Financial Performance - Total revenue for Q3 2025 was $0.4 million, down from $0.6 million in Q3 2024, reflecting the performance of the healthcare business[7] - Total operating expenses in Q3 2025 were $10.8 million, significantly higher than $1.7 million in Q3 2024, primarily due to increased SG&A costs related to the Bitcoin strategy[7] - Net loss for Q3 2025 was $86.0 million, or $(0.42) per diluted share, compared to a net loss of $1.0 million, or $(0.17) per diluted share in Q3 2024[7] Bitcoin Strategy - As of September 30, 2025, the company had accumulated a total of 5,765 Bitcoin at a weighted average price of $118,204.88 per Bitcoin, totaling approximately $681 million[4] - The company raised approximately $540 million from a private placement and $200 million in convertible notes to fund Bitcoin purchases as part of its treasury strategy[2] - The company plans to prioritize investments in Bitcoin-related businesses with recurring revenue and strong margins to support its long-term strategy[6] Corporate Developments - The company completed a merger with Nakamoto, establishing it as a wholly owned subsidiary, and appointed Amanda Fabiano as COO to lead strategic execution[3] - The company established a $5 billion at-the-market equity offering program, raising $5.6 million at an average share price of $4.15 per share[3] - Two strategic investments were closed during the quarter: a $15 million investment in Treasury BV and a $30 million investment in Metaplanet Inc.[3] Market Valuation - As of September 30, 2025, the company's enterprise value was approximately $635.9 million, calculated from a market capitalization of $457.1 million[8]

Financial Performance - Revenue for the three months ended September 30, 2025, was $388,209, a decrease of 40% compared to $647,867 for the same period in 2024[14]. - The net loss for the three months ended September 30, 2025, was $86.04 million, compared to a net loss of $1.01 million for the same period in 2024, highlighting a significant deterioration in financial performance[14]. - The company reported a loss per common stock of $0.42 for the three months ended September 30, 2025, compared to a loss of $0.17 for the same period in 2024[14]. - For the nine months ended September 30, 2025, the company reported a net loss of $89,487,606 compared to a net loss of $2,616,126 for the same period in 2024, indicating a significant increase in losses[20]. - The company reported a substantial net loss of $(86,035,808) for the quarter ending September 30, 2025, indicating a critical financial situation[17]. Assets and Liabilities - As of September 30, 2025, total assets increased to $692.42 million from $3.68 million as of December 31, 2024, reflecting significant growth in digital assets and investments[12]. - Total current liabilities rose to $214.46 million as of September 30, 2025, compared to $606,050 as of December 31, 2024, reflecting increased financial obligations[12]. - Cash and cash equivalents increased to $24.19 million as of September 30, 2025, compared to $2.27 million as of December 31, 2024, indicating improved liquidity[12]. - The total stockholders' equity as of September 30, 2025, was $477,562,085, compared to $2,568,310 as of December 31, 2024[12]. Operating Expenses - Operating expenses for the nine months ended September 30, 2025, totaled $15.22 million, up from $4.44 million in the same period of 2024, indicating a substantial increase in operational costs[14]. - Total operating expenses for the three months ended September 30, 2025, amounted to $10,793,731, a significant increase from $1,697,685 in the same period of 2024[115]. - The company recorded a loss from operations of $10,405,522 for the three months ended September 30, 2025, compared to a loss of $1,049,818 for the same period in 2024[14]. Digital Assets - The company recorded a realized loss on digital assets of $1.41 million for the three months ended September 30, 2025[14]. - The company reported unrealized losses from digital assets amounting to $22,105,029 for the nine months ended September 30, 2025[20]. - As of September 30, 2025, the Company held 5,398 Bitcoin, with a cost basis of approximately $681 million and a fair value of $615,798,837[69]. - The Company experienced an unrealized loss from remeasurement of digital assets of $22,066,010 for the three months ended September 30, 2025[71]. Stock and Financing Activities - The company issued 1,240,910 shares of common stock in connection with a public offering, raising approximately $5,860,650[16]. - The issuance of common stock in connection with PIPE financings totaled 346,192,232 shares, raising approximately $521,384,953[17]. - The company raised $518,080,468 through the issuance of common stock related to PIPE financings during the nine months ended September 30, 2025[20]. - The Company completed a private placement raising approximately $512 million at a purchase price of $1.12 per share in connection with the merger[52]. Strategic Initiatives - The company has initiated a Bitcoin treasury and investment strategy, focusing on acquiring Bitcoin and investing in Bitcoin-focused companies globally[24]. - The Company entered into a merger agreement with Nakamoto Holdings, acquiring all issued and outstanding securities of Nakamoto, a privately held Bitcoin treasury company[50]. - The company operates under a single reportable segment focusing on holistic pain management while deploying corporate treasury assets for Bitcoin acquisition[42]. Accounting and Compliance - The Company is currently evaluating the impact of recently issued accounting standards on its financial statements, including ASU 2023-09 and ASU 2024-03[45][47].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☐ 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: 001-42103 KINDLY MD, INC. (Exact name of Registrant as specified in its charter) Utah 84-3829824 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or Other Jurisdiction of Incorporation or Organization) For the fisc ...

一天之内，两家和比特币有关的企业将通过合并方式登陆美国股市。 值得关注的是，这两家公司均和美国现任总统特朗普有着密切联系。其中一家为其儿子投资入股的公 司，而另外一家则是特朗普加密货币顾问创办的公司。 特朗普加密货币版图扩张 周一，一家名为"美国比特币"的公司，宣布和Gryphon Digital Mining（GRYP.O）合并。这家公司今年3 月才成立，主要出资人为美国比特币挖矿公司Hut 8，以及特朗普家族成员。 根据Hut 8发布的公告，Hut 8将其几乎所有的ASIC矿机"战略注资"至埃里克·特朗普和小唐纳德·特朗普 等人创办的美国数据中心公司，随后将公司更名为"美国比特币"。据悉，在这笔交易里，Hut 8拿到新 公司80%的股权，并成为后者的矿机托管服务及管理服务独家供应商。 在仅仅成立两个月后，"美国比特币"将通过全股票置换方式与另外一家比特币挖矿公司Gryphon Digital Mining（GRYP.O）合并。受此影响，Gryphon周一收盘上涨173%。 Hut 8表示，该交易预期最快于今年三季度完成。合并后的公司将沿用"美国比特币"品牌运营，以代 码"ABTC"在纳斯达克交易所进行交易 ...

Core Viewpoint - Two companies related to Bitcoin are set to go public in the U.S. through mergers, both closely linked to former President Trump [1][2]. Group 1: Company Mergers - "American Bitcoin" announced a merger with Gryphon Digital Mining, with Hut 8 as a major investor, holding 80% of the new company [4]. - The merger is expected to be completed by Q3 of this year, with the new entity trading under the ticker "ABTC" on NASDAQ [4]. - Gryphon's stock surged by 173% following the announcement of the merger [4]. Group 2: Financial Performance - Hut 8 reported a revenue of $21.8 million, a nearly 58% year-over-year decline, with a net loss of $134 million compared to a profit of $250 million in the same period last year [5]. - The revenue drop was attributed to a "halving" event in Bitcoin mining and operational downtime for equipment upgrades [5]. Group 3: Strategic Goals - Eric Trump views the merger as part of a broader strategy to solidify the U.S.'s leadership in the global Bitcoin mining competition [5][6]. - The merger aims to secure growth capital independent of Hut 8's balance sheet while retaining long-term Bitcoin appreciation opportunities for shareholders [5]. Group 4: Additional Mergers - Kindly MD announced a merger with Nakamoto Holdings, a Bitcoin investment company founded by Trump's cryptocurrency advisor, David Bailey [9]. - The merger is expected to generate $510 million through a private placement and an additional $200 million via convertible bonds [9]. - Kindly MD's stock rose by 251% following the merger announcement [9]. Group 5: Market Impact - The cryptocurrency market showed minimal reaction, with Bitcoin trading around $104,000, remaining stable over the past 24 hours [18].

智通财经APP获悉，医疗保健公司 Kindly MD (KDLY.US) 的股价在周一飙升了 250%，此前该公司宣布 将与中本聪控股公司(Nakamoto Holdings)进行合并。中本聪控股是一家比特币投资公司，由大卫・贝利 (David Bailey)创立，而贝利是美国前总统唐纳德・特朗普的重要加密货币顾问。 此次合并后成立的新公司已经通过私募股权投资(PIPE)交易获得了 2 亿美元的可转换债务以及 5.1 亿美 元的新资本，发行价为每股 1.12 美元。据贝利介绍，PIPE 交易中的可转换债券发行价高于股票发行 价，投资者以 1.12 美元每股的价格购买股票，但债券的转换价格则定为 2.80 美元。此外，这些债券在 前两年是零息的。 贝利还表示，自周三相关消息公布以来，该项目又吸引了数亿美元的额外投资承诺。他透露："我每天 大约能筹集 1 亿美元。就在昨天，我筹集了接近 2 亿美元。" 此次融资得到了 200 多名投资者的支持， 包括 Actai Ventures、Arrington Capital、BSQ Capital Partners、Kingsway、Van Eck 和 Yorkville ...

Financial Performance - Net revenues for the three months ended March 31, 2025, were $579,655, down 30.1% from $829,029 in the same period of 2024[13]. - The net loss for the first quarter of 2025 was $1,038,011, compared to a net loss of $282,326 in Q1 2024, indicating a substantial increase in losses[13]. - The Company reported a loss per common share of $0.17 for Q1 2025, compared to $0.06 for Q1 2024[13]. - Patient care services revenue was $570,936 for the three months ended March 31, 2025, down from $785,843 in 2024, reflecting a decline of 27.3%[28]. - The Company reported $85,273 in reimbursements from insurance payers for the three months ended March 31, 2025, representing a 145.6% increase from $34,772 in 2024[29]. Assets and Liabilities - Total assets decreased from $3,677,992 to $2,563,591, a decline of approximately 30.3%[11]. - Total stockholders' equity fell from $2,568,310 to $1,529,050, a decrease of about 40.5%[11]. - Total liabilities decreased to $1,034,541 as of March 31, 2025, down 6.8% from $1,109,682 at December 31, 2024[11]. - Total property and equipment, net, decreased to $105,184 as of March 31, 2025, from $122,955 as of December 31, 2024, reflecting a decline of 13.0%[30]. Operating Expenses - Operating expenses increased significantly to $1,621,396, compared to $1,066,156, representing a 52% increase year-over-year[13]. - The company incurred $1,621,396 in total operating expenses, with salaries and wages accounting for $1,003,177, which is 61.8% of total operating expenses[13]. - Operating lease expense for the three months ended March 31, 2025, was $52,356, an increase from $34,642 in 2024[32]. - Total lease expense for the three months ended March 31, 2025, was $55,828, an increase of 58.5% from $35,289 in 2024[32]. - Stock-based compensation expense was $8,308 for the three months ended March 31, 2025, compared to $7,616 in 2024, reflecting an increase of 9.1%[42]. Cash Flow - Cash and cash equivalents decreased from $2,273,624 at the end of 2024 to $1,140,574, a reduction of approximately 50.1%[19]. - The company utilized $865,083 in cash from operating activities during the first quarter of 2025, compared to $213,439 in Q1 2024[19]. - The company reported a net cash used in operating activities of $865,083 for Q1 2025, compared to $213,439 for Q1 2024, indicating increased cash outflow[19]. Capital Expenditures - Capitalized software additions amounted to $173,448 in Q1 2025, indicating ongoing investment in technology[19]. - Capitalized software increased to $561,786 as of March 31, 2025, compared to $388,338 as of December 31, 2024, marking a growth of 44.5%[31]. Shareholder Actions - The Company repurchased 7,500 shares in treasury at a cost of $9,557 during the three months ended March 31, 2025[40]. - The company repurchased 7,500 shares of treasury stock, increasing the total treasury stock to $31,702 as of March 31, 2025[16]. - The weighted-average number of shares outstanding increased to 6,024,980 for Q1 2025, compared to 4,617,798 for Q1 2024[13]. Other Information - There were no material subsequent events that require disclosure as of the date of this filing[44]. - Total finance lease liabilities as of March 31, 2025, were $9,141, down from $9,645 as of December 31, 2024[35]. - As of March 31, 2025, the Company had 2,862,745 potential common share equivalents from stock options and warrants excluded from diluted loss per share calculations due to their anti-dilutive effect[39].

Financial Performance - The company reported revenues of $2,719,840 for the year ended December 31, 2024, a decrease of $1,048,758, or 27.8%, compared to $3,768,598 for the year ended December 31, 2023[210]. - Loss from operations was $(3,346,771), or (123.1)%, for the year ended December 31, 2024, compared to $(1,620,220), or (43.0)%, for the year ended December 31, 2023[208]. - The company reported a net loss of $(3,617,647), or (133.0)%, for the year ended December 31, 2024, compared to $(1,617,461), or (42.9)%, for the year ended December 31, 2023[208]. - Net loss increased to $3,617,647 for the year ended December 31, 2024, compared to $1,617,461 in 2023, with net loss per share rising by $0.31 or 86.7% to $(0.67)[2]. Operating Expenses - Operating expenses increased by $677,793, or 12.6%, to $6,066,611 for the year ended December 31, 2024, from $5,388,818 for the year ended December 31, 2023[211]. - General and administrative expenses increased by $551,007, or 40.6%, to $1,907,055, mainly due to increased professional fees and insurance expenses[1]. - Salaries and wages decreased by $136,062, or 3.7%, to $3,562,405 for the year ended December 31, 2024, primarily due to $351,833 less contract labor[1]. Revenue Sources - The company recognized $347,633 in reimbursements from insurance payers for the twelve months ended December 31, 2024, representing a 1,088% increase compared to $29,265 for the same period in 2023[209]. - Cost of revenues was $82,814, or 3.0% of revenues, for the year ended December 31, 2024, compared to $226,166, or 6.0% of revenues, for the year ended December 31, 2023[208]. - Cost of revenues decreased by $143,352, or 63.4%, to $82,814, due to the elimination of white-labeled retail products[1]. Research and Development - Research and development expenses increased to $377,731, or 13.9% of revenues, for the year ended December 31, 2024, from $2,500, or 0.1% of revenues, for the year ended December 31, 2023[208]. - Research and development expenses surged by $375,231, or 15,009.2%, to $377,731, attributed to the development of Enterprise Data Management infrastructure[1]. Cash Flow and Capital - Cash used in operating activities was $3,073,891, compared to $449,489 in 2023, primarily due to the increase in net loss[6]. - Cash provided by financing activities was $5,223,646, significantly up from $802,491 in 2023, mainly due to net proceeds from the issuance of common shares[7]. - Working capital increased by $2,097,122, or 1,061.7%, to $1,899,602, primarily due to $5.9 million in net proceeds from the IPO[3]. - Total assets rose by $2,578,790, or 234.6%, to $3,677,992, driven by increases in cash and cash equivalents, right of use assets, and capitalized software[4]. - Total liabilities decreased by $97,932, or 8.1%, to $1,109,682, mainly due to a reduction in derivative liability and notes payable[5]. Strategic Initiatives - The company aims to expand in-network insurance contracts to enhance future revenue growth opportunities[210]. - The company discontinued white-labeled product sales in 2024, contributing to the decrease in retail sales[210].

Financial Performance - Total revenues for the three months ended September 30, 2024, were $647,867, a decrease of 25.4% compared to $869,268 for the same period in 2023[8]. - Operating expenses for the three months ended September 30, 2024, were $1,697,685, an increase of 22.9% from $1,380,865 in the prior year[8]. - Net loss for the three months ended September 30, 2024, was $1,014,147, compared to a net loss of $515,146 for the same period in 2023, representing a 96.8% increase in losses[8]. - Revenues for Q3 2024 were $647,867, a decrease of 25.5% compared to $869,268 in Q3 2023[8]. - Total operating expenses increased to $1,697,685 in Q3 2024, up 23% from $1,380,865 in Q3 2023[8]. - Net loss for Q3 2024 was $1,014,147, compared to a net loss of $515,146 in Q3 2023, representing a 96.8% increase in losses[8]. - The company reported a net loss of $2,616,126 for the nine months ended September 30, 2024, compared to a net loss of $1,292,533 for the same period in 2023, indicating a 102.5% increase in losses[8]. Cash and Liquidity - Cash and cash equivalents increased significantly to $3,642,944 as of September 30, 2024, compared to $525,500 at the end of 2023[6]. - The company completed an initial public offering (IPO) on June 3, 2024, generating total net proceeds of $5,860,650, which is expected to provide adequate liquidity for at least the next 12 months[23]. - The company reported total working capital of $3,215,466 as of September 30, 2024[22]. - The company had cash and cash equivalents of $3,642,944 as of September 30, 2024, compared to $151,245 at the end of the same period in 2023[22]. Assets and Liabilities - Total assets rose to $4,324,162 as of September 30, 2024, up from $1,099,202 at December 31, 2023[6]. - Total liabilities decreased to $840,107 as of September 30, 2024, from $1,207,614 at December 31, 2023[6]. - Current liabilities decreased to $725,867 as of September 30, 2024, from $814,448 as of December 31, 2023[6]. - Total inventories as of September 30, 2024, were $2,750, significantly down from $125,202 as of December 31, 2023[30]. - Total property and equipment, net, as of September 30, 2024, was $183,349, a decrease from $235,292 as of December 31, 2023[31]. - Operating lease liabilities totaled $207,096 as of September 30, 2024, down from $258,991 as of December 31, 2023[33]. Stock and Equity - Stockholders' equity improved to $3,484,055 as of September 30, 2024, compared to a deficit of $(108,412) at the end of 2023[6]. - The company had 5,977,476 common shares issued and outstanding as of September 30, 2024, compared to 4,617,798 as of December 31, 2023[45]. - The company approved a Stock Repurchase Program on October 15, 2024, allowing for the purchase of up to $500,000 worth of its common stock[65]. - The company issued 1,240,910 common shares in connection with a public offering, raising $5,860,650[12]. Compensation and Expenses - The company experienced a significant increase in salaries and wages, totaling $1,138,561 for the three months ended September 30, 2024, compared to $995,078 in the same period of 2023, reflecting a 14.4% increase[8]. - Stock-based compensation for the nine months ended September 30, 2024, was $132,994, a decrease from $719,169 in the same period of 2023[17]. - The company recorded stock-based compensation expenses of $72,508 and $88,008 for the three and nine months ended September 30, 2024, respectively[61]. Operational Activities - The company utilized cash flows in operating activities amounting to $2,172,361 for the nine months ended September 30, 2024[22]. - Cash flows used in operating activities for the nine months ended September 30, 2024, were $2,172,361, significantly higher than $240,806 in the same period of 2023[17]. - The company incurred an operating loss of $2,324,138 for the nine months ended September 30, 2024[22]. Other Income and Reimbursements - The company earned $106,567 in reimbursements from insurance payers during the three months ended September 30, 2024, representing a 16.4% increase compared to $91,553 in the previous quarter[29]. - The company earned $232,842 in reimbursements from insurance payers during the nine months ended September 30, 2024, compared to $0 in the same period of 2023[29]. - Other income for Q3 2024 was $45,330, significantly higher than $9,001 in Q3 2023[8].

Financial Performance - Total revenues for Q2 2024 were $639,057, a decrease of 34.8% compared to $979,538 in Q2 2023[9] - Operating expenses for Q2 2024 totaled $1,676,250, an increase of 6.0% from $1,580,827 in Q2 2023[9] - Net loss for Q2 2024 was $1,319,653, compared to a net loss of $596,408 in Q2 2023, representing a 121.5% increase in losses[9] - Loss per common share for Q2 2024 was $(0.26), compared to $(0.13) in Q2 2023[9] - Total operating expenses for the six months ended June 30, 2024, were $2,742,406, a decrease of 6.9% from $2,946,377 in the same period of 2023[9] - For the six months ended June 30, 2024, the company incurred a net loss of $1,601,979, compared to a net loss of $777,387 for the same period in 2023[12] - The company incurred an operating loss of $1,274,320 for the six months ended June 30, 2024[18] Cash and Liquidity - Cash and cash equivalents increased significantly to $4,740,006 as of June 30, 2024, compared to $525,500 at the end of 2023[7] - The company reported cash and cash equivalents of $4,740,006 and total working capital of $4,111,725 as of June 30, 2024[18] - The company raised $5.86 million in net proceeds from its initial public offering (IPO) completed on June 3, 2024, providing adequate liquidity for at least the next 12 months[19] - The company reported a cash balance of $4,740,006 at the end of Q2 2024, up from $525,500 at the beginning of the period[12] Assets and Liabilities - Total assets rose to $5,456,937 as of June 30, 2024, up from $1,099,202 at the end of 2023[7] - Current liabilities increased to $942,943 as of June 30, 2024, compared to $814,448 at the end of 2023, reflecting a 15.7% rise[7] - Total inventories as of June 30, 2024, were $3,825, significantly down from $125,202 as of December 31, 2023[22] - Total property and equipment, net, decreased to $206,816 as of June 30, 2024, from $235,292 as of December 31, 2023[23] - Operating lease liabilities totaled $204,624 as of June 30, 2024, down from $258,991 at the end of 2023[24] Stockholders' Equity - Stockholders' equity improved to $4,380,708 as of June 30, 2024, compared to a deficit of $(108,412) at the end of 2023[7] - The company’s total stockholders' equity (deficit) as of June 30, 2024, was $4,380,708, compared to a deficit of $58,352 as of June 30, 2023[11] - Total stockholders' equity as of June 30, 2024, was $4,380,708, an increase from $(383,122) at the end of Q1 2024[11] Initial Public Offering (IPO) - The initial public offering (IPO) was completed on June 3, 2024, with 1,240,910 units sold at a public price of $5.50 per share[36] - The IPO completed on June 3, 2024, resulted in gross proceeds of approximately $6.8 million and net proceeds of approximately $5.9 million after deducting expenses[38] - The company issued 1,240,910 units in the IPO, each consisting of one share of common stock and one tradeable warrant with an exercise price of $6.33[45] Stock-Based Compensation - Stock-based compensation for the six months ended June 30, 2024, was $15,500, a decrease from $338,021 in the same period of 2023[12] - Stock-based compensation expense recorded during the three and six months ended June 30, 2024, was $7,884 and $15,500, respectively[44] - The company granted stock options to purchase 5,590 shares of common stock at an exercise price of $5.50, with an estimated fair market value of $15,500[42] Other Financial Activities - The company used cash flows in operating activities of $1,126,976 for the six months ended June 30, 2024, compared to $274,964 for the same period in 2023[12] - The company reported a net cash provided by financing activities of $5,352,664 for the six months ended June 30, 2024[12] - The company extinguished its derivative liability upon settlement of notes payable, resulting in a loss on extinguishment of debt of $38,889[32]