What changed in this filing

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Item 1. Financial Statements

2022-08-09 compared with 2022-05-10 · 693 added, 468 removed, 687 unchanged (63% of the section changed)

Financial Statements

Condensed Consolidated Balance Sheets as of March 31, 2022 (Unaudited) and December 31, 2021

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended March 31, 2022 and 2021

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2022 and 2021

Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021

Condensed Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021

Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2022 and 2021

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021

Notes to Unaudited Condensed Consolidated Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

and Subsidiaries

CONSOLIDATED BALANCE SHEETS

Current assets:

2 unchanged sentences

$ 175,537,221

Accounts receivable, net of allowance of $ 8,023,348 and $ 7,377,389 as of March 31, 2022 and December 31, 2021, respectively

Accounts receivable, net of allowance of $ 7,047,958 and $ 7,377,389 as of June 30, 2022 and December 31, 2021, respectively

Prepaid expenses and other current assets

26 unchanged sentences

Common stock ($ 0.0001 par value;

500,000,000 shares authorized as of March 31, 2022 and December 31, 2021;

100,475,958 and 100,133,953 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)

500,000,000 shares authorized as of June 30, 2022 and December 31, 2021;

100,685,290 and 100,133,953 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)

Additional paid-in-capital

10 unchanged sentences

$ 309,602,652

The accompanying notes are an integral part

of these Condensed Consolidated Financial Statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

The accompanying notes are an integral part of these Condensed Consolidated

Financial Statements.

and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

Three Months Ended

Six Months Ended

$ 109,519,304

$ 227,410,856

$ 111,555,391

Cost of revenues (exclusive of depreciation and amortization, which is shown separately below)

10 unchanged sentences

Interest income (expense), net

Loss on remeasurement of warrant liabilities

Loss on initial equity method investments

Other income (loss)

Gain on remeasurement of warrant liabilities

Gain on initial equity method investments

Gain on remeasurement of finance leases

Loss on disposal of fixed assets

Total other income (expense)

1 unchanged sentence

( 1,888,066 )

Income tax expense

Income tax (expense) benefit

Net income (loss)

( 1,896,989 )

Net loss attributable to noncontrolling interests

Net income (loss) attributable to noncontrolling interests

( 2,237,048 )

2 unchanged sentences

( 1,646,216 )

( 3,324,580 )

Other comprehensive income (loss)

2 unchanged sentences

$ ( 1,551,561 )

$ ( 3,221,927 )

Net income (loss) per share attributable to DocGo Inc.

4 unchanged sentences

Weighted-average shares outstanding - Diluted

The accompanying notes are an integral part

of these Condensed Consolidated Financial Statements.

The accompanying notes are an integral part of these Condensed Consolidated

Financial Statements.

and Subsidiaries

4 unchanged sentences

Stockholders’

- December 31, 2020

Balance - December 31, 2020

$ 142,346,852

$ ( 87,300,472 )

of reverse acquisition

of share due to merger recapitalization

Effect of reverse acquisition

Conversion of share due to merger recapitalization

( 18,099,548 )

1 unchanged sentence

( 35,488,938 )

of reverse acquisition

Effect of reverse acquisition

( 87,300,472 )

issued for services

based compensation

Noncontrolling

interest contribution

currency translation

loss attributable to Noncontrolling interests

income attributable to stockholders of DocGo Inc.

Share issued for services

Stock based compensation

Noncontrolling interest contribution

Foreign currency translation

Net loss attributable to Noncontrolling interests

Net income attributable to stockholders of DocGo Inc.

and Subsidiaries

1 unchanged sentence

( 1,678,364 )

- March 31, 2021

Balance - March 31, 2021

$ 142,738,386

$ ( 88,978,836 )

- December 31, 2021

Stock based compensation

Foreign currency translation

Net income attributable to Noncontrolling interests

Net income attributable to stockholders of DocGo Inc.

and Subsidiaries

( 1,646,216 )

Balance - June 30, 2021

$ 143,108,386

of stock options

based compensation

Restricted Stock

$ ( 90,625,052 )

The accompanying notes are an integral part of these Condensed Consolidated

Financial Statements.

and Subsidiaries

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF CHANGES IN STOCKHOLDERS’ EQUITY

Preferred Stock

Common Stock 1

Comprehensive

Noncontrolling

interest contribution

currency translation

loss attributable to Noncontrolling interests

Stockholders’

Balance - December 31,

$ 283,161,216

$ ( 63,556,714 )

income attributable to stockholders of DocGo Inc.

$ 227,057,024

Exercise of stock options

Stock based compensation

Noncontrolling interest contribution

Foreign currency translation

Net loss attributable to Noncontrolling

( 1,257,257 )

attributable to stockholders of DocGo Inc.

and Subsidiaries

- March 31, 2022

Balance - March

$ 284,938,732

1 unchanged sentence

$ 240,264,309

The accompanying notes are an integral

part of these Condensed Consolidated Financial Statements.

Common stock repurchased

Exercise of stock options

Stock based compensation

Restricted Stock

Net loss attributable to Noncontrolling

Foreign currency translation

attributable to stockholders of DocGo Inc.

and Subsidiaries

Balance - June

$ 287,301,467

$ ( 40,191,367 )

$ 254,393,696

1 References to Class A Common Stock after November 5, 2021

refer to common stock of DocGo Inc., par value $0.0001.

See Note 1, “Description of Organization and Business Operations”

to the Condensed Consolidated Financial Statements for additional information.

The accompanying notes are an integral part of these Condensed Consolidated

Financial Statements.

and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES:

5 unchanged sentences

Amortization of finance lease right-of-use assets

Loss from equity method investment

Loss on disposal of assets

Gain from equity method investment

Bad debt expense

Stock based compensation

Loss on remeasurement of warrant liabilities

Gain on remeasurement of finance leases

( 1,388,273 )

Gain on remeasurement of warrant liabilities

( 2,969,017 )

Changes in operating assets and liabilities:

5 unchanged sentences

Accounts payable

( 2,927,492 )

Accrued liabilities

3 unchanged sentences

Acquisition of property and equipment

( 2,581,691 )

Acquisition of intangibles

Acquisition of businesses

( 1,016,430 )

( 1,023,643 )

Proceeds from disposal of property and equipment

Net cash used in investing activities

7 unchanged sentences

Proceeds from exercise of stock options

Common stock repurchased

Payments on obligations under finance lease

Net cash provided by (used in) financing activities

Effect of exchange rate changes on cash and cash equivalents

Net increase (decrease) in cash and restricted cash

( 1,411,565 )

Acquisition of businesses

Net cash provided by financing activities

Effect of exchange rate changes on cash and cash equivalents

Net increase in cash and restricted cash

Cash and restricted cash at beginning of period

1 unchanged sentence

$ 208,461,483

The accompanying notes are an integral part

of these Condensed Consolidated Financial Statements.

The accompanying notes are an integral part of these Condensed Consolidated

Financial Statements.

and Subsidiaries

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS

OF CASH FLOWS

Six Months Ended

Supplemental disclosure of cash and non-cash transactions:

3 unchanged sentences

Right-of-use assets obtained in exchange for lease liabilities

Fixed assets acquired in exchange for notes payable

Reconciliation of cash and restricted cash

$ 198,138,395

Restricted Cash

Total cash and restricted cash shown in statement of cash flows

The accompanying notes are an integral part of these Condensed Consolidated

Financial Statements.

$ 208,461,483

The accompanying notes are an integral part of

these Condensed Consolidated Financial Statements.

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Description of Organization and Business Operations

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(“Common Stock”), pursuant to the terms and conditions set forth in the Merger Agreement.

In connection with the Business Combination, DocGo raised $ 158.0 million

of net proceeds.

This amount was comprised of $ 43.4 million of cash held in Motion’s trust account from its initial public offering,

net of DocGo’s transaction costs and underwriters’ fees of $ 9.6 million, and $ 114.6 million of cash in connection with the

PIPE Financing.

The transaction costs consisted of banking, legal, and other professional fees, which were recorded as a reduction to

additional paid-in capital.

and its Subsidiaries (collectively, the “Company”) is a

healthcare transportation and mobile health services (“Mobile Health”) company that uses proprietary dispatch and communication

technology to provide quality healthcare transportation and healthcare services in major metropolitan cities in the United States and

the United Kingdom.

Mobile Health performs in-person care directly to patients in the comfort of their homes, workplaces and other non-traditional

LLC was originally formed in Delaware on June 17, 2015, as a limited liability company.

On November 1, 2017, with an effective date of

January 1, 2017, Ambulnz converted its legal structure from a limited liability company to a C-corporation and changed its name to Ambulnz,

Ambulnz is the sole owner of Ambulnz Holdings, LLC (“Holdings”) which was formed in the state of Delaware on August

5, 2015, as a limited liability company.

Holdings is the owner of multiple operating entities incorporated in various states in the United

States as well as within England and Wales, United Kingdom.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

connection with the Business Combination, DocGo raised $ 158.0 million of net proceeds.

This amount was comprised of $ 43.4 million of

cash held in Motion’s trust account from its initial public offering, net of DocGo’s transaction costs and underwriters’

fees of $ 9.6 million, and $ 114.6 million of cash in connection with the PIPE Financing.

The transaction costs consisted of banking, legal,

and other professional fees, which were recorded as a reduction to additional paid-in capital.

and its Subsidiaries (collectively,

the “Company”) is a healthcare transportation and mobile health services (“Mobile Health”) company that uses proprietary

dispatch and communication technology to provide quality healthcare transportation and healthcare services in major metropolitan cities

in the United States (“U.S.”) and the United Kingdom (“U.K.”).

Mobile Health performs in-person care directly

to patients in the comfort of their homes, workplaces and other non-traditional locations.

Ambulnz, LLC was originally formed in Delaware

on June 17, 2015, as a limited liability company.

On November 1, 2017, with an effective date of January 1, 2017, Ambulnz converted its

legal structure from a limited liability company to a C-corporation and changed its name to Ambulnz, Inc.

Ambulnz is the sole owner of

Ambulnz Holdings, LLC (“Holdings”) which was formed in the state of Delaware on August 5, 2015, as a limited liability company.

Holdings is the owner of multiple operating entities incorporated in various states in the U.S.

as well as within England and Wales, U.K.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Summary of Significant Accounting Policies

of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements

have been prepared in accordance with generally accepted accounting principles in the United States (“U.S.

GAAP”) and applicable

rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting.

Certain information

and disclosures normally included in the financial statements prepared in accordance with U.S.

GAAP have been condensed or omitted pursuant

to such rules and regulations.

As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with

the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31,

The Condensed Consolidated Balance Sheet as of December 31, 2021 included

herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required

The Condensed Consolidated Financial Statements

include the accounts and operations of the Company and its wholly owned subsidiaries.

All intercompany accounts and transactions are eliminated

upon consolidation.

Noncontrolling interests (“NCI”) on the Condensed Consolidated Financial Statements represent a portion

of consolidated joint ventures and a variable interest entity in which the Company does not have direct equity ownership.

transactions between consolidated entities have been eliminated.

Certain amounts in the prior years’ consolidated statements of

changes in stockholders’ equity and statements of cash flows have been reclassified to conform to the current year presentation.

accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting

principles in the United States (“U.S.

GAAP”) and applicable rules and regulations of the Securities and Exchange Commission

(“SEC”) regarding interim financial reporting.

Certain information and disclosures normally included in the financial statements

prepared in accordance with U.S.

GAAP have been condensed or omitted pursuant to such rules and regulations.

As such, the information

included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying

notes included in our Annual Report on Form 10-K for the year ended December 31, 2021.

Consolidated Balance Sheet as of December 31, 2021 included herein was derived from the audited financial statements as of that date,

but does not include all disclosures including notes required by U.S.

Condensed Consolidated Financial Statements include the accounts and operations of the Company and its wholly owned subsidiaries.

intercompany accounts and transactions are eliminated upon consolidation.

Noncontrolling interests (“NCI”) on the Condensed

Consolidated Financial Statements represent a portion of consolidated joint ventures and a variable interest entity in which the Company

does not have direct equity ownership.

Accounts and transactions between consolidated entities have been eliminated.

Certain amounts

in the prior years’ consolidated statements of changes in stockholders’ equity and statements of cash flows have been reclassified

to conform to the current year presentation.

to the Business Combination, the merger between Motion and Ambulnz, Inc.

18 unchanged sentences

of Consolidation

The accompanying Condensed

Consolidated Financial Statements include the accounts of DocGo Inc.

accompanying Condensed Consolidated Financial Statements include the accounts of DocGo Inc.

and its subsidiaries.

All significant intercompany transactions

and balances have been eliminated in these Condensed Consolidated Financial Statements.

The Company holds a variable interest in MD1 Medical Care P.C.

which contracts with physicians and other health professionals in order to provide services to the Company.

MD1 is considered a variable

interest entity (“VIE”) since it does not have sufficient equity to finance its activities without additional subordinated

financial support.

An enterprise having a controlling financial interest in a VIE must consolidate the VIE if it has both power and benefits—that

is, it has (1) the power to direct the activities of a VIE that most significantly impacts the VIE’s economic performance (power)

and (2) the obligation to absorb losses of the VIE that potentially could be significant to the VIE or the right to receive benefits

from the VIE that potentially could be significant to the VIE (benefits).

The Company has the power and rights to control all activities

of MD1 and funds and absorbs all losses of the VIE and appropriately consolidates MD1.

loss for the VIE was $ 85,379 as of March 31, 2022.

The VIE’s total assets, all of which were current, amounted to $ 509,769 on March

Total liabilities, all of which were current for the VIE, was $ 1,020,254 on March 31, 2022.

All significant intercompany

transactions and balances have been eliminated in these Condensed Consolidated Financial Statements.

Company holds a variable interest in MD1 Medical Care P.C.

(“MD1”) which contracts with physicians and other health professionals

in order to provide services to the Company.

MD1 is considered a variable interest entity (“VIE”) since it does not have

sufficient equity to finance its activities without additional subordinated financial support.

An enterprise having a controlling financial

interest in a VIE must consolidate the VIE if it has both power and benefits—that is, it has (1) the power to direct the activities

of a VIE that most significantly impacts the VIE’s economic performance (power) and (2) the obligation to absorb losses of

the VIE that potentially could be significant to the VIE or the right to receive benefits from the VIE that potentially could be significant

to the VIE (benefits).

The Company has the power and rights to control all activities of MD1 and funds and absorbs all losses of the

VIE and appropriately consolidates MD1.

loss for the VIE was $ 163,178 as of June 30, 2022.

The VIE’s total assets, all of which were current, amounted to $ 324,866 on June

Total liabilities, all of which were current for the VIE, was $ 913,150 on June 30, 2022.

The VIE’s total stockholders’

deficit was $ 510,485 on March 31, 2022.

deficit was $ 588,284 on June 30, 2022.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company’s functional currency is the U.S.

The functional

currency of our foreign operation is the respective local currency.

Assets and liabilities of foreign operations denominated in local

currencies are translated at the spot rate in effect at the applicable reporting date, except for equity accounts which are translated

at historical rates.

The Condensed Consolidated Statements of Operations and Comprehensive Income are translated at the weighted average

rate of exchange during the applicable period.

The resulting unrealized cumulative translation adjustment is not material to the financial

Company’s functional currency is the U.S.

The functional currency of our foreign operation is the respective local currency.

Assets and liabilities of foreign operations denominated in local currencies are translated at the spot rate in effect at the applicable

reporting date, except for equity accounts which are translated at historical rates.

The Condensed Consolidated Statements of Operations

and Comprehensive Income are translated at the weighted average rate of exchange during the applicable period.

The resulting unrealized

cumulative translation adjustment is not material to the financial statements.

preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets,

20 unchanged sentences

Company has one customer that accounted for approximately 30 % of sales and 15 % of net accounts receivable, and another customer that

accounted for 19% of sales and 17 % of net accounts receivable for the period ended March 31, 2022.

As of the period ended March 31, 2021,

accounted for 17 % of sales and 12% of net accounts receivable for the period ended June 30, 2022.

As of the period ended June 30, 2021,

one customer accounted for approximately 22 % of sales and 11 % of net accounts receivable, and another customer that accounted for 12 %

23 unchanged sentences

transition period, difficult or impossible because of the potential differences in accounting standards used.

Reclassifications

Certain reclassifications of amounts previously reported have been

made to the accompanying Condensed Consolidated Financial Statements to maintain consistency between periods presented.

The reclassifications

had no impact on previously reported net income or retained earnings.

and Cash Equivalents

and cash equivalents include all highly liquid investments with an original maturity of three months or less.

The Company maintains most

of its cash and cash equivalents with financial institutions in the United States.

The accounts at financial institutions in the United

States are insured by the Federal Deposit Insurance Corporation (“FDIC”) and are in excess of FDIC limits.

The Company had

cash balances of approximately $ 1,029,825 and $ 803,000 with foreign financial institutions on March 31, 2022 and December 31, 2021,

respectively.

Cash and cash equivalents include all highly liquid

investments with an original maturity of three months or less.

The Company maintains most of its cash and cash equivalents with financial

institutions in the U.S.

The accounts at financial institutions in the U.S.

are insured by the Federal Deposit Insurance Corporation (“FDIC”)

and are in excess of FDIC limits.

The Company had cash balances of approximately $ 797,000 and $ 803,000 with foreign financial institutions

on June 30, 2022 and December 31, 2021, respectively.

Cash and Insurance Reserves

14 unchanged sentences

maintains certain levels of cash and cash equivalents related to its self-insurance

Company also maintains certain cash balances related to its insurance programs, which are held in a self-depleting trust and

restricted as to withdrawal or use by the Company other than to pay or settle self-insured claims and costs.

These amounts are

reflected in “Restricted cash” in the accompanying Condensed Consolidated Balance Sheets.

Company also maintains certain cash balances related to its insurance programs, which are held in a self-depleting trust and restricted

as to withdrawal or use by the Company other than to pay or settle self-insured claims and costs.

These amounts are reflected in “Restricted

cash” in the accompanying Condensed Consolidated Balance Sheets.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Value of Financial Instruments

12 unchanged sentences

value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of

March 31, 2022 and December 31, 2021.

June 30, 2022 and December 31, 2021.

For certain financial instruments, including cash and cash equivalents, accounts receivable,

3 unchanged sentences

borrowing rates currently available to the Company for loans with similar terms, approximates its fair values.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company contracts with hospitals, healthcare facilities, businesses, state and local government entities, and insurance providers to

13 unchanged sentences

and Equipment

Property and equipment are stated at cost, net of accumulated depreciation

and amortization.

When an item is sold or retired, the costs and related accumulated depreciation or amortization are eliminated, and

the resulting gain or loss, if any, is recorded in operating expenses in the Condensed Consolidated Statement of Operations and Comprehensive

The Company provides for depreciation and amortization using the straight-line method over the estimated useful lives of the respective

and equipment are stated at cost, net of accumulated depreciation and amortization.

When an item is sold or retired, the costs and related

accumulated depreciation or amortization are eliminated, and the resulting gain or loss, if any, is recorded in operating expenses in

the Condensed Consolidated Statement of Operations and Comprehensive Income.

The Company provides for depreciation and amortization using

the straight-line method over the estimated useful lives of the respective assets.

A summary of estimated useful lives is as follows:

3 unchanged sentences

Expenditures that improve an asset or extend its estimated useful life are capitalized.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Development Costs

14 unchanged sentences

assets acquired in a business combination must meet to be recognized and reported apart from goodwill.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination.

22 unchanged sentences

Assets targeted for disposal are reported at the lower of the carrying amount or fair value less cost to sell.

periods ending March 31, 2022 and December 31, 2021, management determined that there was no impairment loss required to be recognized

periods ending June 30, 2022 and December 31, 2021, management determined that there was no impairment loss required to be recognized

for the carrying value of long-lived assets.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

and Indefinite-Lived Intangible Assets

21 unchanged sentences

period such determination is made.

For the periods ended March 31, 2022 and 2021, management determined that there was no impairment

loss required to be recognized in the carrying value of goodwill or other intangible assets.

The Company selected December 31 as

its annual testing date.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the periods ended June 30, 2022 and 2021, management determined that there was no impairment loss

required to be recognized in the carrying value of goodwill or other intangible assets.

The Company selected December 31 as its

annual testing date.

costs associated with the Company’s line of credit are deferred and recognized over the term of the line of credit as interest

9 unchanged sentences

from fully pursuing its own separate interests.

Related party transactions are recorded within operating expenses in

the Company’s Condensed Consolidated Statement of Operations and Comprehensive Income.

For details regarding the related party transactions

that occurred during the periods ended March 31, 2022 and 2021, refer to Note 15.

party transactions are recorded within operating expenses in the Company’s Condensed Consolidated Statement of Operations and Comprehensive

For details regarding the related party transactions that occurred during the periods ended June 30, 2022 and 2021, refer to

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

January 1, 2019, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”), as amended.

23 unchanged sentences

is primarily derived from:

Transportation

These services encompass both emergency response and non-emergency transport

Non-emergency transport services include ambulance transports and wheelchair transports.

Net revenue from transportation services is derived from the transportation of patients based

on billings to third party payors and healthcare facilities.

Transportation Services :

These services encompass both emergency response and non-emergency ambulance transport services.

Net revenue from transportation services is derived from the transportation of patients based on billings to third party payors and healthcare facilities.

Health Services :

These services include services performed at home and offices, COVID-19 testing and vaccinations, and event

services which include on-site healthcare support at sporting events and concerts.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

These services include services performed at home and offices, COVID-19 testing and vaccinations, and event services

which include on-site healthcare support at sporting events and concerts.

Company concluded that Transportation Services and any related support activities are a single performance obligation under ASC 606.

15 unchanged sentences

obligations are present in a contractual arrangement.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Transportation Services, the customer simultaneously receives and consumes the benefits provided by the Company as the performance obligations

8 unchanged sentences

the following table, revenue is disaggregated by as follows:

Three Months Ended

Six Months Ended

Primary Geographical Markets

1 unchanged sentence

$ 221,368,244

Segments/Service Lines

Transportation

$ 107,308,709

Total revenue

$ 109,519,304

$ 227,410,856

$ 111,555,391

Major Segments/Service Lines

Transportation Services

Mobile Health

Total revenue

$ 109,519,304

$ 227,410,856

$ 111,555,391

Based Compensation

The Company expenses stock-based compensation over the requisite service

period based on the estimated grant-date fair value of the awards.

The Company estimates the fair value of stock option grants using the

Black-Scholes option pricing model, and the assumptions used in calculating the fair value of stock-based awards represent management’s

best estimates and involve inherent uncertainties and the application of management’s judgment.

The Company accounts for forfeitures

as they occur.

All stock-based compensation costs are recorded in operating expenses in the Condensed Consolidated Statements of Operations

and Comprehensive Income.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Earnings per share represents the net income attributable to stockholders divided

by the weighted-average number of shares outstanding during the period.

Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were

exercised or converted into common stock of the Company during the reporting periods.

Potential dilutive common stock equivalents consist

of the incremental common shares issuable upon exercise of warrants and the incremental shares issuable upon conversion of stock options.

In reporting periods in which the Company has a net loss, the effect is considered anti-dilutive and excluded from the diluted earnings

per share calculation.

On March 31, 2021, the Company excluded from its calculation 25,555,492 shares because their inclusion would have

been anti-dilutive.

Company expenses stock-based compensation over the requisite service period based on the estimated grant-date fair value of the awards.

The Company estimates the fair value of stock option grants using the Black-Scholes option pricing model, and the assumptions used in

calculating the fair value of stock-based awards represent management’s best estimates and involve inherent uncertainties and the

application of management’s judgment.

The Company accounts for forfeitures as they occur.

All stock-based compensation costs are

recorded in operating expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income.

Earnings per share represents the net income attributable

to stockholders divided by the weighted-average number of shares outstanding during the period.

Diluted earnings per share reflects the

potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock

of the Company during the reporting periods.

Potential dilutive common stock equivalents consist of the incremental common stock issuable

upon exercise of warrants and the incremental shares issuable upon conversion of stock options.

In reporting periods in which the Company

has a net loss, the effect is considered anti-dilutive and excluded from the diluted earnings per share calculation.

On June 30, 2021,

the Company excluded from its calculation 39,446 shares because their inclusion would have been anti-dilutive.

Method Investment

On October 26, 2021, the Company acquired a 50 % interest in RND Health

Services Inc.

On October 26, 2021, the Company acquired a

50 % interest in RND Health Services Inc.

(“RND”) for $ 655,876 .

The Company uses the equity method to account for investments in which the Company has

the ability to exercise significant influence over the operating and financial policies of the investee but does not exercise control.

The Company’s carrying value in the equity method investee is reflected in the caption “Equity method investment” on

the condensed consolidated balance sheets.

Changes in value of RND are recorded in “Loss from equity method investment” on

the Condensed Consolidated Statements of Operations and Comprehensive Income.

The Company’s judgment regarding its level of influence

over the equity method investee includes considering key factors, such as ownership interest, representation on the board of directors,

and participation in policy-making decisions.

On November 1, 2021, the Company acquired a 20% interest in National

Providers Association, LLC (“NPA”) for $30,000.

The Company uses the equity method to account for investments in which the

Company has the ability to exercise significant influence over the operating and financial policies of the investee but does not exercise

The Company’s carrying value in the equity method investee is reflected in the caption “Equity method investment”

on the condensed consolidated balance sheets.

Changes in value of NPA are recorded in “Loss from equity method investment”

on the Condensed Consolidated Statements of Operations and Comprehensive Income.

The Company’s judgment regarding its level of influence

over the equity method investee includes considering key factors, such as ownership interest, representation on the board of directors,

and participation in policy-making decisions.

Effective December 21, 2021, three members withdrew from NPA resulting in the remaining

two members obtaining the remaining ownership percentage.

On December 31, 2021, and March 31, 2022, DocGo owned 50% of NPA.

The Company uses the equity method to account for

investments in which the Company has the ability to exercise significant influence over the operating and financial policies of the

investee but does not exercise control.

The Company’s carrying value in the equity method investee is reflected in the caption

“Equity method investment” on the Condensed Consolidated Balance Sheets.

Changes in value of RND are recorded in

“Gain from on equity method investment” on the Condensed Consolidated Statements of Operations and Comprehensive Income.

The Company’s judgment regarding its level of influence over the equity method investee includes considering key factors, such

as ownership interest, representation on the board of directors, and participation in policy-making decisions.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

On November 1, 2021, the Company acquired a 20%

interest in National Providers Association, LLC (“NPA”) for $30,000.

The Company uses the equity method to account for investments

in which the Company has the ability to exercise significant influence over the operating and financial policies of the investee but does

not exercise control.

The Company’s carrying value in the equity method investee is reflected in the caption “Equity method

investment” on the Condensed Consolidated Balance Sheets.

Changes in value of NPA are recorded in “Loss from equity method

investment” on the Condensed Consolidated Statements of Operations and Comprehensive Income.

The Company’s judgment regarding

its level of influence over the equity method investee includes considering key factors, such as ownership interest, representation on

the board of directors, and participation in policy-making decisions.

Effective December 21, 2021, three members withdrew from NPA resulting

in the remaining two members obtaining the remaining ownership percentage.

On December 31, 2021 and June 30, 2022, DocGo owned 50% of

the equity method, the Company’s investment is initially measured at cost and subsequently increased or decreased to recognize

21 unchanged sentences

The Company has elected not to apply the ASC 842 recognition criteria to any leases that qualify as short-term leases.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

taxes are recorded in accordance with ASC 740, Income Taxes (“ASC 740”), which provides for deferred taxes using an

15 unchanged sentences

accrued related to unrecognized tax benefits as income tax expense.

Issued Accounting Standards Not Yet Adopted

March 2022, the FASB issued ASU 2022-02, Financial Instruments – Credit Losses Troubled Debt Restructurings and Vintage

Disclosures (“ASU 2022-02”) , that eliminates accounting guidance for troubled debt restructurings by creditors in Subtopic

310-40 Receivables—Troubled Debt Restructurings by Creditors , while enhancing disclosure requirements for certain loan refinancings

and restructurings by creditors when a borrower is experiencing financial difficulty.

ASU 2022-02 also requires public business entities

to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the

scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost .

This ASU only affects entities

that already adopted ASU 2016-13, which is effective for fiscal years beginning after December 15, 2022.

The Company expects that this

ASU will not have a material impact on the Company’s Condensed Consolidated Financial Statements.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

Recently Issued Accounting Standards Not

In March 2022, the FASB issued ASU 2022-02, Financial

Instruments – Credit Losses Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) , that eliminates

accounting guidance for troubled debt restructurings by creditors in Subtopic 310-40 Receivables—Troubled Debt Restructurings

by Creditors , while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower

is experiencing financial difficulty.

ASU 2022-02 also requires public business entities to disclose current-period gross write-offs by

year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit

Losses—Measured at Amortized Cost .

This ASU only affects entities that already adopted ASU 2016-13, which is effective for fiscal

years beginning after December 15, 2022.

The Company expects that this ASU will not have a material impact on the Company’s Condensed

Consolidated Financial Statements.

Property and Equipment, net

and equipment, net, as of March 31, 2022 and December 31, 2021 are as follows:

equipment and furniture

Transportation

Property and equipment, net, as of June 30, 2022

and December 31, 2021 are as follows:

Office equipment and furniture

Transportation equipment

Medical equipment

Leasehold improvements

Accumulated depreciation

1 unchanged sentence

( 8,147,266 )

and equipment, net

Company recorded depreciation expense of $ 711,878 and $ 528,840 for three months ended March 31, 2022 and 2021, respectively.

Acquisition of Businesses and Asset Acquisitions

Ambulance Acquisition

November 20, 2020, AF WI LNZ, LLC, a subsidiary of Ambulnz-FMC North America LLC (“FMC NA”), a subsidiary of Holdings, entered

into the Share Purchase Agreement (the “Agreement”) with LJH Ambulance (“LJH”).

LJH was in the business of providing

medical transportation services.

The purchase price consisted of $ 465,000 cash consideration.

The Company also agreed to pay the Seller

50 % of all proceeds from accounts receivable that were outstanding as of the Agreement signing date that are actually received by the

Company after the Agreement closing date.

The LJH transaction closed on January 12, 2022 with the outstanding acquisition payable balance

of $ 282,518 being paid off on March 4, 2022.

Property and equipment, net

The Company recorded depreciation expense of $ 729,560

and $ 570,351 for the three months ended June 30, 2022 and 2021, respectively.

The Company recorded depreciation expense of $ 1,441,438

and $ 1,099,192 for six months ended June 30, 2022 and 2021, respectively.

The Company wrote off $ 45,645 of fully depreciated assets for

the six months ended June 30, 2022.

Acquisition of Businesses

LJH Ambulance Acquisition

On November 20, 2020, AF WI LNZ, LLC, a subsidiary

of Ambulnz-FMC North America LLC (“FMC NA”), a subsidiary of Holdings, entered into the Share Purchase Agreement (the “Agreement”)

with LJH Ambulance (“LJH”).

LJH was in the business of providing medical transportation services.

The purchase price consisted

of $ 465,000 cash consideration.

The Company also agreed to pay the Seller 50 % of all proceeds from accounts receivable that

were outstanding as of the Agreement signing date that are actually received by the Company after the Agreement closing date.

transaction closed on January 12, 2022 with the outstanding acquisition payable balance of $ 282,518 being paid off on March 4, 2022.

GMS Acquisition

On June 3, 2022, Holdings, entered into a Management Service Agreement

(the “Agreement”) with Government Medical Services, LLC (“GMS”), a provider of medical services.

On July 6, 2022

(the “Closing Date”), Holdings acquired GMS in exchange for $ 19 million in cash consideration.

Holdings also agreed to pay

GMS an additional $ 3 million upon GMS meeting certain performance conditions within a year of the Closing Date.

and Subsidiaries

TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Company recorded goodwill in connection with its acquisitions.

The changes in the carrying value of goodwill for the period ended March

31, 2022 are as noted in the tables below:

at December 31, 2021

acquired during the period

at March 31, 2022

assets consist of the following as of March 31, 2022 and December 31, 2021:

developed software

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

Century Acquisition

On August 13, 2019, Ambulnz-FMC North America LLC, a subsidiary of

Holdings, acquired 100 % of the outstanding shares of common stock of Century Ambulance Service, Inc.

was in the business of providing ambulette transportation services in New York City, Nassau and Suffolk Counties in New York State as

a Medicaid Common Carrier ambulette service.

The aggregate purchase price payable by Ambulnz

FMC-North America LLC was $400,000, consisting of $200,000 paid upon entering into the agreement with the remaining $200,000 to be paid

upon the transfer of relevant regulatory approvals including the licenses to operate in New York City, Nassau and Suffolk Counties in

New York State.

The purchase price was allocated to the licenses acquired to operate the acquired business in New York State.

The remaining

$ 209,474 purchase price payment was paid off on July 1, 2022.

The Company recorded goodwill in connection with

its acquisitions.

The changes in the carrying value of goodwill for the period ended June 30, 2022 are as noted in the tables below:

Carrying Value

Balance at December 31, 2021

Goodwill acquired during the period

Balance at June 30, 2022

Intangible assets consist of the following as

of June 30, 2022 and December 31, 2021:

June 30, 2022

Computer software

Operating licenses

Internally developed software

( 5,076,383 )

$ ( 5,332,871 )

developed software

December 31, 2021

Computer software

Operating licenses

Internally developed software

( 3,828,038 )

$ ( 4,053,793 )

Company recorded amortization expense of $ 633,363 and $ 422,024 for the three months ended March 31, 2022 and 2021, respectively.

amortization expense at March 31, 2022 for the next five years and in the aggregate are as follow:

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company recorded amortization expense of $ 645,715

and $ 457,960 for the three months ended June 30, 2022 and 2021, respectively.

The Company recorded amortization expense of $ 1,279,078

and $ 879,984 for the six months ended June 30, 2022 and 2021, respectively.

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

Future amortization expense at June 30, 2022 for

the next five years and in the aggregate are as follow:

2022, remaining

Accrued Liabilities

Accrued liabilities consist of the following as

of March 31, 2022 and December 31, 2021:

of June 30, 2022 and December 31, 2021:

Accrued bonus

12 unchanged sentences

Line of Credit

On May 13, 2021, the Company entered into a revolving loan and security

agreement with a bank (the “Lender”), with a maximum revolving advance amount of $ 12,000,000 .

Each Revolving Advance shall

bear interest at a per annum rate equal to the Wall Street Journal Prime Rate (3.50% as of March 31, 2022), as the same may change from

time to time, plus one percent (1.00%), but in no event less than five percent (5.00%) per annum, calculated on the basis of a 360-day

year for the actual number of days elapsed (“Contract Rate”).

The revolving loan has a maturity date of May 12, 2022 (“Maturity

This loan is secured by all assets of entities owned 100 % by DocGo Inc.

This loan is subject to certain financial covenants

such as a Fixed Charge Coverage Ratio and Debt to Effective Tangible Net Worth.

As of March 31, 2022 the outstanding balance was zero .

On May 13, 2021, the Company entered into a revolving

loan and security agreement with a bank (the “Lender”), with a maximum revolving advance amount of $ 12,000,000 .

Each Revolving

Advance carried interest at a per annum rate equal to the Wall Street Journal Prime Rate, plus one percent (1.00%), but in no event less

than five percent (5.00%) per annum, calculated on the basis of a 360-day year for the actual number of days elapsed (“Contract

The revolving loan had a maturity date of May 12, 2022 (“Maturity Date”).

This loan was secured by all assets

of entities owned 100 % by DocGo Inc.

This loan was subject to certain financial covenants such as a Fixed Charge Coverage Ratio and Debt

to Effective Tangible Net Worth, as defined in the agreement.

The Company decided not to renew the agreement on the Maturity Date, therefore,

the balance was $ 0 as of June 30, 2022.

On December 17, 2021, Ambulnz-FMC North America,

2 unchanged sentences

Each Revolving Advance shall bear interest at a per annum rate equal to the

Wall Street Journal Prime Rate (3.25% at December 31, 2021), as the same may change from time to time, plus one percent (1.00%), but in

no event less than five percent (5.00%) per annum, calculated on the basis of a 360-day year for the actual number of days in the applicable

Wall Street Journal Prime Rate (5.5% at June 30, 2022), as the same may change from time to time, plus one percent (1.00%), but in no

event less than five percent (5.00%) per annum, calculated on the basis of a 360-day year for the actual number of days in the applicable

The agreement is subject to certain financial covenants such as an unused fee, whereas the Company shall pay to the subsidiary

7 unchanged sentences

26, 2022, the Company drew $ 1,000,000 to fund operations and meet short-term obligations.

As of March 31, 2022, the outstanding balance

As of June 30, 2022, the outstanding balance

of the line of credit was $ 1,000,000 .

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

Notes Payable

The Company has various loans with finance companies with monthly installments

aggregating $ 60,499 , inclusive of interest ranging from 2.5 % through 7.5 %.

The notes mature at various times through 2051 and are secured

by transportation equipment.

The following table summarizes the Company’s notes payable:

Equipment and financing loans payable, between 2.5 % and 7.5 % interest and maturing through May 2051

The Company has various loans with finance companies

with monthly installments aggregating $ 60,499 , inclusive of interest ranging from 2.5 % through 7.5 %.

The notes mature at various times

through 2051 and are secured by transportation equipment.

The following table summarizes the Company’s

notes payable:

Equipment and financing loans payable, between 2.5 % and 7.5 % interest and maturing between January 2022 and May 2051

Loan received pursuant to the Payroll Protection Program

Total notes payable

1 unchanged sentence

Total non-current portion of notes payable

expense was $ 22,559 and $ 61,324 for the periods ended March 31, 2022 and December 31, 2021, respectively.

Interest expense was $ 43,508 and $ 61,324 for the

periods ended June 30, 2022 and December 31, 2021, respectively.

Future minimum annual maturities of notes payable

as of March 31, 2022 are as follows:

Notes Payable

as of June 30, 2022 are as follows:

2022, remaining

2 unchanged sentences

Long-term portion of notes payable

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Business Segment Information

Company conducts business as two operating segments, Transportation Services and Mobile Health services.

In accordance with ASC 280,

Segment Reporting , operating segments are components of an enterprise for which separate financial information is evaluated regularly

by the chief operating decision maker, who is the chief executive officer, in deciding how to allocate resources and assessing performance.

The Company’s business operates in two operating segments because the Company’s entities have two main revenue streams, and

the Company’s chief operating decision maker evaluates the Company’s financial information and resources and assesses the

performance of these resources by revenue stream.

The Company conducts business as two operating

segments, Transportation Services and Mobile Health services.

In accordance with ASC 280, Segment Reporting , operating segments

are components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker,

who is the chief executive officer, in deciding how to allocate resources and assessing performance.

The Company’s business operates

in two operating segments because the Company’s entities have two main revenue streams, and the Company’s chief operating

decision maker evaluates the Company’s financial information and resources and assesses the performance of these resources by revenue

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

The accounting policies of the segments are the

2 unchanged sentences

Health services segments based primarily on results of operations.

Operating results for the business segments of the Company are as follows:

Operating results for the business segments of

the Company are as follows:

Transportation

Mobile Health

Three Months Ended March 31, 2022

Three Months Ended June 30, 2022

$ 109,519,304

7 unchanged sentences

Long-lived assets

Three Months Ended March 31, 2021

Three Months Ended June 30, 2021

Income (loss) from operations

$ 123,134,784

Depreciation and amortization expense

$ ( 1,756,843 )

$ ( 140,208 )

$ ( 1,897,051 )

Stock compensation

Long-lived assets

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

Transportation

Mobile Health

Six Months Ended June 30, 2022

$ 177,423,113

$ 227,410,856

Income (loss) from operations

( 28,822,314 )

$ 198,330,033

$ 133,525,355

$ 331,855,388

Depreciation and amortization expense

1 unchanged sentence

Long-lived assets

assets include property, plant and equipment, goodwill and intangible assets.

Six Months Ended June 30, 2021

$ 111,555,391

Income (loss) from operations

( 4,000,937 )

( 1,615,198 )

$ 123,134,784

Depreciation and amortization expense

Stock compensation

Long-lived assets

Long-lived assets include property, plant and

equipment, goodwill and intangible assets.

Geographic Information

Revenues by geographic location are included in

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In November 2021, the Company’s Series A preferred stock was

cancelled and converted into the right to receive a portion of merger consideration issuable as common stock of DocGo, par value $ 0.0001 (the

“Common Stock”), pursuant to the terms and conditions set forth in the Merger Agreement.

The Company’s Condensed Consolidated

Statements of Changes in Stockholders’ Equity reflect the 2020 shares as if the Merger occurred in 2020.

to the reverse merger, on May 23, 2019, the Series A preferred stock was formed, and 40,000 shares were authorized.

of Series A preferred stock was convertible into Class A common stock at a conversion price of $ 3,000 per share, subject to adjustment

as defined in the articles of incorporation.

A preferred stockholders had voting rights equivalent to the number of common stock shares issuable upon conversion.

The Series A preferred

stockholders were entitled to a non-cumulative dividend equal to 8 % of the original issue price as defined in the agreement when

declared by the board of directors.

holders of the Series A preferred stock had preferential liquidation rights and rank senior to the holders of common stock.

If a liquidation

were to occur, the holders of the Series A preferred stock would have been paid an amount equal to $ 3,000 per share, subject to

adjustment as defined in the articles of incorporation, plus all accrued and unpaid dividends thereon.

After the payment of the Series

A preferred stockholders, the common stockholders would have been paid out on a pro-rate basis.

November 1, 2017, Ambulnz, Inc.

converted its legal structure from a limited liability company to a corporation and converted its membership

units into shares of common stock at a rate of 1,000 shares per membership unit.

The total authorized number of shares of common stock

converted was 100,000 shares, comprised of 35,597 shares of Class A common stock and 64,402 shares of Class B common stock.

to the reverse merger, on May 23, 2019, the Ambulnz, Inc amended and restated its articles of incorporation and the total authorized

common shares increased to 154,503 shares, comprised of 78,000 shares of Class A common stock and 76,503 shares of Class B common stock.

The Class A common stockholders had voting rights equivalent to one vote per share of common stock and the Class B common stockholders

have no voting rights.

Dividends may be paid to the common stockholders out of funds legally available, when declared by the board of

Preacquisition

On February 15, 2018, the Company issued warrants to purchase 1,367

shares of Class B common stock at a purchase price of $ 0.01 per share to an investor in conjunction with a capital investment.

had no expiration date.

Preferred Stock

In November 2021, the Company’s Series A

preferred stock was cancelled and converted into the right to receive a portion of merger consideration issuable as common stock of DocGo,

par value $ 0.0001 (the “Common Stock”), pursuant to the terms and conditions set forth in the Merger Agreement.

The Company’s

Condensed Consolidated Statements of Changes in Stockholders’ Equity reflect the 2020 shares as if the Merger occurred in 2020.

Prior to the reverse merger, on May 23, 2019,

the Series A preferred stock was formed, and 40,000 shares were authorized.

Each share of Series A preferred stock was convertible

into Class A common stock at a conversion price of $ 3,000 per share, subject to adjustment as defined in the articles of incorporation.

Series A preferred stockholders had voting rights

equivalent to the number of common stock shares issuable upon conversion.

The Series A preferred stockholders were entitled to a non-cumulative

dividend equal to 8 % of the original issue price as defined in the agreement when declared by the board of directors.

The holders of the Series A preferred stock had

preferential liquidation rights and rank senior to the holders of common stock.

If a liquidation were to occur, the holders of the Series

A preferred stock would have been paid an amount equal to $ 3,000 per share, subject to adjustment as defined in the articles of incorporation,

plus all accrued and unpaid dividends thereon.

After the payment of the Series A preferred stockholders, the common stockholders would

have been paid out on a pro-rata basis.

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

On November 1, 2017, Ambulnz, Inc.

converted its

legal structure from a limited liability company to a corporation and converted its membership units into shares of common stock at a

rate of 1,000 shares per membership unit.

The total authorized number of shares of common stock converted was 100,000 shares, comprised

of 35,597 shares of Class A common stock and 64,402 shares of Class B common stock.

Prior to the reverse merger, on May 23, 2019,

the Ambulnz, Inc amended and restated its articles of incorporation and the total authorized common stock increased to 154,503 shares,

comprised of 78,000 shares of Class A common stock and 76,503 shares of Class B common stock.

The Class A common stockholders had voting

rights equivalent to one vote per share of common stock and the Class B common stockholders have no voting rights.

Dividends may be paid

to the common stockholders out of funds legally available, when declared by the board of directors.

Share Repurchase Program

On May 24, 2022, the Company was authorized to

purchase up to $ 40 million of the Company’s common stock under a share repurchase program (the “Program”).

second quarter of 2022, the Company repurchased 70,000 shares of its common stock for $ 498,000 .

These shares were subsequently cancelled.

The Program does not obligate the Company to acquire any specific number of shares and will expire on November 24, 2023.

Under the Program,

shares may be repurchased using a variety of methods, including privately negotiated and/or open market transactions, including under

plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as part of accelerated

share repurchases, block trades and other methods.

The timing, manner, price and amount of any common stock repurchases under the Program

are determined by the Company in its discretion and depend on a variety of factors, including legal requirements, price and economic and

market conditions.

Preacquisition Warrants

On February 15, 2018, the Company issued warrants

to purchase 1,367 shares of Class B common stock at a purchase price of $ 0.01 per share to an investor in conjunction with a capital investment.

The warrants had no expiration date.

The fair value on the date of issuance was $ 5,400 per share, for a total fair value of $ 7,381,800 .

2019, the warrants were exchanged for warrants to purchase 2,461 shares of Series A preferred stock at a purchase price of $ 0.01 per share.

The exchanged warrants has no expiration date, and had a fair value on the date of issuance of $ 3,000 per share for a total fair value

of $ 7,383,000 .

On May 23, 2019, the warrants were exchanged for warrants to purchase 2,461 shares of Series A preferred stock at a purchase price of

$ 0.01 per share.

The exchanged warrants have no expiration date, and had a fair value on the date of issuance of $ 3,000 per share for

a total fair value of $ 7,383,000 .

These warrants were cashless exercised in November 2021 for 1,587,700 shares of common DocGo Inc.

common stock.

On June 5, 2019, the Company issued warrants to purchase 667 shares

of Series A preferred stock at a purchase price of $ 3,000 per share to an investor in conjunction with a capital investment.

would have expired on June 6, 2029.

The fair value on the date of issuance was $ 2,078 per warrant for a total fair value of $ 1,386,026 .

On June 5, 2019, the Company issued warrants to

purchase 667 shares of Series A preferred stock at a purchase price of $ 3,000 per share to an investor in conjunction with a capital investment.

The warrants would have expired on June 6, 2029.

The fair value on the date of issuance was $ 2,078 per warrant for a total fair value

of $ 1,386,026 .

These warrants were cashless exercised in November 2021 for 229,807 shares of common DocGo Inc.

common stock.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Stock Based Compensation

Stock Options

In 2021, the Company established the DocGo Inc.

7 unchanged sentences

Stock options granted have a maximum contractual term of 10 years.

On March 31, 2022, approximately 2.7 million employee

On June 30, 2022, approximately 3.0 million employee

stock options on a converted basis had vested.

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

The fair value of each stock option grant is estimated

17 unchanged sentences

8, 2021 Merger Agreement with Motion Acquisition Corp.

A discount for lack of marketability was applied to the non-controlling

and marketable fair value estimates determined above.

The determination of an appropriate discount for lack of marketability was based

on a review of discounts on the sale of restricted shares of publicly traded companies and put-based quantitative methods.

influenced the size of the discount for lack of marketability included (a) the estimated time it would take for a Company stockholder

to achieve marketability, and (b) the volatility of the Company’s business.

A discount for lack of marketability was applied

to the non-controlling and marketable fair value estimates determined above.

The determination of an appropriate discount for lack of

marketability was based on a review of discounts on the sale of restricted shares of publicly traded companies and put-based quantitative

Factors that influenced the size of the discount for lack of marketability included (a) the estimated time it would take for

a Company stockholder to achieve marketability, and (b) the volatility of the Company’s business.

The following assumptions were used to compute

the fair value of the stock option grants during the period ended March 31, 2022 and 2021:

Three Months Ended

the fair value of the stock option grants during the period ended June 30, 2022 and 2021:

June 30, 2022

Risk-free interest rate

1 unchanged sentence

Dividend yield

The following table summarizes the Company’s stock option activity under the Plan for the period ended March 31, 2022:

The following table summarizes the Company’s

stock option activity under the Plan for the period ended June 30, 2022:

Life in Years

3 unchanged sentences

Cancelled during the year

Balance as of, March 31, 2022

Options vested and exercisable at March 31, 2022

Balance as of June 30, 2022

Options vested and exercisable at June 30, 2022

The aggregate intrinsic value in the above table

is calculated as the difference between fair value of the Company’s common stock price and the exercise price of the stock options.

The weighted average grant date fair value per share for stock option grants during the periods ended March 31, 2022 and December

The weighted average grant date fair value per share for stock option grants during the periods ended June 30, 2022 and December 31,

2021 was $ 7.15 and $ 2.80 , respectively.

At March 31, 2022 and December 31, 2021, the total unrecognized compensation related

to unvested stock option awards granted was $ 22,868,377 and $ 20,792,804 , respectively, which the Company expects to recognize over a weighted-average

On June 30, 2022 and December 31, 2021, the total unrecognized compensation related to unvested

stock option awards granted was $ 22,868,377 and $ 20,792,804 , respectively, which the Company expects to recognize over a weighted-average

period of approximately 3.58 years.

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

Restricted Stock Units

The fair value of restricted stock units (“RSUs”) is determined

on the date of grant.

The Company records compensation expense in the Condensed Consolidated Statement of Operations and Comprehensive

Income on a straight-line basis over the vesting period for RSUs.

The vesting period for employees and members of the Board of Directors

ranges from one to four years.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The fair value of restricted stock units (“RSUs”)

is determined on the date of grant.

The Company records compensation expense in the Condensed Consolidated Statement of Operations and

Comprehensive Income on a straight-line basis over the vesting period for RSUs.

The vesting period for employees and members of the Board

of Directors ranges from one to four years.

Activity under RSUs was as follows:

Average Grant

Value Per RSU

Balance as of December 31, 2021

Vested and issued

Balance as of, March 31, 2022

Vested and unissued at March 31, 2022

Non-vested at March 31, 2022

Vested as of June 30, 2022

Balance as of June 30, 2022

Vested and unissued at June 30, 2022

Non-vested at June 30, 2022

The total grant-date fair value of RSUs granted

during the period ended March 31, 2022 was $ 1,049,999 .

For the period ended March 31, 2022, the Company

during the period ended June 30, 2022 was $ 1,049,999 .

For the period ended June 30, 2022, the Company

recorded stock-based compensation expense related to RSUs of $ 82,305 .

As of March 31, 2022, the Company had $ 1,467,949

As of June 30, 2022, the Company had $ 1,467,949

in unrecognized compensation cost related to non-vested RSUs, which is expected to be recognized over a weighted-average period of approximately 3.2 years.

Company is obligated to make rental payments under non-cancellable operating leases for office, dispatch station space, and transportation

equipment, expiring at various dates through 2026 .

Under the terms of the leases, the Company is also obligated for its proportionate

share of real estate taxes, insurance and maintenance costs of the property.

The Company is required to hold certain funds in restricted

cash and cash equivalents accounts under some of these agreements.

Operating Leases

The Company is obligated to make rental payments

under non-cancellable operating leases for office, dispatch station space, and transportation equipment, expiring at various dates through

Under the terms of the leases, the Company is also obligated for its proportionate share of real estate taxes, insurance and maintenance

costs of the property.

The Company is required to hold certain funds in restricted cash and cash equivalents accounts under some of these

Certain leases for property and transportation

6 unchanged sentences

that would require whether to exercise or not exercise the option.

Company’s lease agreements generally do not provide an implicit borrowing rate.

Therefore, the Company used a benchmark approach

to derive an appropriate imputed discount rate.

The Company benchmarked itself against other companies of similar credit ratings and

comparable quality and derived imputed rates, which were used to discount its real estate lease liabilities.

The Company used estimated

borrowing rates of 6 % on January 1, 2019, for all leases that commenced prior to that date, for office spaces and transportation equipment.

The table below comprise lease expenses for the periods ended March 31, 2022 and 2021:

The Company’s lease agreements generally

do not provide an implicit borrowing rate.

Therefore, the Company used a benchmark approach to derive an appropriate imputed discount

The Company benchmarked itself against other companies of similar credit ratings and comparable quality and derived imputed rates,

which were used to discount its real estate lease liabilities.

The Company used estimated borrowing rates of 6 % on January 1, 2019, for

all leases that commenced prior to that date, for office spaces and transportation equipment.

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

The table below comprise lease expenses for the

periods ended June 30, 2022 and 2021:

Three Months Ended

Six Months Ended

Components of total lease cost:

2 unchanged sentences

Total lease cost

Position as of March 31, 2022

Right-of-use lease assets and lease liabilities for the Company’s operating leases were recorded in the consolidated balance

sheets as follows:

Lease Position as of June 30, 2022

Right-of-use lease assets and lease liabilities

for the Company’s operating leases were recorded in the Condensed Consolidated Balance Sheets as follows:

Lease right-of-use assets

5 unchanged sentences

Total lease liability

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

and Discount Rate

Lease Terms and Discount Rate

Weighted average remaining lease term (in years) - operating leases

Weighted average discount rate - operating leases

Future minimum lease payments under the operating leases at March 31, 2022 are as follows:

Operating Leases

Undiscounted Cash Flows

Future minimum lease payments under the operating

leases at June 30, 2022 are as follows:

2022, remaining

3 unchanged sentences

Present value of future minimum lease payments

Operating lease expense were approximately $ 462,625

and $ 491,375 for the period ended March 31, 2022 and 2021, respectively.

For the quarter ended March 31, 2022, the Company

Operating lease expense was approximately $ 428,728

and $ 446,564 for the three months ended June 30, 2022 and 2021, respectively.

Operating lease expense was approximately $ 891,353

and $ 937,939 for the six months ended June 30, 2022 and 2021, respectively.

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

For the three months ended June 30, 2022, the

Company made $ 428,728 of fixed cash payments related to operating leases and $ 851,307 related to finance leases.

For the three months

ended June 30, 2021, the Company made $ 446,564 of fixed cash payments related to operating leases

and $ 652,891 related to finance leases.

For the six months ended June 30, 2022, the Company

made $ 891,353 of fixed cash payments related to operating leases and $ 1,473,882 related to finance leases.

For the six months

ended June 30, 2021, the Company made $ 937,939 of fixed cash payments related to operating leases

and $ 1,254,392 related to finance leases.

Finance Leases

The Company leases vehicles under a non-cancelable

finance lease agreements with a liability of $ 9,664,850 and $ 10,139,410 for the quarter ended March 31, 2022 and December 31, 2021, respectively.

This includes accumulated depreciation expense of $ 7,951,023 and $ 7,095,242 as of March 31, 2022 and December 31, 2021, respectively.

finance lease agreements with a liability of $ 7,931,349 and $ 10,139,410 as of June 30, 2022 and December 31, 2021, respectively.

includes accumulated depreciation expense of $ 8,837,761 and $ 7,095,242 as of June 30, 2022 and December 31, 2021, respectively.

Depreciation expense for the vehicles under non-cancelable

lease agreements amounted to $ 855,781 and $ 646,812 for the quarter ended March 31, 2022 and 2021, respectively.

lease agreements amounted to $ 662,495 and $ 710,645 for the three months ended June 30, 2022 and 2021, respectively.

Depreciation expense for the vehicles under non-cancelable

lease agreements amounted to $ 1,518,276 and $ 1,357,457 for the six months ended June 30, 2022 and 2021, respectively.

Gain on Lease Remeasurement

In June 2022, the Company reassessed its finance

lease estimates relating to vehicle milage and residual value.

As a result, the Company determined to purchase the vehicles at the end

of the leases which resulted in a gain of $ 1.4 million recorded as gains from lease accounting on the Unaudited Condensed Consolidated

Statement of Operations and Comprehensive Income (Loss).

Lease Payments

The table below presents lease payments for the

periods ended March 31, 2022 and 2021:

periods ended June 30, 2022 and 2021:

Three Months Ended

Six Months Ended

Components of total lease payment:

2 unchanged sentences

Total lease payments

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Position as of March 31, 2022

lease assets and lease liabilities for the Company’s finance leases were recorded in the consolidated balance sheet as follows:

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

Lease Position as of June 30, 2022

Right-of-use lease assets and lease liabilities

for the Company’s finance leases were recorded in the Condensed Consolidated Balance Sheets as follows:

Lease right-of-use assets

5 unchanged sentences

Total lease liability

Terms and Discount Rate

table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate

for the Company’s finance leases as of March 31, 2022:

Lease Terms and Discount Rate

The table below presents certain information related

to the weighted average remaining lease term and the weighted average discount rate for the Company’s finance leases as of June

Weighted average remaining lease term (in years) - finance leases

Weighted average discount rate - finance leases

Future minimum lease payments under the finance leases at March 31, 2022 are as follows:

Finance Leases

Undiscounted Cash Flows

Future minimum lease payments under the finance

leases at June 30, 2022 are as follows:

2022, remaining

3 unchanged sentences

Present value of future minimum lease payments

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of March 31, 2022, the Company recognized other loss of $ 4,253 , net of $ 20,805 from realized foreign exchange loss offset by rental

income of $ 16,552 .

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

As of June 30, 2022, the Company recognized other

income of $ 11,387 , net of $ 19,660 from realized foreign exchange loss offset by rental income of $ 31,047 .

Related Party Transactions

Historically,

the Company has been involved in transactions with various related parties.

Pride Staff provides subcontractor services to

Pride Staff is owned by an operations manager of the Company and his spouse, and therefore, is a related party.

made subcontractor payments to Pride Staff totaling $ 209,153 and $ 163,125 for the three months ended March 31, 2022 and 2021, respectively.

There were no amounts due in accounts payable

to related parties as of March 31, 2022 and December 31, 2021, respectively.

As a result of the Company’s history of

net operating losses (“NOL”), the Company had historically provided for a full valuation allowance against its deferred tax

assets for assets that were not more-likely-than-not to be realized.

The Company’s income tax expense for the three months ended

March 31, 2022 and 2021 was $ 440,179 and $ 10,029 respectively.

Our effective tax rate for the three months ended March 31, 2022 and 2021

was 4.85 % and 2.53 %.

The Company has established a 401(k) plan in January 2022 that qualifies

as a deferred compensation arrangement under Section 401 of the Internal Revenue Code.

employees that complete two months of

service with the Company are eligible to participate in the plan.

The Company did not make any employer contributions to this plan as

of March 31, 2022.

Historically, the Company has been involved in

transactions with various related parties.

Tendler Strategic & Legal Services

PLLC provides commission services for the Company.

Tendler Strategic & Legal Services PLLC is owned by the General Counsel

of the Company, and therefore is a related party.

The Company made commission payments to Ely D.

Tendler Strategic & Legal Services

PLLC totaling $ 234,255 and $ 127,093 for the three months ended June 30, 2022 and 2021, respectively, and $ 443,408 and $ 290,218 for the

six months ended June 30, 2022 and 2021, respectively.

Included in accounts payable were $ 99,585 and

$ 85,133 due to this related party as of June 30, 2022 and December 31, 2021, respectively.

As a result of the Company’s history

of net operating losses (“NOL”), the Company had historically provided for a full valuation allowance against its

deferred tax assets for assets that were not more-likely-than-not to be realized.

The Company’s income tax (expense) benefit

for the three months ended June 30, 2022 and 2021 were $( 321,660 ) and $ 1,107 , respectively, and $( 761,839 ) and $( 8,923 ) for the six

months ended June 30, 2022 and 2021, respectively.

The Company’s effective tax rate was 4.14 % and 1.10 % for the three months ended June

30, 2022 and 2021, respectively, and 4.30 % and 0.47 % for the six months ended June 30, 2022 and 2021, respectively.

In determining

the quarterly provision for income taxes, we use an estimated annual effective tax rate adjusted for discrete items.

based on our expected annual income, statutory tax rates, and best estimates of nontaxable and nondeductible income and expense

The Company has established a 401(k) plan in January

2022 that qualifies as a deferred compensation arrangement under Section 401 of the Internal Revenue Code.

employees that complete

two months of service with the Company are eligible to participate in the plan.

The Company did not make any employer contributions to

this plan as of June 30, 2022.

Legal Proceedings

9 unchanged sentences

the Company discloses the possible loss in the Condensed Consolidated Financial Statements.

As of March 31, 2022 and December 31, 2021, the Company recorded a

liability of $ 1,000,000 , which represents an amount for an agreed settlement, under the terms of a memorandum of understanding, of

various class-based claims, both actual and potential, under Federal and California State law over a historical period.

The settlement

is subject to court approval.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

and Subsidiaries

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL

As of June 30, 2022 and December 31, 2021, the

Company recorded a liability of $ 1,000,000 , which represents an amount for an agreed settlement, under the terms of a memorandum

of understanding, of various class-based claims, both actual and potential, under Federal and California state law, as described in detail

The settlement is subject to court approval.

Zamora, Jascha Dlugatch, et al.

Ambulnz Health, LLC, et al .

was filed in the Los Angeles Superior Court on October 11,

2018, and the complaint alleged wage and hour violations pursuant to California’s Private Attorneys’ General Act of 2004

On February 24, 2020, this case was consolidated with Jascha Dlugatch, et.

Ambulnz Health,

LLC (the “Consolidated Compliant”), another lawsuit filed in the Los Angeles Superior Court.

2021, the parties attended mediation and settled the claims pled in the Consolidated Complaint on a class-wide and PAGA basis in

exchange for a proposed $ 1 million payment by Ambulnz Health, inclusive of administrative costs and fees.

The parties are working on

preparing all documents to obtain court approval of their settlement and anticipate obtaining preliminary approval of their

settlement in the near future, subject to Court calendars and pandemic related backlogs.

Risk and Uncertainties

Risks, Impacts and Uncertainties

January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus

(the “COVID-19 Outbreak”) and the risks to the international community as the virus spreads globally.

In March 2020, the

WHO classified the COVID-19 Outbreak as a pandemic, based on the rapid increase in exposure globally.

spread of COVID-19 and the related country-wide shutdowns and restrictions have had a mixed impact on the Company’s business.

the ambulance transportation business, which predominantly comprises non-emergency medical transportation, the Company has seen a decline

in volumes from historical and expected levels, as elective surgeries and other procedures have been postponed.

In some of the Company’s

larger markets, such as New York and California, there have been declines in trip volume.

In addition, the Company experienced lost revenues

associated with sporting, concerts and other events, as those events have been cancelled or have a significantly restricted (or entirely

eliminated) the number of permitted attendees.

are two areas where the Company has experienced positive business impacts from COVID-19.

In April and May 2020, the Company participated

in an emergency project with Federal Emergency Management Agency (“FEMA”) in the New York City area.

This engagement resulted

in incremental transportation revenue.

In addition, in response to the need for widespread COVID-19 testing and available Emergency Medical

Technicians (“EMT”) and Paramedics, the Company formed a new subsidiary, Rapid Reliable Testing, LLC (“RRT”),

with the goal to perform COVID-19 tests at nursing homes, municipal sites, businesses, schools and other venues.

RRT is part of the Mobile

Health segment.

COVID-19 Risks, Impacts and Uncertainties

On January 30, 2020, the World Health Organization

(“WHO”) announced a global health emergency because of a new strain of coronavirus (the “COVID-19 Outbreak”) and

the risks to the international community as the virus spreads globally.

In March 2020, the WHO classified the COVID-19 Outbreak as a pandemic,

based on the rapid increase in exposure globally.

The spread of COVID-19 and the related country-wide

shutdowns and restrictions had a mixed impact on the Company’s business.

In the ambulance transportation business, which predominantly

comprises of non-emergency medical transportation, the Company saw a decline in volumes from historical and expected levels, as elective

surgeries and other procedures were postponed.

In some of the Company’s larger markets, such as New York and California, there were

declines in trip volume.

In addition, the Company experienced lost revenues associated with sporting, concerts and other events, as those

events were cancelled or had a significantly restricted (or entirely eliminated) the number of permitted attendees.

Both ambulance transports

and event-related revenues have since recovered to pre-COVID levels or higher.

There are two areas where the Company has experienced

positive business impacts from COVID-19.

In April and May 2020, the Company participated in an emergency project with Federal Emergency

Management Agency (“FEMA”) in the New York City area.

This engagement resulted in incremental transportation revenue.

in response to the need for widespread COVID-19 testing and available Emergency Medical Technicians (“EMT”) and Paramedics,

the Company formed a new subsidiary, Rapid Reliable Testing, LLC (“RRT”), with the goal to perform COVID-19 tests at nursing

homes, municipal sites, businesses, schools and other venues.

RRT is part of the Mobile Health segment.

Accelerated Payments

18 unchanged sentences

was issued and will be assessed for each full 30-day period that the balance remains unpaid.

As of March 31, 2022 and December 31, 2021,

$ 290,582 and $ 975,415 of Medicare accelerated payments were reflected within accrued liabilities, respectively, in the Condensed Consolidated

Balance Sheets, as the Company expects to repay the balance by December 31, 2022.

The Company’s estimate of the

current liability is a function of historical cash receipts from Medicare and the repayment terms set forth above.

There were no Medicare accelerated payments

reflected within accrued liabilities in the Condensed Consolidated Balance Sheets as of June 30, 2022, compared to $ 975,415 as of December

The Company’s estimate of the current liability is a function of historical cash receipts from Medicare and the repayment

terms set forth above.

Subsequent Events

On July 6, 2022, Holdings acquired Government

Medical Services, LLC (“GMS”) in exchange for $ 19 million in cash.

GMS is engaged in the business of providing licensed healthcare

On July 13, 2022, the Company acquired Exceptional

Medical Transportation, LLC (“Exceptional”) in exchange for $ 6.4 million in cash.

Exceptional is in the business of providing

medical transportation services.

On July 20, 2022, Ambulnz Community Partners LTD,

a subsidiary of the Company located in United Kingdom, entered into a financing agreement to acquire six ambulances.

The total purchase

price was approximately £ 0.6 million GBP (approximately $ 0.7 million), payable in 60 monthly installment payments starting on August

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.

What changed 10-Q

Item 1. Financial Statements