Revenue Performance - Revenues for Q1 2024 were $4,877,378, a slight increase of $6,991 compared to $4,870,387 in Q1 2023, primarily driven by increased sales in the healthcare industry[127]. - The company reported revenue of $4,877,378 for the three months ended March 31, 2024, compared to $4,870,387 in the same period of 2023[145]. Cost and Expenses - Cost of revenues increased to $1,703,357 in Q1 2024, up $451,142 from $1,252,215 in Q1 2023, resulting in a gross profit margin decrease to 65% from 74% year-over-year[128]. - Research and development expenses decreased to $389,889 in Q1 2024, down $141,800 from $531,689 in Q1 2023, reflecting a shift in focus to healthcare analytics[129]. - Sales and marketing expenses were $1,055,141 in Q1 2024, a decrease of $141,051 compared to $1,196,192 in Q1 2023, attributed to lower salaries and scaling expenses[130]. - General and administrative expenses decreased to $3,492,454 in Q1 2024, down $147,372 from $3,639,826 in Q1 2023, mainly due to reduced personnel and consulting costs[132]. Profitability and Loss - The operating loss from continuing operations improved to $(1,772,350) in Q1 2024 from $(2,387,797) in Q1 2023[126]. - Adjusted EBITDA for the three months ended March 31, 2024, was $104,417, an increase of $291,200 compared to a loss of $186,783 for the same period in 2023, primarily due to higher revenues and lower operating expenses[146]. - The company generated a net loss of $1,212,615 for the three months ended March 31, 2024, compared to a net loss of $2,248,799 for the same period in 2023[145]. Cash Flow and Investments - Net cash used in operating activities increased to $2,208,070 for the three months ended March 31, 2024, up by $1,006,293 from $1,201,777 in the same period of 2023[149]. - Net cash used in investing activities increased to $1,774,425 for the three months ended March 31, 2024, compared to $633,003 in the same period of 2023[150]. - Net cash used in financing activities rose to $1,031,363 for the three months ended March 31, 2024, compared to $94,599 in the same period of 2023, primarily due to $950,000 used to redeem convertible securities[152]. - Cash and marketable securities totaled $47,434,985 as of March 31, 2024, with outstanding principal and accrued interest on the Notes amounting to $23,981,788[147]. Strategic Focus and Future Plans - The company plans to continue investing in marketing and sales to build brand awareness and attract new clients[123]. - The company has shifted its focus away from the cannabis industry, following the sale of its subsidiary BioTrack in 2023[118]. - The company expects to continue funding operations and potential future acquisitions through cash flow from operations, available cash, marketable securities, debt financing, and/or additional equity issuances[147]. - The company sold BioTrack for $30,000,000, consisting of $20,000,000 in cash at closing and $10,000,000 in future payments[147]. Non-Recurring Expenses - The company recorded severance expenses of $250,000 related to the resignation of its CEO, which are excluded from Adjusted EBITDA as they are not recurring[145]. - Adjusted EBITDA is used as a performance measure, excluding non-cash expenses like depreciation and stock-based compensation, which helps in evaluating operational performance[135]. - The company recognizes that interest expense from convertible notes of $24,000,000 will recur in future periods, impacting financial performance assessments[140].

Exhibit 99.1 Forian Inc. Announces First Quarter 2024 Financial Results Newtown, PA, May 14, 2024 (GLOBE NEWSWIRE) – via NewMediaWire – Forian Inc. (Nasdaq: FORA), a provider of data science driven information and analytics solutions to the healthcare and life sciences industries, today announced results for the quarter ended March 31, 2024. "We navigated through the expected tough first quarter environment head-on, and it has not dimmed our optimism for the long- term growth and earning potential of our co ...

NEWTOWN, PA, April 14, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Forian Inc. (NASDAQ:FORA), a provider of data science driven information and analytics solutions to the healthcare and life sciences industries, is deeply saddened to announce the passing of its director, Martin J. Wygod (Marty), on Friday at age 84. Marty was a healthcare entrepreneur, thoroughbred horse breeder and philanthropist. He is the father of Forian Executive Chairman, Chief Executive Officer and President, Max Wygod. Marty was at ...

(Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-40146 FORIAN INC. Delaware 85-3467693 (State of Other Jurisdiction of incorporation or Organization) (I.R.S. Employer Iden ...

Adjusted EBITDA is a non-U.S. GAAP measure. See Appendix for further information, including a reconciliation of Adjusted EBITDA to Net Loss. 5 Note: Other costs and expenses excludes litigation costs, separation expenses, stock compensation and depreciation & amortization expense. Summary Balance Sheet Data $000's The outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. See sl ...

Exhibit 99.1 Forian Inc. Announces Fourth Quarter and Full Year 2023 Financial Results Full year 2023 revenue grew 25% Full year 2023 Adjusted EBITDA of $2.3MM Newtown, PA, March 28, 2024 (GLOBE NEWSWIRE) – via NewMediaWire – Forian Inc. (Nasdaq: FORA), a provider of data science driven information and analytics solutions to the healthcare and life sciences industries, today announced results for the quarter and year ended December 31, 2023. "Forian finished the year by executing against our quarterly plan ...

NEWTOWN, PA, March 08, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Forian Inc. (Nasdaq: FORA), a provider of data science driven information and analytics solutions to the healthcare and life sciences industries, will announce its fourth quarter and full year 2023 financial results on Thursday, March 28, 2024, after the close of the market. The Company will host a conference call and webcast at 4:30 p.m. (ET) on March 28, 2024, to discuss the results. To register for the conference call, click here. The we ...

NEWTOWN, PA, March 08, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Forian Inc. (Nasdaq: FORA), a provider of data science driven information and analytics solutions to the healthcare and life sciences industries, will announce its fourth quarter and full year 2023 financial results on Thursday, March 28, 2024, after the close of the market. The Company will host a conference call and webcast at 4:30 p.m. (ET) on March 28, 2024, to discuss the results. To register for the conference call, click here. The we ...

PART I FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The company's financials reflect a significant turnaround, shifting from a net loss to a $9.7 million net income for the first nine months of 2023, driven by strategic divestitures Condensed Consolidated Balance Sheet Highlights | Account | Sep 30, 2023 (Unaudited) | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $5,377,079 | $2,795,743 | | Marketable securities | $43,585,724 | $17,396,487 | | Total current assets | $58,488,611 | $26,916,028 | | Total assets | $58,792,289 | $46,258,167 | | **Liabilities & Equity** | | | | Total current liabilities | $7,460,852 | $8,352,575 | | Convertible notes payable, net | $24,665,944 | $25,106,547 | | Total liabilities | $32,126,796 | $33,835,691 | | Total stockholders' equity | $26,665,493 | $12,422,476 | Condensed Consolidated Statement of Operations Highlights | Metric | Q3 2023 | Q3 2022 | 9 Months 2023 | 9 Months 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $5,348,469 | $4,310,694 | $15,112,398 | $11,448,468 | | Operating Loss (Continuing) | $(807,268) | $(2,840,504) | $(4,683,605) | $(17,093,682) | | Net Income (Loss) | $4,342,091 | $(5,127,624) | $9,717,744 | $(22,415,257) | | Diluted EPS | $0.13 | $(0.16) | $0.30 | $(0.70) | Condensed Consolidated Statement of Cash Flows Highlights (Nine Months Ended Sep 30) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash from operating activities | $1,328,275 | $(9,151,286) | | Net cash from investing activities | $2,361,052 | $(8,007,047) | | Net cash from financing activities | $(1,107,991) | $(71,207) | | Net change in cash | $2,581,336 | $(17,229,540) | - The company completed the sale of its BioTrack subsidiary on February 10, 2023, for **$30 million**, exiting the cannabis industry to focus on healthcare analytics, resulting in a **gain on sale of $11.5 million**[21](index=21&type=chunk)[81](index=81&type=chunk)[82](index=82&type=chunk) - On July 21, 2023, the company sold its equity interest in a customer for **$5.8 million in cash**, recognizing a gain on the sale, with potential for an additional **$3.6 million in earnout payments**[50](index=50&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management highlights a successful strategic pivot to healthcare analytics, evidenced by revenue growth, cost reductions, and substantially strengthened liquidity from divestitures [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Revenue from continuing operations grew 32% to $15.1 million in the first nine months of 2023, with improved gross margins and significantly lower operating expenses Results of Operations from Continuing Operations (Nine Months Ended Sep 30) | Metric | 2023 | 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Revenues | $15,112,398 | $11,448,468 | +32.0% | | Cost of revenues | $3,891,482 | $3,853,486 | +1.0% | | Research and development | $1,100,657 | $3,315,506 | -66.8% | | Sales and marketing | $3,746,731 | $2,904,358 | +29.0% | | General and administrative | $10,393,016 | $13,003,158 | -20.1% | | Operating loss | $(4,683,605) | $(17,093,682) | +72.6% | - Revenue for the nine months ended Sep 30, 2023, **increased by 32% YoY**, primarily due to increased sales of information products to new and existing customers in the healthcare industry[152](index=152&type=chunk) - Gross profit as a percentage of revenues **increased to 74%** for the nine months ended Sep 30, 2023, compared to 66% for the same period in 2022, as many data infrastructure costs are fixed or semi-variable[153](index=153&type=chunk) - Separation expenses of **$5.4 million were recorded in 2022** related to the non-renewal of advisory agreements with former Helix executives, compared to $0.6 million in 2023 for a CEO resignation[157](index=157&type=chunk)[158](index=158&type=chunk) [Non-GAAP Financial Measures](index=38&type=section&id=Non-GAAP%20Financial%20Measures) Adjusted EBITDA from continuing operations turned positive to $0.55 million for the first nine months of 2023, a $7.0 million improvement from the prior year's loss Reconciliation to Adjusted EBITDA (Continuing Operations, Nine Months Ended Sep 30) | Reconciliation Item | 2023 | 2022 | | :--- | :--- | :--- | | Net Income (loss) from continuing operations | $2,114,444 | $(17,291,885) | | Depreciation and amortization | $64,285 | $48,599 | | Stock based compensation expense | $4,920,572 | $10,581,021 | | Interest and investment income | $(1,666,786) | $(111,683) | | Interest expense | $630,547 | $633,041 | | Gain on sale of investment | $(5,805,858) | $0 | | Severance expense | $250,000 | $0 | | Income tax expense | $159,287 | $20,000 | | Other adjustments | $(115,239) | $(343,155) | | **Adjusted EBITDA** | **$551,252** | **$(6,464,062)** | - **Adjusted EBITDA for the nine months ended September 30, 2023, was $551,252**, an increase of $7,015,314 compared to a loss of $(6,464,062) for the same period in 2022[172](index=172&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity significantly improved to $49.0 million in cash and marketable securities, bolstered by proceeds from asset sales and positive operating cash flow - As of September 30, 2023, the company's balance of **cash and marketable securities aggregated $49.0 million**[173](index=173&type=chunk) - Liquidity was significantly boosted by the sale of BioTrack for **$30.0 million** and the sale of a minority equity interest for **$5.8 million** in 2023[173](index=173&type=chunk) Cash Flows from Continuing Operations (Nine Months Ended Sep 30) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $1,387,350 | $(6,775,497) | | Net cash provided by (used in) investing activities | $2,361,052 | $(6,356,478) | | Net cash used in financing activities | $(1,107,991) | $(71,207) | [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Forian Inc. is not required to provide this information in its quarterly report - This item is not required for the registrant[187](index=187&type=chunk) [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of September 30, 2023, due to material weaknesses, with remediation efforts underway - The company's CEO and CFO concluded that **disclosure controls and procedures as of September 30, 2023, remain ineffective** due to previously identified material weaknesses[189](index=189&type=chunk) - **Remediation efforts are underway**, including hiring additional personnel, engaging outside consultants, and implementing upgraded accounting and finance systems[191](index=191&type=chunk)[192](index=192&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending two significant lawsuits, one claiming subsidiary ownership and another from former employees seeking over $27.5 million in damages - In ***Audet v. Green Tree International***, a plaintiff claims 10% ownership of a subsidiary and seeks unspecified monetary damages, with a trial anticipated between January and March 2024[197](index=197&type=chunk) - In ***Grant Whitus et al. v. Forian Inc.***, former Helix employees are suing for **over $27.5 million in damages** related to claims of promised equity and compensation[198](index=198&type=chunk) [Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) This item is not required for the company's quarterly report - This item is not required[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the reporting period - None reported[200](index=200&type=chunk) [Defaults Upon Senior Securities](index=48&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - None reported[201](index=201&type=chunk) [Mine Safety Disclosures](index=48&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company's operations - Not applicable[202](index=202&type=chunk) [Other Information](index=48&type=section&id=Item%205.%20Other%20Information) The company did not report any other information for this period - None reported[203](index=203&type=chunk) [Exhibits](index=48&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including required Sarbanes-Oxley certifications and Inline XBRL data files - The report lists filed exhibits, including **Sarbanes-Oxley certifications (31.1, 31.2, 32.1)** and Inline XBRL documents[204](index=204&type=chunk)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-40146 FORIAN INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each exchange on which | | --- | --- | --- | | | | r ...