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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets    
Cash $ 11,906,741 $ 3,958,957
Accounts receivable, net 3,668,543 2,834,750
Product deposit 235,115 127,265
Inventory, net 3,698,302 3,703,363
Other current assets 672,195 687,022
Total Current Assets 20,180,896 11,311,357
Non-current Assets    
Equipment, net 444,226 476,441
Right of use asset 928,696 1,206,009
Capitalized software, net 10,391,372 8,840,187
Intangible assets, net 3,501,199 3,831,859
Total Non-current Assets 15,265,493 14,354,496
Total Assets 35,446,389 25,665,853
Current Liabilities    
Accounts payable 9,593,379 10,106,793
Accrued expenses 14,761,756 12,166,509
Notes payable, net 735,534 2,797,250
Current operating lease liabilities 758,927 756,093
Deferred revenue 5,668,210 5,547,506
Total Current Liabilities 31,517,806 31,374,151
Long-term Liabilities    
Long-term debt, net 13,538,502
Noncurrent operating lease liabilities 276,340 574,136
Contingent consideration 318,750 443,750
Purchase price payable 579,319
Total Liabilities 45,651,398 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, $1,438 and $1,305 per share as of June 30, 2023 and December 31, 2022, respectively 5,032,929 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, $28.94 and $27.84 per share as of June 30, 2023 and December 31, 2022, respectively 140 140
Common stock, $0.01 par value; 100,000,000 shares authorized, 32,564,835 and 31,552,775 shares issued, 32,461,795 and 31,449,735 outstanding as of June 30, 2023 and December 31, 2022, respectively 325,649 315,528
Additional paid-in capital 186,673,930 179,015,250
Accumulated deficit (202,857,575) (190,562,994)
Treasury stock, 103,040 and 103,040 shares, at cost, as of June 30, 2023 and December 31, 2022, respectively (163,701) (163,701)
Total LifeMD, Inc. Stockholders’ Deficit (16,021,557) (11,395,777)
Non-controlling interest 783,619 (475,548)
Total Stockholders’ Deficit (15,237,938) (11,871,325)
Total Liabilities, Mezzanine Equity and Stockholders’ Deficit $ 35,446,389 $ 25,665,853