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]
Kindly MD, Inc.(KDLY) - 2024 Q2 - Quarterly Report