Please MD (NAKA) announced to the SEC that it will be late filing its quarterly earnings report as it works through the detailed accounting related to the August merger with Nakamoto Holdings.
The company, the 19th largest bitcoin tax firm, said it will not meet the deadline for its Form 10-Q for the period ended Sept. 30, but expects to file the report within the five-day extension allowed under SEC rules.
Please MD, originally an integrated healthcare provider, merged with David Bailey’s bitcoin focused Nakamoto Holdings to create a publicly traded bitcoin treasury. It now owns 5,765 BTC.
“The complexity of the accounting related to the Merger, including the application of relevant accounting standards under US GAAP and audit procedures in accordance with PCAOB requirements, has necessitated additional time to ensure the accuracy and completeness of the information to be included in the Form 10 Q,” Kindly MD said in the filing.
Preliminary numbers point to significant post-merger losses, including a realized loss on digital assets of about $1.41 million, an unrealized loss of about $22.07 million, a $14.45 million loss on debt settlement, and a $59.75 million loss on the Nakamoto acquisition, partially offset by a positive change of $85 million. obligations, the filing shows.
NAKA, trading at $0.57, down 7% on the day.
