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].
Kindly MD, Inc.(KDLY) - 2024 Q3 - Quarterly Report