Thu, Jun 27, 9:01 PM (72 days ago)
Kindly MD, Inc.'s quarterly report for the period ending March 31, 2024, reveals a mixed financial performance. Revenues decreased by 28.6% to $829,029 compared to the same quarter last year, mainly due to a shift from cash-pay patient services to insurance billing. Operating expenses also fell by 21.9% to $1,066,156, driven by reductions in salaries, general and administrative costs, and cost of revenues. The company reported a net loss of $282,326, up from $180,979 a year ago, primarily due to increased interest expenses associated with new debt. Cash and cash equivalents stood at $287,383, with a working capital deficit of $505,419. However, the company completed an IPO on June 3, 2024, raising $6.02 million, which is expected to improve liquidity and support future operations.