REMSleep Holdings Inc. reported a significant decline in financial performance for the fiscal year ending December 31, 2024, compared to the previous year. The company generated revenues of $117,185, a decrease of approximately 42.5% from $203,718 in 2023. The cost of goods sold also saw a dramatic drop, from $960,457 in 2023 to $99,147 in 2024, primarily due to an impairment expense of $738,113 recognized in the prior year. Consequently, the company reported a net loss of $1,077,997 for 2024, an improvement from the net loss of $1,777,838 in 2023.
Operationally, REMSleep Holdings has made strides in product development, particularly with its DeltaWave CPAP interface, which received FDA 510(k) approval on July 2, 2024. The company plans to have product inventory ready for market by the second quarter of 2025. The DeltaWave product aims to enhance patient comfort and compliance with CPAP therapy, addressing common issues associated with traditional devices. The company’s strategic focus remains on capturing 10% of the sleep apnea market within the next year.
In terms of financial management, REMSleep Holdings has been actively seeking capital to support its operations. During 2024, the company raised $420,000 through the sale of common stock and received $225,000 from convertible notes payable. However, the company continues to face liquidity challenges, with an accumulated deficit of $15,270,756 as of December 31, 2024. Cash used in operating activities decreased to $683,057 from $791,329 in the previous year, indicating a slight improvement in cash flow management.
The company’s workforce remains limited, with only two employees, including CEO Thomas J. Wood and CTO Jonathan Lane, while relying on independent contractors for additional services. The total employee headcount has not changed significantly, reflecting the company's cautious approach to scaling operations amid ongoing financial uncertainties. The company has also indicated that its future operations are contingent upon securing adequate financing, which is critical for continuing product development and marketing efforts.
Looking ahead, REMSleep Holdings acknowledges the challenges it faces in a competitive market dominated by larger players such as ResMed and Philips. The company aims to enhance its market position through innovative product offerings and strategic partnerships. However, the ability to achieve these goals will depend heavily on securing additional funding and successfully launching its DeltaWave product in the coming year.
About RemSleep Holdings Inc.
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