Wed, Jul 24, 5:04 PM (45 days ago)
Cardiff Lexington Corporation filed Amendment No. 2 to its Annual Report on Form 10-K for the year ended December 31, 2023, to correct the report of its independent registered public accounting firm and Exhibit 23.1. The amendment does not reflect events after March 27, 2024. Key Financial Highlights: - Revenue for 2023 was $11,853,266, up 10.85% from 2022. - Net income was $3,028,394, a significant improvement from a net loss of $5,429,521 in 2022. - Gross profit margin increased to 69.96% from 62.03%. - Operating expenses rose to $3,097,597, driven by increases in credit losses, professional fees, and management bonuses. - Interest expense decreased significantly from $6,387,309 to $1,956,266. - Cash on hand as of December 31, 2023, was $866,943. Strategic Overview: - Focus on acquiring undervalued healthcare companies. - Revenue primarily generated from healthcare services. - Plans to expand through acquisitions, particularly in MRI imaging and medical billing. Future Outlook: - Additional financing needed for continued operations and acquisitions. - Expected capital requirements range between $4 million to $10 million. Risk Factors: - Extended accounts receivable collection cycles. - Dependence on external financing. - Competition in the healthcare industry. - Compliance with extensive healthcare regulations.