$FZMD
Fuse Medical, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019043448 Filed on November 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q4
Revenue $5.716M $5.076M $7.835M
YoY Change -15.74% -11.24% 4.47%
Cost Of Revenue $4.788M $2.224M $3.411M
YoY Change 57.12% -41.02% -8.3%
Gross Profit $928.4K $2.852M $4.424M
YoY Change -75.16% 46.4% 17.04%
Gross Profit Margin 16.24% 56.19% 56.46%
Selling, General & Admin $2.264M $1.976M $3.866M
YoY Change 17.12% -13.83% 7.69%
% of Gross Profit 243.86% 69.28% 87.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.60K $25.60K $39.04K
YoY Change 430.05% 584.02%
% of Gross Profit 2.76% 0.9% 0.88%
Operating Expenses $4.031M $3.007M $3.905M
YoY Change 20.6% -23.14% 8.78%
Operating Profit -$3.103M -$154.5K $518.7K
YoY Change -887.37% -92.13% 172.99%
Interest Expense $34.90K $28.03K -$32.11K
YoY Change 34.65% -29.95% -35.78%
% of Operating Profit -6.19%
Other Income/Expense, Net -$34.90K -$28.03K $5.663M
YoY Change 34.65% -29.95%
Pretax Income -$3.138M -$182.5K $6.150M
YoY Change -952.28% -90.89% 3999.73%
Income Tax $926.5K -$40.39K $119.0K
% Of Pretax Income 1.93%
Net Earnings -$4.064M -$142.1K $6.031M
YoY Change -1566.31% -91.2% 5930.64%
Net Earnings / Revenue -71.1% -2.8% 76.97%
Basic Earnings Per Share -$0.06 $0.00
Diluted Earnings Per Share -$0.06 -$2.024K $49.66K
COMMON SHARES
Basic Shares Outstanding 70.22M 70.22M
Diluted Shares Outstanding 70.22M

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.031M $841.8K $844.3K
YoY Change 73.36% 22.01% 5.54%
Cash & Equivalents $1.031M $841.8K $844.3K
Short-Term Investments
Other Short-Term Assets $17.37K $18.50K $29.55K
YoY Change -21.3% -53.75% -1.5%
Inventory $8.190M $10.77M $11.08M
Prepaid Expenses
Receivables $4.759M $3.911M $5.226M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.00M $15.54M $17.18M
YoY Change -7.84% 0.18% -4.76%
LONG-TERM ASSETS
Property, Plant & Equipment $27.12K $32.36K $42.97K
YoY Change -35.78% -19.09% 154.36%
Goodwill $2.905M $2.905M
YoY Change 254.0% 254.0%
Intangibles $1.247M $1.288M
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $929.6K $0.00
YoY Change -100.0% -6.1% -100.0%
Total Long-Term Assets $4.159M $5.114M $4.997M
YoY Change -15.27% 177.95% 312.02%
TOTAL ASSETS
Total Short-Term Assets $14.00M $15.54M $17.18M
Total Long-Term Assets $4.159M $5.114M $4.997M
Total Assets $18.16M $20.65M $22.17M
YoY Change -9.65% 19.03% 15.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.526M $2.395M $2.713M
YoY Change 7.26% -9.3% 4.82%
Accrued Expenses $2.910M $1.961M $2.784M
YoY Change 12.32% -6.19% 52.09%
Deferred Revenue
YoY Change
Short-Term Debt $1.903M $1.403M $1.627M
YoY Change 108.25% -35.37% -54.41%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.338M $5.758M $7.125M
YoY Change 25.24% -16.68% -10.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.58M $13.58M $13.58M
YoY Change -29.43% -29.41% -29.41%
Total Long-Term Liabilities $13.58M $13.58M $13.58M
YoY Change -29.43% -29.41% -29.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.338M $5.758M $7.125M
Total Long-Term Liabilities $13.58M $13.58M $13.58M
Total Liabilities $20.92M $19.34M $20.71M
YoY Change -16.67% -26.05% -23.95%
SHAREHOLDERS EQUITY
Retained Earnings $98.65K $751.8K
YoY Change
Common Stock $1.214M $714.9K
YoY Change -108.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.763M $1.313M $1.467M
YoY Change
Total Liabilities & Shareholders Equity $18.16M $20.65M $22.17M
YoY Change -9.65% 19.01% 15.2%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income -$4.064M -$142.1K $6.031M
YoY Change -1566.31% -91.2% 5930.64%
Depreciation, Depletion And Amortization $25.60K $25.60K $39.04K
YoY Change 430.05% 584.02%
Cash From Operating Activities -$310.6K $134.5K -$458.6K
YoY Change -125.08% -86.14% 358.61%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -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 500.0K -144.4K 713.9K
YoY Change -139.71% -86.25% 2279.63%
NET CHANGE
Cash From Operating Activities -310.6K 134.5K -458.6K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 500.0K -144.4K 713.9K
Net Change In Cash 189.4K -9.910K 255.3K
YoY Change -25357.33% -90.09% -464.69%
FREE CASH FLOW
Cash From Operating Activities -$310.6K $134.5K -$458.6K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$310.6K $134.5K -$458.6K
YoY Change -125.49% -86.42% 358.61%

Facts In Submission

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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassification</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The provision for slow moving and obsolete inventory for the prior period unaudited condensed consolidated statement of cash flows has been reclassified to conform to the presentation of the current period unaudited condensed consolidated financial statements. This reclassification had no effect on the previously reported unaudited condensed consolidated balance sheets, statement of operations, and changes in stockholders&#8217; equity. </p>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the consolidated financial statements in accordance with GAAP, requires the Company&#8217;s management to make estimates and assumptions that affect the Company&#8217;s reported amounts in the consolidated financial statements. Actual results could differ from those estimates. Significant estimates in the accompanying unaudited condensed consolidated financial statements include the valuation of inventories, the Company&#8217;s effective income tax rate, and the recoverability of deferred tax assets, which are based upon the Company&#8217;s expectation of future taxable income and allowable deductions and the fair value calculations of stock-based compensation and earn-out liability. (See Note 3, &#8220;CPM Acquisition&#8221;) </p>
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CY2018Q3 fzmd Business Acquisitions Pro Forma Adjustments
BusinessAcquisitionsProFormaAdjustments
-116577
CY2018Q3 fzmd Business Acquisition Pro Forma Shares Outstanding Used In Calculating Net Income Loss Per Common Share Basic
BusinessAcquisitionProFormaSharesOutstandingUsedInCalculatingNetIncomeLossPerCommonShareBasic
70211566
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.196
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
222000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.64
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
10589
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
32121
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
10589
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
32121
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
760993
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-537863
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
760993
us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
-537863
CY2019Q3 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
222029
CY2019Q3 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
4950
CY2019Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
226979
CY2019Q3 fzmd Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
1587869
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1587869
CY2019Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1587869
CY2019Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2018Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
760993
CY2019Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
911042
CY2019Q3 fzmd Operating Loss Carryforwards Subject To Limitations On Use
OperatingLossCarryforwardsSubjectToLimitationsOnUse
198006
fzmd Net Operating Loss Carryforwards Earliest Expiration Year
NetOperatingLossCarryforwardsEarliestExpirationYear
2019
fzmd Net Operating Loss Carryforwards Latest Expiration Year
NetOperatingLossCarryforwardsLatestExpirationYear
2037
us-gaap Open Tax Year
OpenTaxYear
2016 2017 2018
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.402
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.000
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.010
fzmd Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.002
fzmd Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.004
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.000
us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.000

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