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].
Kindly MD, Inc.(KDLY) - 2024 Q4 - Annual Report