fzmd-8k_20171229.htm

0001564590-18-000138.txt : 20180105 0001564590-18-000138.hdr.sgml : 20180105 20180105171534 ACCESSION NUMBER: 0001564590-18-000138 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20171229 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180105 DATE AS OF CHANGE: 20180105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fuse Medical, Inc. CENTRAL INDEX KEY: 0000319016 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-MEDICAL, DENTAL & HOSPITAL EQUIPMENT & SUPPLIES [5047] IRS NUMBER: 591224913 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-10093 FILM NUMBER: 18514196 BUSINESS ADDRESS: STREET 1: 1565 NORTH CENTRAL EXPRESSWAY STREET 2: SUITE 220 CITY: RICHARDSON STATE: TX ZIP: 75080 BUSINESS PHONE: 469-862-3030 MAIL ADDRESS: STREET 1: 1565 NORTH CENTRAL EXPRESSWAY STREET 2: SUITE 220 CITY: RICHARDSON STATE: TX ZIP: 75080 FORMER COMPANY: FORMER CONFORMED NAME: GOLF ROUNDS COM INC DATE OF NAME CHANGE: 19991126 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN METALS SERVICE INC DATE OF NAME CHANGE: 19920703 8-K 1 fzmd-8k_20171229.htm 8-K fzmd-8k_20171229.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 5, 2018 (December 29, 2017)

FUSE MEDICAL, INC.

(Exact name of Registrant as specified in its charter)

Delaware

000-10093

59-1224913

(State or other jurisdiction of

incorporation or organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

1565 North Central Expressway

Suite 220

Richardson, Texas

75080

(Address of principal executive offices)

(Zip Code)

Registrant’s Telephone Number, including area code: (469) 862-3030

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.01

Completion of Acquisition or Disposition of Assets.

On December 29, 2017, Fuse Medical, Inc. (the “Company”) completed the previously-announced acquisition of CPM Medical Consultants, LLC (the “Target”), pursuant to that certain Purchase Agreement (the “Purchase Agreement”), by and between the Company and NC 143 Family Holdings, LP (“NC 143”), dated December 15, 2017, whereby the Company would purchase all of the outstanding membership interests of the Target, as disclosed in the Company’s Form 8-K filed on December 19, 2017. The Company issued 50,000,000 shares of its common stock, par value $0.01 per share (“Common Stock”) in exchange for 100% of the outstanding equity interests of the Target, at an agreed-upon value of $0.20 per share of Common Stock, as reflected in the fairness opinion provided by ValueScope, Inc. and filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K, filed with the Commission on December 19, 2017. The effective date of the closing was December 31, 2017.

Item 7.01.

Regulation FD Disclosure.

On January 5, 2018, the Company issued a press release, attached hereto as Exhibit 99.2, announcing the Company’s completion of the acquisition of the Target pursuant to the Purchase Agreement.

Item 9.01.

Financial Statements and Exhibits.

(b)

Pro forma financial information.

The pro forma financial information required to be furnished under this item 9.01(b) is furnished as Exhibit 99.1 to this Current Report on 8-K and is incorporated herein by reference.

(d)

Exhibits


Exhibit No.		Description


99.1		Unaudited pro forma financial information of Fuse Medical, Inc. as of September 30, 2017, and for the nine months ended September 30, 2017, and the year ended dated December 31, 2016.

99.2		Press Release dated January 5, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FUSE MEDICAL, INC.

By:		/s/ William E. McLaughlin, III
		William E. McLaughlin, III, Interim Chief Financial Officer and Director
		(Principal Financial Officer)

Date: January 5, 2018

EX-99.1 2 fzmd-ex991_71.htm EX-99.1 fzmd-ex991_71.htm

EXHIBIT 99.1

FUSE MEDICAL, INC.

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

On December 29, 2017, Fuse Medical, Inc. (the “Company”) completed the previously-announced acquisition of CPM Medical Consultants, LLC (“CPM”), a Texas limited liability company, pursuant to that certain Purchase Agreement, by and between the Company and NC 143 Family Holdings, LP, dated December 15, 2017, whereby the Company would purchase all of the outstanding membership interests of CPM, as disclosed in the Company’s Form 8-K filed on December 19, 2017 (the “Merger”). CPM is now a wholly-owned subsidiary of the Company.

The following unaudited pro forma condensed combined financial statements have been prepared to give effect to the Merger. These unaudited pro forma condensed combined financial statements are derived from the historical consolidated financial statements of the Company and CPM (the “Combined Company”). These financial statements have been adjusted as described in the notes to the unaudited pro forma condensed combined financial statements.

The unaudited pro forma condensed combined balance sheet, combines the historical consolidated balance sheets of the Combined Company, has been prepared assuming the Merger closed on September 30, 2017. The unaudited pro forma condensed combined statement of operations combines the historical consolidated statements of operations of the Combined Company. The unaudited pro forma condensed combined statement of operations has been prepared assuming the Merger closed on January 1, 2016.

The Company has prepared the unaudited pro forma condensed combined financial statements based on available information using assumptions that it believes are reasonable. These unaudited pro forma condensed combined financial statements are being provided for informational purposes only and do not claim to represent the Company’s actual financial position or results of operations had the Merger occurred on that date specified nor do they project the Company’s results of operations or financial position for any future period or date. The actual results reported by the Combined Company in periods following the Merger may differ significantly from these unaudited pro forma condensed combined financial statements for a number of reasons. The unaudited pro forma condensed combined financial statements do not account for the cost of any restructuring activities or synergies resulting from the Merger or other costs relating to the integration of the two companies, or other historical acquisitions that were undertaken by the Company.

These unaudited pro forma condensed combined financial statements should be read in conjunction with the Company’s historical consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and for the nine-month period ended September 30, 2017 and the historical financial statements of CPM for the year ended December 31, 2016 and the nine-month period ended September 30, 2017 contained in this Form 8-K.

EXHIBIT 99.1

FUSE MEDICAL, INC. AND CPM MEDICAL CONSULTANTS, LLC
UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEETS

	As of September 30, 2017
	Historical Fuse Medical, Inc.			Historical CPM Medical Consultants, LLC		Pro forma Adjustments				Pro forma Combined
ASSETS
Current assets:
Cash and cash equivalents	$	472,246		$	389,938	$	-			$	862,184
Accounts receivables, net		285,463			5,654,656		(110,626	)	(a)		5,829,493
Inventories, net		8,493			10,766,172		-				10,774,665
Prepaid expenses and other current assets		24,704			9,946		-				34,650
Total current assets		790,906			16,820,712		(110,626	)			17,500,992

Property and equipment, net		2,029			16,944		-				18,973
Security deposit		3,822			-		-				3,822

Total Assets	$	796,757		$	16,837,656	$	(110,626	)		$	17,523,787

LIABILITES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	172,390		$	1,938,145	$	(110,626	)	(a)	$	1,999,909
Accrued expenses and other		95,104			1,119,031		-				1,214,135
Note payable - related parties		150,000			-		-				150,000
Line of credit		-			3,147,600		-				3,147,600
Total current liabilities		417,494			6,204,776		(110,626	)			6,511,644

Total Liabilities		417,494			6,204,776		(110,626	)			6,511,644

Commitments and contingencies		-			-		-				-

Stockholders' equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; no shares issued and outstanding		-			-		-				-
Common stock, $0.01 par value; 100,000,000 shares authorized; 18,215,808 issued and outstanding, respectively		162,158			-		-				162,158
Additional paid-in capital		3,210,560			-		-				3,210,560
Retained (deficit) earnings		(2,993,455	)		10,632,880		-				7,639,425
Total Stockholders' equity		379,263			10,632,880		-				11,012,143

Total Liabilities and Stockholders' Equity	$	796,757		$	16,837,656	$	(110,626	)		$	17,523,787

The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.

EXHIBIT 99.1

FUSE MEDICAL, INC. AND CPM MEDICAL CONSULTANTS, LLC
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

	Nine-months Ended September 30, 2017
	Historical Fuse Medical, Inc.			Historical CPM Medical Consultants, LLC		Pro forma Adjustments				Pro forma Combined

Net sales	$	911,033		$	18,305,649	$	(312,634	)	(a)	$	18,904,048
Cost of goods sold		333,119			10,842,739		(312,634	)	(a)		10,863,224
Gross profit		577,914			7,462,910		-				8,040,824

Operating expenses:
Selling, general and administrative		645,527			2,152,927		-				2,798,454
Commissions		41,375			4,516,860		-				4,558,235
Loss on disposal of property and equipment		3,365			-		-				3,365
Depreciation		3,237			9,208		-				12,445
Total operating expenses		693,504			6,678,995		-				7,372,499

Operating (loss) income		(115,590	)		783,915		-				668,325

Interest expense		20,194			95,997		-				116,191
Extinguishment of debt		(43,308	)		-		-				(43,308	)

Net (loss) earnings	$	(92,476	)	$	687,918	$	-			$	595,442

Net (loss) income per common share - basic and diluted	$	(0.01	)	$	-	$	-			$	0.04

Weighted average number of common shares outstanding - basic and diluted		15,890,808			-		-				15,890,808

The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.

EXHIBIT 99.1

FUSE MEDICAL, INC. AND CPM MEDICAL CONSULTANTS, LLC
UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

	Year Ended December 31, 2016
	Historical Fuse Medical, Inc.			Historical CPM Medical Consultants, LLC		Pro forma Adjustments				Pro forma Combined

Net sales	$	567,607		$	26,365,376	$	(103,578	)	(a)	$	26,829,405
Cost of goods sold		204,044			11,253,268		(103,578	)	(a)		11,353,734
Gross profit		363,563			15,112,108		-				15,475,671

Operating expenses:
Selling, general and administrative		831,537			4,774,591		-				5,606,128
Commissions		8,346			7,105,684		-				7,114,030
Loss on disposal of property and equipment		1,580			-		-				1,580
Depreciation		14,167			18,640		-				32,807
Total operating expenses		855,630			11,898,915		-				12,754,545

Operating (loss) income		(492,067	)		3,213,193		-				2,721,126

Interest expense		129,385			133,334		-				262,719
Extinguishment of debt		(35,517	)		-		-				(35,517	)

Net (loss) earnings	$	(585,935	)	$	3,079,859	$	-			$	2,493,924

Net (loss) income per common share - basic and diluted	$	(0.08	)	$	-	$	-			$	0.35

Weighted average number of common shares outstanding - basic and diluted		7,185,890			-		-				7,185,890

The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.

EXHIBIT 99.1

FUSE MEDICAL, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Basis of Presentation

EXHIBIT 99.1

FUSE MEDICAL, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

Pro Forma Adjustments

(a) The pro forma adjustments included in the unaudited pro forma condensed combined financial statements reflect eliminations of intercompany transactions between the Combined Company.

EX-99.2 3 fzmd-ex992_7.htm EX-99.2 fzmd-ex992_7.htm

EXHIBIT 99.2

Contact:

Fuse Medical, Inc.

Attention: Devon Peddie, Investor Relations Analyst

1565 North Central Expressway, Suite 220

Richardson, Texas 75080

Office (469) 862-3030

Facsimile (469) 862-3035

info@Fusemedical.com

FUSE MEDICAL, INC.

Fuse Medical, Inc. Completes Acquisition of CPM Medical Consultants, LLC

RICHARDSON, TX, January 5, 2018 /Businesswire/ -- Fuse Medical, Inc., (OTC: FZMD), (“Fuse” or the “Company”), announced the completion of the acquisition of CPM Medical Consultants, LLC (“CPM”), a privately-owned nationwide distributor of medical device implants and biologics, (the “Acquisition”). The effective date of closing was December 31, 2017.

Following the completion of the acquisition, CPM operates as a wholly-owned subsidiary of Fuse. The Company has prepared unaudited pro forma financial information in connection with the Acquisition that can be read on the Company’s Current Report on Form 8-K, which the Company filed with the Securities and Exchange Commission today.

About Fuse Medical, Inc.

Fuse provides a broad portfolio of orthopedic implants including internal and external fixation products; upper and lower extremity plating; total joint reconstruction; soft tissue fixation and augmentation for sports medicine procedures; full spinal implants for trauma, degenerative disc disease, and deformity indications; human allografts, substitute bone materials, and tendons; and regenerative tissues and fluids to augment orthopedic surgeries and wound care. For more information about Fuse, please visit:www.fusemedical.com.

Forward Looking Statements

Certain statements in this press release, including those related to an anticipated purchase of all of the outstanding membership units and plans for the consolidated company, constitute “forward-looking statements” within the meaning of the federal securities laws. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend,” or similar expressions or statements regarding intent, belief, or current expectations,

1565 North Central Expressway, Suite 220, Richardson, Texas 75080

(469) 862-3030 Office • Facsimile (469) 862-3035

EXHIBIT 99.2

are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based only on information available to the Company as of the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including, without limitation, those set forth in the Company’s filings with the Securities and Exchange Commission; the failure of the Company to close the transaction; and integration issues with the consolidated company. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events, or otherwise, except as required by law.

####

1565 North Central Expressway, Suite 220, Richardson, Texas 75080

(469) 862-3030 Office • Facsimile (469) 862-3035

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