8-K
QHSLab, Inc. (USAQ)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
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 14, 2024
QHSLab,Inc.
(Exact Name of Registrant as Specified in its Charter)
0-19041
(Commission File No.)
| Nevada | 30-1104301 |
|---|---|
| (State<br><br> <br>of<br> Incorporation) | (I.R.S.<br> Employer<br><br> <br>Identification<br> No.) |
| 901<br> Northpoint Parkway Suite 302 West Palm Beach<br><br> <br>FL<br> 33407 | 33407 |
| (Address of Principal Executive<br> Offices) | (ZIP Code) |
Registrant’s telephone number, including area code: (929) 379-6503
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 (see General Instruction A.2. below):
| ☐ | Written communications<br> pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant<br> to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications<br> pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications<br> pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Securitiesregistered pursuant to Section 12(g) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.0001 par value | USAQ | N/A |
Item7.01 Regulation FD Disclosure.
On August 14, 2024, QHSLab, Inc. (the “Company”), issued a press release in which it reported strong second quarter and six-month 2024 results. The full text of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K (including the exhibit) is furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information in the Report that is required to be disclosed solely by Regulation FD.
We do not have, and expressly disclaim, any obligation to release publicly any updates or any changes in our expectations or any change in events, conditions, or circumstances on which any forward-looking statement is based.
We use, and will continue to use, our website (https://usaqcorp.com), press releases, and various social media channels, including our Twitter account (https://twitter.com/qhslabinc), LinkedIn account (https://www.linkedin.com/company/65407282/), Facebook account (https://www.facebook.com/QHSLabs) and Instagram account (https://www.instagram.com/qhslabs/) as additional means of disclosing public information to investors, the media and others interested in the Company. It is possible that certain information we post on our website, disseminate in press releases and on social media could be deemed to be material information, and we encourage investors, the media and others interested in the Company to review the business and financial information that we post on our website, disseminate in press releases and on the social media channels identified above, as such information could be deemed to be material information.
Item9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.
| Exhibit<br><br> <br>No. | Description |
|---|---|
| 99.1 | Press Release dated August 14, 2024 – QHSLab Inc. Reports Strong Second Quarter and Six-Month 2024 Results |
| 104 | Cover Page Interactive<br> Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this current report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Date: August 14, 2024 | |
|---|---|
| QHSLab, Inc. | |
| /s/ Troy Grogan | |
| Name: | Troy Grogan |
| Title: | CEO and Chairman |
Exhibit99.1
QHSLabInc. Reports Strong Second Quarter and Six-Month 2024 Results
SignificantImprovement in Profitability and Cash Flow Management
WESTPALM BEACH, FL, August 14, 2024 (GLOBE NEWSWIRE) — QHSLab Inc. (“the Company”) (OTCQB: USAQ), a leader in digital healthcare and point-of-care technologies designed to empower clinicians with proactive value-based healthcare solutions, today announced detailed financial results for the second quarter and six months ended June 30, 2024. The Company’s Integrated Service Program (ISP) has driven robust revenue growth and improved gross margins, while the Company focused on effective cost management and enhanced cash flow management.
FinancialHighlights:
ThreeMonths Ended June 30, 2024 vs. 2023:
| ● | Revenue: Increased to $473,073 in Q2 2024 from $404,769 in Q2 2023, reflecting a 17% rise driven<br> by a significant increase in ISP revenues. |
|---|---|
| ● | Gross Profit: Improved to $294,445 from $226,828, with gross margins increasing from 56.0%<br> to 62.2%. |
| ● | Operating Expenses: Slightly increased to $264,478 from $262,584. |
| ○ | Sales and Marketing Expenses: Increased to $134,183 from $128,084. |
| --- | --- |
| ○ | General and Administrative Expenses: Decreased to $47,455 from $55,950. |
| ○ | Research and Development Expenses: Increased to $64,812 from $60,522. |
| ● | Net Operating Income: Turned positive at $29,967 from a loss of $(35,756). |
| --- | --- |
| ● | Net Loss: Reduced significantly to $(2,890) from $(106,727). |
SixMonths Ended June 30, 2024 vs. 2023:
| ● | Revenue: Increased to $961,660 from $757,568, a 27% rise attributed to growth in ISP services<br> and Allergy Diagnostic Kits sales. |
|---|---|
| ● | Gross Profit: Improved to $580,603 from $414,170, with gross margins increasing to 60.4% from<br> 54.7%. |
| ● | Operating Expenses: Decreased to $537,032 from $570,684. |
| ○ | Sales and Marketing Expenses: Slightly increased to $256,129 from $252,036. |
| --- | --- |
| ○ | General and Administrative Expenses: Decreased to $137,397 from $158,522. |
| ○ | Research and Development Expenses: Decreased to $107,450 from $124,070. |
| ● | Net Operating Income: Improved to $43,571 from a loss of $(156,514). |
| --- | --- |
| ● | Net Loss: Reduced significantly to $(21,415) from $(299,282). |
CashFlow Management:
SixMonths Ended June 30, 2024 vs. 2023:
| ● | Net Cash from Operating Activities: Improved to $143,961 from a cash outflow of $(37,531)<br> in 2023. This improvement is mainly due to better working capital management, particularly<br> in accounts receivable and payable. |
|---|---|
| ● | Net Change in Cash: Increased to $52,618 from a decrease of $(69,847) in 2023. |
ExecutiveCommentary: Troy Grogan, President and CEO of QHSLab Inc., commented, “Our performance in the first half of 2024 demonstrates our capability to drive revenue growth while enhancing operational efficiency. The significant increase in ISP revenues and improved gross margins reflect our strategic focus on high-margin services. Our ongoing efforts to manage costs effectively are evident in the reduction of general and administrative expenses. As we continue to expand our product offerings and market reach, we remain committed to delivering sustainable growth and future value to our shareholders.”
StrategicDirection 2024: Enhancing QHSLab’s Growth and Operational Efficiency
As we move further into 2024, the Company is building upon its robust strategy aimed at expanding our footprint and enhancing our service offerings. Key areas of focus include:
| ● | Increasing Income per Customer/Account: |
|---|---|
| ○ | Enhance<br> digital assessment completion rates. |
| --- | --- |
| ○ | Expand<br> customer income opportunities. |
| ○ | Boost<br> allergy service line usage integrated with digital medicine assessments and programs. |
| ● | Expanding Customer/Account Base: |
| --- | --- |
| ○ | Enhance<br> marketing efforts and sales. |
| --- | --- |
| ○ | Strengthen<br> sales and customer relationships. |
| ● | Operational Improvements: |
| --- | --- |
| ○ | Identify<br> and address operational bottlenecks. |
| --- | --- |
| ○ | Strengthen<br> relationships with client administrative leadership. |
| ○ | Enhance<br> provider engagement and training. |
| ○ | Integrate<br> additional digital assessments and programs. |
For more information about QHSLab and our healthcare solutions, please visit www.qhslab.com.
AboutQHSLab, Inc.
QHSLab, Inc. (OTCQB: USAQ) is a medical device company providing digital healthcare solutions and point-of-care-diagnostic tests to primary care physicians. Digital healthcare allows doctors to assess patient responses quickly and effectively using advanced artificial intelligence algorithms. Digital healthcare can also remotely monitor patients’ vital signs and evaluate the effects of prescribed medicines and treatments on patients’ health through real-time data transferred from patient to doctor. QHSLab, Inc. also markets and sells point-of-care, rapid-response diagnostic tests used in the primary care practice. QHSLab, Inc.’s products and services are designed to help physicians improve patient monitoring and medical care while also improving their revenues.
Forward-LookingStatements
Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, future revenues, future products, and potential future results and acquisitions are examples of such forward-looking statements. Forward-looking statements are generally identified by words such as ‘may,’ ‘could,’ ‘believes,’ ‘estimates,’ ‘targets,’ ‘expects,’ or ‘intends,’ and other similar words that express risks and uncertainties. These statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of the introduction of new products, the inherent discrepancy in actual results from estimates, projections, and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release. The Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
InvestorRelations Contact:
OliviaGiamanco
QHSLab,Inc.
(929)379-6503
ir@usaqcorp.com
https://twitter.com/QHSLabInc