Rushnet Inc Stock Price, News & Analysis

RushNet, Inc. (OTC PINK:RSHN) reports that the Financial Industry Regulatory Authority (FINRA) has denied its application to spin off the heliosDx subsidiary. The denial was attributed to the company's failure to file financial statements with the Securities and Exchange Commission (SEC) for the periods ending September 30, 2001, to December 31, 2002. As a result, RushNet cannot distribute heliosDx shares to its shareholders. The company's management considers appealing the decision to the SEC, but views this option as financially burdensome. CEO Ashley Sweat expressed disappointment due to unexpected issues discovered post-acquisition, adding that future corporate actions may likely face denials as well.

RushNet, Inc. (OTC PINK:RSHN) has restructured its debt, allowing for resumed payments to investment partners at 3% of monthly gross revenues, while the interest rate has reverted to 1%. This follows the deferral agreement made in March 2022, which postponed payments until March 31, 2023. The company continues to pursue reparations from Wellmed, with any recovered funds directed to the debt balance. CEO Ashley Sweat expressed gratitude for partner support during challenges faced over the last nine months. Additionally, the high-interest loan previously burdening the company has been fully paid off. Year-end 2022 financial results are expected soon.

RushNet, Inc (OTC PINK:RSHN) will host "Off The Cuff" - Episode 5 on Twitter Spaces, January 5, 2023, at 3:00 PM. This event, featuring candid discussions about the company, encourages real-time questions. CEO Ashley Sweat aims to provide transparency and engagement for shareholders. The session will focus on 2023 developments, including the launch of CBD and Wellness Patches, and an At Home Testing initiative. The company is also awaiting final approval from Finra to enhance its corporate structure.

RushNet, Inc (OTC PINK:RSHN) reported significant revenue declines in 2022, primarily due to Wellmed's denial of claims for heliosDX after a prior seven-year payment history. The cessation of in-house infectious disease testing for Medicare patients further exacerbated the revenue drop, impacting monthly earnings by $180,000 to $250,000. To address these challenges, heliosDX plans to expand services by adding Blood Toxicology and Hormone testing while launching retail offerings. Company executives, including CEO Ashley Sweat, have accepted salary reductions to reduce costs by approximately $100,000 monthly.

RushNet, Inc (RSHN) announces that its subsidiary, heliosDX, is finalizing the setup for a new product line of wellness patches, set to launch in the U.S. soon. The initial release will feature 8 patches targeting various needs like headaches, anxiety, and sleep aids, with plans to expand to over 12. The patches will be available on Amazon and the company's website. CEO Ashley Sweat emphasizes the potential for significant revenue from this innovative product line, offering alternatives to traditional oral wellness products.