$FZMD
Fuse Medical, Inc.

2022 Q4 Form 10-Q Financial Statement

#000156459022037641 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $4.886M $4.537M $4.251M
YoY Change -19.35% 6.73% -25.93%
Cost Of Revenue $2.273M $1.482M $1.862M
YoY Change -10.65% -20.41% -8.91%
Gross Profit $2.613M $3.055M $2.389M
YoY Change -25.65% 27.88% -35.35%
Gross Profit Margin 53.48% 67.34% 56.2%
Selling, General & Admin $3.190M $1.709M $3.055M
YoY Change -23.18% -44.08% -14.29%
% of Gross Profit 122.07% 55.93% 127.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$88.84K $49.48K $1.861K
YoY Change -525.28% 2559.0% -92.02%
% of Gross Profit -3.4% 1.62% 0.08%
Operating Expenses $3.101M $3.010M $3.070M
YoY Change -25.69% -1.95% -14.44%
Operating Profit -$487.9K $44.89K -$681.0K
YoY Change -25.92% -106.59% -737.93%
Interest Expense -$54.82K $46.99K -$12.51K
YoY Change 78.74% -475.64% -39.3%
% of Operating Profit 104.67%
Other Income/Expense, Net $4.108M -$46.99K -$12.51K
YoY Change 1100.61% 275.58% -39.29%
Pretax Income $3.565M -$2.098K -$693.5K
YoY Change -1127.36% -99.7% -905.04%
Income Tax $6.350K $7.278K $3.540K
% Of Pretax Income 0.18%
Net Earnings $3.559M -$9.376K -$697.0K
YoY Change -1110.96% -98.65% -966.06%
Net Earnings / Revenue 72.85% -0.21% -16.4%
Basic Earnings Per Share $0.00 -$0.01
Diluted Earnings Per Share $0.04 -$133.40 -$0.01
COMMON SHARES
Basic Shares Outstanding 72.90M 72.90M 70.22M
Diluted Shares Outstanding 70.22M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.9K $506.0K $1.765M
YoY Change -73.27% -71.34% 14.71%
Cash & Equivalents $147.9K $506.0K $1.765M
Short-Term Investments
Other Short-Term Assets $126.0K $33.71K $66.46K
YoY Change 2028.72% -49.28% 90.1%
Inventory $9.495M $9.851M $8.568M
Prepaid Expenses
Receivables $3.997M $2.626M $2.459M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $13.77M $13.02M $12.86M
YoY Change 7.33% 1.23% 9.23%
LONG-TERM ASSETS
Property, Plant & Equipment $709.00 $399.9K $8.938K
YoY Change -90.22% 4374.69% -64.62%
Goodwill $1.973M $1.973M $1.973M
YoY Change 0.0% 0.0%
Intangibles $1.191M $1.224M $1.100M
YoY Change -9.59% 11.23%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.997M $6.167M $5.157M
YoY Change 9.44% 19.59% -1.18%
TOTAL ASSETS
Total Short-Term Assets $13.77M $13.02M $12.86M
Total Long-Term Assets $5.997M $6.167M $5.157M
Total Assets $19.76M $19.18M $18.02M
YoY Change 7.97% 6.48% 6.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.700M $4.822M $4.409M
YoY Change 27.76% 9.38% 88.13%
Accrued Expenses $4.540M $4.244M $3.038M
YoY Change 56.67% 39.71% -13.74%
Deferred Revenue
YoY Change
Short-Term Debt $2.147M $2.395M $1.063M
YoY Change -16.87% 125.19% -31.39%
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $12.39M $11.46M $8.510M
YoY Change 22.14% 34.68% 14.77%
LONG-TERM LIABILITIES
Long-Term Debt $200.0K $0.00 $696.4K
YoY Change 0.0% -100.0% 98.96%
Other Long-Term Liabilities $7.486M $11.59M $11.94M
YoY Change -35.43% -2.87% 2.5%
Total Long-Term Liabilities $7.686M $11.59M $12.63M
YoY Change -34.83% -8.22% 5.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.39M $11.46M $8.510M
Total Long-Term Liabilities $7.686M $11.59M $12.63M
Total Liabilities $20.07M $23.06M $21.14M
YoY Change -7.65% 9.05% 8.92%
SHAREHOLDERS EQUITY
Retained Earnings -$2.518M -$6.077M
YoY Change -55.16%
Common Stock $2.207M $2.205M
YoY Change 1.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$310.9K -$3.872M -$3.127M
YoY Change
Total Liabilities & Shareholders Equity $19.76M $19.18M $18.02M
YoY Change 7.97% 6.48% 6.03%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income $3.559M -$9.376K -$697.0K
YoY Change -1110.96% -98.65% -966.06%
Depreciation, Depletion And Amortization -$88.84K $49.48K $1.861K
YoY Change -525.28% 2559.0% -92.02%
Cash From Operating Activities -$831.5K $195.4K $62.06K
YoY Change -58.63% 214.82% -85.28%
INVESTING ACTIVITIES
Capital Expenditures -$520.8K -$97.82K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $520.8K -$97.82K $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 -47.48K -195.6K 346.4K
YoY Change -105.95% -156.46% -792.7%
NET CHANGE
Cash From Operating Activities -831.5K 195.4K 62.06K
Cash From Investing Activities 520.8K -97.82K 0.000
Cash From Financing Activities -47.48K -195.6K 346.4K
Net Change In Cash -358.2K -98.00K 408.4K
YoY Change -70.45% -124.0% 9.9%
FREE CASH FLOW
Cash From Operating Activities -$831.5K $195.4K $62.06K
Capital Expenditures -$520.8K -$97.82K $0.00
Free Cash Flow -$310.7K $293.2K $62.06K
YoY Change -84.54% 372.45% -85.28%

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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 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, 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="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-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;">Medical instrument depreciation was previously reported as a component of cost of revenues in the Company’s accompanying consolidated statements of operations. Medical instruments are orthopedic devices that are utilized in all cases where our Orthopedic Implants are implanted. Subsequent to December 31, 2021, the Company began depreciating these medical instruments over 3 years and have now reclassed this depreciation expense to depreciation and amortization in the accompanying consolidated statements of operations.</p>
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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12000
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1745000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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fzmd Effective Income Tax Rate Reconciliation Gain On Payroll Protection Loan
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0.000
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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
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-0.01

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