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La Rosa Holdings Corp. and Subsidiaries

Condensed Consolidated Balance Sheets

 

   September 30,
2025		 
   (unaudited) 
Assets    
Current assets:    
Cash  $3,406,354 
Restricted cash   2,396,268 
Accounts receivable, net of allowance for credit losses of $150,336 and $166,504, respectively   738,128 
Other current assets   34,669 
Total current assets   6,575,419 
      
Noncurrent assets:     
Restricted cash, net of current   46,199 
Property and equipment, net   4,557 
Right-of-use asset, net   1,099,034 
Intangible assets, net   3,982,239 
Goodwill   5,795,161 
Other long-term assets   40,250 
Total noncurrent assets   10,967,440 
Total assets  $17,542,859 
Liabilities and Stockholders’ Equity     
Current liabilities:     
Accounts payable  $1,610,011 
Accrued expenses   779,507 
Contract liabilities   52,273 
Security deposits and escrow payable   2,396,268 
Line of credit   — 
Derivative liability   — 
Advances on future receipts   — 
Accrued acquisition cash consideration   60,000 
Notes payable, current   148,757 
Lease liability, current   510,809 
Total current liabilities   5,557,625 
      
Noncurrent liabilities:     
Note payable, net of current   9,171,562 
Security deposits and escrow payable, net of current   46,199 
Lease liability, noncurrent   617,997 
Other liabilities   2,950 
Total non-current liabilities   9,838,708 
Total liabilities   15,396,333 
      
Commitments and contingencies (Note 6)     
      
Stockholders’ equity:     
Preferred stock - $0.0001 par value; 50,000,000 shares authorized; 2,000 Series X shares issued and outstanding at September 30, 2025 and December 31, 2025, respectively   — 
Preferred stock - $0.0001 par value; 6,000 shares authorized; 6,000 and 0 Series B shares issued and outstanding at September 30, 2025 and December 31, 2024   1 
Common stock - $0.0001 par value; 2,050,000,000 shares authorized; 1,224,683 and 273,122 issued and outstanding at June 30, 2025 and December 31, 2025, respectively   122 
      
Additional paid-in capital   47,025,453 
Accumulated deficit   (47,110,225)
Total stockholders’ equity – La Rosa Holdings Corp. shareholders   (84,649)
Noncontrolling interest in subsidiaries   2,231,175 
Total stockholders’ equity   2,146,526 
Total liabilities and stockholders’ equity  $17,542,859 

 

See notes to the consolidated financial statements.

 

 

La Rosa Holdings Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(unaudited)

 

   Nine Months Ended
September 30,		 
   2025 
Revenue  $42,870,641 
      
Cost of revenue   38,604,499 
      
Gross profit   4,266,142 
      
Operating expenses:     
Sales and marketing   1,281,799 
General and administrative   10,372,779 
Stock-based compensation — general and administrative   4,744,015 
Total operating expenses   16,398,593 
Loss from operations   (12,132,451)
Other income (expense):     
Interest expense, net   (356,634)
Gain (loss) on extinguishment of debt   3,961,075 
Amortization of debt discount   (63,160)
Change in fair value of derivative liability   899,874 
(Loss) gain on issuance of senior secured convertible note and warrants   (128,836,250)
Change on fair value of convertible note and warrants   31,168,496 
Gain on settlement of incremental warrants   82,299,000 
Other income, net   271,281 
Loss before provision for income taxes   (22,788,769)
Benefit from income taxes   — 
Net loss   (22,788,769)
Less: Net income (loss) attributable to noncontrolling interests in subsidiaries   (13,643)
Net loss after noncontrolling interest in subsidiaries   (22,775,126)
Less: Deemed dividend   275,264 
Net loss attributable to common stockholders  $(23,050,390)
      
Loss per share of common stock attributable to common stockholders     
Basic and diluted  $(3,256.35)
      
Weighted average shares used in computing net loss per share of common stock attributable to common stockholders     
Basic and diluted   7,079 

 

See notes to the consolidated financial statements.

 

 

La Rosa Holdings Corp. and Subsidiaries

Condensed Consolidated Balance Sheets

 

   December 31,
2024		 
   (audited) 
Assets    
Current assets:    
Cash  $1,279,845 
Restricted cash   2,137,707 
Accounts receivable, net of allowance for credit losses of $166,504 and $83,456, respectively   874,083 
Other current assets   1,788 
Total current assets   4,293,423 
      
Noncurrent assets:     
Property and equipment, net   5,839 
Right-of-use asset, net   990,926 
Intangible assets, net   4,444,518 
Goodwill   5,795,161 
Other long-term assets   33,832 
Total noncurrent assets   11,270,276 
Total assets  $15,563,699 
Liabilities and Stockholders’ Equity     
Current liabilities:     
Accounts payable  $2,287,977 
Accrued expenses   709,687 
Contract liabilities   4,781 
Line of credit   148,976 
Derivative liability   1,607,544 
Advances on future receipts   618,681 
Accrued acquisition cash consideration   381,404 
Notes payable, current   2,187,673 
Lease liability, current   469,934 
Total current liabilities   8,416,657 
      
Noncurrent liabilities:     
Note payable, net of current   1,325,064 
Security deposits and escrow payable   2,137,707 
Lease liability, noncurrent   535,161 
Other liabilities   32,950 
Total non-current liabilities   4,030,882 
Total liabilities   12,447,539 
      
Commitments and contingencies (Note 13)     
      
Stockholders’ equity:     
Preferred stock - $0.0001 par value; 50,000,000 shares authorized; 2,000 Series X shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively   — 
Common stock - $0.0001 par value; 250,000,000 shares authorized; 21,847,514 and 13,406,480 issued and outstanding at December 31, 2024 and December 31, 2023, respectively   2,185 
Additional paid-in capital   25,204,258 
Accumulated deficit   (24,291,565)
Total stockholders’ equity – La Rosa Holdings Corp. shareholders   914,878 
Noncontrolling interest in subsidiaries   2,201,282 
Total stockholders’ equity   3,116,160 
Total liabilities and stockholders’ equity  $15,563,699 

 

See notes to the consolidated financial statements.

 

 

La Rosa Holdings Corp. and Subsidiaries

Condensed Consolidated Statements of Operations

(audited)

 

   For the Years
Ended
December 31,		 
   2024 
Revenue  $47,150,031 
      
Cost of revenue   42,002,577 
      
Gross profit   5,147,454 
      
Operating expenses:     
Sales and marketing   942,564 
General and administrative   9,717,321 
Stock-based compensation — general and administrative   4,730,355 
Impairment of goodwill   787,438 
Total operating expenses   16,177,678 
      
Loss from operations   (11,030,224)
Other income (expense)     
Interest expense, net   (398,077)
Loss on extinguishment of debt   (777,558)
Amortization of debt discount   (649,138)
Change in fair value of derivative liability   (1,338,506)
Other income, net   15,745 
Loss before provision for income taxes   (14,177,758)
Benefit from income taxes   — 
Net loss   (14,177,758)
Less: Net income (loss) attributable to noncontrolling interests in subsidiaries   54,032 
Net loss after noncontrolling interest in subsidiaries   (14,231,790)
Less: Deemed dividend   1,476,044 
Net loss attributable to common stockholders  $(15,707,834)
      
Loss per share of common stock attributable to common stockholders     
Basic and diluted  $(6,214.05)
      
Weighted average shares used  in computing net loss per share of common stock attributable to common stockholders     
Basic and diluted   2,528 

 

See notes to the consolidated financial statements.