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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current Assets    
Cash $ 37,587,253 $ 33,146,725
Accounts receivable, net 6,049,501 5,277,250
Product deposit 136,755 485,850
Inventory, net 2,645,443 2,759,932
Other current assets 2,238,005 934,510
Total Current Assets 48,656,957 42,604,267
Non-current Assets    
Equipment, net 1,420,052 476,303
Right of use assets 6,750,256 594,897
Capitalized software, net 13,457,432 11,795,979
Intangible assets, net 2,275,225 3,009,263
Total Non-current Assets 23,902,965 15,876,442
Total Assets 72,559,922 58,480,709
Current Liabilities    
Accounts payable 15,867,469 11,084,855
Accrued expenses 21,013,174 13,937,494
Notes payable, net 327,597
Current operating lease liabilities 403,319 603,180
Current portion of long-term debt 5,277,778
Deferred revenue 16,390,541 8,828,598
Total Current Liabilities 58,952,281 34,781,724
Long-term Liabilities    
Long-term debt, net 12,951,280 17,927,727
Noncurrent operating lease liabilities 6,511,425 73,849
Contingent consideration 100,000 131,250
Total Liabilities 78,514,986 52,914,550
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 shares issued and outstanding, liquidation value, $0 per share as of September 30, 2024 and December 31, 2023
Stockholders’ (Deficit) Equity    
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately, $25.55 per share as of September 30, 2024 and December 31, 2023 140 140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 41,909,572 and 38,358,641 shares issued, 41,806,532 and 38,255,601 outstanding as of September 30, 2024 and December 31, 2023, respectively 419,096 383,586
Additional paid-in capital 227,394,727 217,550,583
Accumulated deficit (235,370,384) (214,265,236)
Treasury stock, 103,040, at cost, as of September 30, 2024 and December 31, 2023 (163,701) (163,701)
Total LifeMD, Inc. Stockholders’ (Deficit) Equity (7,720,122) 3,505,372
Non-controlling interest 1,765,058 2,060,787
Total Stockholders’ (Deficit) Equity (5,955,064) 5,566,159
Total Liabilities, Mezzanine Equity and Stockholders’ (Deficit) Equity $ 72,559,922 $ 58,480,709