10-Q Filing

SRX HEALTH SOLUTIONS, INC. CIK: 1471727 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001471727-22-000040`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	bttr-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 36 Cash Flow Statement 58 Stockholders Equity 16

Balance Sheet 76 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
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.45M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.73M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	29.36M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$6.96M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$7.21M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	29.15M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.79M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$9.72M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	29.36M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	29.15M	shares	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$5.25M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventories, net	`InventoryNet`	$8.28M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30,000.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.94M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	30,000.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.87M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$43.92M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Current Assets	`AssetsCurrent`	$44.29M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$490.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$369.00K	USD	Point-in-time
Right-of-use assets, operating lease	`OperatingLeaseRightOfUseAsset`	$56.00K	USD	Point-in-time
Right-of-use assets, operating lease	`OperatingLeaseRightOfUseAsset`	$44.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$11.59M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$11.21M	USD	Point-in-time
Goodwill	`Goodwill`	$18.61M	USD	Point-in-time
Goodwill	`Goodwill`	$18.61M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$116.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$101.00K	USD	Point-in-time
Total Assets	`Assets`	$74.75M	USD	Point-in-time
Total Assets	`Assets`	$74.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.73M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$1.88M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesCurrent`	$1.45M	USD	Point-in-time
Term loan, net	`SecuredDebtCurrent`	$855.00K	USD	Point-in-time
Term loan, net	`SecuredDebtCurrent`	$979.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$54.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$46.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$8.20M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.34M	USD	Point-in-time
Term loan, net	`SecuredLongTermDebt`	$4.24M	USD	Point-in-time
Term loan, net	`SecuredLongTermDebt`	$4.56M	USD	Point-in-time
Line of credit, net	`LongTermLineOfCredit`	$4.86M	USD	Point-in-time
Line of credit, net	`LongTermLineOfCredit`	$7.36M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$24.00K	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$24.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$5.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$9.44M	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$11.62M	USD	Point-in-time
Total Liabilities	`Liabilities`	$16.79M	USD	Point-in-time
Total Liabilities	`Liabilities`	$19.82M	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 29,364,712 and 29,146,367 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$29.00K	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 29,364,712 and 29,146,367 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$29.00K	USD	Point-in-time
Series F Preferred Stock, $0.001 par value, 30,000 shares authorized, 0 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`PreferredStockValue`	-	USD	Point-in-time
Series F Preferred Stock, $0.001 par value, 30,000 shares authorized, 0 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$318.19M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$317.10M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-259.26M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-263.30M	USD	Point-in-time
Total Stockholders Equity (Deficit)	`StockholdersEquity`	$-32.98M	USD	Point-in-time
Total Stockholders Equity (Deficit)	`StockholdersEquity`	$54.93M	USD	Point-in-time
Total Stockholders Equity (Deficit)	`StockholdersEquity`	$-28.10M	USD	Point-in-time
Total Stockholders Equity (Deficit)	`StockholdersEquity`	$57.88M	USD	Point-in-time
Total Liabilities and Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$74.75M	USD	Point-in-time
Total Liabilities and Stockholders Equity (Deficit)	`LiabilitiesAndStockholdersEquity`	$74.66M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$17.01M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$10.83M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$6.55M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.28M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.71M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.58M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.89M	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$1.09M	USD	1 Quarter
Share-based compensation	`AllocatedShareBasedCompensationExpense`	$2.52M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.67M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.41M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.14M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.96M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-835.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-76.00K	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`	-	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$6.48M	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-76.00K	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-7.71M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-12.85M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.04M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLoss`	$-12.85M	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLoss`	$-4.04M	USD	1 Quarter
Weighted average number of shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	9.59M	shares	1 Quarter
Weighted average number of shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	29.29M	shares	1 Quarter
Weighted average number of shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.59M	shares	1 Quarter
Weighted average number of shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.29M	shares	1 Quarter
Net loss per share available to common stockholders, basic (in dollars per share)	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Net loss per share available to common stockholders, basic (in dollars per share)	`EarningsPerShareBasic`	$-1.38	USD	1 Quarter
Net loss per share available to common stockholders, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.38	USD	1 Quarter
Net loss per share available to common stockholders, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.14	USD	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss available to common stockholders	`NetIncomeLoss`	$-12.85M	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLoss`	$-4.04M	USD	1 Quarter
Shares and warrants issued to third parties for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Shares and warrants issued to third parties for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$46.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$411.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$409.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.09M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.54M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$6.48M	USD	1 Quarter
Payable-in-kind interest expense on notes payable	`PaidInKindInterest`	$548.00K	USD	1 Quarter
Payable-in-kind interest expense on notes payable	`PaidInKindInterest`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-237.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-69.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$2.92M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$2.04M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$-287.00K	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$3.26M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-545.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-81.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayable`	$728.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayable`	$1.74M	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$-99.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$12.00K	USD	1 Quarter
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.67M	USD	1 Quarter
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.33M	USD	1 Quarter
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Acquisition of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$150.00K	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-150.00K	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`	$2.50M	USD	1 Quarter
Proceeds from revolving lines of credit	`ProceedsFromLongTermLinesOfCredit`	$5.16M	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`	$200.00K	USD	1 Quarter
Payments on term loans	`RepaymentsOfNotesPayable`	$8.08M	USD	1 Quarter
Cash received for warrant exercises	`ProceedsFromWarrantExercises`	$1.31M	USD	1 Quarter
Cash received for warrant exercises	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$116.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$7.00K	USD	1 Quarter
Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$2.70M	USD	1 Quarter
Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$2.29M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.52M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$372.00K	USD	1 Quarter
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`	$23.42M	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`	$28.94M	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`	$23.42M	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`	$28.94M	USD	Point-in-time
Interest	`InterestPaidNet`	$67.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$148.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-32.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$-28.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$57.88M	USD	Point-in-time
Shares and warrants issued pursuant to private placement	`StockIssuedDuringPeriodValueNewIssues`	$4.07M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.09M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.54M	USD	1 Quarter
Warrant exercises	`StockIssuedDuringPeriodValueWarrantsExercised`	$1.31M	USD	1 Quarter
Shares issued to third parties for services	`StockIssuedDuringPeriodValueIssuedForServices`	$46.00K	USD	1 Quarter
Warrant modifications	`AdjustmentsToAdditionalPaidInCapitalWarrantModification`	-	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLoss`	$-12.85M	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLoss`	$-4.04M	USD	1 Quarter
Balance	`StockholdersEquity`	$-32.98M	USD	Point-in-time
Balance	`StockholdersEquity`	$54.93M	USD	Point-in-time
Balance	`StockholdersEquity`	$-28.10M	USD	Point-in-time
Balance	`StockholdersEquity`	$57.88M	USD	Point-in-time

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