$FZMD
Fuse Medical, Inc.

2023 Q3 Form 10-Q Financial Statement

#000143774923023606 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $4.997M
YoY Change 7.05%
Cost Of Revenue $1.528M
YoY Change -11.33%
Gross Profit $3.469M
YoY Change 17.8%
Gross Profit Margin 69.42%
Selling, General & Admin $1.618M
YoY Change 13.73%
% of Gross Profit 46.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00
YoY Change -100.0%
% of Gross Profit 0.0%
Operating Expenses $3.100M
YoY Change 3.46%
Operating Profit $368.9K
YoY Change -814.55%
Interest Expense $54.02K
YoY Change 47.9%
% of Operating Profit 14.65%
Other Income/Expense, Net -$54.02K
YoY Change 47.9%
Pretax Income $314.8K
YoY Change -457.17%
Income Tax $7.247K
% Of Pretax Income 2.3%
Net Earnings $307.6K
YoY Change -429.61%
Net Earnings / Revenue 6.16%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 73.90M 73.90M
Diluted Shares Outstanding 78.03M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $253.4K
YoY Change -58.05%
Cash & Equivalents $253.4K
Short-Term Investments
Other Short-Term Assets $104.4K
YoY Change 9.47%
Inventory $9.027M
Prepaid Expenses
Receivables $3.434M
Other Receivables $0.00
Total Short-Term Assets $12.82M
YoY Change -1.56%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill $1.973M
YoY Change 0.0%
Intangibles $1.126M
YoY Change -10.42%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $6.500M
YoY Change 7.76%
TOTAL ASSETS
Total Short-Term Assets $12.82M
Total Long-Term Assets $6.500M
Total Assets $19.32M
YoY Change 1.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.238M
YoY Change -11.37%
Accrued Expenses $5.605M
YoY Change 41.77%
Deferred Revenue
YoY Change
Short-Term Debt $2.221M
YoY Change -14.26%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.06M
YoY Change 6.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $7.486M
YoY Change -35.43%
Total Long-Term Liabilities $7.486M
YoY Change -35.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.06M
Total Long-Term Liabilities $7.486M
Total Liabilities $19.55M
YoY Change -14.7%
SHAREHOLDERS EQUITY
Retained Earnings -$2.439M
YoY Change -59.81%
Common Stock $739.0K
YoY Change -66.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$231.6K
YoY Change
Total Liabilities & Shareholders Equity $19.32M
YoY Change 1.39%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $307.6K
YoY Change -429.61%
Depreciation, Depletion And Amortization $0.00
YoY Change -100.0%
Cash From Operating Activities -$99.20K
YoY Change -361.67%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 141.6K
YoY Change -56.8%
NET CHANGE
Cash From Operating Activities -99.20K
Cash From Investing Activities 0.000
Cash From Financing Activities 141.6K
Net Change In Cash 42.39K
YoY Change -48.0%
FREE CASH FLOW
Cash From Operating Activities -$99.20K
Capital Expenditures $0.00
Free Cash Flow -$99.20K
YoY Change -130.8%

Facts In Submission

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><a href="#" id="notes" title="notes"></a>Note <em style="font: inherit;">1.</em> Nature of Operations</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Overview</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">Fuse Medical, Inc., a Delaware corporation (the “Company”), was initially incorporated in <em style="font: inherit;">1968</em> as American Metals Service, Inc., a Florida corporation. In <em style="font: inherit;"> July 1999, </em>American Metals Service, Inc. changed its name to GolfRounds.com, Inc. and was redomiciled to Delaware through a merger. Effective <em style="font: inherit;"> May 28, 2014, </em>GolfRounds.com, Inc. amended its certificate of incorporation to change its name to Fuse Medical, Inc., and Fuse Medical, LLC, an unrelated entity, merged with and into a wholly-owned subsidiary of Fuse Medical, Inc., with Fuse Medical, LLC surviving as a wholly-owned subsidiary of Fuse Medical, Inc. The transaction was accounted for as a reverse merger. The Company was the legal acquirer, and Fuse Medical, LLC was deemed the accounting acquirer. During <em style="font: inherit;">2015,</em> certificates of termination were filed for Fuse Medical, LLC and its <em style="font: inherit;">two</em> subsidiaries.  </p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> December 19, 2016, </em>the Change-in-Control Date, the Company entered into a Stock Purchase Agreement by and between the Company, NC <em style="font: inherit;">143</em> which is controlled by Mr. Brooks, the Company’s Chairman of the Board and President; and RMI, which is owned and controlled by Mr. Reeg, the Company’s Chief Executive Officer and Secretary. The closing of the Stock Purchase Agreement resulted in a change-in-control of the Company whereby Mr. Brooks and Mr. Reeg beneficially acquired approximately 61.4% of the Company’s issued and outstanding shares of Common Stock, immediately after the Change-in-Control Date.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">On <em style="font: inherit;"> December 31, 2017, </em>the Company completed the acquisition of CPM Medical Consultants, LLC (“CPM”) pursuant to the CPM Acquisition Agreement (the “CPM Acquisition”). Subsequent to the Change-in-Control Date, CPM and Company operations are consolidated. On <em style="font: inherit;"> August 1, 2018, </em>the Company completed the acquisition of Palm Springs Partners, LLC d/b/a Maxim Surgical (“Maxim” and such transactions the “Maxim Acquisition”), pursuant to the Maxim Purchase Agreement. As of the Maxim Closing Date, Maxim and Company operations are consolidated. Maxim was subsequently dissolved and terminated on <em style="font: inherit;"> December 20, 2019 </em><em style="font: inherit;"> December 20, 2019.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Nature of Business</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company is a manufacturer, distributor, and wholesaler of medical device implants, offering a broad portfolio of orthopedic implants and biologics including: (i) internal and external fixation products; (ii) upper and lower extremity plating and total joint reconstruction implants; (iii) soft tissue fixation and augmentation for sports medicine procedures; (iv) spinal implants for trauma, degenerative disc disease and deformity indications; and (v) a wide array of osteo-biologics and regenerative products, which include human allografts, substitute bone materials, tendons, and regenerative tissues. All of the Company’s medical devices are approved by the FDA for sale in the United States, and all of the Company’s Biologics suppliers are licensed tissue banks accredited by the American Association of Tissue Banks.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company’s broad portfolio of Orthopedic Implants and Biologics provide high-quality products to assist surgeons with positive patient outcomes and cost-effective solutions for its customers, which include hospitals, medical facilities, and sub-distributors. The Company operates under exclusive and non-exclusive agreements with certain vendors and supply partners in the geographic territories the Company serves.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The Company continuously reviews and expands its product lines to ensure that they offer a comprehensive, high-quality and cost-effective selection of Orthopedic Implants and Biologics so that the Company can be more relevant to its customer needs while continuing to grow its existing customer base. Additionally, the Company continues to grow its manufacturing operations, both by internal product development as well as the acquisition of existing FDA cleared devices.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Basis of Presentation</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The interim unaudited condensed consolidated financial statements included herein reflect all material adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) which, in the opinion of the Company, are ordinary and necessary for a fair presentation of results for the interim periods. Certain information and footnote disclosures required under generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The Company believes the disclosures are adequate to make the information presented <em style="font: inherit;">not</em> misleading.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The condensed consolidated balance sheet information as of <em style="font: inherit;"> December 31, 2022</em>, was derived from the Company’s annual report on Form <em style="font: inherit;">10</em>-K for the fiscal year ended <em style="font: inherit;"> December 31, 2022</em> (“<em style="font: inherit;">2022</em> Annual Report”), filed with the SEC pursuant to Section <em style="font: inherit;">13</em> or <em style="font: inherit;">15</em>(d) under the Securities Exchange Act of <em style="font: inherit;">1934,</em> as amended (the “Exchange Act”), on <em style="font: inherit;"> April 14, 2023. </em>These interim unaudited condensed consolidated financial statements should be read in conjunction with the <em style="font: inherit;">2022</em> Annual Report.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">The results of operations for the <em style="font: inherit;">three</em> and <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2023</em> are <em style="font: inherit;">not</em> necessarily indicative of the results to be expected for the entire fiscal year or for any other period as the Company has historically experienced seasonal trends with greater revenue and volume between the last <em style="font: inherit;">two</em> calendar quarters compared to the <em style="font: inherit;">first</em> <em style="font: inherit;">two</em> calendar quarters of the year.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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