$FZMD
Fuse Medical, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020054212 Filed on November 16, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $5.739M $7.337M $5.716M
YoY Change 0.39% -6.35% -15.74%
Cost Of Revenue $2.044M $2.776M $4.788M
YoY Change -57.32% -18.64% 57.12%
Gross Profit $3.695M $4.562M $928.4K
YoY Change 297.99% 3.12% -75.16%
Gross Profit Margin 64.39% 62.17% 16.24%
Selling, General & Admin $3.565M $4.092M $2.264M
YoY Change 57.46% 5.83% 17.12%
% of Gross Profit 96.48% 89.7% 243.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $23.31K $30.15K $25.60K
YoY Change -8.92% -22.77% 430.05%
% of Gross Profit 0.63% 0.66% 2.76%
Operating Expenses $3.588M $4.122M $4.031M
YoY Change -10.99% 5.55% 20.6%
Operating Profit $106.8K $439.8K -$3.103M
YoY Change -103.44% -15.21% -887.37%
Interest Expense -$20.61K -$33.27K $34.90K
YoY Change -159.05% 3.61% 34.65%
% of Operating Profit -19.31% -7.56%
Other Income/Expense, Net -$20.61K $1.936M -$34.90K
YoY Change -40.94% -65.81% 34.65%
Pretax Income $86.15K $1.411M -$3.138M
YoY Change -102.75% -77.06% -952.28%
Income Tax $5.661K $9.500K $926.5K
% Of Pretax Income 6.57% 0.67%
Net Earnings $80.48K $1.401M -$4.064M
YoY Change -101.98% -76.77% -1566.31%
Net Earnings / Revenue 1.4% 19.09% -71.1%
Basic Earnings Per Share $0.00 -$0.06
Diluted Earnings Per Share $0.00 $19.95K -$0.06
COMMON SHARES
Basic Shares Outstanding 70.22M 70.22M
Diluted Shares Outstanding 75.00M 70.22M

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.539M $1.099M $1.031M
YoY Change 49.22% 30.2% 73.36%
Cash & Equivalents $1.539M $1.099M $1.031M
Short-Term Investments
Other Short-Term Assets $34.96K $39.85K $17.37K
YoY Change 101.27% 34.86% -21.3%
Inventory $6.983M $7.856M $8.190M
Prepaid Expenses
Receivables $3.215M $5.250M $4.759M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.77M $14.24M $14.00M
YoY Change -15.9% -17.07% -7.84%
LONG-TERM ASSETS
Property, Plant & Equipment $25.26K $32.64K $27.12K
YoY Change -6.86% -24.05% -35.78%
Goodwill $1.973M
YoY Change -32.09%
Intangibles $1.207M
YoY Change -6.32%
Long-Term Investments $2.070M
YoY Change
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $5.219M $4.137M $4.159M
YoY Change 25.47% -17.22% -15.27%
TOTAL ASSETS
Total Short-Term Assets $11.77M $14.24M $14.00M
Total Long-Term Assets $5.219M $4.137M $4.159M
Total Assets $16.99M $18.38M $18.16M
YoY Change -6.42% -17.1% -9.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.343M $2.753M $2.526M
YoY Change -7.23% 1.47% 7.26%
Accrued Expenses $3.522M $3.303M $2.910M
YoY Change 21.04% 18.63% 12.32%
Deferred Revenue
YoY Change
Short-Term Debt $1.550M $1.903M $1.903M
YoY Change -18.54% 16.9% 108.25%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.415M $7.958M $7.338M
YoY Change 1.05% 11.7% 25.24%
LONG-TERM LIABILITIES
Long-Term Debt $350.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.65M $11.65M $13.58M
YoY Change -14.26% -14.26% -29.43%
Total Long-Term Liabilities $12.00M $11.65M $13.58M
YoY Change -11.68% -14.26% -29.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.415M $7.958M $7.338M
Total Long-Term Liabilities $12.00M $11.65M $13.58M
Total Liabilities $19.41M $19.60M $20.92M
YoY Change -7.21% -5.32% -16.67%
SHAREHOLDERS EQUITY
Retained Earnings -$2.596M
YoY Change -445.28%
Common Stock $1.374M
YoY Change 92.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.420M -$1.222M -$2.763M
YoY Change
Total Liabilities & Shareholders Equity $16.99M $18.38M $18.16M
YoY Change -6.42% -17.1% -9.65%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $80.48K $1.401M -$4.064M
YoY Change -101.98% -76.77% -1566.31%
Depreciation, Depletion And Amortization $23.31K $30.15K $25.60K
YoY Change -8.92% -22.77% 430.05%
Cash From Operating Activities $421.6K $83.36K -$310.6K
YoY Change -235.75% -118.18% -125.08%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$15.32K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00 -$15.32K $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 -50.00K 0.000 500.0K
YoY Change -110.0% -100.0% -139.71%
NET CHANGE
Cash From Operating Activities 421.6K 83.36K -310.6K
Cash From Investing Activities 0.000 -15.32K 0.000
Cash From Financing Activities -50.00K 0.000 500.0K
Net Change In Cash 371.6K 68.04K 189.4K
YoY Change 96.17% -73.35% -25357.33%
FREE CASH FLOW
Cash From Operating Activities $421.6K $83.36K -$310.6K
Capital Expenditures $0.00 -$15.32K $0.00
Free Cash Flow $421.6K $98.68K -$310.6K
YoY Change -235.75% -121.52% -125.49%

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: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 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: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;">Actual results could differ from those estimates. Significant estimates on the accompanying interim unaudited condensed consolidated financial statements include the allowances 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 management&#8217;s 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 liability. </p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Long term accounts receivable, net of allowance was previously reported as a component of current assets as accounts receivable, net of allowance, in the Company&#8217;s accompanying interim unaudited condensed consolidated balance sheets. Long term accounts receivable reflects Cases where the patient has obtained a letter of protection, (&#8220;<font style="font-weight:bold;">LOP</font>&#8221;). A LOP is a contract that provides that the medical providers will be paid from any proceeds received from settlement of litigation of the underlying cause of action with respect to the event that necessitated medical goods and services. Once the medical provider receives payment, then the medical provider pays the Company&#8217;s invoice which payment is generally greater than 365 day from date of service. The LOP provides medical providers with greater certainty of full payment. This reclassification had no effect on the previously reported total assets or net loss. &#160;</p>
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1814848
CY2020Q3 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
208703
CY2019Q3 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
222029
CY2020Q3 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
4214
CY2019Q3 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
4950
CY2020Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
212917
CY2019Q3 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
226979
CY2020Q3 fzmd Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
1871243
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
341659
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1587869
CY2020Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1871243
CY2019Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1587869
CY2020Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2019Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2020Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
4017055
fzmd Net Operating Loss Carryforwards Earliest Expiration Year
NetOperatingLossCarryforwardsEarliestExpirationYear
2020
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
-0.211
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.006
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.013
fzmd Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
0.000
fzmd Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.005
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
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.007
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.192

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