,016,915 | $3,409,523 |
| Sales-based equipment package revenue | 120 | 876,126 | 816,935 | 2,872,911 |
| Sales-based software bundle revenue | 934,491 | 517,436 | 2,275,409 | 1,635,324 |
| Total revenues | 1,932,382 | 2,425,390 | 6,109,259 | 7,917,758 |
| Operating expenses: | ||||
| Cost of equipment | - | 105,311 | 91,644 | 362,241 |
| Network operations | 905,385 | 537,779 | 2,389,370 | 2,006,308 |
| General and administration | 758,615 | 684,848 | 2,165,908 | 2,434,568 |
| Sales and marketing | 292,215 | 423,184 | 856,432 | 822,417 |
| Research and development | 593,686 | 621,929 | 1,636,396 | 1,655,934 |
| Depreciation and amortization | 66,957 | 95,874 | 206,424 | 376,502 |
| Total operating expense | 2,616,858 | 2,468,925 | 7,346,174 | 7,657,970 |
| Operating income (loss) | (684,476) | (43,535) | (1,236,915) | 259,788 |
| Other income and (expense) | ||||
| Interest expense | (802,125) | (830,994) | (2,406,375) | (2,527,955) |
| Interest income | 15,946 | 4,628 | 43,138 | 6,647 |
| Total other expense | (786,179) | (826,366) | (2,363,237) | (2,521,308) |
| Loss before taxes | (1,470,655) | (869,901) | (3,600,152) | (2,261,520) |
| Provision for income taxes | - | - | - | - |
| Net loss | $(1,470,655) | $(869,901) | $(3,600,152) | $(2,261,520) |
| Net loss per share | $(0.00) | $(0.00) | $(0.01) | $(0.01) |
| Weighted average number of common shares outstanding, basic, and diluted | 583,880,748 | 583,880,748 | 583,880,748 | 417,517,785 |
CAREVIEW COMMUNICATIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’** DEFICIT**
FOR THEthree and nine months ended September 30, 2024 and 2023
| Additional | |||||
|---|---|---|---|---|---|
| Common Stock · Paid in · Accumulated | |||||
| Shares | Amount | Capital | Deficit | Total | |
| Balance, January 1, 2023 | 141,880,748 | $141,881 | $127,130,055 | $(203,932,665) | $(76,660,729) |
| Stock based compensation | - | - | 62,260 | - | 62,260 |
| Debt to equity conversion at $0.10 | 262,000,000 | 262,000 | 25,938,000 | - | 26,200,000 |
| Net loss | - | - | - | (1,346,812) | (1,346,812) |
| Balance, March 31, 2023 | 403,880,748 | $403,881 | $153,130,315 | $(205,279,477) | $(51,745,281) |
| Stock based compensation | - | - | 54,796 | - | 54,796 |
| Debt to equity conversion at $0.10 | 180,000,000 | 180,000 | 17,820,000 | - | 18,000,000 |
| Net loss | - | - | - | (44,807) | (44,807) |
| Balance, June 30, 2023 | 583,880,748 | $583,881 | $171,005,111 | $(205,324,284) | $(33,735,292) |
| Stock based compensation | - | - | 24,844 | - | 24,844 |
| Net loss | - | - | - | (869,901) | (869,901) |
| Balance, September 30, 2023 | 583,880,748 | $583,881 | $171,029,955 | $(206,194,185) | $(34,580,349) |
| Balance, January 1, 2024 | 583,880,748 | $583,881 | $171,038,349 | $(207,884,954) | $(36,262,724) |
| Stock based compensation | - | - | 53,271 | - | 53,271 |
| Net loss | - | - | - | (1,022,226) | (1,022,226) |
| Balance, March 31, 2024 | 583,880,748 | $583,881 | $171,091,620 | $(208,907,180) | $(37,231,679) |
| Stock based compensation | - | - | 158,424 | - | 158,424 |
| Net loss | - | - | - | (1,107,271) | (1,107,271) |
| Balance, June 30, 2024 | 583,880,748 | $583,881 | $171,250,044 | $(210,014,451) | $(38,180,526) |
| Stock based compensation | - | - | 158,746 | - | 158,746 |
| Net loss | - | - | - | (1,470,655) | (1,470,655) |
| Balance, September 30, 2024 | 583,880,748 | $583,881 | $171,408,790 | $(211,485,106) | $(39,492,435) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.