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].
Kindly MD, Inc.(KDLY) - 2025 Q1 - Quarterly Report