XML 19 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Financial Condition, Going Concern and Management Plans
3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Substantial Doubt about Going Concern [Text Block]

Note 2: Financial Condition, Going Concern and Management Plans

 

As of March 31, 2023, the Company had cash and cash equivalents of approximately $300, current liabilities of $20.4 million, and has incurred significant losses from the previous clinic operations. Our strategy is to acquire healthcare technology and service businesses that have a unique positioning that gives them a differentiated competitive advantage in the market that  improves patients’ experience and outcomes and reduces healthcare costs as compared to other available treatments and solution. As previously noted, we made a strategic decision to reduce our capital needs by closing our clinic operations in the fourth quarter of 2022 and releasing a significant portion of our staff. As we redevelop our new strategy for lower cost operations, we expect to focus on acquisition of existing healthcare technology and services businesses. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to execute its business plan.

 

Effective December 8, 2022, we closed all of our clinic locations due to a lack of funding. Subsequent to that date we have lost possession of all clinic locations. Due to difficulty in securing financing, we are uncertain of when or even if we will be able to resume operations at any clinic location.

 

As a result of these factors, there is substantial doubt about the ability of the Company to continue as a going concern for one year from the date the financial statements are issued. The Company’s continuance is dependent on raising capital and generating revenues sufficient to sustain operations. However, as of the date of these consolidated financial statements, no formal agreement exists.

 

The accompanying unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts classified as liabilities that might be necessary should the Company be forced to take any such actions.

 

The COVID-19 pandemic, decades-high inflation and concerns about an economic recession in the United States or other major markets has resulted in, among other things, volatility in the capital markets that may have the effect of reducing the Company’s ability to access capital, which could in the future negatively affect the Company’s liquidity. In addition, a recession or market correction due to these factors could materially affect the Company’s business and the value of its common stock.