$FZMD
Fuse Medical, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020026784 Filed on May 22, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $4.637M $4.771M $7.835M
YoY Change -2.81% -20.49% 4.47%
Cost Of Revenue $1.983M $1.975M $3.411M
YoY Change 0.38% -36.69% -8.3%
Gross Profit $2.654M $2.795M $4.424M
YoY Change -5.07% -2.94% 17.04%
Gross Profit Margin 57.23% 58.59% 56.46%
Selling, General & Admin $2.481M $2.364M $3.866M
YoY Change 4.93% 7.66% 7.69%
% of Gross Profit 93.49% 84.58% 87.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $29.98K $25.72K $39.04K
YoY Change 16.56% 1137.33%
% of Gross Profit 1.13% 0.92% 0.88%
Operating Expenses $2.481M $2.364M $3.905M
YoY Change 4.93% -37.41% 8.78%
Operating Profit $172.8K $431.1K $518.7K
YoY Change -59.91% -148.08% 172.99%
Interest Expense $31.00K $25.44K -$32.11K
YoY Change 21.88% -29.16% -35.78%
% of Operating Profit 17.94% 5.9% -6.19%
Other Income/Expense, Net -$31.00K -$25.44K $5.663M
YoY Change 21.88%
Pretax Income -$1.279M -$625.5K $6.150M
YoY Change 104.5% -33.69% 3999.73%
Income Tax $4.734K -$114.5K $119.0K
% Of Pretax Income 1.93%
Net Earnings -$1.284M -$511.0K $6.031M
YoY Change 151.27% -30.47% 5930.64%
Net Earnings / Revenue -27.69% -10.71% 76.97%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$18.28K -$7.434K $49.66K
COMMON SHARES
Basic Shares Outstanding 73.12M 68.74M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $753.3K $851.8K $844.3K
YoY Change -11.56% 6.47% 5.54%
Cash & Equivalents $753.3K $851.8K $844.3K
Short-Term Investments
Other Short-Term Assets $117.4K $32.22K $29.55K
YoY Change 264.28% 7.4% -1.5%
Inventory $7.802M $11.00M $11.08M
Prepaid Expenses
Receivables $4.414M $3.220M $5.226M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.09M $15.10M $17.18M
YoY Change -13.35% -4.34% -4.76%
LONG-TERM ASSETS
Property, Plant & Equipment $43.77K $37.61K $42.97K
YoY Change 16.38% 276.1% 154.36%
Goodwill $1.973M $2.905M
YoY Change 254.0%
Intangibles $1.186M $1.268M $1.288M
YoY Change -6.42%
Long-Term Investments
YoY Change
Other Assets $886.0K $0.00
YoY Change 52.76% -100.0%
Total Long-Term Assets $3.203M $5.096M $4.997M
YoY Change -37.15% 258.9% 312.02%
TOTAL ASSETS
Total Short-Term Assets $13.09M $15.10M $17.18M
Total Long-Term Assets $3.203M $5.096M $4.997M
Total Assets $16.29M $20.20M $22.17M
YoY Change -19.36% 17.38% 15.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.572M $1.518M $2.713M
YoY Change 69.37% -0.76% 4.82%
Accrued Expenses $2.763M $2.354M $2.784M
YoY Change 17.4% 7.47% 52.09%
Deferred Revenue
YoY Change
Short-Term Debt $1.653M $1.547M $1.627M
YoY Change 6.88% -45.15% -54.41%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.988M $5.419M $7.125M
YoY Change 28.96% -17.14% -10.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.65M $13.58M $13.58M
YoY Change -14.26% -29.41% -29.41%
Total Long-Term Liabilities $11.65M $13.58M $13.58M
YoY Change -14.26% -29.41% -29.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.988M $5.419M $7.125M
Total Long-Term Liabilities $11.65M $13.58M $13.58M
Total Liabilities $18.63M $19.00M $20.71M
YoY Change -1.93% -26.33% -23.95%
SHAREHOLDERS EQUITY
Retained Earnings -$3.880M $751.8K
YoY Change
Common Stock $1.536M $959.3K $714.9K
YoY Change 60.15% -108.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.343M $1.200M $1.467M
YoY Change
Total Liabilities & Shareholders Equity $16.29M $20.20M $22.17M
YoY Change -19.36% 17.38% 15.2%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$1.284M -$511.0K $6.031M
YoY Change 151.27% -30.47% 5930.64%
Depreciation, Depletion And Amortization $29.98K $25.72K $39.04K
YoY Change 16.56% 1137.33%
Cash From Operating Activities -$76.10K $88.01K -$458.6K
YoY Change -186.47% -88.02% 358.61%
INVESTING ACTIVITIES
Capital Expenditures $20.76K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$20.76K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -249.2K -80.58K 713.9K
YoY Change 209.25% -89.13% 2279.63%
NET CHANGE
Cash From Operating Activities -76.10K 88.01K -458.6K
Cash From Investing Activities -20.76K 0.000
Cash From Financing Activities -249.2K -80.58K 713.9K
Net Change In Cash -346.0K 7.437K 255.3K
YoY Change -4752.98% -207.6% -464.69%
FREE CASH FLOW
Cash From Operating Activities -$76.10K $88.01K -$458.6K
Capital Expenditures $20.76K $0.00
Free Cash Flow -$96.86K -$458.6K
YoY Change 358.61%

Facts In Submission

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<p style="text-align:justify;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="text-align:justify;margin-top:12pt;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 interim unaudited condensed 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 interim unaudited condensed consolidated financial statements. </p> <p style="text-align:justify;margin-top:12pt;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;">Actual results could differ from those estimates. Significant estimates on the accompanying interim unaudited condensed consolidated financial statements include the allowance for doubtful accounts, 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 management expectation of future taxable income and allowable deductions, and the fair value calculations of stock-based compensation, goodwill, finite lived intangibles and the earn-out (&#8220;Earn-Out&#8221;) liability. </p>
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CurrentIncomeTaxExpenseBenefit
4734
CY2019Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
10482
CY2020Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
0
CY2020Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
513841
CY2020Q1 fzmd Deferred Tax Assets Accounts Receivable
DeferredTaxAssetsAccountsReceivable
411310
CY2020Q1 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
398763
CY2020Q1 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
671408
CY2020Q1 us-gaap Deferred Tax Assets Other
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24648
CY2020Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
2019970
CY2020Q1 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
214824
CY2020Q1 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
5922
CY2020Q1 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
220746
CY2020Q1 fzmd Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
1799224
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1529584
CY2020Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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269640
CY2020Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1799224
CY2020Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
364605
CY2019Q4 us-gaap Deferred Tax Assets Inventory
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734524
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
0
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1754250
CY2019Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
218427
CY2019Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
6239
CY2019Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
224666
CY2019Q4 fzmd Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
1529584
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
CY2020Q1 us-gaap Operating Loss Carryforwards
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2446861
CY2020Q1 fzmd Net Operating Loss Carryforwards Earliest Expiration Year
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2020
CY2020Q1 us-gaap Open Tax Year
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2016 2017 2018
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.211
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.000
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.003
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.013
CY2020Q1 fzmd Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.000
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.183

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