NAKAHIGH SIGNALRISK10-K

NAKA has fundamentally pivoted from healthcare operations to a Bitcoin treasury strategy, representing a complete business model transformation with dramatically different risk characteristics.

This represents one of the most significant corporate strategy shifts possible - abandoning an established healthcare business model to become a Bitcoin-focused company. The massive increase in outstanding shares from 6 million to 690 million suggests substantial dilution or restructuring activity. Investors now face cryptocurrency volatility and regulatory risks rather than traditional healthcare sector risks.

Comparing 2026-03-30 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

The financial statements reflect the business transition with revenue declining meaningfully from $2.7M to $1.8M and inventory nearly eliminated (dropping 93% from $63K to $4K). Accounts receivable increased modestly from $28K to $37K. The overall financial picture suggests a company winding down traditional operations while pivoting to an asset-heavy Bitcoin strategy rather than revenue-generating healthcare services.

FINANCIAL STATEMENT CHANGES
Inventory
Balance Sheet
-93.2%
$63K$4K

Inventory drawn down 93.2% — strong sell-through or deliberate destocking; watch for supply constraints.

Revenue
P&L
-33%
$2.7M$1.8M

Revenue declined 33% — significant demand weakness or market share loss warrants investigation.

Accounts Receivable
Balance Sheet
+31.6%
$28K$37K

Receivables surged 31.6% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-28
ADDED
Employer Identification No.) 300 10 th Ave South , Nashville , TN 37203 (Address of Principal Executive Offices) (615) 676-8668 (Registrant s telephone number, including area code) Kindly MD, Inc.
On March 23, 2026, a total of 690,018,254 shares of our common stock were outstanding.
Exhibits 93 Signatures 96 2 RISK FACTORS SUMMARY Our business is subject to a number of risks of which you should be aware before making a decision to invest in our common stock.
These risks are more fully described in the Risk Factors section in Part I, Item 1A of this Annual Report on Form 10-K.
These risks include, among others, the following: Risks Related to Our Bitcoin Strategy and Holdings We are shifting our business strategy from healthcare operations to a Bitcoin company with a Bitcoin treasury, which represents a fundamental change in our risk profile and may not be successful.
Our Bitcoin strategy exposes us to various risks, including risks associated with Bitcoin.
We face significant competition from companies with Bitcoin strategies and from spot Bitcoin exchange traded products ( ETPs ).
Bitcoin and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.
Risks Related to Our Financial Condition, Indebtedness, and Capital Requirements We have identified a material weakness in our internal control over financial reporting and may identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, which may result in material misstatements of our consolidated financial statements or cause us to fail to meet our periodic reporting obligations.
If we fail to maintain an effective system of internal controls, we may not be able to accurately determine our financial results or prevent fraud.
REMOVED
On March 27, 2025, a total of 6,029,648 shares of our common stock were outstanding.
WHEN USED IN THIS DOCUMENT, THE WORDS ANTICIPATE, BELIEVE, ESTIMATE, SHOULD, PLAN, AND EXPECT AND SIMILAR EXPRESSIONS, AS THEY RELATE TO US, ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS.
SUCH STATEMENTS REFLECT OUR CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO CERTAIN RISKS, UNCERTAINTIES AND ASSUMPTIONS, INCLUDING THOSE DESCRIBED IN THIS ANNUAL REPORT ON FORM 10-K.
SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALIZE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED HEREIN AS ANTICIPATED, BELIEVED, ESTIMATED, PLANNED OR EXPECTED.
BUS INESS Overview KindlyMD is a patient-first healthcare and healthcare data company redefining value-based care and patient-centered medical services.
Formed in 2019, KindlyMD leverages data analysis to deliver evidence-based, personalized solutions in order to reduce opioid use, improve health outcomes faster, and provide value-based, algorithmic guidance on the use of alternative medicine in healthcare.
We aspire to collect and analyze valuable data on alternative treatments as well as biopsychosocial factors to provide better health outcomes.
This results in valuable data for patients, the Company, and the Company s investors.
KindlyMD aims to become a leading source of evidence-based assessment and treatment data in the fight against the opioid epidemic and a leader in redefined value-based care.
KindlyMD s unique value proposition is to provide for a patient-focused healthcare experience that integrates traditional medical evaluation and management with mental health integration along with compliant alternative medicine education and inclusion.
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