$FZMD
Fuse Medical, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021026927 Filed on May 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $4.441M $4.637M
YoY Change -4.22% -2.81%
Cost Of Revenue $1.854M $1.983M
YoY Change -6.51% 0.38%
Gross Profit $2.587M $2.654M
YoY Change -2.51% -5.07%
Gross Profit Margin 58.25% 57.23%
Selling, General & Admin $3.000M $2.481M
YoY Change 20.93% 4.93%
% of Gross Profit 115.97% 93.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.79K $29.98K
YoY Change -43.99% 16.56%
% of Gross Profit 0.65% 1.13%
Operating Expenses $3.017M $2.481M
YoY Change 21.61% 4.93%
Operating Profit -$430.0K $172.8K
YoY Change -348.77% -59.91%
Interest Expense -$19.00K $31.00K
YoY Change -161.29% 21.88%
% of Operating Profit 17.94%
Other Income/Expense, Net -$19.00K -$31.00K
YoY Change -38.71% 21.88%
Pretax Income -$449.0K -$1.279M
YoY Change -64.9% 104.5%
Income Tax $4.360K $4.734K
% Of Pretax Income
Net Earnings -$453.3K -$1.284M
YoY Change -64.69% 151.27%
Net Earnings / Revenue -10.21% -27.69%
Basic Earnings Per Share
Diluted Earnings Per Share -$6.456K -$18.28K
COMMON SHARES
Basic Shares Outstanding 73.12M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.418M $753.3K
YoY Change 88.22% -11.56%
Cash & Equivalents $1.418M $753.3K
Short-Term Investments
Other Short-Term Assets $94.54K $117.4K
YoY Change -19.45% 264.28%
Inventory $7.595M $7.802M
Prepaid Expenses
Receivables $3.488M $4.414M
Other Receivables $0.00 $0.00
Total Short-Term Assets $12.60M $13.09M
YoY Change -3.76% -13.35%
LONG-TERM ASSETS
Property, Plant & Equipment $13.63K $43.77K
YoY Change -68.86% 16.38%
Goodwill $1.973M
YoY Change
Intangibles $1.186M
YoY Change -6.42%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $4.862M $3.203M
YoY Change 51.81% -37.15%
TOTAL ASSETS
Total Short-Term Assets $12.60M $13.09M
Total Long-Term Assets $4.862M $3.203M
Total Assets $17.46M $16.29M
YoY Change 7.17% -19.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.325M $2.572M
YoY Change 29.3% 69.37%
Accrued Expenses $2.697M $2.763M
YoY Change -2.39% 17.4%
Deferred Revenue
YoY Change
Short-Term Debt $1.600M $1.653M
YoY Change -3.24% 6.88%
Long-Term Debt Due $3.000K
YoY Change
Total Short-Term Liabilities $7.625M $6.988M
YoY Change 9.11% 28.96%
LONG-TERM LIABILITIES
Long-Term Debt $347.0K $0.00
YoY Change
Other Long-Term Liabilities $11.94M $11.65M
YoY Change 2.5% -14.26%
Total Long-Term Liabilities $12.28M $11.65M
YoY Change 5.48% -14.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.625M $6.988M
Total Long-Term Liabilities $12.28M $11.65M
Total Liabilities $19.91M $18.63M
YoY Change 6.84% -1.93%
SHAREHOLDERS EQUITY
Retained Earnings -$3.880M
YoY Change
Common Stock $1.536M
YoY Change 60.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.450M -$2.343M
YoY Change
Total Liabilities & Shareholders Equity $17.46M $16.29M
YoY Change 7.17% -19.36%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$453.3K -$1.284M
YoY Change -64.69% 151.27%
Depreciation, Depletion And Amortization $16.79K $29.98K
YoY Change -43.99% 16.56%
Cash From Operating Activities $55.34K -$76.10K
YoY Change -172.72% -186.47%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $20.76K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$20.76K
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 175.0K -249.2K
YoY Change -170.23% 209.25%
NET CHANGE
Cash From Operating Activities 55.34K -76.10K
Cash From Investing Activities 0.000 -20.76K
Cash From Financing Activities 175.0K -249.2K
Net Change In Cash 230.3K -346.0K
YoY Change -166.56% -4752.98%
FREE CASH FLOW
Cash From Operating Activities $55.34K -$76.10K
Capital Expenditures $0.00 $20.76K
Free Cash Flow $55.34K -$96.86K
YoY Change -157.13%

Facts In Submission

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CY2021Q1 us-gaap Use Of Estimates
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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 fair value calculations of stock-based compensation, goodwill, finite lived intangibles and the earn-out (&#8220;Earn-Out&#8221;) liability. </p>
CY2021Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassification</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;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 consolidated balance sheets. Long term accounts receivable reflects sales based on medical procedures in which the Company&#8217;s products are sold and used (&#8220;Cases&#8221;) where the patient has obtained a letter of protection, (&#8220;LOP&#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 days 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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Files In Submission

Name View Source Status
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