KORU Medical Systems Inc
For the period ended Dec 31, 2023. Filed Mar 13, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 13, 2024
KRMD$3.16-2.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Balance Sheets as of December 31, 2023 and 2022
BALANCE SHEETS
| December 31, | December 31, | |
|---|---|---|
| 2023 | 2022 | |
| ASSETS | ||
| CURRENT ASSETS | ||
| Cash and cash equivalents | $11,482,240 | $17,408,257 |
| Accounts receivable less allowance for doubtful accounts of $24,777 and $21,459 for December 31, 2023, and December 31, 2022, respectively | 4,045,211 | 3,558,884 |
| Inventory | 3,481,301 | 6,404,867 |
| Other receivables | 28,889 | 972,396 |
| Prepaid expenses and other | 1,218,288 | 1,457,232 |
| TOTAL CURRENT ASSETS | 20,255,929 | 29,801,636 |
| Property and equipment, net | 3,837,657 | 3,886,975 |
| Intangible assets, net of accumulated amortization of $390,341 and $325,872 at December 31, 2023 and December 31, 2022, respectively | 754,361 | 787,182 |
| Operating lease right-of-use assets | 3,514,055 | 3,786,545 |
| Deferred income tax assets, net allowance for non-realization of deferred tax assets of $6,002,777 and zero for December 31, 2023 and December 31, 2022, respectively | — | 3,967,480 |
| Other assets | 98,970 | 102,625 |
| TOTAL ASSETS | $28,460,972 | $42,332,443 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| CURRENT LIABILITIES | ||
| Accounts payable | $975,193 | $2,391,799 |
| Accrued expenses | 1,711,427 | 2,889,941 |
| Note Payable | 314,344 | 433,295 |
| Other liabilities | 512,520 | 257,337 |
| Accrued payroll and related taxes | 462,941 | 542,399 |
| Finance lease liability – current | 109,540 | 98,335 |
| Operating lease liability – current | 368,313 | 345,834 |
| TOTAL CURRENT LIABILITIES | 4,454,278 | 6,958,940 |
| Finance lease liability, net current portion | 316,623 | 394,283 |
| Operating lease liability, net of current portion | 3,336,300 | 3,653,257 |
| TOTAL LIABILITIES | 8,107,201 | 11,006,480 |
| Commitments and contingencies (Refer to Note 8) | ||
| STOCKHOLDERS’ EQUITY | ||
| Common stock, $0.01 par value, 75,000,000 shares authorized, 49,089,864 and 48,861,891 shares issued; 45,669,362 and 45,441,389 shares outstanding at December 31, 2023, and December 31, 2022, respectively | 490,899 | 488,619 |
| Additional paid-in capital | 47,018,707 | 44,252,117 |
| Treasury stock, 3,420,502 shares at December 31, 2023 and December 31, 2022, at cost | (3,843,562) | (3,843,562) |
| Retained Deficit | (23,312,273) | (9,571,211) |
| TOTAL STOCKHOLDERS’ EQUITY | 20,353,771 | 31,325,963 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $28,460,972 | $42,332,443 |
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