$IVP
INSPIRE VETERINARY PARTNERS, INC.

2023 Q4 Form 10-Q Financial Statement

#000157587223001753 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023 Q2
Revenue $3.784M $4.120M $4.490M
YoY Change 18.99% 40.89% 93.53%
Cost Of Revenue $3.642M $3.060M $3.230M
YoY Change 43.38% 41.01% 105.73%
Gross Profit $142.0K $1.060M $1.260M
YoY Change -77.81% 41.33% 70.27%
Gross Profit Margin 3.75% 25.73% 28.06%
Selling, General & Admin $2.227M $3.560M $1.890M
YoY Change 29.48% 102.27% 76.64%
% of Gross Profit 1567.9% 335.85% 150.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $332.5K $128.5K $300.0K
YoY Change 18.76% 226.17% 275.0%
% of Gross Profit 234.12% 12.12% 23.81%
Operating Expenses $2.564M $6.951M $2.190M
YoY Change 28.83% 69.73% 85.59%
Operating Profit -$2.422M -$2.831M -$930.0K
YoY Change 79.39% 141.75% 111.36%
Interest Expense -$793.3K -$910.0K -$290.0K
YoY Change 36.78% 279.17% 38.1%
% of Operating Profit
Other Income/Expense, Net -$80.00 -$5.053M -$10.00K
YoY Change 2039.72%
Pretax Income -$4.142M -$7.884M -$1.230M
YoY Change 114.62% 460.21% 89.23%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.280M -$7.884M -$1.228M
YoY Change 121.74% 460.21% 89.56%
Net Earnings / Revenue -113.1% -191.38% -27.35%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.44 -$1.25 -$0.11
COMMON SHARES
Basic Shares Outstanding 5.013M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $179.0K $1.960M $860.0K
YoY Change -59.33% 1052.94%
Cash & Equivalents $179.0K $1.956M $860.0K
Short-Term Investments
Other Short-Term Assets $388.8K $510.0K $140.0K
YoY Change 55.5% 537.5%
Inventory $571.5K $680.3K $700.0K
Prepaid Expenses
Receivables $28.57K $241.6K $100.0K
Other Receivables $184.3K $150.0K $250.0K
Total Short-Term Assets $1.352M $3.538M $2.050M
YoY Change -22.39% 302.0%
LONG-TERM ASSETS
Property, Plant & Equipment $9.565M $7.315M $7.860M
YoY Change 30.62% 20.31%
Goodwill $8.148M $7.615M
YoY Change 7.0%
Intangibles $2.513M
YoY Change -7.93%
Long-Term Investments
YoY Change
Other Assets $212.9K $13.64K $120.0K
YoY Change 622.77%
Total Long-Term Assets $20.44M $17.76M $17.97M
YoY Change 10.82% 33.33%
TOTAL ASSETS
Total Short-Term Assets $1.352M $3.538M $2.050M
Total Long-Term Assets $20.44M $17.76M $17.97M
Total Assets $21.79M $21.30M $20.02M
YoY Change 7.95% 49.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.207M $2.301M $2.100M
YoY Change 214.7% 152.91%
Accrued Expenses $1.000M $547.6K $540.0K
YoY Change 44.78% 812.65%
Deferred Revenue
YoY Change
Short-Term Debt $1.714M $860.0K $5.230M
YoY Change -56.06% -62.93%
Long-Term Debt Due $1.569M $1.160M $1.720M
YoY Change 1.23% 114.81%
Total Short-Term Liabilities $7.582M $5.094M $9.810M
YoY Change 4.58% 23.03%
LONG-TERM LIABILITIES
Long-Term Debt $13.48M $12.92M $17.53M
YoY Change -22.55% -2.12%
Other Long-Term Liabilities $1.514M $570.0K $580.0K
YoY Change 125.98% -14.93%
Total Long-Term Liabilities $15.00M $13.49M $18.11M
YoY Change -17.05% -2.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.582M $5.094M $9.810M
Total Long-Term Liabilities $15.00M $13.49M $18.11M
Total Liabilities $22.58M $18.58M $27.92M
YoY Change -10.83% 3.19%
SHAREHOLDERS EQUITY
Retained Earnings -$21.22M -$16.89M
YoY Change 239.8%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$788.3K $2.712M -$7.900M
YoY Change
Total Liabilities & Shareholders Equity $21.79M $21.30M $20.02M
YoY Change 7.95% 49.98%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$4.280M -$7.884M -$1.228M
YoY Change 121.74% 460.21% 89.56%
Depreciation, Depletion And Amortization $332.5K $128.5K $300.0K
YoY Change 18.76% 226.17% 275.0%
Cash From Operating Activities -$750.8K -$2.560M -$200.0K
YoY Change 120.81% 126.55% -44.44%
INVESTING ACTIVITIES
Capital Expenditures $23.73K $240.0K $110.0K
YoY Change -100.5% -95.08%
Acquisitions
YoY Change
Other Investing Activities -$1.486M $0.00
YoY Change -85.69% -100.0%
Cash From Investing Activities -$1.510M -$240.0K -$110.0K
YoY Change -73.42% -90.73% -94.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 685.0K 3.890M 580.0K
YoY Change -89.09% 28.38% -63.52%
NET CHANGE
Cash From Operating Activities -750.8K -2.560M -200.0K
Cash From Investing Activities -1.510M -240.0K -110.0K
Cash From Financing Activities 685.0K 3.890M 580.0K
Net Change In Cash -1.575M 1.090M 270.0K
YoY Change -705.88% -257.97% -135.53%
FREE CASH FLOW
Cash From Operating Activities -$750.8K -$2.560M -$200.0K
Capital Expenditures $23.73K $240.0K $110.0K
Free Cash Flow -$774.5K -$2.800M -$310.0K
YoY Change -117.76% -53.41%

Facts In Submission

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Inspire Veterinary Partners, Inc.
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ProceedsFromIssuanceOfCommonStock
5439571
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
310000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1507460
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1105960
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
7221164
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
109596
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1298851
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
347842
us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
1100000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
650000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1252000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
250000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4942220
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9425726
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1512132
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1883550
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
444253
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2058418
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1956385
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
174868
us-gaap Interest Paid Net
InterestPaidNet
188952
us-gaap Interest Paid Net
InterestPaidNet
80349
us-gaap Liabilities Assumed1
LiabilitiesAssumed1
737201
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
737201
us-gaap Dividends
Dividends
133828
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
4440688
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
4414318
us-gaap Nature Of Operations
NatureOfOperations
<table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="vertical-align: top;"><td style="overflow-wrap: break-word; vertical-align: top; width: 0.5in;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-right: 0px; margin-left: 0in; text-indent: 0in; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1.</div></div><div style="font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></td><td style="overflow-wrap: break-word; vertical-align: top;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-right: 0px; margin-left: 0in; text-indent: 0in; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Description of Business</div></div></div></td></tr></table><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; line-height: 12pt;"><div style="white-space: pre-wrap; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; margin-right: 0px; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Business Description</div></div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; line-height: 12pt;"><div style="white-space: pre-wrap; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Inspire Veterinary Partners, Inc. (the “Company” or “Inspire”) is a C-corporation which incorporated in the state of Delaware on December 2, 2020. On June 29, 2022, the Company converted into a Nevada C-corporation (“Conversion”). The Conversion did not result in any change in the corporate name, business, management fiscal year, accounting, location of the principal executive officer, capitalization structure, or assets or liabilities of the Company. The Company owns and operates veterinary hospitals throughout the United States. The Company specializes in small animal general practice hospitals which serve all manner of companion pets, emphasizing canine and feline breeds.</div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="white-space: pre-wrap; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">As the Company expands, additional modalities are becoming a part of the offerings at its hospital, including equine care. With 14 clinics located in 10 states as of the date of this filing, Inspire purchases existing hospitals which have the financial track record, marketplace advantages and future growth potential to make them worthy acquisition targets. Because the company leverages a leadership and support structure which is distributed throughout the United States, acquisitions are not centralized to one geographic area. The Company operates its business as one operating and one reportable segment.</div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; margin-right: 0px; line-height: 12pt;"><div style="white-space: pre-wrap; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Services provided at owned hospitals include preventive care for companion animals consisting of annual health exams which include: parasite control; dental health; nutrition and body condition counseling; neurological examinations; radiology; bloodwork; skin and coat health and many breed specific preventive care services. Surgical offerings include all soft tissue procedures such as spays and neuters, mass removals, splenectomies and can also include gastropexies, orthopedic procedures and other types of surgical offerings based on a doctor’s training. In many locations additional means of care and alternative procedures are also offered such as acupuncture, chiropractic and various other health and wellness offerings.</div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="white-space: pre-wrap; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company is the managing member of IVP Practice Holdings Co., LLC (“Holdco”), a Delaware limited liability company, which is the managing member of IVP CO Holding, LLC (“CO Holdco”), a Delaware limited liability company, IVP FL Holding Co., LLC (“FL Holdco”), a Delaware limited liability company, IVP Texas Holding Company, LLC (“TX Holdco”), a Delaware limited liability company, KVC Holding Company, LLC (“KVC Holdco”), a Hawaii limited liability company, and IVP CA Holding Co., LLC (“CA Holdco”), a Delaware limited liability company, IVP MD Holding Company, LLC (“MD Holdco”), a Delaware limited liability company, IVP OH Holding (“OH Holdco”), Co, LLC, a Delaware limited liability company, IVP IN Holding Co., LLC (“IN Holdco”), a Delaware limited liability company, IVP MA Managing Co., LLC, a Delaware limited liability company (“MA Holdco”), and IVP PA Holding Company, LLC, a Delaware limited liability company (“PA Holdco”). The Company through Holdco, operates and controls all business and affairs of CO Holdco, FL Holdco, TX Holdco, KVC Holdco, CA Holdco, MD Holdco. Holdco, OH Holdco, IN Holdco, MA Holdco and PA Holdco is used to acquire hospitals in various states and jurisdictions.</div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="white-space: pre-wrap; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company is the managing member of IVP Real Estate Holding Co., LLC (“IVP RE”), a Delaware limited liability company, which is the managing member of IVP CO Properties, LLC (“CO RE”), a Delaware limited liability company, IVP FL Properties, LLC (“FL RE”), a Delaware limited liability company, IVP TX Properties, LLC (“TX RE”), a Delaware limited liability company, KVC Properties, LLC, (“KVC RE”), a Hawaii limited liability company, IVP CA Properties, LLC (“CA RE”), a Delaware limited liability company, IVP MD Properties, LLC (“MD RE”), a Delaware limited liability company, IVP OH Properties, LLC (“OH RE”), a Delaware limited liability company, IVP IN Properties, LLC (“IN RE”), a Delaware limited liability company, and IVP PA Properties, LLC (“PA RE”), a Delaware limited liability company. The Company through IVP RE operates and controls all business and affairs of CO RE, FL RE, TX RE, KVC RE, CA RE, MD RE, OH RE, IN RE and PA RE. IVP RE is used to acquire real property in various states and jurisdictions.</div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"></div><br/></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><br/></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; line-height: 12pt;"><div style="white-space: pre-wrap; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; margin-right: 0px; line-height: 12pt;"><div style="white-space: pre-wrap; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"></div><br/></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: center; line-height: 12pt;"><img alt="" src="clg052_img01.jpg" style="width: 648px; height: 194px;"/><br/></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"><div style="display:inline;"> </div><br/></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Initial Public Offering</div></div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div><br/></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On August 31, 2023, we closed our IPO of 1.6 million shares of class A common stock, at a public price of $4.00 per share. The total net proceeds we received in the IPO were approximately $5.4 million after deducting underwriting discounts and commissions of $512,000 and offering expenses of $448,429. The Company’s class A common shares are traded on the Nasdaq Capital Market (“NASDAQ”) under the symbol IVP.</div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><br/></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">COVID-19</div></div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"><div style="white-space: pre-wrap; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Impacts resulting from the COVID-19 pandemic have resulted in a widespread health crisis that has already adversely affected the economies and financial markets of many countries around the world. The international response to the spread of COVID-19 has led to significant restrictions on travel; temporary business closures; quarantines; global stock market and financial market volatility; a general reduction in consumer activity; operating, supply chain and project development delays and disruptions; and declining trade and market sentiment; all of which have and could further affect the world economy.</div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="white-space: pre-wrap; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The extent to which the novel coronavirus may impact the Company’s business, will depend on future developments which are highly uncertain and cannot be predicted with confidence, such as the duration of the outbreak, travel restrictions and social distancing in the United States, business closures or business disruptions and the effectiveness of actions taken by governments around the globe to contain and treat the disease. We are unable to predict with certainty the effects of the COVID-19 pandemic on our customers, suppliers and vendors and its impact on the Company’s business.</div></div>
CY2022Q4 us-gaap Common Stock Voting Rights
CommonStockVotingRights
On October 20, 2022, the Company amended and restated the articles of incorporation to change the designation of the Class A common stock and the Class B common stock, whereas the Class A common stock prior to the amendment had 25 votes per share is now designated Class B common stock and the Class B common stock prior the amendment had 1 vote per share is now designated Class A common stock.
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-16894193
us-gaap Net Income Loss
NetIncomeLoss
-10650745
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-indent: 0.5in; margin-right: 0px; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates</div></div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"></div><br/></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates.</div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Reclassification</div></div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; line-height: 12pt;"></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"></div><br/></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Certain reclassifications have been made to conform previously reported data to the current presentation. These reclassifications have no effect on the reporting results of operations and did not affect previously reported amounts in the Balance Sheet, Statement of Changes in Stockholders’ Deficit and Statement of Cash Flows.</div></div>
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2782976
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7992422
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7632340
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
677498
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
309290
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7314924
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7323050
CY2023Q3 us-gaap Depreciation
Depreciation
128517
CY2022Q3 us-gaap Depreciation
Depreciation
39402
us-gaap Depreciation
Depreciation
368208
us-gaap Depreciation
Depreciation
133963
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-917861
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-370245
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2185974
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2729574
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
184799
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
120408
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
547616
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
188202
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
184181
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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667551
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CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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ivp Business Acquisition Pro Forma Amortization Expense For The Acquired Intangible Assets
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CY2022Q3 ivp Business Acquisition Pro Forma Amortization Expense For The Acquired Intangible Assets
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ivp Business Acquisitions Proforma Costs And Expenses
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CY2022Q3 ivp Business Acquisitions Proforma Costs And Expenses
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ivp Business Acquisitions Proforma Loss From Operations
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CY2022Q3 ivp Business Acquisitions Proforma Other Income Expense
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ivp Business Acquisitions Proforma Loss Before Income Taxes
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CY2022Q3 ivp Business Acquisitions Proforma Loss Before Income Taxes
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ivp Business Acquisitions Proforma Provision Of Income Taxes
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us-gaap Business Acquisitions Pro Forma Net Income Loss
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CY2023Q3 us-gaap Mediumterm Notes Current
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CY2023Q3 ivp Notes Payable Remainder Of Fiscal Year
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CY2023Q3 ivp Notes Payable Due Next Twelve Months
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CY2023Q3 ivp Notes Payable Due Next Two Years
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CY2023Q3 ivp Notes Payable Due Next Three Years
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CY2023Q3 ivp Notes Payable Due Five Years And Thereafter
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CY2023Q3 ivp Factor To Be Considered For Calculating The Redemption Price Of Warrants At The Option Of The Company
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2
CY2022Q4 ivp Multiplier To Conversion Price
MultiplierToConversionPrice
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CY2022Q4 ivp Multiplier To Conversion Price On Automatic Exension
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CY2023Q3 ivp Shares Authorized
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CY2023Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2022Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2022 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2023Q3 ivp Amortization Of Rou Asset
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CY2022Q3 ivp Amortization Of Rou Asset
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17985
ivp Amortization Of Rou Asset
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86625
ivp Amortization Of Rou Asset
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CY2023Q3 ivp Accretion Of Operating Lease Liability
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6312
CY2022Q3 ivp Accretion Of Operating Lease Liability
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ivp Accretion Of Operating Lease Liability
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ivp Accretion Of Operating Lease Liability
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CY2023Q3 us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
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us-gaap Operating Lease Cost
OperatingLeaseCost
106766
us-gaap Operating Lease Cost
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CY2022Q3 us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Lease Cost
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CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q3 us-gaap Operating Lease Right Of Use Asset
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CY2023Q3 us-gaap Operating Lease Liability Current
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q3 us-gaap Operating Lease Liability Noncurrent
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569262
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q3 us-gaap Operating Lease Liability
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658841
CY2022Q4 us-gaap Operating Lease Liability
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
31337
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
103168
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
83558
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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385086
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
775447
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
116606
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
658841
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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