Trustfeed Corp. (formerly Healthmed Services Ltd) reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024. The company experienced a notable decline in revenue, generating $9.8 million for the three months ended September 30, 2024, compared to $21.5 million in the same period of 2023. For the nine-month period, revenue increased to $38.0 million from $24.6 million year-over-year. Despite this increase in nine-month revenue, gross profit for the three months ended September 30, 2024, fell to $8.9 million from $19.9 million in 2023, while gross profit for the nine months decreased slightly to $21.8 million from $22.5 million.

The company's operating expenses surged, with general and administrative expenses for the three months ending September 30, 2024, rising to $256.3 million from $147.3 million in the prior year. Total operating expenses for the same period increased to $268.0 million from $154.6 million, contributing to a net loss of $271.3 million for the three months, compared to a loss of $172.2 million in 2023. For the nine-month period, the net loss widened to $622.5 million from $383.8 million in the previous year.

Trustfeed's balance sheet reflects substantial growth in total assets, which rose to $19.3 million as of September 30, 2024, from $107.1 million at the end of 2023. This increase was primarily driven by a significant rise in total other assets, which reached $19.0 million, compared to $94.8 million previously. Current assets also saw a notable increase to $156.1 million from $12.3 million. However, total liabilities also increased significantly to $977.4 million from $151.6 million, leading to a total stockholders’ deficit of $18.3 million, compared to a deficit of $44.5 million at the end of 2023.

Strategically, Trustfeed underwent a change in control following the sale of a majority of its common stock to CWR 1, LLC in December 2023. The company has since shifted its focus towards acquisitions, including a merger with Polomar Acquisition, L.L.C., effective September 30, 2024. This merger resulted in former Polomar members owning 75% of Trustfeed, with plans to operate Polomar Specialty Pharmacy, a licensed retail compounding pharmacy. Additionally, Trustfeed acquired SlimRx, an online platform for weight loss medications, and plans to launch PoloMeds for diabetes and other medications in Q4 2024.

The company also entered into a licensing agreement with Pinata Holdings, Inc. for certain intellectual property rights, although it has not yet utilized these rights. Corporate actions approved in July 2024 included a name change to "Polomar Health Services, Inc." and an increase in authorized shares of preferred stock.