EQUITY METHOD INVESTMENT IN PROGRESSIVE CARE, INC. AND SUBSIDIARIES (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

SCHEDULE OF DESCRIPTION EQUITY METHOD INVESTMENT

The following summarizes the Company’s consolidated balance sheet description equity method investment as follows:

	Carrying Amount
August 30, 2022, beginning balance	$	7,000,000
Portion of loss from Progressive Care, Inc. and Subsidiaries		(1,734,576	)
Depreciation expense due to cost basis difference (1)		(33,032	)
Interest earned from convertible note receivable		20,445
Interest earned from amortization of premium on convertible note receivable		14,368
Elimination of intercompany interest earned		(6,680	)
December 31, 2022, carrying amount		5,260,525

The following summarizes the Company’s consolidated statements of operations and comprehensive loss description equity in net loss of affiliate for the year ended December 31, 2022 as follows:

	For the Year Ended December 31, 2022
Equity in net loss of affiliate	$	(1,734,576	)
Depreciation expense due to cost basis difference (1)		(33,032	)
Interest earned from convertible note receivable		20,445
Interest earned from amortization of premium on convertible note receivable		14,368
Elimination of intercompany interest earned		(6,680	)
Equity in net loss of affiliate	$	(1,739,475	)

⁽¹⁾ NextPlat records depreciation expense on its estimated cost basis difference which is subject to change