Friday, May 30, 2025

Latest

CloudMD To Conduct Review On VisionPros Purchase Following Receipt Of Claims

It appears that CloudMD’s (TSXV: DOC) $60 million acquisition of VisionPros last year is already causing the company some headache. The firm this morning indicated it has been forced to deal with certain claims related to the company.

Evidently, the former management of the company elected to not pay certain suppliers in full. The firm this morning indicated that it has received claims for $3.73 million in unpaid rebates and reassessments from suppliers related to certain distribution agreements that had violations. The violations are related to business conducted prior to the firm being acquired by CloudMD.

As a result, the company is now in the process of reworking new distribution agreements to remain in good standing with the suppliers. Further, CloudMD’s audit committee is now being forced to conduct a review of both the claims as well as the business of the company. The company highlighted that it will be examining the amount of goodwill acquired in connection with the transaction, suggesting writedowns may already be on the way – just six months after the closing of the transaction.

The company is also looking at possible means of recovering the funds owed from the former owners of the company, in addition to the holdback of $3.0 million conducted at the time of purchase.

CloudMD last traded at $0.81 on the TSX Venture.


Information for this briefing was found via Sedar and CloudMD Software & Services. The author has no securities related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

First Majestic Makes Second Major Discovery At Santa Elena In Just A Year

Related News

CloudMD Sees Increasing Demand For Telemedicine Offering

CloudMD Software & Services (CSE: DOC) announced this morning that its telemedicine platform has seen...

Tuesday, April 7, 2020, 09:05:52 AM

CloudMD’s “Strategic Plan” Starts With $41.4 Million In Revenue, $5.6 Million Net Loss For Q1 2022

In the wake of the consecutive resignations of its CEO and CFO, CloudMD Software &...

Tuesday, May 31, 2022, 11:56:00 AM

CloudMD Taps 19 More Post-Secondary Institutions For Mental Health Support Program

CloudMD Software & Services Inc. (TSXV: DOC) announced today the partnership with 19 post-secondary institutions...

Tuesday, September 14, 2021, 09:46:00 AM

CloudMD Expands Telemedicine Solutions Into US Market With Significant Partnership

CloudMD Software & Services (CSE: DOC) this morning announced that it has entered into an...

Thursday, May 7, 2020, 08:01:51 AM

Canaccord Reiterates Rating On CloudMD After Quarterly Results

On August 25, CloudMD Software & Services (TSXV: DOC) reported their second quarter financial results....

Saturday, August 28, 2021, 03:10:00 PM