# EDGAR Filing Document

**Accession Number:** 0001864531
**File Stem:** 0001185185-25-001884
**Filing Date:** 2025-11
**Character Count:** 9377
**Document Hash:** f4da70bfceac97bf49342359b7bb27c8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-25-001884.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001185185-25-001884

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251128

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VSEE HEALTH, INC.
- **CENTRAL INDEX KEY:** 0001864531
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HEALTH SERVICES [8000]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 862970927
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41015
- **FILM NUMBER:** 251536008

**BUSINESS ADDRESS:**
- **STREET 1:** 980 N FEDERAL HWY
- **STREET 2:** #304
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33432
- **BUSINESS PHONE:** 5616727068

**MAIL ADDRESS:**
- **STREET 1:** 980 N FEDERAL HWY
- **STREET 2:** #304
- **CITY:** BOCA RATON
- **STATE:** FL
- **ZIP:** 33432

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DIGITAL HEALTH ACQUISITION CORP.
- **DATE OF NAME CHANGE:** 20210526

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **November 28, 2025**

**VSEE HEALTH, INC.**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-41015** | **86-2970927** |
| (State or other jurisdiction <br> of incorporation) | (Commission File Number) | (I.R.S. Employer<br> Identification No.) |

---

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| | |
|:---|:---|
| **980 N Federal Hwy #304 <br> Boca Raton, Florida** | **33432** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(561) 672-7068**

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on <br> which registered** |
| Common Stock, $0.0001 par value per share | VSEE | The Nasdaq Stock Market LLC |
| Warrants, which entitles the holder to purchase one (1) share of common stock at a price of $11.50 per whole share | VSEEW | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 8.01 Other Events.**

As previously reported, on September 2, 2025, the Company received a notification letter (the "Letter") from the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(b)(1) (the "Equity Rule") because the Company's stockholders' equity had fallen below the $2,500,000 required minimum for continued listing. The Company's stockholders' deficit was $18,488 as of December 31, 2024, as reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The Company filed an appeal of the determination to delist the Company's securities with the Nasdaq Hearings Panel (the "Panel") and a hearing before the Panel was held on September 9, 2025 (the "Hearing"). Based on the information presented by the Company at the Hearing, the Panel determined to grant the Company's request for an exception to complete its compliance plan.

The Staff subsequently notified the Company that the Panel, among other things, decided to grant the Company's request for continued listing on the Nasdaq Capital Market subject to the Company demonstrating, on or before December 1, 2025, compliance with the Equity Rule by filing public disclosure describing the transactions undertaken by the Company to achieve compliance with the Equity Rule and demonstrate long-term compliance with the Equity Rule, and by providing an indication of its equity following those transactions. The Panel noted that the Company may do so by including in the public disclosure a balance sheet not older than 60 days with pro forma adjustments for any significant transactions or events.

The Company believes that it has demonstrated compliance with the Equity Rule on a pro forma basis following closing of the following the exercise of certain outstanding warrants, the conversion into common stock of multiple outstanding convertible notes and preferred shares, and the exchange of certain outstanding payables of the Company into common stock and preferred shares (collectively, the "Transactions"):

A pro forma balance sheet, assuming the Transactions closed as of December 31, 2025, shows total stockholders' equity of $13.2 million, reflecting compliance with the Equity Rule, and is filed as Exhibit 99.1 to this Current Report on Form 8-K.

**Item 9.01 Financial Statements and Exhibits**

**(d) Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Pro Forma Balance Sheet as of December 31, 2025 (unaudited)](vseeex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: November 28, 2025 | **VSEE HEALTH, INC.** | **VSEE HEALTH, INC.** |
|  | By: | */s/* Milton Chen |
|  | Name: | Milton Chen |
|  | Title: | Co-Chief Executive Officer |

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## Exhibit 99.1

**Exhibit 99.1**

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| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
|  | **(Unaudited)** | |
| **ASSETS** |  |  |
| Current assets |  |  |
| Cash | 5902759 | 326115 |
| Accounts receivable, net of allowance for credit losses | 3728490 | 1716370 |
| Due from related party | 284614 | 531656 |
| Prepaids and other current assets | 422522 | 446826 |
| **Total current assets** | $**10338385** | $**3020967** |
| Right-of-use assets, net | 293588 | 379585 |
| Intangible assets, net | 8785006 | 10995000 |
| Goodwill | 4916694 | 4916694 |
| Fixed assets, net | 325748 | 680242 |
| **Total assets** | $**24659421** | $**19992488** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| Current liabilities |  |  |
| Accounts payable and accrued liabilities | 7126589 | 9343659 |
| Deferred revenue | 1315187 | 417815 |
| Due to related party | 51900 | 51900 |
| Operating lease liabilities | 82575 | 72836 |
| Financing lease liabilities | 234106 | 328833 |
| Factoring payable | 94220 | 179007 |
| Encompass Purchase liability | 265578 | 263918 |
| Equity Line of Credit | 42394 | 80000 |
| Quantum convertible note, related party at fair value |  | 3248000 |
| September 2024 Convertible Note, at fair value |  | 2094000 |
| Loan payable, related party | 471651 | 471651 |
| Line of credit | 456097 | 456097 |
| Notes payable, net of discount | 438550 | 433983 |
| Common stock issuance obligation | 31227 | 69621 |
| Exchange Note, at fair value |  | 1499000 |
| **Total current liabilities** | $**10610074** | $**19010320** |
| Notes payable, less current portion, net of discount | 584807 | 593941 |
| Operating lease liabilities, less current portion | 180439 | 269338 |
| Deferred revenue, net of current portion |  | 69999 |
| Deferred tax liability | 67379 | 67378 |
| **Total liabilities** | $**11442699** | $**20010976** |
| Stockholders' equity (deficit) |  |  |
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 2,788 and 6,158 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 1 | 1 |
| Common stock, $0.0001 par value; 100,000,000 shares authorized 45,192,374 and 16,297,190 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 4232 | 1630 |
| Additional paid-in capital | 88478448 | 67683754 |
| Accumulated deficit | (75265959) | (67703873) |
| **Total stockholders' equity (deficit)** | $**13216722** | $**(18488)** |
| **Total liabilities and stockholders' equity (deficit)** | $**24659421** | $**19992488** |

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