5 unchanged sentences
We have discontinued funding future medical procedures due to our cash position
−Removed: 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 shareholder (see Note 6—Notes Payable and Long-Term Debt).
−Removed: We have not funded any procedures in 2019 and will not do so unless we can access additional capital.
+Added: 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 Peter Dalrymple, a director and shareholder (see Note 6—Notes Payable in the Notes to Consolidated Financial Statements).
+Added: We have not funded any procedures in 2020 and will not do so in the future 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.
−Removed: 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.
−Removed: As an alternative, we are also investigating possible strategic business transactions with third party companies.
+Added: If we are unable to access additional capital in the near future, these recent developments will have a material negative impact on our financial performance and could have a material adverse effect on our results of operations and financial condition.
Management has determined that certain factors raise substantial doubt about our ability to continue as a going concern, and our continued existence is dependent upon our ability to successfully execute our business plan.
The financial statements included with this report are presented under the assumption that we will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business over a reasonable length of time.
−Removed: Management has determined that certain factors raise substantial doubt about our ability to continue as a going concern, including our net loss of $1,612,569 for the year ended December 31, 2019 and our accumulated deficit of $19,840,789 at year-end.
+Added: Management has determined that certain factors raise substantial doubt about our ability to continue as a going concern, including our net loss of $297,394 for the year ended December 31, 2020 and our accumulated deficit of $20,138,182 at December 31, 2020.
We are not generating sufficient operating cash flows to support continuing operations.
1 unchanged sentence
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
−Removed: Our limited history in the healthcare services business makes an evaluation of us and our future extremely difficult, and profits are not assured.
−Removed: We have a limited operating history, having begun development of our healthcare services business at the end of December 2008 and having opened our first spine injury diagnostic center in August 2009.
+Added: Our history in the healthcare services business makes an evaluation of us and our future extremely difficult, and profits are not assured.
+Added: We began development of our healthcare services business at the end of December 2008 and opened our first spine injury diagnostic center in August 2009.
There can be no assurance that we will be profitable in the future or that investors’ investments in us will be returned to them in full, or at all, over time.
−Removed: In view of our limited history in the healthcare industry, an investor must consider our business and prospects in light of the risks, expenses and difficulties frequently encountered by companies in their early stages.
+Added: In view of our history in the healthcare industry, an investor must consider our business and prospects in light of the risks, expenses and difficulties encountered by companies in our industry.
There can be no assurance that we will be successful in undertaking any or all of the activities required for successful commercial operations.
4 unchanged sentences
We depend to a large extent on the services of certain key management personnel, including our executive officers and other key consultants, the loss of any of which could have a material adverse effect on our operations.
−Removed: There is no assurance that our executive officers will continue to be employed by us.
−Removed: We currently maintain $1,000,000 in key-man life insurance with respect to William Donovan, our Chief Executive Officer.
We may experience potential fluctuations in results of operations.
1 unchanged sentence
We have no control on how long it takes cases to settle, making it difficult to forecast cash flow.
−Removed: As a result of our limited operating history and the emerging nature of our business plan, it is difficult to forecast revenues or earnings accurately, which may fluctuate significantly from quarter to quarter.
−Removed: We had a history of significant operating losses prior to the opening of our first diagnostic center in August, 2009.
+Added: As a result of our operating history and the nature of our business plan, it is difficult to forecast revenues or earnings accurately, which may fluctuate significantly from quarter to quarter.
+Added: We have a history of significant operating losses and will need to increase operating expenses in the future if we decide to grow our business.
Since our inception in 1998, until commencement of our spine injury diagnostic operations in August 2009, our expenses substantially exceeded our revenue, resulting in continuing losses and an accumulated deficit from operations of $15,004,698 as of December 31, 2009.
Since that time, our accumulated deficit has increased to $20,138,182, as of December 31, 2020.
−Removed: We plan to decrease our operating expenses as we increase our service development, marketing efforts and brand building activities.
−Removed: We also plan to decrease our general and administrative functions to support our growing operations.
+Added: During the fourth quarter of 2018, we chose to discontinue funding future medical procedures due to our cash position.
+Added: Presently, we are trying to limit all operating expenses as much as possible.
+Added: If in the future we decide to increase our service development, marketing efforts and/or brand building activities, we will need to increase our operating expenses and our general and administrative functions to support such growth in operations.
+Added: No such growth in operations is presently planned.
We will need to generate significant revenues to achieve our business plan.
2 unchanged sentences
Any expectation of future profitability is dependent upon our ability to expand and develop our healthcare services business, of which there can be no assurances.
−Removed: If we are unable to manage growth, we may be unable to achieve our expansion strategy.
−Removed: The success of our business strategy depends in part on our ability to expand our operations in the future.
−Removed: Our growth has placed, and will continue to place, increased demands on our management, our operational and financial information systems, and other resources.
−Removed: Further expansion of our operations will require substantial financial resources and management attention.
−Removed: To accommodate our past and anticipated future growth, and to compete effectively, we will need to continue to improve our management, to implement our operational and financial information systems, and to expand, train, manage, and motivate our workforce.
−Removed: Our personnel, systems, procedures, or controls may not be adequate to support our operations in the future.
−Removed: Further, focusing our financial resources and diverting management’s attention to the expansion of our operations may negatively impact our financial results.
−Removed: Any failure to improve our management, to implement our operational and financial information systems, or to expand, train, manage, or motivate our workforce may reduce or prevent our growth.
We may incur significant expenses as a result of being a publicly traded company, which may negatively impact our financial performance.
48 unchanged sentences
If a court, payer or regulatory body determines that we have violated these laws, we could be subject to civil or criminal penalties, our contracts could be found legally invalid and unenforceable (in whole or in part), or we could be required to restructure our arrangements with our contracted physicians and other licensed providers.
−Removed: We operate in an industry that is subject to extensive federal, state, and local regulation, and changes in law and regulatory interpretations could reduce our revenue and profitability.
+Added: We operate in an industry that is subject to extensive federal, state, and local regulation, and changes in law and regulatory interpretations could reduce our revenue and profitability potential.
The healthcare industry is subject to extensive federal, state, and local laws, rules, and regulations relating to, among other things:
27 unchanged sentences
We may seek to raise equity or equity-related capital in the future.
−Removed: Additionally, we may seek to enter into a strategic business transaction with another company.
+Added: Additionally, we are presently seeking to enter into a strategic business transaction with another company.
Either event could result in us issuing a large number of shares of common stock.
23 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.