EX-99.1 2 vseeex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

   September 30,   Convertible Debt Transactions   Warrant Conversion Transaction   Pipe Investment Transaction   Pro Forma
December 1,		   December 31, 
   2025   (A)   (B)   (C)   2025   2024 
                       (Audited) 
ASSETS                        
Current assets                        
Cash   472,759         1,500,003    5,520,069    7,492,831    326,115 
Accounts receivable, net of allowance for credit losses   2,578,490                   2,578,490    1,716,370 
Due from related party   284,614                   284,614    531,656 
Prepaids and other current assets   382,522                   382,522    446,826 
Total current assets  $3,718,385    —    1,500,003    5,520,069   $10,738,457   $3,020,967 
                               
Right-of-use assets, net   315,679                   315,679    379,585 
Intangible assets, net   9,337,504                   9,337,504    10,995,000 
Goodwill   4,916,694                   4,916,694    4,916,694 
Fixed assets, net   418,860                   418,860    680,242 
Total assets  $18,707,122    —    1,500,003    5,520,069   $25,727,194   $19,992,488 
                               
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)                              
Current liabilities                              
Accounts payable and accrued liabilities   11,716,584    (885,871)             10,830,713    9,343,659 
Deferred revenue   1,150,093                   1,150,093    417,815 
Due to related party   51,900                   51,900    51,900 
Operating lease liabilities   85,575                   85,575    72,836 
Financing lease liabilities   184,106                   184,106    328,833 
Factoring payable   122,220                   122,220    179,007 
Encompass Purchase liability   265,578                   265,578    263,918 
Equity Line of Credit   42,394                   42,394    80,000 
Quantum convertible note, related party at fair value   3,828,125    (3,448,125)             380,000    3,248,000 
September 2024 Convertible Note, at fair value   2,043,760    (2,043,760)             —    2,094,000 
May 2025 Convertible Note   —                   —      
Loan payable, related party   471,651                   471,651    471,651 
Line of credit   456,097                   456,097    456,097 
Notes payable, net of discount   1,944,710    (672,254)             1,272,456    433,983 
Common stock issuance obligation   31,227                   31,227    69,621 
Exchange Note, at fair value   1,028,158    (1,028,158)             —    1,499,000 
Total current liabilities  $23,422,178    (8,078,168)   —    —   $15,344,010   $19,010,320 
                               
Notes payable, less current portion, net of discount   589,374                   589,374    593,941 
Operating lease liabilities, less current portion   203,689                   203,689    269,338 
Deferred revenue, net of current portion   —                   —    69,999 
Deferred tax liability   67,379                   67,379    67,378 
Total liabilities  $24,282,620    (8,078,168)   —    —   $16,204,452   $20,010,976 
                               
Stockholders’ equity (deficit)                              
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 6,158 and 6,158 shares issued and outstanding as of December 1, 2025 and 2024, respectively   1                   1    1 
Common stock, $0.0001 par value; 100,000,000 shares authorized 39,440,816 and 16,297,190 shares issued and outstanding as of December 1, 2025 and 2024, respectively   1,703    1,103    155    984    3,945    1,630 
Additional paid-in capital   68,989,139    9,040,732    1,499,848    5,999,016    85,528,735    67,683,754 
Accumulated deficit   (74,566,341)   (963,667)        (479,931)   (76,009,939)   (67,703,873)
Total stockholders’ equity (deficit)  $(5,575,498)   8,078,168    1,500,003    5,520,069   $9,522,742   $(18,488)
Total liabilities and stockholders’ equity (deficit)  $18,707,122    —    1,500,003    5,520,069   $25,727,194   $19,992,488 

 

 

 

 

Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet

 

The adjustments included in the unaudited pro forma condensed combined balance sheet as of December 1, 2025 are as follows:

 

A.Reflects the following loan conversions after the end of the third quarter, September 30, 2025:

 

●Between October 16, 2025, and October 21, 2025, the Bridge Investor converted $1,255,299 of the outstanding balance of the Exchange Note (an aggregate of $35,783 in interest and $1,219,516 in principal) into 1,673,733 shares of common stock of the Company.
●Between October 16, 2025, and October 30, 2025, the Quantum Investor converted the full balance of the Quantum Convertible Note (an aggregate of $1,196,203 in interest and $3,000,000 in principal) into 4,400,000 shares of common stock of the Company.
●On October 21, 2025, the holder of the March 2025 Convertible Note converted the full balance of the March 2025 Convertible Note (an aggregate of $44,017 in interest and $108,696 in principal) into 320,691 shares of common stock of the Company.
●Between October 22, 2025, and October 29, 2025, the holder of the September 2024 Convertible Note converted the full balance of the September 2024 Convertible Note (an aggregate of $277,864 in interest, $1,852 of penalties, and $2,494,321 in principal) into 3,698,716 shares of common stock of the Company.
●On November 19, 2025, the holder of the March 2025 Promissory Note converted the full balance of the March 2025 Promissory Note (an aggregate of $56,323 in interest and $555,555 in principal) into 941,352 shares of common stock of the Company.

 

B.Reflects an equity transaction on October 29, 2025, when the Company entered into a warrant exchange agreement with an accredited institutional investor, whereby the investor agreed to exercise approximately 130,000 outstanding warrants issued by the Company in connection with its initial public offering for cash, pursuant to the terms of such warrants, as well as exchange an additional 2,136,000 outstanding warrants issued by the Company in connection with its initial public offering for 2,065,000 shares of common stock of the Company. To date, pursuant to such warrant exchange agreement, the Company has issued to such accredited institutional investor 1,547,568 shares of common stock in exchange for 1,596,435 warrants. The Company agreed that for the ten day period following the date of the warrant exchange agreement, that it would not, subject to certain exemptions, (A) issue common stock or equivalents thereto, (B) effect a reverse stock split, recapitalization, share consolidation, reclassification or similar transaction affecting the outstanding common stock or (C) file with the SEC a registration statement under the Securities Act relating to any shares of common stock or equivalents thereto.

 

C.Reflects a securities purchase agreement. On November 25, 2025, VSee Health, Inc. (the “Company”) and a single institutional and accredited investor (the “Purchaser”) entered into a securities purchase agreement (the “Purchase Agreement”), pursuant to which the Company agreed to sell to the Purchaser an aggregate of 9,836,065 shares (the “Shares”) of common stock, par value $0.0001 per share, of the Company (the “Common Stock”), or pre-funded warrants exercisable for $0.0001 per share in lieu thereof (“Pre-Funded Warrants”), and accompanying common warrants to purchase up to 19,672,130 shares of Common Stock (the “Warrants”) in a private placement (the “Offering”), for gross proceeds of approximately $6 million, before deducting the placement agent’s fees and other offering expenses. The purchase price per Share (or Pre-Funded Warrant) and the accompanying Warrants was $0.61.