ZCMD on Nasdaq
Zhongchao Inc.
Zhongchao Inc. is an educational services company in the Cayman Islands, listed on Nasdaq (ZCMD).1
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Last updated Oct 20, 2026.
Overview
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- TickerZCMD on Nasdaq1
- IndustryServices-Educational Services1
- HeadquartersE91
- Incorporated inCayman Islands3
- Business addressRoom 2504, Oocl Tower, 841 Yan'An Middle Road, Jing'An District, Shanghai, 2000403
- Filer categoryNon-accelerated filer3
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Technology Limited, or Zhongchao WFOE, which was established on May 29, 2019 under the laws of the PRC.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Medical Training And Education Services brought in 60% of the revenue Zhongchao Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Medical Training And Education Services | $6.4M | $7.7M | $6.9M |
| Patient Management Services In Patientaid Projects | $4.0M | $6.0M | $3.8M |
| Sales Of Patented Drugs | $9.0M | $2.2M | $696.4K |
Business segments
MDMOOCServices brought in 94% of the revenue Zhongchao Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| MDMOOCServices | $10.4M | $13.7M | $10.7M |
| Sales Of Patented Drugs | $9.0M | $2.2M | $696.4K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue55¢$6.3M
- Research and development0¢$8.1K
- Other costs45¢$5.1M
- Income tax0¢$46.2K
Out of $11.4M in revenue.2 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Kept or used elsewhere100¢$845.4K
Out of $845.4K of cash from operations.2
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $11.4M | $15.9M | $19.4M |
| Total cost of revenues | -$6.3M | -$7.0M | -$10.9M |
| Gross Profit | $5.1M | $8.9M | $8.5M |
| Selling and marketing expenses | -$1.5M | -$4.0M | -$6.7M |
| General and administrative expenses | -$9.8M | -$5.0M | -$6.7M |
| Research and development expenses | -$8.1K | -$252.5K | -$514.4K |
| Loss from disposal of property and equipment | -$1.7M | ||
| Impairment of goodwill | -$5.6M | ||
| Impairment of intangible assets | -$536.2K | ||
| Total Operating Expenses | -$11.3M | -$9.3M | -$21.8M |
| Loss from Operations | -$6.2M | -$341.3K | -$13.3M |
| Interest income, net | $343.1K | $243.0K | $237.1K |
| Other income, net | $79.4K | $160.0K | $1.1M |
| (Loss) Income Before Income Taxes | -$5.8M | $61.8K | -$12.0M |
| Income tax (expenses) benefits | -$46.2K | -$335.2K | $669.8K |
| Net Loss | -$5.8M | -$273.4K | -$11.3M |
| Net loss attributable to noncontrolling interests | -$495.3K | -$369.8K | -$28.7K |
| Net Loss Attributable to Zhongchao Inc.s shareholders | -$6.3M | -$643.2K | -$11.3M |
| Foreign currency translation adjustment | $556.4K | -$561.6K | -$809.4K |
| Comprehensive Loss | -$5.3M | -$835.0K | -$12.1M |
| Total comprehensive (loss) income attributable to noncontrolling interests | -$654.1K | -$281.8K | $59.7K |
| Total Comprehensive Loss Attributable to Zhongchao Inc.s Shareholders | -$5.9M | -$1.1M | -$12.1M |
| Weighted Average Number of Ordinary Share Outstanding Basic (in Shares) | 3.4M shares | 650.7K shares | 325.4K shares |
| Weighted Average Number of Ordinary Share Outstanding Diluted (in Shares) | 3.4M shares | 650.7K shares | 325.4K shares |
| Loss per Share Basic (in Dollars per share) | -$1.85 | -$0.99 | -$34.83 |
| Loss per Share Diluted (in Dollars per share) | -$1.85 | -$0.99 | -$34.83 |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $8.1M | $7.8M | ||
| Short-term investments | $5.8M | $5.2M | ||
| Accounts receivable | $2.8M | $4.7M | ||
| Inventories | $586.2K | |||
| Prepayments | $23.8K | $81.2K | ||
| Other current assets | $233.0K | $273.7K | ||
| Total Current Assets | $17.0M | $18.7M | ||
| Investments in non-marketable securities | $1.2M | $1.1M | ||
| Property and equipment, net | $5.9M | $5.9M | ||
| Intangible assets, net | $7.6K | $12.2K | ||
| Right-of-use assets | $25.1K | $89.0K | ||
| Deferred tax assets | $44.2K | $119.4K | ||
| Total Assets | $24.1M | $25.9M | ||
| Accounts payable | $526.1K | $535.1K | ||
| Advances from customers | $150.0K | $203.8K | ||
| Operating lease liabilities, current portion | $26.1K | $33.7K | ||
| Accrued expenses and other liabilities | $824.4K | $757.9K | ||
| Total Current Liabilities | $1.5M | $1.5M | ||
| Operating lease liabilities, noncurrent portion | $23.8K | |||
| Deferred tax liabilities | $22.3K | $179.6K | ||
| Total Liabilities | $1.5M | $1.7M | ||
| Additional paid-in capital | $34.5M | $29.1M | ||
| Deferred share compensation | -$1.7M | |||
| Statutory reserve | $1.3M | $1.4M | ||
| Accumulated deficits | -$14.2M | -$8.0M | ||
| Accumulated other comprehensive loss | -$1.3M | -$1.7M | ||
| Total Zhongchao Inc. Shareholders Equity | $18.6M | $20.8M | ||
| Noncontrolling interests | $4.0M | $3.3M | ||
| Total Equity | $22.6M | $24.2M | $21.0M | $33.0M |
| Total Liabilities and Equity | $24.1M | $25.9M | ||
| Ordinary share par value (in Dollars per share) | $0.01 | |||
| Ordinary share authorized (in Shares) | 2.5B shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $8.1M | $7.8M | ||
| Short-term investments | $5.8M | $5.2M | ||
| Accounts receivable | $2.8M | $4.7M | ||
| Inventories | $586.2K | |||
| Prepayments | $23.8K | $81.2K | ||
| Other current assets | $233.0K | $273.7K | ||
| Total Current Assets | $17.0M | $18.7M | ||
| Investments in non-marketable securities | $1.2M | $1.1M | ||
| Property and equipment, net | $5.9M | $5.9M | ||
| Intangible assets, net | $7.6K | $12.2K | ||
| Right-of-use assets | $25.1K | $89.0K | ||
| Deferred tax assets | $44.2K | $119.4K | ||
| Total Assets | $24.1M | $25.9M | ||
| Accounts payable | $526.1K | $535.1K | ||
| Advances from customers | $150.0K | $203.8K | ||
| Operating lease liabilities, current portion | $26.1K | $33.7K | ||
| Accrued expenses and other liabilities | $824.4K | $757.9K | ||
| Total Current Liabilities | $1.5M | $1.5M | ||
| Operating lease liabilities, noncurrent portion | $23.8K | |||
| Deferred tax liabilities | $22.3K | $179.6K | ||
| Total Liabilities | $1.5M | $1.7M | ||
| Additional paid-in capital | $34.5M | $29.1M | ||
| Deferred share compensation | -$1.7M | |||
| Statutory reserve | $1.3M | $1.4M | ||
| Accumulated deficits | -$14.2M | -$8.0M | ||
| Accumulated other comprehensive loss | -$1.3M | -$1.7M | ||
| Total Zhongchao Inc. Shareholders Equity | $18.6M | $20.8M | ||
| Noncontrolling interests | $4.0M | $3.3M | ||
| Total Equity | $22.6M | $24.2M | $21.0M | $33.0M |
| Total Liabilities and Equity | $24.1M | $25.9M | ||
| Ordinary share par value (in Dollars per share) | $0.01 | |||
| Ordinary share authorized (in Shares) | 2.5B shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$5.8M | -$273.4K | -$11.3M |
| Provision for expected credit losses | $873.8K | $85.6K | $1.2M |
| Depreciation and amortization expenses | $290.2K | $231.1K | $518.5K |
| Loss from disposal of property and equipment | $24.5K | $863 | $1.7M |
| Impairment of goodwill | $5.6M | ||
| Impairment of intangible assets | $536.2K | ||
| Amortization of right-of-use assets | $31.5K | $197.2K | $405.1K |
| Share-based compensation expenses | $3.7M | $109.7K | $135.5K |
| Deferred tax (benefits) expenses | -$82.5K | $287.7K | -$739.2K |
| Changes in fair value of short-term investments | -$8.1K | -$108.9K | -$655.0K |
| Downward (upward) adjustments in investments in non-marketable securities | $7.0K | -$4.8K | -$81.0K |
| Accounts receivable | $1.2M | -$2.3M | $2.8M |
| Prepayments | $59.4K | $1.3M | -$388.7K |
| Prepayments related party | $113.0K | ||
| Inventories | $595.3K | -$10.2K | -$409.8K |
| Other current assets | $47.6K | $164.4K | $27.7K |
| Accounts payable | -$31.5K | -$132.1K | $548.6K |
| Advances from customers | -$61.0K | -$620.9K | $456.1K |
| Income tax payable | -$102.3K | ||
| Accrued expenses and other liabilities | $33.2K | -$127.8K | $81.6K |
| Lease liabilities | $1.5K | -$240.6K | -$428.4K |
| Net Cash Provided by (Used in) Operating Activities | $845.4K | -$1.5M | $54.2K |
| Purchases of property and equipment | -$152.6K | -$3.0M | -$839.7K |
| Proceeds from disposal of property and equipment | $31.6K | ||
| Loans to third parties | -$833.2K | ||
| Repayment of loans from third parties | $277.9K | $2.4M | |
| Due from related parties | $220.3K | ||
| Investments in short-term investments | -$9.4M | -$10.7M | -$6.3M |
| Proceeds from redemption of short-term investments | $8.8M | $11.4M | $1.6M |
| Investments in non-marketable securities | -$100.0K | ||
| Proceeds from redemption of non-marketable securities | $195.2K | ||
| Net Cash Used in Investing Activities | -$826.6K | -$1.8M | -$3.8M |
| Proceeds from issuance of ordinary shares in connection with direct offering | $3.8M | ||
| Net Cash Provided by Financing Activities | $3.8M | ||
| Effect of exchange rate changes on cash and cash equivalents | $238.0K | -$264.6K | -$271.3K |
| Net decrease in cash and cash equivalents | $256.8K | $292.6K | -$4.0M |
| Cash paid for income tax | $126.6K | $45.9K | $114.5K |
| Right-of-use assets obtained in exchange for operating lease obligations | $55.8K | $71.7K | |
| Decrease in right of use assets and operating lease obligations due to termination | -$34.5K | -$554.3K | -$579.5K |
| Addition of property and equipment from deposit and prepayment for properties | $233.3K |
No quarter-by-quarter statement was filed.
Corporate structure
Zhongchao Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Zhongchao Inc.
- S.H.N. Financial Investments Ltd. Filed SCHEDULE 13G/A on Zhongchao Inc., latest Aug 14, 2026 (2 filings since Jun 5, 2026)
- Weiguang Yang Filed SCHEDULE 13D/A on Zhongchao Inc., latest Jul 22, 2026 (2 filings since Aug 27, 2025)
- Zhongchao Inc. E9
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Zhongchao Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Accumulated depreciation | $675.7K2 Dec 31, 2025 | $400.6K2 Dec 31, 2024 | +68.7% |
| Property and equipment, net | $5.9M2 Dec 31, 2025 | $5.9M2 Dec 31, 2024 | +0.2% |
| Operating-lease assets (leased space) | $25.1K2 Dec 31, 2025 | $89.0K2 Dec 31, 2024 | −71.9% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $8.1M2 Dec 31, 2025 | $7.8M2 Dec 31, 2024 | +3.3% |
| Marketable securities, current | $5.8M2 Dec 31, 2025 | $5.2M2 Dec 31, 2024 | +11.1% |
| Marketable securities, non-current | $1.2M2 Dec 31, 2025 | $1.1M2 Dec 31, 2024 | +12.9% |
| Stakes in other companies (equity method) | $1.1M2 Dec 31, 2025 | $1.1M2 Dec 31, 2024 | +4.3% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $7.6K2 Dec 31, 2025 | $12.2K2 Dec 31, 2024 | −37.5% |
| Accumulated amortization | $44.3K2 Dec 31, 2025 | $37.5K2 Dec 31, 2024 | +18.0% |
| Finite-lived intangibles, net | $7.6K2 Dec 31, 2025 | $12.2K2 Dec 31, 2024 | −37.5% |
Inventory
Leadership
Who has led Zhongchao Inc., and when. Pick a name to see everywhere that person has worked.
Board members and other officers (2)
- Board memberJohn Conrad General Mar 19, 2026 to now11
- Board memberKevin Vassily Mar 25, 2026 to now12
Filings
89 filings to the SEC since October 2021: 6 annual reports, 6 insider forms, 4 large holders, 73 other. The latest 20:
- Sep 21, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Sep 11, 20266-K CURRENT REPORT EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 11, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 6, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
- Jul 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jul 24, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
- Jul 22, 2026SCHEDULE 13D/A EDGAR
- Jul 22, 20264 EDGAR
- Jul 22, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 23, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 9, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 9, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 5, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 5, 2026SCHEDULE 13G EDGAR
- Jun 1, 2026424B4 PROSPECTUS EDGAR
- May 28, 2026EFFECT EDGAR
- May 26, 2026CORRESP EDGAR
- May 26, 2026CORRESP EDGAR
- May 22, 2026F-1/A AMENDMENT NO. 1 TO FORM F-1 EDGAR
The 89 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- S.H.N. Financial Investments Ltd.SCHEDULE 13G/A, 2 filings Jun 5, 2026 to Aug 14, 202613
- Weiguang YangSCHEDULE 13D/A, 2 filings Aug 27, 2025 to Jul 22, 202614
SEC filer profile
How Zhongchao Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARZhongchao Inc.1
- CIK0001785566
- Filer statusNon-accelerated filer not an emerging growth company; not a shell company4
- Incorporated inCayman Islands4
- Fiscal year endsDecember 311
- Industry code (SIC)8200 Services-Educational Services1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business addressRoom 2504, Oocl Tower, 841 Yan'An Middle Road, Jing'An District, Shanghai, 200040, China1
- Phone021-322059871
- Shares outstanding3,236,141 Common Class A shares; 624,972 Common Class B shares as of Dec 31, 20254
- AuditorPrager Metis CPAs, LLC, Hackensack, New Jersey PCAOB ID 273; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceAug 19, 20191
- Filings154 in all: 6-K (62), CORRESP (18), UPLOAD (13), 20-F (7), 3 (5), EFFECT (5), F-1/A (5), 424B5 (4)1
All 30 form types
F-3 (3), F-3/A (3), NT 20-F (3), 20-F/A (2), DRS (2), DRS/A (2), DRSLTR (2), F-1 (2), S-8 (2), SCHEDULE 13D/A (2), 4 (1), 424B1 (1), 424B4 (1), 8-A12B (1), CERT (1), FWP (1), RW (1), RW WD (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)
- Latest filingsAnnual report (20-F) Apr 3, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Ordinary shares, par value $0.008 | The Nasdaq Stock Market LLC |
From the cover page of the 20-F filed Apr 3, 2026 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARZhongchao Inc. filings on SEC EDGAR
- 2SEC EDGARZhongchao Inc. 10-K for fiscal 2025
- 3SEC EDGARZhongchao Inc. filings on SEC EDGAR
- 4
- 5SEC EDGARZhongchao Inc. 10-K for fiscal 2018
- 6SEC EDGARZhongchao Inc. 10-K for fiscal 2019
- 7SEC EDGARZhongchao Inc. 10-K for fiscal 2020
- 8SEC EDGARZhongchao Inc. 10-K for fiscal 2021
- 9SEC EDGARZhongchao Inc. 10-K for fiscal 2022
- 10SEC EDGARZhongchao Inc. 10-K for fiscal 2018
- 11SEC EDGARJohn Conrad General, Board member
- 12SEC EDGARKevin Vassily, Board member
- 13
- 14