Company: EHSI
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001437749-25-034794
Chunk: 19

Company: Elite Health Systems Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 in 2024.

During the three months ended September 30, 2025 and 2024, the Company recorded no income tax benefit or provision.

For the three months ended September 30, 2025, the Company reported a net loss of $1,165,000 as compared to $290,000 for the same period a year earlier. The net loss was primarily due to investment in Elite prior to generation of any revenue.

Nine months ended September 30, 2025, Compared to Nine months ended September 30, 2024

Selling, general, and administrative expenses of $2,036,000 for the first nine months of 2025 were 57% higher than the $1,299,000 incurred during the comparable period in 2024, due mostly to the start-up costs for Elite Health Plan.

During the nine months ended September 30, 2025, recognized incurred no impact from its investment in unconsolidated entities compared to $101,000 gain from its investment in unconsolidated entities during the comparable period in 2024.

During the nine months ended September 30, 2025, and 2024, the Company recorded no income tax benefit or provision.

For the nine months ended September 30, 2025, the Company reported a net loss of $2,026,000 as compared to $1,034,000 for the same period a year earlier. The net loss was primarily due to investment in Elite prior to generation of any revenue.

Liquidity and Capital Resources 

The Company’s primary sources of liquidity are from equity transactions discussed below.

Net cash used in operating activities for the nine months ended September 30, 2025, was $1,448,000 as compared to $988,000 for the same period a year earlier. This change is primarily due to the Company using cash to invest in the Elite business. During the nine months ended September 30, 2025, the Company received no distributed earnings from unconsolidated entities as opposed to $268,000 of distributed earnings during 2024.

On January 16, 2024, the Company held an initial closing of a private placement of shares of the Company’s common stock to raise gross proceeds of not less than $1,000,000, and up to $2,000,000, at a price of $0.50 per share. Since the initial closing, the Company amended the terms of the private placement to raise