LifeMD Inc
For the period ended Dec 31, 2023. Filed Mar 11, 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 11, 2024
LFMD$1.74-16.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | ||||
|---|---|---|---|---|
| 2023 · 2022 | ||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Net loss | $(17,839,057) | $(45,021,027) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||
| Amortization of debt discount | 333,939 | - | ||
| Amortization of capitalized software | 5,424,810 | 2,681,807 | ||
| Amortization of intangibles | 971,464 | 926,542 | ||
| Accretion of consideration payable | 167,221 | 273,822 | ||
| Depreciation of fixed assets | 203,952 | 161,885 | ||
| Write-down of inventory | 537,685 | 103,417 | ||
| Sales return reserve | - | 338,193 | ||
| Loss (gain) on debt extinguishment | 325,198 | (63,400) | ||
| Change in fair value of contingent consideration | - | (5,101,000) | ||
| Goodwill and intangible asset impairment charges | - | 8,862,596 | ||
| Deferred income tax provision | - | 354,000 | ||
| Operating lease payments | 766,280 | 546,439 | ||
| Stock issued for legal settlement | 532,000 | 816,000 | ||
| Stock compensation expense | 12,489,343 | 13,734,614 | ||
| Changes in Assets and Liabilities | ||||
| Accounts receivable | (2,442,500) | (2,192,888) | ||
| Product deposit | (358,585) | 76,291 | ||
| Inventory | 405,746 | (2,183,012) | ||
| Other current assets | (247,488) | 106,168 | ||
| Change in operating lease liability | (808,368) | (455,805) | ||
| Deferred revenue | 3,281,092 | 4,047,626 | ||
| Accounts payable | 978,062 | 1,251,037 | ||
| Accrued expenses | 4,678,757 | (1,309,968) | ||
| Other operating activity | (579,319) | (888,486) | ||
| Net cash provided by (used in) operating activities | 8,820,232 | (22,935,149) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Cash paid for capitalized software costs | (8,380,602) | (8,526,205) | ||
| Purchase of equipment | (203,814) | (366,633) | ||
| Purchase of intangible assets | (148,868) | (4,000,500) | ||
| Acquisition of business, net of cash acquired | - | (1,012,395) | ||
| Net cash used in investing activities | (8,733,284) | (13,905,733) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Proceeds from long-term debt, net | 19,466,887 | - | ||
| Cash proceeds from common stock issued to Medifast | 10,000,000 | - | ||
| Proceeds from notes payable | 2,347,691 | 2,906,000 | ||
| Sale of common stock under ATM, net | 6,202,659 | - | ||
| Cash proceeds from exercise of warrants | - | 38,500 | ||
| Cash proceeds from exercise of options | 94,500 | 90,400 | ||
| Preferred stock dividends | (3,106,250) | (3,106,250) | ||
| Net payments for membership interest in WorkSimpli | (305,625) | 12,150 | ||
| Contingent consideration payments for ResumeBuild acquisition | (312,500) | (156,250) | ||
| Distributions to non-controlling interest | (144,000) | (144,000) | ||
| Repayment of notes payable, net of prepayment penalty | (5,142,542) | (168,750) | ||
| Net cash provided by (used in) financing activities | 29,100,820 | (528,200) | ||
| Net increase (decrease) in cash | 29,187,768 | (37,369,082) | ||
| Cash at beginning of year | 3,958,957 | 41,328,039 | ||
| Cash at end of year | $33,146,725 | $3,958,957 | ||
| Cash paid for interest | ||||
| Cash paid during the period for interest | $2,148,454 | $189,000 | ||
| Non-cash investing and financing activities | ||||
| Cashless exercise of options | $744 | $297 | ||
| Cashless exercise of warrants | $793 | $ | - | |
| Consideration payable for Cleared acquisition | $ | - | $8,079,367 | |
| Consideration payable for ResumeBuild acquisition | $ | - | $500,000 | |
| Stock issued for noncontingent consideration payments | $2,568,000 | $ | - | |
| Stock issued for debt conversion | $1,000,000 | $ | - | |
| Series B Preferred Stock conversion | $5,072,814 | $ | - | |
| Principal of Paycheck Protection Program loans forgiven | $ | - | $63,400 | |
| Warrants issued for debt instruments | $873,100 | $ | - | |
| Right of use asset | $155,168 | $89,595 | ||
| Right of use lease liability | $155,168 | $94,168 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.