2023 Q1 Form 10-K Financial Statement

#000149315223008240 Filed on March 20, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $15.52M $15.32M $45.84M
YoY Change 98.71% 117.76% 89.87%
Cost Of Revenue $2.126M $2.369M $6.361M
YoY Change 164.03% 202.66% 175.22%
Gross Profit $13.40M $12.95M $39.48M
YoY Change 91.21% 107.13% 80.84%
Gross Profit Margin 86.31% 84.53% 86.12%
Selling, General & Admin $12.97M $14.11M $45.98M
YoY Change 38.33% 54.02% 63.89%
% of Gross Profit 96.81% 108.98% 116.45%
Research & Development $1.317M $1.034M $3.367M
YoY Change 543.73% 243.71% 502.65%
% of Gross Profit 9.83% 7.99% 8.53%
Depreciation & Amortization $107.7K $814.3K $407.8K
YoY Change -46.89% 305.11% -31.69%
% of Gross Profit 0.8% 6.29% 1.03%
Operating Expenses $14.61M $15.96M $51.71M
YoY Change 49.37% 65.15% 77.05%
Operating Profit -$1.216M -$3.012M -$12.23M
YoY Change -56.2% -11.75% 65.84%
Interest Expense $6.00 $0.00 $284.7K
YoY Change -100.0% -146.1%
% of Operating Profit
Other Income/Expense, Net -$6.00 -$111.6K -$1.705M
YoY Change -100.0%
Pretax Income -$1.216M -$4.163M -$13.94M
YoY Change -61.47% 17.06% 74.35%
Income Tax $0.00 -$5.845M
% Of Pretax Income
Net Earnings -$1.178M -$4.107M -$7.937M
YoY Change -62.68% 15.75% 0.2%
Net Earnings / Revenue -7.59% -26.82% -17.31%
Basic Earnings Per Share -$0.14 -$1.00
Diluted Earnings Per Share -$0.14 -$0.51 -$1.00
COMMON SHARES
Basic Shares Outstanding 8.377M shares 8.304M shares 7.907M shares
Diluted Shares Outstanding 8.174M shares 7.907M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.286M $8.959M $8.959M
YoY Change -54.86% -51.97% -51.97%
Cash & Equivalents $7.286M $8.959M
Short-Term Investments
Other Short-Term Assets $1.748M $1.105M $1.105M
YoY Change 179.77% 20.42% 20.42%
Inventory $3.432M $3.549M $3.549M
Prepaid Expenses
Receivables $6.541M $6.806M $7.004M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.01M $20.62M $20.62M
YoY Change -15.5% -16.22% -16.22%
LONG-TERM ASSETS
Property, Plant & Equipment $1.336M $1.416M $2.223M
YoY Change -30.93% -13.09% 8.82%
Goodwill $3.602M $3.602M
YoY Change
Intangibles $30.84M $31.51M
YoY Change 566.46%
Long-Term Investments $3.084M $3.084M $3.084M
YoY Change -36.9% -38.53% -38.53%
Other Assets
YoY Change
Total Long-Term Assets $40.96M $40.42M $40.42M
YoY Change 258.05% 242.88% 242.88%
TOTAL ASSETS
Total Short-Term Assets $19.01M $20.62M $20.62M
Total Long-Term Assets $40.96M $40.42M $40.42M
Total Assets $59.97M $61.04M $61.04M
YoY Change 76.72% 67.7% 67.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.821M $1.393M $1.427M
YoY Change 85.62% 217.86% 140.2%
Accrued Expenses $8.094M $10.22M $10.22M
YoY Change 90.46% 88.21% 88.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.60M $12.81M $12.81M
YoY Change 102.67% 112.65% 112.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.028M $6.004M $6.509M
YoY Change 3122.63% 2830.05%
Total Long-Term Liabilities $7.887M $6.509M $6.509M
YoY Change 4116.63% 2830.03% 2830.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.60M $12.81M $12.81M
Total Long-Term Liabilities $7.887M $6.509M $6.509M
Total Liabilities $18.49M $19.32M $19.21M
YoY Change 277.13% 209.32% 233.7%
SHAREHOLDERS EQUITY
Retained Earnings -$24.91M -$23.39M
YoY Change 53.56%
Common Stock $66.54M $65.22M
YoY Change 42.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.62M $41.83M $41.83M
YoY Change
Total Liabilities & Shareholders Equity $59.97M $61.04M $61.04M
YoY Change 76.72% 67.7% 67.7%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$1.178M -$4.107M -$7.937M
YoY Change -62.68% 15.75% 0.2%
Depreciation, Depletion And Amortization $107.7K $814.3K $407.8K
YoY Change -46.89% 305.11% -31.69%
Cash From Operating Activities -$1.741M -$645.0K -$5.555M
YoY Change -17.57% -63.85% 15.38%
INVESTING ACTIVITIES
Capital Expenditures $27.71K $53.37K $147.0K
YoY Change -161.98% -137.66% -119.59%
Acquisitions
YoY Change
Other Investing Activities $650.00 -$323.6K -$2.765M
YoY Change -100.26% -76.03% -39.03%
Cash From Investing Activities -$27.06K -$376.9K -$3.512M
YoY Change -90.81% -74.73% -33.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $95.81K -304.4K -$627.3K
YoY Change -193.08% -31.21% -102.22%
NET CHANGE
Cash From Operating Activities -$1.741M -645.0K -$5.555M
Cash From Investing Activities -$27.06K -376.9K -$3.512M
Cash From Financing Activities $95.81K -304.4K -$627.3K
Net Change In Cash -$1.673M -1.326M -$9.694M
YoY Change -33.36% -64.33% -153.27%
FREE CASH FLOW
Cash From Operating Activities -$1.741M -$645.0K -$5.555M
Capital Expenditures $27.71K $53.37K $147.0K
Free Cash Flow -$1.769M -$698.4K -$5.702M
YoY Change -14.45% -57.48% 40.3%

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CY2022 SMTI Dissolution Of Investment
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CY2022 us-gaap Inventory Write Down
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CY2021 us-gaap Increase Decrease In Accounts Receivable
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CY2021 us-gaap Payments Of Distributions To Affiliates
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021 us-gaap Stock Issued1
StockIssued1
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CY2022 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
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CY2022 us-gaap Nature Of Operations
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<p id="xdx_80B_eus-gaap--NatureOfOperations_zCgMpwrAtna2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_824_zstXX7QaTsmc">NATURE OF BUSINESS AND BACKGROUND</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sanara MedTech Inc. (together with its wholly owned and majority owned subsidiaries on a consolidated basis, the “Company”) is a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare markets. Each of the Company’s products, services and technologies contributes to the Company’s overall goal of achieving better clinical outcomes at a lower overall cost for patients regardless of where they receive care. The Company strives to be one of the most innovative and comprehensive providers of effective surgical, wound and skincare solutions and is continually seeking to expand its offerings for patients requiring treatments across the entire continuum of care in the United States.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Use Of Estimates
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<p id="xdx_840_eus-gaap--UseOfEstimates_zpm7WkEm4R9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zuc9LAqyktKk">Use of Estimates</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported revenue and expenses during the reporting period. However, actual results could differ from those estimates and there may be changes to the Company’s estimates in future periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2022 us-gaap Royalty Expense
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CY2021 us-gaap Royalty Expense
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CY2020Q2 us-gaap Cash
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CY2022 us-gaap Payments For Royalties
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CY2022Q4 us-gaap Payments For Royalties
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CY2022 SMTI Annual Royalty Obligation
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CY2022Q4 SMTI Annual Royalty Obligation
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CY2022Q2 SMTI Transaction Expenses
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CY2022Q2 us-gaap Share Price
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CY2022Q3 us-gaap Business Combination Contingent Consideration Asset
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CY2022Q2 SMTI Transaction Expenses
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CY2022Q2 us-gaap Share Price
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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CY2022 us-gaap Share Based Compensation
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2022 SMTI Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Equity Instruments Outstanding Weighted Average Remaining Contractual Term2
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CY2022Q4 SMTI Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Number
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CY2022Q4 SMTI Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Weighted Average Exercise Price
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CY2022 SMTI Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Equity Instruments Exercisable Weighted Average Remaining Contractual Term1
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CY2022 us-gaap Income Tax Examination Description
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 SMTI Income Tax Reconciliation Income Tax Expense Nol Carryover Adjusted For Expiration
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CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2021 us-gaap Income Tax Reconciliation Other Adjustments
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CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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Files In Submission

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smti-20221231_cal.xml Edgar Link unprocessable
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0001493152-23-008240-index.html Edgar Link pending
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smti-20221231.xsd Edgar Link pending
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smti-20221231_lab.xml Edgar Link unprocessable
smti-20221231_pre.xml Edgar Link unprocessable