VSEE HEALTH, INC.

Listed Company

VSEECIK 0001864531NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthServices-Health ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$14.62M

Net Income

$-14.71M

Total Assets

$22.41M

Equity

$5.45M

Shares Out

47.30M

Op. Cash Flow

$-3.45M

Business

VSEE HEALTH, INC. provides telehealth platforms and high-acuity virtual care services for U.S. hospitals and enterprises. It offers telehealth software building blocks, data connectors, configurable workflow templates, patient engagement tools, clinician staffing solutions, remote physical exam and remote patient monitoring, AI-enabled telenursing, and specialty ICU physician services. Key business segments include VSee Lab (no-code/low-code telehealth software and templates) and iDoc (tele-intensive care and specialty physician services). The company sells primarily to U.S. health systems, hospitals, correctional facilities and enterprise customers via direct sales, channel partners and EMR integrations.

Summary from filing dated 2025-08-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Total revenues	15	10	6	—
Cost of revenues	7	3	2	—
Gross margin	7	7	4	—
Compensation and related benefits	7	5	4	—
Goodwill impairment charges	0	57	—	—
General and administrative	10	7	1	—
Transaction expenses	0	792,796	86,799	—
Total operating expenses	17	69	6	—
Net operating loss	−10	−62	−2	−4
Interest expense	−3	−211,459	−191,323	—
Other income, net	47,429	504	−20,114	—
Change in fair value of financial instruments	−1	6	90,200	—
Gain on extinguishment of Equity Line of Credit (ELOC)	42,394	0	—	—
Loss on extinguishment of debt	−221,202	−645,979	—	—
Loss on issuance of financial instruments	−668,020	−3	—	—
Total other (expense) income, net	−5	3	−13,375	539,691
Loss before (provision for) benefit from income taxes	−15	−59	−2	−3
(Provision for) benefit from income taxes	−68,426	2	−2	−187,225
Net loss	−15	−58	−4	—
Basic loss per common share (in Dollars per share)	−0.73	−5.65	−0.38	−0.25
Diluted loss per common share (in Dollars per share)	−0.73	−5.65	−0.38	−0.25
Weighted average number of common shares outstanding, basic (in Shares)	20	10	10	13
Weighted average number of common shares outstanding, diluted (in Shares)	20	10	10	13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-10-31	FY 2025 2025-08-31	FY 2024 2024-12-31	FY 2024 2024-09-30
Cash	5	—	—	326,115	—
Accounts receivable, net of allowance for credit losses of $835,007 and $2,393,033 as of December 31, 2025, and 2024, respectively	3	—	—	2	1
Due from related party	304,614	—	—	531,656	—
Prepaids and other current assets	273,663	—	—	446,826	466,737
Total current assets	8	—	—	3	4
Right-of-use assets, net	13,304	—	—	379,585	—
Intangible assets, net	9	—	—	11	—
Goodwill	5	—	—	5	—
Fixed assets, net	332,614	—	—	680,242	—
Total assets	22	—	—	20	22
Accounts payable and accrued liabilities	12	—	—	9	9
Deferred revenue	1	—	—	417,815	—
Due to related parties	51,900	—	—	51,900	—
Operating lease liabilities	10,394	—	—	72,836	—
Financing lease liabilities	131,062	—	—	328,833	—
Factoring payable	0	—	—	179,007	—
Encompass Purchase Liability	650,000	—	—	263,918	—
Common stock issuance obligation	18,941	—	—	69,621	76,276
Total current liabilities	16	—	—	19	20
Notes payable, less current portion, net of discount	593,941	—	—	593,941	—
Operating lease liabilities, less current portion	2,910	—	—	269,338	—
Deferred revenue, net of current portion	0	—	—	69,999	—
Deferred tax liabilities, net	119,192	—	—	67,378	67,378
Total liabilities	17	—	—	20	21
Commitments and Contingencies (Note 10)	0	—	—	0	—
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 1,788 and 6,158 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively	1	—	—	1	—
Common stock, $0.0001 par value; 100,000,000 shares authorized; 33,193,140 and 16,297,190 shares issued and outstanding as of December 31, 2025, and 2024, respectively	3,319	500,000	500,000	1,630	—
Additional paid-in capital	88	—	—	68	65
Accumulated deficit	−82	—	—	−68	−64
Total stockholders equity (deficit)	5	—	—	−18,488	933,128
Total liabilities and stockholders equity (deficit)	22	—	—	20	22

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Shares issued as part of stock grants to vendors	0	98,000	—	—
Change in fair value of financial instruments	1	−6	—	—
Gain on extinguishment of ELOC	−42,394	0	—	—
Loss on termination of lease	140,709	0	—	—
Deferred income taxes	51,814	−2	2	—
Amortization of discount on note payable	0	7,000	93,733	—
Allowance for expected credit losses	1	759,782	32,457	—
Depreciation and amortization	3	1	678	—
Stock-based compensation	1	896,537	0	—
Amortization of right-of-use assets	66,220	55,459	—	—
Accounts receivable	−2	−1	−246,484	—
Due from related party	227,042	254,378	—	—
Prepaids and other current assets	173,163	−202,245	59,741	457,605
Encompass Purchase liability	386,082	0	—	—
Accounts payable and accrued liabilities	4	−1	1	2
Deferred revenue	836,671	−414,710	−104,037	—
Due to related parties	0	−210,755	192,184	—
Operating lease liabilities	−55,224	−92,870	—	—
Net cash used in operating activities	−3	−6	−632,595	−1
Cash acquired from Business Combination- iDoc	0	29,123	—	—
Purchases of fixed assets	−29,928	−55,267	−4,335	—
Net cash used in investing activities	−29,928	−26,144	−4,335	110
Repayment on advances of related party	0	−47,800	−21,066	—
Repayment on Extension Note	0	−335,750	—	—
Payments on Exchange note	—	−61,429	—	—
Repayment on Additional Bridge Financing	0	−52,680	—	—
Payments on September 2024 Convertible Note	—	−38,889	—	—
Repayment of notes payable	−148,576	−38,200	—	—
Payment to shareholder	−10,000	0	—	—
Proceeds from issuance of common stock	2	0	—	—
Proceeds from notes issued during the year	2	0	—	—
Proceeds from pre-funded warrants, net of issuance costs	6	0	—	—
Payments on factoring payable	−179,007	−180,397	—	—
Payments due on acquisition purchase	−44	−5,150	−7	−110
Payments on financing lease liability	−25,000	0	—	—
Proceeds from reverse recapitalization with DHAC	0	1	—	—
Net cash provided by financing activities	8	6	525,000	−109
NET CHANGE IN CASH	5	207,381	−111,930	−653,014
Cash paid for interest expense	212,476	111,331	—	—
Shares issued	0	325,279	214,200	284,424
Escrow shares released from stock payable	0	127,710	—	—
Shares issued as conversion of debt	0	155,565	—	—
Shares issued as payment for March 2025 promissory Note	706,955	0	—	—
Preferred shares issued as conversion of Underwriting Fee as contemplated by the business combination transaction	0	4	—	—
Shares issued as part of stock grants to vendors	0	625,750	—	—
Shares issued on conversion of the Exchange Note	2	600,000	—	—
Preferred shares issued as conversion of VSee debt as contemplated by the business combination transaction	0	220,000	—	—
Net liabilities acquired in reverse merger	0	19	—	—
Finance lease payable reclassed from financing activities to accounts payable	0	407,791	—	—

Filings

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