Attached files
| file | filename |
|---|---|
| 8-K - LifeMD, Inc. | form8k.htm |
Exhibit 99.1
Conversion Labs, Inc.
Condensed Consolidated Balance Sheet
(Unaudited)
September 30, 2020 | Pro Forma Adjustments | Pro Forma September 30, 2020 | ||||||||||
| ASSETS | ||||||||||||
| Current Assets | ||||||||||||
| Cash | $ | 916,637 | $ | 14,461,513 | (1) | $ | 15,378,150 | |||||
| Accounts receivable, net | 414,342 | - | 414,342 | |||||||||
| Product deposit | 1,093,388 | - | 1,093,388 | |||||||||
| Inventory, net | 1,858,545 | - | 1,858,545 | |||||||||
| Other current assets | 370,078 | - | 370,078 | |||||||||
| Total Current Assets | $ | 4,652,990 | $ | 14,461,513 | $ | 19,114,503 | ||||||
| Non-current assets | ||||||||||||
| Right of use asset, net | 18,173 | - | 18,173 | |||||||||
| Capitalized Software, net | 334,585 | - | 334,585 | |||||||||
| Intangible assets, net | 423,743 | - | 423,743 | |||||||||
| Total non-current assets | 776,501 | - | 776,501 | |||||||||
| Total Assets | $ | 5,429,491 | $ | 14,461,513 | $ | 19,891,004 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||||||
| Current Liabilities | ||||||||||||
| Accounts payable and accrued expenses | $ | 7,269,145 | $ | 1,197,691 | (2) | $ | 8,466,836 | |||||
| Notes payable, net | 1,754,143 | (1,000,000 | )(3) | 754,143 | ||||||||
| Contract liabilities | 412,616 | - | 412,616 | |||||||||
| Total Current Liabilities | 9,435,904 | 197,691 | 9,633,595 | |||||||||
| Long-term Liabilities | ||||||||||||
| Lease Liability | 28,241 | - | 28,241 | |||||||||
| Contingent consideration on purchase of LegalSimpli | 100,000 | - | 100,000 | |||||||||
| Liability to issue common stock | 218,848 | - | 218,848 | |||||||||
| Series B Preferred Stock - put liability | 3,541,137 | - | 3,541,137 | |||||||||
| Deferred tax liability | 70,000 | - | 70,000 | |||||||||
| Total Liabilities | 13,394,130 | 197,691 | 13,591,821 | |||||||||
| Commitments and contengencies | ||||||||||||
| Stockholders’ Equity (Deficit) | ||||||||||||
| Preferred Stock | - | - | - | |||||||||
| Common stock | 156,349 | 30,445 | (1)(3) | 186,794 | ||||||||
| Additional paid-in capital | 40,614,348 | 14,233,377 | (1)(2)(3) | 54,847,725 | ||||||||
| Accumulated deficit | (47,901,176 | ) | (47,901,176 | ) | ||||||||
| Treasury stock, at cost | (163,701 | ) | - | (163,701 | ) | |||||||
| Total Conversion Labs, Inc. Stockholders’ Equity (Deficit) | (7,294,180 | ) | 14,263,822 | 6,969,642 | ||||||||
| Non-controlling interest | (670,459 | ) | - | (670,459 | ) | |||||||
| Total Stockholders’ Equity (Deficit) | (7,964,639 | ) | 14,263,822 | 6,299,183 | ||||||||
| Total Liabilities and Stockholders’ Equity (Deficit) | $ | 5,429,491 | $ | 14,461,513 | $ | 19,891,004 | ||||||
| (1) | Reflects the receipt of proceeds of $14,461,513 in the Financing Transaction. |
| (2) | Reflects the costs, estimated to be $1,197,691, to be incurred in connection with the Financing Transaction. |
| (3) | Reflects the exercise of the conversion feature related to $1 million of convertible debt. |