Summary by Moomoo AI
Cardio Diagnostics Holdings, Inc. (Cardio), a company specializing in AI-driven genetic-epigenetic testing technology for cardiovascular diseases, has reported its financial results for the fiscal year ended December 31, 2023. The company, which aims to become a leading medical technology company for cardiovascular disease prevention, detection, and treatment, has seen a net loss of $8,376,834 for the year, with an accumulated deficit of $14,368,380. Despite the losses, Cardio has made significant strides, including the launch of new products, securing key relationships with healthcare organizations, and receiving industry awards. The company's revenue for the year was $17,065, a slight increase from the previous year's $950. Cardio's financial stability is supported by equity financing and the issuance of convertible debentures, with a notable transaction involving YA II PN, Ltd. for a principal amount of $5 million. The company's future plans include expanding its product offerings, increasing market adoption, and pursuing strategic partnerships. Cardio's management has acknowledged the financial challenges but remains focused on long-term growth and success.