$FZMD
Fuse Medical, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021056150 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q4 2020 Q3
Revenue $4.251M $7.013M $5.739M
YoY Change -25.93% -4.42% 0.39%
Cost Of Revenue $1.862M $2.871M $2.044M
YoY Change -8.91% 3.45% -57.32%
Gross Profit $2.389M $4.142M $3.695M
YoY Change -35.35% -9.21% 297.99%
Gross Profit Margin 56.2% 59.06% 64.39%
Selling, General & Admin $3.055M $3.610M $3.565M
YoY Change -14.29% -11.79% 57.46%
% of Gross Profit 127.9% 87.15% 96.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.861K $20.09K $23.31K
YoY Change -92.02% -33.37% -8.92%
% of Gross Profit 0.08% 0.49% 0.63%
Operating Expenses $3.070M $3.630M $3.588M
YoY Change -14.44% -11.94% -10.99%
Operating Profit -$681.0K $512.1K $106.8K
YoY Change -737.93% 16.43% -103.44%
Interest Expense -$12.51K -$19.32K -$20.61K
YoY Change -39.3% -41.93% -159.05%
% of Operating Profit -3.77% -19.31%
Other Income/Expense, Net -$12.51K -$290.6K -$20.61K
YoY Change -39.29% -115.01% -40.94%
Pretax Income -$693.5K $202.1K $86.15K
YoY Change -905.04% -85.67% -102.75%
Income Tax $3.540K $7.650K $5.661K
% Of Pretax Income 3.79% 6.57%
Net Earnings -$697.0K $194.5K $80.48K
YoY Change -966.06% -86.12% -101.98%
Net Earnings / Revenue -16.4% 2.77% 1.4%
Basic Earnings Per Share -$0.01 $0.00
Diluted Earnings Per Share -$0.01 $2.769K $0.00
COMMON SHARES
Basic Shares Outstanding 70.22M 70.22M
Diluted Shares Outstanding 70.22M 75.00M

Balance Sheet

Concept 2021 Q3 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.765M $1.187M $1.539M
YoY Change 14.71% 8.02% 49.22%
Cash & Equivalents $1.765M $1.187M $1.539M
Short-Term Investments
Other Short-Term Assets $66.46K $24.20K $34.96K
YoY Change 90.1% -39.27% 101.27%
Inventory $8.568M $6.981M $6.983M
Prepaid Expenses
Receivables $2.459M $4.428M $3.215M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $12.86M $12.62M $11.77M
YoY Change 9.23% -11.4% -15.9%
LONG-TERM ASSETS
Property, Plant & Equipment $8.938K $17.79K $25.26K
YoY Change -64.62% -45.49% -6.86%
Goodwill $1.973M $1.973M
YoY Change 0.0%
Intangibles $1.100M $1.138M
YoY Change -5.68%
Long-Term Investments $1.670M $2.070M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.157M $4.798M $5.219M
YoY Change -1.18% 15.99% 25.47%
TOTAL ASSETS
Total Short-Term Assets $12.86M $12.62M $11.77M
Total Long-Term Assets $5.157M $4.798M $5.219M
Total Assets $18.02M $17.42M $16.99M
YoY Change 6.03% -5.23% -6.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.409M $3.237M $2.343M
YoY Change 88.13% 17.57% -7.23%
Accrued Expenses $3.038M $2.585M $3.522M
YoY Change -13.74% -21.74% 21.04%
Deferred Revenue
YoY Change
Short-Term Debt $1.063M $1.425M $1.550M
YoY Change -31.39% -25.11% -18.54%
Long-Term Debt Due $0.00 $2.240K
YoY Change
Total Short-Term Liabilities $8.510M $7.248M $7.415M
YoY Change 14.77% -8.92% 1.05%
LONG-TERM LIABILITIES
Long-Term Debt $696.4K $347.8K $350.0K
YoY Change 98.96%
Other Long-Term Liabilities $11.94M $11.94M $11.65M
YoY Change 2.5% 2.5% -14.26%
Total Long-Term Liabilities $12.63M $12.28M $12.00M
YoY Change 5.31% 5.48% -11.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.510M $7.248M $7.415M
Total Long-Term Liabilities $12.63M $12.28M $12.00M
Total Liabilities $21.14M $19.53M $19.41M
YoY Change 8.92% -0.36% -7.21%
SHAREHOLDERS EQUITY
Retained Earnings -$4.028M
YoY Change 55.18%
Common Stock $1.915M
YoY Change 39.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.127M -$2.113M -$2.420M
YoY Change
Total Liabilities & Shareholders Equity $18.02M $17.42M $16.99M
YoY Change 6.03% -5.23% -6.42%

Cashflow Statement

Concept 2021 Q3 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income -$697.0K $194.5K $80.48K
YoY Change -966.06% -86.12% -101.98%
Depreciation, Depletion And Amortization $1.861K $20.09K $23.31K
YoY Change -92.02% -33.37% -8.92%
Cash From Operating Activities $62.06K -$226.4K $421.6K
YoY Change -85.28% -371.63% -235.75%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $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 346.4K -125.0K -50.00K
YoY Change -792.7% -110.0%
NET CHANGE
Cash From Operating Activities 62.06K -226.4K 421.6K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 346.4K -125.0K -50.00K
Net Change In Cash 408.4K -351.4K 371.6K
YoY Change 9.9% -616.5% 96.17%
FREE CASH FLOW
Cash From Operating Activities $62.06K -$226.4K $421.6K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow $62.06K -$226.4K $421.6K
YoY Change -85.28% -329.46% -235.75%

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’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. To the extent actual results are updated and estimates differ from original estimates, such amounts are recorded as a cumulative adjustment in the period estimates are revised. </p>
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DeferredTaxAssetsValuationAllowance
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us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2021Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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us-gaap Current Federal Tax Expense Benefit
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us-gaap Deferred State And Local Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2021Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2021Q3 us-gaap Operating Loss Carryforwards
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fzmd Net Operating Loss Carryforwards Earliest Expiration Year
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fzmd Net Operating Loss Carryforwards Latest Expiration Year
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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fzmd Effective Income Tax Rate Reconciliation Gain On Paycheck Protection Loan
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0.062
fzmd Effective Income Tax Rate Reconciliation Gain On Paycheck Protection Loan
EffectiveIncomeTaxRateReconciliationGainOnPaycheckProtectionLoan
0.000
fzmd Effective Income Tax Rate Reconciliation Permanent Differences
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fzmd Effective Income Tax Rate Reconciliation Permanent Differences
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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 Reconciliation State And Local Income Taxes
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us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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us-gaap Effective Income Tax Rate Continuing Operations
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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
-0.007

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