INSPIRE VETERINARY PARTNERS, INC.

CIK:0001939365|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Total revenue	$ 4,316,132	$ 4,049,025	$ 12,238,875	$ 13,270,973
Operating expenses
General and administrative expenses	2,423,707	2,988,122	7,514,420	8,080,199
Debt extinguishment loss			689,411	1,587,862
Depreciation and amortization	330,498	340,167	864,293	1,048,290
Gain on sale of business		(467,049)		(467,049)
Total operating expenses	6,283,298	6,284,246	18,828,887	20,762,299
Loss from operations	(1,967,166)	(2,235,221)	(6,590,012)	(7,491,326)
Other income (expenses):
Interest income	4	44	25	46
Interest expense	(559,111)	(1,254,149)	(1,385,891)	(2,801,491)
Other income (expenses)				(4,768)
Total other expenses	(559,108)	(1,254,105)	(1,385,866)	(2,806,213)
Loss before income taxes	(2,526,273)	(3,489,326)	(7,975,878)	(10,297,539)
Benefit for income taxes
Net loss	(2,526,273)	(3,489,326)	(7,975,878)	(10,297,539)
Dividend on convertible series A preferred stock				(220,850)
Net loss attributable to class A and B common stockholders	$ (2,526,273)	$ (3,489,326)	$ (7,975,878)	$ (10,518,389)
Class A and B Common Shares
Net loss per Class A and B common shares:
Basic (in Dollars per share)	$ (0.41)	$ (0.85)	$ (1.55)	$ (2.64)
Diluted (in Dollars per share)	$ (0.41)	$ (0.85)	$ (1.55)	$ (2.64)
Weighted average shares outstanding per Class A and B common shares:
Basic (in Shares)	6,091,057	4,112,531	5,154,703	3,989,343
Diluted (in Shares)	6,091,057	4,112,531	5,154,703	3,989,343
Service revenue
Total revenue	$ 3,138,670	$ 2,969,748	$ 9,055,548	$ 9,735,585
Product revenue
Total revenue	1,177,462	1,079,277	3,183,327	3,535,388
Cost of Service Revenue
Operating expenses
Cost of product revenue (exclusive of depreciation and amortization, shown separately below)	2,678,940	2,568,085	7,253,536	7,705,972
Cost of Product Revenue
Operating expenses
Cost of product revenue (exclusive of depreciation and amortization, shown separately below)	$ 850,153	$ 854,921	$ 2,507,227	$ 2,807,025

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (7,975,878)	$ (10,297,539)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	864,293	1,028,475
Amortization of debt issuance costs	19,177	15,825
Amortization of debt discount	927,945	2,129,380
Amortization of operating right of use assets	184,558	269,172
Stock-based compensation	139,274	23,647
Issuance of class A common stock for services	699,700	286,696
Loss on debt extinguishment	689,411
Loss on debt modification		1,587,862
Issuance of class A common stock in connection with general release agreement		20,000
Issuance of Class A common stock and pre-funded warrants in connection with commitment shares		600,000
Gain on disposal of business		(467,049)
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable	11,971	(86,978)
Due from former owners		32,519
Inventory	59,036	(34,527)
Prepaid expenses and other current assets	557,401	(2,701,612)
Other assets	5,770	(12,220)
Accounts payable	(279,238)	(1,133,012)
Accrued expenses	684,170	(574,196)
Cumulative Series A preferred stock dividends payable		(92,322)
Other assets, net
Refundable income tax		151,796
Operating lease liabilities	(142,866)	(74,256)
Net cash used in operating activities	(3,555,276)	(9,328,339)
Cash flows from investing activities:
Purchase of property and equipment	(76,315)	(206,155)
Payment for acquisition of business	1,850,000
Net cash used in investing activities	(1,926,315)	(206,155)
Cash flows from financing activities:
Proceeds from issuance of class A common stock and warrants, net of issuance costs	2,285,521
Proceeds from issuance of class A common stock and pre-funded warrants, net of issuance costs	1,571,466	8,835,458
Repurchase and cancellation of the class B common stock
Net proceeds from loans payable	1,020,295	1,467,935
Repayments on loans payable	(2,774,400)	(3,916,004)
Proceeds from issuance of convertible series A preferred stock		200,000
Proceeds from issuance of convertible series B preferred stock	2,222,663
Proceeds from convertible notes payable	250,000	1,000,000
Payments on convertible notes payable		(250,000)
Proceeds from notes payable, net of discount	761,190
Repayment of notes payable	(1,002,588)	(700,657)
Proceeds from exercise of warrants		3,500,000
Proceeds from issuance of promissory note	1,000,000
Repayment of convertible debentures		(100,000)
Net cash provided by financing activities	5,334,147	10,036,732
Net increase (decrease) in Cash, cash equivalents and restricted cash	(147,444)	502,238
Cash, cash equivalents and restricted cash, beginning of period	723,690	378,961
Cash, cash equivalents and restricted cash, end of period	576,246	881,199
Supplemental Disclosure of Cash Flow Information
Interest payments during the year	1,385,891	1,552,313
Income tax refund		151,796
Noncash investing and financing activity
Acquisition of equity securities in connection with issuance of Series B Preferred Stock	2,571,429
Issuance of common stock in connection with business acquisition	92,500
Issuance of class A common stock for conversion of convertible notes payable		650,000
Series A Preferred Stock Dividend		$ 220,850

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 341,746	$ 523,690
Accounts receivable, net	28,704	40,675
Inventory	497,614	516,650
Investments – equity securities	2,571,429
Prepaid expenses and other current assets	385,055	942,456
Total current assets	3,824,548	2,023,471
Restricted cash - non-current	234,500	200,000
Property and equipment, net	6,889,958	6,382,788
Right-of-use assets	1,695,171	1,879,729
Intangibles assets	1,175,099	1,633,927
Goodwill	9,088,263	8,022,082
Deferred financing costs	1,000,000
Other assets	48,227	53,997
Total assets	23,955,766	20,195,994
Current liabilities:
Accounts payable	1,700,265	1,979,503
Accrued expenses	969,940	285,770
Operating lease liabilities	170,774	183,981
Loans payable, net of discount	2,057,740	2,340,020
Convertible notes payable	274,908
Promissory note	1,120,623
Notes payable, net of discount	3,424,599	3,410,465
Total current liabilities	9,718,849	8,199,739
Operating lease liabilities, non-current	1,813,828	1,943,487
Notes payable - noncurrent	8,254,408	8,490,763
Total liabilities	19,787,085	18,633,989
Commitments and Contingencies (Note 15)
Stockholder’s Equity (Deficit)
Additional paid in capital	48,494,176	37,911,867
Accumulated deficit	(44,326,158)	(36,350,281)
Total stockholder’s equity (deficit)	4,168,681	1,562,005
Total liabilities and stockholder’s equity (deficit)	23,955,766	20,195,994
Class A Common Stock
Stockholder’s Equity (Deficit)
Common stock value	360	117
Class B Common Stock
Stockholder’s Equity (Deficit)
Common stock value	302	302
Convertible Series B Preferred Stock
Stockholder’s Equity (Deficit)
Preferred stock value	$ 1