Cardio Diagnostics Holdings, Inc. (Cardio), a company focused on developing AI-driven genetic-epigenetic testing technology for cardiovascular diseases, reported a net loss of $8.4 million for the fiscal year ended December 31, 2023, compared to a net loss of $4.7 million in the previous year. The increased loss was primarily due to higher general and administrative expenses. Revenue for the year was $17,065, a slight increase from $950 in 2022. The company's financial statements have been prepared on a going concern basis, despite substantial doubt raised due to accumulated deficits and nominal revenue generation. Cardio's continuation relies on obtaining equity financing and generating revenue. The company's stock and warrants are listed on the Nasdaq Capital Market under the symbols 'CDIO' and 'CDIOW' respectively...Show More

Cardio Diagnostics Holdings, Inc. (Cardio), a company focused on developing AI-driven genetic-epigenetic testing technology for cardiovascular diseases, reported a net loss of $8.4 million for the fiscal year ended December 31, 2023, compared to a net loss of $4.7 million in the previous year. The increased loss was primarily due to higher general and administrative expenses. Revenue for the year was $17,065, a slight increase from $950 in 2022. The company's financial statements have been prepared on a going concern basis, despite substantial doubt raised due to accumulated deficits and nominal revenue generation. Cardio's continuation relies on obtaining equity financing and generating revenue. The company's stock and warrants are listed on the Nasdaq Capital Market under the symbols 'CDIO' and 'CDIOW' respectively. Cardio's board consists of seven directors, with a majority being independent. The company has adopted corporate governance practices, including independent board committees. Executive officers' compensation includes base salary, potential bonuses, and equity incentives. Cardio has entered into employment agreements with its executive officers, providing for severance benefits under certain conditions. The company's financial year 2023 saw several key developments, including the launch of a new lab and fulfillment center, strategic partnerships, and the introduction of new products. Cardio's management team and board of directors have not reported any material changes in internal control over financial reporting during the year.