What caused KDLY's net profit decline in 2023?

Kindly MD (KDLY) experienced a net profit decline in 2023 primarily due to increased operating expenses and interest expenses, which overwhelmed the revenue growth.

1. Revenue Growth: The company's total revenue for 2023 was $3.77 million. Although this represents an increase from the previous year, it is not sufficient to offset the higher costs.
2. Operating Expenses and Interest Expenses: The net cash flow for the company was negative, with an operating cash flow of -$449,489. This indicates that the company's operational efficiency is under strain, possibly due to increased costs. Additionally, the company reported a net loss of $3,617,647 for 2024, which includes a significant portion of increased interest expenses and a loss on extinguishment of debt. This suggests that the company's financial obligations are rising, further squeezing its profit margins.

In summary, the decline in net profit for Kindly MD in 2023 is primarily due to increased operating expenses and interest expenses, which have outpaced the growth in revenue.