There can be no guarantee of us continuing as a going concern ........
Management Overview
During the fourth quarter of 2018, the decision was made to discontinue funding future medical procedures due to our cash position, which also hampers our ability to pay back existing debt to Wells Fargo and a current director and shareholder. We did not fund any procedures in 2019 and will not do so unless we can access additional capital. The service revenue we have funded has resulted in longer settlement times, which has created a slowdown in cash collections. Additionally, our efforts to establish a market for the Quad Video Halo has not met our expectations and we have cut back its development and operations; however, in late 2018 we were able to sell certain contracts to customers for the use of our QVH units, along with image processing services.
Moving forward, our main focus will be on expansion of our QVH services through new affiliations with spine surgeons, orthopedic surgeons and other healthcare providers across the nation.
We continue to further refine and market our Quad Video Halo. We recorded $17,582 and $1,200 in QVH revenue in the three months ended March 31, 2019 and 2018 respectively. We hired consultants in the first quarter of 2019 to improve the functionality of the QVH and improve the processes resulting in our customers retaining our services. We moved out of the QVH warehouse in February of 2019.
There can be no guarantee of us continuing as a going concern if we cannot obtain additional funds. We continue to explore opportunities to raise additional capital to fund the Company’s operations.
