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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current Assets    
Cash $ 15,288,330 $ 3,958,957
Accounts receivable, net 4,418,582 2,834,750
Product deposit 84,768 127,265
Inventory, net 3,790,646 3,703,363
Other current assets 1,303,960 687,022
Total Current Assets 24,886,286 11,311,357
Non-current Assets    
Equipment, net 424,637 476,441
Right of use asset 799,104 1,206,009
Capitalized software, net 11,325,766 8,840,187
Intangible assets, net 3,255,231 3,831,859
Total Non-current Assets 15,804,738 14,354,496
Total Assets 40,691,024 25,665,853
Current Liabilities    
Accounts payable 9,637,390 10,106,793
Accrued expenses 15,493,128 12,166,509
Notes payable, net 426,223 2,797,250
Current operating lease liabilities 725,832 756,093
Deferred revenue 6,239,354 5,547,506
Total Current Liabilities 32,521,927 31,374,151
Long-term Liabilities    
Long-term debt, net 18,827,283
Noncurrent operating lease liabilities 169,821 574,136
Contingent consideration 256,250 443,750
Purchase price payable 579,319
Total Liabilities 51,775,281 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, zero and 3,500 shares issued and outstanding, liquidation value approximately, $0 and $1,305 per share as of September 30, 2023 and December 31, 2022, respectively 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, $29.44 and $27.84 per share as of September 30, 2023 and December 31, 2022, respectively 140 140
Common stock, $0.01 par value; 100,000,000 shares authorized, 34,759,250 and 31,552,775 shares issued, 34,656,210 and 31,449,735 outstanding as of September 30, 2023 and December 31, 2022, respectively 347,593 315,528
Additional paid-in capital 196,901,377 179,015,250
Accumulated deficit (209,756,573) (190,562,994)
Treasury stock, 103,040 and 103,040 shares, at cost, as of September 30, 2023 and December 31, 2022, respectively (163,701) (163,701)
Total LifeMD, Inc. Stockholders’ Deficit (12,671,164) (11,395,777)
Non-controlling interest 1,586,907 (475,548)
Total Stockholders’ Deficit (11,084,257) (11,871,325)
Total Liabilities, Mezzanine Equity and Stockholders’ Deficit $ 40,691,024 $ 25,665,853