KORU Medical Systems Inc 2025年季度报告

[_]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number:0-12305 KORU MEDICAL SYSTEMS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (845)469-2042 (Registrant’s telephone number, including area code) Emerging growth company[_]If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).[_] Yes[X]No Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024 Management’s Discussion and Analysis of Financial Condition and Results of Operations - 2 - STOCKHOLDERS’ EQUITY it is probable the growth target will be achieved.We recognize NRE revenue under an input method, which recognizes revenue on the basis of our efforts or inputs (for example, resources consumed, labor hours expended, costs incurred, or time elapsed) to the satisfaction of a performance obligation relative tothe total expected inputs to the satisfaction of that performance obligation (i.e. completion milestone). The input method that we use is based on costs incurred. Contracts are often modified to account for changes in contract specifications and requirements. Contract modifications exist when themodification either creates new, or changes existing, enforceable rights and obligations. Generally, when contract modifications createnew performance obligations, the modification is considered to be a separate contract and revenue is recognized prospectively. When 20252024Domestic$7,205,633$6,384,083 - 8 -Table of ContentsACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED IMPAIRMENT OF LONG-LIVED ASSETS The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carryingamount of the assets may not be fully recoverable.An impairment loss would be recognized when estimated undiscounted future cashflows expected to result from the use of the asset and its eventual disposition are less than the carrying amount.The impairment loss, did not record any impairment losses for the quarter ended March 31, 2025 nor March 31, 2024. NOTE 2 —PROPERTY AND EQUIPMENT Property and equipment consists of the following at: March 31, 2025December 31, 2024Furniture and office equipment$1,443,144$1,433,622 Manufacturing equipment and tooling4,806,537Total property and equipment8,203,334Less: accumulated depreciation and amortization(3,669,385)(3,472,907) NOTE 3 —STOCK-BASED COMPENSATION The Company maintains three equity incentive plans: the 2015 Stock Option Plan, as amended (the “2015 Plan”), the 2021 OmnibusEquity Incentive Plan (the “2021 Plan”), and the 2024 Omnibus Equity Incentive Plan (the “2024 Plan”). All equity awards issued toemployees, consultants, and non-employee directors on or after May 9, 2024 are issued from the 2024 Plan. The Company has alsoissued restricted stock and stock options as employment inducement awards outside of these plans to its Chief Executive Officer and were2,035,000shares reserved for outstanding awards under the 2015 Plan. restricted stock units, performance share units, stock appreciation rights, and/or other equity-based awards to employees, consultantsand directors. As of March 31, 2025, there were100,000shares reserved for outstanding awards under the 2021 Plan. The 2024 Plan provides for the grant of incentive stock options, nonqualified stock options, stock awards, restricted stock awards,restricted stock units, performance share units, stock appreciation rights and/or other equity-based awards to employees, consultantsand directors. Awards previously made under the 2015 Plan and the 2021 Plan that are forfeited or cancelled after May 9, 2024 will be Table of Contents Time-Vesting Stock Options The following table summarizes the status of the time-based stock options outstanding at March 31, 2025:WeightedAverage Outstanding at January 1 ——Outstanding at March 312,687,024$Options exercisable at March 311,719,254$Total stock-based compensation expense for time-vested stock options, included in operating expense in the accompanying statementof operations, was $359,197for the three months ended March 31, 2025.Nocash was received from option exercises for the three months ended March 31, 2025. As of March 31, 2025, the intrinsic value of all time-based stock options was $276,785. WeightedAverageRemainingWeightedAverageWeightedAverage Range of Exercise PriceOutstandingLifePriceExercisablePrice$2.08-$3.982,687,0247.2years$3.071,719,254$ compensation awards granted under the Plans.That cost is expected to be recognized over a weighted-average period of 25 months.Performance-Vesting Stock Options WeightedAverage Unvested at January 1133,334$——Forfeited/canceled— WeightedAverageGrant-Date On March 8, 2024, the