CareView Communications Inc
For the period ended Dec 31, 2025. Filed Mar 30, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 30, 2026
CRVWStored price and day change unavailable
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-04-01.
0001437749-25-010329
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-K
Period ended 2025-12-31; filed 2026-03-30.
0001437749-26-010356
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 39 previous paragraphs and 43 current paragraphs.
25 unchanged; 11 reworded; 7 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Results of Operations
Current report
In December 2023, the FASB issued ASU No. 2023-08, “Accounting for and Disclosure of Crypto Assets,” which updates and expands disclosure requirements related to crypto assets. The guidance is effective for public business entities for fiscal years beginning after December 15, 2024, including interim periods within those years. Adoption of this standard as of January 1, 2025, had no impact on the Company’s Consolidated Financial Statements, as the Company does not hold any crypto assets.
Current report
There was no impact on our Consolidated Financial Statements from recently adopted accounting standards.
Current report
In October 2023, the FASB issued ASU No. 2023-06, which incorporates 14 of the 27 SEC disclosures identified in SEC Release No. 33-10532 (issued August 17, 2018). This ASU updates disclosure and presentation requirements across various Codification Topics and applies to all entities within the scope of those Topics, unless specified otherwise. The amendments are to be applied prospectively. For public business entities, each amendment becomes effective when the related SEC disclosure is removed from Regulation S-X or S-K; early adoption is not permitted. The Company has evaluated ASU No. 2023-06 and does not expect it to impact its Consolidated Financial Statements.
Current report
In November 2024, the FASB issued ASU No. 2024-04, “Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments,” which clarifies the criteria for determining when a settlement of convertible debt should be accounted for as an induced conversion. The guidance applies only to conversions involving the full issuance of equity securities as originally specified in the debt terms and includes additional clarifications to aid in application. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company does not expect any impact on the Consolidated Financial Statements upon adoption, considering its current debt instruments.
Current report
In July 2025, the FASB issued ASU 2025-05, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets," which amends how entities estimate expected credit losses for current accounts receivable and current contract assets arising from revenue contracts under ASC 606. A reduction in the need for extensive forecasting has been established and allows all entities to assume that conditions will persist at balance sheet date for the remaining life of those current assets. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2025. The Company is currently evaluating the impact of this guidance on its financial statements and related disclosures and does not expect the adoption to have a material impact.
Current report
In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." The update eliminates all references to "development stages", so entities are no longer required to wait for a specific application development stage before capitalizing costs. The two key criteria for when capitalization of internal-use software costs may begin are when Management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the intended function. The amendments are effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. Management is currently assessing the potential effects on our financial statements and considering the possibility of early adoption.
Removed paragraphs (3)
Previous report
In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments and since issued ASU 2019-10 in November 2019 deferring the effective date until fiscal years beginning after December 15, 2022. Also in March 2022, FASB issued and updated, ASU 2022-02, to become effective in upon adoption of ASU 2016-13. The Company has successfully implemented Accounting Standard 2016-13, Topic 326, and after careful consideration, management has concluded that the adoption did not result in a material impact on the financial position, results of operations, or cash flows of the Company. The Company will continue to monitor and assess the impact of this standard in subsequent reporting periods and provide any necessary updates as required by accounting regulations.
Previous report
In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The Company does not expect this to have a significant impact on its consolidated financial statements and related disclosures at this time. The Company will adopt this guidance on its effective date for smaller reporting companies, January 1, 2024.
Previous report
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) : Improvements to Reportable Segment Disclosures. The updated guidance reflects a more detailed approach to reporting financial information by operating segment, based on the internal management structure and the way resources are allocated within the Company. The adoption of this pronouncement did not have a material impact on the Company’s financial position or results of operations but has enhanced the transparency of segment performance. The Company has now presented its operating segment in accordance with the new standard within our Note 15 for the year ended December 31, 2024.
Reworded paragraphs (11)
Previous wording
The Company has experienced net losses and significant cash outflows from cash used in operating activities over the past years. As of and for the year ended December 31, 2024, the Company had an accumulated deficit of approximately $212,586,000, a loss from operations of approximately $1,577,000, net cash used in operating activities of $(238,652) and an ending cash balance of $759,266.
Current wording
The Company has experienced net losses and significant cash outflows from cash used in operating activities over the past years. As of and for the year ended December 31, 2025, the Company had an accumulated deficit of approximately $215,786,000, a loss from operations of approximately $3,194,000, net cash provided by operating activities of $805,184 and an ending cash balance of $1,546,883.
Previous wording
As of December 31, 2024, the Company had a working capital deficit of $41,138,868. Management has evaluated the significance of the conditions described above in relation to the Company’s ability to meet its obligations and concluded that, without additional funding, the Company will not have sufficient funds to meet its obligations within one year from the date the consolidated financial statements were issued. While management will look to continue funding operations by increased sales volumes and raising additional capital from sources such as sales of its debt or equity securities or loans to meet operating cash requirements, there is no assurance that management’s plans will be successful. The Company’s net losses, cash outflows, and working capital deficit raise substantial doubt about the Company’s ability to continue as a going concern.
Current wording
As of December 31, 2025, the Company had a working capital deficit of $43,481,413. Management has evaluated the significance of the conditions described above in relation to the Company’s ability to meet its obligations and concluded that, without additional funding, the Company will not have sufficient funds to meet its obligations within one year from the date the consolidated financial statements were issued. While management will look to continue funding operations by increased sales volumes and raising additional capital from sources such as sales of its debt or equity securities or loans to meet operating cash requirements, there is no assurance that management’s plans will be successful.
Previous wording
The Company’s net losses, cash outflows, and working capital deficit raise substantial doubt about the Company’s ability to continue as a going concern 12 months from the date the financial statement was issued. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. A successful transition to attaining profitable operations is dependent upon achieving a level of positive cash flows adequate to support the Company’s cost structure.
Current wording
The Company’s net losses and working capital deficit raise substantial doubt about the Company’s ability to continue as a going concern 12 months from the date the financial statement was issued. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company’s assets and the satisfaction of liabilities in the normal course of business. A successful transition to attaining profitable operations is dependent upon achieving a level of positive cash flows adequate to support the Company’s cost structure.
Previous wording
Operating loss was approximately $1,705,000 and $688,000 for the years ended December 31, 2024, and 2023, respectively. Our net loss was approximately $4,755,000 and $3,952,000 for the years ended December 31, 2024, and 2023, respectively.
Current wording
Operating loss was approximately $55,000 and $1,577,000 for the years ended December 31, 2025, and 2024, respectively. Our net loss was approximately $3,200,000 and $4,701,000 for the years ended December 31, 2025, and 2024, respectively.
Previous wording
Net decrease in cash during the year ended December 31, 2024 was approximately $387,000. The principal cash provided by operating activities for the year ended December 31, 2024 was primarily related to significantly lower net loss due to sales. The change in cash flows provided by operating activities between 2024 and 2023 of approximately $942,000 is primarily a result of $627,903 increase in net loss. The change in cash flows used in investing activities between 2024 and 2023 of approximately $77,000 is primarily a result of the increase in Patents and Trademarks. The change in cash flows used in financing activities between 2024 and 2023 of approximately $7,000 is primarily due to paying down notes payable of an installation truck.
Current wording
Net increase in cash during the year ended December 31, 2025 was approximately $788,000. The increase in cash for the year ended December 31, 2025, was primarily driven by an approximately $1,110,000 improvement in operating cash flows from 2024 to 2025, resulting from increased sales and reduced expenses. The change in cash flows used in investing activities between 2025 and 2024 of approximately $57,000 is primarily a result of the decrease in purchases of equipment. The change in cash flows used in financing activities between 2025 and 2024 of approximately $8,000 is the result of not having a vehicle loan.
Previous wording
Revenue decreased approximately $1,433,000 for the year ended December 31, 2024 as compared to the same period in 2023. The decrease in revenue results from the decrease in our sales-based contracts of equipment of $2,480,022 and subscriptions of $265,091, while software bundle increased $1,311,710.
Current wording
Revenue increased approximately $765,000 for the year ended December 31, 2025 as compared to the same period in 2024. The increase in revenue results from the increase in our recurring software revenue.
Previous wording
Operating expenses decreased by approximately $544,000 (or 5%) as a result of the following items:
Current wording
Operating expenses decreased by approximately $757,000 (or 8%) as a result of the following items:
Previous wording
Human resource related costs (including salaries and benefits and non-cash compensation) increased approximately $961,000 primarily because of stock option grants and higher employee payroll during the twelve months ended December 31, 2024 as compared to the twelve months ended December 31, 2023. Professional and consulting fees decreased approximately $288,000, primarily because of lower legal costs and less contractors. Depreciation and amortization expense decreased by approximately $202,000 due to fully depreciated and amortized assets. Other product development costs increased approximately $170,000 primarily because of increases in cost of sales (installation, training and service as well as freight) of Go Lives. Travel and entertainment expense decreased approximately $139,000 with less corporate travel and instead cost of sales during the twelve months ended December 31, 2024 as compared to the same period in 2023. Equipment cost decreased by approximately $299,000 due to lack of sales. The decrease of approximately $747,000 in other expense is due to no more abandonment of assets, negotiating lower business insurance costs, less advertising and marketing expenses, lower R&D expenses and less office expenses.
Current wording
Human resource related costs (including salaries and benefits and non-cash compensation) decreased approximately $437,000 primarily because of termination of employees along with replacements with lower salary during the twelve months ended December 31, 2025 as compared to the twelve months ended December 31, 2024. Professional and consulting fees increased approximately $12,000, primarily because of HITRUST regulatory compliance. Depreciation and amortization expense decreased by approximately $108,000 due to fully depreciated and amortized assets. Other product development costs decreased approximately $198,000 primarily because of decreases in commissions and cost of sales (installation, training and service as well as freight) of Go Lives. Travel and entertainment expense increased approximately $1,000 with higher corporate air fares during the twelve months ended December 31, 2025 as compared to the same period in 2024. Equipment cost increased by approximately $51,000 due to more sales of portable and mobile equipment. The decrease of approximately $78,000 in other expense is due less advertising and marketing expenses, reconciling property taxes, management of patent maintenance expenses and negotiating lower business insurance costs.
Previous wording
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update will improve the transparency and usefulness of income tax disclosures. Investors, lenders, and creditors have indicated that current disclosures do not provide enough detailed information to assess how a company's operations, tax risks, and planning affect its tax rate and future cash flows. The Company will adopt this guidance on its effective date for public business entities, beginning after December 15, 2024.
Current wording
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update will improve the transparency and usefulness of income tax disclosures. Investors, lenders, and creditors have indicated that current disclosures do not provide enough detailed information to assess how a company's operations, tax risks, and planning affect its tax rate and future cash flows. The requirements take effect for public business entities for fiscal years beginning after December 15, 2024. The Company adopted this standard in its 2025 annual period on a prospective basis. The adoption enhances the Company’s income tax disclosures by increasing detail and transparency, but does not affect the Company’s financial position, results of operations, or cash flows.
Previous wording
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This update will enhance disclosures about public business entity’s expenses, responding to investor requests for more detailed information on components such as inventory purchases, employee compensation, depreciation, amortization, and depletion within commonly presented expense captions (e.g., cost of sales, SG&A, and R&D). These amendments are expected to provide investors with a clearer understanding of an entity’s expenses, helping them assess performance, forecast future expenses, and evaluate cash flow prospects. The Company will adopt this guidance on its effective date for annual reporting periods beginning after December 15, 2026.
Current wording
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This update will enhance disclosures about public business entity’s expenses, responding to investor requests for more detailed information on components such as inventory purchases, employee compensation, depreciation, amortization, and depletion within commonly presented expense captions (e.g., cost of sales, SG&A, and R&D). These amendments are expected to provide investors with a clearer understanding of an entity’s expenses, helping them assess performance, forecast future expenses, and evaluate cash flow prospects. The effective date for these amendments, as clarified by ASU 2025-01, are for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The standard can be applied either prospectively or retrospectively. We are currently assessing adoption timing and the effect that the updated standard will have on our financial statement disclosures.
Previous wording
On March 21, 2025 (the “Effective Date”), CareView Communications, Inc., the Borrower, PDL BioPharma, Inc.("PDL"), the Lender, Steven G. Johnson, President and Chief Executive Officer of the Company, and Dr. James R. Higgins, a director of the Company, entered into a Tenth Amendment to Credit Agreement (the “Tenth Credit Agreement Amendment”), pursuant to which the parties agreed to amend the Credit Agreement to (i) provide that the Maturity Date shall be extended to June 30, 2025.
Current wording
On March 30, 2026 (the “Effective Date”), CareView Communications, Inc., the Borrower, PDL BioPharma, Inc.("PDL"), the Lender, Steven G. Johnson, President and Chief Executive Officer of the Company, and Dr. James R. Higgins, a director of the Company, entered into a Fourteenth Amendment to Credit Agreement (the “Fourteenth Credit Agreement Amendment”), pursuant to which the parties agreed to amend the Credit Agreement to (i) provide that the Maturity Date shall be extended to June 30, 2026.