SEC 8-K filings with transcript text
Nov 13, 2018
8-K 1 spineinj20181113_8k.htm
spineinj20181113_8k.htm
United States
Securities and Exchange Commission
Washington, D.C. 20549
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 13, 2018
Spine Injury Solutions, Inc.
(Exact name of registrant as specified in its charter)
Delaware
000-27407
98-0187705
(State Or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
5225 Katy Freeway
Suite 600
Houston, Texas 77007
(Address of principal executive office) (Postal Code)
(713) 521-4220
(Registrant's telephone number)
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:
☐ 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))
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 2.02 Results of Operations and Financial Condition.
On November 13, 2018, we issued a press release announcing results for the fiscal quarter ended September 30, 2018. Also on November 13, 2018, we held a conference call to discuss these results and related matters at 11:00 a.m. Eastern Time. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
No.
Exhibit
99.1
Press release dated November 13, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
/s/ William Donovan, M.D.
By: William Donovan, M.D.
Date: November 13, 2018
Chief Executive Officer
Aug 17, 2018
8-K 1 spineinj20180817_8k.htm
spineinj20180817_8k.htm
Washington, D.C. 20549
Current Report
Pursuant To Section 13 or 15(d) Of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 15, 2018
Spine Injury Solutions, Inc.
(Exact name of registrant as specified in its charter)
Delaware
000-27407
98-0187705
(State Or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
5225 Katy Freeway
Suite 600
Houston, Texas 77007
(Address of principal executive office) (Postal Code)
(713) 521-4220
(Registrant’s telephone number)
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:
☐ 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))
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 2.02 Results of Operations and Financial Condition.
On August 15, 2018, we issued a press release announcing results for the fiscal quarter ended June 30, 2018. Also on August 15, 2018, we held a conference call to discuss these results and related matters at 10:30 a.m. Eastern Time. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
No.
Exhibit
99.1
Press release dated August 15, 2018
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
/s/ William Donovan, M.D.
By: William Donovan, M.D.
Date: August 16, 2018
Chief Executive Officer
May 15, 2018
2 ex99-1.htm
Exhibit 99.1
Spine Injury Solutions Announces Results for the Fiscal First Quarter Ended March 31, 2018
HOUSTON, May 14, 2018 (GLOBE NEWSWIRE) -- Spine Injury Solutions, Inc. (OTCQB:SPIN), today announced financial results for its Fiscal 2018 first quarter ended March 31, 2018.
Financial Highlights
Ø
Revenues for the quarter ended March 31, 2018 increased 26% to $634,426, as compared to $501,163 during the same period the prior year.
Ø
Gross Profit increased 28% to $440,781, as compared to $344,359 during the same period the prior year.
Ø
Net income was $90,305, as compared to a loss of $49,389 for same period the prior year.
Dr. William Donovan, Chairman and Chief Executive Officer commented, “I am pleased to announce the first quarter was a period filled with opportunities for us due to our aggressive sales and marketing efforts we implemented in 2017. Throughout the quarter our affiliate programs continued to garner what we believe is increasing interest from our unique services. We continued to introduce our Quad Video Halo to our target markets and through these efforts we’ve been focusing on numerous applications to enhance our knowledge of the challenges encountered in these markets that require innovative solutions where the Quad Video Halo can play a central role. We continue to incorporate this input to ensure that we are meeting the specific needs of market applications in the most flexible manner.”
Results of Operations
For the Quarter ended March 31, 2018.
Comparison of the three month period ended March 31, 2018 with the three month period ended March 31, 2017.
We recorded $1,058,124 in gross revenue for the three months ended March 31, 2018, offset by $423,698 of the variable consideration discount resulting in net revenue of $634,426. For the same period in 2017, gross revenue was $831,320, offset by $330,157 of the variable consideration discount, resulting in net revenue of $501,163. For the three months ended March 31, 2018, we worked with four spine injury diagnostic centers: Houston, Texas; Tyler, Texas; Odessa, Texas and Las Cruces New Mexico. Service cost was $193,645 for the three months ended March 31, 2018 compared to $156,804 for the same period in 2017. The increase in service cost is attributable to the higher case volume in Odessa, coupled with our Las Cruces affiliate recording revenue for the first time in the first quarter of 2018.
During the three months ended March 31, 2018, we incurred $349,273 of operating, general and administrative expenses compared to $382,028 for the same period in 2017. Operating, general and administrative expenses were lower or the 2018 quarter compared to 2017 primarily because of a decrease in consulting fees, website planning expense and payroll expenses, website planning fees, and traveling expenses totaling approximately $48,000, coupled with increases in bad debt expense, travel expense, rent, legal expenses and other expenses of $15,000. The higher consulting costs for the quarter ended March 31, 2017 were mostly incurred in connection with the marketing of the QVH. There were no research and development costs during the quarter ended March 31, 201 2017. We also experienced an increase of $8,081 in non-cash operating charges from $46,827 for the three months ended March 31, 2017 to $54,908 for the three months ended March 31, 2018.
As a result of the foregoing, we had net profit of $90,305 for the three months ended March 31, 2018, compared to a net loss of $49,389 for the three months ended March 31, 2017.
Liquidity and Capital Resources
For the three months ended March 31, 2018, cash provided in operations was $5,068 which primarily included increases in accounts receivable of $74,201, increase of inventory of $15,782 and increases in prepaid expenses of $27,750, related party payables of $18,222 and accounts payable of $4,190. For the same period in 2017 cash used in operations was $93,553 which primarily included decreases in accounts receivable of $4,080 and increases in prepaid expenses of $27,750, related party payables of $44,066 and accounts payable of $23,255. We used no cash in investing activities for the three months ended March 31, 2018 and 2017.
Cash used in financing activities for the three months ended March 31, 2018 and 2017 consisted of repayments on our notes payable in the amount of $25,000 and $50,000, to two separate parties respectively. We collected $560,343 and $419,086 in settlements during the three months ended March 31, 2018 and 2017, respectively.
Conclusion
Dr. Donovan concluded, “We remain committed to developing long-term partnerships, increasing revenues, generating positive cash flow and remaining profitable. We are focused on establishing new strategic relationships, as well as pursuing unique opportunities with our current partners and potential affiliates. Our emphasis for the remainder of the fiscal year will be on maximizing our sales and marketin
Mar 29, 2018
2 ex99-1.htm
Exhibit 99.1
Spine Injury Solutions Announces Results for the Fiscal Full Year Ended December 31, 2017
Interactive video investor conference call for today, Thursday, March 29, 2018 at 4:20 p.m. (EDT) to discuss the company's financial results for fiscal year end 2017
March 29, 2018 -- Spine Injury Solutions, Inc. (OTCQB: SPIN), today announced financial results for its fiscal 2017 year ended December 31, 2017.
Dr. William Donovan, Chairman and Chief Executive Officer commented, "Fiscal 2017 marked a year of substantial progress in our commercialization efforts and our national affiliate expansion plans for Quad Video Halo. We continue to see significant interest in our Quad Video Halo through discussions with potential decision-makers and partners. We concluded the year with four Quad Video Halo systems in operation and 780 procedures conducted in 2017. The Quad Video Halo system continues to meet all of its performance requirements, and the level of satisfaction among doctors and patients continue to support and validate our entire business model.”
Dr. Donovan further stated, "I am pleased to announce we have affiliate programs in Houston, Odessa, Tyler, and one in New Mexico. We are focusing our efforts on expanding our footprint by entering new states through the collaboration with doctors and affiliates by making the Quad Video Halo system available strategically based on geographics and market need.”
2017 Financial Highlights
·
We collected $387k in collections 4Q17 bringing total collections to $17,900,000 since inception
·
YOY cash provided (used) from Operations in 2017 vs 2016 - ($149,806) in 2017 vs $202,614 in 2016
·
Gross margin increased to 70% in 2017 vs 68% in 2016
·
Net loss in 2017 was $405,924 vs $755,945 in 2016
·
EPS (loss) (-.02) in 2017 vs (-.04) in 2016
·
Non cash charges totaled $309,991 in 2017 compared to $789,135 in 2016
·
Collections in 2017 totaled $1,799,201 vs $2,378,793 in 2016
Dr. William Donovan, continued; “Although we are pleased with our overall performance, we faced a number of events that adversely affected our operations. One of the major causes of the lower revenues was Hurricane Harvey. This devastated Houston and prevented many patients from getting to our Houston affiliate’s office for examinations and treatments. Most patients spent 2-3 months trying to clean up from the floods. Our office in Houston was closed for 2 full weeks and was only partially open for the next 2 months.”
Results of Operations
For the year ended December 31, 2017 versus 2016:
We recorded $1,855,615 in net revenues with $571,769 in costs of services and gross profit of $1,283,846 for the year ended December 31, 2017 as compared to $2,117,078 in net revenues with $689,101 in costs of services and gross profit of $1,427,977 for the year ended December 31, 2016.
We recognize revenue by reference to “net revenue,” which is gross amounts billed using CPT codes less account discounts that are expected to result when individual cases are ultimately settled. A discount rate of 48% based on settled patient cases, was used to determine net revenue during 2017 and 2016. Accordingly, we had gross revenues of $3,059,327 with net revenues of $1,855,615 for the year ended December 31, 2017, versus gross revenues of $3,537,791 with net revenues of $2,117,078 for the year ended December 31, 2016.
Expenses
For the year ended December 31, 2017 versus 2016:
Operating, general and administrative expenses for the year ended December 31, 2017 were $1,624,717 as compared to $2,087,266 for the year ended December 31, 2016.
Bad debt expense, included in operating, general and administrative expenses, totaled $270,000 and $683,338, respectively, for the years ended December 31, 2017 and 2016.
Other income (expense) for the year ended December 31, 2017 was an expense of $49,365 as compared to expense of $50,995 for the year ended December 31, 2016. For the twelve months ended December 31, 2017, other income of $6,357 offset by expenses of $55,722. For the year ended December 31, 2016, other income was $7,057 offset by expenses of $58,502.
Net Income or Loss
For the year ended December 31, 2017 versus 2016:
Net loss for the year ended December 31, 2017 was $405,924 compared to net loss of $755,945 for the year ended December 31, 2016.
Liquidity and Capital Resources
For the year ended December 31, 2017 versus 2016:
During 2017, cash used in operating activities was $149,806 as compared to $202,616 of cash provided in 2016.
Cash flows used in financing activities totaled $25,000 for the year ended December 31, 2017, consisting of a payment of current debt of $75,000, and $50,000 of draws on our line of credit. For the year ended December 31, 2016, cash flows used from financing activities totaled $120,000, consisting of a payment of long-term debt of $250,000 draws of $130,000 on the line of credit.
Conclusion
Dr. Donovan concluded, "We continue
Aug 15, 2017
2 ex99-1.htm
Exhibit 99.1
Spine Injury Solutions reports Q2 2017 financial results. updates, new COO and reminds for interactive video conference call 4:20 ET today.
HOUSTON, August 14, 2017 -- Spine Injury Solutions, Inc. (OTCQB-SPIN), a technology-driven, medical service, and healthcare solution and financing company servicing the multi-billion dollar spine injury sector, today announces Financial Results for Q2, 2017. In addition it has scheduled an interactive video Investor webinar conference call for today, Monday August 14, 2017 at 4:20 p.m. (EST) to discuss the company's financial results for Q2, 2017, meet its new Chief Operating Officer (COO) and discuss plans for its nationwide affiliate expansion Roll-out for its core Personal Injury Case funding. Shareholders Question & Answers will follow.
Dr. William Donovan, Chairman/CEO Commented; “Earlier this year, the company made the decision to expand our core business model of funding spinal injury medical procedures through our own affiliates. This model has generated approximately 9,000 procedures in seven years, with collection of approximately $17 million. These collections were accomplished with an average of three to four affiliates. This expansion decision will require a branded, standardized and scalable program for replication nationally and additional funding will be necessary to accomplish this goal. I devoted additional resources in time and travel to explore new centers. With the announcement earlier today of a successful end to our search to fill the position of Chief Operating Officer (COO) promised last quarter, with more of my time released to tend to existing affiliates and new affiliates developing, I anticipate a sustainable turn towards profitability.
Donovan went on to say, “As you can see from a press release issued earlier today, Jeffrey Cronk, DC, JD, formerly an independent member of SPIN’s Board of Directors for the past two years, has now been appointed to the executive position of Chief Operating Officer. Jeff’s primary responsibilities will be to review organizational operations as well as to develop the national expansion of our affiliate program.
I invite all interested parties to attend our Q2 2017 interactive video conference call where you will meet our new COO, or view its replay which will be out by tomorrow morning.”
Results of Operations
For the Quarter ended June 30, 2017.
Comparison of the three month period ended June 30, 2017 with the three month period ended June 30, 2016.
We recorded $730,894 in gross revenue for the three months ended June 30, 2017, offset by $304,830 of the settlement discount resulting in net revenue of $426,064. For the same period in 2016, gross revenue was $892,926, offset by $358,142 of settlement discount, resulting in net revenue of $534,784. Revenue was negatively affected by the reduced case volume of the Tyler affiliate who saw revenue drop $105,674 from 2016. For the three months ended June 30, 2017, we worked with three spine injury diagnostic centers: Houston, Texas; Tyler, Texas and Odessa, Texas. West Texas/Lubbock, Texas will become active in the third quarter of 2017. Service cost was $140,583 for the three months ended June 30, 2017 compared to $184,789 for the same period in 2016. The decrease in service cost is attributable to the lower case volume in Houston and the reduced revenue of the Tyler affiliate.
During the three months ended June 30, 2017, we incurred $417,467 of operating, general and administrative expenses compared to $414,419 for the same period in 2016. Operating, general and administrative expenses were flat for the 2017 quarter compared to 2016. There was research and development costs of $12,203 during the quarter ended June 30, 2017 as compared to $13,698 in 2016.
As a result of the foregoing, we had a net loss of $155,529 for the three months ended June 30, 2017, compared to a net loss of $91,987 for the three months ended June 30, 2016.
Liquidity and Capital Resources
For the six months ended June 30, 2017, cash used in operations was $196,584 which primarily included increases in accounts receivable of $105,149 and increases in prepaid expenses of $18,500, related party payables of $35,877 and accounts payable of $30,019. For the same period in 2016 we had a increase in accounts receivable of 122,019, inventories of $12,175, prepaid expenses of $24,250, and a decrease in accounts payable of $29,488, partially offset by net loss of $38,828 and an decrease of $29,400 in due to related party. We used no cash in investing activities for the six months ended June 30, 2017 and 2016.
Cash used in financing activities for the six months ended June 30, 2017 and 2016 consisted of repayments on our notes payable in the amount of $50,000 and $0, respectively, and net draws (repayments) on our line of credit of $75,000 and $20,000, respectively.
Conference Call Details
Conference Call: An investor's conference call wi
Mar 28, 2017
2 ex99-1.htm
Exhibit 99.1
Spine Injury Solutions reports YE 2016 financial results and reminds for conference call 4:20 ET Today.
HOUSTON, March 28, 2017 -- Spine Injury Solutions, Inc. (OTCQB-SPIN), a technology-driven, medical service, and healthcare solution and financing company servicing the multi-billion dollar spine injury sector, today announces financial results for year ending December 31, 2016 that it has scheduled an interactive video investor conference call for today, Tuesday, March 28, 2017 at 4:20 p.m. (EST) to discuss the company's financial results for YE 2016, its new nationwide affiliate expansion roll-out for its case funding along with the current marketing status of its patented Quad Video HALO™ v.3.0, shareholders Question & Answers will follow.
2016 Highlights and Subsequent Events
·
New National Affiliate expansion program initiated targeting 6-8 affiliates over next 12-18 months
·
Affiliate added in Lubbock, TX
·
SVP of Sales & Marketing, Dr. Matthew DeGaetano appointed
·
Quad Video HALO™ V3.0 EU Patent Pending
·
$15 Million collections milestone passed, ending with $16.1 Million
·
Developed two new leasing programs for QVH 3rd Party Sales.
·
Ended 2016 with strong cash & available credit facilities
·
Increased operational efficiency of core business as seen by improved top and bottom line, lower SG&A and strong increase in Gross Margins.
2016 Financial Highlights
·
YoY Cash Provided from Operations provided to $202,616 as compared to used of $429,297
·
2016 Gross Margin Increased to Record 68% from 61% 2015
·
Full year net loss YoY decreased from 2015 of $1,057,604 to this year of $745,945
·
Full year YoY net loss per share decreased 42% from -$.054 to -$.038 PS
·
2016 Non-cash charges of $789,135 exceeded the 2016 $745,945 loss.
Dr. William Donovan, Chairman/CEO Commented; “While revenues were flat year over year mainly due to ending of a legacy affiliate relationship in San Antonio in 2016, overall results had several bright spots., despite the fact we are not happy with the financial results for 2016. Our full year 2016 loss consisted mainly of noncash charges. Our loss per share was reduced by some 40% in 2016. The reduction would have been greater had we not reserved an additional $500,000 in bad debt reserves to account for the decreased collections in Florida. Cashflow had $202,000 provided from operations compared to $429,000 use in 2015. The best indicator for the future growth for SPIN is using the QVH on cases and continuing as done in 2016 increasing in gross margin to 68% from 61%. The percentages of settlements we collected was higher than we originally booked which boosted our gross margin percentage. Donovan went on to say, “While we spent a good part of last year investigating third party sales for the QVH, a near term costly endeavor, our increasing margins made us realize that our immediate plan should be to expand our case funding affiliate model. This model will be covered extensively on our conference call today. While there is no limiting factor to affiliate growth other than cash available to fund cases, our hope for the next 12 to 18 months is to add 6 to 8 affiliates.
Results of Operations
For the year ended December 31, 2016 versus 2015:
We recorded $2,117,078 in net revenues with $689,101 in costs of services and gross profit of $1,427,977 for the year ended December 31, 2016. For the year ended December 31, 2015, we recorded $2,192,181 in net revenues with $849,756 in costs of services and gross profit of $1,342,425. Revenue for 2016 was down due to our center in San Antonio electing not to continue the business relationship.
We recognize revenue by reference to “net revenue,” which is gross amounts billed using CPT codes less account discounts that are expected to result when individual cases are ultimately settled. A discount rate of a 48% based on settled patient cases, was used to determine net revenue during 2016 and 2015. Accordingly, we had gross revenues of $3,537,791 with net revenues of $2,117,078 for the year ended December 31, 2016, versus gross revenues of $4,384,362 with net revenues of $2,192,181 for the year ended December 31, 2015. The Company realized better than expected collections during 2016 related to its outstanding accounts receivable.
Expenses
For the year ended December 31, 2016 versus 2015:
Operating, general and administrative expenses for the year ended December 31, 2016 were $2,087,266 as compared to $2,085,986 for the year ended December 31, 2015. Operating expenses were flat primarily the result of an increase to bad debt expense offset by a decrease in legal costs, consulting costs, and marketing costs.
Bad debt expense, included in operating, general and administrative expenses, totaled $683,338 and $467,600, respectively, for the years ended December 31, 2016 and 2015. The increase in bad debt expense is primarily attributable to our dec
Nov 17, 2016
2 ex99-1.htm
Exhibit 99.1
Spine Injury Solutions, Inc. Reports Q3 2016 Financial Results and Reminds for Conference Call at 4:20 EST Today
·
Q3 Loss of $178,401 decreased 19% from $219,674 in Q3 15 –fourth consecutive quarterly decrease in loss.
·
Q3 Collections of $575,000 are highest of the year, passing the $15 million milestone since inception.
·
Q3 Gross Margins of 68%, a new record level.
·
Nationwide Marketing Initiative for QVH launched in November.
HOUSTON, Nov. 14, 2016 -- Spine Injury Solutions, Inc. (SPIN), a technology-driven, medical service, financing and healthcare solution company servicing the multi-billion dollar spine injury sector, reports Q3 2016 financial results and will hold an interactive video Investor conference call today Monday, November, 14, 2016, at 4:20 p.m. EST to discuss the Company's financial results for third quarter 2016 and provide an update on its current and future business initiatives.
Dr. Donovan, Chairman CEO stated, “While I am somewhat disappointed that no QVH sales were completed in Q3, our marketing team has made strides in formulating a strategic marketing plan which vastly increases the scope and size of our QVH product line. During the quarter, the Company presented its QVH v.3 and QVH Rx at several trade shows and workshops attracting some qualified leads. The biggest takeaway was feedback confirming that our new unique video documentation transparency QVH Rx system, which had its first operating room tests done earlier in the year, is engendering interest from administrators at hospitals, teaching hospitals/cadaver labs and ambulatory surgical centers for both its risk management aspects as well as education. Because of what we have learned, we feel we now have evidence of need for the Company to leverage our marketing efforts through national and regional commission only medical product rep firms.”
Donovan went on to say, “While net revenues may have declined a bit in Q3, net loss has also declined to its lowest level of the year, and our gross margin has increased to 68%, its best level ever. Additionally, Q3 cash collections of $575,000 was the highest of the year, bringing total cash received from our legacy business to over $15 million from inception.”
Results of Operations
Comparison of the three month period ended September 30, 2016 with the three month period ended September 30, 2015.
We recorded $782,276 in gross revenue for the three months ended September 30, 2016, offset by $323,318 of the expected settlement discount resulting in net revenue of $458,958. For the same period in 2015, gross revenue was $1,110,533, offset by $597,770 of the expected settlement discount, resulting in net revenue of $512,763. We ceased providing collection services to the San Antonio diagnostic center during the first quarter of 2016, and accordingly had no revenue in San Antonio for the three months ended September 30, 2016 versus the same quarter in 2015. This is the primary reason for the above decline in gross revenue between those two periods. Net revenue as a percentage of gross revenue increased to 58.7% for the three months ended September 30, 2016 from 46.2% for the three months ended September 30, 2015 due to a higher collection percentage in the 2016 quarter. We are currently providing technology and funding services to five spine injury diagnostic centers in the United States, which are located in Houston, Texas; Odessa, Texas; Tyler, Texas; El Paso, Texas; and Dallas, Texas.
Service cost was $146,314 for the three months ended September 30, 2016 compared to $221,557 for the same period in 2015. The decrease is due mainly to lower volume.
During the three months ended September 30, 2016, we incurred $459,126 of operating, general and administrative expenses compared with the $409,532 for the same period in 2015. The increase is attributable to increases in (i) travel costs of approximately $19,000, (ii) marketing costs of approximately $29,000, (iii) depreciation and amortization expense of approximately $3,000, (iv) payroll and benefit costs of approximately $10,000, (v) legal expenses of approximately $3,000 and (vi) office and operating expenses of $9,000, coupled with a decreases of (i) approximately $18,000 in consulting costs, and (ii) approximately $5,000 in subscriptions costs.
During the three months ended September 30, 2016, we incurred $18,862 of research and development expenses compared with $89,512 for the same period in 2015. The decrease is attributable to costs incurred during the three months ended September 30, 2015 for engineering and testing fees to verify the Quad Video Halo (“QVH”) meets certain standards. Our patented (Patent No. 9,084,577) technology meets UL compliance with specific immunity and emissions standards required by IEC 60601-1-2-2007.
As a result of the aforementioned, we had a net loss of $178,401 for the three months ended September 30, 2016, compared to a net loss of $219,674
Aug 12, 2016
2 ex99-1.htm
Exhibit 99.1
Spine Injury Solutions, Inc. Reports Q2 2016 Financial Results and Reminds for Conference Call at 4:20 EDT Today
·
New Sr. VP of Sales & Marketing Appointed
·
Q2 First Third Party Direct Sale of New QVH v.3.0
·
Q2 YoY Net Loss Reduced, -$91,987 or -$.005 PS from vs Loss of -$250,184 or -$.013 PS
·
Q2 YoY Gross Margin Increased to 66% from 59%
·
Conference Call Dial-in info provided below
HOUSTON, August 11, 2016 – Spine Injury Solutions, Inc. (OTCQB: SPIN), a technology-driven, medical service, and healthcare solution company servicing the multi-billion dollar spine injury sector, reports Q2 2016 financial results and will hold an interactive video Investor conference call today Thursday, August, 11, 2016, at 4:20 p.m. (EDT) to discuss the Company's financial results for second quarter 2016 and provide an update on its current and future business initiatives. In addition, new Sr. VP of Sales & Marketing Dr. Matthew DeGaetano will be introduced.
Dr. Donovan, Chairman CEO stated, “Q2 was a busy quarter in transitioning SPIN’s wholly owned subsidiary Quad Video HALO, from a development company, to now include sales. I am happy to say by quarter’s end,we were successful in placing one QVH v.3.0 unit into service. This unit was recorded as a purchase, with an option to buy additional units in the Dallas/Ft. Worth metroplex. This unit was placed with a seven doctor interventional pain management group. This group has a total of four centers in the metroplex area. A second unit was placed at a test site to explore the use of “per click” charges for QVH technology.
Donovan went on to say, “Also during the quarter, Management attended the Boston Bio Life Stem Cells / Regenerative Medicine Workshop in Boston as an exhibitor and cadaver lab participant. At the workshop, each of the attendees had the opportunity to work with the QVH 3.0 in real time on cadavers. Many of the attendees were representatives of multi-location practices. The real-time feedback was positive with many leads now being followed up by our sales department.”
Results of Operations
Comparison of the three month period ended June 30, 2016 with the three month period ended June 30, 2015.
We recorded $892,926 in gross revenue for the three months ended June 30, 2016, offset by $358,142 of the expected settlement discount resulting in net revenue of $534,784. For the same period in 2015, gross revenue was $1,083,138, offset by $514,965 of the expected settlement discount, resulting in net revenue of $568,173. The decrease in revenue is attributed to lower sales volume during the quarter, primarily in the San Antonio market. We are currently providing technology and funding services with five spine injury diagnostic centers in the United States, which are located in Houston, Texas; Odessa, Texas; Tyler, Texas; Dallas, Texas and El Paso, Texas. Additionally, we recorded our first sale of a Quad Video Halo unit for $60,000.
Service cost was $184,789 for the three months ended June 30, 2016 compared to $232,541 for the same period in 2015. The decrease is due mainly to lower volume.
During the three months ended June 30, 2016, we incurred $414,419 of operating, general and administrative expenses compared to $479,236 for the same period in 2015. The decrease is attributable to decreases in (i) consulting expenses of approximately $34,000, (ii) marketing costs of approximately $10,000, (iii) legal costs of approximately $14,000, (iv) travel expenses of approximately $17,000 (v) amortization costs of $5,000, coupled with an increase of approximately $12,000 in bad debt costs and other net general and administrative expenses of approximately $3,000.
During the three months ended June 30, 2016, we incurred $13,698 of research and development expenses compared with the $93,530 for the same period in 2015. The higher cost in 2015 is attributable to the engineering and testing fees paid to verify the Quad Video Halo (“QVH”) meets the professional testing requirements for medical equipment to be used in hospitals, surgery centers, and other healthcare facilities. Similar testing was not required in 2016. We continually improve and refine the QVH resulting in additional expense.
As a result of the foregoing, we had net loss of $91,987 for the three months ended June 30, 2016, compared to a net loss of $250,184 for the three months ended June 30, 2015.
Conference Call Details
Conference Call: An investor's conference call with management will be held on Thursday, August 11, at 4:20 p.m. (EDT). The call will be video WebCast with a short live Power Point Presentation followed by Q & A. The call may be accessed either by phone alone, which will not allow asking questions, or by phone and/or VOIP with headset after internet log-in with an on screen provided Audio Pin # which will allow verbally asking questions. Questions can also be typed into an online chat screen at any time during the pres
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