$FZMD
Fuse Medical, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021043834 Filed on August 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2019 Q4
Revenue $5.665M $4.011M $7.337M
YoY Change 41.25% -20.99% -6.35%
Cost Of Revenue $2.220M $1.797M $2.776M
YoY Change 23.54% -19.21% -18.64%
Gross Profit $3.445M $2.214M $4.562M
YoY Change 55.62% -22.37% 3.12%
Gross Profit Margin 60.82% 55.2% 62.17%
Selling, General & Admin $2.022M $1.161M $4.092M
YoY Change 74.05% -41.22% 5.83%
% of Gross Profit 58.67% 52.46% 89.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.47K $30.75K $30.15K
YoY Change -49.71% 20.14% -22.77%
% of Gross Profit 0.45% 1.39% 0.66%
Operating Expenses $3.871M $2.612M $4.122M
YoY Change 48.19% -13.11% 5.55%
Operating Profit -$426.0K -$398.5K $439.8K
YoY Change 6.91% 157.89% -15.21%
Interest Expense $16.05K $24.02K -$33.27K
YoY Change -33.19% -14.29% 3.61%
% of Operating Profit -7.56%
Other Income/Expense, Net $345.4K -$24.02K $1.936M
YoY Change -1537.71% -14.29% -65.81%
Pretax Income -$80.65K -$422.5K $1.411M
YoY Change -80.91% 131.45% -77.06%
Income Tax $4.826K $946.00 $9.500K
% Of Pretax Income 0.67%
Net Earnings -$85.48K -$423.4K $1.401M
YoY Change -79.81% 197.88% -76.77%
Net Earnings / Revenue -1.51% -10.56% 19.09%
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share -$1.217K -$6.030K $19.95K
COMMON SHARES
Basic Shares Outstanding 70.22M 70.22M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.357M $1.167M $1.099M
YoY Change 16.24% 38.66% 30.2%
Cash & Equivalents $1.357M $1.167M $1.099M
Short-Term Investments
Other Short-Term Assets $61.10K $87.75K $39.85K
YoY Change -30.37% 374.32% 34.86%
Inventory $8.313M $7.052M $7.856M
Prepaid Expenses
Receivables $3.052M $2.987M $5.250M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.78M $11.29M $14.24M
YoY Change 13.18% -27.31% -17.07%
LONG-TERM ASSETS
Property, Plant & Equipment $10.80K $33.37K $32.64K
YoY Change -67.64% 3.11% -24.05%
Goodwill $1.973M $1.973M
YoY Change -32.09%
Intangibles $1.113M $1.207M
YoY Change -6.32%
Long-Term Investments $1.831M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.226M $5.003M $4.137M
YoY Change 4.45% -2.18% -17.22%
TOTAL ASSETS
Total Short-Term Assets $12.78M $11.29M $14.24M
Total Long-Term Assets $5.226M $5.003M $4.137M
Total Assets $18.01M $16.30M $18.38M
YoY Change 10.5% -21.09% -17.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.305M $2.240M $2.753M
YoY Change 92.22% -6.47% 1.47%
Accrued Expenses $2.820M $3.065M $3.303M
YoY Change -8.0% 56.32% 18.63%
Deferred Revenue
YoY Change
Short-Term Debt $1.063M $1.600M $1.903M
YoY Change -33.53% 14.06% 16.9%
Long-Term Debt Due $4.460K
YoY Change
Total Short-Term Liabilities $8.192M $6.904M $7.958M
YoY Change 18.66% 19.91% 11.7%
LONG-TERM LIABILITIES
Long-Term Debt $345.5K $350.0K $0.00
YoY Change -1.27%
Other Long-Term Liabilities $11.94M $11.65M $11.65M
YoY Change 2.5% -14.26% -14.26%
Total Long-Term Liabilities $12.28M $12.00M $11.65M
YoY Change 2.39% -11.68% -14.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.192M $6.904M $7.958M
Total Long-Term Liabilities $12.28M $12.00M $11.65M
Total Liabilities $20.47M $18.90M $19.60M
YoY Change 8.33% -2.27% -5.32%
SHAREHOLDERS EQUITY
Retained Earnings -$4.567M -$2.596M
YoY Change -445.28%
Common Stock $2.101M $1.374M
YoY Change 92.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.466M -$2.602M -$1.222M
YoY Change
Total Liabilities & Shareholders Equity $18.01M $16.30M $18.38M
YoY Change 10.5% -21.09% -17.1%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2019 Q4
OPERATING ACTIVITIES
Net Income -$85.48K -$423.4K $1.401M
YoY Change -79.81% 197.88% -76.77%
Depreciation, Depletion And Amortization $15.47K $30.75K $30.15K
YoY Change -49.71% 20.14% -22.77%
Cash From Operating Activities $114.1K $117.6K $83.36K
YoY Change -2.97% -12.56% -118.18%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$15.32K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$15.32K
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 -175.0K 296.4K 0.000
YoY Change -159.04% -305.33% -100.0%
NET CHANGE
Cash From Operating Activities 114.1K 117.6K 83.36K
Cash From Investing Activities 0.000 0.000 -15.32K
Cash From Financing Activities -175.0K 296.4K 0.000
Net Change In Cash -60.92K 414.0K 68.04K
YoY Change -114.71% -4277.6% -73.35%
FREE CASH FLOW
Cash From Operating Activities $114.1K $117.6K $83.36K
Capital Expenditures $0.00 $0.00 -$15.32K
Free Cash Flow $114.1K $117.6K $98.68K
YoY Change -2.97% -12.56% -121.52%

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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’s management to make estimates and assumptions that affect the Company’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 allowance for doubtful accounts, valuation of inventories, the Company’s effective income tax rate, and the fair value calculations of stock-based compensation, goodwill, finite lived intangibles and the earn-out (“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;"> </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’s accompanying interim unaudited condensed consolidated balance sheets. Long term accounts receivable reflects surgical cases where the patient has obtained a letter of protection, (“LOP”). 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’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.  </p>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Depreciation
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fzmd Effective Income Tax Rate Reconciliation Gain On Paycheck Protection Loan
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0.000
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.004

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