Here are the 10-K annual reports from VSee Health Inc WTS 29 (VSEEW) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow VSEEW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full VSEEW filings page.
VSee Health, Inc. files its annual report describing a telehealth software platform and high-acuity critical care services alongside significant losses and going‑concern risks. The company reported operating losses of $9,582,893 in 2025 and $62,150,845 in 2024, with an accumulated deficit of $82,416,723 as of December 31, 2025. Its auditor highlighted substantial doubt about VSee’s ability to continue as a going concern due to ongoing losses and negative operating cash flows.
VSee delivers configurable, no‑code and low‑code telehealth tools through VSee Lab and tele‑ICU and specialty physician services through iDoc, targeting hospital systems, ICUs, correctional facilities and other high‑acuity settings. Competition is intense from large telehealth vendors, EMR‑embedded tools and in‑house solutions. The company faces heavy regulatory exposure, including HIPAA, state privacy rules, anti‑kickback and self‑referral laws, False Claims Act risk and evolving Medicare/Medicaid telehealth reimbursement. VSee also depends heavily on a small number of major customers and approximately 93 board‑certified physicians within a 209‑person workforce.
VSee Health, Inc. (VSEE) amended its 2024 annual report to correct multiple accounting errors, restate interim periods and disclose material financing and acquisition activity. The company identified repeated failures to accrue sales and use taxes, resulting in cumulative accrual increases peaking at $940,130 as of September 30, 2024, and multiple revenue cutoff corrections that moved revenue to deferred revenue and opening retained earnings. The firm recorded substantial purchase accounting adjustments tied to the June 24, 2024 business combination and iDoc acquisition, including adjustments to goodwill and acquired receivables that led to a significant goodwill impairment charge of $56,675,210 and a net loss of $58,134,446 for the year. Financing activity includes an Exchange Note of $2,523,744, a $3,000,000 Quantum Convertible Note, and an Equity Line (ELOC) commitment up to $50,000,000 (floor price later amended). The filing also discloses defaults, numerous convertible and original-issue-discount notes, material fair-value remeasurements, and explicit risks including uncertainty about continuing as a going concern.