10-Q Filing

SRX HEALTH SOLUTIONS, INC. CIK: 1471727 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001628280-23-017841`
Period End Date	20230331
Filing Date	20230512
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	bttr-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 32 Cash Flow Statement 52 Stockholders Equity 13

Balance Sheet 58 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`	$3.17M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.65M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	30.50M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$6.30M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	29.43M	shares	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$6.30M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	29.43M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.32M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.74M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	30.50M	shares	Point-in-time
Inventories, net	`InventoryNet`	$8.88M	USD	Point-in-time
Inventories, net	`InventoryNet`	$10.26M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.04M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.05M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$24.19M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$27.52M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$375.00K	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$332.00K	USD	Point-in-time
Right-of-use assets, operating leases	`OperatingLeaseRightOfUseAsset`	$173.00K	USD	Point-in-time
Right-of-use assets, operating leases	`OperatingLeaseRightOfUseAsset`	$160.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$9.68M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$10.06M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$782.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$544.00K	USD	Point-in-time
Total Assets	`Assets`	$38.68M	USD	Point-in-time
Total Assets	`Assets`	$35.15M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.93M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$1.49M	USD	Point-in-time
Accrued and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$2.60M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityCurrent`	$53.00K	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`	$4.67M	USD	Point-in-time
Line of credit, net	`LongTermLineOfCredit`	$11.46M	USD	Point-in-time
Line of credit, net	`LongTermLineOfCredit`	$11.44M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$124.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$110.00K	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$11.57M	USD	Point-in-time
Total Non-current Liabilities	`LiabilitiesNoncurrent`	$11.57M	USD	Point-in-time
Total Liabilities	`Liabilities`	$17.15M	USD	Point-in-time
Total Liabilities	`Liabilities`	$16.24M	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 30,497,148 & 29,430,267 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$29.00K	USD	Point-in-time
Common Stock, $0.001 par value, 200,000,000 shares authorized, 30,497,148 & 29,430,267 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$30.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$320.93M	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`	$-302.06M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$54.93M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$21.53M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$57.88M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$18.91M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$35.15M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$38.68M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$17.01M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$9.24M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$6.00M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$12.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$3.24M	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`	$5.63M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.09M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$861.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.67M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.50M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.96M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.25M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-76.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-229.00K	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-76.00K	USD	1 Quarter
Total other expense, net	`OtherNonoperatingIncomeExpense`	$-229.00K	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.04M	USD	1 Quarter
Net loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.48M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.04M	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.48M	USD	1 Quarter
Weighted average number of shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	29.29M	shares	1 Quarter
Weighted average number of shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	30.48M	shares	1 Quarter
Weighted average number of shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.48M	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`	$-0.11	USD	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, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.14	USD	1 Quarter
Net loss per share available to common stockholders, diluted (in dollars per share)	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.04M	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.48M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$409.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$424.00K	USD	1 Quarter
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	$19.00K	USD	1 Quarter
Amortization of debt issuance costs and discounts	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.09M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$861.00K	USD	1 Quarter
Inventory reserve	`InventoryWriteDown`	$-682.00K	USD	1 Quarter
Inventory reserve	`InventoryWriteDown`	$222.00K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	$-11.00K	USD	1 Quarter
Loss on disposal of assets	`GainLossOnDispositionOfAssets1`	-	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-15.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-427.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.92M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.26M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-2.06M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$230.00K	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`	$-924.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$49.00K	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`	$-1.47M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00K	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$150.00K	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.00K	USD	1 Quarter
Cash Used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-150.00K	USD	1 Quarter
Payments on short-term financing arrangement	`RepaymentsOfOtherShortTermDebt`	-	USD	1 Quarter
Payments on short-term financing arrangement	`RepaymentsOfOtherShortTermDebt`	$41.00K	USD	1 Quarter
Proceeds from revolving lines of credit	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Proceeds from revolving lines of credit	`ProceedsFromLongTermLinesOfCredit`	$2.50M	USD	1 Quarter
Payments on term loans	`RepaymentsOfNotesPayable`	-	USD	1 Quarter
Payments on term loans	`RepaymentsOfNotesPayable`	$200.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$7.00K	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Cash (Used in) Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$2.29M	USD	1 Quarter
Cash (Used in) Provided by Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-41.00K	USD	1 Quarter
Net decrease in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.52M	USD	1 Quarter
Net decrease in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.52M	USD	1 Quarter
Total cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.95M	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, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.42M	USD	Point-in-time
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, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.95M	USD	Point-in-time
Total cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.94M	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`	$9.47M	USD	Point-in-time
Interest	`InterestPaidNet`	$67.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$237.00K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$54.93M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$21.53M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$57.88M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$18.91M	USD	Point-in-time
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.09M	USD	1 Quarter
Share-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$861.00K	USD	1 Quarter
Share issuance	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLoss`	$-3.48M	USD	1 Quarter
Net loss available to common stockholders	`NetIncomeLoss`	$-4.04M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$54.93M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$21.53M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$57.88M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$18.91M	USD	Point-in-time

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