Polomar Health Services, Inc. reported a revenue increase to $58,824 for the fiscal year ending December 31, 2024, compared to $41,844 in the previous year. Despite this growth, the company continues to face significant financial challenges, posting a net loss of $1,341,333 for 2024, up from a loss of $587,997 in 2023. The increase in operating expenses, which rose to $1,330,399 from $478,382, was primarily driven by payroll, legal and accounting fees related to a recent merger, and consulting costs. The company’s total current liabilities reached $1,337,778, resulting in a working capital deficit of $1,260,965, highlighting ongoing liquidity concerns.
The company underwent a significant transformation in 2024, including a merger with Polomar Specialty Pharmacy, LLC, which was completed on September 30, 2024. This merger is considered a recapitalization, with Polomar's financial statements replacing those of Trustfeed Corp., the company's previous name. Following the merger, Polomar Health Services plans to expand its operations, including the launch of new products such as PoloMedsTM, aimed at fulfilling prescriptions for diabetes medications and other health-related products. The company is also actively seeking to expand its licensing and operational capabilities across more U.S. states.
Operationally, Polomar Health Services is positioned to fulfill compounded prescriptions in 28 states and aims to increase this number significantly by the end of 2025. The company is also developing an online platform, SlimRxTM, to connect patients with licensed physicians for weight loss medications. As of May 16, 2025, the company employed five individuals, indicating a lean operational structure as it navigates its growth phase. The company anticipates that its wholesale prescription fulfillment services for telehealth platforms will experience steady growth over the next 12 to 18 months.
Despite these developments, the company faces substantial risks, including a history of net losses, reliance on related party financing, and the need for additional capital to sustain operations. The management has expressed concerns about the company's ability to continue as a going concern, given its accumulated deficit of $2,911,163 and limited cash reserves. The company is actively seeking to raise capital to support its operations and marketing efforts, but there is no assurance that it will be successful in generating sufficient revenue or securing necessary funding.
Looking ahead, Polomar Health Services aims to enhance its operational capabilities and expand its market presence. However, the company acknowledges the challenges posed by competition, regulatory requirements, and the need for effective management of its growth. The management's focus will be on improving internal controls and financial reporting processes to build investor confidence and ensure compliance with public company regulations.
About Polomar Health Services, Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.