MEDS — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-19

• Net revenues for the three months ended March 31, 2026 were $1,559,563 compared to $10,863,443 for the three months ended March 31, 2025, a decrease of $9,303,880, or approximately 85.6%. The decrease was primarily driven by a significant decline in distribution revenues within the Wellgistics, LLC,…

• Cost of revenues for the three months ended March 31, 2026 was $1,389,342, compared to $10,170,802 for the three months ended March 31, 2025, a decrease of $8,781,460, or approximately 86.3%. The decrease was primarily attributable to the lower volume of distribution activity during the period, cons…

• Gross profit for the three months ended March 31, 2026 was $170,221, compared to gross profit of $692,641 for the three months ended March 31, 2025, a decrease of $522,420, or approximately 75.4%. Gross margin was 10.9% for the three months ended March 31, 2026 compared to 6.4% for the three months …

• General and administrative expenses for the three months ended March 31, 2026 were $4,868,935 compared to $31,172,920 for the three months ended March 31, 2025, a decrease of $26,303,985, or approximately 84.4%. The decrease was primarily attributable to a significant reduction in non-cash stock-bas…

• Sales and marketing expenses for the three months ended March 31, 2026 were $960,000 compared to $65,217 for the three months ended March 31, 2025, an increase of $894,783. The increase was primarily attributable to increased investment in brand awareness, customer acquisition initiatives, and marke…

Text removed vs the prior filing · source: 10-Q · 2025-11-19

• Net revenues were $3,012,904 for the three months ended September 30, 2025, compared to $5,673,868 for the same period in 2024, representing a decrease of approximately 47%. The revenue during the current quarter was primarily derived from operations of Wellgistics Pharmacy, which was acquired in Au…

• Cost of revenues for the three months ended September 30, 2025, totaled $2,781,892, compared to $5,152,624 for the same period in 2024. The decrease in cost of revenues is due to the lower sales volume during the period.

• Gross Profit for the three months ended September 30, 2025, was $231,012, compared to $521,244 for the same period in 2024, representing a decrease of approximately 56%. The significant decline in gross profit was primarily attributable to lower revenues resulting from reduced sales volumes and the …

• General and administrative expenses were $30,172,800 for the three months ended September 30, 2025, compared to $1,798,641 for the three months ended September, 2024. The increase was primarily due to the acquisition of Wellgistics LLC in August 2024 and full-scale operations of the consolidated com…

• Sales and marketing expenses were $803,747 for the three months ended September 30, 2025, compared to $0 for the same period in 2024. The increase reflects the Company’s expanded promotional activities and marketing initiatives following the acquisitions of Wood Sage and Wellgistics. For the three m…

Text added vs the prior filing · source: 10-Q · 2026-05-19

• We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and is ac…

• As required by Rule 13a-15(b) under the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and p…

• Material Weaknesses in Internal Control Over Financial Reporting

• As previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, management identified material weaknesses in the following components of the COSO framework: control environment, risk assessment, control activities, information and communication, and monitoring. Specif…

• To remediate these material weaknesses, management has implemented or is in the process of implementing the following measures: (i) hiring additional accounting personnel with appropriate technical expertise in U.S. GAAP and SEC reporting; (ii) enhancing internal review procedures for complex accoun…

Text removed vs the prior filing · source: 10-Q · 2025-11-19

• As of September 30, 2025, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on this ev…

• Management identified a material weakness in our internal control over financial reporting. Specifically, the Company did not maintain sufficient resources with appropriate accounting expertise to adequately review and account for complex, non-routine transactions. This control deficiency could resu…

• To remediate this material weakness, management is implementing the following measures:

• ● Hiring additional accounting personnel with appropriate technical expertise;

• ● Enhancing internal review procedures for complex transactions;