LifeMD Inc 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period EndedMarch 31,2025 or LIFEMD, INC. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smallreporting company. See the definitions of “large accelerated filer,” “accelerated filer,” a “smaller reporting company” and “emerging If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act:☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ PagePART I. FINANCIAL INFORMATIONITEM 1.Financial Statements (unaudited)3Condensed Consolidated Balance Sheets3Condensed Consolidated Statements of Operations4Condensed Consolidated Statements of Stockholders’ Equity (Deficit)5Condensed Consolidated Statements of Cash Flows6Notes to Condensed Consolidated Financial Statements7ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations24ITEM 3.Quantitative and Qualitative Disclosures about Market Risk30ITEM 4.Controls and Procedures31PART II. OTHER INFORMATIONITEM 1.Legal Proceedings33ITEM 1A.Risk Factors33ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds33ITEM 3.Defaults Upon Senior Securities33ITEM 4.Mine Safety Disclosures33ITEM 5.Other Information33ITEM 6.Exhibits34SIGNATURES352 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. LIFEMD, INC.NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 –NATURE OF THE ORGANIZATION AND BUSINESS Corporate History LifeMD, Inc. was formed in the State of Delaware on May 24, 1994, under its prior name, Immudyne, Inc. The Companychanged its name to Conversion Labs, Inc. on June 22, 2018 and then subsequently, on February 22, 2021, it changed its name toLifeMD, Inc. Effective February 22, 2021, the trading symbol for the Company’s common stock, par value $0.01per share on The On April 1, 2016, the original operating agreement of Immudyne PR LLC (“Immudyne PR”), a joint venture to market theCompany’s skincare products, was amended and restated and the Company increased its ownership and voting interest in ImmudynePR to78.2%. Concurrent with the name change of the parent company to Conversion Labs, Inc., Immudyne PR was renamed toConversion Labs PR LLC (“Conversion Labs PR”). On April 25, 2019, the operating agreement of Conversion Labs PR was amendedand restated in its entirety to increase the Company’s ownership and voting interest in Conversion Labs PR to100%. On February 22, In June 2018, the Company closed the strategic acquisition of51% of LegalSimpli Software, LLC, which operates a softwareas a service application for converting, editing, signing, and sharing PDF documents called PDFSimpli. In addition to LegalSimpliSoftware, LLC’s growth business model, this acquisition added deep search engine optimization and search engine marketingexpertise to the Company. On July 15, 2021, LegalSimpli Software, LLC, changed its name to WorkSimpli Software LLC, Unless otherwise indicated, the terms “LifeMD,” “Company,” “we,” “us,” and “our” refer to LifeMD, Inc. (formerly knownas Conversion Labs, Inc.), LifeMD Pharmacy Holdings LLC, an affiliated limited liability company, (“LifeMD Pharmacy”) and ourmajority-owned subsidiary, WorkSimpli. The affiliated network of medical Professional Corporations and medical ProfessionalAssociations administratively led by LifeMD Southern Patient Medical Care, P.C. (“LifeMD PC”) is the Company’s affiliated, variable Nature of Business The Company is a direct-to-patient telehealth company providing a high-quality, cost-effective, and convenient way to accesscomprehensive, virtual and in-home healthcare. The Company believes the traditional model of visiting a doctor’s office, traveling to aretail pharmacy, and returning for follow-up care or prescription refills is complex, inefficient, and costly, which discourages manyindividuals from seeking medical care. The Company is improving the delivery of the healthcare experience through telehealth withour proprietary technology platform, affiliated and de