10-Q Filing

SRX HEALTH SOLUTIONS, INC. CIK: 1471727 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001471727-21-000046`
Period End Date	20210331
Filing Date	20210513
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	bttr-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 88 Income Statement 35 Cash Flow Statement 65 Stockholders Equity 20

Balance Sheet 88 line items

Line Item	Tag	Value	Unit	Period
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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.30M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$63.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.91M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	66.00M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$63.00K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.67M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	66.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.63M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.91M	shares	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.58M	USD	Point-in-time
Inventories, net	`InventoryNet`	$4.87M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30,000.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.26M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$4.07M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30,000.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	17,306.00	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	21,754.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$17.56M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$19.88M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$252.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	17,306.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	21,754.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$205.00K	USD	Point-in-time
Right-of-use assets, operating lease	`OperatingLeaseRightOfUseAsset`	$305.00K	USD	Point-in-time
Right-of-use assets, operating lease	`OperatingLeaseRightOfUseAsset`	$345.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$13.12M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$12.73M	USD	Point-in-time
Goodwill	`Goodwill`	$18.61M	USD	Point-in-time
Goodwill	`Goodwill`	$18.61M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$635.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.36M	USD	Point-in-time
Total Assets	`Assets`	$52.37M	USD	Point-in-time
Total Assets	`Assets`	$51.25M	USD	Point-in-time
Term loans, net	`SecuredDebtCurrent`	$628.00K	USD	Point-in-time
Term loans, net	`SecuredDebtCurrent`	$7.83M	USD	Point-in-time
PPP loans	`PaycheckProtectionProgramLoansCurrent`	$315.00K	USD	Point-in-time
PPP loans	`PaycheckProtectionProgramLoansCurrent`	$190.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$47.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesCurrent`	$41.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.22M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.14M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$3.00M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$2.09M	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$350.00K	USD	Point-in-time
Deferred revenue	`ContractWithCustomerLiabilityCurrent`	$257.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$173.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$180.00K	USD	Point-in-time
Warrant liabilities	`WarrantsAndRightsOutstanding`	$46.33M	USD	Point-in-time
Warrant liabilities	`WarrantsAndRightsOutstanding`	$39.85M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$55.06M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$54.58M	USD	Point-in-time
Notes payable, net	`LongTermNotesPayable`	$18.91M	USD	Point-in-time
Notes payable, net	`LongTermNotesPayable`	$19.61M	USD	Point-in-time
Term loans, net	`SecuredLongTermDebt`	-	USD	Point-in-time
Term loans, net	`SecuredLongTermDebt`	$5.22M	USD	Point-in-time
Lines of credit, net	`LongTermLineOfCredit`	$4.78M	USD	Point-in-time
Lines of credit, net	`LongTermLineOfCredit`	$5.02M	USD	Point-in-time
PPP loans	`PaycheckProtectionProgramLoansNoncurrent`	$537.00K	USD	Point-in-time
PPP loans	`PaycheckProtectionProgramLoansNoncurrent`	$662.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$184.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$136.00K	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$30.28M	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$24.78M	USD	Point-in-time
Total Liabilities	`Liabilities`	$79.36M	USD	Point-in-time
Total Liabilities	`Liabilities`	$85.35M	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 66,004,348 and 51,908,398 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$52.00K	USD	Point-in-time
Common stock, $0.001 par value, 200,000,000 shares authorized, 66,004,348 and 51,908,398 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$66.00K	USD	Point-in-time
Series F Preferred Stock, $0.001 par value, 30,000 shares authorized, 17,306 and 21,754 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`PreferredStockValue`	-	USD	Point-in-time
Series F Preferred Stock, $0.001 par value, 30,000 shares authorized, 17,306 and 21,754 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$240.85M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$232.49M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-260.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-273.89M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-32.98M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-7.07M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-28.10M	USD	Point-in-time
Total Stockholders Deficit	`StockholdersEquity`	$-10.66M	USD	Point-in-time
Total Liabilities and Stockholders Deficit	`LiabilitiesAndStockholdersEquity`	$52.37M	USD	Point-in-time
Total Liabilities and Stockholders Deficit	`LiabilitiesAndStockholdersEquity`	$51.25M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$12.23M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$10.83M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$8.07M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$6.56M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.27M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.16M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.24M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.55M	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$2.48M	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$2.52M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$1.96M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$2.34M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$12.69M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.41M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.53M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.14M	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-835.00K	USD	1 Quarter
Interest expense	`InterestIncomeExpenseNet`	$-2.30M	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	-	USD	1 Quarter
Loss on extinguishment of debt	`GainsLossesOnExtinguishmentOfDebt`	$-394.00K	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-1.38M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$100.00K	USD	Point-in-time
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$6.48M	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-922.00K	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-7.71M	USD	1 Quarter
Net and comprehensive loss	`NetIncomeLoss`	$-9.45M	USD	1 Quarter
Net and comprehensive loss	`NetIncomeLoss`	$-12.85M	USD	1 Quarter
Preferred dividends	`DividendsPreferredStock`	-	USD	1 Quarter
Preferred dividends	`DividendsPreferredStock`	$34.00K	USD	1 Quarter
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-9.49M	USD	1 Quarter
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.85M	USD	1 Quarter
Weighted average number of shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	57.53M	shares	1 Quarter
Weighted average number of shares outstanding, basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	48.53M	shares	1 Quarter
Loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.23	USD	1 Quarter
Loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-9.49M	USD	1 Quarter
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.85M	USD	1 Quarter
Shares and warrants issued to third parties for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$46.00K	USD	1 Quarter
Shares and warrants issued to third parties for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$2.79M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$411.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$457.00K	USD	1 Quarter
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$1.09M	USD	1 Quarter
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$161.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.48M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.54M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-1.38M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$100.00K	USD	Point-in-time
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$6.48M	USD	1 Quarter
Payment In Kind (PIK) interest expense on notes payable	`PaidInKindInterest`	$459.00K	USD	1 Quarter
Payment In Kind (PIK) interest expense on notes payable	`PaidInKindInterest`	$548.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-644.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$92.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$297.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$2.04M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-287.00K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-1.82M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-5.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-545.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayable`	$1.74M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayable`	$26.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$-99.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$229.00K	USD	1 Quarter
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.16M	USD	1 Quarter
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.33M	USD	1 Quarter
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.00K	USD	1 Quarter
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.00K	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Proceeds from shares and warrants issued pursuant to private placement, net	`ProceedsFromOtherEquity`	-	USD	1 Quarter
Proceeds from shares and warrants issued pursuant to private placement, net	`ProceedsFromOtherEquity`	$4.01M	USD	1 Quarter
Proceeds from revolving lines of credit	`ProceedsFromLongTermLinesOfCredit`	$5.16M	USD	1 Quarter
Proceeds from revolving lines of credit	`ProceedsFromLongTermLinesOfCredit`	$500.00K	USD	1 Quarter
Payments on revolving lines of credit	`RepaymentsOfLinesOfCredit`	$5.58M	USD	1 Quarter
Payments on revolving lines of credit	`RepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Proceeds from term loan	`ProceedsFromNotesPayable`	-	USD	1 Quarter
Proceeds from term loan	`ProceedsFromNotesPayable`	$6.00M	USD	1 Quarter
Payments on term loans	`RepaymentsOfNotesPayable`	$8.08M	USD	1 Quarter
Payments on term loans	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Cash received for warrant exercises	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Cash received for warrant exercises	`ProceedsFromWarrantExercises`	$1.31M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$116.00K	USD	1 Quarter
Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$2.70M	USD	1 Quarter
Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$500.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$372.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-667.00K	USD	1 Quarter
Total cash and cash equivalents and restricted cash, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.53M	USD	Point-in-time
Total cash and cash equivalents and restricted cash, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.36M	USD	Point-in-time
Total cash and cash equivalents and restricted cash, Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.99M	USD	Point-in-time
Total cash and cash equivalents and restricted cash, Beginning 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
Total cash and cash equivalents and restricted cash, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.36M	USD	Point-in-time
Total cash and cash equivalents and restricted cash, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.99M	USD	Point-in-time
Total cash and cash equivalents and restricted cash, End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.87M	USD	Point-in-time
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Income taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Interest	`InterestPaidNet`	$613.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$148.00K	USD	1 Quarter
Stock issued for services	`StockIssued1`	$125.00K	USD	1 Quarter
Stock issued for services	`StockIssued1`	-	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-32.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$-7.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$-28.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$-10.66M	USD	Point-in-time
Issued pursuant to a private placement	`StockIssuedDuringPeriodValueNewIssues`	$500.00K	USD	1 Quarter
Issued pursuant to a private placement	`StockIssuedDuringPeriodValueNewIssues`	$4.07M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.54M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.48M	USD	1 Quarter
Warrant exercises	`StockIssuedDuringPeriodValueWarrantsExercised`	$1.31M	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`	$46.00K	USD	1 Quarter
Shares issued to third parties for services	`StockIssuedDuringPeriodValueIssuedForServices`	$125.00K	USD	1 Quarter
Warrant modifications	`AdjustmentsToAdditionalPaidInCapitalWarrantModification`	-	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`	$-9.49M	USD	1 Quarter
Net and comprehensive loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.85M	USD	1 Quarter
Balance	`StockholdersEquity`	$-32.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$-7.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$-28.10M	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.