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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current Assets    
Cash $ 41,328,039 $ 9,179,075
Accounts receivable, net 980,055 997,757
Product deposit 203,556 816,765
Inventory, net 1,616,600 1,264,258
Other current assets 793,190 154,876
Total Current Assets 44,921,440 12,412,731
Non-current Assets    
Equipment, net 233,805
Right of use asset, net 1,752,448 274,437
Capitalized software, net 2,995,789 375,983
Intangible assets, net 19,761 339,840
Total Non-current Assets 5,001,803 990,260
Total Assets 49,923,243 13,402,991
Current Liabilities    
Accounts payable and accrued expenses 20,654,819 12,143,420
Notes payable, net 63,400 779,132
Current operating lease liabilities 607,490 93,001
Deferred revenue 1,499,880 916,880
Total Current Liabilities 22,825,589 13,932,433
Long-term Liabilities    
Noncurrent operating lease liabilities 1,178,544 192,322
Contingent consideration on purchase of WorkSimpli 100,000 100,000
Total Liabilities 24,104,133 14,224,755
Commitments and contingencies (Note 9)
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, 3,500 and 3,500 shares issued and outstanding, liquidation value approximately, $1,175 and $1,045 per share as of December 31, 2021 and 2020, respectively 4,110,822 3,655,822
Stockholders’ Equity (Deficit)    
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 and zero shares issued and outstanding, liquidation value approximately, $25.62 and $0 per share as of December 31, 2021 and 2020, respectively 140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 30,704,434 and 23,433,663 shares issued, 30,601,394 and 23,330,623 outstanding as of December 31, 2021 and 2020, respectively 307,045 234,337
Additional paid-in capital 164,517,634 77,779,370
Accumulated deficit (141,921,085) (80,151,905)
Treasury stock, 103,040 and 103,040 shares, at cost (163,701) (163,701)
Total LifeMD, Inc. Stockholders’ Equity (Deficit) 22,740,033 (2,301,899)
Non-controlling interest (1,031,745) (2,175,687)
Total Stockholders’ Equity (Deficit) 21,708,288 (4,477,586)
Total Liabilities and Stockholders’ Equity (Deficit) $ 49,923,243 $ 13,402,991