Wed, May 15, 8:28 PM (219 days ago)
Inspire Veterinary Partners, Inc. (IVP), for the quarter ending March 31, 2024, reported a net loss of $3.42 million, a significant increase from the $1.54 million loss in the same period in 2023. Revenue rose 13% to $4.83 million, driven by a 15% increase in service revenue and a 6% rise in product revenue. Despite the revenue growth, operating expenses surged 46% to $7.69 million, primarily due to higher general and administrative costs and a $728,278 debt extinguishment loss. The company’s cash position decreased to $69,077 from $178,961, reflecting operational cash outflows and investments in property. IVP’s total liabilities increased to $23.13 million from $22.58 million, while stockholder equity improved to $269,853. The company’s ongoing losses and accumulated deficit of $24.85 million raise substantial doubt about its ability to continue as a going concern. Management plans to seek additional funding through debt or equity financing to sustain operations.