2024 Q2 Form 10-Q Financial Statement

#000149315224018880 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $20.16M $18.54M $15.52M
YoY Change 27.97% 19.42% 98.71%
Cost Of Revenue $2.009M $1.890M $2.126M
YoY Change -8.18% -11.08% 164.03%
Gross Profit $18.15M $16.65M $13.40M
YoY Change 33.79% 24.26% 91.21%
Gross Profit Margin 90.04% 89.8% 86.31%
Selling, General & Admin $18.96M $16.19M $12.97M
YoY Change 37.26% 24.85% 38.33%
% of Gross Profit 104.45% 97.27% 96.81%
Research & Development $985.7K $946.3K $1.317M
YoY Change -16.27% -28.17% 543.73%
% of Gross Profit 5.43% 5.68% 9.83%
Depreciation & Amortization $133.3K $133.0K $107.7K
YoY Change 22.87% 23.49% -46.89%
% of Gross Profit 0.73% 0.8% 0.8%
Operating Expenses $21.03M $18.18M $14.61M
YoY Change 36.31% 24.4% 49.37%
Operating Profit -$2.885M -$1.532M -$1.216M
YoY Change 54.59% 25.93% -56.2%
Interest Expense $644.3K $267.3K $6.00
YoY Change 4455500.0%
% of Operating Profit
Other Income/Expense, Net -$644.3K -$267.3K -$6.00
YoY Change 4455500.0% -100.0%
Pretax Income -$3.529M -$1.799M -$1.216M
YoY Change 89.11% 47.91% -61.47%
Income Tax
% Of Pretax Income
Net Earnings -$3.504M -$1.764M -$1.178M
YoY Change 91.71% 49.77% -62.68%
Net Earnings / Revenue -17.38% -9.52% -7.59%
Basic Earnings Per Share -$0.41 -$0.21 -$0.14
Diluted Earnings Per Share -$0.41 -$0.21 -$0.14
COMMON SHARES
Basic Shares Outstanding 8.625M shares 8.623M shares 8.377M shares
Diluted Shares Outstanding 8.469M shares 8.420M shares 8.174M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.150M $2.828M $7.286M
YoY Change 1.49% -61.19% -54.86%
Cash & Equivalents $6.150M $2.828M $7.286M
Short-Term Investments
Other Short-Term Assets $489.2K $911.6K $1.748M
YoY Change 0.72% -47.86% 179.77%
Inventory $3.565M $4.229M $3.432M
Prepaid Expenses
Receivables $10.61M $9.218M $6.541M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.81M $17.19M $19.01M
YoY Change 14.49% -9.58% -15.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.116M $1.191M $1.336M
YoY Change -10.0% -10.86% -30.93%
Goodwill $3.602M $3.602M $3.602M
YoY Change 0.0% 0.0%
Intangibles $42.98M $43.95M $30.84M
YoY Change 42.58% 42.53%
Long-Term Investments $3.084M $3.084M $3.084M
YoY Change 0.0% 0.0% -36.9%
Other Assets
YoY Change
Total Long-Term Assets $52.57M $53.73M $40.96M
YoY Change 31.1% 31.17% 258.05%
TOTAL ASSETS
Total Short-Term Assets $20.81M $17.19M $19.01M
Total Long-Term Assets $52.57M $53.73M $40.96M
Total Assets $73.38M $70.91M $59.97M
YoY Change 25.92% 18.25% 76.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $896.0K $1.279M $1.821M
YoY Change -19.48% -29.78% 85.62%
Accrued Expenses $9.584M $9.559M $8.094M
YoY Change 18.79% 18.1% 90.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $928.6K
YoY Change
Total Short-Term Liabilities $11.57M $12.75M $10.60M
YoY Change 17.05% 20.23% 102.67%
LONG-TERM LIABILITIES
Long-Term Debt $14.37M $8.768M $0.00
YoY Change
Other Long-Term Liabilities $2.654M $2.778M $6.028M
YoY Change -53.06% -53.91% 3122.63%
Total Long-Term Liabilities $20.42M $15.15M $7.887M
YoY Change 174.67% 92.15% 4116.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.57M $12.75M $10.60M
Total Long-Term Liabilities $20.42M $15.15M $7.887M
Total Liabilities $31.98M $27.90M $18.49M
YoY Change 84.71% 50.91% 277.13%
SHAREHOLDERS EQUITY
Retained Earnings -$33.39M -$29.90M -$24.91M
YoY Change 24.86% 20.01%
Common Stock $75.09M $73.19M $66.54M
YoY Change 10.61% 10.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.71M $43.29M $41.62M
YoY Change
Total Liabilities & Shareholders Equity $73.38M $70.91M $59.97M
YoY Change 25.92% 18.25% 76.72%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$3.504M -$1.764M -$1.178M
YoY Change 91.71% 49.77% -62.68%
Depreciation, Depletion And Amortization $133.3K $133.0K $107.7K
YoY Change 22.87% 23.49% -46.89%
Cash From Operating Activities -$1.412M -$1.594M -$1.741M
YoY Change -17.9% -8.44% -17.57%
INVESTING ACTIVITIES
Capital Expenditures $58.76K $65.82K $27.71K
YoY Change 354.1% 137.57% -161.98%
Acquisitions
YoY Change
Other Investing Activities $0.00 $650.00
YoY Change -100.0% -100.26%
Cash From Investing Activities -$58.76K -$65.82K -$27.06K
YoY Change 354.1% 143.27% -90.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.793M -$658.8K $95.81K
YoY Change 846.1% -787.6% -193.08%
NET CHANGE
Cash From Operating Activities -1.412M -$1.594M -$1.741M
Cash From Investing Activities -58.76K -$65.82K -$27.06K
Cash From Financing Activities 4.793M -$658.8K $95.81K
Net Change In Cash 3.322M -$2.319M -$1.673M
YoY Change -370.93% 38.65% -33.36%
FREE CASH FLOW
Cash From Operating Activities -$1.412M -$1.594M -$1.741M
Capital Expenditures $58.76K $65.82K $27.71K
Free Cash Flow -$1.471M -$1.660M -$1.769M
YoY Change -15.13% -6.15% -14.45%

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CY2024Q1 SMTI Stock Issued During Period Value For Net Settlement And Retirement Of Equity Based Awards
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CY2024Q1 us-gaap Profit Loss
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CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Profit Loss
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CY2023Q1 us-gaap Inventory Write Down
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CY2024Q1 us-gaap Share Based Compensation
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CY2024Q1 SMTI Accretion Of Finance Liabilities
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CY2023Q1 SMTI Change In Fair Value Of Deferred And Earnout Liabilities
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CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2024Q1 SMTI Increase Decrease In Royalties Payable And Expenses
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CY2024Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2024Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Proceeds From Issuance Initial Public Offering
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ProceedsFromPaymentsForOtherFinancingActivities
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CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2024Q1 SMTI Cash Payment Of Deferred And Earnout Liabilities
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CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2024Q1 us-gaap Interest Paid Net
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CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 us-gaap Stock Issued1
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q1 us-gaap Nature Of Operations
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<p id="xdx_804_eus-gaap--NatureOfOperations_zmH7nG5SH8Ol" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_82E_zudMeq7BmLB4">NATURE OF BUSINESS AND BACKGROUND</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><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; 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 are designed to achieve the Company’s goal of providing 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Use Of Estimates
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2024Q1 us-gaap Property Plant And Equipment Net
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Depreciation
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CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q1 us-gaap Inventory Write Down
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CY2024Q1 us-gaap Inventory Valuation Reserves
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CY2024Q1 us-gaap Business Combination Contingent Consideration Liability
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9750000 usd
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73809 shares
CY2023Q3 SMTI Asset Acquisition Consideration Transferred Fair Value Of Stock Closing Consideration
AssetAcquisitionConsiderationTransferredFairValueOfStockClosingConsideration
3089645 usd
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AssetAcquisitionConsiderationTransferredCashPaidForInventory
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CY2023Q3 us-gaap Asset Acquisition Consideration Transferred Contingent Consideration
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CY2023Q3 us-gaap Asset Acquisition Consideration Transferred Transaction Cost
AssetAcquisitionConsiderationTransferredTransactionCost
162743 usd
CY2023Q3 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
16792037 usd
CY2022Q4 us-gaap Goodwill
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CY2023Q4 us-gaap Goodwill
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CY2024Q1 us-gaap Goodwill
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CY2024Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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CY2024Q1 us-gaap Amortization Of Intangible Assets
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CY2023Q1 us-gaap Amortization Of Intangible Assets
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
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CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2024Q1 us-gaap Other Investments And Securities At Cost
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CY2024Q1 us-gaap Operating Lease Right Of Use Asset
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CY2024Q1 us-gaap Operating Lease Liability
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CY2024Q1 us-gaap Operating Lease Expense
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CY2023Q1 us-gaap Operating Lease Payments
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2024Q1 us-gaap Operating Lease Liability
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CY2024Q1 us-gaap Operating Lease Liability Current
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CY2024Q1 us-gaap Operating Lease Liability Noncurrent
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CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2024Q1 us-gaap Debt Instrument Carrying Amount
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CY2023Q4 us-gaap Debt Instrument Carrying Amount
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CY2024Q1 us-gaap Accumulated Amortization Deferred Finance Costs
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CY2024Q1 us-gaap Deferred Finance Costs Net
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CY2023Q4 us-gaap Deferred Finance Costs Net
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CY2024Q1 us-gaap Long Term Debt
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CY2023Q4 us-gaap Long Term Debt
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CY2024Q1 us-gaap Long Term Debt Current
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2024Q1 us-gaap Debt Instrument Carrying Amount
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CY2024Q1 us-gaap Accumulated Amortization Of Noncurrent Deferred Finance Costs
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CY2023Q4 us-gaap Accumulated Amortization Of Noncurrent Deferred Finance Costs
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CY2024Q1 us-gaap Amortization Of Financing Costs
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2022Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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CY2023Q3 us-gaap Cash
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Period Increase Decrease Weighted Average Exercise Price
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10.71
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CY2022Q3 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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CY2023Q3 SMTI Earnout Payment
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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CY2024Q1 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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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
32.66
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
193217 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
36.46
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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10.22
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P6Y7M6D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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2438222.4 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q4 SMTI Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Weighted Average Exercise Price
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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16725 shares
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10.80
CY2024Q1 SMTI Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Equity Instruments Outstanding Weighted Average Remaining Contractual Term2
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P6Y6M
CY2024Q1 SMTI Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercisableNumber
16725 shares
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10.80
CY2024Q1 SMTI Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Equity Instruments Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsEquityInstrumentsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
CY2024Q1 us-gaap Debt Current
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3000000.0 usd
CY2024Q1 SMTI Annual Minimum Revenue
AnnualMinimumRevenue
60000000.0 usd
CY2024Q1 SMTI Annual Minimum Revenue Year One
AnnualMinimumRevenueYearOne
75000000.0 usd
CY2024Q1 SMTI Annual Minimum Revenue Year Two
AnnualMinimumRevenueYearTwo
85000000.0 usd
CY2024Q1 SMTI Annual Minimum Revenue Year Three
AnnualMinimumRevenueYearThree
95000000.0 usd
CY2024Q1 SMTI Annual Minimum Revenue Year Four
AnnualMinimumRevenueYearFour
105000000.0 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001493152-24-018880.txt Edgar Link pending
0001493152-24-018880-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
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form10-q_htm.xml Edgar Link completed
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report.css Edgar Link pending
Show.js Edgar Link pending
smti-20240331.xsd Edgar Link pending
smti-20240331_cal.xml Edgar Link unprocessable
smti-20240331_def.xml Edgar Link unprocessable
smti-20240331_lab.xml Edgar Link unprocessable
smti-20240331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable