SPINE INJURY SOLUTIONS, INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
During the fourth quarter of 2018, the decision was made to discontinue our involvement in future medical procedures due to our limited cash position, which hampers our ability to pay back existing debt to a current director and stockholder (see Note 5—Term Loan). We were not involved in any procedures in 2021 and 2020, and will not resume procedures unless we can access additional capital. The service revenue we previously earned has resulted in longer settlement times and 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. If we are unable to access additional capital in the near future, these recent developments could have a material negative impact on our financial performance and could have a material adverse effect on our results of operations and financial condition.
We are actively pursuing a merger with a private company where they become the controlling company. We find this the best course of action for our stockholders.
Further, the COVID-19 pandemic has made it difficult for us to collect our accounts receivable, as attorney and medical offices are closed resulting in delayed settlements and medical procedures being canceled, which affects our lease revenue. We are uncertain how this pandemic will affect our ability to collect in the future or its overall effect on our lease revenue.
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