Cardiff Lexington Corporation (PK) (CDIX) Quote

Cardiff Lexington Announces Third Quarter 2024 Financial Results

LEXINGTON, KY / ACCESSWIRE / November 21, 2024 / Cardiff Lexington Corporation (OTC PINK:CDIX) announced today financial results for its third quarter and nine months ended September 30, 2024.

Alex Cunningham, Chief Executive Officer of Cardiff Lexington, commented, "Operationally, our business performed well during the quarter. We opened our 12th Nova Ortho and Spine location in Orlando, Florida, establishing Nova Ortho and Spine in a major metropolitan area with greater population density and higher traffic, and saw an increase in booked procedures which generally bodes well for future revenues. That said, the severe weather across Florida during the quarter has delayed many procedures. Also, our GAAP revenue was negatively impacted in the quarter due to a change in estimate related to our claim settlement realization rate that better aligns third quarter revenue with 2024 annualized rates. Adjusted revenue for the quarter, excluding this one-time change in estimate, was $3.0 million. It is our expectation that revenue will return to more historical levels going forward and grow as we strengthen our working capital to support the long-term growth of our business."

"Demand is strong, and we continue to identify strategic locations to establish new Nova Ortho and Spine offices and expand our network of healthcare services. Our shareholders' equity has grown 410% since the beginning of the year, and with our visibility today, we believe that we are on track to deliver enhanced long-term performance supported by a robust network of locations and a strong reputation as a high-quality medical care provider," Mr. Cunningham concluded.

Third Quarter 2024 Financial Results

Total revenue was $1,355,641. Revenue in the third quarter included a one-time non-cash adjustment of $1,650,474 to better align third quarter revenue with 2024 annualized claim settlement realization rates. Non-GAAP adjusted revenue, excluding the one-time non-cash adjustment, was $3,006,115
Cost of sales in the quarter increased to $1,000,601 primarily related to laboratory fees
Selling, general, and administrative expenses of $936,835 primarily related to increased salaries and wages as the Company continues to invest in its growth
Loss from continuing operations was $585,160
Non-GAAP adjusted EBITDA was $1,061,912

Nine Months 2024 Financial Results

Total revenue was $5,149,416. Revenue for the nine months ended September 30, 2024, included a one-time non-cash adjustment of $1,650,474 to better align third quarter 2024 revenue with 2024 annualized claim settlement realization rates. Non-GAAP adjusted revenue, excluding this one-time non-cash adjustment, was $6,799,890
Cost of sales for the nine-month period was $2,741,765
Selling, general, and administrative expenses of $2,622,981 primarily related to increased salaries and wages as the Company continues to invest in its growth
Loss from continuing operations was $525,651. Included in operating expenses for the nine months ended September 30, 2024 were Non-GAAP increased expenses associated with the anticipated growth of the business of $596,225
Non-GAAP Adjusted EBITDA was $1,507,928

Balance Sheet Highlights (September 30, 2024, compared to December 31, 2023)

125% increase in cash to $1,949,600
13% increase in total assets to $23,514,762
410% increase in shareholders' equity to $3,729,120

-----

About Cardiff Lexington Corporation:

Cardiff Lexington Corporation is a unique targeted healthcare holding company focused on locating, acquiring, and building middle market, niche companies, primarily in Orthopedics, Spine Care, and Pain Management. Fundamental to the Cardiff Lexington strategy is the service-based partnership culture which emphasizes core values, teamwork, accountability, and performance.

A substantial majority of the Company's revenue is derived from Nova Ortho and Spine, LLC, which operates a group of regional primary specialty and ancillary care facilities throughout Florida that provide traumatic injury victims with a full range of diagnostic and surgical services, primary care evaluations, interventional pain management, and specialty consultation services.

For more information on Cardiff Lexington Corporation, you may access the company's website at https://cardifflexington.com/

FORWARD LOOKING STATEMENT: This news release contains forward looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company's current views with respect to future events that involve risks and uncertainties. These risks include the failure to meet schedule or performance requirements of the Company's business, the Company's liquidity position, the Company's ability to obtain new business, the emergence of competitors with greater financial resources, and the impact of competitive pricing. In the light of these uncertainties the forward-looking events referred to in this release might not occur.

Use of Non-GAAP Financial Measures

Cardiff Lexington Corporation prepares its consolidated financial statements in accordance with United States generally accepted accounting principles ("GAAP"). In addition to GAAP disclosures, this document contains financial information and measures considered to be "non-GAAP". These non-GAAP measures can be used in order to gain a more complete and accurate understanding of the Company's financial condition and results. Non-GAAP financial measures should be considered in conjunction with, and not as a substitute to GAAP financial measures.

Cardiff Lexington Investor Relations
investorsrelations@cardifflexington.com
(800) 628-2100 ext. 705

or

IMS Investor Relations
cardifflexington@imsinvestorrelations.com

CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(UNAUDITED)





Unaudited






Unaudited






For the Three Months Ended






For the Nine Months Ended






September 30,






September 30,






September 30,






September 30,






2024






2023 (Restated)






2024






2023 (Restated)


Total revenue




$


1,355,641






$


3,405,859






$


5,149,416






$


9,476,764


Total cost of sales






1,000,601








551,423








2,741,765








2,589,407


Gross profit






355,040








2,854,436








2,407,651








6,887,357


Operating expenses
































Depreciation expense






3,365








3,365








10,096








11,365


Selling, general and administrative






936,835








577,677








2,622,981








2,095,611


Stock compensation expense






0








0








300,225








0


Total operating expenses






940,200








581,042








2,933,302








2,106,976


(Loss) income from continuing operations






(585,160


)






2,273,394








(525,651


)






4,780,381


































Other income (expense):
































Other (expense) income






(6,767


)






(1


)






(4,720


)






204


Gain on debt refinance, forgiveness and settlement






0








0








78,834








390


Penalties and fees






0








(16,000


)






(1,330


)






(48,000


)
Interest expense






(1,386,041


)






(226,119


)






(1,803,657


)






(1,763,698


)
Amortization of debt discounts






0








(46,048


)






(24,821


)






(94,664


)
Total other (expense) income






(1,392,808


)






(288,168


)






(1,755,694


)






(1,905,768


)
Net (loss) income before discontinued operations






(1,977,968


)






1,985,226








(2,281,345


)






2,874,613


Loss from discontinued operations






0








(3,705


)






(111,312


)






(93,005


)

































Net (loss) income




$


(1,977,968


)




$


1,981,521






$


(2,392,657


)




$


2,781,608


CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023
(UNAUDITED)





September 30,






December 31,






2024






2023 (Restated)


ASSETS












Current assets












Cash




$


1,949,600






$


866,943


Accounts receivable-net






14,798,220








13,305,254


Prepaid and other current assets






5,000








5,000


Total current assets






16,752,820








14,177,197


















Property and equipment, net






24,563








34,661


Land






540,000








540,000


Goodwill






5,666,608








5,666,608


Right of use - assets, net






465,389








289,062


Due from related party






4,979








4,979


Other assets






60,403








33,304


Total assets




$


23,514,762






$


20,745,811


















LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
















Current liabilities
















Accounts payable and accrued expense




$


1,386,412






$


2,047,131


Accrued expenses - related parties






4,353,056








4,733,057


Accrued interest






361,172








620,963


Right of use - lease liabilities






227,606








157,669


Due to director and officer






0








120,997


Notes payable - current portion






500,826








15,977


Line of credit






7,468,971








2,120,100


Convertible notes payable, net of debt discounts of $0 and $24,820, respectively






105,000








3,807,030


Net liabilities of discontinued operations






237,643








237,643


Total current liabilities






14,640,686








13,860,567


















Other liabilities
















Notes payable






140,272








144,666


Operating lease liability - long term






236,853








119,056


Total liabilities






15,017,811








14,124,289


















Mezzanine equity
















Redeemable Series N Senior Convertible Preferred Stock - 3,000,000 shares authorized, $0.001 par value, stated value $4.00, 868,056 shares issued and outstanding at September 30, 2024 and December 31, 2023






3,230,023








3,891,439


Redeemable Series R Senior Convertible Preferred Stock - 5,000 shares authorized, $0.001 par value, stated value of $1,200, 0 and 165 shares issued and outstanding at September 30, 2024 and December 31, 2023






0








307,980


Redeemable Series X Senior Convertible Preferred Stock - 5,000,000 shares authorized, $0.001 par value, stated value of $4.00 par value; 375,000 shares issued and outstanding at September 30, 2024 and December 31, 2023






1,537,808








1,690,685


Total Mezzanine Equity






4,767,831








5,890,104


















Stockholders' equity
















Series B Preferred Stock - 3,000,000 shares authorized, $0.001 par value, stated value of $4.00, 753,929 and 2,139,478 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively






3,015,716








8,557,912


Series C Preferred Stock - 500 shares authorized, $0.001 par value, stated value of $4.00, 43 and 123 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively






172








492


Series E Preferred Stock - 1,000,000 shares authorized, $0.001 par value, stated value $4.00, 75,375 and 155,750 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively






301,500








623,000


Series F-1 Preferred Stock - 50,000 shares authorized, $0.001 par value, stated value $4.00, 9,500 and 35,752 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively






38,000








143,008


Series I Preferred Stock - 15,000,000 shares authorized, $0.001 par value, stated value $4.00, 11,540,500 and 14,885,000 issued and outstanding at September 30, 2024 and December 31, 2023, respectively






46,162,200








59,540,000


Series J Preferred Stock - 2,000,000 shares authorized, $0.001 par value, stated value $4.00, 0 and 1,713,584 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively






-








6,854,336


Series L Preferred Stock - 400,000 shares authorized, $0.001 par value, stated value $4.00, 319,493 shares issued and outstanding at September 30, 2024 and December 31, 2023






1,277,972








1,277,972


Series Y Senior Preferred Stock - 1,000,000 shares authorized, $0.001 par value, stated value of $4.00, 955,114 and 0 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively






3,820,456








-


Common Stock - 300,000,000 shares authorized, $0.001 par value; 14,555,601 and 25,121 shares issued and outstanding at September 30, 2024 and December 31, 2023






14,556








25


Additional paid-in capital






20,891,337








(7,581,212


)
Accumulated deficit






(71,792,589


)






(68,684,115


)
Total stockholders' equity






3,729,120








731,418


Total liabilities, mezzanine equity and stockholders' equity




$


23,514,762






$


20,745,811


CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(UNAUDITED)

The following table reconciles Net (loss) income before discontinued operations (a GAAP measure) to EBITDA (a non-GAAP measure)




Unaudited






Unaudited






For the Three Months Ended






For the Nine Months Ended






September 30,






September 30,






2024






2023 (Restated)






2024






2023 (Restated)


EBITDA (1)
























Net (loss) income before discontinued operations




$


(1,977,968


)




$


1,985,226






$


(2,281,345


)




$


2,874,613


Add:
































Interest






1,386,041








226,119








1,803,657








1,763,698


Taxes






0








0








0








0


Depreciation






3,365








3,365








10,096








11,365


Amortization






0








46,048








24,821








94,664


































EBITDA (1)




$


(588,562


)




$


2,260,758






$


(442,771


)




$


4,744,340


































Adjusted EBITDA (2)
































EBITDA




$


(588,562


)




$


2,260,758






$


(442,771


)




$


4,744,340


Add:
































Change in estimate for settlement realization rate






1,650,474








0








1,650,474








0


Stock compensation expense for shares issued






0








0








300,225








0


































































Adjusted EBITDA (2)




$


1,061,912






$


2,260,758






$


1,507,928






$


4,744,340


































(1) EBITDA is a non-GAAP financial measure defined as Earnings Before Interest, Income Tax, Depreciation and Amortization.






























(2) Adjusted EBITDA is a non-GAAP financial measure that is the sum of EBITDA plus non-recurring and non-cash charges.






























CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES
RECONCILIATION OF REVENUE FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024
(UNAUDITED)





Unaudited






Unaudited






For the Three Months Ended






For the Nine Months Ended






September 30, 2024






September 30, 2024














GAAP Revenue




$


1,355,641






$


5,149,416


Adjustment to Claim Settlement Realization Rate






1,650,474








1,650,474


Non-GAAP Adjusted Revenue






3,006,115








6,799,890


Contact Information

Walter Frank
Investor Relations
cardifflexington@imsinvestorrelations.com
2039729200

SOURCE: Cardiff Lexington Corporation


View the original press release on accesswire.com

© Copyright 2024 ACCESSWIRE. All Rights Reserved.
https://www.otcmarkets.com/stock/CDIX/news/story?e&id=3054537

Another addition of shares

Outstanding Shares
15,221,725
11/06/2024
Restricted
2,768,578
11/06/2024
Unrestricted
12,453,147
11/06/2024

New share increase

Outstanding Shares
15,036,725
11/05/2024
Restricted
2,768,578
11/05/2024
Unrestricted
12,268,147
11/05/2024
Held at DTC
2,073,132
11/05/2024

Share increase update

Approx 75,000 added today

Outstanding Shares
14,904,225
10/31/2024
Restricted
2,768,578
10/31/2024
Unrestricted
12,135,647
10/31/2024

Share update…

Outstanding Shares
14,829,225
10/28/2024
Restricted
2,768,578
10/28/2024
Unrestricted
12,060,647
10/28/2024
Held at DTC
2,041,984
10/28/2024

Still confident ? 

Any state that had investors who lost money with this scam should have the States AG bring charges against CDIX IMO

In what way? I know that they misrepresented their holdings, did not use audited financials, committed wire fraud--what other charges do they have to bear?

They should be accused of fraud in all 50 states , they defrauded open market investors 3 times over already

Cunningham said 120 days ago that he would be uplisted in 6 weeks!!! And now they are tied up in Court.

Dont kid yourself--Cardiff is only concerned with themselves--building shareholder value is just not in the cards--Thompson needs to retire-Cunningham is being accused of fraud in New York!!

Got proof? I sure could use it...

I started following this company sometime in January of this year, after they hired Dr. Fitzgerald, whom I knew by reputation in the business. I didn't have preferred shares, but hopefully I bought at the right time. Its obvious they are going to up list, what I don't know is when.

Hope they give you a good conversion rate for your preferred shares, obvious if you are long here you didn't buy any common shares on the open Market as all those folks were destroyed.

And there is a difference between building a business , and creating shareholder value for open market buyers

Yes, I do. They just opened their 12th Ortho and Spine Clinic in Orlando. Anyhow, I'm a long-time holder, not a flipper nor do I invest in penny stock very often. I just like their growth over the last few years.

Good luck to you,

Who is GHS? Cardiff is in hot water in Idaho as well.

Who is GHS? is that Platinum Tax defenders?

Hey Stupid !! Look more shares dumped into the OS , you still pumping for these scum bags ??

Or is it all FUD you ridiculous Dipshit

Hey Stupid ?? Where did you go ?? Pumping other scams now ??

Still liking their business , which to date has just been a share dumping scam

Looks like the two Dipshit pumpers have disappeared, maybe they will come back for the dumping to .0001

They are as bad as the CDIX Criminal Leadership

SEC where are you ??

Zero Volume for the entire month of June Dipshit , still a pumping Shill A$$Hole ?

Yes , an absolute Criminal

Alex Cunningham is a CRIMINAL! Has anyone ever talked to this fraud?!? He should be in JAIL!

Well of course it went up , that's what they do , dilute and scam

I want to know where the two Dipshit Pumpers went ??

300k update?
Outstanding Shares
13,626,376
06/30/2024
Restricted
2,316,391
06/30/2024
Unrestricted
11,309,985
06/30/2024

Where are the the two $CDIX Pumpers ? A month without volume , and on the verge of another Dump/Offering which will again hurt open Market investor.

Don't listen to the two Dip Shit Pumpers , who have seemed to disappear

Stay away from this Dilution SCAM !!!!

Where did the two Dipshit pumpers go ?? This Share selling dilution scam hasn't been able to sell a single share all of June 🤣

And they are doing an offering , much lower than the current trading price to issue more shares.

This will be back in pennies soon enough

$CDIX Stay Away !!

On June 11, 2024, the Company entered into a settlement agreement and release of claims (the “Settlement Agreement”) with GHS, pursuant to which GHS agreed to terminate the Transaction Agreements and cancel the Shares and the Notes in exchange for a new Fixed Amount Settlement Promissory Note in the principal amount of $535,000 (the “New Note”). The Settlement Agreement contains customary representations and warranties for a transaction of this type, as well as a customary mutual release of claims by the Company and GHS.

The New Note does not bear interest and requires fixed payments as follows: (i) if the Company raises at least $5 million but less than $6 million in its planned underwritten public offering (the “Offering”), then it must pay $250,000 on the closing date of the Offering, with payments of $125,000, $125,000 and $35,000 to follow on the 90th, 180th, and 240th days following the closing of the Offering, respectively; (ii) if the Company raises at least $6 million but less than $7 million in the Offering, then it must pay $390,000 on the closing date of the Offering and $145,000 on the 90th day following the closing of the Offering; and (iii) if the Company raises at least $7 million in the Offering, then it must repay the entire principal amount on the closing date of the Offering. If the Offering is not completed by August 15, 2024, then the Company is required to pay $25,000 on such date and to continue making payments of $25,000 on each monthly anniversary thereof until the entire principal amount is repaid in full. If the Offering is completed after August 15, 2024, then the Company is required to make payments as described in the schedule above. Notwithstanding the foregoing, if the Company abandons the Offering and conducts a new public offering thereafter, then the Company is required to make a payment of $100,000 on the closing date of such other public offering, a second payment of $100,000 on the 90th day following the closing of such offering and $35,000 each month thereafter until the entire principal amount is repaid in full. If any portion of the principal amount remains unpaid on the second (2nd) anniversary of the date of the New Note, it shall become immediately due and payable on such date. The Company may prepay the entire principal amount at any time without penalty. The New Note is unsecured and contains customary events of default for a loan of this type. Upon an event of default, interest shall automatically begin to accrue at a simple interest rate of ten percent (10%) per annum

It's great your using Meme stock words , FUD , frigging Clown Pump and Dumper

Stand by your words and sue me for owning shares! "cRiMiNaL" - What a 🤡

It would only be criminal to be a shareholder if 🐍-a$$ FUD were judges.

Thankfully this is not the case.

Your pumping this $hit is criminal , and hopefully nobody is dumb enough to fall for it and throw away food money , A$$ Clown !!

Such an irrelevant & dumb post. Try harder. $CDIX

You should by more at $7.18 Dumb A$$ , nobody else is LOL

Thx for the reminder to bet back on the bid $CDIX

Ask at $7.18 Snake A$$ FUD

Bid at $1.86 Dumb A$$ LOL

Nice paint up clown , this garbage is going into pennies soon enough , than you will disappear pumper piece of S....

LOL

Bid now at $5... You missed loser! $CDIX

Look at the ASK el FUD'o. Dare toy to hit it! I'm loading the bid down here when it gives it and yes I will get paid very well.

2 million restricted , 11 million free trading and growing weekly

Dilution scam

You about to get paid LOL , once real volume hits this will be trading below .10 a share

Down 70% today , your position must look amazing

Only 2k shares are restricted? That can’t be.

Todays issued update

Outstanding Shares
13,391,467
05/28/2024
Restricted
2,081,482
05/28/2024
Unrestricted
11,309,985
05/28/2024

Is it standing Form ? No volume , this thing will drop like a rock once the PR's and real dumping begin

Welcome to the fourth round of CDIX play and lose LOL

Price is standing form post split. I understand I'm a bout to get paid. $CDIX

So going from 8 million shares to 13.3 million shares isn't dilution?

As Preferred holders continue to convert.

Guess you don't really understand dilution

Sorry I don't see any dilution right now and those previous splits don't affect my current position. You are here spending with me. Must be good.

Your locked and loaded in a proven , yes proven Dilution Machine

Unless you have preferred shares which you can convert 100 to 1 common , you will be destroyed, like the 3 groups of common shareholders before

3 previous reverse splits saw the stock drop to .0001

Now we are on the 4th reverse split , a 75,000 to 1 split

If you have bought shares on the open market you will see the investment vanish , as more new shares will hit the OS weekly