USAQ QHSLab Inc (QB)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of report (date of earliest event reported): May 13, 2024

 

QHSLab, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

0-19041

(Commission File No.)

 

Nevada		30-1104301
(State of Incorporation)		(I.R.S. Employer Identification No.)
901 Northpoint Parkway Suite 302 West Palm Beach FL 33407		33407
(Address of Principal Executive Offices)		(ZIP Code)

 

Registrant’s telephone number, including area code: (929) 379-6503

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

 

Securities registered pursuant to Section 12(g) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value		USAQ		N/A

 

 

 

Item 7.01 Regulation FD Disclosure.

 

On May 13, 2024, QHSLab, Inc. (the “Company”), announced strong first quarter 2024 results with significant reduction in operating expenses and positive net operating income. The full text of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

The information in this Current Report on Form 8-K (including the exhibit) is furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information in the Report that is required to be disclosed solely by Regulation FD.

 

We do not have, and expressly disclaim, any obligation to release publicly any updates or any changes in our expectations or any change in events, conditions, or circumstances on which any forward-looking statement is based.

 

We use, and will continue to use, our website (https://usaqcorp.com), press releases, and various social media channels, including our Twitter account (https://twitter.com/qhslabinc), LinkedIn account (https://www.linkedin.com/company/65407282/), Facebook account (https://www.facebook.com/QHSLabs) and Instagram account (https://www.instagram.com/qhslabs/) as additional means of disclosing public information to investors, the media and others interested in the Company. It is possible that certain information we post on our website, disseminate in press releases and on social media could be deemed to be material information, and we encourage investors, the media and others interested in the Company to review the business and financial information that we post on our website, disseminate in press releases and on the social media channels identified above, as such information could be deemed to be material information.

 

Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

(d) Exhibits.

 

The exhibits listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.

 

Exhibit No.		Description
99.1		Press Release dated May 13, 2024 – QHSLab, Inc. Announces Strong First Quarter 2024 Results with Significant Reduction in Operating Expenses and Positive Net Operating Income
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

SIGNATURES

 

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the Registrant has duly caused this current report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: May 13, 2024
QHSLab, Inc.
	/s/ Troy Grogan
Name:	Troy Grogan
Title:	CEO and Chairman

 

 

Exhibit 99.1

 

 

QHSLab, Inc. Announces Strong First Quarter 2024 Results with Significant Reduction in Operating Expenses and Positive Net Operating Income

 

Integrated Service Program (ISP) Revenues Surge 268% in Q1 2024 Over Q1 2023

 

WEST PALM BEACH, FL, May 13, 2024 (GLOBE NEWSWIRE) — QHSLab, Inc. (“the Company”) (OTCQB: USAQ), a leader in digital health and point-of-care technologies designed to empower clinicians with proactive, value-based healthcare solutions, today released detailed financial results for the first quarter ended March 31, 2024, showcasing not only revenue growth but also significant reductions in operating expenses and a positive turn in net operating income.

 

Financial Highlights:

 

	●	First Quarter Revenues of $488,587 for Q1 2024, marking a 38.6% increase over $352,799 in Q1 2023. This improvement was driven by robust growth in Integrated Service Program (ISP) revenues, which surged 268% to $127,004 from $34,467 in the previous year, and a 21% increase in sales of Allergy Diagnostic Kits to $237,066 from $195,507.
	●	Gross Profit of $286,158 with a gross margin of 58.6%, up from $187,342 with a 53.1% margin in Q1 2023.
	●	Total Operating Expenses decreased by 11.5% to $272,554 in Q1 2024 from $308,100 in the first quarter of 2023, reflecting the Company’s successful cost management strategies.
	●	Positive Net Operating Income of $13,604 for Q1 2024, a significant improvement from a net operating loss of $120,758 in Q1 2023

 

Operational and Financial Review:

 

	●	Sales and Marketing expenses were $121,946, showing a slight reduction from $123,953 in Q1 2023 due to more efficient marketing spend and increased internal sales efforts.
	●	General and Administrative expenses decreased to $89,942 from $102,572, largely due to optimized investor relations and management consulting services.
	●	Research and Development expenses were reduced to $42,638 from $63,547, as resources were reallocated towards the commercialization of the QHSLab platform.

 

Executive Commentary: Troy Grogan, President and CEO of QHSLab, Inc., commented, “Our first quarter performance in 2024 illustrates not only growth but also enhanced operational efficiency. The substantial reduction in operating expenses coupled with a turnaround to positive net operating income underscores our commitment to sustainable growth and value creation for our shareholders. With continued focus on strategic product integration and market expansion, we anticipate maintaining this positive trajectory.”

 

 

Strategic Direction 2024: Enhancing QHSLab’s Growth and Operational Efficiency

 

As we move further into 2024, the Company is poised to implement a robust strategy aimed at expanding our footprint and enhancing our service offerings. Here are the key areas of focus for our strategic direction:

 

Corporate Goals and Strategies:

 

1.

Increase Income per Customer/Account:

 

	●	Enhance Digital Assessment Completion Rates: We are implementing targeted strategies to increase patient engagement and completion rates of our health assessments, crucial for enhancing primary care health management.
	●	Expand Customer Income Opportunities: Integration of additional complementary service lines are currently being explored to maximize revenue opportunities without compromising patient care.
	●	Boost Allergy Service Line Usage: We are planning additional marketing strategies and educational programs to enhance the adoption and utilization of our allergy-related services in line with our comprehensive digital mental health and allergic disease screening tools.

 

2.

Expand Customer/Account Base:

 

	●	Enhance Marketing Efforts: We are evolving our marketing strategy involving partnerships, and physician referrals to broaden our customer base.
	●	Strengthen Sales and Customer Relationships: Investment in training and development for our sales and account management teams will focus on improving engagement and retention rates.

 

Operational Improvements:

 

	●	Identify and Address Operational Bottlenecks: Regular audits are being conducted to pinpoint inefficiencies. Solutions will be implemented to streamline operations, enhance service delivery, and improve patient outcomes.
	●	Strengthening Relationships: We will enhance engagement between QHSLab account managers and client administrative leadership to ensure efficient operations and improved point of care service delivery.
	●	Enhancing Provider Engagement: Increasing training and informational sessions for providers will boost their understanding of and interest in our services.
	●	Additional Digital Assessment Integration: We will closely monitor the introduction of new service lines to assess their impact on insurance reimbursements and their practical implications for patients and providers.
	●	Data Utilization: Data derived from QHSLab operations will be leveraged to demonstrate the correlation between our services and improvements in practice efficiency, patient outcomes, and financial metrics.

 

These strategic initiatives are designed to not only expand QHSLab’s reach and improve operational efficiency but also to position our company as a leader in enhancing healthcare quality and patient outcomes through innovative digital health solutions.

 

For more information about QHSLab and our healthcare solutions, please visit www.qhslab.com.

 

 

About QHSLab, Inc.

 

QHSLab, Inc. (OTCQB: USAQ) is a medical device company providing digital healthcare solutions and point-of-care-diagnostic tests to primary care physicians. Digital healthcare allows doctors to assess patient responses quickly and effectively using advanced artificial intelligence algorithms. Digital healthcare can also remotely monitor patients’ vital signs and evaluate the effects of prescribed medicines and treatments on patients’ health through real-time data transferred from patient to doctor. QHSLab, Inc. also markets and sells point-of-care, rapid-response diagnostic tests used in the primary care practice. QHSLab, Inc.’s products and services are designed to help physicians improve patient monitoring and medical care while also improving their revenues.

 

Forward-Looking Statements

 

Certain matters discussed in this press release are ‘forward-looking statements’ intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company’s statements regarding trends in the marketplace, future revenues, future products, and potential future results and acquisitions are examples of such forward-looking statements. Forward-looking statements are generally identified by words such as ‘may,’ ‘could,’ ‘believes,’ ‘estimates,’ ‘targets,’ ‘expects,’ or ‘intends,’ and other similar words that express risks and uncertainties. These statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of the introduction of new products, the inherent discrepancy in actual results from estimates, projections, and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company’s control. The factors discussed herein and expressed from time to time in the Company’s filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release. The Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

 

Investor Relations Contact:

 

Olivia Giamanco

QHSLab, Inc.

(929) 379-6503

ir@usaqcorp.com

https://twitter.com/QHSLabInc

 

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Cover	May 13, 2024
Cover [Abstract]
Document Type	8-K
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Document Period End Date	May 13, 2024
Entity File Number	0-19041
Entity Registrant Name	QHSLab, Inc.
Entity Central Index Key	0000856984
Entity Tax Identification Number	30-1104301
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	901 Northpoint Parkway
Entity Address, Address Line Two	Suite 302
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33407
City Area Code	(929)
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Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	USAQ

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