LifeMD, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>LifeMD, Inc. filed its Q1 2024 10-Q report, detailing financial activities and corporate history.</b>

AI Summary

LifeMD, Inc. (LFMDP) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. LifeMD, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is listed as Services-Offices & Clinics of Doctors of Medicine. LifeMD, Inc. was formerly known as Conversion Labs, Inc. and Immudyne, Inc. The filing includes data related to common stock, preferred stock (Series A and B), and other equity components.

Why It Matters

For investors and stakeholders tracking LifeMD, Inc., this filing contains several important signals. This 10-Q filing provides the latest quarterly financial snapshot for LifeMD, Inc., crucial for investors to assess performance and trends. Understanding the company's historical name changes and its primary industry classification offers context for its business evolution and market position.

Risk Assessment

Risk Level: low — LifeMD, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate red flags.

Analyst Insight

Monitor future 10-Q filings for revenue growth, net income trends, and any changes in debt-to-equity ratios.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-08 — Filing Date (10-Q filing)
• 2024-01-01 — Quarter Start Date (10-Q filing)
• 1231 — Fiscal Year End (Company data)

Key Players & Entities

• LifeMD, Inc. (company) — Filer and subject of the report
• 2024-03-31 (date) — Reporting period end date
• 2024-05-08 (date) — Filing date
• Conversion Labs, Inc. (company) — Former company name
• Immudyne, Inc. (company) — Former company name
• 8011 (other) — Standard Industrial Classification code

FAQ

Industry Context

LifeMD, Inc. operates within the healthcare sector, specifically focusing on telehealth and medical clinics.

Regulatory Implications

As a publicly traded company, LifeMD, Inc. is subject to SEC regulations and reporting requirements, including the filing of 10-Q forms.

What Investors Should Do

1. Analyze the full 10-Q filing for detailed financial statements and management discussion.
2. Research LifeMD's revenue streams and growth drivers in the telehealth and medical services market.
3. Compare LifeMD's Q1 2024 performance against its Q1 2023 results and industry benchmarks.

Key Dates

• 2024-03-31: Period End Date — Marks the end of the reporting quarter for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive update on the company's financial performance and condition between annual reports.)

SIC Code

Standard Industrial Classification code, used to classify industries. (Helps categorize LifeMD, Inc.'s primary business activities within the broader economy.)

Year-Over-Year Comparison

This filing represents the first quarterly report for LifeMD, Inc. in fiscal year 2024, providing updated financial data compared to the previous fiscal year's filings.

Key Financial Figures

• $0.0001 — ve Perpetual Preferred Stock, par value $0.0001 per share LFMDP The Nasdaq Global M
• $5 million — the closing date, to maintain at least $5 million of unrestricted cash to be tested at th
• $2 million — he Avenue Credit Agreement, of at least $2 million. As of March 31, 2024, there was $ 19

Filing Documents

• form10-q.htm (10-Q) — 1170KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 8KB
• ex32-2.htm (EX-32.2) — 5KB
• 0001493152-24-018250.txt (&nbsp;) — 7365KB
• lfmd-20240331.xsd (EX-101.SCH) — 55KB
• lfmd-20240331_cal.xml (EX-101.CAL) — 62KB
• lfmd-20240331_def.xml (EX-101.DEF) — 327KB
• lfmd-20240331_lab.xml (EX-101.LAB) — 477KB
• lfmd-20240331_pre.xml (EX-101.PRE) — 398KB
• form10-q_htm.xml (XML) — 1068KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION ITEM 1.

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Stockholders' Equity (Deficit) 5 Condensed Consolidated Statements of Cash Flows 6 Notes to Condensed Consolidated Financial Statements 7 ITEM 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 33 ITEM 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION ITEM 1.

Legal Proceedings

Legal Proceedings 35 ITEM 1A.

Risk Factors

Risk Factors 35 ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 ITEM 3. Defaults Upon Senior Securities 35 ITEM 4. Mine Safety Disclosures 35 ITEM 5. Other Information 35 ITEM 6. Exhibits 36

SIGNATURES

SIGNATURES 37 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements LIFEMD, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current Assets Cash $ 35,110,929 $ 33,146,725 Accounts receivable, net 5,336,491 5,277,250 Product deposit 288,938 485,850 Inventory, net 2,373,640 2,759,932 Other current assets 1,298,737 934,510 Total Current Assets 44,408,735 42,604,267 Non-current Assets Equipment, net 585,980 476,303 Right of use assets 1,674,014 594,897 Capitalized software, net 12,023,248 11,795,979 Intangible assets, net 2,763,297 3,009,263 Total Non-current Assets 17,046,539 15,876,442 Total Assets $ 61,455,274 $ 58,480,709 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities Accounts payable $ 12,395,032 $ 11,084,855 Accrued expenses 14,555,480 13,937,494 Notes payable, net 115,907 327,597 Current operating lease liabilities 447,559 603,180 Current portion of long-term debt 3,958,333 - Deferred revenue 13,202,757 8,828,598 Total Current Liabilities 44,675,068 34,781,724 Long-term Liabilities Long-term debt, net 14,069,838 17,927,727 Noncurrent operating lease liabilities 1,311,452 73,849 Contingent consideration 100,000 131,250 Total Liabilities 60,156,358 52,914,550 Commitments and contingencies (Note 10) - - Mezzanine Equity Preferred Stock, $ 0.0001 par value; 5,000,000 shares authorized Series B Convertible Preferred Stock, $ 0.0001 par value; 5,000 shares authorized, zero shares issued and outstanding, liquidation value, $ 0 per share as of March 31, 2024 and December 31, 2023 - - Stockholders' Equity (Deficit) Series A Preferred Stock, $ 0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately, $ 25.55 per share as of March 31, 2024 and December 31, 2023 140 140 Common Stock, $

Business

Business and Subsidiary History In June 2018, the Company closed the strategic acquisition of 51 % of WorkSimpli. As a result of various ownership restructurings, the Company's On January 18, 2022, the Company acquired Cleared, a nationwide allergy telehealth platform that provides personalized treatments for allergy, asthma, and immunology. Under the terms of the agreement, the Company acquired all outstanding shares of Cleared at closing in exchange for a $ 460 thousand upfront cash payment, and two non-contingent milestone payments for a total of $ 3.46 million ($ 1.73 million each on or before the first and second anniversaries of the closing date). The Company purchased a convertible note from a strategic pharmaceutical investor for $ 507 thousand which was converted upon closing of the Cleared acquisition. The Company also agreed to a performance-based earnout based on Cleared's future net sales, payable in cash or shares at the Company's discretion. On February 4, 2023, the Company entered into the First Amendment (the "Cleared First Amendment") to the Stock Purchase Agreement, dated January 11, 2022, between the Company and the sellers of Cleared (the "Cleared Stock Purchase Agreement"). The Cleared Stock Purchase Agreement was amended to, among other things: (i) reduce the total purchase price by $ 250 thousand to a total of $ 3.67 million; (ii) change the timing of the payment of the purchase price to $ 460 thousand paid at closing (which has already been paid by the Company), with the remaining amount to be paid in five quarterly installments beginning on or before February 6, 2023 and ending January 15, 2024; (iii) remove all "earn-out" payments payable by the Company to the sellers; and (iv) remove certain representations and warranties of the Company and sellers in connection with the transaction (See Note 3). The Company issued the following

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View this 10-Q filing on SEC EDGAR