$RXMD Conference call transcript!

'Progressive Care, Inc. (OTCQB:RXMD) Q3 2019 Earnings Conference Call November 14, 2019 4:30 PM ET

Company Participants

Stuart Smith - CEO, SmallCapVoice.Com, IR

Shital Mars - CEO

Conference Call Participants

Stuart Smith

All right, it's time to being the Progressive Care Conference Call on the 2019 third quarterly filing and business update. Our guest today, once again, will be Shital Mars, CEO of Progressive Care.

Now, before we get to Shital, let me read the cautionary statement regarding forward-looking statements. This is the standard statement and it says that, statements contained herein, that are not based upon current or historical fact are forward- looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the company's expectations about its future operating results, performance, and opportunities that involve substantial risk and uncertainties.

These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use from any proceeds from the offering, when used herein, the words anticipate, believe, estimate, upcoming, plan, target intend and expect and similar expressions as they relate to Progressive Care Incorporated, its subsidiaries or its management are intended to identify such forward-looking statements. These forward looking statements are based on information currently available to the company and are subject to a number of risks, uncertainties, and other factors that could cause the company's actual results, performance, prospects, and opportunities to differ materially from those expressed in or implied by these forward looking statements.

Now, with that, I will turn the call over to Shital Mars, CEO of Progressive Care. Shital, the call is yours.

All right, let me see if we have any difficulties here with Shital.

Shital Mars

Hello.

Stuart Smith

There you go. All right.

Shital Mars

Hello, hello. Thank you for joining us this afternoon. It's a wonderful day to report the financial performance of Progressive Care, and I want to tell you we had a little bit of [indiscernible] because we couldn't get into the filing dashboard to get the financial statements loaded up, but luckily right before the call it opened up, and we were able to get it in. So we are on time today.

I am going to talk about the financial statements as quickly as I possibly can because I want to get to questions that everybody has submitted, but I also want to talk substantially about what has occurred in the last quarter, and will be and what we expect to be occurring in the next three months, and 12 months.

So, to start, if everybody has the ability to open up the financial statements and look on with me at the balance sheet, if you noticed, in the end of September 30, 2019, our cash position has significantly improved. Part of that is some of the efforts we've made during the three months to cut costs and again revenue, but we expect this trend to continue, that our cash position is much more solid and not totally devoted to the money that we raised from Chicago Venture Partners and Elliot. This is now money that is being generated from the operations.

Accounts receivable is about $2.3 million. You can see that it's a significant change. For those of you who are now following Progressive Care, the bulk of this change is the addition of Family Physicians RX. Family Physicians RX is similar in size pharmacy to our PharmCo Miami location and our PharmCo Palm Beach location together, so that add about a million dollar, $1.1 million in accounts receivable, inventory aLso going up, all this again due primarily to the acquisition of Family Physicians RX. You will see that also in goodwill. One of the things I will mention here under the asset section....'
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