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].
Kindly MD, Inc.(KDLY) - 2025 Q3 - Quarterly Report