Quarterly report pursuant to Section 13 or 15(d)

Business Acquisition (Tables)

v3.19.2
Business Acquisition (Tables)
6 Months Ended
Jun. 30, 2019
Business Combinations [Abstract]  
Schedule of Fair Value of Consideration Transferred

The acquisition-date fair value of the consideration transferred is as follows:

 

Common shares issued and outstanding     24,717,271  
Common shares reserved for issuance upon conversion of the outstanding Series B Preferred Stock     2,312,500  
Total Common shares     27,029,771  
Closing price per share of MDVX Common stock on January 8, 2019   $ 0.40  
      10,811,908  
Fair value of outstanding warrants and options     2,220,000  
Cash consideration to RMS     (350,000 )
Total consideration   $ 12,681,908  
Schedule of Estimated Fair Values of the Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed at the date of acquisition on January 8, 2019:

 

Cash   $ (302,710 )
Accounts receivable, net     145,757  
Inventory     131,455  
Prepaid expenses     46,153  
Property and equipment     30,393  
Other     2,751  
Intangibles     3,680,000  
Goodwill     11,348,724  
Total assets acquired   $ 15,082,523  
Accounts payable and other accrued liabilities     1,645,399  
Interest-bearing liabilities and other     755,216  
Net assets acquired   $ 12,681,908  
Schedule of Interest Bearing and Other Liabilities Assumed

Total interest- bearing and other liabilities assumed are as follows:

 

Notes payable   $ 99,017  
Convertible notes payable     598,119  
Dividend payable     57,813  
Deferred rent     267  
Total interest-bearing and other liabilities   $ 755,216  
Schedule of Revenue and Net Loss Attributable to Acquisition

The following schedule represents the amounts of revenue and net loss attributable to the MedoveX acquisition which have been included in the consolidated statements of operations for the periods subsequent to the acquisition date:

 

    Three Months Ended     Six Months Ended  
    June 30, 2019     June 30, 2019  
Revenues   $ -     $ 35,505  
Net loss attributable to H-CYTE     (894,585 )     (1,948,962 )
Schedule of Pro Forma Financial Information
  For the Three Months Ending June 30, 2018  
    RMS     MedoveX     Pro Forma  
Revenues   $ 2,441,007     $ 249,425     $ 2,690,432  
Net loss     (362,722 )     (1,085,900 )   $ (1,448,622 )
Net loss attributable to common shareholders     (362,722 )     (1,352,957 )   $ (1,715,679 )
                         
Loss per share- basic and diluted   $ (0.01 )           $ (0.03 )

 

    For the Six Months Ending June 30, 2018  
    RMS     MedoveX     Pro Forma  
Revenues   $ 5,343,804     $ 392,614     $ 5,736,418  
Net loss     (1,259,922 )     (2,339,686 )   $ (3,599,608 )
Net loss attributable to common shareholders     (1,259,922 )     (2,606,743 )   $ (3,866,665 )
                         
Loss per share- basic and diluted   $ (0.01 )           $ (0.07 )