Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 09, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001402945 | |
Entity Registrant Name | Progressive Care Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-52684 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 32-0186005 | |
Entity Address, Address Line One | 400 Ansin Blvd., Suite A | |
Entity Address, City or Town | Hallandale Beach | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33009 | |
City Area Code | 305 | |
Local Phone Number | 760-2053 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,189,448 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash | $ 7,352,183 | $ 6,742,876 |
Accounts receivable – trade, net | 4,951,408 | 3,671,786 |
Receivables - other, net | 1,526,756 | 2,004,805 |
Inventory, net | 1,630,881 | 713,284 |
Prepaid expenses | 220,314 | 245,983 |
Total Current Assets | 15,681,542 | 13,378,734 |
Property and equipment, net | 2,720,471 | 2,582,753 |
Other Assets | ||
Goodwill | 1,387,860 | 1,387,860 |
Intangible assets, net | 102,327 | 126,696 |
Operating right-of-use assets, net | 368,270 | 446,180 |
Finance right-of-use assets, net | 37,143 | 53,814 |
Deposits | 39,137 | 38,637 |
Total Other Assets | 1,934,737 | 2,053,187 |
Total Assets | 20,336,750 | 18,014,674 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 8,196,322 | 7,384,336 |
Notes payable and accrued interest | 148,181 | 226,931 |
Operating lease liabilities | 184,378 | 200,314 |
Finance lease liabilities | 23,816 | 33,616 |
Total Current Liabilities | 8,552,697 | 7,845,197 |
Long-term Liabilities | ||
Notes payable, net of current portion | 1,173,364 | 2,248,626 |
Operating lease liabilities, net of current portion | 215,203 | 278,602 |
Finance lease liabilities, net of current portion | 14,735 | 24,198 |
Total Liabilities | 9,955,999 | 10,396,623 |
Commitments and Contingencies | 0 | 0 |
Stockholders’ Equity | ||
Common stock ($0.0001 par value, 100,000,000 shares authorized; 5,188,033 and 3,347,440 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively) | 67,131 | 66,947 |
Additional paid-in capital | 30,055,095 | 22,525,214 |
Accumulated deficit | (19,741,478) | (14,974,113) |
Total Stockholders’ Equity | 10,380,751 | 7,618,051 |
Total Liabilities and Stockholders’ Equity | 20,336,750 | 18,014,674 |
Series B Preferred Stock [Member] | ||
Stockholders’ Equity | ||
Preferred Stock, Series B ($0.001 par value, 100,000 shares designated; 3,000 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively) | $ 3 | $ 3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Preferred stock, shares authorized (in shares) | 10,000,000 | |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 5,188,033 | 3,347,440 |
Common stock, shares outstanding (in shares) | 5,188,033 | 3,347,440 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
Preferred stock, shares issued (in shares) | 3,000 | 3,000 |
Preferred stock, shares outstanding (in shares) | 3,000 | 3,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues, net | $ 11,556,085 | $ 9,973,584 | $ 22,948,029 | $ 20,024,580 |
Cost of revenue | 7,997,239 | 7,943,231 | 16,242,498 | 15,613,620 |
Gross profit | 3,558,846 | 2,030,353 | 6,705,531 | 4,410,960 |
Operating expenses | ||||
Selling, general and administrative expenses | 2,922,674 | 2,207,723 | 6,046,464 | 4,761,687 |
Bad debt expense (recovery) | 12,000 | 19,900 | 21,100 | (17,900) |
Total operating expenses | 2,934,674 | 2,227,623 | 6,067,564 | 4,743,787 |
Income (loss) from operations | 624,172 | (197,270) | 637,967 | (332,827) |
Other income (loss) | ||||
Change in fair value of derivative liabilities | 0 | (220,300) | 0 | (1,173,400) |
Loss on debt extinguishment | 0 | (237,173) | 0 | (62,173) |
Debt conversion expense | (5,205,609) | 0 | (5,205,609) | 0 |
Other finance costs | 0 | (147,204) | 0 | (147,204) |
Gain on sale or disposal of property and equipment | 2,500 | 0 | 2,500 | 11,562 |
Interest income | 6,751 | 0 | 12,417 | 0 |
Interest expense | (64,840) | (77,909) | (214,640) | (537,290) |
Total other loss | (5,261,198) | (682,586) | (5,405,332) | (1,908,505) |
Loss before income taxes | (4,637,026) | (879,856) | (4,767,365) | (2,241,332) |
Provision for income taxes | 0 | (866) | 0 | (866) |
Net loss attributable to common shareholders | $ (4,637,026) | $ (880,722) | $ (4,767,365) | $ (2,242,198) |
Basic and diluted weighted average loss per common share (in dollars per share) | $ (1.05) | $ (0.32) | $ (1.22) | $ (0.82) |
Weighted average number of common shares outstanding during the year – basic and diluted (in shares) | 4,426,978 | 2,744,910 | 3,895,532 | 2,736,244 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 51 | 2,724,422 | |||
Balance at Dec. 31, 2021 | $ 0 | $ 54,487 | $ 8,862,050 | $ (8,528,937) | $ 387,600 |
Stock-based compensation (in shares) | 0 | 17,297 | |||
Stock-based compensation | $ 0 | $ 348 | 104,652 | 0 | 105,000 |
Net loss | $ 0 | $ 0 | 0 | (1,361,476) | (1,361,476) |
Issuance of common stock for services (in shares) | 0 | 3,094 | |||
Issuance of common stock for services | $ 0 | $ 62 | 20,938 | 0 | 21,000 |
Balance (in shares) at Mar. 31, 2022 | 51 | 2,744,813 | |||
Balance at Mar. 31, 2022 | $ 0 | $ 54,897 | 8,987,640 | (9,890,413) | (847,876) |
Balance (in shares) at Dec. 31, 2021 | 51 | 2,724,422 | |||
Balance at Dec. 31, 2021 | $ 0 | $ 54,487 | 8,862,050 | (8,528,937) | 387,600 |
Net loss | (2,242,198) | ||||
Balance (in shares) at Jun. 30, 2022 | 51 | 2,744,813 | |||
Balance at Jun. 30, 2022 | $ 0 | $ 54,897 | 8,987,640 | (10,771,135) | (1,728,598) |
Balance (in shares) at Mar. 31, 2022 | 51 | 2,744,813 | |||
Balance at Mar. 31, 2022 | $ 0 | $ 54,897 | 8,987,640 | (9,890,413) | (847,876) |
Net loss | $ 0 | $ 0 | 0 | (880,722) | (880,722) |
Balance (in shares) at Jun. 30, 2022 | 51 | 2,744,813 | |||
Balance at Jun. 30, 2022 | $ 0 | $ 54,897 | 8,987,640 | (10,771,135) | (1,728,598) |
Balance (in shares) at Dec. 31, 2022 | 3,000 | 3,347,440 | |||
Balance at Dec. 31, 2022 | $ 3 | $ 66,947 | 22,525,214 | (14,974,113) | 7,618,051 |
Stock-based compensation (in shares) | 0 | 10,861 | |||
Stock-based compensation | $ 0 | $ 1 | 50,001 | 0 | 50,002 |
Net loss | $ 0 | $ 0 | 0 | (130,339) | (130,339) |
Balance (in shares) at Mar. 31, 2023 | 3,000 | 3,358,301 | |||
Balance at Mar. 31, 2023 | $ 3 | $ 66,948 | 22,575,215 | (15,104,452) | 7,537,714 |
Balance (in shares) at Dec. 31, 2022 | 3,000 | 3,347,440 | |||
Balance at Dec. 31, 2022 | $ 3 | $ 66,947 | 22,525,214 | (14,974,113) | 7,618,051 |
Net loss | (4,767,365) | ||||
Balance (in shares) at Jun. 30, 2023 | 3,000 | 5,188,033 | |||
Balance at Jun. 30, 2023 | $ 3 | $ 67,131 | 30,055,095 | (19,741,478) | 10,380,751 |
Balance (in shares) at Mar. 31, 2023 | 3,000 | 3,358,301 | |||
Balance at Mar. 31, 2023 | $ 3 | $ 66,948 | 22,575,215 | (15,104,452) | 7,537,714 |
Stock-based compensation (in shares) | 0 | 62,353 | |||
Stock-based compensation | $ 0 | $ 6 | 199,594 | 0 | 199,600 |
Net loss | $ 0 | $ 0 | 0 | (4,637,026) | (4,637,026) |
Issuance of common stock for PIPE transaction (in shares) | 0 | 455,000 | |||
Issuance of common stock for PIPE transaction | $ 0 | $ 46 | 999,954 | 0 | 1,000,000 |
Cost associated with issuance of common stock for PIPE transaction | $ 0 | $ 0 | (120,000) | 0 | (120,000) |
Issuance of common stock and common stock purchase warrants for debt conversion (in shares) | 0 | 1,312,379 | |||
Issuance of common stock and common stock purchase warrants for debt conversion | $ 0 | $ 131 | 6,400,332 | 0 | 6,400,463 |
Balance (in shares) at Jun. 30, 2023 | 3,000 | 5,188,033 | |||
Balance at Jun. 30, 2023 | $ 3 | $ 67,131 | $ 30,055,095 | $ (19,741,478) | $ 10,380,751 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (4,767,365) | $ (2,242,198) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 95,646 | 63,478 |
Accounts Receivable, Credit Loss Expense (Reversal) | 21,100 | (17,900) |
Stock-based compensation | 249,602 | 126,000 |
Amortization of debt issuance costs and debt discounts | 128,211 | 285,870 |
Loss on debt extinguishment | 0 | 62,173 |
Debt conversion expense | 5,205,609 | 0 |
Other financing costs | 0 | 147,204 |
Amortization of right-of-use assets - finance leases | 16,672 | 16,672 |
Amortization of right-of-use assets - operating leases | 77,909 | 73,913 |
Change in fair value of derivative liability | 0 | 1,173,400 |
Change in accrued interest on notes payable | 46,552 | 435,330 |
Change in accrued interest on lease liabilities | 10,224 | 13,078 |
Amortization of intangible assets | 24,369 | 16,048 |
Gain on sale or disposal of property and equipment | (2,500) | (11,562) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,099,995) | 48,101 |
Grant receivable | 277,322 | 0 |
Inventory | (917,597) | (24,212) |
Prepaid expenses | 25,669 | 23,951 |
Deposits | (500) | 0 |
Accounts payable and accrued liabilities | 850,660 | 840,117 |
Operating lease liabilities | (91,379) | (70,317) |
Net cash provided by operating activities | 150,209 | 959,146 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (233,364) | 0 |
Proceeds from sale or disposal of property and equipment | 2,500 | 11,562 |
Purchase of intangible assets | 0 | (10,000) |
Net cash (used in) provided by investing activities | (230,864) | 1,562 |
Cash flows from financing activities: | ||
Payments on notes payable | (172,595) | (126,651) |
Payments on finance lease liabilities | (17,443) | (19,238) |
Issuance of common stock for PIPE transaction | 1,000,000 | 0 |
Payment of stock issuance costs | (120,000) | 0 |
Net cash provided by (used in) financing activities | 689,962 | (145,889) |
Increase in cash | 609,307 | 814,819 |
Cash at beginning of period | 6,742,876 | 1,412,108 |
Cash at end of period | 7,352,183 | 2,226,927 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 36,734 | 33,702 |
Cash paid for income taxes | 0 | 866 |
Supplemental schedule of non-cash investing and financing activities: | ||
Debt conversion of long-term notes payable and accrued interest, net of unamortized debt discount and debt issuance costs | 1,194,855 | 0 |
Issuance of common stock and common stock purchase warrants for debt conversion | 6,400,463 | 0 |
Debt extension fees and other financing costs added to note principal | 0 | 484,377 |
Issuance of common stock for services rendered | 0 | 21,000 |
Insurance premiums financed through issuance of note payable | $ 0 | $ 20,395 |
Note 1 - Organization & Nature
Note 1 - Organization & Nature of Operations | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | Note 1. Progressive Care Inc. (“Progressive”) was incorporated under the laws of the state of Delaware on October 31, 2006. Progressive, through its wholly-owned subsidiaries, Pharmco, LLC (“Pharmco 901” 1002, 1002” 1103 1204 1103” 1204” Pharmco 901 November 29, 2005 901 October 21, 2010. 901 not Pharmco 1103 1103 June 1, 2019. Pharmco 1002 1002 July 1, 2018. ClearMetrX was formed on June 10, 2020 third 340B RXMD Therapeutics was formed on October 1, 2019. no |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 2. The accompanying Unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), consistent in all material respects with those applied in the 2022 10 not 2022 10 not The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Certain 2022 2023 not |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 3. The significant accounting policies of the Company were described in Note 3 10 December 31, 2022 no six June 30, 2023 Concentrations The Company had significant concentrations with one vendor. The purchases from this significant vendor were 97% and 96% of total vendor purchases for the three June 30, 2023 2022, six June 30, 2023 2022 Recently Adopted Accounting Standards In August 2023, 2023 04, 405 No. 121”, No. 121. no In July 2023, 2023 03, 205 220 480 505 718 No. 120, no In June 2016, 2016 13, 326 2016 13” November 2018, 2018 19, 326, not April 2019, 2019 04, 326, 815, 825, 2016 13. March 2020, 2020 03, 842 326. 2016 13 December 15, 2022, January 1, 2023 no Subsequent Events Appointment of Directors Effective July 17, 2023, three Change in Control Transactions On July 1, 2023, June 30, 2023, Also, on June 30, 2023, As a result of the common stock purchase warrant exercises and the entry into the voting agreement, the Company concluded that there was a change in control in the Company under the voting interest model in U.S. GAAP. As of July 1, 2023, 50 July 1, 2023, |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4. Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three may Level 1: Level 2: 1 not Level 3: no The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: ● Cash, accounts receivable, and accounts payable and accrued liabilities: ● Notes payable and lease liabilities: 2 Common Stock Purchase Warrants As of June 30, 2023, 3 3.7%; 102%; 12. |
Note 5 - Revenue
Note 5 - Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 5. The Company recognizes pharmacy revenue and 340B third The Company recognizes COVID- 19 Billings for most prescription orders are with third three June 30, 2023 2022 six June 30, 2023 2022 The Company accrues an estimate of pharmacy benefit manager (“PBM”) fees, including direct and indirect remuneration (“DIR”) fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. The following table disaggregates net revenue by categories: Three Months Ended June 30, 2023 2022 Prescription revenue $ 9,864,709 $ 9,275,774 340B contract revenue 2,093,919 706,102 COVID-19 testing revenue 8,147 368,197 Rent and other revenue 5,688 1,450 Sub total 11,972,463 10,351,523 PBM fees (416,378 ) (377,939 ) Revenues, net $ 11,556,085 $ 9,973,584 Six Months Ended June 30, 2023 2022 Prescription revenue $ 20,305,653 $ 17,881,657 340B contract revenue 3,670,215 1,094,057 COVID-19 testing revenue 53,603 1,659,214 Rent and other revenue 5,703 1,657 Sub total 24,035,174 20,636,585 PBM fees (1,087,145 ) (612,005 ) Revenues, net $ 22,948,029 $ 20,024,580 |
Note 6 - Earnings (Loss) Per Sh
Note 6 - Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6. The components of basic and diluted earnings (loss) per share (“EPS”) were as follows: Three Months Ended June 30, 2023 2022 Net loss attributable to common shareholders $ (4,637,026 ) $ (880,722 ) Basic weighted average common shares outstanding 4,426,978 2,744,910 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 4,426,978 2,744,910 Basic weighted average loss per common share $ (1.05 ) $ (0.32 ) Diluted weighted average loss per common share $ (1.05 ) $ (0.32 ) Six Months Ended June 30, 2023 2022 Net loss attributable to common shareholders $ (4,767,365 ) $ (2,242,198 ) Basic weighted average common shares outstanding 3,895,532 2,736,244 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 3,895,532 2,736,244 Basic weighted average loss per common share $ (1.22 ) $ (0.82 ) Diluted weighted average loss per common share $ (1.22 ) $ (0.82 ) |
Note 7 - Accounts Receivable -
Note 7 - Accounts Receivable - Trade, Net | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 7. Trade, net Accounts receivable consisted of the following at: June 30, 2023 December 31, 2022 Gross accounts receivable – trade $ 5,176,408 $ 3,875,686 Less: allowance for doubtful accounts (225,000 ) (203,900 ) Accounts receivable – trade, net $ 4,951,408 $ 3,671,786 The Company recognized bad debt expense in the amount of approximately $12,000 and $19,900 for three June 30, 2023 2022 six June 30, 2023 2022 Accounts receivable – trade, net as of January 1, 2022 June 30, 2022 The Company generated reimbursements from three significant PBMs: Six Months Ended June 30, 2023 2022 A 38 % 55 % B 28 % 6 % C 19 % 25 % |
Note 8 - Property and Equipment
Note 8 - Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 8. Property and equipment, net consisted of the following: June 30, 2023 December 31, 2022 Building $ 1,651,069 $ 1,651,069 Building improvements 513,075 513,075 Vehicles 459,461 251,715 Furniture and equipment 444,909 423,829 Leasehold improvements and fixtures 281,154 276,614 Land 184,000 184,000 Computer equipment 101,230 101,230 Total 3,634,898 3,401,532 Less: accumulated depreciation (914,427 ) (818,779 ) Property and equipment, net $ 2,720,471 $ 2,582,753 Depreciation expense was approximately $52,000 and $29,000 for the three June 30, 2023 2022 six June 30, 2023 2022 |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 9. Intangible assets consisted of the following at: June 30, 2023 December 31, 2022 Trade names $ 362,000 $ 362,000 Pharmacy records 263,000 263,000 Non-compete agreements 166,000 166,000 Software 86,424 86,424 Website 67,933 67,933 Subtotal 945,357 945,357 Less: accumulated amortization (843,030 ) (818,661 ) Net intangible assets $ 102,327 $ 126,696 Amortization of intangible assets amounted to approximately $12,000 and $8,000 for the three June 30, 2023 2022 six June 30, 2023 2022 five Year Amount 2023 (remaining six months) $ 24,403 2024 30,390 2025 17,285 2026 17,285 2027 12,964 Total $ 102,327 |
Note 10 - Accounts Payable and
Note 10 - Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 10. Accounts payable and accrued liabilities consisted of the following at: June 30, 2023 December 31, 2022 Accounts payable – trade $ 7,189,868 $ 6,517,496 Accrued payroll and payroll taxes 198,823 228,957 Accrued PBM fees 650,000 500,589 Other accrued liabilities 157,631 137,294 Total $ 8,196,322 $ 7,384,336 |
Note 11 - Notes Payable
Note 11 - Notes Payable | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 11. Notes payable consisted of the following at: June 30, 2023 December 31, 2022 A. Convertible note payable and accrued interest - collateralized $ — $ 2,837,910 B. Mortgage note payable - commercial bank - collateralized 1,183,427 1,225,913 C. Note payable - uncollateralized 25,000 25,000 D. Notes payable - collateralized 109,930 137,017 Insurance premiums financing 3,188 70,302 Subtotal 1,321,545 4,296,142 Less: unamortized debt discount — (1,820,585 ) Total 1,321,545 2,475,557 Less: current portion of notes payable (148,181 ) (226,931 ) Long-term portion of notes payable $ 1,173,364 $ 2,248,626 The corresponding notes payable above are more fully discussed below: (A) Convertible Note Payable – collateralized NextPlat Investors In August 2022, 1. The Maturity Date was extended to August 31, 2027 2. The Outstanding Balance shall bear interest at the simple annual rate of five 3. The Company is prohibited from prepaying the Note. 4. The Conversion Price for the Note was modified to a fixed price of $4.00 per share of common Stock. 5. The Note shall provide for mandatory conversion upon the later to occur of (a) the completion of the Company’s reverse stock split, and (b) the listing of the Company’s common stock on a national exchange, including the Nasdaq Capital Market, the Nasdaq Global Market, or the New York Stock Exchange. On May 5, 2023, six June 30, 2023. Debt Issuance Costs and Debt Discount Associated with the NextPlat Investors Note Debt issuance costs consist of fees incurred from the Placement Agent and Investment Advisor associated with the NextPlat Investors Debt Modification Agreement. Debt discount consists of the discount recorded from the issuance of approximately 105,000 shares of common stock to the NextPlat Investors as consideration for the Debt Modification Agreement. Debt issuance costs and debt discount are amortized to interest expense over the term of the related debt using the straight-line method. Total amortization expense for the six June 30, 2023 As a result of the Debt Conversion, the remaining balance of debt issuance costs and debt discount of approximately $1.7 million at the date of the Debt Conversion was written off and recognized as part of debt conversion expense for the six June 30, 2023 (B) Mortgage Note Payable – collateralized In 2018, 901 400 December 14, 2028 119 January 2019, not December 14, 2028. (C) Note Payable – Uncollateralized As of June 30, 2023 December 31, 2022 (D) Notes Payable – Collateralized In September 2019, 48 June 30, 2023 December 31, 2022 In April 2021, September 2021, 46 June 30, 2023 December 31, 2022 In July 2022, 60 January 2023. June 30, 2023 December 31, 2022 In September 2022, 24 October 2022. June 30, 2023 December 31, 2022 Principal outstanding as of June 30, 2023 Year Amount 2023 (remaining six months) $ 90,341 2024 121,126 2025 114,419 2026 118,630 2027 123,597 Thereafter 753,432 Total $ 1,321,545 Interest expense on these notes payable, exclusive of debt discount and debt issue cost amortization, was approximately $31,000 and $77,000 for the three June 30, 2023 2022 six June 30, 2023 2022 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | Note 12. Equity Preferred Stock The Company has 10,000,000 shares of preferred stock authorized. On August 30, 2022, one one may As of June 30, 2023 December 31, 2022 With respect to all matters upon which stockholders are entitled to vote or to which shareholders are entitled to give consent, the holders of the outstanding shares of Preferred Stock shall vote together with the holders of common stock without regard to class, except as to those matters on which separate class voting is required by applicable law or the Certificate of Incorporation or By-laws. Common Stock and Common Stock Purchase Warrants On December 29, 2022, 1 2022 The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in FASB Accounting Standards Codification (“ASC”) 480, 480” 815, 815” 480, 480, 815, For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not On May 5, 2023, three 480 Simultaneous with the closing, the Company entered into a DCA with NextPlat and the other Holders of that certain Amended and Restated Secured Convertible Promissory Note, dated as of September 2, 2022, three 480 At the same time, the Company and NextPlat entered into a First Amendment (the “Amendment”) to that certain Securities Purchase Agreement dated November 16, 2022 ( three June 30, 2023, Dawson James Securities, Inc. (the “Placement Agent”) served as placement agent for the Unit Purchase. In consideration for the Placement Agent’s services, the Company issued to the Placement Agent and its affiliates warrants to purchase 91,000 shares of Common Stock (the “Placement Agent Warrants”). The Placement Agent Warrants have a five December 2023. 480 In addition, the Company issued 330,000 warrants to certain existing Progressive Care investors to induce them to approve the transaction contemplated by the SPA (the “Inducement Warrants”). Charles M. Fernandez and Rodney Barreto received Inducement Warrants to purchase 190,000 and 30,000 shares of Common Stock, respectively. The Inducement Warrants have a three 480 |
Note 13 - Stock-Based Compensat
Note 13 - Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 13. The Company recorded total stock-based compensation expense of approximately $190,000 and $25,000 for the three June 30, 2023 2022 six June 30, 2023 2022 no six June 30, 2023 2022 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 14. Legal Matters On May 3, 2022, July 1, 2022, 13 July 8, 2022. June 30, 2023 December 31, 2022 On June 8, 2022, |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 15. On May 5, 2023, On May 9, 2023, On February 1, 2023, May 1, 2023, six June 30, 2023 On August 30, 2022, March 6, 2019, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations The Company had significant concentrations with one vendor. The purchases from this significant vendor were 97% and 96% of total vendor purchases for the three June 30, 2023 2022, six June 30, 2023 2022 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In August 2023, 2023 04, 405 No. 121”, No. 121. no In July 2023, 2023 03, 205 220 480 505 718 No. 120, no In June 2016, 2016 13, 326 2016 13” November 2018, 2018 19, 326, not April 2019, 2019 04, 326, 815, 825, 2016 13. March 2020, 2020 03, 842 326. 2016 13 December 15, 2022, January 1, 2023 no |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Appointment of Directors Effective July 17, 2023, three Change in Control Transactions On July 1, 2023, June 30, 2023, Also, on June 30, 2023, As a result of the common stock purchase warrant exercises and the entry into the voting agreement, the Company concluded that there was a change in control in the Company under the voting interest model in U.S. GAAP. As of July 1, 2023, 50 July 1, 2023, |
Note 5 - Revenue (Tables)
Note 5 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2023 2022 Prescription revenue $ 9,864,709 $ 9,275,774 340B contract revenue 2,093,919 706,102 COVID-19 testing revenue 8,147 368,197 Rent and other revenue 5,688 1,450 Sub total 11,972,463 10,351,523 PBM fees (416,378 ) (377,939 ) Revenues, net $ 11,556,085 $ 9,973,584 Six Months Ended June 30, 2023 2022 Prescription revenue $ 20,305,653 $ 17,881,657 340B contract revenue 3,670,215 1,094,057 COVID-19 testing revenue 53,603 1,659,214 Rent and other revenue 5,703 1,657 Sub total 24,035,174 20,636,585 PBM fees (1,087,145 ) (612,005 ) Revenues, net $ 22,948,029 $ 20,024,580 |
Note 6 - Earnings (Loss) Per _2
Note 6 - Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, 2023 2022 Net loss attributable to common shareholders $ (4,637,026 ) $ (880,722 ) Basic weighted average common shares outstanding 4,426,978 2,744,910 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 4,426,978 2,744,910 Basic weighted average loss per common share $ (1.05 ) $ (0.32 ) Diluted weighted average loss per common share $ (1.05 ) $ (0.32 ) Six Months Ended June 30, 2023 2022 Net loss attributable to common shareholders $ (4,767,365 ) $ (2,242,198 ) Basic weighted average common shares outstanding 3,895,532 2,736,244 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 3,895,532 2,736,244 Basic weighted average loss per common share $ (1.22 ) $ (0.82 ) Diluted weighted average loss per common share $ (1.22 ) $ (0.82 ) |
Note 7 - Accounts Receivable _2
Note 7 - Accounts Receivable - Trade, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | June 30, 2023 December 31, 2022 Gross accounts receivable – trade $ 5,176,408 $ 3,875,686 Less: allowance for doubtful accounts (225,000 ) (203,900 ) Accounts receivable – trade, net $ 4,951,408 $ 3,671,786 |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Six Months Ended June 30, 2023 2022 A 38 % 55 % B 28 % 6 % C 19 % 25 % |
Note 8 - Property and Equipme_2
Note 8 - Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, 2023 December 31, 2022 Building $ 1,651,069 $ 1,651,069 Building improvements 513,075 513,075 Vehicles 459,461 251,715 Furniture and equipment 444,909 423,829 Leasehold improvements and fixtures 281,154 276,614 Land 184,000 184,000 Computer equipment 101,230 101,230 Total 3,634,898 3,401,532 Less: accumulated depreciation (914,427 ) (818,779 ) Property and equipment, net $ 2,720,471 $ 2,582,753 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2023 December 31, 2022 Trade names $ 362,000 $ 362,000 Pharmacy records 263,000 263,000 Non-compete agreements 166,000 166,000 Software 86,424 86,424 Website 67,933 67,933 Subtotal 945,357 945,357 Less: accumulated amortization (843,030 ) (818,661 ) Net intangible assets $ 102,327 $ 126,696 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount 2023 (remaining six months) $ 24,403 2024 30,390 2025 17,285 2026 17,285 2027 12,964 Total $ 102,327 |
Note 10 - Accounts Payable an_2
Note 10 - Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, 2023 December 31, 2022 Accounts payable – trade $ 7,189,868 $ 6,517,496 Accrued payroll and payroll taxes 198,823 228,957 Accrued PBM fees 650,000 500,589 Other accrued liabilities 157,631 137,294 Total $ 8,196,322 $ 7,384,336 |
Note 11 - Notes Payable (Tables
Note 11 - Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | June 30, 2023 December 31, 2022 A. Convertible note payable and accrued interest - collateralized $ — $ 2,837,910 B. Mortgage note payable - commercial bank - collateralized 1,183,427 1,225,913 C. Note payable - uncollateralized 25,000 25,000 D. Notes payable - collateralized 109,930 137,017 Insurance premiums financing 3,188 70,302 Subtotal 1,321,545 4,296,142 Less: unamortized debt discount — (1,820,585 ) Total 1,321,545 2,475,557 Less: current portion of notes payable (148,181 ) (226,931 ) Long-term portion of notes payable $ 1,173,364 $ 2,248,626 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Amount 2023 (remaining six months) $ 90,341 2024 121,126 2025 114,419 2026 118,630 2027 123,597 Thereafter 753,432 Total $ 1,321,545 |
Note 1 - Organization & Natur_2
Note 1 - Organization & Nature of Operations (Details Textual) | Oct. 21, 2010 |
Pharmco LLC [Member] | |
Subsidiary, Ownership Percentage, Parent | 100% |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | |||||
Jul. 17, 2023 USD ($) | Jul. 01, 2023 USD ($) shares | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2022 USD ($) | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock Issued During Period, Value, Issued for Services | $ | $ 21,000 | ||||||
NextPlat, Chief Executive Officer, and Board Director [Member] | |||||||
Ownership Percentage | 46% | 46% | |||||
Subsequent Event [Member] | NextPlat Corp. [Member] | |||||||
Stock Issued During Period, Shares, Cashless Exercise of Warrants (in shares) | 402,269 | ||||||
Proceeds from Warrant Exercises | $ | $ 506,000 | ||||||
Stock Issued During Period, Shares, Cash Exercise of Warrants (in shares) | 230,000 | ||||||
Subsequent Event [Member] | NextPlat, Chief Executive Officer, and Board Director [Member] | |||||||
Ownership Percentage | 53% | ||||||
Subsequent Event [Member] | Director [Member] | |||||||
Stock Issued During Period, Value, Issued for Services | $ | $ 50,000 | ||||||
Stock Issued During Period, Shares, Cashless Exercise of Warrants (in shares) | 130,571 | ||||||
Subsequent Event [Member] | Chief Executive Officer [Member] | |||||||
Stock Issued During Period, Shares, Cashless Exercise of Warrants (in shares) | 211,470 | ||||||
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | |||||||
Number of Major Vendors | 1 | 1 | |||||
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | One Vendor [Member] | |||||||
Concentration Risk, Percentage | 97% | 96% | 97% | 97% |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Details Textual) - Common Stock Purchase Warrants [Member] $ / shares in Units, $ in Millions | Jun. 30, 2023 USD ($) $ / shares |
Warrants and Rights Outstanding | $ | $ 4.6 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2.20 |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |
Warrants and Rights Outstanding, Measurement Input | 0.035 |
Minimum [Member] | Measurement Input, Expected Term [Member] | |
Warrants and Rights Outstanding, Measurement Input | 3 |
Minimum [Member] | Measurement Input, Price Volatility [Member] | |
Warrants and Rights Outstanding, Measurement Input | 0.93 |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |
Warrants and Rights Outstanding, Measurement Input | 0.037 |
Maximum [Member] | Measurement Input, Expected Term [Member] | |
Warrants and Rights Outstanding, Measurement Input | 5.6 |
Maximum [Member] | Measurement Input, Price Volatility [Member] | |
Warrants and Rights Outstanding, Measurement Input | 1.02 |
Note 5 - Revenue (Details Textu
Note 5 - Revenue (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Product Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | Prescription [Member] | ||||
Concentration Risk, Percentage | 85% | 93% | 88% | 89% |
Note 5 - Revenue - Disaggregati
Note 5 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue | $ 11,972,463 | $ 10,351,523 | $ 24,035,174 | $ 20,636,585 |
PBM fees | (416,378) | (377,939) | (1,087,145) | (612,005) |
Revenues, net | 11,556,085 | 9,973,584 | 22,948,029 | 20,024,580 |
Prescription [Member] | ||||
Revenue | 9,864,709 | 9,275,774 | 20,305,653 | 17,881,657 |
Three Hundred Forty B Contract [Member] | ||||
Revenue | 2,093,919 | 706,102 | 3,670,215 | 1,094,057 |
COVID-19 Testing [Member] | ||||
Revenue | 8,147 | 368,197 | 53,603 | 1,659,214 |
Rent and Other [Member] | ||||
Revenue | $ 5,688 | $ 1,450 | $ 5,703 | $ 1,657 |
Note 6 - Earnings (Loss) Per _3
Note 6 - Earnings (Loss) Per Share - Components of Basic and Dilutes Earnings (Loss) Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net loss attributable to common shareholders | $ (4,637,026) | $ (880,722) | $ (4,767,365) | $ (2,242,198) |
Basic weighted average common shares outstanding (in shares) | 4,426,978 | 2,744,910 | 3,895,532 | 2,736,244 |
Potentially dilutive common shares (in shares) | 0 | 0 | 0 | 0 |
Diluted weighted average common shares outstanding (in shares) | 4,426,978 | 2,744,910 | 3,895,532 | 2,736,244 |
Basic weighted average loss per common share (in dollars per share) | $ (1.05) | $ (0.32) | $ (1.22) | $ (0.82) |
Diluted weighted average loss per common share (in dollars per share) | $ (1.05) | $ (0.32) | $ (1.22) | $ (0.82) |
Note 7 - Accounts Receivable _3
Note 7 - Accounts Receivable - Trade, Net (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jan. 01, 2022 USD ($) | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 12,000 | $ 19,900 | $ 21,100 | $ (17,900) | |
Accounts Receivable, after Allowance for Credit Loss | $ 2,200,000 | $ 2,200,000 | $ 2,200,000 | ||
Number of Significant Pharmacy Benefit Managers | 3 |
Note 7 - Accounts Receivable _4
Note 7 - Accounts Receivable - Trade, Net - Schedule of Accounts Receivable (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Gross accounts receivable – trade | $ 5,176,408 | $ 3,875,686 |
Less: allowance for doubtful accounts | (225,000) | (203,900) |
Accounts receivable – trade, net | $ 4,951,408 | $ 3,671,786 |
Note 7 - Accounts Receivable _5
Note 7 - Accounts Receivable - Trade, Net - Concentrations (Details) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Pharmacy Benefit Managers A [Member] | ||
Concentration | 38% | 55% |
Pharmacy Benefit Managers B [Member] | ||
Concentration | 28% | 6% |
Pharmacy Benefit Managers C [Member] | ||
Concentration | 19% | 25% |
Note 8 - Property and Equipme_3
Note 8 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Depreciation | $ 52,000 | $ 29,000 | $ 96,000 | $ 63,000 |
Note 8 - Property and Equipme_4
Note 8 - Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property and equipment, gross | $ 3,634,898 | $ 3,401,532 |
Less: accumulated depreciation | (914,427) | (818,779) |
Property and equipment, net | 2,720,471 | 2,582,753 |
Building [Member] | ||
Property and equipment, gross | 1,651,069 | 1,651,069 |
Building Improvements [Member] | ||
Property and equipment, gross | 513,075 | 513,075 |
Vehicles [Member] | ||
Property and equipment, gross | 459,461 | 251,715 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 444,909 | 423,829 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 281,154 | 276,614 |
Land [Member] | ||
Property and equipment, gross | 184,000 | 184,000 |
Computer Equipment [Member] | ||
Property and equipment, gross | $ 101,230 | $ 101,230 |
Note 9 - Intangible Assets (Det
Note 9 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Amortization of Intangible Assets | $ 24,369 | $ 16,048 | ||
Amortization Approximation [Member] | ||||
Amortization of Intangible Assets | $ 12,000 | $ 8,000 | $ 24,400 | $ 16,000 |
Note 9 - Intangible Assets - Sc
Note 9 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Gross intangible assets | $ 945,357 | $ 945,357 |
Less: accumulated amortization | (843,030) | (818,661) |
Net intangible assets | 102,327 | 126,696 |
Trade Names [Member] | ||
Gross intangible assets | 362,000 | 362,000 |
Pharmacy Records [Member] | ||
Gross intangible assets | 263,000 | 263,000 |
Noncompete Agreements [Member] | ||
Gross intangible assets | 166,000 | 166,000 |
Computer Software, Intangible Asset [Member] | ||
Gross intangible assets | 86,424 | 86,424 |
Website [Member] | ||
Gross intangible assets | $ 67,933 | $ 67,933 |
Note 9 - Intangible Assets - Es
Note 9 - Intangible Assets - Estimated Future Amortization of intangible Assets (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
2023 (remaining six months) | $ 24,403 | |
2024 | 30,390 | |
2025 | 17,285 | |
2026 | 17,285 | |
2027 | 12,964 | |
Net intangible assets | $ 102,327 | $ 126,696 |
Note 10 - Accounts Payable an_3
Note 10 - Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts payable – trade | $ 7,189,868 | $ 6,517,496 |
Accrued payroll and payroll taxes | 198,823 | 228,957 |
Accrued PBM fees | 650,000 | 500,589 |
Other accrued liabilities | 157,631 | 137,294 |
Total | $ 8,196,322 | $ 7,384,336 |
Note 11 - Notes Payable (Detail
Note 11 - Notes Payable (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
May 05, 2023 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Sep. 30, 2021 | Apr. 30, 2021 | Sep. 30, 2019 | Jan. 31, 2019 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2018 | |
Debt Instrument, Face Amount | $ 2,800,000 | |||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 1,194,855 | $ 0 | ||||||||||||
Notes Payable | $ 1,321,545 | 1,321,545 | $ 2,475,557 | |||||||||||
Notes Payable, Current | 148,181 | 148,181 | 226,931 | |||||||||||
Interest Expense, Debt | 31,000 | $ 77,000 | 82,000 | $ 250,000 | ||||||||||
Next Plat Investors [Member] | ||||||||||||||
Issuance Of Common Stock For Debt Modification Agreement Shares (in shares) | 105,000 | |||||||||||||
Amortization | 128,000 | |||||||||||||
Common Stock Purchase Warrants [Member] | ||||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 330,000 | |||||||||||||
Warrants and Rights Outstanding | 4,600,000 | 4,600,000 | ||||||||||||
Debt Conversion Agreement [Member] | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 2.20 | |||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 2,900,000 | |||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,312,379 | |||||||||||||
Debt Conversion, Converted Instrument, Conversion Expense | 5,200,000 | |||||||||||||
Debt Conversion, Converted Instrument, Debt Issuance Costs and Debt Discount | 1,700,000 | |||||||||||||
Debt Conversion, Converted Instrument, Loss From Inducement | 1,100,000 | |||||||||||||
Next Plat Investors [Member] | ||||||||||||||
Debt Instrument, Maturity Date | Aug. 31, 2027 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5% | |||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 4 | |||||||||||||
Mortgage Note Payable Commercial Bank Collateralized [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||||||||
Secured Debt | $ 1,530,000 | |||||||||||||
Repayments of Debt | $ 11,901 | |||||||||||||
Note Payable Collateralized Pharmacy Equipment [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | 6.50% | ||||||||||||
Debt and Lease Obligation | $ 85,000 | |||||||||||||
Debt Instrument, Periodic Payment | $ 331 | $ 2,015 | ||||||||||||
Notes Payable | 4,000 | 4,000 | 16,000 | |||||||||||
Payments to Acquire Machinery and Equipment | $ 30,000 | |||||||||||||
Notes Payable, Current | 7,400 | 7,400 | 9,000 | |||||||||||
Note Payable Collateralized [Member] | Pharmacy Equipment [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.78% | |||||||||||||
Debt Instrument, Periodic Payment | $ 1,859 | |||||||||||||
Payments to Acquire Machinery and Equipment | $ 90,000 | |||||||||||||
Notes Payable, Current | 82,000 | 82,000 | 90,000 | |||||||||||
Note Payable Collateralized [Member] | Vehicles [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.29% | |||||||||||||
Debt Instrument, Periodic Payment | $ 1,143 | |||||||||||||
Notes Payable | $ 16,000 | $ 16,000 | $ 22,000 | |||||||||||
Payments to Acquire Machinery and Equipment | $ 25,000 |
Note 11 - Notes Payable - Sched
Note 11 - Notes Payable - Schedule of Debt (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Note payable | $ 1,321,545 | $ 4,296,142 |
Less: unamortized debt discount | 0 | 1,820,585 |
Total | 1,321,545 | 2,475,557 |
Less: current portion of notes payable | 148,181 | 226,931 |
Long-term portion of notes payable | 1,173,364 | 2,248,626 |
Convertible Notes Payable And Accrued Interest Collateralized [Member] | ||
Note payable | 0 | 2,837,910 |
Mortgage Note Payable Commercial Bank Collateralized [Member] | ||
Note payable | 1,183,427 | 1,225,913 |
Note Payable Uncollateralized [Member] | ||
Note payable | 25,000 | 25,000 |
Note Payable Collateralized [Member] | ||
Note payable | 109,930 | 137,017 |
Insurance Premium Financing [Member] | ||
Note payable | $ 3,188 | $ 70,302 |
Note 11 - Notes Payable - Sch_2
Note 11 - Notes Payable - Schedule of Future Maturities (Details) | Jun. 30, 2023 USD ($) |
2023 (remaining six months) | $ 90,341 |
2024 | 121,126 |
2025 | 114,419 |
2026 | 118,630 |
2027 | 123,597 |
Thereafter | 753,432 |
Total | $ 1,321,545 |
Note 12 - Stockholders' Equity
Note 12 - Stockholders' Equity (Details Textual) | 1 Months Ended | 6 Months Ended | ||||||
May 05, 2023 USD ($) $ / shares shares | Dec. 29, 2022 shares | Aug. 30, 2022 $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) $ / shares shares | Sep. 02, 2022 USD ($) | Aug. 31, 2022 USD ($) | |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | |||||||
Common Stock, Shares Authorized (in shares) | 100 | 100,000,000 | 100,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Payments of Stock Issuance Costs | $ | $ 120,000 | $ 0 | ||||||
Debt Instrument, Face Amount | $ | $ 2,800,000 | |||||||
Convertible Debt [Member] | ||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 2.20 | |||||||
Debenture Purchase Agreement, Term (Year) | 3 years | |||||||
Debenture Purchase Agreement, Maximum Debt to be Issued | $ | $ 10,000,000 | |||||||
Secured Debt | $ | $ 0 | |||||||
Debt Conversion Agreement [Member] | ||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 2.20 | |||||||
Debt Conversion, Original Debt, Amount | $ | $ 2,900,000 | |||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,312,379 | |||||||
Debt Conversion Agreement [Member] | NextPlat Corp. [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 570,599 | |||||||
Debt Conversion Agreement [Member] | Chairman and Chief Executive Officer [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 228,240 | |||||||
Debt Conversion Agreement [Member] | Vice-Chairman of the Board of Directors [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 228,240 | |||||||
Amended and Restated Secured Convertible Promissory Note [Member] | ||||||||
Debt Instrument, Face Amount | $ | $ 2,800,000 | |||||||
PIPE Warrants [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2.20 | |||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | |||||||
Warrants and Rights Outstanding | $ | $ 1,000,000 | |||||||
Conversion Warrants [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2.20 | |||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | |||||||
Warrants and Rights Outstanding | $ | $ 2,700,000 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||
Placement Agent Warrants [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2.20 | |||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||||
Warrants and Rights Outstanding | $ | $ 200,000 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 91,000 | |||||||
Inducement Warrants [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2.20 | |||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | |||||||
Warrants and Rights Outstanding | $ | $ 700,000 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 330,000 | |||||||
Inducement Warrants [Member] | Chairman and Chief Executive Officer [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 190,000 | |||||||
Inducement Warrants [Member] | Vice-Chairman of the Board of Directors [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 30,000 | |||||||
Securities Purchase Agreement [Member] | ||||||||
Equity Offering, Units Issued (in shares) | 455,000 | |||||||
Equity Offering, Units Issued, Price Per Share (in dollars per share) | $ / shares | $ 2.20 | |||||||
Proceeds From Issuance or Sale of Equity, Gross | $ | $ 1,000,000 | |||||||
Number of Shares Per Unit Issued (in shares) | 1 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | |||||||
Number of Warrants Per Unit (in shares) | 1 | |||||||
Proceeds from Issuance or Sale of Equity | $ | $ 880,000 | |||||||
Payments of Stock Issuance Costs | $ | 70,000 | |||||||
Legal Fees | $ | $ 50,000 | |||||||
Reverse Stock Split [Member] | ||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 200 | |||||||
Series B Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Authorized (in shares) | 100,000 | 100,000 | ||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||
Undesignated Preferred Stock, Shares Authorized | $ | $ 9,900,000 | $ 9,900,000 | ||||||
Undesignated Preferred Stock, Par Value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||||
Securities Purchase Agreement [Member] | ||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 3,000 | |||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.001 | |||||||
Securities Purchase Agreement [Member] | Series B Preferred Stock [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2,000 | |||||||
Preferred Stock Voting Rights Shares (in shares) | 500 | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 4 |
Note 13 - Stock-Based Compens_2
Note 13 - Stock-Based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement, Expense | $ 190,000 | $ 25,000 | $ 250,000 | $ 55,000 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) | Jul. 01, 2022 | May 03, 2022 | Jun. 30, 2023 | Dec. 31, 2022 |
Loss Contingency Accrual | $ 50,000 | $ 280,000 | ||
Positive Health Alliance Inc [Member] | ||||
Loss Contingency, Damages Sought, Value | $ 407,504 | |||
Loss Contingency, Damages Paid, Value | $ 407,504 |
Note 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Details Textual) - USD ($) | 6 Months Ended | |||||||
May 05, 2023 | May 01, 2023 | Feb. 01, 2023 | Aug. 30, 2022 | Jun. 30, 2023 | May 09, 2023 | Dec. 31, 2022 | Aug. 31, 2022 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||
Debt Instrument, Face Amount | $ 2,800,000 | |||||||
Next Plat Messrs [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 45,653 | |||||||
Fernandez [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 18,261 | |||||||
Barreto [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 18,261 | |||||||
Secured Convertible Promissory Note [Member] | ||||||||
Debt Instrument, Face Amount | $ 2,800,000 | |||||||
Management Services Agreement [Member] | NextPlat Corp. [Member] | ||||||||
Management Fee Expense | $ 20,000 | $ 25,000 | ||||||
Payment for Management Fee | $ 115,000 | |||||||
Debt Modification Agreement [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 105,000 | |||||||
Inducement Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 330,000 | |||||||
Conversion Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | |||||||
Debt Conversion Agreement [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 1,312,379 | |||||||
NextPlat Corp. [Member] | Debt Conversion Agreement [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 570,599 | |||||||
Chairman and Chief Executive Officer [Member] | Debt Conversion Agreement [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 228,240 | |||||||
Vice-Chairman of the Board of Directors [Member] | Debt Conversion Agreement [Member] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 228,240 | |||||||
Fernandez [Member] | Inducement Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 190,000 | |||||||
Barreto [Member] | Inducement Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 30,000 | |||||||
Securities Purchase Agreement [Member] | ||||||||
Equity Offering, Units Issued (in shares) | 455,000 | |||||||
Equity Offering, Units Issued, Price Per Share (in dollars per share) | $ 2.20 | |||||||
Proceeds From Issuance or Sale of Equity, Gross | $ 1,000,000 | |||||||
Number of Shares Per Unit Issued (in shares) | 1 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||||||
Number of Warrants Per Unit (in shares) | 1 |