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Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current assets    
Cash $ 16,277,189 $ 5,147,216
Royalty receivable 49,344
Inventory, net 3,008,349 4,717,533
Convertible loan receivable 1,079,411
Prepaid and other assets 429,428 608,411
Total current assets 31,908,408 19,005,869
Long-term assets    
Intangible assets, net 42,029,142 44,926,061
Goodwill 3,601,781 3,601,781
Investment in equity securities 8,321,412 3,084,278
Right of use assets – operating leases 1,688,963 1,995,204
Property and equipment, net 995,770 1,257,956
Total long-term assets 56,637,068 54,865,280
Total assets 88,545,476 [1] 73,871,149
Current liabilities    
Accrued bonuses and commissions 8,256,801 7,676,770
Accrued royalties and expenses 2,285,374 2,047,678
Earnout liabilities – current 1,906,550 1,100,000
Current portion of debt 580,357
Operating lease liabilities – current 439,129 361,185
Total current liabilities 14,339,827 13,767,877
Long-term liabilities    
Long-term debt, net of current portion 30,076,715 9,113,123
Earnout liabilities – long-term 2,006,000 2,723,001
Operating lease liabilities – long-term 1,407,164 1,737,445
Other long-term liabilities 1,261,495 1,941,686
Total long-term liabilities 34,751,374 15,515,255
Total liabilities 49,091,201 29,283,132
Commitments and contingencies (Note 9)
Shareholders’ equity    
Common Stock: $0.001 par value, 20,000,000 shares authorized; 8,743,174 issued and outstanding as of September 30, 2024 and 8,535,239 issued and outstanding as of December 31, 2023 8,743 8,535
Additional paid-in capital 76,021,528 72,860,556
Accumulated deficit (36,246,405) (28,036,814)
Total Sanara MedTech shareholders’ equity 39,783,866 44,832,277
Equity attributable to noncontrolling interest (329,591) (244,260)
Total shareholders’ equity 39,454,275 44,588,017
Total liabilities and shareholders’ equity 88,545,476 73,871,149
Nonrelated Party [Member]    
Current assets    
Accounts receivable 11,070,622 8,474,965
Current liabilities    
Accounts payable 1,301,362 1,924,082
Related Party [Member]    
Current assets    
Accounts receivable 43,409 8,400
Current liabilities    
Accounts payable $ 150,611 $ 77,805
[1] - Segment assets for 2023 represent assets as of December 31, 2023.