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Consolidated Balance Sheets - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets    
Cash $ 10,285,380 $ 18,652,841
Accounts receivable, net 5,420,722 2,861,014
Accounts receivable – related party 68,867 79,787
Royalty receivable 49,344 49,344
Inventory, net 3,734,250 2,048,191
Prepaid and other assets 1,014,508 917,318
Total current assets 20,573,071 24,608,495
Long-term assets    
Property and equipment, net 1,470,600 1,629,845
Right of use assets – operating leases 854,723 412,770
Goodwill 3,277,536
Intangible assets, net 32,217,182 4,727,970
Investment in equity securities 3,084,278 5,017,351
Total long-term assets 40,904,319 11,787,936
Total assets 61,477,390 36,396,431
Current liabilities    
Accounts payable 893,879 438,154
Accounts payable – related parties 29,005 155,817
Accrued royalties and expenses 1,653,326 706,196
Accrued bonuses and commissions 6,330,629 4,518,817
Operating lease liabilities – current 299,072 203,292
Total current liabilities 9,205,911 6,022,276
Long-term liabilities    
Earnout liabilities – long-term 7,055,267
Operating lease liabilities – long-term 567,744 222,151
Total long-term liabilities 7,623,011 222,151
Total liabilities 16,828,922 6,244,427
Commitments and contingencies (Note 9)
Shareholders’ equity    
Common Stock: $0.001 par value, 20,000,000 shares authorized; 8,303,729 issued and outstanding as of September 30, 2022 and 7,676,662 issued and outstanding as of December 31, 2021 8,304 7,677
Additional paid-in capital 64,565,730 45,867,768
Accumulated deficit (19,116,046) (15,235,044)
Total Sanara MedTech shareholders’ equity 45,457,988 30,640,401
Equity attributable to noncontrolling interest (809,520) (488,397)
Total shareholders’ equity 44,648,468 30,152,004
Total liabilities and shareholders’ equity $ 61,477,390 $ 36,396,431