Cardiff Lexington Corp. Files Q2 2024 10-Q

TL;DR

**Cardiff Lexington Corp. filed its Q2 2024 10-Q. All systems go.**

AI Summary

Cardiff Lexington Corp. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Cardiff International Inc., is incorporated in Florida and operates in the medical doctor's offices and clinics sector. Its principal executive offices are located in Las Vegas, Nevada.

Why It Matters

This filing provides investors with an update on Cardiff Lexington Corp.'s financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not contain immediate red flags or significant new risks.

Key Numbers

• 20240630 — Report Period End Date (Indicates the end of the fiscal quarter being reported.)
• 20240814 — Filing Date (Shows when the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Cardiff Lexington Corp. (company) — Filer of the 10-Q
• 0000811222 (company) — Central Index Key for Cardiff Lexington Corp.
• 8011 (company) — Standard Industrial Classification for Services-Offices & Clinics of Doctors of Medicine
• FL (company) — State of Incorporation
• NV (company) — State of Business Address
• 844-628-2100 (company) — Business Phone Number
• Cardiff International Inc. (company) — Former Company Name

FAQ

Key Financial Figures

• $0.001 — d Stock - 3,000,000 shares authorized, $0.001 par value, stated value $ 4.00 , 868,05

Filing Documents

• cardiff_i10q-063024.htm (10-Q) — 1353KB
• cardiff_ex3101.htm (EX-31.1) — 12KB
• cardiff_ex3102.htm (EX-31.2) — 12KB
• cardiff_ex3201.htm (EX-32.1) — 4KB
• cardiff_ex3202.htm (EX-32.2) — 4KB
• 0001683168-24-005634.txt ( ) — 7580KB
• cdif-20240630.xsd (EX-101.SCH) — 61KB
• cdif-20240630_cal.xml (EX-101.CAL) — 67KB
• cdif-20240630_def.xml (EX-101.DEF) — 212KB
• cdif-20240630_lab.xml (EX-101.LAB) — 409KB
• cdif-20240630_pre.xml (EX-101.PRE) — 352KB
• cardiff_i10q-063024_htm.xml (XML) — 1306KB

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 50 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 51 2 PART I FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS. CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Page Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited and restated) 4 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited and restated) 5 Condensed Consolidated Statements of Stockholders' Equity (Deficiency) for the Six Months Ended June 30, 2024 and 2023 (Unaudited and restated) 6 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) 7 Notes to Condensed Consolidated

Financial Statements (Unaudited and restated)

Financial Statements (Unaudited and restated) 8 3 CARDIFF LEXINGTON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 (UNAUDITED) December 31, 2023 June 30, 2024 (Restated) ASSETS Current assets Cash $ 3,196,795 $ 866,943 Accounts receivable-net 14,818,277 13,305,254 Prepaid and other current assets 5,000 5,000 Total current assets 18,020,072 14,177,197 Property and equipment, net 27,929 34,661 Land 540,000 540,000 Goodwill 5,666,608 5,666,608 Right of use - assets 348,702 289,062 Due from related party 4,979 4,979 Other assets 50,730 33,304 Total assets $ 24,659,020 $ 20,745,811 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and accrued expense $ 1,679,731 $ 2,047,131 Accrued expenses - related parties 4,353,056 4,733,057 Accrued interest 103,345 620,963 Right of use - liabilities 173,985 157,669 Due to director and officer – 120,997 Notes payable – current portion 550,900 15,977 Line of credit 6,675,746 2,120,100 Convertible notes payable, net of debt discounts of $ 0 and $ 24,820 , respectively 110,000 3,807,030 Net liabilities of discontinued operations 237,643 237,643 Total current liabilities 13,884,406 13,860,567 Notes payable 142,391 144,666 Operating lease liability – long term 169,811 119,056 Total liabilities 14,196,608 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 June 30, 2024 and December 31, 2023 3,125,000 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 June 30, 2024 and December 31, 2023, respectively – 307,980 Redeemable Series X Senior C

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View this 10-Q filing on SEC EDGAR