Sanara MedTech Inc
For the period ended Dec 31, 2023. Filed Mar 25, 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 25, 2024
SMTI$31.66-1.4%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 | $(4,439,902) | $(8,092,328) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 3,675,026 | 2,371,068 |
| Loss on disposal of property and equipment | - | 2,634 |
| Bad debt expense | 202,941 | 280,000 |
| Inventory obsolescence | 406,812 | 540,090 |
| Share-based compensation | 3,442,722 | 2,702,633 |
| Noncash lease expense | 342,972 | 263,518 |
| Loss on equity method investment | - | 379,633 |
| (Gain) Loss on disposal of investment | (251,034) | 1,040,311 |
| Benefit from deferred income taxes | - | (5,844,796) |
| Accretion of finance liabilities | 98,926 | - |
| Amortization of debt issuance costs | 5,138 | - |
| Change in fair value of earnout liabilities | (3,449,895) | 284,746 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (1,821,895) | (2,250,223) |
| Accounts receivable – related parties | 90,148 | (18,761) |
| Inventory, net | (1,545,339) | (517,271) |
| Prepaid and other assets | 496,200 | (159,592) |
| Accounts payable | 531,380 | (301,966) |
| Accounts payable – related parties | 43,768 | (121,781) |
| Accrued royalties and expenses | (739,645) | 1,156,073 |
| Accrued bonuses and commissions | (81,513) | 2,994,512 |
| Operating lease liabilities | (252,366) | (263,370) |
| Net cash used in operating activities | (3,245,556) | (5,554,870) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (265,246) | (147,015) |
| Proceeds from disposal of property and equipment | 650 | 1,549 |
| Purchases of intangible assets | - | (600,000) |
| Investment in equity securities | - | (250,000) |
| Acquisitions, net of cash acquired | (9,942,750) | (2,516,164) |
| Net cash used in investing activities | (10,207,346) | (3,511,630) |
| Cash flows from financing activities: | ||
| Loan proceeds, net | 9,688,341 | - |
| Equity offering net proceeds | 911,371 | - |
| Net settlement of equity-based awards | (135,794) | (407,346) |
| Cash payment of finance and earnout liabilities | (822,795) | - |
| Distribution to noncontrolling interest member | - | (220,000) |
| Net cash provided by (used in) financing activities | 9,641,123 | (627,346) |
| Net decrease in cash | (3,811,779) | (9,693,846) |
| Cash, beginning of period | 8,958,995 | 18,652,841 |
| Cash, end of period | $5,147,216 | $8,958,995 |
| Cash paid during the period for: | ||
| Interest | $283,948 | $206 |
| Supplemental noncash investing and financing activities: | ||
| Right of use assets obtained in exchange for lease obligations | 1,531,773 | - |
| Equity issued for acquisitions | 3,089,645 | 15,738,518 |
| Earnout and other liabilities generated by acquisitions | 3,759,642 | 6,882,151 |
| Investment in equity securities converted in asset acquisition | - | 1,803,440 |
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