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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current Assets    
Cash $ 11,524,846 $ 3,958,957
Accounts receivable, net 2,936,999 2,834,750
Product deposit 246,279 127,265
Inventory, net 3,382,582 3,703,363
Other current assets 1,074,063 687,022
Total Current Assets 19,164,769 11,311,357
Non-current Assets    
Equipment, net 462,446 476,441
Right of use asset 1,114,791 1,206,009
Capitalized software, net 9,529,525 8,840,187
Intangible assets, net 3,598,299 3,831,859
Total Non-current Assets 14,705,061 14,354,496
Total Assets 33,869,830 25,665,853
Current Liabilities    
Accounts payable 6,903,034 10,106,793
Accrued expenses 11,575,597 12,166,509
Notes payable, net 1,822,489 2,797,250
Current operating lease liabilities 821,941 756,093
Deferred revenue 5,895,545 5,547,506
Total Current Liabilities 27,018,606 31,374,151
Long-term Liabilities    
Convertible long-term debt, net 13,423,121
Noncurrent operating lease liabilities 407,857 574,136
Contingent consideration 381,250 443,750
Purchase price payable 579,319
Total Liabilities 41,230,834 32,971,356
Commitments and Contingencies (Note 10)
Mezzanine Equity    
Preferred Stock, $0.0001 par value; 5,000,000 shares authorized Series B Preferred Stock, $0.0001 par value; 5,000 shares authorized, 3,500 and 3,500 shares issued and outstanding, liquidation value approximately, $1,337 and $1,305 per share as of March 31, 2023 and December 31, 2022, respectively 4,678,014 4,565,822
Stockholders’ Deficit    
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately, $28.39 and $27.84 per share as of March 31, 2023 and December 31, 2022, respectively 140 140
Common stock, $0.01 par value; 100,000,000 shares authorized, 32,040,045 and 31,552,775 shares issued, 31,937,005 and 31,449,735 outstanding as of March 31, 2023 and December 31, 2022, respectively 320,401 315,528
Additional paid-in capital 183,183,652 179,015,250
Accumulated deficit (195,348,013) (190,562,994)
Treasury stock, 103,040 and 103,040 shares, at cost, as of March 31, 2023 and December 31, 2022, respectively (163,701) (163,701)
Total LifeMD, Inc. Stockholders’ Deficit (12,007,521) (11,395,777)
Non-controlling interest (31,497) (475,548)
Total Stockholders’ Deficit (12,039,018) (11,871,325)
Total Liabilities, Mezzanine Equity and Stockholders’ Deficit $ 33,869,830 $ 25,665,853