10-Q Filing

SRX HEALTH SOLUTIONS, INC. CIK: 1471727 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001140361-20-014688`
Period End Date	20200331
Filing Date	20200625
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	senz-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 34 Cash Flow Statement 69 Stockholders Equity 17

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.36M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.84M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$25.00K	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$173.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.12M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.82M	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.76M	USD	Point-in-time
Inventories, net	`InventoryNet`	$6.58M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	88.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	48.94M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.64M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$3.06M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	47.98M	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$17.58M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$15.81M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	47.98M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	48.94M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$417.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$349.00K	USD	Point-in-time
Right-of-use assets, operating lease	`OperatingLeaseRightOfUseAsset`	$951.00K	USD	Point-in-time
Right-of-use assets, operating lease	`OperatingLeaseRightOfUseAsset`	$888.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$14.26M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$14.64M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	-	USD	Point-in-time
Goodwill	`Goodwill`	$18.61M	USD	Point-in-time
Goodwill	`Goodwill`	$18.61M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.03M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.33M	USD	Point-in-time
Total Assets	`Assets`	$53.53M	USD	Point-in-time
Total Assets	`Assets`	$50.95M	USD	Point-in-time
Short term loan, net	`ShortTermBorrowings`	$17.02M	USD	Point-in-time
Short term loan, net	`ShortTermBorrowings`	$16.06M	USD	Point-in-time
Line of credit, net	`LinesOfCreditCurrent`	$4.82M	USD	Point-in-time
Line of credit, net	`LinesOfCreditCurrent`	$5.37M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$209.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$500.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.05M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.23M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.72M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$4.57M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$311.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$330.00K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$352.00K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$345.00K	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$2.22M	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$841.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$32.92M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$33.03M	USD	Point-in-time
Notes payable, net	`LongTermNotesPayable`	$16.37M	USD	Point-in-time
Notes payable, net	`LongTermNotesPayable`	$17.56M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$641.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$566.00K	USD	Point-in-time
Total Noncurrent Liabilities	`LiabilitiesNoncurrent`	$17.01M	USD	Point-in-time
Total Noncurrent Liabilities	`LiabilitiesNoncurrent`	$18.12M	USD	Point-in-time
Total Liabilities	`Liabilities`	$51.04M	USD	Point-in-time
Total Liabilities	`Liabilities`	$50.04M	USD	Point-in-time
Common stock, $0.001 par value, 88,000,000 shares authorized, 48,939,708 & 47,977,390 shares issued and outstanding at March 31, 2020 and December 31, 2019	`CommonStockValue`	$48.00K	USD	Point-in-time
Common stock, $0.001 par value, 88,000,000 shares authorized, 48,939,708 & 47,977,390 shares issued and outstanding at March 31, 2020 and December 31, 2019	`CommonStockValue`	$49.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$194.15M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$200.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-210.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-201.27M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-3.04M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-7.07M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-5.46M	USD	Point-in-time
Total Stockholders' Deficit	`StockholdersEquity`	$-10.66M	USD	Point-in-time
Total Liabilities, Redeemable Preferred Stock and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$50.95M	USD	Point-in-time
Total Liabilities, Redeemable Preferred Stock and Stockholders' Deficit	`LiabilitiesAndStockholdersEquity`	$53.53M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$3.55M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$12.23M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.66M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.07M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.89M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.96M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.06M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.48M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$206.00K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$1.96M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.19M	USD	1 Quarter
Customer service and warehousing	`CustomerServiceAndWarehousing`	$254.00K	USD	1 Quarter
Customer service and warehousing	`CustomerServiceAndWarehousing`	$190.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.69M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.60M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.53M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.71M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$62.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$2.30M	USD	1 Quarter
Change in fair value of warrant derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	$-1.38M	USD	1 Quarter
Change in fair value of warrant derivative liability	`GainLossOnDerivativeInstrumentsNetPretax`	-	USD	1 Quarter
Total other expense/(other income)	`OtherNonoperatingIncomeExpense`	$922.00K	USD	1 Quarter
Total other expense/(other income)	`OtherNonoperatingIncomeExpense`	$62.00K	USD	1 Quarter
Net and comprehensive loss	`NetIncomeLoss`	$-2.78M	USD	1 Quarter
Net and comprehensive loss	`NetIncomeLoss`	$-9.45M	USD	1 Quarter
Preferred dividends	`DividendsPreferredStock`	$34.00K	USD	1 Quarter
Preferred dividends	`DividendsPreferredStock`	-	USD	1 Quarter
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.78M	USD	1 Quarter
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-9.49M	USD	1 Quarter
Weighted average number of shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	48.53M	shares	1 Quarter
Weighted average number of shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	11.67M	shares	1 Quarter
Loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	1 Quarter
Loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.24	USD	1 Quarter

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.78M	USD	1 Quarter
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-9.49M	USD	1 Quarter
Shares and warrants issued to third parties for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$2.79M	USD	1 Quarter
Shares and warrants issued to third parties for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$457.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.00K	USD	1 Quarter
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$1.09M	USD	1 Quarter
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.48M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$206.00K	USD	1 Quarter
Lease expenses	`NonCashLeaseExpense`	$8.00K	USD	1 Quarter
Lease expenses	`NonCashLeaseExpense`	$-4.00K	USD	1 Quarter
Change in fair value of warrant derivative liability	`FairValueAdjustmentOfWarrants`	$-1.38M	USD	Annual
Change in fair value of warrant derivative liability	`FairValueAdjustmentOfWarrants`	$-1.38M	USD	1 Quarter
Change in fair value of warrant derivative liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Payment in kind (PIK) interest expense on notes payable	`PaidInKindInterest`	$459.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Payment in kind (PIK) interest expense on notes payable	`PaidInKindInterest`	-	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash interest paid	`InterestPaidCapitalized`	$700.00K	USD	1 Quarter
Cash interest paid	`InterestPaidCapitalized`	$300.00K	USD	1 Quarter
Contract termination costs	`GainLossOnContractTermination`	-	USD	1 Quarter
Contract termination costs	`GainLossOnContractTermination`	$-649.00K	USD	1 Quarter
Stock issued to third parties in connection with contract termination (in shares)	`CommonStockSharesIssued`	48.94M	shares	Point-in-time
Stock issued to third parties in connection with contract termination (in shares)	`CommonStockSharesIssued`	47.98M	shares	Point-in-time
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$-63.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$297.00K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-233.00K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-1.82M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$423.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-148.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-428.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$26.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$177.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$445.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-151.00K	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$233.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$19.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$118.00K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherCurrentLiabilities`	$-24.00K	USD	1 Quarter
Other	`IncreaseDecreaseInOtherCurrentLiabilities`	$210.00K	USD	1 Quarter
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.16M	USD	1 Quarter
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.37M	USD	1 Quarter
Acquisition of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.00K	USD	1 Quarter
Acquisition of property and equipment, net	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.00K	USD	1 Quarter
Proceeds from shares issued pursuant to private placement, net	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from shares issued pursuant to private placement, net	`ProceedsFromIssuanceOfCommonStock`	$150.00K	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	$500.00K	USD	1 Quarter
Proceeds from revolving line of credit	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Payment of cash advance, net	`RepaymentsOfRelatedPartyDebt`	-	USD	1 Quarter
Payment of cash advance, net	`RepaymentsOfRelatedPartyDebt`	$906.00K	USD	1 Quarter
Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$500.00K	USD	1 Quarter
Cash Provided by (Used in) Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-756.00K	USD	1 Quarter
Net Decrease in Cash and cash equivalents and Restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.12M	USD	1 Quarter
Net Decrease in Cash and cash equivalents and Restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-667.00K	USD	1 Quarter
Total Cash and cash equivalents, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.82M	USD	Point-in-time
Total Cash and cash equivalents, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.95M	USD	Point-in-time
Total Cash and cash equivalents, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.87M	USD	Point-in-time
Total Cash and cash equivalents, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.53M	USD	Point-in-time
Total Cash and cash equivalents and Restricted cash, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.82M	USD	Point-in-time
Total Cash and cash equivalents and Restricted cash, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.95M	USD	Point-in-time
Total Cash and cash equivalents and Restricted cash, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.87M	USD	Point-in-time
Total Cash and cash equivalents and Restricted cash, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.53M	USD	Point-in-time
Right-of-use assets recorded upon adoption of ASC 842	`RightOfUseAssetRecordedForOperatingLeaseUponAdoptionOfAccountingStandard`	$421.00K	USD	1 Quarter
Operating lease liability recorded upon adoption of ASC 842	`OperatingLeaseLiabilityRecordedUponAdoptionOfAccountingStandard`	$429.00K	USD	1 Quarter
Noncash acquisition of right-of-use assets for leases entered into during period	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$607.00K	USD	1 Quarter
Noncash acquisition of operating lease liability for leases entered into during the period	`NoncashAcquisitionOfOperatingLeaseLiabilityForLeases`	$594.00K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-3.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$-7.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$-5.46M	USD	Point-in-time
Balance	`StockholdersEquity`	$-10.66M	USD	Point-in-time
Shares issued pursuant to a private placement - net proceeds	`StockIssuedDuringPeriodValueNewIssues`	$150.00K	USD	1 Quarter
Shares issued pursuant to a private placement - net proceeds	`StockIssuedDuringPeriodValueNewIssues`	$500.00K	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.48M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$206.00K	USD	1 Quarter
Shares and warrants issued to third party for contract termination	`StockIssuedDuringPeriodValueIssuedForContractTermination`	$198.00K	USD	1 Quarter
Shares issued to third parties for services	`StockIssuedDuringPeriodValueIssuedForServices`	$125.00K	USD	1 Quarter
Warrants issued to third parties for services	`AdjustmentsToAdditionalPaidInCapitalWarrantsIssuedForServices`	$2.59M	USD	1 Quarter
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.78M	USD	1 Quarter
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-9.49M	USD	1 Quarter
Balance	`StockholdersEquity`	$-3.04M	USD	Point-in-time
Balance	`StockholdersEquity`	$-7.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$-5.46M	USD	Point-in-time
Balance	`StockholdersEquity`	$-10.66M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.