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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current Assets    
Cash $ 33,146,725 $ 3,958,957
Accounts receivable, net 5,277,250 2,834,750
Product deposit 485,850 127,265
Inventory, net 2,759,932 3,703,363
Other current assets 934,510 687,022
Total Current Assets 42,604,267 11,311,357
Non-current Assets    
Equipment, net 476,303 476,441
Right of use asset 594,897 1,206,009
Capitalized software, net 11,795,979 8,840,187
Intangible assets, net 3,009,263 3,831,859
Total Non-current Assets 15,876,442 14,354,496
Total Assets 58,480,709 25,665,853
Current Liabilities    
Accounts payable 11,084,855 10,106,793
Accrued expenses 13,937,494 12,166,509
Notes payable, net 327,597 2,797,250
Current operating lease liabilities 603,180 756,093
Deferred revenue 8,828,598 5,547,506
Total Current Liabilities 34,781,724 31,374,151
Long-term Liabilities    
Long-term debt, net 17,927,727
Noncurrent operating lease liabilities 73,849 574,136
Contingent consideration 131,250 443,750
Purchase price payable 579,319
Total Liabilities 52,914,550 32,971,356
Commitments and contingencies (Note 10)
Mezzanine Equity    
Preferred Stock, $0.0001 par value; 5,000,000 shares authorized Series B Convertible Preferred Stock, $0.0001 par value; 5,000 shares authorized, zero and 3,500 shares issued and outstanding, liquidation value approximately, $0 and $1,305 per share as of December 31, 2023 and 2022, respectively 4,565,822
Stockholders’ Equity (Deficit)    
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately, $29.99 and $27.84 per share as of December 31, 2023 and 2022, respectively 140 140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 38,358,641 and 31,552,775 shares issued, 38,255,601 and 31,449,735 outstanding as of December 31, 2023 and 2022, respectively 383,586 315,528
Additional paid-in capital 217,550,583 179,015,250
Accumulated deficit (214,265,236) (190,562,994)
Treasury stock, 103,040 and 103,040 shares, at cost, as of December 31, 2023 and 2022, respectively (163,701) (163,701)
Total LifeMD, Inc. Stockholders’ Equity (Deficit) 3,505,372 (11,395,777)
Non-controlling interest 2,060,787 (475,548)
Total Stockholders’ Equity (Deficit) 5,566,159 (11,871,325)
Total Liabilities, Mezzanine Equity and Stockholders’ Equity (Deficit) $ 58,480,709 $ 25,665,853