2022 Q4 Form 10-Q Financial Statement

#000116169722000538 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $7.345M $7.760M $6.041M
YoY Change 13.16% 28.47% -0.65%
Cost Of Revenue $3.267M $3.438M $2.545M
YoY Change 22.86% 35.1% 18.92%
Gross Profit $4.078M $4.322M $3.496M
YoY Change 6.43% 23.65% -11.28%
Gross Profit Margin 55.53% 55.7% 57.87%
Selling, General & Admin $4.760M $4.825M $3.902M
YoY Change -2.49% 23.67% 26.68%
% of Gross Profit 116.72% 111.64% 111.62%
Research & Development $1.642M $862.1K $800.0K
YoY Change 72.85% 7.77% 105.13%
% of Gross Profit 40.26% 19.95% 22.89%
Depreciation & Amortization $187.7K $164.3K $115.9K
YoY Change 65.62% 41.76% -3.39%
% of Gross Profit 4.6% 3.8% 3.32%
Operating Expenses $6.590M $5.852M $4.818M
YoY Change 10.84% 21.46% 34.58%
Operating Profit -$2.511M -$1.529M -$1.322M
YoY Change 18.85% 15.69% -467.23%
Interest Expense $100.0K $32.42K -$10.12K
YoY Change -1014.35% -420.36% -201.2%
% of Operating Profit
Other Income/Expense, Net $32.42K -$9.848K
YoY Change -429.19%
Pretax Income -$2.411M -$1.497M -$1.332M
YoY Change 66.97% 12.4% -441.51%
Income Tax -$434.7K -$271.5K -$238.1K
% Of Pretax Income
Net Earnings -$1.977M -$1.226M -$1.094M
YoY Change 85.02% 12.05% -537.51%
Net Earnings / Revenue -26.91% -15.79% -18.11%
Basic Earnings Per Share -$0.03 -$0.02
Diluted Earnings Per Share -$0.04 -$0.03 -$24.68K
COMMON SHARES
Basic Shares Outstanding 45.28M shares 45.03M shares 44.32M shares
Diluted Shares Outstanding 45.04M shares 44.32M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.41M $16.44M $26.23M
YoY Change -31.29% -37.33% -19.11%
Cash & Equivalents $17.41M $16.44M $26.23M
Short-Term Investments
Other Short-Term Assets $1.457M $1.661M $1.337M
YoY Change -7.11% 24.22% 59.15%
Inventory $6.405M $6.884M $6.968M
Prepaid Expenses $1.457M $1.661M
Receivables $3.559M $5.070M $3.123M
Other Receivables $972.4K $686.1K $0.00
Total Short-Term Assets $29.80M $30.74M $37.66M
YoY Change -20.15% -18.37% -11.7%
LONG-TERM ASSETS
Property, Plant & Equipment $3.887M $3.319M $1.291M
YoY Change 251.3% 157.05% -15.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $102.6K $88.77K $1.585M
YoY Change 417.99% -94.4% 328.42%
Total Long-Term Assets $12.53M $11.92M $3.697M
YoY Change 215.49% 222.5% 32.99%
TOTAL ASSETS
Total Short-Term Assets $29.80M $30.74M $37.66M
Total Long-Term Assets $12.53M $11.92M $3.697M
Total Assets $42.33M $42.67M $41.36M
YoY Change 2.52% 3.16% -8.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.392M $1.366M $1.385M
YoY Change 94.85% -1.43% 1.87%
Accrued Expenses $2.890M $2.569M $2.501M
YoY Change 6.65% 2.71% -37.48%
Deferred Revenue
YoY Change
Short-Term Debt $433.3K $644.7K $673.1K
YoY Change -14.8% -4.22%
Long-Term Debt Due $98.34K $64.47K $410.00
YoY Change 15624.39%
Total Short-Term Liabilities $6.959M $6.167M $4.560M
YoY Change 45.22% 35.26% -14.93%
LONG-TERM LIABILITIES
Long-Term Debt $394.3K $265.5K $0.00
YoY Change
Other Long-Term Liabilities $3.653M $3.741M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $4.048M $4.007M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.959M $6.167M $4.560M
Total Long-Term Liabilities $4.048M $4.007M $0.00
Total Liabilities $11.01M $10.17M $4.560M
YoY Change 129.69% 123.12% -16.94%
SHAREHOLDERS EQUITY
Retained Earnings -$9.571M -$7.594M
YoY Change 951.7%
Common Stock $44.74M $43.93M
YoY Change 8.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.844M $3.844M
YoY Change 0.0%
Treasury Stock Shares 3.421M shares 3.421M shares
Shareholders Equity $31.33M $32.49M $36.80M
YoY Change
Total Liabilities & Shareholders Equity $42.33M $42.67M $41.36M
YoY Change 2.52% 3.16% -8.96%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$1.977M -$1.226M -$1.094M
YoY Change 85.02% 12.05% -537.51%
Depreciation, Depletion And Amortization $187.7K $164.3K $115.9K
YoY Change 65.62% 41.76% -3.39%
Cash From Operating Activities $1.336M -$2.116M -$826.2K
YoY Change -286.36% 156.07% -52.52%
INVESTING ACTIVITIES
Capital Expenditures $223.9K -$648.9K -$151.4K
YoY Change -569.62% 328.69% -70.89%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$223.9K -$648.9K -$151.3K
YoY Change 369.53% 328.72% -69.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -145.6K 940.3K 672.5K
YoY Change 8.88% 39.81% -119.44%
NET CHANGE
Cash From Operating Activities 1.336M -2.116M -826.2K
Cash From Investing Activities -223.9K -648.9K -151.3K
Cash From Financing Activities -145.6K 940.3K 672.5K
Net Change In Cash 967.0K -1.824M -305.1K
YoY Change -207.62% 498.01% -94.65%
FREE CASH FLOW
Cash From Operating Activities $1.336M -$2.116M -$826.2K
Capital Expenditures $223.9K -$648.9K -$151.4K
Free Cash Flow $1.113M -$1.467M -$674.9K
YoY Change -266.19% 117.35% -44.68%

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EarningsPerShareDiluted
-0.03
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45038181 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44322335 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44877366 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44510021 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45038181 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44322335 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44877366 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44510021 shares
us-gaap Net Income Loss
NetIncomeLoss
-6684415 usd
us-gaap Net Income Loss
NetIncomeLoss
-3494465 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2361085 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1967632 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
399479 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
349822 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-1579569 usd
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-1440060 usd
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
1009 usd
krmd Rou Landlord Credit
RouLandlordCredit
218044 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1445079 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
549711 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
777818 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
138160 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
160794 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
529039 usd
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
267491 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
138077 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
760493 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
663444 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
45684 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-140958 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-573565 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6741013 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3602378 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
2541693 usd
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
301720 usd
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
9065 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
36003 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
25838 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2577696 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-318493 usd
krmd Borrowings From Indebtedness
BorrowingsFromIndebtedness
644733 usd
krmd Borrowings From Indebtedness
BorrowingsFromIndebtedness
924389 usd
krmd Payments On Indebtedness
PaymentsOnIndebtedness
508583 usd
krmd Payments On Indebtedness
PaymentsOnIndebtedness
251255 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
314000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1230000 usd
krmd Common Stock Issuance As Settlement For Litigation
CommonStockIssuanceAsSettlementForLitigation
938094 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
25062 usd
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2232 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
425088 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2838996 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8893621 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1081875 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25334889 usd
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27315286 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16441268 usd
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26233411 usd
us-gaap Interest Paid Net
InterestPaidNet
15700 usd
us-gaap Interest Paid Net
InterestPaidNet
6194 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
850 usd
krmd Issuance Of Common Stock Compensation
IssuanceOfCommonStockCompensation
355505 usd
krmd Issuance Of Common Stock Compensation
IssuanceOfCommonStockCompensation
295947 usd
us-gaap Stock Issued1
StockIssued1
938094 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
36501055 usd
CY2022Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
142500 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
524670 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
170386 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-2537514 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
34801097 usd
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
115505 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
527736 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
231511 usd
CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
-133158 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-2921341 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
32621350 usd
CY2022Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
97501 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
514047 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
170387 usd
CY2022Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
314000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-1225560 usd
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
32491725 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
36156979 usd
CY2021Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
56250 usd
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
677934 usd
CY2021Q1 krmd New Issuance Litigation Settlement Amount Issuance
NewIssuanceLitigationSettlementAmountIssuance
938094 usd
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1230000 usd
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-1276138 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
37783119 usd
CY2021Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
97196 usd
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
441841 usd
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
66135 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-1124549 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
37263742 usd
CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
142501 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
406414 usd
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
79362 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-1093778 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
36798241 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_844_eus-gaap--NatureOfOperations_zHNZkbHRtgod" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_86C_z14C5aMQOXr3">NATURE OF OPERATIONS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">KORU MEDICAL SYSTEMS, INC. (the “Company,” “KORU Medical,” “we,” “us” or “our”) designs, manufactures and markets proprietary portable and innovative medical devices primarily for the subcutaneous drug delivery market as governed by the United States Food and Drug Administration (the “FDA”) quality and regulatory system and international standards for quality system management. The Company operates as <span id="xdx_907_eus-gaap--NumberOfReportableSegments_dxH_uN_c20220101__20220930_zv2xiy2bFlob" title="Number of segments::XDX::1">one</span> segment.</p>
CY2022Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
250000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-1225560 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-1093778 usd
us-gaap Net Income Loss
NetIncomeLoss
-6684415 usd
us-gaap Net Income Loss
NetIncomeLoss
-3494465 usd
CY2022Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2022Q3 krmd Weighted Average Number Of Shares Outstanding
WeightedAverageNumberOfSharesOutstanding
45038181 shares
CY2021Q3 krmd Weighted Average Number Of Shares Outstanding
WeightedAverageNumberOfSharesOutstanding
44322335 shares
krmd Weighted Average Number Of Shares Outstanding
WeightedAverageNumberOfSharesOutstanding
44877366 shares
krmd Weighted Average Number Of Shares Outstanding
WeightedAverageNumberOfSharesOutstanding
44510021 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.03
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.03
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.15
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zkEc828m90Y4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_86E_zAw73xtcQ6C3">USE OF ESTIMATES IN THE FINANCIAL STATEMENTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates. Important estimates include but are not limited to asset lives, valuation allowances, inventory valuation, and accruals.</p>
krmd Schedule Of Net Sales By Geography
ScheduleOfNetSalesByGeography
<p id="xdx_89A_ecustom--ScheduleOfNetSalesByGeography_zjOU89BfL0ki" style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table summarizes net sales by geography for the three and nine months ended September 30, 2022, and 2021:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; display: none; visibility: hidden"> <span id="xdx_8BF_zeUSqVVcR4Q1">Schedule of net sales by geography</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>Three Months Ended September 30,</b></td> <td> </td> <td colspan="5" style="border-bottom: black 1pt solid; text-align: center"><b>Nine Months Ended September 30,</b></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><b>2022</b></td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><b>2021</b></td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><b>2022</b></td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><b>2021</b></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 94.75pt"><b>Sales</b></td> <td style="width: 8.65pt"> </td> <td style="width: 8.6pt"> </td> <td style="width: 66.5pt; text-align: right"> </td> <td style="width: 18.8pt"> </td> <td style="width: 8.6pt"> </td> <td style="width: 66.5pt; text-align: right"> </td> <td style="width: 0.25in"> </td> <td style="width: 8.6pt"> </td> <td style="width: 66.5pt; text-align: right"> </td> <td style="width: 18.8pt"> </td> <td style="width: 8.6pt"> </td> <td style="width: 66.5pt; text-align: right"> </td> <td style="width: 8.6pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #E6E6E6"> <td style="padding-left: 0.2in">Domestic</td> <td> </td> <td>$</td> <td id="xdx_988_eus-gaap--Revenues_c20220701__20220930__srt--StatementGeographicalAxis__country--US_zgZ08HjFoMEj" style="text-align: right" title="Revenues">6,661,196</td> <td> </td> <td>$</td> <td id="xdx_98F_eus-gaap--Revenues_c20210701__20210930__srt--StatementGeographicalAxis__country--US_zoBK9dNvp8D4" style="text-align: right">5,254,336</td> <td> </td> <td>$</td> <td id="xdx_980_eus-gaap--Revenues_c20220101__20220930__srt--StatementGeographicalAxis__country--US_zbvnXvMZr3h6" style="text-align: right">17,475,083</td> <td> </td> <td>$</td> <td id="xdx_980_eus-gaap--Revenues_c20210101__20210930__srt--StatementGeographicalAxis__country--US_zjlsA88o05I5" style="text-align: right">14,346,895</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.2in">International</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_98E_eus-gaap--Revenues_c20220701__20220930__srt--StatementGeographicalAxis__us-gaap--NonUsMember_zeBtmsGaXpK4" style="border-bottom: black 1pt solid; text-align: right">1,099,202</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_98E_eus-gaap--Revenues_c20210701__20210930__srt--StatementGeographicalAxis__us-gaap--NonUsMember_zM3Y4OqR09Pd" style="border-bottom: black 1pt solid; text-align: right">786,208</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_985_eus-gaap--Revenues_c20220101__20220930__srt--StatementGeographicalAxis__us-gaap--NonUsMember_zUtfFfkusvXc" style="border-bottom: black 1pt solid; text-align: right">3,076,273</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_98F_eus-gaap--Revenues_c20210101__20210930__srt--StatementGeographicalAxis__us-gaap--NonUsMember_zYV3keMeoS55" style="border-bottom: black 1pt solid; text-align: right">2,652,774</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #E6E6E6"> <td><b>Total</b></td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td id="xdx_98A_eus-gaap--Revenues_c20220701__20220930_z13AjGOKl5D7" style="border-bottom: black 2.25pt double; text-align: right">7,760,398</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td id="xdx_989_eus-gaap--Revenues_c20210701__20210930_zD8BMnphrSz3" style="border-bottom: black 2.25pt double; text-align: right">6,040,544</td> <td> </td> <td style="border-bottom: black 2.25pt double">$</td> <td id="xdx_98F_eus-gaap--Revenues_c20220101__20220930_zFeB04nZdj0e" style="border-bottom: black 2.25pt double; text-align: right">20,551,356</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td id="xdx_98B_eus-gaap--Revenues_c20210101__20210930_zEdIC0oNz9F8" style="border-bottom: black 2.25pt double; text-align: right">16,999,669</td> <td> </td></tr> </table>
CY2022Q3 us-gaap Revenues
Revenues
7760398 usd
CY2021Q3 us-gaap Revenues
Revenues
6040544 usd
us-gaap Revenues
Revenues
20551356 usd
us-gaap Revenues
Revenues
16999669 usd
krmd Accounting Pronouncements Not Yet Adopted
AccountingPronouncementsNotYetAdopted
<p id="xdx_84F_ecustom--AccountingPronouncementsNotYetAdopted_z2fOASz6203c" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_86A_zgHS2HDuOip8">ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">In June 2016, the FASB issued ASU No. 2016-13, <i>Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</i>, which amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities.  For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses.  The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected.  For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down.  This ASU affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income.  The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash.  The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.  The Company is assessing the impact of the adoption of the ASU on its financial statements, disclosure requirements and methods of adoption.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company considers the applicability and impact of all recently issued accounting pronouncements.  Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations.</p>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_846_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zcddkOSO6K9f" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_866_zjzbm2POaKC8">RECLASSIFICATION</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Certain reclassifications have been made to conform prior period data to the current presentation.  These reclassifications had no effect on reported net income.</p>
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5945585 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3418479 usd
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2626973 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2312034 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3318612 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1106445 usd
CY2022Q3 us-gaap Construction In Progress Gross
ConstructionInProgressGross
800000 usd
CY2022Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
1000000.0 usd
CY2022Q3 us-gaap Depreciation
Depreciation
130882 usd
CY2021Q3 us-gaap Depreciation
Depreciation
100502 usd
us-gaap Depreciation
Depreciation
329526 usd
us-gaap Depreciation
Depreciation
301469 usd
krmd Stock Issued During Period Shares Employee Stock Ownership Plan2015
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan2015
295000 shares
krmd Stock Issued
StockIssued
97100 shares
CY2021Q1 krmd Nonemployee Services Transaction Cost
NonemployeeServicesTransactionCost
75000 shares
CY2022Q3 us-gaap Debt Instrument Frequency Of Periodic Payment
DebtInstrumentFrequencyOfPeriodicPayment
Monthly payments were due on the first of each month beginning August 1, 2022 through June 1, 2023
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
157076 usd
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
37093 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
396658 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
112383 usd
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
18300 usd
CY2021Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
35960 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
96588 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
104396 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
175376 usd
CY2021Q3 us-gaap Lease Cost
LeaseCost
73053 usd
us-gaap Lease Cost
LeaseCost
493246 usd
us-gaap Lease Cost
LeaseCost
216779 usd
CY2022Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
17754 usd
CY2021Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
597 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
23672 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2188 usd
CY2022Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1381 usd
CY2021Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
10 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1381 usd
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
57 usd
CY2022Q3 krmd Finance Lease Cost
FinanceLeaseCost
19135 usd
CY2021Q3 krmd Finance Lease Cost
FinanceLeaseCost
607 usd
krmd Finance Lease Cost
FinanceLeaseCost
25053 usd
krmd Finance Lease Cost
FinanceLeaseCost
2245 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
301150 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
105618 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
26443 usd
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
2232 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3865370 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
95553 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
342399 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
95553 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3741015 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4083414 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
95553 usd
CY2022Q3 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
355071 usd
CY2021Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
12725 usd
CY2022Q3 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
23671 usd
CY2021Q4 us-gaap Property Plant And Equipment Other Accumulated Depreciation
PropertyPlantAndEquipmentOtherAccumulatedDepreciation
-12725 usd
CY2022Q3 us-gaap Property Plant And Equipment Other Net
PropertyPlantAndEquipmentOtherNet
331400 usd
CY2022Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
64467 usd
CY2022Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
265542 usd
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
330009 usd
CY2022Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0402 pure
CY2021Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0475 pure
CY2022Q3 us-gaap Lessee Finance Lease Discount Rate
LesseeFinanceLeaseDiscountRate
0.0425 pure
CY2021Q4 us-gaap Lessee Finance Lease Discount Rate
LesseeFinanceLeaseDiscountRate
0.0475 pure
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
124876 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
19832 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
499503 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
79329 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
499503 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
79329 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
499503 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
79329 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
499503 usd
CY2022Q3 krmd Finance Lease Liability Payments Due Year Six
FinanceLeaseLiabilityPaymentsDueYearSix
79329 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2830519 usd
CY2022Q3 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
33052 usd
CY2022Q3 krmd Lessee Operating Lease Liability Payments Due Total
LesseeOperatingLeaseLiabilityPaymentsDueTotal
4953407 usd
CY2022Q3 krmd Lessee Financing Lease Lease Liability Payments Due Total
LesseeFinancingLeaseLeaseLiabilityPaymentsDueTotal
370200 usd
CY2022Q3 krmd Lessee Operating Lease Imputed Interest
LesseeOperatingLeaseImputedInterest
869993 usd
CY2022Q3 krmd Lessee Financing Lease Imputed Interest
LesseeFinancingLeaseImputedInterest
40191 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
4083414 usd
CY2022Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
330009 usd

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0001161697-22-000538.txt Edgar Link pending
0001161697-22-000538-xbrl.zip Edgar Link pending
ex_31-1.htm Edgar Link pending
ex_31-2.htm Edgar Link pending
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ex_32-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form_10-q.htm Edgar Link pending
krmd-20220930.xsd Edgar Link pending
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R1.htm Edgar Link pending
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krmd-20220930_def.xml Edgar Link unprocessable
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krmd-20220930_cal.xml Edgar Link unprocessable
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