This webinar is being recorded, so we will be sending it out to everyone too, not to worry if you do have to leave for whatever reason. I think we can begin now, as we do have most people in. If anyone else is joining, we can let them come in now. I'll pass it off to our CEO, Shane Madden.
Thank you, Abbey. Welcome, everybody. So looking forward to going through the 2024 earnings. I'm going to pass it to Vahid first of all, Vahid first of all, to go over some financing in the first few slides, and then we'll go back over some pertinent information.
Thank you, Shane. Thank you, Abbey. Thank you, everyone, for attending the webinars and opening this time in your schedule. I also would like to thank everyone in our team, our investors, and partners that have supported us in the last few years. Today, we're going to talk very highly about Hydreight for the people that joined us and do not know much about Hydreight. We'll review the financials for 2024, and then we'll talk about 2025, including the VSDH One, what we're seeing today, the reasons that we have not seen any indication for us to change our goals for end of the year for VSDH One , and how we're approaching that.
Please keep in mind that in our presentation today, there are going to be numbers, projections, and figures that we're sharing based on the best evidence that we see today and the projections that we recommend you to review our forward-looking statements well. Now, before I walk you through Hydreight, I would love to go back the last three, four years and quickly summarize the journey that we have come so far. Hydreight Technology went public in late 2022. In one of the hardest times in the capital market from a small-cap perspective, it has been one of the hardest times in the economy in the last year and a half for any business, especially in North America. It has been one of the most challenging times when it gets to the medical and the pharmaceutical processes and regulations. However, we made it work.
We had our heads down, focused on the operation and the growth. Hydreight went public in December 2022 with the idea and the vision of creating the largest mobile clinical network in the United States. A network that has nurses, has doctors, has a pharmacy network, and has a way for customers to be able to have access to all the medication and treatments with no pain. Now, when a business goes public or any startup or small business, they usually focus on one thing: to be able to create a value for the shareholders or have justifications for their valuation. They either focus on assets that they have, valuable assets that are hard to replicate. It has a moat that they cannot take it; other people cannot replicate it easily, and there is a value for that.
They are going to focus on they have cash in hand or cash in the bank account that they can make both moves with the cash in the tough markets. Some of the businesses, they focus on the past revenue and the growth records that they have to create a value for their business. Some other businesses, they focus on the projected revenue and what is coming based on the market, based on the asset that we have. Hydreight has them all. We are in Hydreight. We are in the strongest position that we have ever been in the history of the company. When you look at the cash balance, we brought the company from less than $1 million revenue to over $20 million top-line revenue last year with the cash that we generated through the operation for the business.
Yes, there was cash in the CPC when we went public, but most of that was used in the capital market side. So we spend money very responsibly on where they're going to bring the most results. Now, besides the cash to hand that we had, we finished a live offering of over $ 5 million offering, $ 1.55, that put our cash over $ 6 million. But now we're in the office. We're going to use that cash for marketing, for investment, for acquisitions that are going to help with our projections.
When you look at it from the market perspective, our stock is trading at the acceptable level that can be used as our second currency if we want to go on after investments, if we want to acquire other businesses in the time that we see so many distressed assets with the good revenue and the good asset in the market. When you look at it from the revenue perspective, we've been on this track that we've had 20-30% growth year over year without even having our third vertical kicking in from the revenue perspective. If you want to look at it from projected revenue, you can see what's coming from what we built in the last few years and what's coming from our new line of product, which is VSDH One .
When you look at this and then marry that with the industry that we're in, that it's very regulated, assets are hard to create. More importantly, it's so behind from the technology perspective that creates a massive opportunity for companies like Hydreight that have been first movers into that. The capital market structure is very tight. We've been super grateful and lucky to have investors supporting us along the way in the last few years. Our end goal is creating a company that's worth over $1 billion by injecting revenue into the company. When you look at that, we're in the strongest position we've ever been. When you look at this, the company has assets, has cash, has existing revenue and projected revenue that we're going to build on top of that.
We can use the cash and our stock for acquisition, investment to create margin for the company, to use it for marketing purposes, and hiring the right people that can help us and take us to the next level. With no further ado, I'm going to walk you through the story of Hydreight. Hydreight, as shared at the beginning, the vision was creating the largest mobile clinical network. The first verticals that we focused on were the nurses. The nurses that in the United States, in most of the states, it's illegal for them to work outside of the brick and mortar. We create an infrastructure that they can pay a subscription, come on board, and start offering their services at home, in your office or in the hotel.
We grew that to over 3,000 nurses that have been coming on board with us in the last few years, and we're making it easier for them to come on board. We're going to talk about what's happening this year. After that, the COVID era, the med spa space grew really fast in the United States. There were not many rules and regulations because of the COVID. When the pandemic was over, the rules came back. All these locations that were open, they needed to have a turnkey solution that they just put in place and they can connect to pharmacy, to a doctor network, to a medical direction, and more importantly, to define the flow of every service. We went back and tweaked our technology and created a white-label solution for these franchises to bring them on board.
Now, last year and the year before, we started focusing on a way for people to sell directly to consumers in the most compliant way. We came up with the VSDH One virtual so that businesses can start selling directly to the consumers any of the medications, any of the treatments that we have without worrying about the operation. That was a new initiative and innovative solutions in the market that we got so many incoming requests to go live. We have been tweaking many things, including the onboarding, but we have not seen any evidence that we want to change our goal from the beginning of the year for the VSDH One . We basically packaged it from the PC network to a doctor network, to medical direction, to the pharmacy, to offering to the patient-specific and mobile into one solution.
More importantly, not only were we a software-as-a-service company, but also we're a 50-state medical company that we can easily offer these services. Now, when we started Hydreight, when Shane Madden, the original founder of Hydreight, had this vision in 2018 to create Hydreight, it was just an idea. Now it's becoming a top leader in the industry that we have a say with many boards. We have a new and innovative way for the pharmacies to start offering different services and creating a pattern for many businesses to be able to start offering new services. When you look at the revenue, our GAAP revenue from 2020, we went from $ 452,000, and last year, 2024, we finished with about $ 6 million. Our top-line revenue went from the million to over $ 22 million.
As we projected at the beginning of last year that we want to have our focus to pass the $21 million mark from the top line, become a profitable company, and get more exposure for stock, that was what we promised at the beginning of last year. We tried to focus them all. Now, the revenue has gone up year over year, and this is based on the first two verticals, which are the nurses and brick and mortars. With the same evidence that we're talking about, what we've done and what we're doing right now, we're projecting and we're aiming to achieve another 30% growth mark from our first two verticals. That, again, that by itself, creating a massive value for Hydreight as a company with such market cap. Now, the VSDH One , which is the third vertical, has not even included that.
Our revenue, if you look at the graph, we have a very with the same slope, the graph has gone up. We do not see any reason to question the 2025 projections from the first two verticals. Now, when you are building a business, you have to spend money, especially businesses like ours that we have to invest in legal. We have to invest in research and development. We have to invest into our product management. From 2020 to 2023, we had to reinvest into the business, but responsibly. We did not take a dime as a loan, or we did not do any financing at the lower prices from 2020 to end of 2024. We planned, we executed very responsibly to be able to create assets and revenue with the money that we have. Our EBITDA, the adjusted EBITDA, which is non-cash payment, is not included.
It was negative, and we had to invest to get to the point that we can start generating enough revenue. Last year, from Q2, as we promised, we tried to focus on creating a positive adjusted EBITDA, which we ended at 2024 with the positive adjusted EBITDA. This graph is very healthy when you look at the SaaS model. As long as you're not risking the existing shareholder position with cheap financing or getting very expensive money from the loan perspective, which we didn't, and we focus on creating value for everyone involved.
We look at our cash flow from the operation, that the money that was spent on the operation as a cost and not the investment that we made, because some of the technology that we created is going to go as an asset, is going to go as an investment that we've done after being measured by the auditors that is sellable and is a real deal. If you look at that also, we started focusing on a positive cash flow from the operations year over year. Now in 2024, we got to that point. Our cash in hand by end of 2024, if you look at it, when 2022, we went public, we had some cash in hand, and we started spending it very responsibly. Again, we still had enough cash end of 2024.
Now, in 2025, we did a live offering over $ 5 million at the price of $1.55 that put the company in a better position from the cash perspective to be able to make both moves in the market. That can be from investments into different units such as pharmacies that we can get better margin, investment into the business or acquiring business that brings more products. They can bring more IP or they can bring more revenue for us. So we're putting us in a very strong position from the cash in hand perspective. Now, from the revenue perspective, in Q4, we had a lot of the dip in compared to Q3. We had quarter over quarter growth. Q4, we had just a lot of the dip. The reason for that was something that was out of our hand.
We had a North Carolina hurricane that came around that time that because of the emergency, all the IV bags that were produced by any of the pharmacies should have gone toward the emergency use. Automatically, that's not something that we deal with on a day-to-day basis. We also have to be supportive to that. We had a small, our sales in the month of October was a little bit lower. Mid-November started picking up, and December got to the highest again because of that part. That was one of the reasons and the main reasons that Q4 revenue was a little bit lower. We made it to the numbers that we were hoping to get.
Also, the other thing, last year, there was some concern about the tax provision that we had, sales tax provision, that we, as we explained in the market, that was not something that had been assigned by the government. That was something that auditors felt maybe a tax sales tax component. When you go to the medical world, it's super complicated. Most of the prescribed medicines and offering, it's not taxable. We started, as we promised, we started a new project last year with a tax accounting firm and legal firm in the U.S. to review every single product every single year, every single state. In Q4 2024, our provision was about $ 700,000. That went down to about $ 363,000, which was lower than 2023, even though our sales went up. It was another year of the revenue being added. That's accumulated.
We're still working on that project, and we believe that's going to be next to nothing. Again, that's something that we're working with the professionals to get that. We just wanted to add some color into that one. That's the position that we have. We're trying to always, we don't feel that we're there from being perfect. We're always open to feedback. We're always trying to upgrade our team, bring the right people on the board, as we announced earlier this week, that can help us on many ends and focus on the end goal, which is the result, which is the over 1.3 million orders on the VSDH One , one way or the other, growing our existing business and making it easy for people to have access to.
Last year, we were recognized for a bunch of different awards, including 56th fastest growing company in North America by Fast 500 Deloitte, one of the fastest growing companies in Canada, top 50 TSX Venture as well as one of the we were one of the only tech stock in that award. Mostly it was mining and resources because of the year that the tech companies had. Now, moving to 2025, what we're doing this year and what is happening today, I'll pass it to the Founder, CEO, and the board member of Hydreight, Shane Madden, to walk you through what is happening in 2025.
Thank you, Vahid. That was a fantastic overview. I'm not going to go over much all ground from a call perspective.
A few things I'd like to touch on, I think, as they're going to be very pertinent to what we discuss here over the next sort of 10-15 minutes, is NexusPoint and Offense, I think, are the key words here for 2025 for this company. The reasons why are I think it's important to go back to where we founded the company from, and it's going to all tie into why we feel 2025 is the NexusPoint or the coming out party, as I like to call it in some regards, 2026, of course, as well. We founded the company because there were three ways that medicine was going to go in the U.S. It was in a completely reactive state. It was in a very poor situation. There were many factors.
I don't like to harp on about the COVID scenario, but there were many factors that shone a light on that for a lot of the non-educated in the deeply educated sense in the healthcare industry. There were three areas it was going. It was going in a direct-to-consumer, patient-specific product at home, telemedicine. It was going healthcare professional, giving a service in a remote environment, and the non-traditional physician's office. Health and wellness facilities, but they're not technically a doctor's office, but they have to operate within all the guidelines. That's the three areas that the U.S. healthcare system, which is a $5 trillion industry per year, of which, again, people have heard me talk about this a lot, 90% of that is chronic management, diabetes, obesity, lifestyle choices, essentially things that are preventable. That's the direction it was all going.
Now, the reason I bring that up at the very start here as we talk about where this company is going and why we feel 2025 is a massive NexusPoint is we haven't had quite the stabilizers on the company, but we've been growing in a very structured manner, as Behid overlaid there. We are certainly, we've been reinvesting in the company from a tech perspective, from a legality perspective, from a compliance perspective, because that's our biggest moat. At the end of the day, we're a 50-state medical company that had a vision that was a little bit ahead of its time. Even legislation, we're still ahead of our time in certain regards regarding states and laws and things like that. Sometimes you're just a little bit ahead of what's happening. A little bit of vision, a little bit of luck. Let's be real.
That's what everybody needs in a business. That is where the business is at. Now, when we take each vertical, our nursing vertical, which does not get talked about too much because of the scalability of our third vertical and the growth potential there, it is not something that we are absolutely not focused on. We have been very, very focused on it. To Behid's point, the structure of the company internally with divisions and onboarding and success management and all those things were very, very important. The reinvestment into tech to be able to leverage, and this is the key point here across all three verticals, to be able to leverage the moat that we created from a compliance perspective with tech as the medium. This was very, very important. This has been the focus of the company for the last two years. The vision was sound.
The execution was sound. We feel 2025 is where we're going to be able to exploit the potential out of each of these three verticals. To get into a little bit more specifics, our nursing vertical, we have a number of accelerators that we have been working on that are now coming to fruition. For the first time in the history of the company, we have partnered with some carriers where the nurses can apply for financing for their subscription. We all know our model is essentially a subscription model. The independent contractor, i.e., the nurse, joins our medical platform. Our moat is so high that they pay to be a part of that medical practice where they can monetize their credentials. Again, this is not a nice-to-have. This is a must-have because it's illegal otherwise.
Allowing a nurse to not have that financial burden right away and be able to finance this over a 12-month and then refinance for the next year if they need to is huge. We are very excited about that. It is being rolled out this month. Obviously, there is quite a bit of integration to that, quite a bit of testing, and so on and so forth. Extremely excited about that. In parallel to that, we are also working on the services being done on the platform. Up till now, our company has been very much an empowering type of model. We have a success department, success management that works with the nurses, helps them get their first services, helps them onboard, roll out, attract clients. There is a certain level of scalability that that provides.
This year, from a medical perspective, from a core corporate medical perspective, we're going to be able to promote different types of at-home tests, which will be the accelerator to client acquisition. From a corporate perspective, again, for the first time in the company's history, we're actually rolling out nationwide marketing of a product, not just marketing that is very, very easy to fail, promoting a service in a state for involving a nurse. We're actually going to be promoting some of these at-home tests, which will be the first step of the client acquisition to start the care. The results of those tests, the corporation can make money from the actual sale of the product itself. We're gaining a customer. We're introducing to the nurse, and the care kicks off from there. Those two accelerators are going to be quite significant.
One thing that gets forgotten about, I think, on the nurses' side is we were first movers in this space. We're still first movers. We're the only company that has allowed nurses to essentially monetize their nurses' license. And we are the platform that is the go-to platform. There are 4.5 million nurses, specifically RNs. There are actually a lot more in different classifications than that, but specifically RNs with 4.5 million in the U.S. , of which 3,000 are on our platform. There is quite a bit of offense to be done here in this space, especially with those two accelerators that we just discussed. The second thing, again, is obviously around our franchise, White Label. We built this very specific type of tech, again, that had compliance at its core to connect EMR, to connect doctor network, to connect medical direction, and pharmaceutical ordering.
Obviously, franchises were perfect because each of them have to operate the same. And there's normally quite a number of them, so it makes a lot of sense on both sides. However, we're introducing a point of sale as well to our current existing tech that we have been adding to. The American Med Spa Association documented that there was over 10,000 bricks and mortars in the U.S. as of 2025. So we, up to this point, had not gone on Offense again. You'll hear me saying that quite a bit. A lot of our sales was inbound, our true network connections. And we kind of specifically kept it around franchises. Now this opens up basically the entire bricks and mortar, non-traditional doctor's office, tying it back to the original vision for all of those, as well as other connections.
Not only the monetary side of having a POS from the merchant processing to different types of areas and way to monetize it. It ties in kind of an all-in-one package where we can go to them with the moat of compliance, the medium of tech, the convenience of the doctor network, the power of the online pharmaceutical network that we have, so increasing their margins, all that stuff. In 30 of the 50 states, this is illegal to do it any other way. A huge thing that is going to be launched around August of this year. We are in the process of a full outbound sales team and structure around that. From those two verticals, we feel there are huge accelerators there. We're, again, very excited. There's been a lot of work that has gone into that over the last 18, 24 months.
Again, these kind of projections of 30% year-on-year growth, I think, are very conservative, even when it comes to our current organic growth. That is the first two verticals. The third vertical, obviously, which is one of the verticals that are the most exciting. Again, we were the first mover there. The model, again, not to go over old ground and not to take up too much of the call on this, but the model was to create essentially a medical marketplace, okay, where we have leveraged our compliance structure across 50 states to allow businesses to either get in, expand, or grow in any number of ways, their current business. Again, we wanted to focus on we were the medical company. We have figured out the moat and the compliance, the structure per state across three different areas: medical, pharmacy, and nursing.
Obviously, this one is mainly around the medical and the pharmacy side in the direct-to-consumer space. This area has been glamorized by the Ozempic and the GLP-1 space, but it's much, much more than that and has been around for quite a long time. We're the first movers, again, to consolidate it into one platform to allow people to go in. I'll go into the type of businesses again. We really wanted to add some details around this vertical on today's call because we're very proud of what we've created. We're very proud of what we've launched. We see nothing so far that is going to impinge on our goals for 2025 and certainly 2026. Our platform there is one of the medical marketplace. We take away the liability. We bring in the seamlessness of a doctor network and medical direction in the direct-to-consumer space.
You see a patient, a patient sees a doctor, medicine goes out. All of these, in almost every case, are recurring medication. In the case of TRT, you actually never come out of it, male or female. In the case of the GLP-1s and the peptides, it is a 12-24 month, sometimes 36 months, and it can lead to other services as well. These are ongoing recurring medications, which is, I think, very, very important to understand here. When it comes to the type of customer that we have on that third vertical, it varies. Essentially, 1.3 million orders is still our goal. We have communicated that, I think, with investors directly, indirectly, conferences. That, again, is from data that we see. There are a few different types of businesses that are on this. Not all licenses are equal.
Some of them have obviously got a lot more opportunity to do larger amounts of orders than others. A brand new business, technically, somebody who wants to get into this space does not want to have the hassle of finding a medical direction group, figuring out and becoming an expert in corporate practice of medicine, creating tech, malpractice insurance, finding a doctor network, all of these things, pharmaceutical procurement, all of these things that are incredibly difficult. We are the perfect plug-in for that. I will get down to the kind of matrix table as to how this applies to each user type. There are typically, there are going to be subsets of this, but typically three sets of user types. The second one is existing businesses who want to get into the direct-to-consumer.
A good example of those would be DRIPBaR Direct, who were already a client of ours on the second vertical, very much inbound, in-person, at facility services to increase the LTV of those patients and to offer additional services that they currently couldn't offer. The convenience of that, they launched DRIPBaR Direct, which is essentially VSDH One . Somebody comes to the website, orders a direct-to-consumer product, and it goes from there. I think even some of our investors from conversations that I've had have even ordered from that. That would be a second type of customer. The third type of customer would be an existing business who's already in the direct-to-consumer space, but for a number of reasons, we're a perfect fit.
Again, a lot of these businesses, and I'm not saying specifically this, but this is one of the things that comes into it, they launched during very relaxed laws. They launched during COVID when times were much more relaxed to keep the healthcare industry afloat. Laws came back. They're just simply not structured to actually operate compliantly. Again, this is not a nice-to-have. It's a must-to-have in some cases. Other ones that are less serious, but again, apply just as much, is outside of the corporate practice of medicine states. The other 20 states, they need to expand. They may be operating compliantly in 20, but not in all 50. They want to expand there. Other ways is product expansion.
They might be very focused on TRT or GLP-1 or a specific peptide or at-home testing, but they haven't got the legal structure and the medical structure to go into other services. There is not one reason. There are multiple reasons. We are not a one-trick pony. We can integrate in many ways. We can start in different ways. We can start with the pharmaceutical procurement and move into tech. We have been obviously improving, as Vahid said earlier, our onboarding processes as time has gone on. Our goal is to have a more seamless transition because the interest in this particular vertical is incredible. Just to go into a little bit more specifics, each user type has slightly different challenges when it comes to going from becoming a customer, understanding the moat that we solved, to actually doing business.
Starting kind of from the highest up. The direct-to-consumer businesses, you'll see there on one of the slides that just across some of those types of partners that we have, they're doing almost 150,000 orders per month currently. Now, obviously, that's a business doing that. They're joining us for one of a myriad of reasons. We're either solving a few problems or one problem in particular, whatever. At the end of the day, they're doing this business. There's a few migration processes. This one, I would consider more migration than onboarding. Obviously, there's an onboarding portion to it that can be done kind of in the background, but there's a migration process as well. That migration process can involve medical direction, the product itself as to what pharmacy it's coming from. Does that apply to 50 states, or is it multiple pharmacies across 50 states?
Again, because the prescriptions can be different for each product, i.e., every month, every week, every six months, every three months, there could be a different migration process to the prescription itself. That has to be handled very sensitively. You will not have partners for very long if you are dropping orders during the migration process. On top of that, that client, most times, those types of clients already have Legit Script, are already pretty well set up. They are joining for more compliance and possibly profit margin, pharmacy ordering portal capability with a full team as opposed to trying to figure it out themselves. There are a number of reasons there. That migration is obviously really, really important. Other businesses, Legit Script, as most people on the call would know, it is a compliance for the social media advertising.
If you are not Legit Script certified, you cannot advertise on social media in this space. You can do some educational marketing, but you cannot do some paid marketing. Now, VSDH One is approved at an enterprise level, which means that this process gets expedited. Even expedition is four to eight weeks. If you go on to Legit Script, you will see that a new applicant can take 16-24 weeks, is what they say, but I have seen it take up to nine months. Most of them do not get approved either because 70% of the questions are based around medical direction, pharmaceutical partners, etc. Most of them actually do not get approved. That is another moat that we have there. Again, that takes a little bit of time. Migration of the current business we talked about and then expansion of the product marketing.
Depending on the business, which type of customer we're talking to, whether they're brand new into this space and have to come up with a marketing plan, get a foothold in that space, whether it's TRT or peptides. We have over 40 treatments right now on this direct-to-consumer platform, complete with policies and procedures that are just plug and play. They come on, they offer, add it to their suite of offerings, and off you go. We're going to grow that to 70, 100. Our at-home testing, which we'll talk about in a little bit, is going to be a huge accelerator for this because if we bring it all back, individualized healthcare is where this is all going.
Not direct-to-consumer for one thing that you think might work, tying it all to 360 healthcare, which is get a test, find out specifics about yourself as an individual, exactly what's wrong, and what's the care from there. Now, there is no platform out there that has all three connected. At-home test, you need a healthcare professional immediately to do an IV or a blood test to further or something like that. You need to go to a bricks and mortar nearby or you need a direct-to-consumer aspect. We have it all tied from our three different verticals, but the at-home testing is going to be something that is going to be, you're going to be hearing a lot more about this from a DNA genetics side of things. Again, the marketing side of things, obviously, we have our own tech onboarding ourselves as well.
Again, depending on the customer type, depending on whether they're doing business right now, depending on whether they're brand new or they already have customers and are expanding into the DTC side, you can see roughly what they have to deal with from a going live perspective. We wanted to add some details to these types of businesses. I think it was very, very important to kind of showcase what type of customer we have, the moat that we solve, and what needs to be done to connect that gap from sign-up to do business. That's a lot of the reason that you'll hear us talk about Q3 and Q4 as being the inflection point here is we already have direct-to-consumer business partners that are already doing essentially enough to do the entire goal, right? That migration process has to be handled very carefully.
We also have other partners that we have not even factored into the goal that have come on since, like being Dr. Franklin Joseph, which is an expert in this area. Dr. Franklin Joseph himself was involved in writing the white papers for Novo Nordisk and Eli Lilly. It is a huge validation of our platform that a company like that, who has done business in the U.K. for 15 years, other countries around the world, had huge success in this program, decided to join us to figure out the U.S. because it was so complicated. That is one of our customers who would be essentially brand new. They just have to figure out marketing, Legit Script. That one probably takes two months. We launched that last week. We are expecting them to see something toward the end of Q2 to begin going.
Again, even a customer like that was not even involved in our goals. I just kind of wanted to bring everything back around the three verticals. We talk a lot about the third vertical right now, and rightfully so. There are accelerators in the other two. There has been some tremendous investment and growth and structure across all three. That is why I say Nexus Point is 2025. The Offense from all three verticals is our goal this year. That just does not apply to focusing on our three verticals. We are going to do some mergers and acquisitions, some partnerships to expedite all of this. The company is in a transitional period. The growth that you see so far, I would not consider growth in a sense that we have never had the three verticals in this position. This has always been the goal.
That is why you probably hear me sometimes talk about Q4 of 2024 when we actually announced the release of the third vertical. In 2025, those are the NexusP oints for me. For this company, the completion of the vision of Hydreight Technologies, and now it is about execution. Execution is our big one this year. I am going to pass it back to Vahid to talk about some of the average orders and margins.
Thank you, Shane. As we explained and showcased, we still keep our goal as it was based on the evidence that we see, based on existing customers that we brought on board. Again, they have enough orders for us. It is just a matter of us moving them successfully on our platform. Last time we talked about the VSDH One , we talked about the average orders and margin. We talked about the fact that the average orders, we are looking at about $100-$150 from the average orders. Now, because our catalog of the product has grown, the average orders can be anywhere between $70-$250. We have more expensive ones. Sometimes we see some of these existing businesses coming on board, as Shane mentioned, because they want to offer more to the customer.
Some of the customers and potential customers that we've talked to, they focus in one state or 10 states, and they're only selling TRT because they don't have the structure to sell three other products or treatments to them. The average orders actually, it varies. We feel as we move forward, that is going to go up because they all need a hook to get the first customers, and it's slowly upgrading them, which we're going to talk about some of the things that we are adding to the platform to make it easier from the marketing perspective. When we're going from the margin perspective, our goal has always been to keep between 20-30% margin. We're still on that.
Now, when we're talking about the third category of the customers, the customers that they already have existing orders, the approach that we're taking is we're probably going to get a hit to start with to get their orders. We may take down our margin to a lower mark to bring them on board. Then we have the buying power that either we're just going to go and invest as we've been trying to find the right candidate in the pharmacy so we get the preferred rate as owners that is going to add to the margin to go even higher than 20-30%. Or when we secure that many orders that is running through our system, then our buying power to the pharmacy is a lot greater than we can go and negotiate a better buying price.
When you look at the graph, our goal is still profitable on the VSDH One . Our margin may go down for a short period of time for us to secure all these orders. After processing that, the next step will be either negotiating with some of these compound pharmacies through our network to get a better cost pricing to keep that margin, if not greater, or actually invest or acquire a pharmacy so we can start doing that. Just to let you know, we've been very active on that part. We had a few that through the due diligence, we decided not to because that industry and that market is a very sensitive market that some of these pharmacies, they come and go. Our business model is around the compliance and is around 50 states.
It makes it very, we have to be very sensitive and very precise by making that decision and partnering up with the right company. Now, lastly, we're going to talk about what's coming, right? What's coming from the product perspective, we continue adding more product and treatments. And when you're talking adding more product and treatments, it's not as simple as just adding it. When one comes, our legal firm, our medical legal team, our Chief Medical Officer, our doctor of the pharmacies, they have to get together. They have to come up with the policy and procedure per states and per type of the customers. That will be passed to our tech team to start creating the flows. We're just going to start offering it to our customers, educating, and they can market that. We continue adding that.
We're over 42, over 40 product and treatments as of today on the VSDH One . We're not only the GLP-1. We're not only just weight loss. It's an all-in-one solution that people can pick and choose. Now, one of the most important ones that we've been working in the last few months is to add at-home testing around the genetic testing and DNA testing. Now, the reason that we're very keen to add that to our catalog of offerings is because marketing that is easy. If somebody receives a test at home, do the blood, send it back, they see the results, and the doctor sees that. Based on that, they will recommend different treatments and different medications is a lot easier from the marketing perspective.
We're adding at-home testing, genetic test, and DNA test, and we want to make sure that we have a piece of the IP one way or the other, either by exclusivity, either by being a preferred vendor or owning it. That's why some of our negotiation takes longer because we don't want to introduce a product to the market that our competitors can actually go and start replicating. Now, since beginning of this year, as I said, two of the two strongest areas that we have right now are cash in hand, and the second is our stock price. That makes it easier for us to go on the Offense for M&A investment. However, we don't want to just invest an M&A on anything and everything.
We're putting a proper due diligence and investment protocol in place that we make sure the money that we put into it, we can get something back out of that, that there's a benefit for the company and for the investors. Obviously, getting somehow involved with the pharmacy as an owner, as a founder, as an investor has a massive benefit for the company because our margin is going to go up. We can produce our own product, and especially with the number of orders across three verticals that we're securing, it's going to have a massive return for us. Now, that's not the only area.
We're looking at our areas from a medication and treatment perspective that we can have our own IP from the investment and M&A, from existing businesses that they can bring volume, and again, continue working on the accelerator program that we created that we've had a few companies going through that to see if they can pass our milestones to be able to invest in them and bring them on board. Lastly is the marketing partnership. As Shane mentioned, in the last three, four years, we focused so much on building and creating a platform and infrastructure that creates value for the customers and for the partners and our investors.
Now, it's the time for us to go on the Offense on the marketing side, from helping our existing businesses with the D2C marketing offers and services to create our own marketing arm to help our nurses, to help our brick-and-mortars, to help our D2C customers that they need help with, and we can help them with those services, and also for our own to have proper marketing approaches. That's what's coming in 2025. Again, we are a big fan of transparency, and we would love to have more stats and info for our shareholders. The challenge that we have right now is the VSDH One is on the verge of going into the market and the first year in the market. There is no straight line, especially with the complication that is coming in the medical industry. There is always new learning that we have to adjust our way.
Sometimes orders come in as a pharmacy to start with, then go on the tech, sometimes the tech and slowly add to our doctor network because their prescription should be upgraded and renewed based on the medication. When we settle, very similar to the first two verticals, at the stage that this factory is a well-oiled factory, that there is an input and output, we are going to do a better job in communicating with the different touchpoints from the KPI perspective that you can see it. Now, internally, we have KPIs from the number of the licenses, from existing business that already have orders, what it takes for integration. We are adjusting, we are watching, we are monitoring that. That is basically our source to continue having some sort of goals and projections for the end of the year that we are following.
As soon as the first group of the customers get settled and they get to the high volume that we're expecting, it's going to be better KPIs that will be communicated to the market. Apologies that we went longer than what we should have. We just wanted to make sure to communicate anything and everything. There are a few questions. We can answer a few questions. If anything's left, please feel free to send us an email. We would love to share more information as much as legally we can share with you guys to get your feedback on every area of the business. I'm just going to go quickly over the questions. If you license buy $100 product, you sell patients for $150.
If a license buys, they're talking about the profit and the average orders, which we already addressed in the presentation. I believe Hydreight would benefit in increased transparency among the institutional investors' community. Would Hydreight consider increasing the disclosure, such as reducing the monthly orders booking numbers? Again, as I address this, that's the goal. We would love to get there. You have to understand, we're a $22 million-$23 million revenue company, but we have only 20-plus team members. That's why we got it to profitable. We're trying to also scale our operations, and we're trying to get to the level that we can start offering all these stats. Yes, we're going to try to have these numbers more often and send it to the investors. Are there any active efforts under way to secure former anti-coverage increasing? Yes.
There have been three that they showed interest that they want to cover us, obviously, because of the way that they work with their independents. None of them is paid. They cannot disclose any timing for that. We are hoping to get them this year. Again, we have got soft confirmation from two, three parties already. None of them are paid. They showed interest both in the U.S. and Canada that they would like to cover us. How many clients are currently on board and started using pharmacy? We have, I believe, we have over 400 and something licenses sold. Without one of them, that is about that there are active members that we are bringing on board. Over 250 already onboarded in different stages of the onboarding that Shane mentioned, about 300 of those in some of those stages. We are seeing pharmacy orders coming in.
The pharmacy orders depend on other factors, including the renew time of the existing patients, the doctor network, and all that. The volume may not be on par with what they have right now, and it may take time, as you saw it in the Gantt chart, to get there. TSX up, listing the progress. We're getting a lot of requests and feedback both for Nasdaq listing and TSX. We want to make sure that we're ready for that and what is the best step for our investors. We want to graduate from high school before we're starting our master's degree. When we're talking about going to Nasdaq , which I think that's the eventual goal because of the US history base, we need to make sure from the finance team we're ready.
Right now, our cost for the capital market per year is about $ 350,000-$ 550,000 for audit, D&O insurance, legal, all that. Going into some of these exchanges is going to push that to over $ 1 million-$ 1.5 million based on our researches that we've done. Yes, we're looking at all that, but we want to make sure to make this decision when the time is right and the company is ready to do that. To be clear, will initial margin be under 20% at the beginning? It's a mix because some of these existing orders that are coming, that combination over 150,000 orders per month they already have, they're going to be below that. The new customer is going to be higher than that.
The accumulated percentage, when I feel after end of Q2 that some of these are going through, we have a better idea to do that. Is accountability responsibility of the company or licensees or product dropship from the manufacturer after pays product? Shane, maybe you want to answer this. Is accounts payable the responsibility of the company or licensees or the product dropshipped from the manufacturer after licensee pays for the product for?
Exactly. Product gets dropshipped after getting payment.
Okay. Last question, what keeps Hims from doing what Hydreight is doing in D2C? Shane, do you want to address that?
Yeah. Hims has basically launched its own brand. You have often heard me talk about instead of being a competitor, we are a marketplace to allow people to be their own version of Hims and Hers and Roman and Henry Meds and all these things.
It would be a monumental shift in their business model to actually go to now allowing other partners to be on their medical platform. Also, Hims is very specific around one or two products. From a structural perspective, it would be a complete 180 in their business model. Again, we were first movers to do a marketplace, a medical marketplace, and with all barriers to entry solved to allow people to either expand or get in. Again, it is similar industry, same industry, of course, but completely different viewpoints and completely different business models.
Thank you, Shane. Thank you all for attending the webinars. Apologies that we went 15 minutes over, but we thought it is needed for us to communicate all the details. At the end of the day, we are not perfect. We are always doing our best to do what is best for the business and investors.
Our goal hasn't changed. We're going to focus on that. We're going to continue communicating with the shareholders as much as we can. Trying to make that happen, as I said, is not a straight line, but we're getting it there. We're in the strongest position we've ever been from the cash perspective, from the asset perspective, from revenue perspective, existing revenue, and projected revenue. We appreciate everyone's support, guidance, and feedback. We'll continue doing our best, and we're hoping that we all can celebrate at the end of 2025 as well with everything that we're trying to achieve together. The recording of the webinar will be sent to everyone. Again, we recommend you to review our financial statement that is filed with all the disclosures as well as our forward-looking statements. Thanks again, and we appreciate your time.
Thank you.