LATINOCARE MANAGEMENT CORP

CIK:0000743758|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 2,236,899	$ 2,089,536	$ 6,563,951	$ 5,858,329
Cost of revenues	1,857,465	1,999,019	6,112,604	5,608,404
Gross profit	379,434	90,517	451,347	249,925
Operating expenses
Sales, general, and administrative expenses	1,366,830	1,624,662	4,738,477	4,992,607
Impairment on intangible asset			20,202
Total operating expenses	1,366,830	1,624,662	4,758,679	4,992,607
Loss from operations	(987,396)	(1,534,145)	(4,307,332)	(4,742,682)
Other income (expense)
Other income (expense)	419		(3,479)
Employee retention credit				435,026
Total other income (expense)	419		(3,479)	435,026
Loss from operations before income taxes	(986,977)	(1,534,145)	(4,310,811)	(4,307,656)
Provision for income taxes
Net loss	(986,977)	(1,534,145)	(4,310,811)	(4,307,656)
Dividends on preferred stock
Net loss attributable to common shareholders	$ (986,977)	$ (1,534,145)	$ (4,310,811)	$ (4,307,656)
Net loss per share, basic (in Dollars per share)	$ 0	$ 0	$ 0	$ 0
Net loss per share, diluted (in Dollars per share)	$ 0	$ 0	$ 0	$ 0
Weighted-average common shares outstanding, basic (in Shares)	1,349,231,505	1,329,921,400	1,345,682,415	1,281,214,213
Weighted-average common shares outstanding, diluted (in Shares)	1,349,231,505	1,329,921,400	1,345,682,415	1,281,214,213

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (4,310,811)	$ (4,307,656)
Adjustment to reconcile net loss to net cash used in operating activities:
Loss on impairment of intangible asset	20,202
Depreciation and amortization	21,019	24,148
Stock-based compensation	1,381,422	1,253,643
Recovery of doubtful accounts	(80,469)
Changes in assets and liabilities:
Accounts receivable	(384,101)	(848,204)
Prepaid expenses and other assets	(45,159)	(89,020)
Accounts payable	13,343	(689,186)
Accrued expenses	183,534	54,618
Operating lease right-of-use asset and liability	6,000
Deferred revenue and customer deposit	585,615	(341,797)
Net cash used in operating activities	(2,609,405)	(4,943,454)
INVESTING ACTIVITIES
Payment of property and equipment	(863)
Net cash used in financing activities	(863)
FINANCING ACTIVITIES
Proceeds from sale of common stock, net		599,427
Proceeds from sale of preferred stock	2,500,000	5,000,000
Redemption of Series K Preferred stock	(1)
Net cash provided by financing activities	2,499,999	5,599,427
Net (decrease) increase in cash and cash equivalents	(110,269)	655,973
Cash and cash equivalents, beginning of period	110,899	55,831
Cash and cash equivalents, end of period	630	711,804
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest paid
Income taxes paid
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Right-of-use asset exchanged for lease liability		6,655
Cashless exercise of stock options	$ 9,823	$ 3,931

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 630	$ 110,899
Accounts receivable, net	981,914	517,344
Prepaid and other current Assets	102,711	58,982
Total current assets	1,085,255	687,225
Property and equipment, net	52,792	72,948
Right-of-use asset	116,910	147,480
Other assets
Security deposits	10,369	8,939
Goodwill and other intangible asset, net		20,202
Total other assets	10,369	29,141
TOTAL ASSETS	1,265,326	936,794
Current liabilities
Accounts payable	1,581,094	1,567,751
Accrued expenses	229,964	46,430
Operating lease liability	37,393	33,572
Deferred revenue and customer deposit	1,119,001	533,386
Total current liabilities	2,967,452	2,181,139
Operating lease obligation, net of current portion	85,516	113,907
Total liabilities	3,052,968	2,295,046
Commitment and Contingencies
Shareholders’ deficit
Preferred stock, value
Common stock, $0.001 par value; 10,000,000,000 and 2,000,000,000 authorized shares; 1,344,231,504 and 1,134,408,773 shares issued and outstanding, respectively	1,344,238	1,334,415
Additional paid-in capital	58,237,559	56,865,961
Common stock payable, consisting of 5,000,000 shares valued at $0.1128 per share	564,000	564,000
Preferred stock payable, consisting of 892,857 shares of Series I Preferred stock valued at $2.80 per share	2,500,000
Accumulated deficit	(64,435,843)	(60,125,032)
Total shareholders’ deficit	(1,787,642)	(1,358,252)
TOTAL LIABILITIES AND SHAREHOLDERS DEFICIT	1,265,326	936,794
Series A Preferred Stock
Shareholders’ deficit
Preferred stock, value
Series B Preferred Stock
Shareholders’ deficit
Preferred stock, value	18	18
Series C Preferred Stock
Shareholders’ deficit
Preferred stock, value	14	14
Series D Preferred Stock
Shareholders’ deficit
Preferred stock, value	86	86
Series E Preferred Stock
Shareholders’ deficit
Preferred stock, value	10	10
Series F Preferred Stock
Shareholders’ deficit
Preferred stock, value
Series G Preferred Stock
Shareholders’ deficit
Preferred stock, value	3	3
Series H Preferred Stock
Shareholders’ deficit
Preferred stock, value
Series I Preferred Stock
Shareholders’ deficit
Preferred stock, value	2,273	2,273
Series J Preferred Stock
Shareholders’ deficit
Preferred stock, value
Series K Preferred Stock
Shareholders’ deficit
Preferred stock, value