UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2024

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _______________ to ______________

Commission File Number: 0-18105

VASO CORPORATION

(Exact name of registrant as specified in its charter)

Delaware		11-2871434
(State or other jurisdiction of		(IRS Employer
incorporation or organization)		Identification Number)

137 Commercial St., Suite 200, Plainview, New York 11803

(Address of principal executive offices)

Registrant’s Telephone Number (516) 997-4600

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐		Accelerated Filer ☐		Non-Accelerated Filer ☒		Smaller Reporting Company ☒
Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12 (b) of the Act: None

Number of Shares Outstanding of Common Stock, $.001 Par Value, at November 10, 2024 – 175,546,311

Vaso Corporation and Subsidiaries

INDEX

PART I – FINANCIAL INFORMATION	1

ITEM 1 - FINANCIAL STATEMENTS	1

CONDENSED CONSOLIDATED BALANCE SHEETS as of September 30, 2024 (unaudited) and December 31, 2023	1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023	3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) for the Nine Months Ended September 30, 2024 and 2023	4
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)	5

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	16

ITEM 4 - CONTROLS AND PROCEDURES	22

PART II - OTHER INFORMATION	23

ITEM 1 - LEGAL PROCEEDINGS	23

ITEM 6 – EXHIBITS	23

Page i

PART I – FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

Vaso Corporation and Subsidiaries

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	September 30, 2024			December 31, 2023
	(unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	26,841		$	11,342
Short-term investments		-			13,979
Accounts and other receivables, net of an allowance for credit losses and commission adjustments of $10,013 at September 30, 2024 and $9,708 at December 31, 2023		8,165			12,377
Receivables due from related parties		1,237			929
Inventories, net		1,155			1,470
Deferred commission expense		3,533			3,285
Prepaid expenses and other current assets		2,059			1,717
Total current assets		42,990			45,099

Property and equipment, net of accumulated depreciation of $10,715 at September 30, 2024 and $10,538 at December 31, 2023		1,642			1,174
Operating lease right of use assets		2,138			1,949
Goodwill		15,598			15,588
Intangibles, net		1,522			1,406
Other assets, net		4,569			4,902
Investment in EECP Global		528			683
Deferred tax assets, net		4,956			4,956
Total assets	$	73,943		$	75,757

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	4,557		$	2,670
Accrued commissions		1,260			2,411
Accrued expenses and other liabilities		4,992			7,365
Finance lease liabilities - current		44			72
Operating lease liabilities - current		1,056			928
Sales tax payable		752			699
Deferred revenue - current portion		17,496			15,883
Notes payable - current portion		8			9
Due to related party		3			3
Total current liabilities		30,168			30,040

LONG-TERM LIABILITIES
Notes payable, net of current portion		-			6
Finance lease liabilities, net of current portion		-			25
Operating lease liabilities, net of current portion		1,082			1,020
Deferred revenue, net of current portion		15,625			16,317
Other long-term liabilities		1,410			1,506
Total long-term liabilities		18,117			18,874

COMMITMENTS AND CONTINGENCIES (NOTE N)

STOCKHOLDERS’ EQUITY
Preferred stock, $.01 par value; 1,000,000 shares authorized; nil shares issued and outstanding at September 30, 2024 and December 31, 2023		-			-
Common stock, $.001 par value; 250,000,000 shares authorized; 175,546,311 and 185,627,383 shares issued at September 30, 2024 and December 31, 2023, respectively; 175,546,311 and 175,319,296 shares outstanding at September 30, 2024 and December 31, 2023, respectively		176			186
Additional paid-in capital		62,021			63,993
Accumulated deficit		(36,231	)		(35,032	)
Accumulated other comprehensive loss		(308	)		(304	)
Treasury stock, at cost, 0 and 10,308,087 shares at September 30, 2024 and December 31, 2023, respectively		-			(2,000	)
Total stockholders’ equity		25,658			26,843
Total liabilities and stockholders’ equity	$	73,943		$	75,757

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Page 1

Vaso Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited)

(in thousands, except per share data)

	Three Months ended September 30,						Nine Months ended September 30,
	2024			2023			2024			2023
Revenues
Managed IT systems and services	$	11,082		$	9,867		$	31,825		$	30,576
Professional sales services		9,114			8,837			26,350			26,401
Equipment sales and services		573			745			1,557			2,130
Total revenues		20,769			19,449			59,732			59,107

Cost of revenues
Cost of managed IT systems and services		6,971			5,593			18,939			17,121
Cost of professional sales services		1,838			1,636			5,523			4,921
Cost of equipment sales and services		204			177			446			525
Total cost of revenues		9,013			7,406			24,908			22,567
Gross profit		11,756			12,043			34,824			36,540

Operating expenses
Selling, general and administrative		11,409			10,887			34,316			32,691
Research and development		191			209			587			584
Business combination transaction costs		1,549			40			1,787			40
Total operating expenses		13,149			11,136			36,690			33,315
Operating income (loss)		(1,393	)		907			(1,866	)		3,225

Other (expense) income
Interest and financing costs		-			(14	)		(4	)		(46	)
Interest and other income, net		242			322			827			583
Loss on disposal of fixed assets		-			(1	)		(2	)		(3	)
Total other income, net		242			307			821			534

Income (loss) before income taxes		(1,151	)		1,214			(1,045	)		3,759
Income tax expense		(30	)		(16	)		(154	)		(35	)
Net income (loss)		(1,181	)		1,198			(1,199	)		3,724

Other comprehensive income
Foreign currency translation gain (loss)		118			(19	)		(4	)		(213	)
Comprehensive income (loss)	$	(1,063	)	$	1,179		$	(1,203	)	$	3,511

Income (loss) per common share
- basic and diluted	$	(0.01	)	$	0.01		$	(0.01	)	$	0.02

Weighted average common shares outstanding
- basic		175,471			174,938			175,319			174,246
- diluted		175,471			175,846			175,319			175,394

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Page 2

Vaso Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited)

(in thousands)

	Common Stock						Treasury Stock						Additional Paid-in-			Accumulated			Accumulated Other Comprehensive			Total Stockholders’
	Shares			Amount			Shares			Amount			Capital			Deficit			Loss			Equity
Balance at January 1, 2023		185,436		$	185			(10,308	)		(2,000	)	$	63,952		$	(39,837	)	$	(233	)	$	22,067
Share-based compensation		-			-			-			-			13			-			-			13
Foreign currency translation gain		-			-			-			-			-			-			15			15
Net income		-			-			-			-			-			454			-			454
Balance at March 31, 2023		185,436		$	185			(10,308	)	$	(2,000	)	$	63,965		$	(39,383	)	$	(218	)	$	22,549
Share-based compensation		13			-			-			-			15			-			-			15
Shares withheld for employee tax liability		-			-			-			-			(1	)		-			-			(1	)
Foreign currency translation loss		-			-			-			-			-			-			(210	)		(210	)
Net income		-			-			-			-			-			2,072			-			2,072
Balance at June 30, 2023		185,449		$	185			(10,308	)	$	(2,000	)	$	63,979		$	(37,311	)	$	(428	)	$	24,425
Share-based compensation		178			1			-			-			9			-			-			10
Shares withheld for employee tax liability		-			-			-			-			(5	)		-			-			(5	)
Foreign currency translation loss		-			-			-			-			-			-			(19	)		(19	)
Net income		-			-			-			-			-			1,198			-			1,198
Balance at September 30, 2023		185,627		$	186			(10,308	)	$	(2,000	)	$	63,983		$	(36,113	)	$	(447	)	$	25,609

Balance at January 1, 2024		185,627		$	186			(10,308	)		(2,000	)	$	63,993		$	(35,032	)	$	(304	)	$	26,843
Share-based compensation		-			-			-			-			9			-			-			9
Foreign currency translation loss		-			-			-			-			-			-			(101	)		(101	)
Net loss		-			-			-			-			-			(1,173	)		-			(1,173	)
Balance at March 31, 2024		185,627		$	186			(10,308	)	$	(2,000	)	$	64,002		$	(36,205	)	$	(405	)	$	25,578
Share-based compensation		62			-			-			-			9			-			-			9
Foreign currency translation loss		-			-			-			-			-			-			(21	)		(21	)
Net income		-			-			-			-			-			1,155			-			1,155
Balance at June 30, 2024		185,689		$	186			(10,308	)	$	(2,000	)	$	64,011		$	(35,050	)	$	(426	)	$	26,721
Retirement of treasury shares		(10,308	)		(10	)		10,308			2,000			(1,990	)		-			-			-
Share-based compensation		165			-			-			-			8			-			-			8
Shares withheld for employee tax liability		-			-			-			-			(8	)		-			-			(8	)
Foreign currency translation gain		-			-			-			-			-			-			118			118
Net loss		-			-			-			-			-			(1,181	)		-			(1,181	)
Balance at September 30, 2024		175,546		$	176			-			-		$	62,021		$	(36,231	)	$	(308	)	$	25,658

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Page 3

Vaso Corporation and Subsidiaries

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

(in thousands)

	Nine months ended
	September 30,
	2024			2023
Cash flows from operating activities
Net (loss) income	$	(1,199	)	$	3,724
Adjustments to reconcile net (loss) income to net cash provided by operating activities
Depreciation and amortization		630			762
Loss from investment in EECP Global		155			101
Provision for credit losses and commission adjustments		102			85
Write-off of Achari loan		573			-
Share-based compensation		26			38
Changes in operating assets and liabilities:
Accounts and other receivables		4,111			6,052
Inventories		336			12
Deferred commission expense		(247	)		(364	)
Prepaid expenses and other current assets		(124	)		(1,474	)
Other assets, net		360			424
Accounts payable		1,886			104
Accrued commissions		(1,092	)		(2,006	)
Accrued expenses and other liabilities		(2,439	)		(2,559	)
Sales tax payable		53			(130	)
Deferred revenue		921			2,437
Due to related party		(308	)		(411	)
Other long-term liabilities		(96	)		65
Net cash provided by operating activities		3,648			6,860

Cash flows from investing activities
Purchases of equipment and software		(1,231	)		(536	)
Loan to Achari		(573	)		-
Purchases of short-term investments		-			(20,330	)
Redemption of short-term investments		13,757			13,330
Net cash provided by (used in) investing activities		11,953			(7,536	)

Cash flows from financing activities
Payroll taxes paid by withholding shares		(8	)		(6	)
Repayment of notes payable and finance lease obligations		(59	)		(101	)
Net cash used in financing activities		(67	)		(107	)
Effect of exchange rate differences on cash and cash equivalents		(35	)		17

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		15,499			(766	)
Cash and cash equivalents - beginning of period		11,342			11,821
Cash and cash equivalents - end of period	$	26,841		$	11,055

SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION
Interest paid	$	4		$	14
Income taxes paid	$	186		$	80

SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Initial recognition of operating lease right of use asset and liability	$	908		$	661

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Page 4

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

NOTE A - ORGANIZATION AND PLAN OF OPERATIONS

Vaso Corporation was incorporated in Delaware in July 1987. Unless the context requires otherwise, all references to “we”, “our”, “us”, “Company”, “registrant”, “Vaso” or “management” refer to Vaso Corporation and its subsidiaries.

Overview

Vaso Corporation principally operates in three distinct business segments in the healthcare and information technology (“IT”) industries. We manage and evaluate our operations, and report our financial results, through these three business segments.

●

IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;

●

Professional sales service segment, operating through a wholly-owned subsidiary Vaso Diagnostics, Inc. d/b/a VasoHealthcare, primarily focuses on the sale of healthcare capital equipment for GE Healthcare (“GEHC”) into the healthcare provider middle market; and

●

Equipment segment, primarily focuses on the design, manufacture, sale and service of proprietary medical devices and software, operating through a wholly-owned subsidiary VasoMedical, Inc., which in turn operates through Vasomedical Solutions, Inc. for domestic business and Vasomedical Global Corp. for international business, respectively.

VasoTechnology

Vaso Technology, Inc. was formed in May 2015, at the time the Company acquired all of the assets of NetWolves, LLC and its affiliates, including the membership interests in NetWolves Network Services, LLC (collectively, “NetWolves”). It currently consists of a managed network and security service division and a healthcare IT application VAR (value added reseller) division, Vaso Healthcare IT. Its current offerings include:

	●	Managed radiology and imaging applications (channel partner of select vendors of healthcare IT products).

	●	Managed network infrastructure (routers, switches and other core equipment).

	●	Managed network transport (FCC licensed carrier reselling over 175 facility partners).

●

Managed security services.

VasoTechnology uses a combination of proprietary technology, methodology and third-party applications to deliver its value proposition.

VasoHealthcare

VasoHealthcare commenced operations in 2010, in conjunction with the Company’s execution of its exclusive sales representation agreement (“GEHC Agreement”) with GEHC to further the sale of certain healthcare capital equipment in the healthcare provider middle market. Sales of GEHC equipment by the Company have grown significantly since then.

VasoHealthcare’s current offerings consist of:

	●	GEHC diagnostic imaging capital equipment and ultrasound systems.

	●	GEHC service agreements for the above equipment.

	●	GEHC training services for use of the above equipment.

●

GEHC and third-party financial services.

Page 5

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

VasoMedical

VasoMedical is the Company’s business division for its proprietary medical device operations, including the design, development, manufacturing, sales and service of various medical devices in the domestic and international markets and includes the Vasomedical Global and Vasomedical Solutions business units. These devices are primarily for cardiovascular monitoring and diagnostic systems. Its current offerings consist of:

	●	Biox™ series Holter monitors and ambulatory blood pressure recorders.

	●	ARCS^®series analysis, reporting and communication software for ECG and blood pressure signals.

	●	MobiCare^®multi-parameter wireless vital-sign monitoring system.

●

EECP^®therapy systems for non-invasive, outpatient treatment of ischemic heart disease.

This segment uses its extensive cardiovascular device knowledge coupled with its significant engineering resources to cost-effectively create and market its proprietary technology. It works with a global distribution network of channel partners to sell its products. It also provides engineering and OEM services to other medical device companies.

Termination of Achari Business Combination Agreement

As previously announced, the Company entered into a business combination agreement (the “Business Combination Agreement”), dated as of December 6, 2023, with Achari Ventures Holdings Corp. I, a Delaware corporation (“Achari”), and Achari Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Achari. On September 17, 2024, Vaso provided to Achari a notice of termination of the Business Combination Agreement. Business combination transaction costs presented in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) include investment banking and other advisory and legal costs incurred associated with the Business Combination Agreement, as well as the write-off of $508,000 in transaction costs capitalized in prior quarters.

NOTE B – INTERIM STATEMENT PRESENTATION

Basis of Presentation and Use of Estimates

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information. Certain information and disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on April 1, 2024.

These unaudited condensed consolidated financial statements include the accounts of the companies over which we exercise control. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of interim results for the Company. The results of operations for any interim period are not necessarily indicative of results to be expected for any other interim period or the full year.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the condensed consolidated financial statements, the disclosure of contingent assets and liabilities in the unaudited condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenues, expenses and cash flows during the periods presented. Actual amounts and results could differ from those estimates. The estimates and assumptions the Company makes are based on historical factors, current circumstances and the experience and judgment of the Company’s management. The Company evaluates its estimates and assumptions on an ongoing basis.

Page 6

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Correction of Prior Period Financial Statements

We record commission revenue for certain products in our professional sales service segment based on GEHC’s reporting and payment of such commissions to us. In late August 2023, GEHC informed the Company that its calculations for such products were partially inaccurate and had remitted excess commissions. The Company has taken immediate steps to implement additional internal control procedures whereby GEHC will provide additional information sufficient to assess the accuracy of such commission payments going forward. We assessed the materiality of this misstatement on prior periods’ financial statements in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 1.M, Materiality, codified in Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections, (“ASC 250”) and concluded that the misstatements were not material to the prior annual or interim periods.

Accordingly, in accordance with ASC 250 (SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements), we have increased the accumulated deficit at January 1, 2023 by $808,000 to reflect $1,010,000 lower commission revenue and $202,000 lower commission expense, as set forth below:

	Consolidated Statement of Changes in Stockholders’ Equity
	Accumulated Deficit									Total Stockholders’ Equity
(in thousands)	As Reported			Adjustment			As Revised			As Reported		Adjustment			As Revised
Balance at January 1, 2023	$	(39,029	)	$	(808	)	$	(39,837	)	$	22,875	$	(808	)	$	22,067

Recently Issued Accounting Standards To Be Adopted

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740), Improvement to Income Tax Disclosures, which requires enhanced income tax disclosures, including disaggregation of information in the rate reconciliation table and disaggregated information related to income taxes paid. The ASU is effective for annual reporting periods beginning with the year ending December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvement to Reportable Segment Disclosures. This ASU enhances disclosures required for reportable segments in both annual and interim consolidated financial statements. The ASU, which requires retrospective application, is effective for annual reporting periods beginning with the year ending December 31, 2024, and interim periods beginning with the three months ending March 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its Consolidated Financial Statements.

Reclassifications

Certain reclassifications have been made to prior year amounts to conform with the current year presentation.

Page 7

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

NOTE C – REVENUE RECOGNITION

Disaggregation of Revenue

The following tables present revenues disaggregated by our business operations and timing of revenue recognition:

	(in thousands)
	Three Months Ended September 30, 2024								Three Months Ended September 30, 2023
			Professional sales service		Equipment						Professional sales service		Equipment
	IT segment		segment		segment		Total		IT segment		segment		segment		Total
Network services	$	9,981	$	-	$	-	$	9,981	$	8,849	$	-	$	-	$	8,849
Software sales and support		1,101		-		-		1,101		1,018		-		-		1,018
Commissions		-		9,114		-		9,114		-		8,837		-		8,837
Medical equipment sales		-		-		542		542		-		-		714		714
Medical equipment service		-		-		31		31		-		-		31		31
	$	11,082	$	9,114	$	573	$	20,769	$	9,867	$	8,837	$	745	$	19,449

		Nine Months Ended September 30, 2024								Nine Months Ended September 30, 2023
				Professional sales service		Equipment						Professional sales service		Equipment
		IT segment		segment		segment		Total		IT segment		segment		segment		Total
Network services	$	28,394	$	-	$	-	$	28,394	$	26,833	$	-	$	-	$	26,833
Software sales and support		3,431		-		-		3,431		3,743		-		-		3,743
Commissions		-		26,350		-		26,350		-		26,401		-		26,401
Medical equipment sales		-		-		1,464		1,464		-		-		2,036		2,036
Medical equipment service		-		-		93		93		-		-		94		94
	$	31,825	$	26,350	$	1,557	$	59,732	$	30,576	$	26,401	$	2,130	$	59,107

	Three Months Ended September 30, 2024								Three Months Ended September 30, 2023
			Professional sales service		Equipment						Professional sales service		Equipment
	IT segment		segment		segment		Total		IT segment		segment		segment		Total
Revenue recognized over time	$	9,341	$	-	$	102	$	9,443	$	9,302	$	-	$	221	$	9,523
Revenue recognized at a point in time		1,741		9,114		471		11,326		565		8,837		524		9,926
	$	11,082	$	9,114	$	573	$	20,769	$	9,867	$	8,837	$	745	$	19,449

		Nine Months Ended September 30, 2024								Nine Months Ended September 30, 2023
				Professional sales service		Equipment						Professional sales service		Equipment
		IT segment		segment		segment		Total		IT segment		segment		segment		Total
Revenue recognized over time	$	27,445	$	-	$	270	$	27,715	$	28,180	$	-	$	462	$	28,642
Revenue recognized at a point in time		4,380		26,350		1,287		32,017		2,396		26,401		1,668		30,465
	$	31,825	$	26,350	$	1,557	$	59,732	$	30,576	$	26,401	$	2,130	$	59,107

Page 8

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Transaction Price Allocated to Remaining Performance Obligations

As of September 30, 2024, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied (or partially unsatisfied) for executed contracts approximates $101.3 million, of which we expect to recognize revenue as follows:

	(in thousands)
	Fiscal years of revenue recognition
	2024		2025		2026		Thereafter
Unfulfilled performance obligations	$	14,292	$	42,363	$	17,302	$	27,334

Contract Assets and Liabilities

Contract liabilities arise in our healthcare IT, VasoHealthcare, and VasoMedical businesses. In our healthcare IT business, payment arrangements with clients typically include an initial payment due upon contract signing and milestone-based payments based upon product delivery and go-live, as well as post go-live monthly payments for subscription and support fees. Customer payments received, or receivables recorded, in advance of go-live and customer acceptance, where applicable, are deferred as contract liabilities. Such amounts aggregated approximately $178,000 and $419,000 at September 30, 2024 and December 31, 2023, respectively, and are included in accrued expenses and other liabilities in our condensed consolidated balance sheets.

In our VasoHealthcare business, we bill amounts for certain milestones in advance of customer acceptance of the underlying equipment. Such amounts aggregated approximately $33,117,000 and $32,194,000 at September 30, 2024 and December 31, 2023, respectively, and are classified in our condensed consolidated balance sheets as either current or long-term deferred revenue. In addition, we record a contract liability for amounts expected to be repaid to GEHC due to customer order reductions. Such amounts aggregated approximately $1,074,000 and 971,000 at September 30, 2024 and December 31, 2023, respectively, and are included in accrued expenses and other liabilities in our condensed consolidated balance sheets.

In our VasoMedical business, we bill amounts for post-delivery services and varying duration service contracts in advance of performance. Such amounts aggregated approximately $4,000 and $6,000 at September 30, 2024 and December 31, 2023, respectively, and are classified in our condensed consolidated balance sheets as either current or long-term deferred revenue.

During the three and nine months ended September 30, 2024, we recognized approximately $2.9 million and $7.0 million of revenues, respectively, that were included in our contract liability balance at July 1, 2024 and January 1, 2024, respectively.

The following table summarizes the Company’s contract asset and contract liability balances:

	2024			2023
Contract receivables - January 1		13,398			15,306
Contract receivables - September 30		9,169			9,185
Increase (decrease)		(4,229	)		(6,121	)

Contract liabilities - January 1		33,589			33,861
Contract liabilities - September 30		34,373			34,773
Increase (decrease)		784			912

The decrease in contract receivables in the first nine months of 2024 and 2023 was due primarily to collections exceeding billings. The increase in contract liabilities in the same periods is mainly attributable to orders exceeding deliveries.

NOTE D – SEGMENT REPORTING AND CONCENTRATIONS

Vaso Corporation principally operates in three distinct business segments in the healthcare and information technology industries. We manage and evaluate our operations, and report our financial results, through these three reportable segments.

●

IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;

●

Equipment segment, operating through a wholly-owned subsidiary VasoMedical, Inc., primarily focuses on the design, manufacture, sale and service of proprietary medical devices.

The chief operating decision maker is the Company’s Chief Executive Officer, who, in conjunction with upper management, evaluates segment performance based on operating income and adjusted EBITDA (net income (loss), plus interest expense (income), net; tax expense; depreciation and amortization; and non-cash stock-based compensation). Administrative functions such as finance, human resources, and information technology are centralized and related expenses allocated to each segment. Other costs not directly attributable to operating segments, such as audit, legal, director fees, investor relations, and others, as well as certain assets – primarily cash balances – are reported in the Corporate entity below. There are no intersegment revenues. Summary financial information for the segments is set forth below:

Page 9

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

	(in thousands)
	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Revenues from external customers
IT	$	11,082		$	9,867		$	31,825		$	30,576
Professional sales service		9,114			8,837			26,350			26,401
Equipment		573			745			1,557			2,130
Total revenues	$	20,769		$	19,449		$	59,732		$	59,107

Gross Profit
IT	$	4,111		$	4,274		$	12,886		$	13,455
Professional sales service		7,276			7,201			20,827			21,480
Equipment		369			568			1,111			1,605
Total gross profit	$	11,756		$	12,043		$	34,824		$	36,540

Operating income (loss)
IT	$	(695	)	$	(187	)	$	(1,288	)	$	(133	)
Professional sales service		1,531			1,648			3,182			4,784
Equipment		(223	)		(83	)		(809	)		(214	)
Corporate		(2,006	)		(471	)		(2,951	)		(1,212	)
Total operating income (loss)	$	(1,393	)	$	907		$	(1,866	)	$	3,225

Depreciation and amortization
IT	$	170		$	196		$	492		$	678
Professional sales service		25			21			72			62
Equipment		23			8			65			22
Corporate		-			-			-			-
Total depreciation and amortization	$	219		$	225		$	630		$	762

Capital expenditures
IT	$	330		$	71		$	780		$	293
Professional sales service		9			23			119			75
Equipment		104			82			331			168
Corporate		-			-			-			-
Total capital expenditures	$	443		$	176		$	1,230		$	536

	(in thousands)
	September 30, 2024		December 31, 2023
Identifiable Assets
IT	$	23,675	$	22,425
Professional sales service		14,034		18,955
Equipment		6,782		7,114
Corporate		29,452		27,263
Total assets	$	73,943	$	75,757

GE Healthcare accounted for 44% and 45% of revenue for both the three months ended September 30, 2024 and 2023, respectively, and the nine months ended September 30, 2024 and 2023, respectively. GE Healthcare also accounted for $5.1 million or 62%, and $9.3 million or 75%, of accounts and other receivables at September 30, 2024 and December 31, 2023, respectively. No other customer accounted for 10% or more of revenue.

NOTE E –NET INCOME (LOSS) PER COMMON SHARE

Basic earnings (loss) per common share is computed as earnings (loss) applicable to common stockholders divided by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted to common stock.

Page 10

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Diluted earnings per share were computed based on the weighted average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:

	(in thousands)
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Basic weighted average shares outstanding		175,471		174,938		175,319		174,246
Dilutive effect of unvested restricted shares		-		908		-		1,148
Diluted weighted average shares outstanding		175,471		175,846		175,319		175,394

The following table represents common stock equivalents that were excluded from the computation of diluted earnings (loss) per share for the three and nine months ended September 30, 2024 and 2023, because the effect of their inclusion would be anti-dilutive.

	(in thousands)
	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Restricted common stock grants		411		-		641		-

NOTE F – SHORT-TERM INVESTMENTS AND FINANCIAL INSTRUMENTS

The Company’s short-term investments consist of bank deposits with yields based on underlying debt and equity securities and six-month US Treasury bills. The bank deposits are carried at fair value of $424,000 at December 31, 2023, and are classified as available-for-sale. Realized gains or losses on the bank deposits are included in net income. The US Treasury bills are classified as held-to-maturity and are carried at amortized cost of approximately $13,555,000 at December 31, 2023. Their fair value at December 31, 2023 was approximately $13,559,000. The Company does not expect a credit loss for its short-term investments.

Cash and cash equivalents represent cash and short-term, highly liquid investments either in certificates of deposit, treasury bills, money market funds, or investment grade commercial paper issued by major corporations and financial institutions that generally have maturities of three months or less from the date of acquisition.

The Company complies with the provisions of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”). Under ASC 820, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.

In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are those that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s assumptions about the inputs market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The fair value hierarchy is categorized into three levels based on the inputs as follows:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Page 11

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

The carrying amount of assets and liabilities including cash and cash equivalents, short-term investments, accounts receivable, prepaids, accounts payable, accrued expenses and other current liabilities approximated their fair value as of September 30, 2024 and December 31, 2023, due to the relative short maturity of these instruments. Property and equipment, intangible assets, capital lease obligations, and goodwill are not required to be re-measured to fair value on a recurring basis. These assets are evaluated for impairment if certain triggering events occur. If such evaluation indicates that impairment exists, the respective asset is written down to its fair value.

The following table presents information about the Company’s assets measured at fair value as of September 30, 2024 and December 31, 2023:

Quoted Prices

Significant

in Active

Other

Significant

Balance

Markets for

Observable

Unobservable

as of

Identical Assets

Inputs

September 30,

(Level 1)

(Level 2)

(Level 3)

2024

Assets

Cash equivalents invested in money market funds and treasury bills

26,176


	Quoted Prices		Significant
	in Active		Other		Significant		Balance
	Markets for		Observable		Unobservable		as of
	Identical Assets		Inputs		Inputs		December 31,
	(Level 1)		(Level 2)		(Level 3)		2023
Assets
Cash equivalents invested in money market funds and treasury bills	$	10,522	$	-	$	-	$	10,522
Bank deposits (included in short term investments)		424						424
	$	10,946	$	-	$	-	$	10,946

NOTE G – ACCOUNTS AND OTHER RECEIVABLES, NET

The following table presents information regarding the Company’s accounts and other receivables as of September 30, 2024 and December 31, 2023:

	(in thousands)
	September 30, 2024			December 31, 2023
Trade receivables	$	15,181		$	22,085
Unbilled receivables		2,997			-
Allowance for credit losses and commission adjustments		(10,013	)		(9,708	)
Accounts and other receivables, net	$	8,165		$	12,377

Contract receivables under “Revenue from Contracts with Customers (“ASC Topic 606”)” consist of trade receivables and unbilled receivables. Trade receivables include amounts due for shipped products and services rendered. Unbilled receivables represent variable consideration recognized in accordance with ASC Topic 606 but not yet billable. Amounts recorded – billed and unbilled - under the GEHC Agreement are subject to adjustment in subsequent periods should the underlying sales order amount, upon which the receivable is based, change.

Allowance for credit losses and commission adjustments include estimated losses resulting from the inability of our customers to make required payments, and adjustments arising from subsequent changes in sales order amounts that may reduce the amount the Company will ultimately receive under the GEHC Agreement.

Page 12

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

NOTE H – INVENTORIES, NET

Inventories, net of reserves, consist of the following:

	(in thousands)
	September 30, 2024		December 31, 2023
Raw materials	$	716	$	832
Work in process		55		11
Finished goods		384		627
	$	1,155	$	1,470

The Company maintained reserves for slow moving inventories of $170,000 and $163,000 at September 30, 2024 and December 31, 2023, respectively.

NOTE I – GOODWILL AND OTHER INTANGIBLES

Goodwill of $14,375,000 is allocated to the IT segment. The remaining $1,223,000 of goodwill is attributable to the FGE reporting unit within the Equipment segment. The components of the change in goodwill are as follows:

	(in thousands)
	Nine months ended		Year ended
	September 30, 2024		December 31, 2023
Beginning of period	$	15,588	$	15,614
Foreign currency translation adjustment		10		(26	)
End of period	$	15,598	$	15,588

The Company’s other intangible assets consist of capitalized customer-related intangibles, patent and technology costs, and software costs, as set forth in the following:

	(in thousands)
	September 30, 2024			December 31, 2023
Customer-related
Costs	$	5,831		$	5,831
Accumulated amortization		(4,938	)		(4,790	)
		893			1,041

Patents and Technology
Costs		1,894			1,894
Accumulated amortization		(1,894	)		(1,894	)
		-			-

Software
Costs		2,999			2,618
Accumulated amortization		(2,370	)		(2,253	)
		629			365

	$	1,522		$	1,406

Patents and technology are amortized on a straight-line basis over their estimated useful lives of ten and eight years, respectively. The cost of significant customer-related intangibles is amortized in proportion to estimated total related revenue; cost of other customer-related intangible assets is amortized on a straight-line basis over the asset’s estimated economic life of seven years. Software costs are amortized on a straight-line basis over its expected useful life of five years.

Page 13

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

Amortization expense amounted to $90,000 and $81,000 for the three months ended September 30, 2024 and 2023, respectively and $265,000 and $261,000 for the nine months ended September 30, 2024 and 2023, respectively.

Amortization of intangibles for the next five years is:

	(in thousands)
Years ending December 31,
Remainder of 2024		102
2025		311
2026		275
2027		246
2028		224
2029		88
	$	1,246

NOTE J – OTHER ASSETS, NET

Other assets, net consist of the following at September 30, 2024 and December 31, 2023:

	(in thousands)
	September 30, 2024		December 31, 2023
Deferred commission expense - noncurrent	$	3,508	$	3,821
Trade receivables - noncurrent		1,003		1,021
Other, net of allowance for loss on loan receivable of $412 at September 30, 2024 and December 31, 2023		58		60
	$	4,569	$	4,902

NOTE K – ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following at September 30, 2024 and December 31, 2023:

	(in thousands)
	September 30, 2024		December 31, 2023
Accrued compensation	$	1,443	$	2,482
Accrued expenses - other		1,580		2,142
Order reduction liability		1,074		971
Other liabilities		895		1,770
	$	4,992	$	7,365

Page 14

Vaso Corporation and Subsidiaries

Notes to Condensed Consolidated Financial Statements (unaudited)

NOTE L - DEFERRED REVENUE

The changes in the Company’s deferred revenues are as follows:

	(in thousands)
	Three months ended September 30,						Nine months ended September 30,
	2024			2023			2024			2023
Deferred revenue at beginning of period	$	31,700		$	33,586		$	32,200		$	30,803
Net additions:
Deferred extended service contracts		-			-			-			2
Deferred commission revenues		4,465			2,924			10,078			12,406
Recognized as revenue:
Deferred extended service contracts		-			(1	)		(2	)		(4	)
Deferred commission revenues		(3,044	)		(3,269	)		(9,155	)		(9,967	)
Deferred revenue at end of period		33,121			33,240			33,121			33,240
Less: current portion		17,496			18,535			17,496			18,535
Long-term deferred revenue at end of period	$	15,625		$	14,705		$	15,625		$	14,705

NOTE M – RELATED-PARTY TRANSACTIONS

The Company uses the equity method to account for its interest in EECP Global as it has the ability to exercise significant influence over the entity and reports its share of EECP Global operations in Other Income (Expense) on its condensed consolidated statements of operations. For the three months ended September 30, 2024 and 2023, the Company’s share of EECP Global’s (loss) earnings was approximately $(68,000) and $24,000, respectively, and for the nine months ended September 30, 2024 and 2023, the Company’s share of EECP Global’s loss was approximately $155,000 and $101,000, respectively, and included in Other (Expense) Income in its condensed consolidated statements of operations. At September 30, 2024 and December 31, 2023, the Company recorded a net receivable from related parties of approximately $1,209,000 and $901,000, respectively, on its condensed consolidated balance sheet for amounts due from EECP Global for fees and cost reimbursements net of amounts due to EECP Global for receivables collected on its behalf.

NOTE N – COMMITMENTS AND CONTINGENCIES

Litigation

The Company is currently, and has been in the past, a party to various legal proceedings, primarily employee related matters, incident to its business. The Company believes that the outcome of all pending legal proceedings in the aggregate is unlikely to have a material adverse effect on the business or consolidated financial condition of the Company.

Sales representation agreement

In October 2021, the Company concluded an amendment of the GEHC Agreement with GEHC, originally signed on May 19, 2010 and previously extended in 2012, 2015 and 2017. The amendment extended the term of the original agreement, which began on July 1, 2010, through December 31, 2026, subject to early termination by GEHC without cause with certain conditions. Under the agreement, VasoHealthcare is the exclusive representative for the sale of select GEHC diagnostic imaging products to specific market accounts in the 48 contiguous states of the United States and the District of Columbia. The circumstances under which early termination of the agreement may occur with cause include: not materially achieving certain sales goals, not maintaining a minimum number of sales representatives, and not meeting various legal and GEHC policy requirements.

Employment Agreements

On May 10, 2019, the Company modified its Employment Agreement with its President and Chief Executive Officer, Dr. Jun Ma, to provide for a five-year term with extensions, unless earlier terminated by the Company, but in no event can it extend beyond May 31, 2026. The Employment Agreement provides for annual compensation of $500,000. Dr. Ma shall be eligible to receive a bonus for each fiscal year during the employment term. The amount and the occasion for payment of such bonus, if any, shall be at the discretion of the Board of Directors. Dr. Ma shall also be eligible for an award under any long-term incentive compensation plan and grants of options and awards of shares of the Company’s stock, as determined at the Board of Directors’ discretion. The Employment Agreement further provides for reimbursement of certain expenses, and certain severance benefits in the event of termination prior to the expiration date of the Employment Agreement.

On December 31, 2022, the Company executed an Employment Agreement with the President of its VasoHealthcare subsidiary, Ms. Jane Moen, to provide for a twenty-seven month initial term with extensions, unless earlier terminated by the Company, but in no event can it extend beyond December 31, 2026 or the earlier termination of the GEHC Agreement. The Employment Agreement provides for annual base compensation of $350,000. Ms. Moen shall be eligible to receive bonuses for each fiscal year during the employment term. The amount and the occasion for payment of such bonuses, if any, shall be based on employment status as well as achieving certain operating targets. Ms. Moen shall also be eligible for an award under any long-term incentive compensation plan and grants of options and awards of shares of the Company’s stock, as determined at the Board of Directors’ discretion. The Employment Agreement further provides for reimbursement of certain expenses, and certain severance benefits in the event of termination prior to the expiration date of the Employment Agreement.

Page 15

Vaso Corporation and Subsidiaries

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Except for historical information contained in this report, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this report, words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “may”, “plans”, “potential” and “intends” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: unfavorable business and economic conditions; the effect of pandemics and geopolitical events, including the COVID-19 pandemic which has adversely affected our operating results; the ability to keep pace with the dramatic changes taking place in IT and healthcare; the impact of competitive procedures and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; securing and protecting our intellectual property rights; compliance with applicable government regulations; failure to maintain the integrity of our information technology systems, including without limitation, cyber-attacks; unforeseen difficulties and delays in product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; continuation of the GEHC agreement; our ability to enter into new partnerships and strategic transactions, and the risk factors reported from time to time in the Company’s SEC reports, including its recent report on Form 10-K. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.

Unless the context requires otherwise, all references to “we”, “our”, “us”, “Company”, “registrant”, “Vaso” or “management” refer to Vaso Corporation and its subsidiaries.

General Overview

Our Business Segments

Vaso Corporation (“Vaso”) was incorporated in Delaware in July 1987. We principally operate in three distinct business segments in the healthcare and information technology industries. We manage and evaluate our operations, and report our financial results, through these three business segments.

●

IT segment, operating through a wholly-owned subsidiary VasoTechnology, Inc., primarily focuses on healthcare IT and managed network technology services;

●

Termination of Business Combination Agreement

On September 17, 2024 Vaso provided notice to Achari to terminate the Business Combination Agreement with Achari. Vaso intends to continue to seek opportunities to increase stockholder value, including through internal growth, new partnerships, and strategic investments with a concentration on medical and IT service companies.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon the accompanying unaudited condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and the related disclosures at the date of the financial statements and during the reporting period. Although these estimates are based on our knowledge of current events, our actual amounts and results could differ from those estimates. The estimates made are based on historical factors, current circumstances, and the experience and judgment of our management, who continually evaluate the judgments, estimates and assumptions and may employ outside experts to assist in the evaluations.

Page 16

Vaso Corporation and Subsidiaries

Certain of our accounting policies are deemed “critical”, as they are both most important to the financial statement presentation and require management’s most difficult, subjective or complex judgments as a result of the need to make estimates about the effect of matters that are inherently uncertain. For a discussion of our critical accounting policies, see Note B to the condensed consolidated financial statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC on April 1, 2024.

Results of Operations – For the Three Months Ended September 30, 2024 and 2023

Revenues

Total revenue for the three months ended September 30, 2024 and 2023 was $20,769,000 and $19,449,000, respectively, representing an increase of $1,320,000, or 7% year-over-year. On a segment basis, revenue in the IT and professional sales services segments increased by $1,215,000 and $277,000, respectively, while revenue in the equipment segment decreased by $172,000.

Revenue in the IT segment for the three months ended September 30, 2024 was $11,082,000 compared to $9,867,000 for the three months ended September 30, 2023, an increase of $1,215,000, or 12%, of which $1,133,000 resulted from higher network services revenue and $82,000 from higher revenues in the healthcare IT business. Monthly recurring revenue in the IT segment accounted for $9,341,000 or 84% of the segment revenue in the third quarter of 2024, and $9,302,000 or 94% of the segment revenue for the same quarter last year (see Note C).

Commission revenues in the professional sales service segment were $9,114,000 in the third quarter of 2024, an increase of $277,000, or 3%, as compared to $8,837,000 in the same quarter of 2023. The increase in commission revenues was due primarily to both an increase in the volume of underlying equipment delivered by GEHC during the period and a higher blended commission rate applicable to such deliveries. The Company only recognizes commission revenue when the underlying equipment has been accepted at the customer site in accordance with the specific terms of the sales agreement. Consequently, amounts billable, or billed and received, under the agreement with GEHC prior to customer acceptance of the equipment are recorded as deferred revenue in the condensed consolidated balance sheet. As of September 30, 2024, $33,117,000 in deferred commission revenue was recorded in the Company’s condensed consolidated balance sheet, of which $15,623,000 was long-term. As of September 30, 2023, $33,232,000 in deferred commission revenue was recorded in the Company’s condensed consolidated balance sheet, of which $14,701,000 was long-term. The small decrease in deferred revenue is principally due to high deliveries in the 4^th quarter of 2023, partially offset by an increase in new orders booked in 2024.

Revenue in the equipment segment decreased by $172,000, or 23%, to $573,000 for the three-month period ended September 30, 2024 from $745,000 for the same period of the prior year, due to lower ARCS^® subscription revenues in our US operations as well as lower deliveries in our China operations.

Gross Profit

Gross profit for the three months ended September 30, 2024 and 2023 was $11,756,000, or 57% of revenue, and $12,043,000, or 62% of revenue, respectively, representing a decrease of $287,000, or 2% year-over-year. On a segment basis, gross profit in the professional sales service segment increased $75,000, or 1%, while gross profit in the IT and equipment segments decreased $163,000, or 4%, and $199,000, or 35%, respectively.

IT segment gross profit for the three months ended September 30, 2024 was $4,111,000, or 37% of the segment revenue, compared to $4,274,000, or 43% of the segment revenue for the three months ended September 30, 2023. The year-over-year decrease of $163,000, or 4%, was primarily a result of a lower margin sales mix in the network services business.

Professional sales service segment gross profit was $7,276,000, or 80% of segment revenue, for the three months ended September 30, 2024 as compared to $7,201,000, or 81% of the segment revenue, for the three months ended September 30, 2023, reflecting an increase of $75,000, or 1%. The increase was due to higher commission revenue as a result of higher volume of GEHC equipment delivered during the third quarter of 2024 and a higher blended commission rate, when compared to the same period last year, partially offset by higher commission expenses. Cost of commissions in the professional sales service segment of $1,838,000 and $1,636,000, for the three months ended September 30, 2024 and 2023, respectively, reflected commission expense associated with recognized commission revenues.

Page 17

Vaso Corporation and Subsidiaries

Commission expense associated with short-term deferred revenue is recorded as short-term deferred commission expense, or with long-term deferred revenue as part of other assets, on the balance sheet until the related commission revenue is recognized.

Equipment segment gross profit decreased to $369,000, or 64% of segment revenues, for the third quarter of 2024 compared to $568,000, or 76% of segment revenues, for the same quarter of 2023. The $199,000, or 35%, decrease in gross profit was primarily the result of lower sales and a lower gross margin for product sales in China during the quarter.

Operating Income (Loss)

Operating income (loss) for the three months ended September 30, 2024 was $(1,393,000) compared to $907,000 for the same quarter in 2023, representing a decrease of $2,300,000, or 254%, due primarily to $1,409,000 higher costs for investment banking activities, and to both the decrease in gross profit and the increase in operating costs (below) in the IT segment. On a segment basis, the IT segment recorded an operating loss of $695,000 in the third quarter of 2024 as compared to an operating loss of $187,000 in the same period of 2023; the professional sales service segment recorded operating income of $1,531,000 in the third quarter of 2024 as opposed to operating income of $1,648,000 in the same period of 2023; and the equipment segment recorded an operating loss of $223,000 in the third quarter of 2024 as compared to an operating loss of $83,000 in the same period of 2023.

Operating loss in the IT segment increased to $695,000 for the three-month period ended September 30, 2024 from an operating loss of $187,000 in the same period of 2023, due to lower gross profit and higher SG&A costs. Operating income in the professional sales service segment decreased by $117,000 in the three-month period ended September 30, 2024 as compared to operating income in the same period of 2023, due to higher SG&A costs, partially offset by higher gross profit. The equipment segment reported an operating loss of $223,000 in the third quarter of 2024, compared to an operating loss of $83,000 in the third quarter 2023, an increase of $140,000, primarily due to lower gross profit partially offset by lower SG&A costs in both US and China operations.

SG&A costs for the three months ended September 30, 2024 and 2023 were $11,409,000 and $10,887,000, respectively, representing an increase of $522,000, or 5% year-over-year. On a segment basis, SG&A costs in the IT segment increased by $346,000 in the third quarter of 2024 from the same quarter of the prior year due primarily to higher personnel costs; SG&A costs in the professional sales service segment increased $191,000 due mainly to higher personnel costs associated with provision of expanded services; and SG&A costs in the equipment segment decreased $41,000 due primarily to lower personnel costs. Corporate SG&A costs not allocated to segments increased $26,000 due mainly to higher annual meeting costs, partially offset by lower directors’ fees. Investment banking expenses for the business combination with Achari Venture Holdings I increased to $1,549,000 in the third quarter of 2024 from $40,000 in the third quarter of 2023.

Research and development expenses were $191,000, or 1% of revenues, for the third quarter of 2024, a decrease of $79,000, or 9%, from $209,000, or 1% of revenues, for the third quarter of 2023. The decrease is primarily attributable to lower product development expenses in the equipment segment.

Adjusted EBITDA

We define Adjusted EBITDA (earnings (loss) before interest, taxes, depreciation and amortization), which is a non-GAAP financial measure, as net income (loss), plus interest expense (income), net; tax expense; depreciation and amortization; and non-cash expenses for share-based compensation. Adjusted EBITDA is a metric that is used by the investment community for comparative and valuation purposes. We disclose this metric in order to support and facilitate the dialogue with research analysts and investors.

Page 18

Vaso Corporation and Subsidiaries

Adjusted EBITDA is not a measure of financial performance under U.S. GAAP and should not be considered a substitute for operating income, which we consider to be the most directly comparable U.S. GAAP measure. Adjusted EBITDA has limitations as an analytical tool, and when assessing our operating performance, you should not consider Adjusted EBITDA in isolation, or as a substitute for net income or other consolidated income statement data prepared in accordance with U.S. GAAP. Other companies may calculate Adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.

A reconciliation of net income (loss) to Adjusted EBITDA is set forth below:

	(in thousands)
	Three months ended September 30,
	2024			2023
	(unaudited)			(unaudited)
Net (loss) income	$	(1,181	)	$	1,198
Interest expense (income), net		(284	)		(264	)
Income tax expense		30			16
Depreciation and amortization		219			225
Share-based compensation		8			10
Adjusted EBITDA	$	(1,208	)	$	1,185

Adjusted EBITDA decreased by $2,393,000, to $(1,208,000) in the quarter ended September 30, 2024 from $1,185,000 in the quarter ended September 30, 2023. The decrease was primarily attributable to the decrease in net income and increase in interest income.

Interest and Other Income (Expense)

Interest and other income (expense) for the three months ended September 30, 2024 was $242,000 as compared to $307,000 for the corresponding period of 2023. The decrease in interest and other income (expense) was due primarily to higher loss at EECP Global, partially offset by higher interest income resulting from higher money market and US Treasury bill balances.

Income Tax Expense

For the three months ended September 30, 2024, we recorded income tax expense of $30,000 as compared to $16,000 for the corresponding period of 2023. The $14,000 increase is due mainly to higher state tax expense.

Net Income (Loss)

Net loss for the three months ended September 30, 2024 was $1,181,000 as compared to net income of $1,198,000 for the three months ended September 30, 2023, representing a decrease of $2,379,000. Income (loss) per share of $(0.01) and $0.01 was recorded in the three-month periods ended September 30, 2024 and 2023, respectively. The principal cause of the decrease in net income is the increase in business combination transaction costs, decrease in gross profit and increase in SG&A costs, partially offset by the increase in interest income.

Results of Operations – For the Nine Months Ended September 30, 2024 and 2023

Revenues

Total revenue for the nine months ended September 30, 2024 and 2023 was $59,732,000 and $59,107,000, respectively, representing an increase of $625,000, or 1% year-over-year. On a segment basis, revenue in the IT segment increased $1,249,000, while revenue in the professional sales service and equipment segments decreased $51,000 and $573,000, respectively.

Page 19

Vaso Corporation and Subsidiaries

Revenue in the IT segment for the nine months ended September 30, 2024 was $31,825,000 compared to $30,576,000 for the nine months ended September 30, 2023, an increase of $1,249,000, or 4%, of which $1,561,000 resulted from higher network services revenue, offset by $312,000 lower revenue from healthcare IT services. Our monthly recurring revenue in the IT segment accounted for $27,445,000 or 86% of the segment revenue in the first nine months of 2024, and $28,180,000 or 92% of the segment revenue for the same period last year (see Note C).

Commission revenues in the professional sales service segment were $26,350,000 in the first nine months of 2024, a decrease of $51,000, or less than 1%, as compared to $26,401,000 in the first nine months of 2023. The decrease in commission revenues was due primarily to a slight decrease in the volume of underlying equipment delivered by GEHC during the period, offset by a higher blended commission rate applicable to such deliveries. The Company recognizes commission revenue when the underlying equipment has been accepted at the customer site in accordance with the specific terms of the sales agreement. Consequently, amounts billable, or billed and received, under the agreement with GEHC prior to customer acceptance of the equipment are recorded as deferred revenue in the condensed consolidated balance sheet. As of September 30, 2024, $33,232,000 in deferred commission revenue was recorded in the Company’s condensed consolidated balance sheet, of which $14,701,000 was long-term. As of September 30, 2023, $33,232,000 in deferred commission revenue was recorded in the Company’s condensed consolidated balance sheet, of which $14,701,000 was long-term. The small decrease in deferred revenue is principally due to high deliveries in the 4^th quarter of 2023, partially offset by an increase in new orders booked in 2024.

Revenue in the equipment segment decreased by $573,000, or 27%, to $1,557,000 for the nine-month period ended September 30, 2024 from $2,130,000 for the same period of the prior year, principally due to lower equipment deliveries in our China operations and lower cloud-based software-as-a-service (“SaaS”) sales in the U.S.

Gross Profit

Gross profit for the nine months ended September 30, 2024 and 2023 was $34,824,000, or 58% of revenue, and $36,540,000, or 62% of revenue, respectively, representing a decrease of $1,716,000, or 5% year-over-year. On a segment basis, gross profit in the IT, professional sales service, and equipment segments decreased $569,000, or 4%; $653,000, or 3%; and $494,000, or 31%, respectively.

IT segment gross profit for the nine months ended September 30, 2024 was $12,886,000, or 40% of the segment revenue, compared to $13,455,000, or 44% of the segment revenue for the nine months ended September 30, 2023. The year-over-year decrease of $569,000, or 4%, was primarily a result of lower margin product sales mix in both the network service and healthcare IT businesses, partially offset by higher network service revenues.

Professional sales service segment gross profit was $20,827,000, or 79% of segment revenue, for the nine months ended September 30, 2024 as compared to $21,480,000, or 81% of the segment revenue, for the nine months ended September 30, 2023, reflecting a decrease of $653,000, or 3%. The decrease was primarily due to the product mix of diagnostic imaging revenues and ultrasound revenues, where ultrasound revenues incur higher cost of commissions. Cost of commissions in the professional sales service segment of $5,523,000 and $4,921,000, for the nine months ended September 30, 2024 and 2023, respectively, reflected commission expense associated with recognized commission revenues.

Equipment segment gross profit decreased to $1,111,000, or 71% of segment revenues, for the first nine months of 2024 compared to $1,605,000, or 75% of segment revenues, for the same period in 2023. The $494,000, or 31%, decrease in gross profit was primarily the result of lower revenue in both our China operations and our U.S. SaaS operations, and by lower gross profit margin.

Operating Income (Loss)

Operating income (loss) for the nine months ended September 30, 2024 and 2023 was $(1,866,000), and $3,225,000, respectively, representing a decrease of $5,091,000 as a combined result of gross profit decreasing $1,716,000 and operating costs (below) increasing $3,375,000, year-over-year. On a segment basis, the IT segment recorded an operating loss of $1,288,000 in the first nine months of 2024 as compared to an operating loss of $133,000 in the same period of 2023; operating income in the professional sales service segment decreased by $1,602,000, from $4,784,000 in the first nine months of 2023 to $3,182,000 in the same period of 2024; and the equipment segment recorded an operating loss of $809,000 in the first nine months of 2024 as compared to an operating loss of $214,000 in the same period of 2023.

Operating loss in the IT segment increased to $1,288,000 for the nine-month period ended September 30, 2024 as compared to an operating loss of $133,000 in the same period of 2023, due primarily to lower gross profit and higher SG&A costs. Operating income in the professional sales service segment decreased $1,602,000 to $3,182,000 in the nine-month period ended September 30, 2024 as compared to operating income of $4,784,000 in the same period of 2023, due to higher SG&A costs and lower gross profit. The equipment segment reported an operating loss of $809,000 in the first nine months of 2024, compared to an operating loss of $214,000 in the first nine months of 2023, an increase of $494,000, due mainly to lower gross profit, as well as to higher SG&A and R&D costs.

Page 20

Vaso Corporation and Subsidiaries

SG&A costs for the nine months ended September 30, 2024 and 2023 were $34,316,000 and $32,691,000, respectively, representing an increase of $1,625,000, or 5% year-over-year. On a segment basis, SG&A costs in the IT segment increased by $605,000 in the first nine months of 2024 from the same period of the prior year due mainly to higher personnel costs; SG&A costs in the professional sales service segment increased by $948,000 due to higher personnel costs associated with the provision of expanded services, and to higher travel costs; and SG&A costs in the equipment segment increased by $78,000 due mainly to higher personnel costs. Corporate SG&A costs not allocated to segments decreased $7,000 due mainly to lower director fees and insurance costs, partially offset by higher annual meeting costs. Expenses for investment banking activities associated with the business combination with Achari Venture Holdings I increased to $1,787,000 in the nine months ended September 30, 2024 from $40,000 in the same period of 2023.

Research and development (“R&D”) expenses were $587,000, or 1% of revenues, for the first nine months of 2024, an increase of $3,000, or less than 1%, from $584,000, or 1% of revenues, for the first nine months of 2023. The increase is primarily attributable to higher product development expenses in the equipment segment.

Adjusted EBITDA

A reconciliation of net income (loss) to Adjusted EBITDA is set forth below:

	(in thousands)
	Nine months ended September 30,
	2024			2023
	(unaudited)			(unaudited)
Net (loss) income	$	(1,199	)	$	3,724
Interest expense (income), net		(884	)		(555	)
Income tax expense		154			35
Depreciation and amortization		630			762
Share-based compensation		26			38
Adjusted EBITDA	$	(1,273	)	$	4,004

Adjusted EBITDA decreased by $5,277,000 to $(1,273,000) in the nine months ended September 30, 2024 from $4,004,000 in the nine months ended September 30, 2023. The decrease was primarily attributable to lower net income and higher interest income, partially offset by higher income tax expense.

Interest and Other Income (Expense)

Interest and other income (expense) for the nine months ended September 30, 2024 was $821,000 as compared to $534,000 for the corresponding period of 2023. The increase in interest and other income was due primarily to higher interest income.

Page 21

Vaso Corporation and Subsidiaries

Income Tax Expense

For the nine months ended September 30, 2024, we recorded income tax expense of $154,000 as compared to income tax expense of $35,000 for the corresponding period of 2023. The increase was due mainly to higher state tax expense.

Net Income (Loss)

Net loss for the nine months ended September 30, 2024 was $1,199,000 as compared to net income of $3,724,000 for the nine months ended September 30, 2023, representing a decrease of $4,923,000, or 132%. Income (loss) per share of $(0.01) and $0.02 was recorded in the nine-month periods ended September 30, 2024 and 2023, respectively. The principal cause of the decrease was lower operating income, partially offset by higher interest income.

Liquidity and Capital Resources

Cash and Cash Flow

We have financed our operations from working capital. At September 30, 2024, we had cash and cash equivalents of $26,841,000 and working capital of $12,822,00 0, compared to cash and cash equivalents of $11,342,000 and working capital of $15,059,000 at December 31, 2023.

Cash provided by operating activities was $3,648,000, which consisted of net loss after adjustments to reconcile net loss to net cash of $287,000 and cash provided by operating assets and liabilities of $3,361,000, during the nine months ended September 30, 2024, compared to cash provided by operating activities of $6,860,000 for the same period in 2023. The changes in the account balances primarily reflect a decrease in accounts and other receivables of $4,111,000 and increases in accounts payables and deferred revenue of $1,886,000 and $921,000, respectively; partially offset by decreases in accrued commissions and accrued expenses of $1,092,000 and $2,439,000, respectively.

Cash provided by investing activities during the nine-month period ended September 30, 2024 was $11,953,000 attributed to $13,757,000 in redemption of short-term investments, offset by $1,231,000 used for the purchase of equipment and software and $573,000 used in the funding of a working capital loan to Achari.

Cash used in financing activities during the nine-month period ended September 30, 2024 was $67,000 resulting primarily from the repayment of notes payable and finance lease obligations.

Liquidity

The Company expects to generate sufficient cash flow from operations to satisfy its obligations for at least the next twelve months.

ITEM 4 - CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures reporting as promulgated under the Exchange Act is defined as controls and procedures that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms. Disclosure controls and procedures include without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Our CEO and our CFO have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2024 and have concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the Company’s fiscal quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Page 22

Vaso Corporation and Subsidiaries

PART II - OTHER INFORMATION

ITEM 1 – LEGAL PROCEEDINGS

Information with respect to this item may be found in Note N Commitments and Contingencies under “Litigation”, in the accompanying notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated herein by reference.

ITEM 6 - EXHIBITS

Exhibits

31.1*		Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**		XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH**		XBRL Taxonomy Extension Schema Document
101.CAL**		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**		XBRL Taxonomy Extension Label Linkbase Document
101.PRE**		XBRL Taxonomy Extension Presentation Linkbase Document
104**		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

*	Filed herewith

**	Filed herewith electronically

Page 23

Vaso Corporation and Subsidiaries

In accordance with the requirements of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	VASO CORPORATION

	By:	/s/ Jun Ma
		Jun Ma
		President and Chief Executive Officer
		(Principal Executive Officer)

		/s/ Michael J. Beecher
		Michael J. Beecher
		Chief Financial Officer and Principal Accounting Officer

Date: November 14, 2024

Page 24

false --12-31 Q3 0000839087 true 0000839087 2024-01-01 2024-09-30 0000839087 2024-11-10 0000839087 2024-09-30 0000839087 2023-12-31 0000839087 us-gaap:RelatedPartyMember 2024-09-30 0000839087 us-gaap:RelatedPartyMember 2023-12-31 0000839087 vaso:ManagedITSystemsAndServicesMember 2024-07-01 2024-09-30 0000839087 vaso:ManagedITSystemsAndServicesMember 2023-07-01 2023-09-30 0000839087 vaso:ManagedITSystemsAndServicesMember 2024-01-01 2024-09-30 0000839087 vaso:ManagedITSystemsAndServicesMember 2023-01-01 2023-09-30 0000839087 vaso:ProfessionalSalesServicesMember 2024-07-01 2024-09-30 0000839087 vaso:ProfessionalSalesServicesMember 2023-07-01 2023-09-30 0000839087 vaso:ProfessionalSalesServicesMember 2024-01-01 2024-09-30 0000839087 vaso:ProfessionalSalesServicesMember 2023-01-01 2023-09-30 0000839087 vaso:EquipmentSalesAndServicesMember 2024-07-01 2024-09-30 0000839087 vaso:EquipmentSalesAndServicesMember 2023-07-01 2023-09-30 0000839087 vaso:EquipmentSalesAndServicesMember 2024-01-01 2024-09-30 0000839087 vaso:EquipmentSalesAndServicesMember 2023-01-01 2023-09-30 0000839087 2024-07-01 2024-09-30 0000839087 2023-07-01 2023-09-30 0000839087 2023-01-01 2023-09-30 0000839087 vaso:CostOfManagedITSystemsAndServicesMember 2024-07-01 2024-09-30 0000839087 vaso:CostOfManagedITSystemsAndServicesMember 2023-07-01 2023-09-30 0000839087 vaso:CostOfManagedITSystemsAndServicesMember 2024-01-01 2024-09-30 0000839087 vaso:CostOfManagedITSystemsAndServicesMember 2023-01-01 2023-09-30 0000839087 vaso:CostOfProfessionalSalesServicesMember 2024-07-01 2024-09-30 0000839087 vaso:CostOfProfessionalSalesServicesMember 2023-07-01 2023-09-30 0000839087 vaso:CostOfProfessionalSalesServicesMember 2024-01-01 2024-09-30 0000839087 vaso:CostOfProfessionalSalesServicesMember 2023-01-01 2023-09-30 0000839087 vaso:CostOfEquipmentSalesAndServicesMember 2024-07-01 2024-09-30 0000839087 vaso:CostOfEquipmentSalesAndServicesMember 2023-07-01 2023-09-30 0000839087 vaso:CostOfEquipmentSalesAndServicesMember 2024-01-01 2024-09-30 0000839087 vaso:CostOfEquipmentSalesAndServicesMember 2023-01-01 2023-09-30 0000839087 us-gaap:CommonStockMember 2022-12-31 0000839087 us-gaap:TreasuryStockCommonMember 2022-12-31 0000839087 us-gaap:AdditionalPaidInCapitalMember 2022-12-31 0000839087 us-gaap:RetainedEarningsMember 2022-12-31 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000839087 2022-12-31 0000839087 us-gaap:CommonStockMember 2023-01-01 2023-03-31 0000839087 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-03-31 0000839087 us-gaap:AdditionalPaidInCapitalMember 2023-01-01 2023-03-31 0000839087 us-gaap:RetainedEarningsMember 2023-01-01 2023-03-31 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-03-31 0000839087 2023-01-01 2023-03-31 0000839087 us-gaap:CommonStockMember 2023-03-31 0000839087 us-gaap:TreasuryStockCommonMember 2023-03-31 0000839087 us-gaap:AdditionalPaidInCapitalMember 2023-03-31 0000839087 us-gaap:RetainedEarningsMember 2023-03-31 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-03-31 0000839087 2023-03-31 0000839087 us-gaap:CommonStockMember 2023-04-01 2023-06-30 0000839087 us-gaap:TreasuryStockCommonMember 2023-04-01 2023-06-30 0000839087 us-gaap:AdditionalPaidInCapitalMember 2023-04-01 2023-06-30 0000839087 us-gaap:RetainedEarningsMember 2023-04-01 2023-06-30 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-01 2023-06-30 0000839087 2023-04-01 2023-06-30 0000839087 us-gaap:CommonStockMember 2023-06-30 0000839087 us-gaap:TreasuryStockCommonMember 2023-06-30 0000839087 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0000839087 us-gaap:RetainedEarningsMember 2023-06-30 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0000839087 2023-06-30 0000839087 us-gaap:CommonStockMember 2023-07-01 2023-09-30 0000839087 us-gaap:TreasuryStockCommonMember 2023-07-01 2023-09-30 0000839087 us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0000839087 us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-01 2023-09-30 0000839087 us-gaap:CommonStockMember 2023-09-30 0000839087 us-gaap:TreasuryStockCommonMember 2023-09-30 0000839087 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0000839087 us-gaap:RetainedEarningsMember 2023-09-30 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-09-30 0000839087 2023-09-30 0000839087 us-gaap:CommonStockMember 2023-12-31 0000839087 us-gaap:TreasuryStockCommonMember 2023-12-31 0000839087 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000839087 us-gaap:RetainedEarningsMember 2023-12-31 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000839087 us-gaap:CommonStockMember 2024-01-01 2024-03-31 0000839087 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-03-31 0000839087 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0000839087 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-03-31 0000839087 2024-01-01 2024-03-31 0000839087 us-gaap:CommonStockMember 2024-03-31 0000839087 us-gaap:TreasuryStockCommonMember 2024-03-31 0000839087 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0000839087 us-gaap:RetainedEarningsMember 2024-03-31 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0000839087 2024-03-31 0000839087 us-gaap:CommonStockMember 2024-04-01 2024-06-30 0000839087 us-gaap:TreasuryStockCommonMember 2024-04-01 2024-06-30 0000839087 us-gaap:AdditionalPaidInCapitalMember 2024-04-01 2024-06-30 0000839087 us-gaap:RetainedEarningsMember 2024-04-01 2024-06-30 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000839087 2024-04-01 2024-06-30 0000839087 us-gaap:CommonStockMember 2024-06-30 0000839087 us-gaap:TreasuryStockCommonMember 2024-06-30 0000839087 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0000839087 us-gaap:RetainedEarningsMember 2024-06-30 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000839087 2024-06-30 0000839087 us-gaap:CommonStockMember 2024-07-01 2024-09-30 0000839087 us-gaap:TreasuryStockCommonMember 2024-07-01 2024-09-30 0000839087 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000839087 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-09-30 0000839087 us-gaap:CommonStockMember 2024-09-30 0000839087 us-gaap:TreasuryStockCommonMember 2024-09-30 0000839087 us-gaap:AdditionalPaidInCapitalMember 2024-09-30 0000839087 us-gaap:RetainedEarningsMember 2024-09-30 0000839087 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0000839087 vaso:BusinessCombinationAgreementMember 2024-09-17 0000839087 2023-01-01 0000839087 2023-01-01 2023-01-01 0000839087 srt:ScenarioPreviouslyReportedMember us-gaap:RetainedEarningsMember 2023-01-01 0000839087 srt:RestatementAdjustmentMember us-gaap:RetainedEarningsMember 2023-01-01 0000839087 us-gaap:RetainedEarningsMember 2023-01-01 0000839087 srt:ScenarioPreviouslyReportedMember 2023-01-01 0000839087 srt:RestatementAdjustmentMember 2023-01-01 0000839087 vaso:AsRevisedMember 2023-01-01 0000839087 vaso:NetworkServicesMember vaso:ITSegmentMember 2024-07-01 2024-09-30 0000839087 vaso:NetworkServicesMember vaso:ProfessionalSalesServiceSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:NetworkServicesMember vaso:EquipmentSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:NetworkServicesMember 2024-07-01 2024-09-30 0000839087 vaso:NetworkServicesMember vaso:ITSegmentMember 2023-07-01 2023-09-30 0000839087 vaso:NetworkServicesMember vaso:ProfessionalSalesServiceSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:NetworkServicesMember vaso:EquipmentSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:NetworkServicesMember 2023-07-01 2023-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:ITSegmentMember 2024-07-01 2024-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:ProfessionalSalesServiceSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:EquipmentSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:SoftwareSalesAndSupportMember 2024-07-01 2024-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:ITSegmentMember 2023-07-01 2023-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:ProfessionalSalesServiceSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:EquipmentSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:SoftwareSalesAndSupportMember 2023-07-01 2023-09-30 0000839087 vaso:CommissionsMember vaso:ITSegmentMember 2024-07-01 2024-09-30 0000839087 vaso:CommissionsMember vaso:ProfessionalSalesServiceSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:CommissionsMember vaso:EquipmentSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:CommissionsMember 2024-07-01 2024-09-30 0000839087 vaso:CommissionsMember vaso:ITSegmentMember 2023-07-01 2023-09-30 0000839087 vaso:CommissionsMember vaso:ProfessionalSalesServiceSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:CommissionsMember vaso:EquipmentSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:CommissionsMember 2023-07-01 2023-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:ITSegmentMember 2024-07-01 2024-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:ProfessionalSalesServiceSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:EquipmentSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:MedicalEquipmentSalesMember 2024-07-01 2024-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:ITSegmentMember 2023-07-01 2023-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:ProfessionalSalesServiceSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:EquipmentSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:MedicalEquipmentSalesMember 2023-07-01 2023-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:ITSegmentMember 2024-07-01 2024-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:ProfessionalSalesServiceSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:EquipmentSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:MedicalEquipmentServiceMember 2024-07-01 2024-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:ITSegmentMember 2023-07-01 2023-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:ProfessionalSalesServiceSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:EquipmentSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:MedicalEquipmentServiceMember 2023-07-01 2023-09-30 0000839087 vaso:ITSegmentMember 2024-07-01 2024-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:EquipmentSegmentsMember 2024-07-01 2024-09-30 0000839087 vaso:ITSegmentMember 2023-07-01 2023-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:EquipmentSegmentsMember 2023-07-01 2023-09-30 0000839087 vaso:NetworkServicesMember vaso:ITSegmentMember 2024-01-01 2024-09-30 0000839087 vaso:NetworkServicesMember vaso:ProfessionalSalesServiceSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:NetworkServicesMember vaso:EquipmentSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:NetworkServicesMember 2024-01-01 2024-09-30 0000839087 vaso:NetworkServicesMember vaso:ITSegmentMember 2023-01-01 2023-09-30 0000839087 vaso:NetworkServicesMember vaso:ProfessionalSalesServiceSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:NetworkServicesMember vaso:EquipmentSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:NetworkServicesMember 2023-01-01 2023-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:ITSegmentMember 2024-01-01 2024-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:ProfessionalSalesServiceSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:EquipmentSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:SoftwareSalesAndSupportMember 2024-01-01 2024-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:ITSegmentMember 2023-01-01 2023-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:ProfessionalSalesServiceSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:SoftwareSalesAndSupportMember vaso:EquipmentSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:SoftwareSalesAndSupportMember 2023-01-01 2023-09-30 0000839087 vaso:CommissionsMember vaso:ITSegmentMember 2024-01-01 2024-09-30 0000839087 vaso:CommissionsMember vaso:ProfessionalSalesServiceSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:CommissionsMember vaso:EquipmentSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:CommissionsMember 2024-01-01 2024-09-30 0000839087 vaso:CommissionsMember vaso:ITSegmentMember 2023-01-01 2023-09-30 0000839087 vaso:CommissionsMember vaso:ProfessionalSalesServiceSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:CommissionsMember vaso:EquipmentSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:CommissionsMember 2023-01-01 2023-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:ITSegmentMember 2024-01-01 2024-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:ProfessionalSalesServiceSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:EquipmentSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:MedicalEquipmentSalesMember 2024-01-01 2024-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:ITSegmentMember 2023-01-01 2023-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:ProfessionalSalesServiceSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:MedicalEquipmentSalesMember vaso:EquipmentSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:MedicalEquipmentSalesMember 2023-01-01 2023-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:ITSegmentMember 2024-01-01 2024-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:ProfessionalSalesServiceSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:EquipmentSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:MedicalEquipmentServiceMember 2024-01-01 2024-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:ITSegmentMember 2023-01-01 2023-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:ProfessionalSalesServiceSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:MedicalEquipmentServiceMember vaso:EquipmentSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:MedicalEquipmentServiceMember 2023-01-01 2023-09-30 0000839087 vaso:ITSegmentMember 2024-01-01 2024-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:EquipmentSegmentsMember 2024-01-01 2024-09-30 0000839087 vaso:ITSegmentMember 2023-01-01 2023-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:EquipmentSegmentsMember 2023-01-01 2023-09-30 0000839087 vaso:ITSegmentMember us-gaap:TransferredOverTimeMember 2024-07-01 2024-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember us-gaap:TransferredOverTimeMember 2024-07-01 2024-09-30 0000839087 vaso:EquipmentSegmentsMember us-gaap:TransferredOverTimeMember 2024-07-01 2024-09-30 0000839087 us-gaap:TransferredOverTimeMember 2024-07-01 2024-09-30 0000839087 vaso:ITSegmentMember us-gaap:TransferredOverTimeMember 2023-07-01 2023-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember us-gaap:TransferredOverTimeMember 2023-07-01 2023-09-30 0000839087 vaso:EquipmentSegmentsMember us-gaap:TransferredOverTimeMember 2023-07-01 2023-09-30 0000839087 us-gaap:TransferredOverTimeMember 2023-07-01 2023-09-30 0000839087 vaso:ITSegmentMember us-gaap:TransferredAtPointInTimeMember 2024-07-01 2024-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember us-gaap:TransferredAtPointInTimeMember 2024-07-01 2024-09-30 0000839087 vaso:EquipmentSegmentsMember us-gaap:TransferredAtPointInTimeMember 2024-07-01 2024-09-30 0000839087 us-gaap:TransferredAtPointInTimeMember 2024-07-01 2024-09-30 0000839087 vaso:ITSegmentMember us-gaap:TransferredAtPointInTimeMember 2023-07-01 2023-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember us-gaap:TransferredAtPointInTimeMember 2023-07-01 2023-09-30 0000839087 vaso:EquipmentSegmentsMember us-gaap:TransferredAtPointInTimeMember 2023-07-01 2023-09-30 0000839087 us-gaap:TransferredAtPointInTimeMember 2023-07-01 2023-09-30 0000839087 vaso:ITSegmentMember us-gaap:TransferredOverTimeMember 2024-01-01 2024-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember us-gaap:TransferredOverTimeMember 2024-01-01 2024-09-30 0000839087 vaso:EquipmentSegmentsMember us-gaap:TransferredOverTimeMember 2024-01-01 2024-09-30 0000839087 us-gaap:TransferredOverTimeMember 2024-01-01 2024-09-30 0000839087 vaso:ITSegmentMember us-gaap:TransferredOverTimeMember 2023-01-01 2023-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember us-gaap:TransferredOverTimeMember 2023-01-01 2023-09-30 0000839087 vaso:EquipmentSegmentsMember us-gaap:TransferredOverTimeMember 2023-01-01 2023-09-30 0000839087 us-gaap:TransferredOverTimeMember 2023-01-01 2023-09-30 0000839087 vaso:ITSegmentMember us-gaap:TransferredAtPointInTimeMember 2024-01-01 2024-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember us-gaap:TransferredAtPointInTimeMember 2024-01-01 2024-09-30 0000839087 vaso:EquipmentSegmentsMember us-gaap:TransferredAtPointInTimeMember 2024-01-01 2024-09-30 0000839087 us-gaap:TransferredAtPointInTimeMember 2024-01-01 2024-09-30 0000839087 vaso:ITSegmentMember us-gaap:TransferredAtPointInTimeMember 2023-01-01 2023-09-30 0000839087 vaso:ProfessionalSalesServiceSegmentsMember us-gaap:TransferredAtPointInTimeMember 2023-01-01 2023-09-30 0000839087 vaso:EquipmentSegmentsMember us-gaap:TransferredAtPointInTimeMember 2023-01-01 2023-09-30 0000839087 us-gaap:TransferredAtPointInTimeMember 2023-01-01 2023-09-30 0000839087 vaso:RevenueRecognitionDuringFiscalYearMember 2024-09-30 0000839087 vaso:RevenueRecognitionYearOneMember 2024-09-30 0000839087 vaso:RevenueRecognitionYearTwoMember 2024-09-30 0000839087 vaso:RevenueRecognitionThereafterMember 2024-09-30 0000839087 vaso:ContractsMember 2023-12-31 0000839087 vaso:ContractsMember 2022-12-31 0000839087 vaso:ContractsMember 2024-09-30 0000839087 vaso:ContractsMember 2023-09-30 0000839087 vaso:ContractsMember 2024-01-01 2024-09-30 0000839087 vaso:ContractsMember 2023-01-01 2023-09-30 0000839087 vaso:GEHealthcareMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-07-01 2024-09-30 0000839087 vaso:GEHealthcareMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-09-30 0000839087 vaso:GEHealthcareMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2023-07-01 2023-09-30 0000839087 vaso:GEHealthcareMember us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2023-01-01 2023-09-30 0000839087 vaso:GEHealthcareMember us-gaap:AccountsReceivableMember 2024-09-30 0000839087 vaso:GEHealthcareMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2024-01-01 2024-09-30 0000839087 vaso:GEHealthcareMember us-gaap:AccountsReceivableMember 2023-12-31 0000839087 vaso:GEHealthcareMember us-gaap:AccountsReceivableMember us-gaap:CustomerConcentrationRiskMember 2023-01-01 2023-12-31 0000839087 vaso:ProfessionalSalesServicesMember 2024-07-01 2024-09-30 0000839087 vaso:ProfessionalSalesServicesMember 2023-07-01 2023-09-30 0000839087 vaso:ProfessionalSalesServicesMember 2024-01-01 2024-09-30 0000839087 vaso:ProfessionalSalesServicesMember 2023-01-01 2023-09-30 0000839087 us-gaap:EquipmentMember 2024-07-01 2024-09-30 0000839087 us-gaap:EquipmentMember 2023-07-01 2023-09-30 0000839087 us-gaap:EquipmentMember 2024-01-01 2024-09-30 0000839087 us-gaap:EquipmentMember 2023-01-01 2023-09-30 0000839087 us-gaap:CorporateMember 2024-07-01 2024-09-30 0000839087 us-gaap:CorporateMember 2023-07-01 2023-09-30 0000839087 us-gaap:CorporateMember 2024-01-01 2024-09-30 0000839087 us-gaap:CorporateMember 2023-01-01 2023-09-30 0000839087 vaso:ITSegmentMember 2024-09-30 0000839087 vaso:ITSegmentMember 2023-12-31 0000839087 vaso:ProfessionalSalesServicesMember 2024-09-30 0000839087 vaso:ProfessionalSalesServicesMember 2023-12-31 0000839087 us-gaap:EquipmentMember 2024-09-30 0000839087 us-gaap:EquipmentMember 2023-12-31 0000839087 us-gaap:CorporateMember 2024-09-30 0000839087 us-gaap:CorporateMember 2023-12-31 0000839087 us-gaap:RestrictedStockMember 2024-07-01 2024-09-30 0000839087 us-gaap:RestrictedStockMember 2023-07-01 2023-09-30 0000839087 us-gaap:RestrictedStockMember 2024-01-01 2024-09-30 0000839087 us-gaap:RestrictedStockMember 2023-01-01 2023-09-30 0000839087 us-gaap:DepositsMember 2023-12-31 0000839087 us-gaap:USTreasurySecuritiesMember 2023-12-31 0000839087 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-09-30 0000839087 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-09-30 0000839087 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-09-30 0000839087 us-gaap:CashAndCashEquivalentsMember 2024-09-30 0000839087 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000839087 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000839087 us-gaap:CashAndCashEquivalentsMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000839087 us-gaap:CashAndCashEquivalentsMember 2023-12-31 0000839087 us-gaap:BankTimeDepositsMember us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000839087 us-gaap:BankTimeDepositsMember 2023-12-31 0000839087 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000839087 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000839087 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000839087 srt:MaximumMember 2024-09-30 0000839087 srt:MinimumMember 2024-09-30 0000839087 vaso:FGEReportingUnitMember 2024-09-30 0000839087 2023-04-01 2023-12-31 0000839087 us-gaap:CustomerRelationshipsMember 2024-09-30 0000839087 us-gaap:CustomerRelationshipsMember 2023-12-31 0000839087 us-gaap:CustomerRelationshipsMember 2024-01-01 2024-09-30 0000839087 us-gaap:CustomerRelationshipsMember 2023-04-01 2023-12-31 0000839087 us-gaap:PatentedTechnologyMember 2024-09-30 0000839087 us-gaap:PatentedTechnologyMember 2023-12-31 0000839087 us-gaap:PatentedTechnologyMember 2024-01-01 2024-09-30 0000839087 us-gaap:PatentedTechnologyMember 2023-04-01 2023-12-31 0000839087 us-gaap:ComputerSoftwareIntangibleAssetMember 2024-09-30 0000839087 us-gaap:ComputerSoftwareIntangibleAssetMember 2023-12-31 0000839087 us-gaap:ComputerSoftwareIntangibleAssetMember 2024-01-01 2024-09-30 0000839087 us-gaap:ComputerSoftwareIntangibleAssetMember 2023-04-01 2023-12-31 0000839087 vaso:ExtendedServiceContractsMember 2024-07-01 2024-09-30 0000839087 vaso:ExtendedServiceContractsMember 2023-07-01 2023-09-30 0000839087 vaso:ExtendedServiceContractsMember 2024-01-01 2024-09-30 0000839087 vaso:ExtendedServiceContractsMember 2023-01-01 2023-09-30 0000839087 vaso:CommissionRevenuesMember 2024-07-01 2024-09-30 0000839087 vaso:CommissionRevenuesMember 2023-07-01 2023-09-30 0000839087 vaso:CommissionRevenuesMember 2024-01-01 2024-09-30 0000839087 vaso:CommissionRevenuesMember 2023-01-01 2023-09-30 0000839087 2019-05-10 2019-05-10 0000839087 2022-12-31 2022-12-31 xbrli:shares iso4217:USD iso4217:USD xbrli:shares vaso:segments xbrli:pure

VASO Corp 10-Q