10-K Filing

SRX HEALTH SOLUTIONS, INC. CIK: 1471727 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001628280-23-009336`
Period End Date	20221231
Filing Date	20230328
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	bttr-20221231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 39 Cash Flow Statement 76 Stockholders Equity 20

Balance Sheet 66 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`	$21.73M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.17M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$7.21M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$6.30M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	29.15M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	29.43M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	29.43M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.74M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.79M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	29.15M	shares	Point-in-time
Inventories, net	`InventoryNet`	$5.25M	USD	Point-in-time
Inventories, net	`InventoryNet`	$10.26M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.94M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.05M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$43.92M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$27.52M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$369.00K	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$375.00K	USD	Point-in-time
Right-of-use assets, operating leases	`OperatingLeaseRightOfUseAsset`	$56.00K	USD	Point-in-time
Right-of-use assets, operating leases	`OperatingLeaseRightOfUseAsset`	$173.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$11.59M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$10.06M	USD	Point-in-time
Goodwill	`Goodwill`	$18.61M	USD	Point-in-time
Goodwill	`Goodwill`	$18.61M	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$544.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$116.00K	USD	Point-in-time
Total Assets	`Assets`	$38.68M	USD	Point-in-time
Total Assets	`Assets`	$74.66M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.93M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$4.55M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$1.88M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$2.60M	USD	Point-in-time
Term loan, net	`SecuredDebtCurrent`	$855.00K	USD	Point-in-time
Term loan, net	`SecuredDebtCurrent`	-	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$54.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$52.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$5.58M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.34M	USD	Point-in-time
Line of credit, net	`LongTermLineOfCredit`	$4.86M	USD	Point-in-time
Line of credit, net	`LongTermLineOfCredit`	$11.44M	USD	Point-in-time
Term loan, net	`SecuredLongTermDebt`	-	USD	Point-in-time
Term loan, net	`SecuredLongTermDebt`	$4.56M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	-	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`	$124.00K	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$11.57M	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$9.44M	USD	Point-in-time
Total Liabilities	`Liabilities`	$16.79M	USD	Point-in-time
Total Liabilities	`Liabilities`	$17.15M	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 29,430,267 & 29,146,367 shares issued and outstanding as of December 31, 2022 and 2021, respectively	`CommonStockValue`	$29.00K	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 29,430,267 & 29,146,367 shares issued and outstanding as of December 31, 2022 and 2021, respectively	`CommonStockValue`	$29.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$317.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$320.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-298.57M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-259.26M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$21.53M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$-28.10M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$57.88M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$38.68M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$74.66M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$54.66M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$46.01M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$39.40M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$30.64M	USD	Annual
Gross profit	`GrossProfit`	$15.26M	USD	Annual
Gross profit	`GrossProfit`	$15.37M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$32.46M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$28.51M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$2.97M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$4.14M	USD	Annual
Impairment of goodwill	`GoodwillImpairmentLoss`	-	USD	Annual
Impairment of goodwill	`GoodwillImpairmentLoss`	$18.61M	USD	Annual
Total operating expenses	`OperatingExpenses`	$54.04M	USD	Annual
Total operating expenses	`OperatingExpenses`	$32.65M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-17.28M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-38.78M	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-551.00K	USD	Annual
Interest expense, net	`InterestIncomeExpenseNet`	$-3.22M	USD	Annual
Gain on extinguishment of debt, net	`GainsLossesOnExtinguishmentOfDebt`	$457.00K	USD	Annual
Gain on extinguishment of debt, net	`GainsLossesOnExtinguishmentOfDebt`	-	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	-	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$100.00K	USD	Point-in-time
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-23.46M	USD	Annual
Total other (expense) income, net	`OtherNonoperatingIncomeExpense`	$20.70M	USD	Annual
Total other (expense) income, net	`OtherNonoperatingIncomeExpense`	$-551.00K	USD	Annual
Net (loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.42M	USD	Annual
Net (loss) income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-39.33M	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$37.00K	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-18.00K	USD	Annual
Net (loss) income available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-39.32M	USD	Annual
Net (loss) income available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$3.39M	USD	Annual
Weighted average number of shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	29.35M	shares	Annual
Weighted average number of shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	19.93M	shares	Annual
Weighted average number of shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	21.90M	shares	Annual
Weighted average number of shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.35M	shares	Annual
Net (loss) income per share available to common stockholders, basic (in dollars per share)	`EarningsPerShareBasic`	$-1.34	USD	Annual
Net (loss) income per share available to common stockholders, basic (in dollars per share)	`EarningsPerShareBasic`	$0.15	USD	Annual
Net (loss) income per share available to common stockholders, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-1.34	USD	Annual
Net (loss) income per share available to common stockholders, diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.14	USD	Annual

Cash Flow Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-39.32M	USD	Annual
Net (loss) income available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$3.39M	USD	Annual
Shares and warrants issued to third-parties for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual
Shares and warrants issued to third-parties for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$46.00K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.69M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.66M	USD	Annual
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$56.00K	USD	Annual
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$1.80M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$2.97M	USD	Annual
Share-based compensation	`ShareBasedCompensation`	$4.14M	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	-	USD	Annual
Goodwill impairment	`GoodwillImpairmentLoss`	$18.61M	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	-	USD	Annual
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$100.00K	USD	Point-in-time
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-23.46M	USD	Annual
PIK interest expense on notes payable	`PaidInKindInterest`	-	USD	Annual
PIK interest expense on notes payable	`PaidInKindInterest`	$1.11M	USD	Annual
Amortization of prepaid assets	`OtherAmortizationOfDeferredCharges`	$2.05M	USD	Annual
Amortization of prepaid assets	`OtherAmortizationOfDeferredCharges`	$2.10M	USD	Annual
Inventory reserve	`InventoryWriteDown`	$265.00K	USD	Annual
Inventory reserve	`InventoryWriteDown`	$1.81M	USD	Annual
Other	`OtherNoncashIncomeExpense`	$-126.00K	USD	Annual
Other	`OtherNoncashIncomeExpense`	$1.01M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$66.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.14M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$642.00K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$6.82M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-306.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.05M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayable`	$773.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayable`	$-761.00K	USD	Annual
Other	`OtherOperatingActivitiesCashFlowStatement`	$-145.00K	USD	Annual
Other	`OtherOperatingActivitiesCashFlowStatement`	$99.00K	USD	Annual
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.86M	USD	Annual
Cash Used in Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-20.55M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$353.00K	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$198.00K	USD	Annual
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-353.00K	USD	Annual
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-198.00K	USD	Annual
Proceeds from shares and warrants issued pursuant to private placement, net	`ProceedsFromOtherEquity`	-	USD	Annual
Proceeds from shares and warrants issued pursuant to private placement, net	`ProceedsFromOtherEquity`	$4.01M	USD	Annual
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	-	USD	Annual
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$1.60M	USD	Annual
Proceeds from short-term financing arrangement	`ProceedsFromOtherShortTermDebt`	-	USD	Annual
Proceeds from short-term financing arrangement	`ProceedsFromOtherShortTermDebt`	$413.00K	USD	Annual
Payments on short-term financing arrangement	`RepaymentsOfOtherShortTermDebt`	-	USD	Annual
Payments on short-term financing arrangement	`RepaymentsOfOtherShortTermDebt`	$248.00K	USD	Annual
Proceeds from revolving lines of credit	`ProceedsFromLongTermLinesOfCredit`	$5.54M	USD	Annual
Proceeds from revolving lines of credit	`ProceedsFromLongTermLinesOfCredit`	$12.32M	USD	Annual
Payments on revolving lines of credit	`RepaymentsOfLinesOfCredit`	$5.64M	USD	Annual
Payments on revolving lines of credit	`RepaymentsOfLinesOfCredit`	$5.88M	USD	Annual
Proceeds from term loan	`ProceedsFromNotesPayable`	-	USD	Annual
Proceeds from term loan	`ProceedsFromNotesPayable`	$6.00M	USD	Annual
Payments on term loans	`RepaymentsOfNotesPayable`	$8.53M	USD	Annual
Payments on term loans	`RepaymentsOfNotesPayable`	$5.45M	USD	Annual
Cash received for warrant exercises	`ProceedsFromWarrantExercises`	-	USD	Annual
Cash received for warrant exercises	`ProceedsFromWarrantExercises`	$400.00K	USD	1 Quarter
Cash received for warrant exercises	`ProceedsFromWarrantExercises`	$1.69M	USD	Annual
IPO proceeds, net	`ProceedsFromIssuanceInitialPublicOffering`	$36.09M	USD	Annual
IPO proceeds, net	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$110.00K	USD	Annual
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$140.00K	USD	Annual
Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$37.16M	USD	Annual
Cash Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$1.28M	USD	Annual
Net (decrease) increase in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-19.47M	USD	Annual
Net (decrease) increase in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$24.95M	USD	Annual
Total cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.47M	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`	$9.47M	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
Income taxes	`IncomeTaxesPaidNet`	$12.00K	USD	Annual
Income taxes	`IncomeTaxesPaidNet`	$8.00K	USD	Annual
Interest	`InterestPaidNet`	$360.00K	USD	Annual
Interest	`InterestPaidNet`	$444.00K	USD	Annual

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$21.53M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-28.10M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$57.88M	USD	Point-in-time
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.97M	USD	Annual
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$4.14M	USD	Annual
Warrant exercises	`StockIssuedDuringPeriodValueWarrantsExercised`	$1.69M	USD	Annual
Shares issued to third-parties for services	`StockIssuedDuringPeriodValueIssuedForServices`	$46.00K	USD	Annual
Warrant modifications	`AdjustmentsToAdditionalPaidInCapitalWarrantModification`	-	USD	Annual
Conversion of Series F shares to common stock	`StockIssuedDuringPeriodValueConversionOfConvertiblePreferredStock`	-	USD	Annual
Conversion of convertible notes to common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	$21.78M	USD	Annual
Shares issued in lieu of fractional shares due to reverse stock split (in shares)	`StockIssuedDuringPeriodSharesReverseStockSplits`	1,081.00	shares	Point-in-time
Reclassification of warrant liability to equity	`AdjustmentsToAdditionalPaidInCapitalReclassificationOfWarrantLiability`	$16.39M	USD	Annual
Share repurchases (in shares)	`StockRepurchasedAndRetiredDuringPeriodShares`	439,725.00	shares	Annual
Share repurchases (in shares)	`StockRepurchasedAndRetiredDuringPeriodShares`	0.00	shares	Annual
Share repurchases	`StockRepurchasedAndRetiredDuringPeriodValue`	$1.60M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$-39.32M	USD	Annual
Net (loss) income	`NetIncomeLoss`	$3.39M	USD	Annual
Ending balance	`StockholdersEquity`	$21.53M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-28.10M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$57.88M	USD	Point-in-time

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