The Company is a cloud-enabled, Platform-as-a-Service to healthcare providers, assisting them in creating, managing, coding, billing, and analyzing medical records.

The Company is entirely virtual with no physical office location and nearly 40 full-time employees and 165 independent contractors.

FDP was engaged by the senior lender's legal counsel due to concerns regarding financial reporting and a current over advance on the line of credit.  FDP was engaged to evaluate the credit relationship.

Based on a detailed review, FDP uncovered material financial reporting misstatements, principally related to the consolidation of legal entities not owned by the Company.

–  When corrected, it was clear that the over-advance would have been reported much earlier and the resulting significant increases in the operating losses would have been evident much sooner, had the financial statements been appropriately stated initially.

Additionally, FDP reviewed current progress related to the marketing of the Company and determined that significant progress had not been achieved.

Finally, an FDP review of the Company's cash flows determined that the Company did not have adequate liquidity to fund operations.

As a result, the senior lender planned to exit the credit before a substantial loss could be incurred.

FDP identified significant financial misstatements reported to the senior lender.

FDP determined that the Company did not have sufficient cash flows to properly operate.

Based on the results of our engagement, the senior lender moved to exit the credit and avoid a significant loan loss.