First Choice Healthcare Solutions, Inc.

What they do

FCHS historically ran an integrated orthopedic business through FCID Medical, Inc. and First Choice Medical Group of Brevard, LLC, providing diagnostics, surgery, imaging (X-ray, MRI, ultrasound), interventional pain management and physical therapy. It still provides limited rehabilitative services such as physical therapy, but states it will terminate remaining legacy orthopedic and physical therapy services. The go-forward plan is to operate medical functional health and wellness clinics focused on anti-aging, weight management and hormone replacement, plus pharmacy services, under a proposed structure of Leading Primary Care, Inc. with subsidiaries Live Well Medical Group, The Good Clinic Properties, Inc. and Live Well Drugstore, Inc.

Revenue drivers

• Net patient service revenue (legacy operations) — All reported revenue comes from net patient service revenue; total revenue was $3,406 for the six months ended June 30, 2026, down from $5,456 a year earlier.
• Functional health and wellness clinics (planned) — The stated go-forward business is a national chain of clinics offering anti-aging, weight management and hormone replacement services; no revenue from this line is reported in the excerpts.
• Compounding pharmacy services (planned) — Live Well Drugstore, Inc. is designated as the subsidiary for current and future compounding pharmacy operations under the proposed structure.

Recent performance

For the six months ended June 30, 2026, the company reported a net loss of $8,447,243 versus $2,037,329 a year earlier, an increase of $6,409,914. Revenue was $3,406, down from $5,456. Operating expenses rose to $1,270,716 from $1,164,329, driven by general and administrative costs of $736,120 versus $368,146. Interest expense rose to $7,385,781 from $1,301,429, which the company attributes to finalized investor debt conversion into Series C and Series E equity. Full-year 2025 net loss was approximately $7,056,537 with operating cash outflow of $549,019.

Strategy

The company is pivoting away from its historic orthopedic model toward a national chain of functional health and wellness clinics offering anti-aging, weight management and hormone replacement, alongside pharmacy services. It plans to execute through Leading Primary Care, Inc. with three operating subsidiaries: Live Well Medical Group, The Good Clinic Properties, Inc. and Live Well Drugstore, Inc. Management says it will terminate remaining legacy orthopedic and physical therapy services and focus resources on the new clinic strategy. The company retains the Live Well MD acquired trademark and is reviewing consumer-facing branding. It also states growth depends on acquiring profitable companies, cutting operating costs and raising capital or selling assets.

Risks

• Going concern — The 10-K states the company's ability to continue as a going concern depends on acquiring profitable companies, growing revenue, cutting costs and accessing capital or selling assets.
• Severe liquidity constraint — As of June 30, 2026, cash was $6,842, accounts receivable were $0, total liabilities were $10.1 million and shareholder equity was negative $9.5 million.
• Interest expense and debt conversion — Interest expense of $7,385,781 in the first half of 2026, attributed to conversion of notes payable into Series C and Series E equity, drove most of the period's net loss.
• Execution and legacy overhang — The 10-K cites the former CEO's November 2018 indictment, the June 2020 bankruptcy, litigation and damaged referral-source relationships as factors behind prior operating challenges.

Outlook

Management says its ability to continue as a going concern depends on acquiring profitable companies, growing revenue, reducing operating costs and obtaining additional capital or selling assets. It points to headcount reductions in October 2021 and January 2023 and believes it can repair referral relationships and improve cash flow. The company reports a federal net operating loss carryforward of approximately $6.9 million at December 31, 2025, with no Section 382 limitation. No specific revenue or earnings guidance is provided in the excerpts.