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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash $ 18,652,841 $ 455,366
Accounts receivable, net of allowances of $99,278 and $100,189 2,861,014 2,217,533
Accounts receivable - related party 79,787
Royalty receivable 49,344 49,344
Inventory, net of allowance for obsolescence of $333,850 and $276,603 2,048,191 1,148,253
Prepaid and other assets 917,318 611,817
Total current assets 24,608,495 4,482,313
Long-term assets    
Property and equipment, net of accumulated depreciation of $342,574 and $124,691 1,629,845 678,589
Right of use assets – operating leases 412,770 467,653
Intangible assets, net of accumulated amortization of $1,203,512 and $827,108 4,727,970 3,097,666
Investment in equity securities 5,017,351 1,100,000
Total long-term assets 11,787,936 5,343,908
Total assets 36,396,431 9,826,221
Current liabilities    
Accounts payable 438,154 271,251
Accounts payable – related parties 155,817 223,589
Accrued royalties and expenses 706,196 502,191
Accrued bonus and commissions 4,518,817 2,417,277
Operating lease liability - current 203,292 125,587
Total current liabilities 6,022,276 3,539,895
Long-term liabilities    
Operating lease liability – long term 222,151 355,797
Other long-term liabilities 90,293
Total long-term liabilities 222,151 446,090
Total liabilities 6,244,427 3,985,985
Commitments and contingencies (Note 6)
Shareholders’ equity    
Common Stock: $0.001 par value, 20,000,000 shares authorized; 7,676,662 issued and outstanding as of December 31, 2021 and 6,297,008 issued and outstanding as of December 31, 2020 7,677 6,297
Additional paid-in capital 45,867,768 13,176,576
Accumulated deficit (15,235,044) (7,032,242)
Total Sanara MedTech shareholders’ equity 30,640,401 6,150,631
Equity (deficit) attributable to noncontrolling interest (488,397) (310,395)
Total shareholders’ equity 30,152,004 5,840,236
Total liabilities and shareholders’ equity $ 36,396,431 $ 9,826,221