Elite Health Plan, Inc. |
12 Months Ended |
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Dec. 31, 2023 | |
Elite Health Plan, Inc. [Abstract] | |
Elite Health Plan, Inc. |
Note D – Elite Health Plan, Inc.
Several of the Company’s businesses have been sold or wound down, and the Company has been actively exploring opportunities
to expand to other businesses that could benefit its current operations and relationships. Effective October 1, 2021, USN, the Company’s wholly-owned subsidiary, acquired all of the outstanding shares of capital stock of Elite Health Plan, Inc.
and, in exchange therefor, the former holders of Elite Health Plan, Inc. were issued newly-issued shares of USN, which following the transaction represent 15%
of the outstanding shares of USN. Effective November 27, 2023, the Company entered into a Share Exchange Agreement with the holders of these minority interests in USN, which resulted in making USN a wholly-owned subsidiary of the Company and the
former minority holders of USN 15% owners of the Company immediately following the exchange. As a result of the November 27, 2023
transaction, 1,392,739 shares of the Company’s Common Stock were issued, but pending certification, bringing the total outstanding to 9,284,924 shares as of that date, and as of December 31, 2023.
The Company has determined that its best opportunity for long term success is to concentrate its efforts and resources on establishing a managed care organization
that will develop and operate Medicare Advantage plans for seniors in Nevada, California and other areas in the U.S. and to pursue other opportunities related to this activity.
In furtherance of this plan, USN recently formed Elite Health Plan of Nevada, Inc. to apply for a license to operate a Medicare Advantage plan in Nevada and Elite
Health Plan, Inc. is taking steps to submit documentation for a Knox-Keene license to offer managed health care plans in California. Elite Heath Plan, Inc. and Elite health Plan of Nevada, Inc., both 100% owned by USN and managed and operated in
a similar manner, are collectively referred to herein as “Elite Health.” In each of Neveda and California, Elite Health has taken preliminary steps toward identifying a network of providers who are well-versed in Medicare Advantage plans and
addressing the healthcare needs of seniors in the communities in which they practice. Elite Health currently has no revenue and will not be able to generate revenue for an indefinite period while it seeks to obtain a license to operate a
Medicare Advantage plan in Neveda and then California. The success of Elite Health will depend, in part, on timely obtaining all necessary approvals and gaining access to a competent network of providers and enrolling a critical level of
subscribers. There can be no assurance that the Company and Elite Health will be successful in obtaining the necessary licenses to operate Medicare Advantage plans in any jurisdiction or be effective in establishing the network of providers and
developing the systems required to operate a managed care business.
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