Company: EHSI
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001437749-25-034794
Chunk: 20

Company: Elite Health Systems Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 up to $5,500,000 and raised total proceeds of an aggregate of $5.8 million. As a result of these issuances, as of September 30, 2025, there were outstanding 21,939,924 shares of the Company’s Common Stock.

17

In July 2025, The Company announced plans to commence a private placement of shares of the Company’s common stock for expected proceeds of a minimum of $2,000,000 and up to a maximum of $5,000,000 at a price of $0.95 per share. A total of $1,890,000 was received at September 30, 2025 and has raised in excess of $3,000,000 at the date of this filing.

For this sale of securities in connection with private placement, no general solicitation was used, no commissions were paid, all participants in the private placement were accredited investors, and the Company relied on the exemption from registration available under Section 4(a)(2) and/or Rule 506(b) of Regulation D promulgated under the Securities Act with respect to transactions by an issuer not involving any public offering.

The Company presently intends to use the net proceeds from the private placement principally to execute the plan of Elite Health to establish a managed care organization that will operate as a Medicare Advantage plan for seniors.

The Company presently intends to use the net proceeds from the private placement principally to execute the plan of Elite Health to establish a managed care organization that will operate as a Medicare Advantage plan for seniors.

In fiscal year 2024, the Company incurred a net loss of $2,055,000 compared to $816,000 in fiscal year 2023. The Company has received conditional state and Federal approval to operate as a Medicare Advantage plan and is currently onboarding new members for which it will begin providing services to beginning on January 1, 2026. As a result, it has no revenue and significant expenses. The Company has funded operations through the sale of common stock. The Company recorded a losses of $2,026,000 and $1,034,000 during the nine months ended September 30, 2025 and 2024, respectively, had an accumulated deficit in stockholders’ equity of $6,471,000 and $4,445,000  at September 30, 2025 and December 31, 2024, respectively; cash and cash equivalents of $3,970,000 and $4,