XML 101 R2.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current Assets    
Cash $ 3,958,957 $ 41,328,039
Accounts receivable, net 2,834,750 980,055
Product deposit 127,265 203,556
Inventory, net 3,703,363 1,616,600
Other current assets 687,022 793,190
Total Current Assets 11,311,357 44,921,440
Non-current Assets    
Equipment, net 476,441 233,805
Right of use asset, net 1,206,009 1,752,448
Capitalized software, net 8,840,187 2,995,789
Intangible assets, net 3,831,859 19,761
Total Non-current Assets 14,354,496 5,001,803
Total Assets 25,665,853 49,923,243
Current Liabilities    
Accounts payable 10,106,793 9,059,214
Accrued expenses 12,166,509 11,595,605
Notes payable, net 2,797,250 63,400
Current operating lease liabilities 756,093 607,490
Deferred revenue 5,547,506 1,499,880
Total Current Liabilities 31,374,151 22,825,589
Long-term Liabilities    
Noncurrent operating lease liabilities 574,136 1,178,544
Contingent consideration 443,750 100,000
Purchase price payable 579,319
Total Liabilities 32,971,356 24,104,133
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, 3,500 and 3,500 shares issued and outstanding, liquidation value approximately, $1,305 and $1,175 per share as of December 31, 2022 and 2021, respectively 4,565,822 4,110,822
Stockholders’ (Deficit) Equity    
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 and 1,400,000 shares issued and outstanding, liquidation value approximately, $27.84 and $25.62 per share as of December 31, 2022 and 2021, respectively 140 140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 31,552,775 and 30,704,434 shares issued, 31,449,735 and 30,601,394 outstanding as of December 31, 2022 and 2021, respectively 315,528 307,045
Additional paid-in capital 179,015,250 164,517,634
Accumulated deficit (190,562,994) (141,921,085)
Treasury stock, 103,040 and 103,040 shares, at cost, as of December 31, 2022 and 2021, respectively (163,701) (163,701)
Total LifeMD, Inc. Stockholders’ (Deficit) Equity (11,395,777) 22,740,033
Non-controlling interest (475,548) (1,031,745)
Total Stockholders’ (Deficit) Equity (11,871,325) 21,708,288
Total Liabilities, Mezzanine Equity and Stockholders’ (Deficit) Equity $ 25,665,853 $ 49,923,243