Summary by Moomoo AI
Assure Holdings reported Q2 2024 revenue of $1,000, down 99% from $67,000 in Q2 2023, as the company completed the sale of most clinical operations. Net loss narrowed to $255,000 compared to $6.05 million loss last year. The quarter included a $2 million charge for failed merger fees related to the terminated Danam merger agreement.The company sold its clinical assets to National Neuromonitoring Services in March 2024 for up to $4.5 million, including $2.3 million in cash and up to $2.2 million in potential earnout payments. Following the sale, Assure now provides limited IONM services primarily in Arizona and Montana markets. The company recorded a $666,000 gain on the asset sale in Q1 2024.Working capital was negative $19.1 million as of June 30, 2024, with cash position at $45,000. The company was delisted from Nasdaq in July 2024 and now trades on OTC Markets. Management cited substantial doubt about the company's ability to continue as a going concern and plans to seek additional equity or debt financing while implementing cost-cutting measures.
