Company: EHSI
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001437749-25-026553
Chunk: 17

Company: Elite Health Systems Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 17
---
current assets

			1,486,000

			1,785,000

			Total assets

			$
			1,688,000

			$
			2,132,000

			Current liabilities

			$
			4,291,000

			$
			4,067,000

			Noncurrent liabilities

			3,359,000

			3,572,000

			Deficit

			(5,962,000
			)

			(5,507,000
			)

			Total liabilities and stockholder's deficit

			$
			1,688,000

			$
			2,132,000

14

Note D – Elite Health

Background.  Elite Health Plan, Inc. was formed in 2017 with the purpose of establishing a managed care organization that will develop and operate Medicare Advantage plans for seniors in California.  In addition to pursuing the required authorizations, including a Knox-Keene license from California’s Department of Managed Health Care (“DMHC”), necessary for the operation of full service health plans in California, and approval from the Centers for Medicare & Medicaid Services (“CMS”), the Company is considering engaging in related businesses and health services to support this mission. 

Medicare Advantage plans are offered by private companies and are regulated by the federal government and licensed by the state in which those companies operate.  Once it receives full approval, Elite Health expects to initially operate in the California counties of San Bernadino, Riverside, and Los Angeles, with the objective of addressing the growing number of Medicare eligible seniors in those markets. The Company then expects to apply to the State of Nevada and begin operations in Clark County, Nevada.  Because of the collective experience of its founders and affiliates as physicians, software executives, and health plan administrators, we believe that Elite Health will be positioned to bring to California and Nevada a comprehensive, community-based and cost-effective health care management service solution for these communities. 

Filing in California.  The Company initially applied for a license to operate a Medicare Advantage plan in Nevada.  However, the Company determined that a reciprocity agreement between California and Nevada would result in a more expedient path to licensing in Nevada would be to secure approvals in California first. For this reason, Elite Health is focused its efforts on completing the process toward obtaining a Knox-Keene license in California, and securing necessary approvals from CMS. It received