Inspire Veterinary Partners, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Inspire Veterinary Partners, Inc. has filed its 2023 10-K annual report, detailing its financial status and corporate information.</b>

AI Summary

INSPIRE VETERINARY PARTNERS, INC. (IVPR) filed a Annual Report (10-K) with the SEC on April 8, 2024. Inspire Veterinary Partners, Inc. filed its annual report for the fiscal year ended December 31, 2023. The company is incorporated in Nevada and its principal executive offices are located in Virginia Beach, Virginia. Class A Common Stock, par value $0.0001 per share, is traded under the symbol IVP on The Nasdaq Stock Market LLC. The company has elected not to use the extended transition period for complying with new or revised financial accounting standards. Inspire Veterinary Partners, Inc. is classified as a non-accelerated filer, a smaller reporting company, and an emerging growth company.

Why It Matters

For investors and stakeholders tracking INSPIRE VETERINARY PARTNERS, INC., this filing contains several important signals. This filing provides a comprehensive overview of the company's performance and structure for the fiscal year 2023, crucial for investors to assess its financial health and strategic direction. As an emerging growth company and smaller reporting company, Inspire Veterinary Partners, Inc. is subject to specific disclosure requirements and may utilize certain regulatory accommodations, impacting how its financial information is presented and interpreted.

Risk Assessment

Risk Level: low — INSPIRE VETERINARY PARTNERS, INC. shows low risk based on this filing. The filing is a standard 10-K annual report, indicating routine disclosure rather than immediate significant events or risks.

Analyst Insight

Review the full 10-K filing for detailed financial statements, risk factors, and management discussion to understand Inspire Veterinary Partners, Inc.'s operational performance and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K report)
• 001-41792 — Commission File Number (SEC registration number for the company)
• IVP — Trading Symbol (Symbol for Class A Common Stock on Nasdaq)
• 85-4359258 — IRS Number (Employer Identification Number)

Key Players & Entities

• INSPIRE VETERINARY PARTNERS, INC. (company) — Filer name
• 001-41792 (company) — Commission file number
• Nevada (company) — State of incorporation
• Virginia Beach (company) — City of principal executive offices
• IVP (company) — Trading symbol
• The Nasdaq Stock Market LLC (company) — Exchange where Class A Common Stock is registered
• 2023 (dollar_amount) — Fiscal year ended
• 2024-04-08 (dollar_amount) — Filing date

FAQ

Industry Context

The company operates in the veterinary services sector, providing animal healthcare services.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Section 13 or 15(d), requiring annual reports from public companies.

What Investors Should Do

1. Thoroughly review the financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations within the 10-K.
2. Examine the Risk Factors section for potential challenges and uncertainties facing Inspire Veterinary Partners, Inc.
3. Analyze the company's corporate governance and executive compensation details provided in the filing.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-04-08: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ended December 31, 2023, as indicated by the filing type and period.

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share IVP The Nasdaq Stock Market L
• $250,000 — and collectively the "Notes") each for $250,000. The Notes have a maturity date of the
• $0.03 — teholder at a fixed conversion price of $0.03 per share (the "Fixed Conversion Price"
• $1,000,000 — s will increase by 20% (to a 50% OID -- $1,000,000 Face Value); (ii) the conversion price
• $0.01 — he existing Series A Preferred Stock to $0.01. In the event a noteholder agrees to r
• $0.10 — s securities had a closing bid price of $0.10 or less for at least ten consecutive tr
• $1.00 — ad closed below the required minimum of $1.00 per share under Nasdaq Marketplace Rule
• $210,000 — Mr. Frank will receive a base salary of $210,000 per annum. The base salary will be revi
• $151,695.60 — , Inspire agreed to issue to Dr. Kesier $151,695.60 worth of restricted shares of Class A c
• $0.0813 — mon stock based on the closing price of $0.0813 per share on the last trading day immed
• $5,000 — ompany agreed to issue to each Releasor $5,000 worth of restricted shares of Class A c
• $30.0 million — rtain conditions and limitations, up to $30.0 million of shares of Class A Common Stock, at o
• $600,000 — he "Commitment Shares"), which equal to $600,000 divided by $0.209, which is the average
• $0 — s"), which equal to $600,000 divided by $0.209, which is the average daily volume-

Filing Documents

• ea0202969-10k_inspire.htm (10-K) — 1775KB
• ea020296901ex4-8_inspire.htm (EX-4.8) — 4KB
• ea020296901ex31-1_inspire.htm (EX-31.1) — 12KB
• ea020296901ex31-2_inspire.htm (EX-31.2) — 12KB
• ea020296901ex32-1_inspire.htm (EX-32.1) — 5KB
• ea020296901ex32-2_inspire.htm (EX-32.2) — 5KB
• ea020296901ex97-1_inspire.htm (EX-97.1) — 25KB
• image_001.jpg (GRAPHIC) — 49KB
• 0001213900-24-031220.txt (&nbsp;) — 9154KB
• ivp-20231231.xsd (EX-101.SCH) — 97KB
• ivp-20231231_cal.xml (EX-101.CAL) — 47KB
• ivp-20231231_def.xml (EX-101.DEF) — 455KB
• ivp-20231231_lab.xml (EX-101.LAB) — 793KB
• ivp-20231231_pre.xml (EX-101.PRE) — 446KB
• ea0202969-10k_inspire_htm.xml (XML) — 1035KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS ii PART I 1 ITEM 1.

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 12 ITEM 1B. UNRESOLVED STAFF COMMENTS 31 ITEM 1C. CYBERSECURITY 31 ITEM 2.

PROPERTIES

PROPERTIES 32 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 34 ITEM 4. MINE SAFETY DISCLOSURES. 34 PART II 35 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 35 ITEM 6. [RESERVED] 37 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 37 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 54 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 54 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 54 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 54 ITEM 9B. OTHER INFORMATION 55 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 55 PART III 56 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 56 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 62 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 65 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 68 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 68 PART IV 69 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 69 ITEM 16. FORM 10-K SUMMARY 70

SIGNATURES

SIGNATURES 71 i Forward-Looking This Annual Report on Form 10-K (the "Annual Report") includes a number of forward-looking statements that reflect management's current views with respect to future events and financial performance. Forward-looking statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. Those statements include on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such

forward-looking statements. Those risks and uncertainties include, among others

forward-looking statements. Those risks and uncertainties include, among others: Risks Related to our Business We have a limited operating history, are not profitable and may never become profitable. If we fail to attract and keep senior management, we may be unable to successfully integrate acquisitions, scale our offerings of veterinary services, and deliver enhanced customer services, which may impact our results of operations and financial results. We may need to raise additional capital to achieve our goals. The Company incurs significant increased expenses and administrative burdens as a public company, which could have an adverse effect on its business, financial condition and results of operations. We may seek to grow our business through acquisitions of, or investments in, new or complementary businesses, and facilities, or through strategic alliances, and the failure to manage these acquisitions or strategic alliances, or to integrate them with our existing business, could have a material adverse effect on us. We may acquire other businesses that may be unsuccessful and could adversely dilute your ownership of our company. We have generated net operating loss carryforwards for U.S. income tax purposes, but our ability to use these net operating losses may be limited by our inability to generate future taxable income. Our management does not have experience as senior management of a public company or ensuring compliance with public company obligations, and fulfilling these obligations will be expensive and time consuming, which may divert management's attention from the day-to-day operation of its business. Failure to maintain effective internal controls over financial reporting could have a material adverse effect on the Company's business, operating results and stock price. Purchasing real estate with hospital acquisitions brings additional complexity and cost. Our estimate of the size of our addressable market may prove to be inacc

View Full Filing

View this 10-K filing on SEC EDGAR