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Cardio Diagnostics | 10-K: Annual report

SEC announcement ·  Apr 1 17:19
Summary by Moomoo AI
Cardio Diagnostics Holdings (CDIO.US) has reported its financial and operational details for the year ended December 31, 2023. The company recorded an operating lease right-of-use assets net value of $575,227 and current and non-current operating lease liabilities totaling $887,028. The weighted-average remaining lease terms for the operating leases were 2.9 and 4.9 years. The consolidated rental expense for operating leases was $138,266 for 2023, compared to $53,344 in 2022. Cardio Diagnostics entered into a finance agreement to fund its Directors and Officers insurance premiums, with $467,500 financed at an 8.95% interest rate, payable in monthly installments through August 25, 2024. The finance agreement payable stood at $374,000 at year-end 2023, down from $849,032 the previous year. The company did not disclose specific revenue, operating profit, net profit, or diluted earnings per...Show More
Cardio Diagnostics Holdings (CDIO.US) has reported its financial and operational details for the year ended December 31, 2023. The company recorded an operating lease right-of-use assets net value of $575,227 and current and non-current operating lease liabilities totaling $887,028. The weighted-average remaining lease terms for the operating leases were 2.9 and 4.9 years. The consolidated rental expense for operating leases was $138,266 for 2023, compared to $53,344 in 2022. Cardio Diagnostics entered into a finance agreement to fund its Directors and Officers insurance premiums, with $467,500 financed at an 8.95% interest rate, payable in monthly installments through August 25, 2024. The finance agreement payable stood at $374,000 at year-end 2023, down from $849,032 the previous year. The company did not disclose specific revenue, operating profit, net profit, or diluted earnings per share figures. In terms of business development, Cardio Diagnostics issued new common stock shares to various stakeholders, including 928,571 shares to holders of conversion rights and 6,883,306 shares to Legacy Cardio Stockholders as part of a Business Combination Agreement. Additionally, the company issued 43,334 shares upon conversion of promissory notes and sold 2,484,872 common shares to investors for proceeds totaling $11,986,036 in the previous year. The company also engaged in a convertible notes transaction with Yorkville, issuing a Convertible Debenture with a principal amount of $5.0 million, which was fully converted into common shares. Looking ahead, Cardio Diagnostics terminated its Securities Purchase Agreement with Yorkville as of January 4, 2024, and has no outstanding obligations under this agreement. The company also completed a private placement on February 2, 2024, issuing 561,793 units for gross proceeds of $1,000,000 and entered into an At-the-Market Issuance Sales Agreement with Craig-Hallum Capital Group LLC, with the potential to sell up to $17 million in shares. These strategic initiatives are part of the company's efforts to strengthen its financial position and support its growth plans.

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