XML 21 R2.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current Assets    
Cash $ 35,004,924 $ 33,146,725
Accounts receivable, net 8,217,813 5,277,250
Product deposit 40,763 485,850
Inventory, net 2,797,358 2,759,932
Other current assets 2,672,231 934,510
Total Current Assets 48,733,089 42,604,267
Non-current Assets    
Equipment, net 1,479,184 476,303
Right of use assets 6,400,596 594,897
Capitalized software, net 13,816,501 11,795,979
Intangible assets, net 2,030,656 3,009,263
Total Non-current Assets 23,726,937 15,876,442
Total Assets 72,460,026 58,480,709
Current Liabilities    
Accounts payable 16,009,484 11,084,855
Accrued expenses 20,811,763 13,937,494
Notes payable, net 327,597
Current operating lease liabilities 508,537 603,180
Current portion of long-term debt 8,444,444
Deferred revenue 14,480,917 8,828,598
Total Current Liabilities 60,255,145 34,781,724
Long-term Liabilities    
Long-term debt, net 9,885,057 17,927,727
Noncurrent operating lease liabilities 6,265,192 73,849
Contingent consideration 100,000 131,250
Total Liabilities 76,505,394 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 December 31, 2024 and 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 December 31, 2024 and 2023 140 140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 42,293,907 and 38,358,641 shares issued, 42,190,867 and 38,255,601 outstanding as of December 31, 2024 and 2023, respectively 422,939 383,586
Additional paid-in capital 230,508,339 217,550,583
Accumulated deficit (236,253,218) (214,265,236)
Treasury stock, 103,040 shares, at cost, as of December 31, 2024 and 2023 (163,701) (163,701)
Total LifeMD, Inc. Stockholders’ (Deficit) Equity (5,485,501) 3,505,372
Non-controlling interest 1,440,133 2,060,787
Total Stockholders’ (Deficit) Equity (4,045,368) 5,566,159
Total Liabilities, Mezzanine Equity and Stockholders’ (Deficit) Equity $ 72,460,026 $ 58,480,709