for third everyone. summary our financial in The press reported were has Thanks, of release that distributed. the morning, Lishan, quarter and results good been
X next quarter, context to emphasize the report consider a you those but slides, I highlights the of few covered our the as in SEC. encourage full on the key disclosures on in the I'll remarks XX-Q On filed quarterly with Form from
balance quarter P&L to the to different of I things result also the there a as quarter sheet, as will from once of for from true the comparing third Lucid regard the previous With well. the PAVmed. see comment the very get look deconsolidation hold you That as can slide,
slides financial the Before the and dive some intentional management that master best results provide the I steps as insight into quarter, Board the it's to plan and the for third to details explaining financial are listing to demonstrate taken footing both NASDAQ be stable also have this I'll on maintain and PAVmed a more and the to X after as one. take move continuing to
that in plan allow that for our in formal minimum $X.X NASDAQ NASDAQ sustain achieve The the a next equity believe stockholders' the that XX, the to X-step market for GAAP we minimum hearing presented for may was longer. therefore, million greater XX maintain us company to demonstrate months. listing and NASDAQ compliance continued requirement months. at the October we able be than the than Structures to could for listing satisfy place a we to capital least much NASDAQ more XX had and to sustain On that
June of million of $XX.X as point was XX. starting Our a deficit
plan, January XX, the granting subject to through being completed. extension is get that last to step, a notified which XXXX, Friday which that were moment, describe final We NASDAQ approval an accepted in shareholder night I'll
in on which, are filed PAVmed, by described fully also the was to you Lucid compositions are September no more were Step deconsolidate described first, changing with X-K accomplished details deconsolidation PAVmed requirement majority the mid-September was Board the XX-Q. accomplished as know, from SEC also the as in Board in The one directors. the Lucid PAVmed XX. our of But the such essentially, of members longer was
few voting single that be the largest And in shareholders had the their granted continues Lucid stock. secondly, the of of certain a to eliminating office. shareholder PAVmed favor shares over proxies PAVmed common
a deficit XX% by actions this XX% Board, from in deconsolidate footnote the alone from cut previous these as pathway impact. detail #X dropped The and the intentional to statements financial more XX-Q action to quarter about balance. the quarter's Lucid result than of interest This voting lot controlling the shareholder However, management on the provides to PAVmed. the half more from clearing third a
convertible two, Step PAVmed $XX into obligations subject required restructuring [ the Series in I'll existing have certain C million of debt created debt. a that holder conditions, for get the convertible to moment, newly and the agreed, to listing the deficit, Thereby of NASDAQ stock allowing not to with continued of for wiping also demonstrate time. convertible standard meaningful sustainable value. compliance equivalent but a ] a the out preferred plan period for us an only exchange
is to conditions. the a of exchange The subject effective date few
permanent final review GAAP concur effective, stock accounting of analysis independent our debt exchange be our agreement classified need equity. quality advisers for complete will that the will to become steps before as internal completed, their after with preferred preferred exchange First, assessment is the their to the
The analysis company hired BDO our analysis to independent classification. with auditors. being That is reviewed by complete the to regard equity an permanent likely
We of an conclusion agreement permanent of that of equity will are the awaiting likelihood effective. which completion Upon is completion expected classification, the the satisfactory review that become about review, and affirmative shortly. exchange
of is Second, we consummation of shareholder with preferred for agreed that certain stock. of Series to allow conversion exchange would the that the holder customary full our measures the the C subject have approval debt
the meeting We shareholder of January for and expect of special to approval deadline shortly thereafter in the advance NASDAQ. regaining XXXX, request XX, compliance exchange, a close shareholders measures the these file shortly for with of well extended to a proxy
incurrence the funding being development the any Additional next technology development upon endeavors to Platform costs. the PortIO dependent and tactical the from of and R&D the entities to steps Hence, of Care by into increased largely by Board. those obtaining direct offset those The Cancer future be advance taken Veris incremental will incremental stages burn expenses be financing. management cover will
Health we of grant Veris. start a of As $X.X awarded previously a National in from million announced good Institute that being direction,
letter for We have first and received valuation of a factor those last forward. steps. the at This indication panel the also to memorandum a pending funding offering $XX the interest paused meeting million October hearings was on a XX. efforts NASDAQ's of has implantable now devices next fund effort the Receiving an been pre-money tranche key of Friday moving funding Veris outcome circulated approval
we've the PortIO, its into a development steps. of for with in a angel angel an pre-money term of fund Additionally, entered direct the process $XX sheet final is valuation at to Corp diligence investment The PortIO for cover team. million fund a in with conducting our
on Lucid's for sheet balance. Two presentation. PAVmed's So presentation the cash things to comparative notice balance immediate consolidated no PAVmed's of in One, now the is analysis. cash longer
out million ownership. that sheet of first inclusion important Previously, the rules. share GAAP's PAVmed's presentation of equally value eliminated consolidation of inclusion market for the the However, that time, presents due ] balance million PAVmed's [ XX.X to was is $XX.X its Lucid intercompany
since it amount price Lucid's sheet rises, like as balance has XX will Furthermore, September stock increase. this date,
balance lose sheet more September of third earlier of has stand-alone burn strip balance For and from XX a it once this breakeven about the date $X you is PAVmed-related the by for increased rate out equity results. PAVmed million the week. quarter instance, the net than through
You'll see in further slides that now. it as I X from address illustrate it
The notes proposed and deconsolidating amount assets from The preferred, to deconsolidation. note slide. of the balance other will prior largely the happen the change effect vote. this $XX convertible the convertible million of the shareholder which Finishing Lucid's is before related Lucid into in after exchange reflects
restricted face the reflected slide The the sheet of outstanding $XX the outstanding, on million Shares stock as unvested XX.X million. awards, of in GAAP balance XX-Q. the including as are well shares on
P&L Similar and presentations, this to slide year-over-year information. well past as comparisons as some GAAP sequential non-GAAP provides quarterly
changes significant the financial are control of compiled the how comparative However, differences Lucid. in there is information the PAVmed's some periods given in between
presented, inclusion X/X because XX September X September, Lucid's And July for consolidation or differently, September that included. and remainder on results the understanding the a deconsolidating periods the as prior somewhat quarter similarly presentation and for GAAP the construct adjusted. does blurs not Lucid for GAAP third stand-alone the of PAVmed are entity September XX the X/X results for to information XX. X through GAAP months, of be reflecting Importantly, of of September Lucid's for the is The XX, results through allow is not
The you This see interest. This and adjustments. Furthermore, create sheet GAAP $X.XX from income on a P&L. balance $XX the positive equity Lucid P&L of sheet EPS of the per impact and balance large the EPS a $XX flows is net obtain that cumulative is extracting can impact of million of all net per primary then PAVmed's the of the through share. adjustments to a Lucid's before of diluted to share gain of net deconsolidation historical $X.XX result the losses. million eliminating positive the all the non-controlling And
achieve what Happy questions But stand-alone informative on I and basis chaos more That's Q&A. this the to to it's in looks like. pulling detailed by slide PAVmed the think apart hope a the any next what slide. answer illuminating deconsolidation on on I
forma I previous and slide presented. about comments cautionary please. that's you'll slide, the in information bottom on of this supplemental non-GAAP pro the this presentation review information, Next information of on light my trust the the particularly disclosure
column on slide snapshot the The from the statement operations of an this first provides XX-Q. of directly exact
through $XX takes columns million steps. $XX in X identifying This of Column is million, on balance or sheet-specific consequent of them deconsolidation assets, consolidated the X XX a purely include and their to then liabilities, reported for gain with P&L, expenses need sheet P&L for X difference isolating out and effort. and period revenue had been net totals, the it in X isolates out obviously, isolates from MSA taking cash and creates the GAAP PAVmed time serve through PAVmed therefore, that because full to the through a July the rules. fee the them September the the all all of September XX into middle The that net flows of of and gain their and illustrate Lucid's explain X the bedded balance result X, adjusting equity the July the September item.
Column GAAP period critical counts, Lucid's intercompany-related that operating PAVmed's GAAP Column the not the deals of of out X results eliminated parting P&L net XX were the results. a Lucid's for recurring
would stand-alone X forma a illustrates like entire quarter pro on a the look Column the on what third basis quarter presentation. for
bottom the a scenario. the out GAAP of and a profit, taking essentially the to you adjustments after in on other for Focusing line, see related depreciation small but a the loss stock-based compensation, about and can noncash million, $X.X results charges breakeven non-GAAP non-cash debt charges like
PAVmed Next for slide, presented $XX.X the both combined operating please. to: this and of a, operating see would of in expenses, the deconsolidation; Total with quarter our have With press previous a b, as impact deconsolidation million in that you'll the regard been Lucid illustration of in ignoring expense and is expenses decrease expenses. quarters. slide, third equally for detail fact non-GAAP to graphic non-GAAP release. operating line 'XX. On operating the is over The our the related time
it operator, for With that, questions. let's open up
