Company: EHSI
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001437749-25-034794
Chunk: 7

Company: Elite Health Systems Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 7
---
5 fiscal years, bringing the total shares outstanding to 21,939,924. The Company announced the commencement of a second offering in July 2025 and raised an additional $1,890,000 as of September 30, 2025 priced at $0.95 per share that is expected to be completed in November 2025. The second offering is expected to be completed at between $3,000,000 and $5,000,000. The Company sought and obtained approval from Stockholders in a special meeting held October 31, 2025 to acquire all the outstanding shares of Physician Support Systems, Inc., a practice management and consulting company to medical practices, with the issuance of 3,158,000. The transaction closed on November 01, 2025.

The Company has determined that its best opportunity for long term success is to concentrate its efforts and resources on establishing a managed care organization that will develop and operate Medicare Advantage plans for, and provide related health services to, seniors in California and other areas in the U.S., and could  pursue growth through other commercial opportunities and strategic transactions, including partnerships, acquisitions or mergers related and complementary to these activities and services.  

7

In furtherance of this plan, EHP filed for and was awarded a Knox-Keene license to offer managed health care plans in California in May 2025. In June 2025, EHP was notified by the Centers for Medicare and Medicaid Services (“CMS”) that it has conditionally approved EHP’s contract year (CY) 2026 Medicare Advantage/Medicare – Prescription Drug (MA-Only/MA-PD) application and executed a contract with EHP to formerly approve its health plan. In addition, EHSH recently formed Elite Health Plan of Nevada, Inc. to apply for a license to operate a Medicare Advantage plan in Nevada. EHP and Elite Health Plan of Nevada, Inc., both 100% owned by EHSH and managed and operated in a similar manner, are collectively referred to herein as “Elite Health.” In California, Elite Health began marketing its plan and onboarding new members in October 2025. Elite Health currently has no revenue, and will not be in a position to generate significant revenue from its Medicare Advantage Plan in January 2026 along with revenue from its acquisition of PSS which closed on November 1, 2025. The success of Elite Health will depend, in part, on gaining access to a sufficient network of providers, enrolling