$KRMD
KORU Medical Systems, Inc. Stock $krmd

$krmd Overview Financials Valuation SEC Filings Company Website

2023 Q1 Form 10-K Financial Statement

#000116169723000158 Filed on March 08, 2023

Income Statement

Concept	2023 Q1	2022 Q4	2022
Revenue	$7.393M	$7.345M	$27.90M
YoY Change	18.39%	13.16%	18.76%
Cost Of Revenue	$3.246M	$3.267M	$12.53M
YoY Change	23.78%	22.86%	28.87%
Gross Profit	$4.147M	$4.078M	$15.37M
YoY Change	14.49%	6.43%	11.62%
Gross Profit Margin	56.1%	55.53%	55.09%
Selling, General & Admin	$5.426M	$4.760M	$20.61M
YoY Change	-1.19%	-2.49%	15.36%
% of Gross Profit	130.84%	116.72%	134.08%
Research & Development	$1.565M	$1.642M	$4.956M
YoY Change	36.27%	72.85%	100.36%
% of Gross Profit	37.73%	40.26%	32.25%
Depreciation & Amortization	$213.1K	$187.7K	$587.1K
YoY Change	95.07%	65.62%	26.78%
% of Gross Profit	5.14%	4.6%	3.82%
Operating Expenses	$7.204M	$6.590M	$26.15M
YoY Change	6.74%	10.84%	25.73%
Operating Profit	-$3.057M	-$2.511M	-$10.78M
YoY Change	-2.23%	18.85%	53.37%
Interest Expense	$124.8K	$100.0K	$105.7K
YoY Change	-1551.4%	-1014.35%	-767.85%
% of Operating Profit
Other Income/Expense, Net	$68.54K		$105.7K
YoY Change	-897.2%		-84.45%
Pretax Income	-$2.988M	-$2.411M	-$10.68M
YoY Change	-4.68%	66.97%	67.73%
Income Tax	-$577.4K	-$434.7K	-$2.014M
% Of Pretax Income
Net Earnings	-$2.411M	-$1.977M	-$8.661M
YoY Change	-4.99%	85.02%	89.82%
Net Earnings / Revenue	-32.61%	-26.91%	-31.05%
Basic Earnings Per Share	-$0.05		-$0.19
Diluted Earnings Per Share	-$0.05	-$0.04	-$0.19
COMMON SHARES
Basic Shares Outstanding	45.52M shares	45.28M shares	45.00M shares
Diluted Shares Outstanding	45.49M shares		45.00M shares

Balance Sheet

Concept	2023 Q1	2022 Q4	2022
SHORT-TERM ASSETS
Cash & Short-Term Investments	$12.22M	$17.41M	$17.41M
YoY Change	-45.85%	-31.29%	-31.29%
Cash & Equivalents	$12.22M	$17.41M	$17.41M
Short-Term Investments
Other Short-Term Assets	$1.172M	$1.457M	$1.457M
YoY Change	-22.42%	-7.11%	-7.11%
Inventory	$6.638M	$6.405M	$6.405M
Prepaid Expenses	$1.172M	$1.457M
Receivables	$4.165M	$3.559M	$3.559M
Other Receivables	$1.015M	$972.4K	$972.4K
Total Short-Term Assets	$25.21M	$29.80M	$29.80M
YoY Change	-25.69%	-20.15%	-20.15%
LONG-TERM ASSETS
Property, Plant & Equipment	$3.906M	$3.887M	$7.674M
YoY Change	-35.68%	251.3%	538.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$98.97K	$102.6K	$4.070M
YoY Change	-96.23%	417.99%	107.55%
Total Long-Term Assets	$13.04M	$12.53M	$12.53M
YoY Change	37.31%	215.49%	215.49%
TOTAL ASSETS
Total Short-Term Assets	$25.21M	$29.80M	$29.80M
Total Long-Term Assets	$13.04M	$12.53M	$12.53M
Total Assets	$38.25M	$42.33M	$42.33M
YoY Change	-11.91%	2.52%	2.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.503M	$2.392M	$2.392M
YoY Change	18.54%	94.85%	94.85%
Accrued Expenses	$1.592M	$2.890M	$3.778M
YoY Change	-48.21%	6.65%	27.39%
Deferred Revenue
YoY Change
Short-Term Debt	$218.4K	$433.3K	$433.3K
YoY Change	-14.56%	-14.8%	-14.8%
Long-Term Debt Due	$99.69K	$98.34K	$98.34K
YoY Change
Total Short-Term Liabilities	$4.524M	$6.959M	$6.959M
YoY Change	-4.0%	45.22%	45.22%
LONG-TERM LIABILITIES
Long-Term Debt	$368.8K	$394.3K	$394.3K
YoY Change
Other Long-Term Liabilities	$3.565M	$3.653M	$3.653M
YoY Change	-8.92%
Total Long-Term Liabilities	$3.933M	$4.048M	$4.048M
YoY Change	0.5%
TOTAL LIABILITIES
Total Short-Term Liabilities	$4.524M	$6.959M	$6.959M
Total Long-Term Liabilities	$3.933M	$4.048M	$4.048M
Total Liabilities	$8.458M	$11.01M	$11.01M
YoY Change	-1.96%	129.69%	129.69%
SHAREHOLDERS EQUITY
Retained Earnings	-$11.98M	-$9.571M
YoY Change		951.7%
Common Stock	$45.62M	$44.74M
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	$29.80M	$31.33M	$31.33M
YoY Change
Total Liabilities & Shareholders Equity	$38.25M	$42.33M	$42.33M
YoY Change	-11.91%	2.52%	2.52%

Cashflow Statement

Concept	2023 Q1	2022 Q4	2022
OPERATING ACTIVITIES
Net Income	-$2.411M	-$1.977M	-$8.661M
YoY Change	-4.99%	85.02%	89.82%
Depreciation, Depletion And Amortization	$213.1K	$187.7K	$587.1K
YoY Change	95.07%	65.62%	26.78%
Cash From Operating Activities	-$4.661M	$1.336M	-$5.405M
YoY Change	166.0%	-286.36%	25.12%
INVESTING ACTIVITIES
Capital Expenditures	$283.8K	$223.9K	$2.802M
YoY Change	-137.71%	-569.62%	-846.63%
Acquisitions
YoY Change
Other Investing Activities		$0.00	$0.00
YoY Change			-100.0%
Cash From Investing Activities	-$283.8K	-$223.9K	-$2.802M
YoY Change	-62.29%	369.53%	665.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net			$406.6K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-$239.0K	-145.6K	$279.5K
YoY Change	-5.53%	8.88%	-89.67%
NET CHANGE
Cash From Operating Activities	-$4.661M	1.336M	-$5.405M
Cash From Investing Activities	-$283.8K	-223.9K	-$2.802M
Cash From Financing Activities	-$239.0K	-145.6K	$279.5K
Net Change In Cash	-$5.183M	967.0K	-$7.927M
YoY Change	87.96%	-207.62%	300.25%
FREE CASH FLOW
Cash From Operating Activities	-$4.661M	$1.336M	-$5.405M
Capital Expenditures	$283.8K	$223.9K	$2.802M
Free Cash Flow	-$4.944M	$1.113M	-$8.206M
YoY Change	394.7%	-266.19%	108.05%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2022	krmd	Incremental Common Shares Attributable To Restricted Stock IncrementalCommonSharesAttributableToRestrictedStock		shares
CY2021	krmd	Incremental Common Shares Attributable To Restricted Stock IncrementalCommonSharesAttributableToRestrictedStock		shares
CY2022Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	3886975	usd
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CY2022	dei	Entity Central Index Key EntityCentralIndexKey	0000704440
CY2022	dei	Amendment Flag AmendmentFlag	false
CY2022	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2022	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2022
CY2022	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
CY2022	dei	Entity Registrant Name EntityRegistrantName	KORU MEDICAL SYSTEMS, INC
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CY2022	dei	Document Type DocumentType	10-K
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CY2022	dei	Document Period End Date DocumentPeriodEndDate	2022-12-31
CY2022	dei	Document Transition Report DocumentTransitionReport	false
CY2022	dei	Entity File Number EntityFileNumber	0-12305
CY2022	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	NY
CY2022	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	13-3044880
CY2022	dei	Entity Address Address Line1 EntityAddressAddressLine1	100 Corporate Drive
CY2022	dei	Entity Address City Or Town EntityAddressCityOrTown	Mahwah
CY2022	dei	Entity Address State Or Province EntityAddressStateOrProvince	NJ
CY2022	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	07430
CY2022	dei	City Area Code CityAreaCode	845
CY2022	dei	Local Phone Number LocalPhoneNumber	469-2042
CY2022	dei	Security12b Title Security12bTitle	common stock, $0.01 par value
CY2022	dei	Trading Symbol TradingSymbol	KRMD
CY2022	dei	Security Exchange Name SecurityExchangeName	NASDAQ
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CY2022	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
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CY2022	dei	Auditor Firm AuditorFirmId	256
CY2022	dei	Auditor Name AuditorName	McGrail Merkel Quinn & Associates, P.C.
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CY2021	us-gaap	Stock Issued During Period Value Share Based Compensation StockIssuedDuringPeriodValueShareBasedCompensation	433654	usd
CY2021	us-gaap	Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition	2049041	usd
CY2021	us-gaap	Adjustments To Additional Paid In Capital Stock Issued Issuance Costs AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	224859	usd
CY2021	krmd	New Issuance Litigation Settlement Amount Issuance NewIssuanceLitigationSettlementAmountIssuance	938094	usd
CY2021	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	1261251	usd
CY2021	us-gaap	Net Income Loss NetIncomeLoss	-4562823	usd
CY2021Q4	us-gaap	Stockholders Equity StockholdersEquity	36501055	usd
CY2022	us-gaap	Stock Issued During Period Value Share Based Compensation StockIssuedDuringPeriodValueShareBasedCompensation	513082	usd
CY2022	us-gaap	Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition	2083396	usd
CY2022	us-gaap	Adjustments To Additional Paid In Capital Stock Issued Issuance Costs AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts	482949	usd
CY2022	us-gaap	Stock Issued During Period Value Stock Options Exercised StockIssuedDuringPeriodValueStockOptionsExercised	406623	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	-8661142	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	31325963	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	-8661142	usd
CY2021	us-gaap	Net Income Loss NetIncomeLoss	-4562823	usd
CY2022	us-gaap	Share Based Compensation ShareBasedCompensation	3079427	usd
CY2021	us-gaap	Share Based Compensation ShareBasedCompensation	2707554	usd
CY2022	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	587137	usd
CY2021	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	463130	usd
CY2021	us-gaap	Gain Loss On Sale Of Other Assets GainLossOnSaleOfOtherAssets	1009	usd
CY2022	us-gaap	Deferred Income Taxes And Tax Credits DeferredIncomeTaxesAndTaxCredits	-2026226	usd
CY2021	us-gaap	Deferred Income Taxes And Tax Credits DeferredIncomeTaxesAndTaxCredits	-1815980	usd
CY2022	krmd	Rou Landlord Credit RouLandlordCredit	212546	usd
CY2022	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-34002	usd
CY2021	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	1019932	usd
CY2022	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	298529	usd
CY2021	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	-723434	usd
CY2022	us-gaap	Increase Decrease In Other Receivables IncreaseDecreaseInOtherReceivables	254176	usd
CY2021	us-gaap	Increase Decrease In Other Receivables IncreaseDecreaseInOtherReceivables	718220	usd
CY2022	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-28776	usd
CY2021	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	761041	usd
CY2022	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	1164266	usd
CY2021	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	602613	usd
CY2022	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	381796	usd
CY2021	us-gaap	Increase Decrease In Employee Related Liabilities IncreaseDecreaseInEmployeeRelatedLiabilities	-126527	usd
CY2022	us-gaap	Increase Decrease In Other Current Liabilities IncreaseDecreaseInOtherCurrentLiabilities	167337	usd
CY2021	us-gaap	Increase Decrease In Other Current Liabilities IncreaseDecreaseInOtherCurrentLiabilities	90000	usd
CY2022	us-gaap	Increase Decrease In Accrued Liabilities And Other Operating Liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities	180237	usd
CY2021	us-gaap	Increase Decrease In Accrued Liabilities And Other Operating Liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities	99291	usd
CY2022	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-5404549	usd
CY2021	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-4319510	usd
CY2022	us-gaap	Payments To Acquire Productive Assets PaymentsToAcquireProductiveAssets	2761056	usd
CY2021	us-gaap	Payments To Acquire Productive Assets PaymentsToAcquireProductiveAssets	346178	usd
CY2022	us-gaap	Payments To Acquire Intangible Assets PaymentsToAcquireIntangibleAssets	40512	usd
CY2021	us-gaap	Payments To Acquire Intangible Assets PaymentsToAcquireIntangibleAssets	29056	usd
CY2021	us-gaap	Proceeds From Sale Of Productive Assets ProceedsFromSaleOfProductiveAssets	9065	usd
CY2022	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-2801568	usd
CY2021	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-366169	usd
CY2022	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	406623	usd
CY2021	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	1261251	usd
CY2021	krmd	Common Stock Issuance As Settlement For Litigation CommonStockIssuanceAsSettlementForLitigation	938094	usd
CY2022	krmd	Borrowings From Indebtedness BorrowingsFromIndebtedness	783799	usd
CY2021	krmd	Borrowings From Indebtedness BorrowingsFromIndebtedness	924389	usd
CY2022	krmd	Payments On Indebtedness PaymentsOnIndebtedness	859087	usd
CY2021	krmd	Payments On Indebtedness PaymentsOnIndebtedness	415806	usd
CY2022	us-gaap	Finance Lease Principal Payments FinanceLeasePrincipalPayments	51850	usd
CY2021	us-gaap	Finance Lease Principal Payments FinanceLeasePrincipalPayments	2646	usd
CY2022	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	279485	usd
CY2021	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	2705282	usd
CY2022	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-7926632	usd
CY2021	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-1980397	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
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	17408257	usd
CY2021Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	25334889	usd
CY2022	us-gaap	Interest Paid Net InterestPaidNet	28490	usd
CY2021	us-gaap	Interest Paid Net InterestPaidNet	13241	usd
CY2021	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	1903	usd
CY2022	krmd	Issuance Of Common Stock Compensation IssuanceOfCommonStockCompensation	513082	usd
CY2021	krmd	Issuance Of Common Stock Compensation IssuanceOfCommonStockCompensation	433654	usd
CY2021	us-gaap	Stock Issued1 StockIssued1	938094	usd
CY2021	us-gaap	Revenues Revenues	23490175	usd
CY2022Q4	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	3653257	usd
CY2022	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_84C_eus-gaap--NatureOfOperations_zdnVGPzndT5i" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_86B_z8TcbrjdtGD7">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,” “KORU,” “we,” “us” or “our”) develops, manufactures and markets proprietary portable and innovative medical devices primarily for the ambulatory infusion 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__20221231_zp0YK2i0Lpfd" title="Number of segments::XDX::1">one</span> segment.</p>
CY2022Q4	us-gaap	Cash Uninsured Amount CashUninsuredAmount	250000	usd
CY2022	krmd	Amortization Of Intangible Assets1 AmortizationOfIntangibleAssets1	62143	usd
CY2021	krmd	Amortization Of Intangible Assets1 AmortizationOfIntangibleAssets1	63830	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Next Twelve Months FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths	62982	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Two FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo	62982	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Three FiniteLivedIntangibleAssetsAmortizationExpenseYearThree	62842	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Four FiniteLivedIntangibleAssetsAmortizationExpenseYearFour	61787	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense Year Five FiniteLivedIntangibleAssetsAmortizationExpenseYearFive	61356	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Amortization Expense After Year Five FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive	475233	usd
CY2022Q4	us-gaap	Finite Lived Intangible Assets Net FiniteLivedIntangibleAssetsNet	787182	usd
CY2022Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	6681378	usd
CY2021Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	3418479	usd
CY2022	us-gaap	Net Income Loss NetIncomeLoss	-8661142	usd
CY2021	us-gaap	Net Income Loss NetIncomeLoss	-4562823	usd
CY2022	krmd	Weighted Average Number Of Shares Outstanding WeightedAverageNumberOfSharesOutstanding	45002074	shares
CY2021	krmd	Weighted Average Number Of Shares Outstanding WeightedAverageNumberOfSharesOutstanding	44385032	shares
CY2022	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.19
CY2021	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.10
CY2022	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.19
CY2021	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.10
CY2022	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_844_eus-gaap--UseOfEstimates_z6LaBImte0K4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_869_z4A7A2mqJ7X9">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>
CY2022	krmd	Schedule Of Net Revenues By Geography ScheduleOfNetRevenuesByGeography	<p id="xdx_89E_ecustom--ScheduleOfNetRevenuesByGeography_z3BIpuyfVG4d" style="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table summarizes net revenues by geography for the years ended December 31, 2022 and 2021:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_8BD_z3C9ZxreeIk3" style="display: none; visibility: hidden">Schedule of net revenues by geography</span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 3.5in; border-collapse: collapse"> <tr style="background-color: white"> <td style="vertical-align: bottom; width: 93.35pt"> </td> <td style="vertical-align: bottom; width: 8.3pt"> </td> <td style="vertical-align: bottom; width: 8.25pt"> </td> <td style="vertical-align: bottom; width: 53.4pt"> </td> <td style="vertical-align: bottom; width: 18.05pt"> </td> <td style="vertical-align: bottom; width: 8.25pt"> </td> <td style="vertical-align: bottom; width: 54.15pt"> </td> <td style="vertical-align: top; width: 8.25pt"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="5" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><b>Years Ended December 31,</b></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><b>2022</b></td> <td style="vertical-align: bottom"> </td> <td colspan="2" style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><b>2021</b></td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><b>Net Revenues</b></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #E6E6E6"> <td style="vertical-align: bottom; padding-left: 9.45pt">Domestic</td> <td style="vertical-align: bottom"> </td> <td>$</td> <td id="xdx_98D_eus-gaap--Revenues_c20220101__20221231__srt--StatementGeographicalAxis__country--US_zZ4uQjTcgfJc" style="text-align: right" title="Net Revenue">23,586,254</td> <td style="vertical-align: top"> </td> <td>$</td> <td id="xdx_98C_eus-gaap--Revenues_c20210101__20211231__srt--StatementGeographicalAxis__country--US_zmQIeI78tUyl" style="text-align: right" title="Net Revenue">19,488,685</td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-left: 9.45pt">International</td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_987_eus-gaap--Revenues_c20220101__20221231__srt--StatementGeographicalAxis__us-gaap--NonUsMember_zfGG2aByPLz" style="border-bottom: black 1pt solid; text-align: right" title="Net Revenues">4,309,783</td> <td style="vertical-align: top"> </td> <td style="border-bottom: black 1pt solid"> </td> <td id="xdx_981_eus-gaap--Revenues_c20210101__20211231__srt--StatementGeographicalAxis__us-gaap--NonUsMember_zRtFKssVTgme" style="border-bottom: black 1pt solid; text-align: right" title="Net Revenues">4,001,490</td> <td style="vertical-align: top"> </td></tr> <tr style="background-color: #E6E6E6"> <td style="vertical-align: bottom"><b>Total</b></td> <td style="vertical-align: bottom"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td id="xdx_988_eus-gaap--Revenues_c20220101__20221231_zbAfS3LpNBGe" style="border-bottom: black 2.25pt double; text-align: right" title="Revenues">27,896,037</td> <td style="border-bottom: white 2.25pt double; vertical-align: top"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td id="xdx_980_eus-gaap--Revenues_c20210101__20211231_zn8OKcUznKZg" style="border-bottom: black 2.25pt double; text-align: right" title="Revenues">23,490,175</td> <td style="vertical-align: top"> </td></tr> </table>
CY2022	us-gaap	Revenues Revenues	27896037	usd
CY2022	krmd	Accounting Pronouncements Not Yet Adopted AccountingPronouncementsNotYetAdopted	<p id="xdx_846_ecustom--AccountingPronouncementsNotYetAdopted_zMJECMpJBn7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span id="xdx_865_z8maNI0cLQ6c">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>
CY2022Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	2794403	usd
CY2021Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	2312034	usd
CY2021Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	1106445	usd
CY2022Q4	us-gaap	Operating Lease Liability OperatingLeaseLiability	3999091	usd
CY2022Q4	us-gaap	Inventory Work In Process And Raw Materials InventoryWorkInProcessAndRawMaterials	3853034	usd
CY2021Q4	us-gaap	Inventory Work In Process And Raw Materials InventoryWorkInProcessAndRawMaterials	2997807	usd
CY2022Q4	us-gaap	Inventory Finished Goods InventoryFinishedGoods	2611951	usd
CY2021Q4	us-gaap	Inventory Finished Goods InventoryFinishedGoods	3176836	usd
CY2022Q4	us-gaap	Inventory Gross InventoryGross	6464985	usd
CY2021Q4	us-gaap	Inventory Gross InventoryGross	6174643	usd
CY2022Q4	us-gaap	Inventory Valuation Reserves InventoryValuationReserves	60118	usd
CY2021Q4	us-gaap	Inventory Valuation Reserves InventoryValuationReserves	68305	usd
CY2022Q4	us-gaap	Inventory Net InventoryNet	6404867	usd
CY2021Q4	us-gaap	Inventory Net InventoryNet	6106338	usd
CY2022	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate	0	pure
CY2022Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	3786545	usd
CY2021Q4	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	95553	usd
CY2022Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	345834	usd
CY2021Q4	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	95553	usd
CY2022	krmd	Description Of Lessor Operating Lease Term DescriptionOfLessorOperatingLeaseTerm	Our leases have remaining lease terms of 10, 5 years, and 3 months.
CY2022	us-gaap	Operating Lease Cost OperatingLeaseCost	514294	usd
CY2021	us-gaap	Operating Lease Cost OperatingLeaseCost	149476	usd
CY2022	us-gaap	Short Term Lease Cost ShortTermLeaseCost	131490	usd
CY2021	us-gaap	Short Term Lease Cost ShortTermLeaseCost	146604	usd
CY2022	us-gaap	Lease Cost LeaseCost	645784	usd
CY2021	us-gaap	Lease Cost LeaseCost	296080	usd
CY2022	us-gaap	Finance Lease Right Of Use Asset Amortization FinanceLeaseRightOfUseAssetAmortization	50895	usd
CY2021	us-gaap	Finance Lease Right Of Use Asset Amortization FinanceLeaseRightOfUseAssetAmortization	2586	usd
CY2022	us-gaap	Finance Lease Interest Expense FinanceLeaseInterestExpense	5393	usd
CY2021	us-gaap	Finance Lease Interest Expense FinanceLeaseInterestExpense	60	usd
CY2022	krmd	Finance Lease Cost FinanceLeaseCost	56288	usd
CY2021	krmd	Finance Lease Cost FinanceLeaseCost	2646	usd
CY2022	us-gaap	Operating Lease Payments OperatingLeasePayments	247504	usd
CY2021	us-gaap	Operating Lease Payments OperatingLeasePayments	141293	usd
CY2022	us-gaap	Finance Lease Interest Payment On Liability FinanceLeaseInterestPaymentOnLiability	57243	usd
CY2021	us-gaap	Finance Lease Interest Payment On Liability FinanceLeaseInterestPaymentOnLiability	2646	usd
CY2021Q4	us-gaap	Operating Lease Liability OperatingLeaseLiability	95553	usd
CY2022Q4	us-gaap	Property Plant And Equipment Other PropertyPlantAndEquipmentOther	544468	usd
CY2021Q4	us-gaap	Property Plant And Equipment Other PropertyPlantAndEquipmentOther	12725	usd
CY2022Q4	us-gaap	Property Plant And Equipment Other Accumulated Depreciation PropertyPlantAndEquipmentOtherAccumulatedDepreciation	50895	usd
CY2021Q4	us-gaap	Property Plant And Equipment Other Accumulated Depreciation PropertyPlantAndEquipmentOtherAccumulatedDepreciation	12725	usd
CY2022Q4	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	493573	usd
CY2022Q4	us-gaap	Finance Lease Liability Current FinanceLeaseLiabilityCurrent	98335	usd
CY2022Q4	us-gaap	Finance Lease Liability Noncurrent FinanceLeaseLiabilityNoncurrent	394283	usd
CY2022Q4	us-gaap	Finance Lease Liability FinanceLeaseLiability	492618	usd
CY2022Q4	us-gaap	Lessee Operating Lease Discount Rate LesseeOperatingLeaseDiscountRate	0.0400	pure
CY2021Q4	us-gaap	Lessee Operating Lease Discount Rate LesseeOperatingLeaseDiscountRate	0.0475	pure
CY2022Q4	us-gaap	Lessee Finance Lease Discount Rate LesseeFinanceLeaseDiscountRate	0.0425	pure
CY2021Q4	us-gaap	Lessee Finance Lease Discount Rate LesseeFinanceLeaseDiscountRate	0.0475	pure
CY2022Q4	us-gaap	Lessee Operating Lease Liability Payments Due Next Twelve Months LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths	499503	usd
CY2022Q4	us-gaap	Finance Lease Liability Payments Due Next Twelve Months FinanceLeaseLiabilityPaymentsDueNextTwelveMonths	123200	usd
CY2022Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Two LesseeOperatingLeaseLiabilityPaymentsDueYearTwo	499503	usd
CY2022Q4	us-gaap	Finance Lease Liability Payments Due Year Two FinanceLeaseLiabilityPaymentsDueYearTwo	123200	usd
CY2022Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Three LesseeOperatingLeaseLiabilityPaymentsDueYearThree	499503	usd
CY2022Q4	us-gaap	Finance Lease Liability Payments Due Year Three FinanceLeaseLiabilityPaymentsDueYearThree	123200	usd
CY2022Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Four LesseeOperatingLeaseLiabilityPaymentsDueYearFour	499503	usd
CY2022Q4	us-gaap	Finance Lease Liability Payments Due Year Four FinanceLeaseLiabilityPaymentsDueYearFour	123200	usd
CY2022Q4	us-gaap	Lessee Operating Lease Liability Payments Due Year Five LesseeOperatingLeaseLiabilityPaymentsDueYearFive	499503	usd
CY2022Q4	us-gaap	Finance Lease Liability Payments Due Year Five FinanceLeaseLiabilityPaymentsDueYearFive	65957	usd
CY2022Q4	us-gaap	Lessee Operating Lease Liability Payments Due After Year Five LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive	2331015	usd
CY2022Q4	krmd	Lessee Operating Lease Liability Payments Due Total LesseeOperatingLeaseLiabilityPaymentsDueTotal	4828530	usd
CY2022Q4	krmd	Lessee Financing Lease Lease Liability Payments Due Total LesseeFinancingLeaseLeaseLiabilityPaymentsDueTotal	558757	usd
CY2022Q4	krmd	Lessee Operating Lease Imputed Interest LesseeOperatingLeaseImputedInterest	829439	usd
CY2022Q4	krmd	Lessee Financing Lease Imputed Interest LesseeFinancingLeaseImputedInterest	66139	usd
CY2022Q4	us-gaap	Operating Lease Liability OperatingLeaseLiability	3999091	usd
CY2022Q4	us-gaap	Finance Lease Liability FinanceLeaseLiability	492618	usd
CY2021Q4	krmd	Rd Credit RdCredit	142538	usd
CY2022Q4	krmd	Nol Nol	2956685	usd
CY2021Q4	krmd	Nol Nol	1507982	usd
CY2022Q4	krmd	Allowance For Doubtful Other Receivables1 Current AllowanceForDoubtfulOtherReceivables1Current	935018	usd
CY2022	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	0	usd
CY2021	us-gaap	Current State And Local Tax Expense Benefit CurrentStateAndLocalTaxExpenseBenefit	-12800	usd
CY2022	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	2014018	usd
CY2021	us-gaap	Deferred Federal Income Tax Expense Benefit DeferredFederalIncomeTaxExpenseBenefit	1814418	usd
CY2021	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	-1801618	usd
CY2022	us-gaap	Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments	-10675160	usd
CY2021	us-gaap	Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments	-6364441	usd
CY2022	us-gaap	Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate	2241784	usd
CY2021	us-gaap	Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate	1336533	usd
CY2022	us-gaap	Income Tax Reconciliation State And Local Income Taxes IncomeTaxReconciliationStateAndLocalIncomeTaxes	-0	usd
CY2021	us-gaap	Income Tax Reconciliation State And Local Income Taxes IncomeTaxReconciliationStateAndLocalIncomeTaxes	-12800	usd
CY2022	us-gaap	Income Tax Reconciliation Other Adjustments IncomeTaxReconciliationOtherAdjustments	-227766	usd
CY2021	us-gaap	Income Tax Reconciliation Other Adjustments IncomeTaxReconciliationOtherAdjustments	477885	usd
CY2021	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	-1801618	usd
CY2022Q4	us-gaap	Deferred Compensation Plan Assets DeferredCompensationPlanAssets	557931	usd
CY2021Q4	us-gaap	Deferred Compensation Plan Assets DeferredCompensationPlanAssets	389981	usd
CY2022Q4	krmd	Depreciation Depletion And Amortization1 DepreciationDepletionAndAmortization1	-624184	usd
CY2021Q4	krmd	Depreciation Depletion And Amortization1 DepreciationDepletionAndAmortization1	-116911	usd
CY2022Q4	krmd	Rd Credit RdCredit	142030	usd
CY2021Q4	krmd	Allowance For Doubtful Other Receivables1 Current AllowanceForDoubtfulOtherReceivables1Current	17664	usd
CY2022Q4	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	3967480	usd
CY2021Q4	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	1941254	usd
CY2022	krmd	Description Of Matching Contribution DescriptionOfMatchingContribution	The Company makes safe harbor matching contributions in an amount equal to 100% of the employee’s contribution, not to exceed 3% of employee’s compensation plus 50% of employee’s pay contributed between 3% and 5% of employee’s compensation
CY2022	us-gaap	Defined Contribution Plan Employer Discretionary Contribution Amount DefinedContributionPlanEmployerDiscretionaryContributionAmount	214931	usd
CY2021	us-gaap	Defined Contribution Plan Employer Discretionary Contribution Amount DefinedContributionPlanEmployerDiscretionaryContributionAmount	166014	usd

Files In Submission

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0001161697-23-000158-index.html	Edgar Link	pending
0001161697-23-000158.txt	Edgar Link	pending
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ex_10-15.htm	Edgar Link	pending
ex_23-1.htm	Edgar Link	pending
ex_31-1.htm	Edgar Link	pending
ex_31-2.htm	Edgar Link	pending
ex_32-1.htm	Edgar Link	pending
ex_32-2.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
form_10-k.htm	Edgar Link	pending
krmd-20221231.xsd	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
R12.htm	Edgar Link	pending
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R44.htm	Edgar Link	pending
R45.htm	Edgar Link	pending
R46.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
krmd-20221231_cal.xml	Edgar Link	unprocessable
krmd-20221231_def.xml	Edgar Link	unprocessable
krmd-20221231_pre.xml	Edgar Link	unprocessable
krmd-20221231_lab.xml	Edgar Link	unprocessable
form_10-k_htm.xml	Edgar Link	completed
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable

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$KRMD
KORU Medical Systems, Inc. Stock $krmd

2023 Q1 Form 10-K Financial Statement

#000116169723000158 Filed on March 08, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$KRMD KORU Medical Systems, Inc. Stock $krmd

2023 Q1 Form 10-K Financial Statement

#000116169723000158 Filed on March 08, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$KRMD
KORU Medical Systems, Inc. Stock $krmd