Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2024 | |
Document Information [Line Items] | |
Entity Central Index Key | 0001058307 |
Entity Registrant Name | NextPlat Corp |
Amendment Flag | false |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2024 |
Document Type | S-4 |
Entity Incorporation, State or Country Code | NV |
Entity Tax Identification Number | 65-0783722 |
Entity Address, Address Line One | 3250 Mary Street, Suite 410 |
Entity Address, City or Town | Coconut Grove |
Entity Address, State or Province | FL |
Entity Address, Postal Zip Code | 33133 |
City Area Code | 305 |
Local Phone Number | 560-5355 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | |||||
Cash | $ 23,526,000 | $ 26,307,000 | $ 18,891,000 | ||
Accounts receivable, net | 12,928,000 | 8,923,000 | 384,000 | ||
Receivables - other, net | 2,068,000 | 1,846,000 | 0 | ||
Inventory, net | 5,610,000 | 5,135,000 | 1,287,000 | ||
Unbilled revenue | 185,000 | 189,000 | 142,000 | ||
VAT receivable | 357,000 | 342,000 | 433,000 | ||
Prepaid expenses | 404,000 | 640,000 | 46,000 | ||
Notes receivable due from related party | 260,000 | 256,000 | 0 | ||
Total Current Assets | 45,338,000 | 43,638,000 | 21,183,000 | ||
Property and equipment, net | 3,846,000 | 3,989,000 | 1,246,000 | ||
Goodwill | 731,000 | 731,000 | 0 | $ 0 | |
Intangible assets, net | 13,725,000 | 14,423,000 | 50,000 | ||
Operating right of use assets, net | 1,303,000 | 1,566,000 | 855,000 | ||
Finance lease right-of-use assets, net | 18,000 | 22,000 | 0 | ||
Deposits | 39,000 | 39,000 | 0 | ||
Prepaid expenses, net of current portion | 61,000 | 61,000 | 49,000 | ||
Total Other Assets | 15,877,000 | 16,842,000 | 6,215,000 | ||
Total Assets | 65,061,000 | 64,469,000 | 28,644,000 | ||
Current Liabilities | |||||
Accounts payable and accrued expenses | 14,893,000 | 13,176,000 | 1,523,000 | ||
Contract liabilities | 140,000 | 42,000 | 36,000 | ||
Notes payable | 233,000 | 312,000 | 60,000 | ||
Due to related party | 42,000 | 18,000 | 28,000 | ||
Operating lease liabilities | 532,000 | 532,000 | 209,000 | ||
Current portion, Finance Lease Liability | 20,000 | 18,000 | 0 | ||
Income taxes payable | 90,000 | 139,000 | 94,000 | ||
Total Current Liabilities | 15,950,000 | 14,237,000 | 2,062,000 | ||
Long Term Liabilities: | |||||
Long-term portion of notes payable | 1,165,000 | 1,211,000 | 156,000 | ||
Long-term portion of lease liabilities, operating lease | 853,000 | 929,000 | 650,000 | ||
Long-term portion of lease liabilities, finance lease | 0 | 5,000 | 0 | ||
Total Liabilities | 17,968,000 | 16,382,000 | 2,868,000 | ||
Commitments and Contingencies | |||||
Equity | |||||
Preferred stock ($0.0001 par value; 3,333,333 shares authorized) | 0 | 0 | 0 | ||
Common stock ($0.0001 par value; 50,000,000 shares authorized, 18,724,596 and 18,724,596 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively) | 2,000 | 2,000 | 1,000 | ||
Additional paid-in capital | 67,717,000 | 67,170,000 | 56,963,000 | ||
Accumulated deficit | (36,406,000) | (34,925,000) | (31,147,000) | ||
Accumulated other comprehensive loss | (90,000) | (63,000) | (41,000) | ||
Equity attributable to NextPlat Corp stockholders | 31,223,000 | 32,184,000 | 25,776,000 | ||
Equity attributable to non-controlling interests | 15,870,000 | 15,903,000 | 0 | ||
Total Equity | 47,093,000 | 48,087,000 | $ 24,627,000 | 25,776,000 | $ 17,531,000 |
Total Liabilities and Equity | $ 65,061,000 | $ 64,469,000 | $ 28,644,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 3,333,333 | 3,333,333 | 3,333,333 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 18,724,596 | 18,724,596 | 14,402,025 |
Common stock, shares outstanding (in shares) | 18,724,596 | 18,724,596 | 14,402,025 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 17,493 | $ 2,876 | $ 37,756 | $ 11,710 |
Cost of revenue | 12,683 | 2,255 | 26,445 | 9,221 |
Gross profit | 4,810 | 621 | 11,311 | 2,489 |
Operating expenses: | ||||
Selling, general and administrative | 2,005 | 788 | 9,910 | 5,085 |
Salaries, wages and payroll taxes | 2,624 | 588 | 6,643 | 2,565 |
Impairment loss | 132 | 0 | 28 | 0 |
Professional fees | 985 | 321 | 1,981 | 1,552 |
Depreciation and amortization | 906 | 162 | 2,110 | 490 |
Total operating expenses | 6,652 | 1,859 | 34,539 | 9,692 |
Loss before other (income) expense | (1,842) | (1,238) | (23,228) | (7,203) |
Other (income) expense: | ||||
Interest expense | 21 | 5 | 79 | 24 |
Interest earned | (215) | (10) | (620) | (21) |
Other income | 0 | (50) | (317) | 0 |
Foreign currency exchange rate variance | 26 | (28) | (107) | 129 |
Total other income | (168) | (83) | (937) | 132 |
Loss before income taxes and equity in net loss of affiliate | (1,674) | (1,155) | (22,291) | (7,335) |
Income taxes | (27) | 0 | (28) | (87) |
Loss before equity in net loss of affiliate | (1,701) | (1,155) | (22,319) | (7,422) |
Equity in net loss of affiliate | 0 | (32) | (1,440) | (1,739) |
Net loss | (1,701) | (1,187) | (12,407) | (9,161) |
Net loss attributable to non-controlling interest | 220 | 0 | 8,629 | 0 |
Net loss attributable to NextPlat Corp | (1,481) | (1,187) | (3,778) | (9,161) |
Comprehensive income (loss): | ||||
Net loss | (1,701) | (1,187) | (12,407) | (9,161) |
Foreign currency loss | (27) | (23) | (22) | (44) |
Comprehensive loss | (1,728) | (1,210) | (12,429) | (9,205) |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (1,481) | $ (1,187) | $ (3,778) | $ (9,161) |
Basic weighted average common shares outstanding (in shares) | 18,725 | 14,415 | 17,494 | 9,592 |
Weighted average loss per common share - basic and diluted (in dollars per share) | $ (0.08) | $ (0.08) | $ (0.22) | $ (0.96) |
Product [Member] | ||||
Revenue | $ 14,120 | $ 2,876 | $ 32,389 | $ 11,710 |
Cost of revenue | 12,620 | 2,255 | 26,313 | 9,221 |
Service [Member] | ||||
Revenue | 3,373 | 0 | 5,367 | 0 |
Cost of revenue | $ 63 | $ 0 | $ 132 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 7,053 | ||||||
Balance at Dec. 31, 2021 | $ 1 | $ 39,513 | $ (21,986) | $ 3 | $ 17,531 | $ 0 | $ 17,531 |
Stock-based compensation in connection with options granted | $ 0 | 822 | 0 | 0 | 822 | 0 | 822 |
Stock-based compensation in connection with restricted stock awards (in shares) | 544 | ||||||
Stock-based compensation in connection with restricted stock awards | $ 0 | 2,151 | 0 | 0 | 2,151 | 0 | 2,151 |
Comprehensive loss | 0 | 0 | 0 | (44) | (44) | 0 | (44) |
Net income (loss) | $ 0 | 0 | (9,161) | 0 | (9,161) | 0 | (9,161) |
Balance (in shares) at Dec. 31, 2022 | 14,402 | ||||||
Balance at Dec. 31, 2022 | $ 1 | 56,963 | (31,147) | (41) | 25,776 | 0 | 25,776 |
Stock-based compensation in connection with restricted stock awards (in shares) | 39 | ||||||
Stock-based compensation in connection with restricted stock awards | $ 0 | 61 | 0 | 0 | 61 | 0 | 61 |
Comprehensive loss | 0 | 0 | 0 | (23) | (23) | 0 | (23) |
Net income (loss) | $ 0 | 0 | (1,187) | 0 | (1,187) | 0 | (1,187) |
Balance (in shares) at Mar. 31, 2023 | 14,441 | ||||||
Balance at Mar. 31, 2023 | $ 1 | 57,024 | (32,334) | (64) | 24,627 | 0 | 24,627 |
Balance (in shares) at Dec. 31, 2022 | 14,402 | ||||||
Balance at Dec. 31, 2022 | $ 1 | 56,963 | (31,147) | (41) | 25,776 | 0 | 25,776 |
Stock-based compensation in connection with options granted | $ 0 | 1,524 | 0 | 0 | 1,524 | 2,576 | |
Stock-based compensation in connection with restricted stock awards (in shares) | 789 | ||||||
Stock-based compensation in connection with restricted stock awards | $ 0 | 2,468 | 0 | 0 | 2,468 | 300 | 2,768 |
Comprehensive loss | 0 | 0 | 0 | (22) | (22) | 0 | (22) |
Net income (loss) | $ 0 | 0 | (3,778) | 0 | (3,778) | (8,629) | (12,407) |
Balance (in shares) at Dec. 31, 2023 | 18,725 | ||||||
Balance at Dec. 31, 2023 | $ 2 | 67,170 | (34,925) | (63) | 32,184 | 15,903 | 48,087 |
Stock-based compensation in connection with options granted | $ 0 | 160 | 0 | 0 | 160 | 0 | 160 |
Stock-based compensation in connection with restricted stock awards (in shares) | 0 | ||||||
Stock-based compensation in connection with restricted stock awards | $ 0 | 387 | 0 | 0 | 387 | 65 | 452 |
Capital contribution of non-controlling interests | 0 | 0 | 0 | 0 | 0 | 122 | 122 |
Comprehensive loss | 0 | 0 | 0 | (27) | (27) | 0 | (27) |
Net income (loss) | $ 0 | 0 | (1,481) | 0 | (1,481) | (220) | (1,701) |
Balance (in shares) at Mar. 31, 2024 | 18,725 | ||||||
Balance at Mar. 31, 2024 | $ 2 | $ 67,717 | $ (36,406) | $ (90) | $ 31,223 | $ 15,870 | $ 47,093 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,701,000) | $ (1,187,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 203,000 | 155,000 |
Change in provision for doubtful accounts | 2,000 | 0 |
Amortization of intangible assets | 698,000 | 6,000 |
Amortization of right-of-use assets - operating leases | 129,000 | 49,000 |
Amortization of right-of-use assets - finance leases | 5,000 | 0 |
Equity in net loss of affiliate | 0 | 32,000 |
Stock-based compensation | 612,000 | 243,000 |
Impairment loss | 132,000 | 0 |
Gain on sale or disposal of property and equipment | (1,000) | 0 |
Accounts receivable | (4,230,000) | (572,000) |
Inventory | (475,000) | (877,000) |
Unbilled revenue | 4,000 | 142,000 |
Prepaid expense | 236,000 | (32,000) |
Notes receivable | (4,000) | 0 |
VAT receivable | (15,000) | (76,000) |
Accounts payable and accrued expenses | 1,745,000 | 94,000 |
Operating lease liabilities | (74,000) | (43,000) |
Income taxes payable | (49,000) | 2,000 |
Contract liabilities | 98,000 | (3,000) |
Net cash used in operating activities | (2,685,000) | (2,067,000) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (64,000) | (69,000) |
Proceeds from sale or disposal of property and equipment | 1,000 | 0 |
Net cash used in investing activities | (63,000) | (69,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments of note payable, related party, net | 23,000 | (2,000) |
Capital contribution | 122,000 | 0 |
Payments on finance lease liabilities | (5,000) | 0 |
Repayments of notes payable | (141,000) | (11,000) |
Net cash used in financing activities | (1,000) | (13,000) |
Effect of exchange rate on cash | (32,000) | (23,000) |
Net decrease in cash | (2,781,000) | (2,172,000) |
Cash beginning of period | 26,307,000 | 18,891,000 |
Cash end of period | 23,526,000 | 16,719,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest | 170,000 | 4,000 |
Income tax | $ 74,000 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash | $ 26,307,000 | $ 18,891,000 |
Accounts receivable, net | 8,923,000 | 384,000 |
Receivables - other, net | 1,846,000 | 0 |
Inventory, net | 5,135,000 | 1,287,000 |
Unbilled revenue | 189,000 | 142,000 |
VAT receivable | 342,000 | 433,000 |
Prepaid expenses | 640,000 | 46,000 |
Notes receivable due from related party | 256,000 | 0 |
Total Current Assets | 43,638,000 | 21,183,000 |
Property and equipment, net | 3,989,000 | 1,246,000 |
Goodwill | 731,000 | 0 |
Intangible assets, net | 14,423,000 | 50,000 |
Operating right of use assets, net | 1,566,000 | 855,000 |
Finance lease right-of-use assets, net | 22,000 | 0 |
Equity method investment | 0 | 5,261,000 |
Deposits | 39,000 | 0 |
Prepaid expenses, net of current portion | 61,000 | 49,000 |
Total Other Assets | 16,842,000 | 6,215,000 |
Total Assets | 64,469,000 | 28,644,000 |
Current Liabilities | ||
Accounts payable and accrued expenses | 13,176,000 | 1,523,000 |
Contract liabilities | 42,000 | 36,000 |
Notes payable | 312,000 | 60,000 |
Due to related party | 18,000 | 28,000 |
Operating lease liabilities | 532,000 | 209,000 |
Current portion, Finance Lease Liability | 18,000 | 0 |
Income taxes payable | 139,000 | 94,000 |
Liabilities from discontinued operations | 0 | 112,000 |
Total Current Liabilities | 14,237,000 | 2,062,000 |
Long Term Liabilities: | ||
Long-term portion of notes payable | 1,211,000 | 156,000 |
Long-term portion of lease liabilities, operating lease | 929,000 | 650,000 |
Long-term portion of lease liabilities, finance lease | 5,000 | 0 |
Total Liabilities | 16,382,000 | 2,868,000 |
Commitments and Contingencies | ||
Equity | ||
Preferred stock ($0.0001 par value; 3,333,333 shares authorized) | 0 | 0 |
Common stock ($0.0001 par value; 50,000,000 shares authorized, 18,724,596 and 18,724,596 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively) | 2,000 | 1,000 |
Additional paid-in capital | 67,170,000 | 56,963,000 |
Accumulated deficit | (34,925,000) | (31,147,000) |
Accumulated other comprehensive loss | (63,000) | (41,000) |
Equity attributable to NextPlat Corp stockholders | 32,184,000 | 25,776,000 |
Equity attributable to non-controlling interests | 15,903,000 | 0 |
Total Equity | 48,087,000 | 25,776,000 |
Total Liabilities and Equity | $ 64,469,000 | $ 28,644,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 3,333,333 | 3,333,333 | 3,333,333 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 18,724,596 | 18,724,596 | 14,402,025 |
Common stock, shares outstanding (in shares) | 18,724,596 | 18,724,596 | 14,402,025 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 17,493 | $ 2,876 | $ 37,756 | $ 11,710 |
Cost of revenue | 12,683 | 2,255 | 26,445 | 9,221 |
Gross profit | 4,810 | 621 | 11,311 | 2,489 |
Operating expenses: | ||||
Selling, general and administrative | 2,005 | 788 | 9,910 | 5,085 |
Salaries, wages and payroll taxes | 2,624 | 588 | 6,643 | 2,565 |
Goodwill impairment | 13,895 | 0 | ||
Professional fees | 985 | 321 | 1,981 | 1,552 |
Depreciation and amortization | 906 | 162 | 2,110 | 490 |
Total operating expenses | 6,652 | 1,859 | 34,539 | 9,692 |
Loss before other (income) expense | (1,842) | (1,238) | (23,228) | (7,203) |
Other (income) expense: | ||||
Interest expense | 21 | 5 | 79 | 24 |
Interest earned | (215) | (10) | (620) | (21) |
Impairment loss | 132 | 0 | 28 | 0 |
Other income | 0 | (50) | (317) | 0 |
Foreign currency exchange rate variance | 26 | (28) | (107) | 129 |
Total other income | (168) | (83) | (937) | 132 |
Loss before income taxes and equity in net loss of affiliate | (1,674) | (1,155) | (22,291) | (7,335) |
Income taxes | (27) | 0 | (28) | (87) |
Loss before equity in net loss of affiliate | (1,701) | (1,155) | (22,319) | (7,422) |
Gain on remeasurement of fair value of equity interest in affiliate prior to acquisition | 11,352 | 0 | ||
Equity in net loss of affiliate | 0 | (32) | (1,440) | (1,739) |
Net loss | (1,701) | (1,187) | (12,407) | (9,161) |
Net loss attributable to non-controlling interest | 220 | 0 | 8,629 | 0 |
Net loss attributable to NextPlat Corp | (1,481) | (1,187) | (3,778) | (9,161) |
Comprehensive income (loss): | ||||
Net loss | (1,701) | (1,187) | (12,407) | (9,161) |
Foreign currency loss | (27) | (23) | (22) | (44) |
Comprehensive loss | (1,728) | (1,210) | (12,429) | (9,205) |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (1,481) | $ (1,187) | $ (3,778) | $ (9,161) |
Basic weighted average common shares outstanding (in shares) | 18,725 | 14,415 | 17,494 | 9,592 |
Weighted number of common shares outstanding – diluted (in shares) | 18,725 | 14,415 | 17,494 | 9,592 |
Weighted average loss per common share - basic and diluted (in dollars per share) | $ (0.08) | $ (0.08) | $ (0.22) | $ (0.96) |
Diluted weighted average earnings (loss) per common share (in dollars per share) | $ (0.22) | $ (0.96) | ||
Product [Member] | ||||
Revenue | $ 14,120 | $ 2,876 | $ 32,389 | $ 11,710 |
Cost of revenue | 12,620 | 2,255 | 26,313 | 9,221 |
Service [Member] | ||||
Revenue | 3,373 | 0 | 5,367 | 0 |
Cost of revenue | $ 63 | $ 0 | $ 132 | $ 0 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | January 2022 Private Placement [Member] Common Stock [Member] | January 2022 Private Placement [Member] Additional Paid-in Capital [Member] | January 2022 Private Placement [Member] Retained Earnings [Member] | January 2022 Private Placement [Member] AOCI Attributable to Parent [Member] | January 2022 Private Placement [Member] Parent [Member] | January 2022 Private Placement [Member] Noncontrolling Interest [Member] | January 2022 Private Placement [Member] | December 2022 Private Placement [Member] Common Stock [Member] | December 2022 Private Placement [Member] Additional Paid-in Capital [Member] | December 2022 Private Placement [Member] Retained Earnings [Member] | December 2022 Private Placement [Member] AOCI Attributable to Parent [Member] | December 2022 Private Placement [Member] Parent [Member] | December 2022 Private Placement [Member] Noncontrolling Interest [Member] | December 2022 Private Placement [Member] | April 2023 Private Placement [Member] Common Stock [Member] | April 2023 Private Placement [Member] Additional Paid-in Capital [Member] | April 2023 Private Placement [Member] Retained Earnings [Member] | April 2023 Private Placement [Member] AOCI Attributable to Parent [Member] | April 2023 Private Placement [Member] Parent [Member] | April 2023 Private Placement [Member] Noncontrolling Interest [Member] | April 2023 Private Placement [Member] | Stock Based Compensation Warrants [Member] Common Stock [Member] | Stock Based Compensation Warrants [Member] Additional Paid-in Capital [Member] | Stock Based Compensation Warrants [Member] Retained Earnings [Member] | Stock Based Compensation Warrants [Member] AOCI Attributable to Parent [Member] | Stock Based Compensation Warrants [Member] Parent [Member] | Stock Based Compensation Warrants [Member] Noncontrolling Interest [Member] | Stock Based Compensation Warrants [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 7,053 | ||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2021 | $ 1 | $ 39,513 | $ (21,986) | $ 3 | $ 17,531 | $ 0 | $ 17,531 | ||||||||||||||||||||||||||||
Issuance of common stock related offering (in shares) | 2,230 | 4,575 | |||||||||||||||||||||||||||||||||
Stock issued, value | $ 0 | $ 7,005 | $ 0 | $ 0 | $ 7,005 | $ 0 | $ 7,005 | $ 0 | $ 7,472 | $ 0 | $ 0 | $ 7,472 | $ 0 | $ 7,472 | |||||||||||||||||||||
Stock-based compensation in connection with restricted stock awards (in shares) | 544 | ||||||||||||||||||||||||||||||||||
Stock-based compensation in connection with restricted stock awards | $ 0 | 2,151 | 0 | 0 | 2,151 | 0 | 2,151 | ||||||||||||||||||||||||||||
Stock-based compensation in connection with options granted | 0 | 822 | 0 | 0 | 822 | 0 | 822 | ||||||||||||||||||||||||||||
Comprehensive loss | 0 | 0 | 0 | (44) | (44) | 0 | (44) | ||||||||||||||||||||||||||||
Net income (loss) | 0 | 0 | (9,161) | 0 | (9,161) | 0 | (9,161) | ||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | 822 | 0 | 0 | 822 | 0 | 822 | ||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 14,402 | ||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 1 | 56,963 | (31,147) | (41) | 25,776 | 0 | 25,776 | ||||||||||||||||||||||||||||
Stock-based compensation in connection with restricted stock awards (in shares) | 39 | ||||||||||||||||||||||||||||||||||
Stock-based compensation in connection with restricted stock awards | $ 0 | 61 | 0 | 0 | 61 | 0 | 61 | ||||||||||||||||||||||||||||
Comprehensive loss | 0 | 0 | 0 | (23) | (23) | 0 | (23) | ||||||||||||||||||||||||||||
Net income (loss) | $ 0 | 0 | (1,187) | 0 | (1,187) | 0 | (1,187) | ||||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 14,441 | ||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | $ 1 | 57,024 | (32,334) | (64) | 24,627 | 0 | 24,627 | ||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 14,402 | ||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2022 | $ 1 | 56,963 | (31,147) | (41) | 25,776 | 0 | 25,776 | ||||||||||||||||||||||||||||
Issuance of common stock related offering (in shares) | 3,429 | ||||||||||||||||||||||||||||||||||
Stock issued, value | $ 1 | $ 5,999 | $ 0 | $ 0 | $ 6,000 | $ 0 | $ 6,000 | ||||||||||||||||||||||||||||
Stock-based compensation in connection with restricted stock awards (in shares) | 789 | ||||||||||||||||||||||||||||||||||
Stock-based compensation in connection with restricted stock awards | $ 0 | 2,468 | 0 | 0 | 2,468 | 300 | 2,768 | ||||||||||||||||||||||||||||
Stock-based compensation in connection with options granted | $ 0 | $ 32 | $ 0 | $ 0 | $ 32 | $ 0 | $ 32 | 0 | 1,524 | 0 | 0 | 1,524 | 2,576 | ||||||||||||||||||||||
Comprehensive loss | 0 | 0 | 0 | (22) | (22) | 0 | (22) | ||||||||||||||||||||||||||||
Net income (loss) | $ 0 | 0 | (3,778) | 0 | (3,778) | (8,629) | (12,407) | ||||||||||||||||||||||||||||
Issuance of common stock related to exercise of warrants (in shares) | 105 | ||||||||||||||||||||||||||||||||||
Issuance of common stock related to exercise of warrants | $ 0 | 184 | 0 | 0 | 184 | 0 | 184 | ||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | $ 32 | $ 0 | $ 0 | $ 32 | $ 0 | $ 32 | 0 | 1,524 | 0 | 0 | 1,524 | 2,576 | ||||||||||||||||||||||
Stock-based compensation, noncontrolling interest | 1,052 | ||||||||||||||||||||||||||||||||||
Acquisition of subsidiary and noncontrolling interests | $ 0 | 0 | 0 | 0 | 0 | 23,180 | 23,180 | ||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 18,725 | ||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2023 | $ 2 | 67,170 | (34,925) | (63) | 32,184 | 15,903 | 48,087 | ||||||||||||||||||||||||||||
Stock-based compensation in connection with restricted stock awards (in shares) | 0 | ||||||||||||||||||||||||||||||||||
Stock-based compensation in connection with restricted stock awards | $ 0 | 387 | 0 | 0 | 387 | 65 | 452 | ||||||||||||||||||||||||||||
Stock-based compensation in connection with options granted | 0 | 160 | 0 | 0 | 160 | 0 | 160 | ||||||||||||||||||||||||||||
Comprehensive loss | 0 | 0 | 0 | (27) | (27) | 0 | (27) | ||||||||||||||||||||||||||||
Net income (loss) | 0 | 0 | (1,481) | 0 | (1,481) | (220) | (1,701) | ||||||||||||||||||||||||||||
Stock-based compensation | $ 0 | 160 | 0 | 0 | 160 | 0 | 160 | ||||||||||||||||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 18,725 | ||||||||||||||||||||||||||||||||||
Balance at Mar. 31, 2024 | $ 2 | $ 67,717 | $ (36,406) | $ (90) | $ 31,223 | $ 15,870 | $ 47,093 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (12,407,000) | $ (9,161,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 758,000 | 465,000 |
Change in provision for doubtful accounts | 47,000 | 0 |
Amortization of intangible assets | 1,337,000 | 25,000 |
Amortization of right-of-use assets - operating leases | 417,000 | 106,000 |
Amortization of right-of-use assets - finance leases | 15,000 | 0 |
Write-off of digital assets | 28,000 | 43,000 |
Goodwill impairment | 13,895,000 | 0 |
Gain on remeasurement of fair value of equity interest in affiliate prior to acquisition | (11,352,000) | 0 |
Equity in net loss of affiliate | 1,440,000 | 1,739,000 |
Stock-based compensation | 5,376,000 | 2,974,000 |
Accounts receivable | (3,449,000) | (34,000) |
Inventory | (2,217,000) | (267,000) |
Unbilled revenue | (47,000) | (41,000) |
Prepaid expense | 22,000 | 52,000 |
Notes receivable | (256,000) | 0 |
Other assets | 0 | 49,000 |
VAT receivable | 91,000 | 59,000 |
Accounts payable and accrued expenses | 3,231,000 | 453,000 |
Operating lease liabilities | (464,000) | (101,000) |
Income taxes payable | 45,000 | 37,000 |
Contract liabilities | 6,000 | 0 |
Liabilities from discontinued operations | (112,000) | 0 |
Net cash used in operating activities | (3,596,000) | (3,602,000) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (647,000) | (716,000) |
Cash acquired in acquisition of subsidiary | 7,352,000 | 0 |
Capital contributions to equity method investee | (1,506,000) | (7,000,000) |
Net cash used in investing activities | 5,199,000 | (7,716,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayments of note payable, related party, net | (10,000) | (7,000) |
Issuance of common stock for PIPE transaction | 6,000,000 | 13,832,000 |
Payment of stock issuance costs | 0 | (754,000) |
Proceeds from exercise of warrants | 184,000 | 0 |
Payments on finance lease liabilities | (15,000) | 0 |
Repayments of notes payable | (299,000) | (60,000) |
Net cash used in financing activities | 5,860,000 | 13,011,000 |
Effect of exchange rate on cash | (47,000) | (70,000) |
Net decrease in cash | 7,416,000 | 1,623,000 |
Cash beginning of period | 18,891,000 | 17,268,000 |
Cash end of period | 26,307,000 | 18,891,000 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest | 531,000 | 11,000 |
Income tax | 0 | 10,000 |
Supplemental schedule of non-cash investing and financing activities: | ||
Business combination without transfer of consideration | $ 39,859,000 | $ 0 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Operations. | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Nature of Operations [Text Block] | 1. The term “Company” refers to NextPlat Corp and its wholly, majority owned and controlled subsidiaries, except where the context requires otherwise or where otherwise indicated. NextPlat Corp: NextPlat Corp, a Nevada corporation (the “Company”, “NextPlat”, “we”), formerly Orbsat Corp was incorporated in 1997. two 25 third Web3 Our wholly-owned subsidiary, Global Telesat Communications Limited (“GTC”), was formed under the laws of England and Wales in 2008. February 19, 2015, Our wholly-owned subsidiary, Orbital Satcom Corp. (“Orbital Satcom”), a Nevada corporation, was formed on November 14, 2014. On June 22, 2022, not Progressive Care Inc.: Progressive Care Inc. (“Progressive Care”) was incorporated under the laws of the state of Delaware on October 31, 2006. Progressive, through its wholly-owned subsidiaries, Pharmco, LLC (“Pharmco 901” 1002, 1002” 1103 1204 1103” 1204” Pharmco 901 November 29, 2005 901 October 21, 2010. 901 not Pharmco 1103 1103 June 1, 2019. Pharmco 1002 1002 July 1, 2018. ClearMetrX was formed on June 10, 2020 third 340B RXMD Therapeutics was formed on October 1, 2019. no Florida Sunshine Brands, LLC: Florida Sunshine Brands, LLC (“Florida Sunshine”) is a Florida limited liability company and incorporated December 6, 2023. | Note 1. Nature of Operations. The term “Company” refers to NextPlat Corp and its wholly, majority owned and controlled subsidiaries, except where the context requires otherwise or where otherwise indicated. NextPlat Corp: NextPlat Corp, a Nevada corporation (the “Company”, “NextPlat”, “we”), formerly Orbsat Corp was incorporated in 1997. two 25 third Our wholly-owned subsidiary, Global Telesat Communications Limited (“GTC”), was formed under the laws of England and Wales in 2008. February 19, 2015, Our wholly-owned subsidiary, Orbital Satcom Corp. (“Orbital Satcom”), a Nevada corporation, was formed on November 14, 2014. On June 22, 2022, not Progressive Care Inc.: Progressive Care Inc. (“Progressive Care”) was incorporated under the laws of the state of Delaware on October 31, 2006. Progressive, through its wholly-owned subsidiaries, Pharmco, LLC (“Pharmco 901” 1002, 1002” 1103 1204 1103” 1204” Pharmco 901 November 29, 2005 901 October 21, 2010. 901 not Pharmco 1103 1103 June 1, 2019. Pharmco 1002 1002 July 1, 2018. ClearMetrX was formed on June 10, 2020 third 340B RXMD Therapeutics was formed on October 1, 2019. no |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Principles of Consolidation | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 2. The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), consistent in all material respects with those applied in the 2023 10 not 2023 10 not Business acquisition of Progressive Care, Inc. On July 1, 2023, July 1, 2023, The exercise of the stock options, along with the entry into the voting agreement, resulted in a change in control of Progressive Care under the voting interest model in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combination, July 1, 2023. The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition, and revenues and expenses for the years then ended. Actual results may not | Note 2. These consolidated financial statements have been prepared by management in accordance with general accepted accounting principles in the United States of America (“U.S. GAAP”) and this basis assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Business acquisition of Progressive Care, Inc. On July 1, 2023, July 1, 2023, The exercise of the stock options, along with the entry into the voting agreement, resulted in a change in control of Progressive Care under the voting interest model in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combination, July 1, 2023. The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition, and revenues and expenses for the years then ended. Actual results may not Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Significant Accounting Policies [Text Block] | Note 3. The significant accounting policies of the Company were described in Note 1 10 December 31, 2023 no three March 31, 2024. Cash The Company places its cash with high credit quality financial institutions. The Company’s account at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. All cash amounts in excess of $250,000, approximately $1.0 million, are unsecured. The Company has a deposit placement agreement for Insured Cash Sweep Service (“ICS”). This service is a secure, and convenient way to access FDIC protection on large deposits, earn a return, and enjoy flexibility. The Company believes that the ICS agreement will mitigate its credit risk as it relates to uninsured FDIC amounts in excess of $250,000. Foreign Currency Translation The Company’s reporting currency is U.S. Dollars. The accounts of one The relevant translation rates are as follows: for the three March 31, 2024 three March 31, 2023 December 31, 2023 Unearned Revenue Contract liabilities are shown separately in the condensed consolidated balance sheets as current liabilities. At March 31, 2024 December 31, 2023 Direct and Indirect Remuneration ( “ DIR ” ) Progressive Care reports DIR fees as a reduction of revenue on the accompanying Consolidated Statements of Operations. DIR fees are fees charged by PBMs to pharmacies for network participation as well as periodic reimbursement reconciliations. The Company accrues an estimate of PBM fees, including DIR fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of prescription revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. Through December 31, 2023, not two two three January – April 20xx July – August 20xx December 31, 2023, not second 2024. may January 1, 2024, Recent Accounting Pronouncements Accounting Pronouncements Issued but not In November 2023, 2023 07, 280 2023 07” 2023 07 December 15, 2023, December 15, 2024, Q1 2025, December 31, 2024. not In December 2023, 2023 09, 740 2023 09” 2023 09 December 15, 2024, January 1, 2025. not Other accounting standards that have been issued or proposed by FASB that do not not Subsequent Events The Company has evaluated subsequent events through May 15, 2024, 21 | Note 3. The significant accounting policies of the Company are described below the fiscal year ended December 31, 2023. July 1, 2023 December 31, 2023. Discontinued Operations The Company’s former operations were developing and manufacturing products and services, which reduce fuel costs, save power and energy and protect the environment. The products and services were made available for sale into markets in the public and private sectors. In December 2009, The remaining liabilities for discontinued operations are presented in the consolidated balance sheets under the caption “Liabilities from discontinued operation” and relates to the discontinued operations of developing and manufacturing of energy saving and fuel-efficient products and services. The carrying amounts of the major classes of these liabilities as of December 31, 2023 2022 December 31, 2023 December 31, 2022 Assets of discontinued operations $ — $ — Liabilities Accounts payables and accrued expenses $ — $ (112 ) Liabilities from discontinued operations $ — $ (112 ) Liquidity January 2022 On December 31, 2021, “December “December January 2, 2022, December December 31, 2021. December December 31, 2021. The closing of the December January 5, 2022. December December 2022 On December 9, 2022, three On December 9, 2022, three six The offering closed on December 14, 2022, April 2023 On April 5, 2023, April 4, 2023. April 11, 2023, 4 2 506 As of the date of this report, the Company’s existing cash resources and existing borrowing availability are sufficient to support planned operations for the next 12 one Cash and Cash Equivalents The Company places its cash with high credit quality financial institutions. The Company’s account at this institution is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. All cash amounts in excess of $250,000, approximately $3.1 million, are unsecured. In April 2023, $250,000. Accounts Receivable and Allowance for Doubtful Accounts The Company has a policy of reserving for questionable accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due accounts and other factors that may may Progressive Care trade accounts receivable are stated at the invoiced amount. Trade accounts receivable primarily include amounts from third no Inventories Inventories are valued at the lower of cost or net realizable value, using the first first not Prepaid Expenses Prepaid expenses current and long term amounted to approximately $640,000 and $61,000, respectively for the year ended December 31, 2023 December 31, 2022 Investments The Company applies the equity method of accounting to investments when it has significant influence, but not 15 The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not December 31, 2023 not Foreign Currency Translation The Company’s reporting currency is U.S. Dollars. The accounts of one The relevant translation rates are as follows: for the year ended December 31, 2023 December 31, 2022 Revenue Recognition and Unearned Revenue In accordance with ASU No. 2016 12, Revenue from Contracts with Customers (Topic 606 1 606 10 25 7; 2 3 4 5 6 606 not December 15, 2017, no one e-Commerce Operations: The Company recognizes revenue from satellite services when earned, as services are rendered or delivered to customers. Equipment sales revenue is recognized when the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty. Historically, the Company has not The Company’s customers generally purchase a combination of our products and services as part of a multiple element arrangement. The Company’s assessment of which revenue recognition guidance is appropriate to account for each element in an arrangement can involve significant judgment. This assessment has a significant impact on the amount and timing of revenue recognition. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, five five 606, Contract liabilities are shown separately in the consolidated balance sheets as current liabilities. At December 31, 2023 December 31, 2022 Healthcare Operations: The Company provides prescription pharmaceuticals, COVID- 19 340B 340B 340B 340B The Company recognizes product sales from prescriptions dispensed to patients (customers) at the time the drugs are physically delivered to a customer or when a customer picks up their prescription, which is the point in time when control transfers to the customer. 340B 340B third 340B 340B not not The Company accrues an estimate of PBM fees, including direct and indirect remuneration (“DIR”) fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of prescription revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. DIR fees are fees charged by PBMs to pharmacies for network participation as well as periodic reimbursement reconciliations. For some PBMs, DIR fees are charged at the time of the settlement of a pharmacy claim. Other PBMs do not two two three January – April 2023 July – August 2023). not may Billings for most prescription orders are with third The Company recognizes revenue from TPA services as it satisfies the performance obligations under the TPA contract with a 340B one may not For each TPA contract, the Company recognizes revenue by measuring the progress toward complete satisfaction of each performance obligation. The Company uses various observable output methods in measuring progress toward satisfaction of each performance obligation, most notably gross billings under each contract. ASC 606 may The Company recognizes COVID- 19 Cost of Product Sales and Services Cost of sales consists primarily of materials, airtime and overhead costs incurred internally and amounts incurred to contract manufacturers to produce our products, airtime and other implementation costs incurred to install our products and train customer personnel, and customer service and third Shipping and handling costs are included as a component of costs of product sales in the Company’s consolidated statements of operations because the Company includes in revenue the related costs that the Company bills its customers. Advertising Costs incurred for producing and communicating advertising for the Company are charged to operations as incurred. Advertising expense was approximately $188,000 and $93,000 for the years ended December 31, 2023 2022 Intangible Assets Acquired intangible assets with finite lives other than goodwill are amortized over their useful lives. For intangible assets acquired in a business combination, the estimated fair values of the assets received are used to establish their recorded values. Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. Valuation techniques consistent with the market approach, income approach, and/or cost approach are used to measure fair value. Intangible assets subject to amortization represent the fair value of pharmacy records, tradenames and customer contracts acquired, and capitalized software development costs. In valuing these assets, the Company makes assumptions regarding useful lives and projected growth rates, and significant judgment is required. The Company periodically reviews its identifiable intangible assets for impairment as events or changes in circumstances indicate that the carrying amount of such assets may not Pharmacy records and developed software are amortized over 5 years. Tradenames and customer contracts are amortized over 10 years. Useful lives of intangible assets are periodically evaluated for reasonableness and the assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may no Business acquisitions The Company records business acquisitions using the acquisition method of accounting. All of the assets acquired, liabilities assumed, and contractual contingencies are recognized at their fair value on the acquisition date. The application of the acquisition method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized and goodwill. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses and restructuring costs are recognized separately from the business combination and are expensed as incurred. The Company uses a measurement period following the acquisition date to gather information that existed as of the acquisition date that is needed to determine the fair value of the assets acquired, liabilities assumed and equity interests. The measurement period ends once all information is obtained, but no one Goodwill Goodwill represents the excess of the purchase price over the value assigned to net tangible and identifiable intangible assets. Progressive Care, which is our Healthcare Operations, is considered to be the reporting unit for goodwill. Valuation techniques consistent with the market approach, income approach, and/or cost approach are used to measure fair value. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment in the fourth may Property and Equipment Property and equipment are carried at historical cost less accumulated depreciation. Depreciation is based on the estimated service lives of the depreciable assets and is calculated using the straight-line method. Expenditures that increase the value or productive capacity of assets are capitalized. Fully depreciated assets are retained in the property and equipment, and accumulated depreciation accounts until they are removed from service. When property and equipment are retired, sold or otherwise disposed of, the asset’s carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in operations. Repairs and maintenance are expensed as incurred. The estimated useful lives of property and equipment are generally as follows: Years Building 40 Building improvements Remaining life of the building Leasehold improvements Lessor of the estimated useful life or life of the lease Office furniture and fixtures 4-5 Computer equipment 3-4 Rental equipment 4 Vehicles 3-5 Appliques 10 Website development 2 Depreciation expense for the years ended December 31, 2023 2022 Impairment of Long-lived Assets The Company reviews its long-lived assets, comprised of property and equipment, right-of-use assets, and intangible assets, whenever events or changes in circumstances indicate that the carrying amount of an asset may not 360 10, Accounting for the Impairment or Disposal of Long-Lived Assets the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset’s carrying value in excess of fair value. As of December 31, 2023, no not December 31, 2023 and December 31, 2022 , respectively. Fair Value of Financial Instruments Derivatives are required to be recorded on the balance sheet at fair value. These derivatives, including embedded derivatives in the Company’s structured borrowings, are separately valued and accounted for on the Company’s balance sheet. Fair values for exchange traded securities and derivatives are based on quoted market prices. Where market prices are not The Company did not Stock-based Compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula. This fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. The Company’s determination of the fair value using the option-pricing model is affected by the stock price as well as assumptions regarding the number of highly subjective variables. In June 2018, 2018 07, 718 718, December 15, 2018. January 1, 2019. Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740 10, 740 10” not not The Company follows the provision of ASC 740 10 may 740 10, not not Tax positions that meet the more likely than not 50 The Company believes its tax positions are all more likely than not not The Company has adopted ASC 740 10 25, not not three Leases Effective January 1, 2019, 842, Leases not In calculating the right of use asset and lease liability, the Company has elected to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 Research and Development The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730 10, 730 10” 730 10, December 31, 2023 2022 no Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and all changes to the statements of stockholders’ equity. For the Company, comprehensive income (loss) for the years ended December 31, 2023 2022 Earnings per Common Share Net income (loss) per common share is calculated in accordance with ASC Topic 260: 260” not Related Party Transactions A party is considered to be related to the Company if the party directly or indirectly or through one may one one one one 25 Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In August 2023, 2023 04, 405 No. 121”, No. 121. In July 2023, 2023 03, 205 220 480 505 718 No. 120, no In June 2016, 2016 13, 326 2016 13” November 2018, 2018 19, 326, not April 2019, 2019 04, 326, 815, 825, 2016 13. March 2020, 2020 03, 842 326. 2016 13 December 15, 2022, Any new accounting standards, not not not Accounting Pronouncements Issued but not In December 2023, 2023 09, 740 2023 09” 2023 09 December 15, 2024, January 1, 2025. not In November 2023, 2023 07, 280 2023 07” 2023 07 December 15, 2023, December 15, 2024, January 1, 2024. not Management has evaluated other recently issued accounting pronouncements and does not |
Note 4 - Fair Value
Note 4 - Fair Value | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Fair Value Disclosures [Text Block] | Note 4. Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three may Level 1: Level 2: 1 not Level 3: no The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: ● Cash, accounts receivable, and accounts payable and accrued liabilities: ● Notes payable and lease liabilities: 2 Identifiable Intangible Assets The initial recognition of the Progressive Care's identifiable intangible assets, resulting from the acquisition on July 1, 2023 3 | Note 5. Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three may Level 1: Level 2: 1 not Level 3: no The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: ● Cash, accounts receivable, and accounts payable and accrued liabilities: ● Notes payable and lease liabilities: 2 |
Note 5 - Revenue
Note 5 - Revenue | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Revenue from Contract with Customer [Text Block] | Note 5. e-Commerce r The Company recognizes revenue from satellite services when earned, as services are rendered or delivered to customers. Equipment sales revenue is recognized when the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty. Historically, the Company has not Healthcare revenue: The Company recognizes pharmacy revenue and 340B third The Company accrues an estimate of pharmacy benefit manager (“PBM”) fees, including direct and indirect remuneration (“DIR”) fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. The Company recognizes COVID- 19 The following table disaggregates net revenues by categories (in thousands): Three Months Ended March 31, 2024 2023 Sales of products, net: Pharmacy prescription and other revenue, net of PBM fees $ 11,324 $ — e-Commerce revenue 2,865 2,876 Sub total 14,189 2,876 Revenues from services: Pharmacy 340B contract revenue 3,304 — Revenues, net $ 17,493 $ 2,876 | Note 6. e-Commerce revenue: The Company recognizes revenue from satellite services when earned, as services are rendered or delivered to customers. Equipment sales revenue is recognized when the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty. Historically, the Company has not Healthcare revenue: The Company recognizes pharmacy revenue and 340B third The Company accrues an estimate of pharmacy benefit manager (“PBM”) fees, including direct and indirect remuneration (“DIR”) fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. The Company recognizes COVID- 19 The following table disaggregates net revenues by categories (in thousands): For the Twelve Months Ended December 31, 2023 e-Commerce Operations Healthcare Operations Total Sales of products, net Prescription revenue, net of PBM fees $ — $ 21,412 $ 21,412 e-Commerce revenue 10,977 — 10,977 Subtotal 10,977 21,412 32,389 Revenues from services: Pharmacy 340B contract revenue — 5,367 5,367 Revenues, net $ 10,977 $ 26,779 $ 37,756 For the Twelve Months Ended December 31, 2022 e-Commerce Operations Healthcare Operations Total Sales of products, net Prescription revenue, net of PBM fees $ — $ — $ — e-Commerce revenue 11,710 — 11,710 Subtotal 11,710 — 11,710 Revenues from services: Pharmacy 340B contract revenue — — — Revenues, net $ 11,710 $ — $ 11,710 |
Note 6 - Loss Per Share
Note 6 - Loss Per Share | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Earnings Per Share [Text Block] | Note 6. Net income (loss) per common share is calculated in accordance with Accounting Standards Codification (“ASC”) Topic 260: 260” not The components of basic and diluted EPS were as follows (in thousands, except per share data). Three Months Ended March 31, 2024 2023 Net loss attributable to NextPlat Corp common shareholders $ (1,481 ) $ (1,187 ) Basic weighted average common shares outstanding 18,725 14,415 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 18,725 14,415 Weighted average loss per common share - basic and diluted $ (0.08 ) $ (0.08 ) Potentially dilutive common shares excluded from the calculation of diluted weighted average loss per common share: Stock options 105 100 105 100 | Note 7. Net income (loss) per common share is calculated in accordance with Accounting Standards Codification (“ASC”) Topic 260: 260” not Year Ended December 31, 2023 2022 Net loss attributable to NextPlat Corp common shareholders $ (3,778 ) $ (9,161 ) Basic weighted average common shares outstanding 17,494 9,592 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 17,494 9,592 Basic weighted average earnings (loss) per common share $ (0.22 ) $ (0.96 ) Diluted weighted average earnings (loss) per common share $ (0.22 ) $ (0.96 ) Potentially dilutive common shares excluded from the calculation of diluted weighted average loss per common share: Stock options 136 265 Common stock purchase warrants 675 1,403 811 1,668 |
Note 7 - Accounts Receivable
Note 7 - Accounts Receivable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts Receivable [Member] | ||
Notes to Financial Statements | ||
Accounts and Nontrade Receivable [Text Block] | Note 7. At March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Unaudited) (Audited) Gross accounts receivable – trade $ 13,202 $ 9,195 Less: allowance for doubtful accounts (274 ) (272 ) Accounts receivable – trade, net $ 12,928 $ 8,923 The Company increased the allowance for credit losses in the amount of approximately $2,000 and $0 for the three March 31, 2024 2023 Accounts receivable – trade, net for the Company as of January 1, 2023 March 31, 2023 | Note 8. At December 31, 2023 2022 Year Ended December 31, 2023 2022 Gross accounts receivable – trade $ 9,195 $ 384 Less: allowance for doubtful accounts (272 ) — Accounts receivable – trade, net $ 8,923 $ 384 Bad debt expense was approximately $47,000 and $0 for the twelve December 31, 2023 2022 The increase in accounts receivable was attributable to the consolidation of Progressive Care at July 1, 2023. |
Note 8 - Inventory
Note 8 - Inventory | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Inventory Disclosure [Text Block] | Note 8. At March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Unaudited) (Audited) Finished goods $ 5,670 $ 5,195 Less reserve for obsolete inventory (60 ) (60 ) Total $ 5,610 $ 5,135 | Note 10. At December 31, 2023 2022 December 31, 2023 December 31, 2022 Finished goods $ 5,195 $ 1,287 Less reserve for obsolete inventory (60 ) — Total $ 5,135 $ 1,287 The increase in inventory was attributable to the consolidation of Progressive Care as of July 1, 2023. |
Note 9 - VAT Receivable
Note 9 - VAT Receivable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
VAT Accounts Receivable [Text Block] | Note 9. On January 1, 2021, March 31, 2024 December 31, 2023 | Note 11. On January 1, 2021, December 31, 2023 2022 $433,000 |
Note 10 - Prepaid Expenses
Note 10 - Prepaid Expenses | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Prepaid Expenses [Text Block] | Note 10. Prepaid expenses current and long term amounted to approximately $404,000 and $61,000, respectively at March 31, 2024 December 31, 2023 | Note 12. Prepaid expenses current and long term amounted to approximately $640,000 and $61,000, respectively at December 31, 2023 $46,000 $49,000 December 31, 2022 The increase in prepaid expenses was attributable to the consolidation of Progressive Care as of July 1, 2023. |
Note 11 - Property and Equipmen
Note 11 - Property and Equipment, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Property, Plant and Equipment Disclosure [Text Block] | Note 11. Property and equipment, net consisted of the following (in thousands): March 31, 2024 December 31, 2023 (Unaudited) (Audited) Building $ 2,116 $ 2,116 Vehicles 585 595 Office furniture and fixtures 543 527 Land 184 184 Leasehold improvements 167 124 Computer equipment 117 117 Rental equipment 63 60 Appliques 2,160 2,160 Website development 611 587 Construction in progress — 22 Property and equipment gross 6,546 6,492 Less: accumulated depreciation (2,700 ) (2,503 ) Property and equipment, net $ 3,846 $ 3,989 Depreciation expense was approximately $203,000 and $155,000 for the three March 31, 2024 2023 | Note 13. Property and equipment consisted of the following (in thousands): December 31, 2023 December 31, 2022 Building $ 2,116 $ — Vehicles 595 — Office furniture and fixtures 527 128 Land 184 — Leasehold improvements 124 48 Computer equipment 117 72 Rental equipment 60 38 Appliques 2,160 2,160 Website development 587 665 Construction in progress 22 — Property and equipment gross 6,492 3,111 Less: accumulated depreciation (2,503 ) (1,865 ) Property and equipment, net $ 3,989 $ 1,246 Depreciation expense was approximately $758,000 and $465,000 for the twelve December 31, 2023 2022 The increase in property and equipment was attributable to the consolidation of Progressive Care as of July 1, 2023. |
Note 12 - Intangible Assets, Ne
Note 12 - Intangible Assets, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Intangible Assets Disclosure [Text Block] | Note 12. Intangible assets, net consisted of the following (in thousands): March 31, 2024 (Unaudited) Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (1,219 ) $ 6,911 Trade names 4,700 (353 ) 4,347 Developed technology 2,880 (432 ) 2,448 Customer Contracts 250 (231 ) 19 Total intangible assets $ 15,960 $ (2,235 ) $ 13,725 December 31, 2023 (Audited) Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (807 ) $ 7,323 Trade names 4,700 (224 ) 4,476 Developed technology 2,880 (281 ) 2,599 Customer Contracts 250 (225 ) 25 Total intangible assets $ 15,960 $ (1,537 ) $ 14,423 Amortization of customer contracts is included in depreciation and amortization in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss). For the three March 31, 2024 2023 Year Amount 2024 (remaining nine months) $ 2,023 2025 2,672 2026 2,672 2027 2,672 2028 1,571 Thereafter 2,115 Total $ 13,725 | Note 14. Goodwill The following table reflects changes in the carrying amount of goodwill during the periods presented by reportable segments (in thousands): e-Commerce Operations Healthcare Operations Total Balances as of December 31, 2021 Goodwill $ — $ — $ — Accumulated impairment losses — — — Goodwill, net as of December 31, 2021 — — — Changes in Goodwill during the year ended December 31, 2022: Goodwill acquired — — — Impairment losses — — — Balances as of December 31, 2022 Goodwill — — — Accumulated impairment losses — — — Goodwill, net as of December 31, 2022 — — — Changes in Goodwill during the year ended December 31, 2023: Goodwill acquired — 14,626 14,626 Impairment losses — (13,895 ) (13,895 ) Balances as of December 31, 2023 Goodwill — 14,626 14,626 Accumulated impairment losses — (13,895 ) (13,895 ) Goodwill, net as of December 31, 2023 $ — $ 731 $ 731 1. Increase related to book tax difference of intangible assets arising from the business combination without transfer of consideration. The initial recognition of goodwill resulting from the acquisition of Progressive Care on July 1, 2023. December 31, 2023. The Company performed an annual impairment test as of December 31, 2023, 3. 11% 13.5%. As a result of the 2023 95% December 31, 2023. December 31, 2023. Intangible Assets Intangible assets, net consisted of the following (in thousands): December 31, 2023 Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (807 ) $ 7,323 Trade names 4,700 (224 ) 4,476 Developed technology 2,880 (281 ) 2,599 Customer Contracts 250 (225 ) 25 Total intangible assets $ 15,960 $ (1,537 ) $ 14,423 December 31, 2022 Gross amount Accumulated amortization Net Amount Pharmacy records $ — $ — $ — Trade names — — — Developed technology — — — Customer Contracts 250 (200 ) 50 Total intangible assets $ 250 $ (200 ) $ 50 Amortization of pharmacy records, trade names, developed technology, and customer contracts is included in depreciation and amortization in the accompanying Consolidated Statements of Comprehensive Income Loss. For the twelve December 31, 2023 2022 2024 $ 2,721 2025 2,672 2026 2,672 2027 2,672 2028 1,571 Thereafter 2,115 Total $ 14,423 |
Note 13 - Accounts Payable and
Note 13 - Accounts Payable and Accrued Expenses | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 13. Accounts payable and accrued expenses consisted of the following (in thousands): March 31, 2024 December 31, 2023 (Unaudited) (Audited) Accounts payable $ 13,978 $ 12,142 Accrued wages and payroll liabilities 378 200 Accrued PBM fees 366 571 Customer deposits payable 54 76 Accrued other liabilities 117 187 Total $ 14,893 $ 13,176 | Note 16. Accounts payable and accrued expenses consisted of the following (in thousands): December 31, 2023 December 31, 2022 Accounts payable $ 12,142 $ 1,200 Accrued wages and payroll liabilities 200 23 Accrued PBM fees 571 — Customer deposits payable 76 86 Accrued legal fees — 85 Pre-merger accrued other liabilities — 88 Accrued other liabilities 187 41 Total $ 13,176 $ 1,523 The increase in accounts payable and accrued expenses was attributable to the consolidation of Progressive Care at July 1, 2023. |
Note 14 - Notes Payable
Note 14 - Notes Payable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Debt Disclosure [Text Block] | Note 14. Notes payable consisted of the following (in thousands): March 31, 2024 December 31, 2023 (Unaudited) (Audited) A. Mortgage note payable - commercial bank - collateralized $ 1,118 $ 1,140 B. Note payable - uncollateralized 25 25 C. Notes payable - collateralized 229 255 Insurance premiums financing 26 103 Subtotal 1,398 1,523 Less: current portion of notes payable (233 ) (312 ) Long-term portion of notes payable $ 1,165 $ 1,211 (A) Mortgage Note Payable – collateralized In 2018, 400 December 14, 2028 January 2019, not December 14, 2028. (B) Note Payable – Uncollateralized As of March 31, 2024 (C) Notes Payable – Collateralized On July 16, 2020 ( £250,000, July 16, 2021, Base Rate July 16, 2020), July 15, 2026, first £4,166.67 13 July 16, 2020. 5 In April 2021, September 2021, March 31, 2024 December 31, 2023 In July 2022, January 2023. March 31, 2024 December 31, 2023 In September 2022, October 2022. March 31, 2024 December 31, 2023 Principal outstanding as of March 31, 2024 Year Amount 2024 (remaining nine months) $ 187 2025 215 2026 119 2027 124 2028 753 Thereafter — Total $ 1,398 | Note 17. Notes payable consisted of the following (in thousands): December 31, 2023 December 31, 2022 A. Mortgage note payable - commercial bank - collateralized $ 1,140 $ — B. Note payable - uncollateralized 25 — C. Notes payable - collateralized 255 216 Insurance premiums financing 103 — Subtotal 1,523 216 Less: current portion of notes payable (312 ) (60 ) Long-term portion of notes payable $ 1,211 $ 156 (A) Mortgage Note Payable – collateralized In 2018, 400 December 14, 2028 January 2019, not December 14, 2028. (B) Note Payable – Uncollateralized As of December 31, 2023 (C) Notes Payable – Collateralized On July 16, 2020 ( £250,000, July 16, 2021, July 16, 2020), July 15, 2026, first £4,166.67 13 July 16, 2020. 5 December 31, 2023 In April 2021, September 2021, December 31, 2023 In July 2022, January 2023. December 31, 2023 In September 2022, October 2022. December 31, 2023 Principal outstanding as of December 31, 2023 Year Amount 2024 $ 312 2025 215 2026 119 2027 124 2028 753 Thereafter — Total $ 1,523 |
Note 15 - Equity
Note 15 - Equity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Equity [Text Block] | Note 15. Equity Preferred Stock We have authorized 3,333,333 shares of $0.0001 par value of preferred stock. No preferred stock was outstanding for any year presented. As of March 31, 2024 Common Stock We have authorized 50,000,000 shares of $0.0001 par value common stock. As of March 31, 2024 Listing on the Nasdaq Capital Market Our common stock and warrants have been trading on the Nasdaq Capital Market under the symbols “NXPL” and “NXPLW,” respectively, since January 21, 2022. January 21, 2022, April 2023 On April 5, 2023, April 4, 2023. April 11, 2023, 4 2 506 not not may not For the three March 31, 2024 2023 three March 31, 2024 2023 | Note 18. Preferred Stock We have authorized 3,333,333 shares of $0.0001 par value of preferred stock. No preferred stock was outstanding for any year presented. Common Stock We have authorized 50,000,000 shares of $0.0001 par value common stock. As of December 31, 2023 2022 Capital Structure On May 28, 2021, 1 No 1 5 Listing on the Nasdaq Capital Market Our common stock and warrants have been trading on the Nasdaq Capital Market under the symbols “NXPL” and “NXPLW,” respectively, since January 21, 2022. January 21, 2022, April 2023 On April 5, 2023, April 4, 2023. April 11, 2023, 4 2 506 not not may not December 2022 December ) On December 9, 2022, three The offering closed on December 14, 2022, On December 9, 2022, three six January 2022 January ) On January 2, 2022, The Company received gross proceeds from the sale of the common stock of $7,225,038. Legal and registration fees amounted to $220,000, resulting in net proceeds of approximately $7.0 million. Prior to the private placement close, proceeds of approximately $1.4 million, were received and recorded as a stock subscription payable, for the year ended December 31, 2022 |
Note 16 - Related Party Transac
Note 16 - Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Related Party Transactions Disclosure [Text Block] | Note 16. On July 12, 2022, September 22, 2022, no December 31, 2022. April 2023, Progressive Care Inc September 2, 2022, November 11, 2022, September 2, 2022, March 6, 2019, 1 December 30, 2022. On February 1, 2023, May 2023 three March 31, 2023 three March 31, 2024 July 1, 2023. On May 5, 2023, one one On May 9, 2023, one On July 1, 2023, Also, on July 1, 2023, Next Borough Capital Fund, LP. July 7, 2023, July 7, 2024, March 31, 2024 December 31, 2023 | Note 25. As of December 31, 2023 December 31, 2023 December 31, 2022 The Company uses an American Express account for Orbital Satcom Corp and an American Express account for GTC, both in the name of David Phipps who personally guarantees the balance owed. For the year ended December 31, 2023 2022 two On July 12, 2022, September 22, 2022, no December 31, 2022. April 2023, January January January 5, 2022. Investor Position held at NextPlat Shares of Common Stock Purchased Aggregate Purchase Price Charles M. Fernandez Executive Chairman and Chief Executive Officer 679,013 $ 2,200,002 David Phipps Director and President of Orbsat. Chief Executive Officer of Global Operations 46,297 $ 150,002 Douglas Ellenoff Vice Chairman and Chief Business Development Strategist 46,297 $ 150,002 Shares are deemed to be indirectly beneficially owned through Sabrina Allan, Mr. Ellenoff’s wife. Mr. Ellenoff has the power to vote and dispose of the shares. Louis Cusimano Director 15,433 $ 50,003 Paul R. Thomson Senior Vice President – Mergers, Acquisitions and Special Projects 15,433 $ 50,003 On January 20, 2022, January Progressive Care Inc September 2, 2022, November 11, 2022, September 2, 2022, March 6, 2019, 1 December 30, 2022. On February 1, 2023, May 2023 twelve December 31, 2023 six December 31, 2023 July 1, 2023. On May 5, 2023, one one On May 9, 2023, one On July 1, 2023, Also, on July 1, 2023, Next Borough Capital Fund, LP. July 7, 2023, July 7, 2024, December 31, 2023 December December 14, 2022, three Investor Position held at NextPlat Shares of Common Stock Purchased Warrants to purchase Common Stock Aggregate Purchase Price eAperion Partners LLC, principal Charles M. Fernandez Executive Chairman and Chief Executive Officer 1,085,714 1,085,714 $ 1,900,000 David Phipps Director and President of NextPlat. Chief Executive Officer of Global Operations 28,500 28,500 $ 49,875 RLB Market Investments LLC, principal, Rodney Barreto Director 1,085,714 1,085,714 $ 1,900,000 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Commitments and Contingencies Disclosure [Text Block] | Note 17. Litigation On June 22, 2021, not June 2, 2021 not not June 21, 2022. not No. 1:21 22436 On July 5, 2022, June 22, 2021, A jury trial is set to occur during the trial court's two August 21, 2024. From time to time, the Company may not no | Note 24. Litigation On June 22, 2021, not June 2, 2021 not not June 21, 2022. not No. 1:21 22436 On July 5, 2022, June 22, 2021, A jury trial is set to occur during the trial court's two August 21, 2024. From time to time, the Company may not no |
Note 18 - Leases
Note 18 - Leases | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Lessee, Operating Leases [Text Block] | Note 18. The Company has entered into a number of lease arrangements under which the Company is the lessee. These leases are classified as operating leases. In addition, the Company has elected the short-term lease practical expedient in ASC Topic 842 one Finance Lease Agreements In May 2018, March 2025 Operating Lease Agreements Right of use ("ROU") assets for operating leases are periodically reduced by impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360 10, March 31, 2024 December 31, 2023 We monitor for events or changes in circumstances that require a reassessment of one On December 2, 2021, June 13, 2022, August 31, 2027. not For our facilities in Poole, England, we rent office and warehouse space of approximately 2,660 square feet for £30,000 October 6, 2022, October 31, 2023 twelve Progressive Care entered into a lease agreement for its Orlando pharmacy in August 2020. February 2026. February 2021, Progressive Care leases its North Miami Beach pharmacy location under an operating lease agreement with a lease commencement date in September 2021. August 2026. Progressive Care also leases its Palm Beach County pharmacy locations under operating lease agreements expiring in February 2025. | Note 22. The Company has entered into a number of lease arrangements under which the Company is the lessee. These leases are classified as operating leases. In addition, the Company has elected the short-term lease practical expedient in ASC Topic 842 one Finance Lease Agreements In May 2018, March 2025 In December 2020, November 2023. Operating Lease Agreements On December 2, 2021, June 13, 2022, August 31, 2027. not For our facilities in Poole, England, we rent office and warehouse space of approximately 2,660 square feet for £30,000 October 6, 2022, October 31, 2023 twelve Progressive Care entered into a lease agreement for its Orlando pharmacy in August 2020. February 2026. February 2021, Progressive Care leases its North Miami Beach pharmacy location under an operating lease agreement with a lease commencement date in September 2021. August 2026. Progressive Care also leases its Palm Beach County pharmacy locations under operating lease agreements expiring in February 2024. During June 2023 twenty-five 25 300 June 7, 2023, June 6, 2026. Variable expenses generally represent the Company’s share of the landlord’s operating expenses. Right of use assets for operating leases are periodically reduced by impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360 10, December 31, 2023 2022 not We monitor for events or changes in circumstances that require a reassessment of one We recognized lease costs associated with all leases as follows (in thousands): For the Year Ended December 31, 2023 2022 Operating lease cost: Fixed rent expense $ 427 $ 101 Variable rent expense 111 — Finance lease cost: Amortization of right-of-use assets 15 — Interest expense 1 — Total Lease Costs $ 554 $ 101 Supplemental cash flow information related to leases was as follows (in thousand): For the Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 464 $ 101 Financing cash flows from finance leases 15 — Total cash paid for lease liabilities $ 479 $ 101 Supplemental balance sheet information related to leases was as follows (in thousands): December 31, 2023 December 31, 2022 Operating leases: Operating lease right-of-use assets, net $ 1,566 $ 855 Operating lease liabilities: Current portion 532 209 Long-term portion 929 650 $ 1,461 $ 859 Weighted average remaining lease term (years) 2.96 5.50 Weighted average discount rate 4.65 % 3.75 % Finance leases: Finance lease right-of-use assets, net 22 $ — Finance lease liabilities: Current portion 18 — Long-term portion 5 — $ 23 $ — Weighted average remaining lease term (years) 1.25 — Weighted average discount rate 6.00 % — Future minimum lease payments are as follows (in thousands): Years Ending December 31, Finance Lease Operating Lease Total Future Lease Commitments 2024 $ 19 $ 582 $ 601 2025 5 580 585 2026 — 262 262 2027 — 121 121 Total lease payments to be paid 24 1,545 1,569 Less: future interest expense (1 ) (84 ) (85 ) Lease liabilities 23 1,461 1,484 Less: current maturities (18 ) (532 ) (550 ) Long-term portion of lease liabilities $ 5 $ 929 $ 934 |
Note 19 - Reportable Segments
Note 19 - Reportable Segments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Segment Reporting Disclosure [Text Block] | Note 19. The Company has two 19 340B 340B The Company evaluates the performance of each of the segments based on profit or loss after general and administrative expenses. While the Company believes there are synergies between the two For the Three Months Ended March 31, 2024 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ 11,324 $ — $ 11,324 e-Commerce revenue 2,865 — — 2,865 Pharmacy 340B contract revenue — 3,304 — 3,304 Revenues, net $ 2,865 $ 14,628 $ — $ 17,493 Expenses: Cost of revenue 2,060 10,623 — 12,683 Selling, general and administrative 1,166 899 (60 ) 2,005 Salaries, wages and payroll taxes 508 2,116 — 2,624 Impairment loss — 132 — 132 Professional fees 507 478 — 985 Depreciation and amortization 130 776 — 906 4,371 15,024 (60 ) 19,335 Loss before other (income) expense (1,506 ) (396 ) 60 (1,842 ) Other (expense) income (203 ) (25 ) (60 ) (168 ) Loss before income taxes (1,303 ) (371 ) — (1,674 ) Income taxes (27 ) — — (27 ) Net loss $ (1,330 ) $ (371 ) $ — $ (1,701 ) For the Three Months Ended March 31, 2023 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ — $ — $ — e-Commerce revenue 2,876 — — 2,876 Pharmacy 340B contract revenue — — — — Revenues, net $ 2,876 $ — $ — $ 2,876 Expenses: Cost of revenue 2,255 — — 2,255 Selling, general and administrative 788 — — 788 Salaries, wages and payroll taxes 588 — — 588 Professional fees 321 — — 321 Depreciation and amortization 162 — — 162 4,114 — — 4,114 Loss before other (income) expense (1,238 ) — — (1,238 ) Other (expense) income (83 ) — — (83 ) Loss before income taxes (1,155 ) — — (1,155 ) Income taxes — — — — Loss before equity method investment (1,155 ) — — (1,155 ) Equity in net loss of affiliate (32 ) — — (32 ) Net loss $ (1,187 ) $ — $ — $ (1,187 ) e-Commerce Operations Healthcare Operations Eliminations Total Total assets as of March 31, 2024 $ 40,342 $ 41,398 $ (16,679 ) $ 65,061 Total assets as of December 31, 2023 $ 40,764 $ 40,384 $ (16,679 ) $ 64,469 | Note 23. Reportable Segments The Company has two 19 340B 340B The Company evaluates the performance of each of the segments based on profit or loss after general and administrative expenses. While the Company believes there are synergies between the two The following tables present a summary of the reportable segments (in thousands): For the Twelve Months Ended December 31, 2023 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ 21,412 $ — $ 21,412 e-Commerce revenue 10,977 — — 10,977 Pharmacy 340B contract revenue — 5,367 — 5,367 Revenues, net $ 10,977 $ 26,779 $ — $ 37,756 Expenses: Cost of revenue 8,122 18,323 — 26,445 Selling, general and administrative 6,633 3,277 — 9,910 Salaries, wages and payroll taxes 2,670 3,973 — 6,643 Goodwill impairment — 13,895 — 13,895 Professional fees 1,595 506 (120 ) 1,981 Depreciation and amortization 647 1,463 — 2,110 Total expenses 19,667 41,437 (120 ) 60,984 Loss before other (income) expense $ (8,690 ) $ (14,658 ) $ 120 $ (23,228 ) For the Twelve Months Ended December 31, 2022 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ — $ — $ — e-Commerce revenue 11,710 — — 11,710 Pharmacy 340B contract revenue — — — — Revenues, net $ 11,710 $ — $ — $ 11,710 Expenses: Cost of revenue 9,221 — — 9,221 Selling, general and administrative 5,085 — — 5,085 Salaries, wages and payroll taxes 2,565 — — 2,565 Professional fees 1,552 — — 1,552 Depreciation and amortization 490 — — 490 Total expenses 18,913 — — 18,913 Loss before other (income) expense $ (7,203 ) $ — $ — $ (7,203 ) e-Commerce Operations Healthcare Operations Eliminations Total Total assets as of December 31, 2023 $ 40,764 $ 40,384 $ (16,679 ) $ 64,469 Total assets as of December 31, 2022 $ 28,644 $ — $ — $ 28,644 Capital expenditures for the year ended December 31, 2023 |
Note 20 - Concentrations
Note 20 - Concentrations | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Concentration Risk Disclosure [Text Block] | Note 20. e-Commerce operations concentrations: Customers: Sales to customers through Amazon accounted for 39.9% and 57.2% of the Company’s revenues during the three March 31, 2024 2023 No 10% Suppliers: The following table sets forth information as to each supplier that accounted for 10% three March 31, 2024 2023 For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Globalstar Europe $ 213 10.2 % $ — — % Garmin $ 301 14.3 % $ 594 20.9 % Iridium Satellite $ 270 27.2 % $ — — % Geographic The following table sets forth revenue as to each geographic location, for the (in thousands, unaudited): For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Europe $ 1,430 49.9 % $ 2,063 71.7 % North America 523 18.3 % 586 20.4 % South America 23 0.8 % 9 0.3 % Asia and Pacific 413 14.4 % 159 5.5 % Africa 476 16.6 % 59 2.1 % $ 2,865 100 % $ 2,876 100 % Healthcare operations concentrations: Suppliers: Progressive Care had significant concentrations with one vendor. The purchases from this significant vendor were 98% of total vendor purchases for the three March 31, 2024 Customers: Progressive Care s trade receivables are primarily from prescription medications billed to various insurance providers. Ultimately, the insured is responsible for payment should the insurance company not Progressive Care derives a significant portion of sales from prescription drug sales reimbursed through prescription drug plans administered by pharmacy benefit managers (“PBM”) companies. Prescription reimbursements from our three Three Months Ended March 31, 2024 A 33 % B 21 % C 16 % | Note 26. e-Commerce operations concentrations: Customers: Amazon accounted for 51.6% and 54.3% of the Company’s revenues during the years ended December 31, 2023 2022 No 10% Suppliers: The following table sets forth information as to each supplier that accounted for 10% December 31, 2023 2022 December 31, 2023 December 31, 2022 Garmin $ 1,921 22.4 % $ 1,821 20.9 % Globalstar Europe $ 958 11.2 % $ 635 7.3 % Network Innovations $ 935 10.7 % $ 980 11.2 % Iridium Satellite $ 913 10.9 % $ — — % Satcom Global $ 761 8.9 % $ 744 8.5 % Geographic The following table sets forth revenue as to each geographic location, for the years ended December 31, 2023 2022 Year Ended Year Ended December 31, 2023 December 31, 2022 Europe $ 6,687 60.9 % $ 8,617 73.7 % North America 2,575 23.4 % 2,152 18.3 % South America 62 0.6 % 45 0.4 % Asia and Pacific 1,510 13.8 % 760 6.5 % Africa 143 1.3 % 136 1.1 % $ 10,977 100.0 % $ 11,710 100.0 % Healthcare operations concentrations: Suppliers: Progressive Care had significant concentrations with one vendor. The purchases from this significant vendor were approximately 99.0% of total vendor purchases for the six December 31, 2023 Customers: Progressive Care s trade receivables are primarily from prescription medications billed to various insurance providers. Ultimately, the insured is responsible for payment should the insurance company not Progressive Care generated reimbursements from three six December 31, 2023 2023 A 31 % B 29 % C 14 % |
Note 21 - Subsequent Events
Note 21 - Subsequent Events | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Subsequent Events [Text Block] | Note 21. Acquisition of Outfitter Satellite On March 25, 2024, fitter Satellite, Inc. (“Outfitter”) in an all-cash transaction for an aggregate purchase price of $760,000.00, subject to certain adjustments (the “Aggregate Consideration”). The closing of the transaction occurred on April 1, 2024 At the closing, $660,000.00 of the Aggregate Consideration was paid to Mr. McKinley with the remaining $100,000.00 to be paid upon delivery of Outfitter’s audited financial statements for the 2022 2023 Outfitter provides consumers, commercial and government customers, with advanced satellite-based connectivity solutions from leading brands, including Iridium, Inmarsat and Globalstar. RXMD Merger On April 12, 2024, Merger Agreement Merger Sub Merger On April 9, 2024, Company Lock-Up Agreements Parent Lock-Up Agreements Hybrid Lock-Up Agreements Lock-Up Agreements no | Note 27. On March 25, 2024, April 1, 2024. |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Operations. | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Nature of Operations [Text Block] | 1. The term “Company” refers to NextPlat Corp and its wholly, majority owned and controlled subsidiaries, except where the context requires otherwise or where otherwise indicated. NextPlat Corp: NextPlat Corp, a Nevada corporation (the “Company”, “NextPlat”, “we”), formerly Orbsat Corp was incorporated in 1997. two 25 third Web3 Our wholly-owned subsidiary, Global Telesat Communications Limited (“GTC”), was formed under the laws of England and Wales in 2008. February 19, 2015, Our wholly-owned subsidiary, Orbital Satcom Corp. (“Orbital Satcom”), a Nevada corporation, was formed on November 14, 2014. On June 22, 2022, not Progressive Care Inc.: Progressive Care Inc. (“Progressive Care”) was incorporated under the laws of the state of Delaware on October 31, 2006. Progressive, through its wholly-owned subsidiaries, Pharmco, LLC (“Pharmco 901” 1002, 1002” 1103 1204 1103” 1204” Pharmco 901 November 29, 2005 901 October 21, 2010. 901 not Pharmco 1103 1103 June 1, 2019. Pharmco 1002 1002 July 1, 2018. ClearMetrX was formed on June 10, 2020 third 340B RXMD Therapeutics was formed on October 1, 2019. no Florida Sunshine Brands, LLC: Florida Sunshine Brands, LLC (“Florida Sunshine”) is a Florida limited liability company and incorporated December 6, 2023. | Note 1. Nature of Operations. The term “Company” refers to NextPlat Corp and its wholly, majority owned and controlled subsidiaries, except where the context requires otherwise or where otherwise indicated. NextPlat Corp: NextPlat Corp, a Nevada corporation (the “Company”, “NextPlat”, “we”), formerly Orbsat Corp was incorporated in 1997. two 25 third Our wholly-owned subsidiary, Global Telesat Communications Limited (“GTC”), was formed under the laws of England and Wales in 2008. February 19, 2015, Our wholly-owned subsidiary, Orbital Satcom Corp. (“Orbital Satcom”), a Nevada corporation, was formed on November 14, 2014. On June 22, 2022, not Progressive Care Inc.: Progressive Care Inc. (“Progressive Care”) was incorporated under the laws of the state of Delaware on October 31, 2006. Progressive, through its wholly-owned subsidiaries, Pharmco, LLC (“Pharmco 901” 1002, 1002” 1103 1204 1103” 1204” Pharmco 901 November 29, 2005 901 October 21, 2010. 901 not Pharmco 1103 1103 June 1, 2019. Pharmco 1002 1002 July 1, 2018. ClearMetrX was formed on June 10, 2020 third 340B RXMD Therapeutics was formed on October 1, 2019. no |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Principles of Consolidation | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 2. The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), consistent in all material respects with those applied in the 2023 10 not 2023 10 not Business acquisition of Progressive Care, Inc. On July 1, 2023, July 1, 2023, The exercise of the stock options, along with the entry into the voting agreement, resulted in a change in control of Progressive Care under the voting interest model in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combination, July 1, 2023. The accompanying Unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition, and revenues and expenses for the years then ended. Actual results may not | Note 2. These consolidated financial statements have been prepared by management in accordance with general accepted accounting principles in the United States of America (“U.S. GAAP”) and this basis assumes that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Business acquisition of Progressive Care, Inc. On July 1, 2023, July 1, 2023, The exercise of the stock options, along with the entry into the voting agreement, resulted in a change in control of Progressive Care under the voting interest model in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combination, July 1, 2023. The accompanying Consolidated Financial Statements include the accounts of the Company and its subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates In preparing the Consolidated Financial Statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition, and revenues and expenses for the years then ended. Actual results may not Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Significant Accounting Policies [Text Block] | Note 3. The significant accounting policies of the Company were described in Note 1 10 December 31, 2023 no three March 31, 2024. Cash The Company places its cash with high credit quality financial institutions. The Company’s account at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. All cash amounts in excess of $250,000, approximately $1.0 million, are unsecured. The Company has a deposit placement agreement for Insured Cash Sweep Service (“ICS”). This service is a secure, and convenient way to access FDIC protection on large deposits, earn a return, and enjoy flexibility. The Company believes that the ICS agreement will mitigate its credit risk as it relates to uninsured FDIC amounts in excess of $250,000. Foreign Currency Translation The Company’s reporting currency is U.S. Dollars. The accounts of one The relevant translation rates are as follows: for the three March 31, 2024 three March 31, 2023 December 31, 2023 Unearned Revenue Contract liabilities are shown separately in the condensed consolidated balance sheets as current liabilities. At March 31, 2024 December 31, 2023 Direct and Indirect Remuneration ( “ DIR ” ) Progressive Care reports DIR fees as a reduction of revenue on the accompanying Consolidated Statements of Operations. DIR fees are fees charged by PBMs to pharmacies for network participation as well as periodic reimbursement reconciliations. The Company accrues an estimate of PBM fees, including DIR fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of prescription revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. Through December 31, 2023, not two two three January – April 20xx July – August 20xx December 31, 2023, not second 2024. may January 1, 2024, Recent Accounting Pronouncements Accounting Pronouncements Issued but not In November 2023, 2023 07, 280 2023 07” 2023 07 December 15, 2023, December 15, 2024, Q1 2025, December 31, 2024. not In December 2023, 2023 09, 740 2023 09” 2023 09 December 15, 2024, January 1, 2025. not Other accounting standards that have been issued or proposed by FASB that do not not Subsequent Events The Company has evaluated subsequent events through May 15, 2024, 21 | Note 3. The significant accounting policies of the Company are described below the fiscal year ended December 31, 2023. July 1, 2023 December 31, 2023. Discontinued Operations The Company’s former operations were developing and manufacturing products and services, which reduce fuel costs, save power and energy and protect the environment. The products and services were made available for sale into markets in the public and private sectors. In December 2009, The remaining liabilities for discontinued operations are presented in the consolidated balance sheets under the caption “Liabilities from discontinued operation” and relates to the discontinued operations of developing and manufacturing of energy saving and fuel-efficient products and services. The carrying amounts of the major classes of these liabilities as of December 31, 2023 2022 December 31, 2023 December 31, 2022 Assets of discontinued operations $ — $ — Liabilities Accounts payables and accrued expenses $ — $ (112 ) Liabilities from discontinued operations $ — $ (112 ) Liquidity January 2022 On December 31, 2021, “December “December January 2, 2022, December December 31, 2021. December December 31, 2021. The closing of the December January 5, 2022. December December 2022 On December 9, 2022, three On December 9, 2022, three six The offering closed on December 14, 2022, April 2023 On April 5, 2023, April 4, 2023. April 11, 2023, 4 2 506 As of the date of this report, the Company’s existing cash resources and existing borrowing availability are sufficient to support planned operations for the next 12 one Cash and Cash Equivalents The Company places its cash with high credit quality financial institutions. The Company’s account at this institution is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. All cash amounts in excess of $250,000, approximately $3.1 million, are unsecured. In April 2023, $250,000. Accounts Receivable and Allowance for Doubtful Accounts The Company has a policy of reserving for questionable accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due accounts and other factors that may may Progressive Care trade accounts receivable are stated at the invoiced amount. Trade accounts receivable primarily include amounts from third no Inventories Inventories are valued at the lower of cost or net realizable value, using the first first not Prepaid Expenses Prepaid expenses current and long term amounted to approximately $640,000 and $61,000, respectively for the year ended December 31, 2023 December 31, 2022 Investments The Company applies the equity method of accounting to investments when it has significant influence, but not 15 The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not December 31, 2023 not Foreign Currency Translation The Company’s reporting currency is U.S. Dollars. The accounts of one The relevant translation rates are as follows: for the year ended December 31, 2023 December 31, 2022 Revenue Recognition and Unearned Revenue In accordance with ASU No. 2016 12, Revenue from Contracts with Customers (Topic 606 1 606 10 25 7; 2 3 4 5 6 606 not December 15, 2017, no one e-Commerce Operations: The Company recognizes revenue from satellite services when earned, as services are rendered or delivered to customers. Equipment sales revenue is recognized when the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty. Historically, the Company has not The Company’s customers generally purchase a combination of our products and services as part of a multiple element arrangement. The Company’s assessment of which revenue recognition guidance is appropriate to account for each element in an arrangement can involve significant judgment. This assessment has a significant impact on the amount and timing of revenue recognition. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, five five 606, Contract liabilities are shown separately in the consolidated balance sheets as current liabilities. At December 31, 2023 December 31, 2022 Healthcare Operations: The Company provides prescription pharmaceuticals, COVID- 19 340B 340B 340B 340B The Company recognizes product sales from prescriptions dispensed to patients (customers) at the time the drugs are physically delivered to a customer or when a customer picks up their prescription, which is the point in time when control transfers to the customer. 340B 340B third 340B 340B not not The Company accrues an estimate of PBM fees, including direct and indirect remuneration (“DIR”) fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of prescription revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. DIR fees are fees charged by PBMs to pharmacies for network participation as well as periodic reimbursement reconciliations. For some PBMs, DIR fees are charged at the time of the settlement of a pharmacy claim. Other PBMs do not two two three January – April 2023 July – August 2023). not may Billings for most prescription orders are with third The Company recognizes revenue from TPA services as it satisfies the performance obligations under the TPA contract with a 340B one may not For each TPA contract, the Company recognizes revenue by measuring the progress toward complete satisfaction of each performance obligation. The Company uses various observable output methods in measuring progress toward satisfaction of each performance obligation, most notably gross billings under each contract. ASC 606 may The Company recognizes COVID- 19 Cost of Product Sales and Services Cost of sales consists primarily of materials, airtime and overhead costs incurred internally and amounts incurred to contract manufacturers to produce our products, airtime and other implementation costs incurred to install our products and train customer personnel, and customer service and third Shipping and handling costs are included as a component of costs of product sales in the Company’s consolidated statements of operations because the Company includes in revenue the related costs that the Company bills its customers. Advertising Costs incurred for producing and communicating advertising for the Company are charged to operations as incurred. Advertising expense was approximately $188,000 and $93,000 for the years ended December 31, 2023 2022 Intangible Assets Acquired intangible assets with finite lives other than goodwill are amortized over their useful lives. For intangible assets acquired in a business combination, the estimated fair values of the assets received are used to establish their recorded values. Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. Valuation techniques consistent with the market approach, income approach, and/or cost approach are used to measure fair value. Intangible assets subject to amortization represent the fair value of pharmacy records, tradenames and customer contracts acquired, and capitalized software development costs. In valuing these assets, the Company makes assumptions regarding useful lives and projected growth rates, and significant judgment is required. The Company periodically reviews its identifiable intangible assets for impairment as events or changes in circumstances indicate that the carrying amount of such assets may not Pharmacy records and developed software are amortized over 5 years. Tradenames and customer contracts are amortized over 10 years. Useful lives of intangible assets are periodically evaluated for reasonableness and the assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may no Business acquisitions The Company records business acquisitions using the acquisition method of accounting. All of the assets acquired, liabilities assumed, and contractual contingencies are recognized at their fair value on the acquisition date. The application of the acquisition method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized and goodwill. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses and restructuring costs are recognized separately from the business combination and are expensed as incurred. The Company uses a measurement period following the acquisition date to gather information that existed as of the acquisition date that is needed to determine the fair value of the assets acquired, liabilities assumed and equity interests. The measurement period ends once all information is obtained, but no one Goodwill Goodwill represents the excess of the purchase price over the value assigned to net tangible and identifiable intangible assets. Progressive Care, which is our Healthcare Operations, is considered to be the reporting unit for goodwill. Valuation techniques consistent with the market approach, income approach, and/or cost approach are used to measure fair value. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment in the fourth may Property and Equipment Property and equipment are carried at historical cost less accumulated depreciation. Depreciation is based on the estimated service lives of the depreciable assets and is calculated using the straight-line method. Expenditures that increase the value or productive capacity of assets are capitalized. Fully depreciated assets are retained in the property and equipment, and accumulated depreciation accounts until they are removed from service. When property and equipment are retired, sold or otherwise disposed of, the asset’s carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in operations. Repairs and maintenance are expensed as incurred. The estimated useful lives of property and equipment are generally as follows: Years Building 40 Building improvements Remaining life of the building Leasehold improvements Lessor of the estimated useful life or life of the lease Office furniture and fixtures 4-5 Computer equipment 3-4 Rental equipment 4 Vehicles 3-5 Appliques 10 Website development 2 Depreciation expense for the years ended December 31, 2023 2022 Impairment of Long-lived Assets The Company reviews its long-lived assets, comprised of property and equipment, right-of-use assets, and intangible assets, whenever events or changes in circumstances indicate that the carrying amount of an asset may not 360 10, Accounting for the Impairment or Disposal of Long-Lived Assets the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset’s carrying value in excess of fair value. As of December 31, 2023, no not December 31, 2023 and December 31, 2022 , respectively. Fair Value of Financial Instruments Derivatives are required to be recorded on the balance sheet at fair value. These derivatives, including embedded derivatives in the Company’s structured borrowings, are separately valued and accounted for on the Company’s balance sheet. Fair values for exchange traded securities and derivatives are based on quoted market prices. Where market prices are not The Company did not Stock-based Compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula. This fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. The Company’s determination of the fair value using the option-pricing model is affected by the stock price as well as assumptions regarding the number of highly subjective variables. In June 2018, 2018 07, 718 718, December 15, 2018. January 1, 2019. Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740 10, 740 10” not not The Company follows the provision of ASC 740 10 may 740 10, not not Tax positions that meet the more likely than not 50 The Company believes its tax positions are all more likely than not not The Company has adopted ASC 740 10 25, not not three Leases Effective January 1, 2019, 842, Leases not In calculating the right of use asset and lease liability, the Company has elected to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 Research and Development The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730 10, 730 10” 730 10, December 31, 2023 2022 no Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and all changes to the statements of stockholders’ equity. For the Company, comprehensive income (loss) for the years ended December 31, 2023 2022 Earnings per Common Share Net income (loss) per common share is calculated in accordance with ASC Topic 260: 260” not Related Party Transactions A party is considered to be related to the Company if the party directly or indirectly or through one may one one one one 25 Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In August 2023, 2023 04, 405 No. 121”, No. 121. In July 2023, 2023 03, 205 220 480 505 718 No. 120, no In June 2016, 2016 13, 326 2016 13” November 2018, 2018 19, 326, not April 2019, 2019 04, 326, 815, 825, 2016 13. March 2020, 2020 03, 842 326. 2016 13 December 15, 2022, Any new accounting standards, not not not Accounting Pronouncements Issued but not In December 2023, 2023 09, 740 2023 09” 2023 09 December 15, 2024, January 1, 2025. not In November 2023, 2023 07, 280 2023 07” 2023 07 December 15, 2023, December 15, 2024, January 1, 2024. not Management has evaluated other recently issued accounting pronouncements and does not |
Note 4 - Acquisition
Note 4 - Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 4. On July 1, 2023, Also, on July 1, 2023, As a result of the RXMD Warrant exercises and the entry into the voting agreement, the Company concluded that there was a change in control in Progressive Care. As of July 1, 2023, 50% July 1, 2023, July 1, 2023 805. July 1, 2023. Progressive Care contributed revenues of approximately $26.8 million and a net loss of approximately $14.7 million to the Company for the period from July 1, 2023 December 31, 2023. January 1, 2023 ( For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 (Unaudited) (Unaudited) Revenue $ 60,704 $ 52,312 Earnings $ (15,854 ) $ (13,867 ) The Company did not The following table summarizes the consideration transferred to acquire a controlling interest in Progressive Care and the amounts of identified assets acquired and liabilities assumed at the acquisition date, as well as the fair value of the noncontrolling interest in Progressive Care at the acquisition date (in thousands): Purchase Price Allocation Total purchase consideration $ 16,679 Fair value of non-controlling interest 23,180 Total consideration $ 39,859 Identifiable net assets acquired: Cash $ 7,352 Accounts receivable, net 6,478 Accounts receivable, other 506 Inventory 1,631 Prepaid expenses 220 Property and equipment, net 2,883 Right of use assets, net 405 Intangible assets, net: Trade name 4,700 Development technology 2,880 Pharmacy records 8,130 Deposits 39 Accounts payable and accrued expenses (8,231 ) Notes payable and accrued interest - current portion (149 ) Lease liabilities - current portion (208 ) Notes payable - long term (1,173 ) Lease liabilities - long term (230 ) Deferred tax liability (1) — Net assets acquired $ 25,233 Goodwill $ 14,626 ( 1 no not not July 1, 2023, December 31, 2023 805 740 45 2, The total consideration is based on the fair value of the Company’s common stock outstanding at July 1, 2023, July 1, 2023 July 1, 2023 July 1, 2023. As a result of NextPlat obtaining control over Progressive Care, NextPlat’s previously held equity interest in Progressive Care was remeasured to fair value, resulting in a gain of approximately $11.4 million , which has been recognized in the line item “Gain on remeasurement of fair value of equity interest in affiliate prior to acquisition” on the condensed consolidated statements of comprehensive income (loss). The fair value of the noncontrolling interest of approximately $23.2 million and the fair value of the previously held equity interest of approximately $16.7 million in Progressive Care were estimated by applying a market approach and an income approach, respectively. These fair value measurements of the noncontrolling interest and the previously held equity interest are based on significant inputs not 3 1 2 3 4 The goodwill is attributable to the workforce of the acquired business and the significant synergies expected to arise after NextPlat’s acquisition of a controlling interest in Progressive Care. The goodwill is not The initial recognition of the Progressive Care's identifiable intangible assets, resulting from the acquisition on July 1, 2023 3 |
Note 5 - Fair Value
Note 5 - Fair Value | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Fair Value Disclosures [Text Block] | Note 4. Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three may Level 1: Level 2: 1 not Level 3: no The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: ● Cash, accounts receivable, and accounts payable and accrued liabilities: ● Notes payable and lease liabilities: 2 Identifiable Intangible Assets The initial recognition of the Progressive Care's identifiable intangible assets, resulting from the acquisition on July 1, 2023 3 | Note 5. Accounting standards define fair value as the price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Accounting standards establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value and also establishes the following three may Level 1: Level 2: 1 not Level 3: no The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: ● Cash, accounts receivable, and accounts payable and accrued liabilities: ● Notes payable and lease liabilities: 2 |
Note 6 - Revenue
Note 6 - Revenue | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Revenue from Contract with Customer [Text Block] | Note 5. e-Commerce r The Company recognizes revenue from satellite services when earned, as services are rendered or delivered to customers. Equipment sales revenue is recognized when the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty. Historically, the Company has not Healthcare revenue: The Company recognizes pharmacy revenue and 340B third The Company accrues an estimate of pharmacy benefit manager (“PBM”) fees, including direct and indirect remuneration (“DIR”) fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. The Company recognizes COVID- 19 The following table disaggregates net revenues by categories (in thousands): Three Months Ended March 31, 2024 2023 Sales of products, net: Pharmacy prescription and other revenue, net of PBM fees $ 11,324 $ — e-Commerce revenue 2,865 2,876 Sub total 14,189 2,876 Revenues from services: Pharmacy 340B contract revenue 3,304 — Revenues, net $ 17,493 $ 2,876 | Note 6. e-Commerce revenue: The Company recognizes revenue from satellite services when earned, as services are rendered or delivered to customers. Equipment sales revenue is recognized when the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty. Historically, the Company has not Healthcare revenue: The Company recognizes pharmacy revenue and 340B third The Company accrues an estimate of pharmacy benefit manager (“PBM”) fees, including direct and indirect remuneration (“DIR”) fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. The Company recognizes COVID- 19 The following table disaggregates net revenues by categories (in thousands): For the Twelve Months Ended December 31, 2023 e-Commerce Operations Healthcare Operations Total Sales of products, net Prescription revenue, net of PBM fees $ — $ 21,412 $ 21,412 e-Commerce revenue 10,977 — 10,977 Subtotal 10,977 21,412 32,389 Revenues from services: Pharmacy 340B contract revenue — 5,367 5,367 Revenues, net $ 10,977 $ 26,779 $ 37,756 For the Twelve Months Ended December 31, 2022 e-Commerce Operations Healthcare Operations Total Sales of products, net Prescription revenue, net of PBM fees $ — $ — $ — e-Commerce revenue 11,710 — 11,710 Subtotal 11,710 — 11,710 Revenues from services: Pharmacy 340B contract revenue — — — Revenues, net $ 11,710 $ — $ 11,710 |
Note 7 - Earnings (Loss) Per Sh
Note 7 - Earnings (Loss) Per Share | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Earnings Per Share [Text Block] | Note 6. Net income (loss) per common share is calculated in accordance with Accounting Standards Codification (“ASC”) Topic 260: 260” not The components of basic and diluted EPS were as follows (in thousands, except per share data). Three Months Ended March 31, 2024 2023 Net loss attributable to NextPlat Corp common shareholders $ (1,481 ) $ (1,187 ) Basic weighted average common shares outstanding 18,725 14,415 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 18,725 14,415 Weighted average loss per common share - basic and diluted $ (0.08 ) $ (0.08 ) Potentially dilutive common shares excluded from the calculation of diluted weighted average loss per common share: Stock options 105 100 105 100 | Note 7. Net income (loss) per common share is calculated in accordance with Accounting Standards Codification (“ASC”) Topic 260: 260” not Year Ended December 31, 2023 2022 Net loss attributable to NextPlat Corp common shareholders $ (3,778 ) $ (9,161 ) Basic weighted average common shares outstanding 17,494 9,592 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 17,494 9,592 Basic weighted average earnings (loss) per common share $ (0.22 ) $ (0.96 ) Diluted weighted average earnings (loss) per common share $ (0.22 ) $ (0.96 ) Potentially dilutive common shares excluded from the calculation of diluted weighted average loss per common share: Stock options 136 265 Common stock purchase warrants 675 1,403 811 1,668 |
Note 8 - Accounts Receivable
Note 8 - Accounts Receivable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accounts Receivable [Member] | ||
Notes to Financial Statements | ||
Accounts and Nontrade Receivable [Text Block] | Note 7. At March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Unaudited) (Audited) Gross accounts receivable – trade $ 13,202 $ 9,195 Less: allowance for doubtful accounts (274 ) (272 ) Accounts receivable – trade, net $ 12,928 $ 8,923 The Company increased the allowance for credit losses in the amount of approximately $2,000 and $0 for the three March 31, 2024 2023 Accounts receivable – trade, net for the Company as of January 1, 2023 March 31, 2023 | Note 8. At December 31, 2023 2022 Year Ended December 31, 2023 2022 Gross accounts receivable – trade $ 9,195 $ 384 Less: allowance for doubtful accounts (272 ) — Accounts receivable – trade, net $ 8,923 $ 384 Bad debt expense was approximately $47,000 and $0 for the twelve December 31, 2023 2022 The increase in accounts receivable was attributable to the consolidation of Progressive Care at July 1, 2023. |
Note 9 - Accounts Receivable -
Note 9 - Accounts Receivable - Other, net | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Receivable, Other, Net [Text Block] | Note 9. At December 31, 2023 2022 Year Ended December 31, 2023 2022 Performance bonuses $ 1,602 $ — Customers 192 — Other 52 — $ 1,846 $ — Performance bonuses, paid annually by PBMs, are estimated based on historical pharmacy performance and prior payments received. Other receivables are loans to employees. The increase in accounts receivable - other was attributable to the consolidation of Progressive Care at July 1, 2023. |
Note 10 - Inventory
Note 10 - Inventory | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Inventory Disclosure [Text Block] | Note 8. At March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (Unaudited) (Audited) Finished goods $ 5,670 $ 5,195 Less reserve for obsolete inventory (60 ) (60 ) Total $ 5,610 $ 5,135 | Note 10. At December 31, 2023 2022 December 31, 2023 December 31, 2022 Finished goods $ 5,195 $ 1,287 Less reserve for obsolete inventory (60 ) — Total $ 5,135 $ 1,287 The increase in inventory was attributable to the consolidation of Progressive Care as of July 1, 2023. |
Note 11 - VAT Receivable
Note 11 - VAT Receivable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
VAT Accounts Receivable [Text Block] | Note 9. On January 1, 2021, March 31, 2024 December 31, 2023 | Note 11. On January 1, 2021, December 31, 2023 2022 $433,000 |
Note 12 - Prepaid Expenses
Note 12 - Prepaid Expenses | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Prepaid Expenses [Text Block] | Note 10. Prepaid expenses current and long term amounted to approximately $404,000 and $61,000, respectively at March 31, 2024 December 31, 2023 | Note 12. Prepaid expenses current and long term amounted to approximately $640,000 and $61,000, respectively at December 31, 2023 $46,000 $49,000 December 31, 2022 The increase in prepaid expenses was attributable to the consolidation of Progressive Care as of July 1, 2023. |
Note 13 - Property and Equipmen
Note 13 - Property and Equipment, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Property, Plant and Equipment Disclosure [Text Block] | Note 11. Property and equipment, net consisted of the following (in thousands): March 31, 2024 December 31, 2023 (Unaudited) (Audited) Building $ 2,116 $ 2,116 Vehicles 585 595 Office furniture and fixtures 543 527 Land 184 184 Leasehold improvements 167 124 Computer equipment 117 117 Rental equipment 63 60 Appliques 2,160 2,160 Website development 611 587 Construction in progress — 22 Property and equipment gross 6,546 6,492 Less: accumulated depreciation (2,700 ) (2,503 ) Property and equipment, net $ 3,846 $ 3,989 Depreciation expense was approximately $203,000 and $155,000 for the three March 31, 2024 2023 | Note 13. Property and equipment consisted of the following (in thousands): December 31, 2023 December 31, 2022 Building $ 2,116 $ — Vehicles 595 — Office furniture and fixtures 527 128 Land 184 — Leasehold improvements 124 48 Computer equipment 117 72 Rental equipment 60 38 Appliques 2,160 2,160 Website development 587 665 Construction in progress 22 — Property and equipment gross 6,492 3,111 Less: accumulated depreciation (2,503 ) (1,865 ) Property and equipment, net $ 3,989 $ 1,246 Depreciation expense was approximately $758,000 and $465,000 for the twelve December 31, 2023 2022 The increase in property and equipment was attributable to the consolidation of Progressive Care as of July 1, 2023. |
Note 14 - Goodwill and Intangib
Note 14 - Goodwill and Intangible Assets, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Intangible Assets Disclosure [Text Block] | Note 12. Intangible assets, net consisted of the following (in thousands): March 31, 2024 (Unaudited) Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (1,219 ) $ 6,911 Trade names 4,700 (353 ) 4,347 Developed technology 2,880 (432 ) 2,448 Customer Contracts 250 (231 ) 19 Total intangible assets $ 15,960 $ (2,235 ) $ 13,725 December 31, 2023 (Audited) Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (807 ) $ 7,323 Trade names 4,700 (224 ) 4,476 Developed technology 2,880 (281 ) 2,599 Customer Contracts 250 (225 ) 25 Total intangible assets $ 15,960 $ (1,537 ) $ 14,423 Amortization of customer contracts is included in depreciation and amortization in the accompanying Condensed Consolidated Statements of Comprehensive Income (Loss). For the three March 31, 2024 2023 Year Amount 2024 (remaining nine months) $ 2,023 2025 2,672 2026 2,672 2027 2,672 2028 1,571 Thereafter 2,115 Total $ 13,725 | Note 14. Goodwill The following table reflects changes in the carrying amount of goodwill during the periods presented by reportable segments (in thousands): e-Commerce Operations Healthcare Operations Total Balances as of December 31, 2021 Goodwill $ — $ — $ — Accumulated impairment losses — — — Goodwill, net as of December 31, 2021 — — — Changes in Goodwill during the year ended December 31, 2022: Goodwill acquired — — — Impairment losses — — — Balances as of December 31, 2022 Goodwill — — — Accumulated impairment losses — — — Goodwill, net as of December 31, 2022 — — — Changes in Goodwill during the year ended December 31, 2023: Goodwill acquired — 14,626 14,626 Impairment losses — (13,895 ) (13,895 ) Balances as of December 31, 2023 Goodwill — 14,626 14,626 Accumulated impairment losses — (13,895 ) (13,895 ) Goodwill, net as of December 31, 2023 $ — $ 731 $ 731 1. Increase related to book tax difference of intangible assets arising from the business combination without transfer of consideration. The initial recognition of goodwill resulting from the acquisition of Progressive Care on July 1, 2023. December 31, 2023. The Company performed an annual impairment test as of December 31, 2023, 3. 11% 13.5%. As a result of the 2023 95% December 31, 2023. December 31, 2023. Intangible Assets Intangible assets, net consisted of the following (in thousands): December 31, 2023 Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (807 ) $ 7,323 Trade names 4,700 (224 ) 4,476 Developed technology 2,880 (281 ) 2,599 Customer Contracts 250 (225 ) 25 Total intangible assets $ 15,960 $ (1,537 ) $ 14,423 December 31, 2022 Gross amount Accumulated amortization Net Amount Pharmacy records $ — $ — $ — Trade names — — — Developed technology — — — Customer Contracts 250 (200 ) 50 Total intangible assets $ 250 $ (200 ) $ 50 Amortization of pharmacy records, trade names, developed technology, and customer contracts is included in depreciation and amortization in the accompanying Consolidated Statements of Comprehensive Income Loss. For the twelve December 31, 2023 2022 2024 $ 2,721 2025 2,672 2026 2,672 2027 2,672 2028 1,571 Thereafter 2,115 Total $ 14,423 |
Note 15 - Equity Method Investm
Note 15 - Equity Method Investment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Note 15. On August 30, 2022, one one may In addition, on August 30, 2022, third On September 13, 2022, September 12, 2022, two October 7, 2022, On November 11, 2022, On December 29, 2022, one On May 5, 2023, one one three May 9, 2023, Simultaneous with the closing of the Unit Purchase on May 9, 2023, September 2, 2022, one three At the same time, Progressive Care and NextPlat entered into a First Amendment (the “Amendment”) to that certain Securities Purchase Agreement dated November 16, 2022 ( three As a result of the common stock purchase warrant exercises and the entry into the voting agreement as described in Note 4, July 1, 2023, 50% July 1, 2023, July 1, 2023 805. July 1, 2023. The following summarizes the Company’s consolidated balance sheet description equity method investment as follows as of December 31, 2023 Carrying Amount December 31, 2022, beginning balance $ 5,261 Investment in Progressive Care Inc. and Subsidiaries 1,506 Gain on equity method investment 11,352 Portion of loss from Progressive Care, Inc. and Subsidiaries (1,604 ) Depreciation expense due to cost basis difference (1) (49 ) Interest earned from convertible note receivable 21 Interest earned from amortization of premium on convertible note receivable 199 Elimination of intercompany interest earned (7 ) Change in accounting method as of July 1, 2023 (16,679 ) December 31, 2023, carrying amount $ — The following summarizes the Company’s consolidated statements of operations and comprehensive loss description equity in net loss of affiliate for the year ended December 31, 2023 For the Year Ended December 31, 2023 Portion of loss from Progressive Care, Inc. and Subsidiaries $ (1,604 ) Depreciation expense due to cost basis difference (1) (49 ) Interest earned from convertible note receivable 21 Interest earned from amortization of premium on convertible note receivable 199 Elimination of intercompany interest earned (7 ) Equity in net loss of affiliate $ (1,440 ) ( 1 NextPlat records depreciation expense on its estimated cost basis difference which is subject to change |
Note 16 - Accounts Payable and
Note 16 - Accounts Payable and Accrued Expenses | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 13. Accounts payable and accrued expenses consisted of the following (in thousands): March 31, 2024 December 31, 2023 (Unaudited) (Audited) Accounts payable $ 13,978 $ 12,142 Accrued wages and payroll liabilities 378 200 Accrued PBM fees 366 571 Customer deposits payable 54 76 Accrued other liabilities 117 187 Total $ 14,893 $ 13,176 | Note 16. Accounts payable and accrued expenses consisted of the following (in thousands): December 31, 2023 December 31, 2022 Accounts payable $ 12,142 $ 1,200 Accrued wages and payroll liabilities 200 23 Accrued PBM fees 571 — Customer deposits payable 76 86 Accrued legal fees — 85 Pre-merger accrued other liabilities — 88 Accrued other liabilities 187 41 Total $ 13,176 $ 1,523 The increase in accounts payable and accrued expenses was attributable to the consolidation of Progressive Care at July 1, 2023. |
Note 17 - Notes Payable
Note 17 - Notes Payable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Debt Disclosure [Text Block] | Note 14. Notes payable consisted of the following (in thousands): March 31, 2024 December 31, 2023 (Unaudited) (Audited) A. Mortgage note payable - commercial bank - collateralized $ 1,118 $ 1,140 B. Note payable - uncollateralized 25 25 C. Notes payable - collateralized 229 255 Insurance premiums financing 26 103 Subtotal 1,398 1,523 Less: current portion of notes payable (233 ) (312 ) Long-term portion of notes payable $ 1,165 $ 1,211 (A) Mortgage Note Payable – collateralized In 2018, 400 December 14, 2028 January 2019, not December 14, 2028. (B) Note Payable – Uncollateralized As of March 31, 2024 (C) Notes Payable – Collateralized On July 16, 2020 ( £250,000, July 16, 2021, Base Rate July 16, 2020), July 15, 2026, first £4,166.67 13 July 16, 2020. 5 In April 2021, September 2021, March 31, 2024 December 31, 2023 In July 2022, January 2023. March 31, 2024 December 31, 2023 In September 2022, October 2022. March 31, 2024 December 31, 2023 Principal outstanding as of March 31, 2024 Year Amount 2024 (remaining nine months) $ 187 2025 215 2026 119 2027 124 2028 753 Thereafter — Total $ 1,398 | Note 17. Notes payable consisted of the following (in thousands): December 31, 2023 December 31, 2022 A. Mortgage note payable - commercial bank - collateralized $ 1,140 $ — B. Note payable - uncollateralized 25 — C. Notes payable - collateralized 255 216 Insurance premiums financing 103 — Subtotal 1,523 216 Less: current portion of notes payable (312 ) (60 ) Long-term portion of notes payable $ 1,211 $ 156 (A) Mortgage Note Payable – collateralized In 2018, 400 December 14, 2028 January 2019, not December 14, 2028. (B) Note Payable – Uncollateralized As of December 31, 2023 (C) Notes Payable – Collateralized On July 16, 2020 ( £250,000, July 16, 2021, July 16, 2020), July 15, 2026, first £4,166.67 13 July 16, 2020. 5 December 31, 2023 In April 2021, September 2021, December 31, 2023 In July 2022, January 2023. December 31, 2023 In September 2022, October 2022. December 31, 2023 Principal outstanding as of December 31, 2023 Year Amount 2024 $ 312 2025 215 2026 119 2027 124 2028 753 Thereafter — Total $ 1,523 |
Note 18 - Equity
Note 18 - Equity | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Equity [Text Block] | Note 15. Equity Preferred Stock We have authorized 3,333,333 shares of $0.0001 par value of preferred stock. No preferred stock was outstanding for any year presented. As of March 31, 2024 Common Stock We have authorized 50,000,000 shares of $0.0001 par value common stock. As of March 31, 2024 Listing on the Nasdaq Capital Market Our common stock and warrants have been trading on the Nasdaq Capital Market under the symbols “NXPL” and “NXPLW,” respectively, since January 21, 2022. January 21, 2022, April 2023 On April 5, 2023, April 4, 2023. April 11, 2023, 4 2 506 not not may not For the three March 31, 2024 2023 three March 31, 2024 2023 | Note 18. Preferred Stock We have authorized 3,333,333 shares of $0.0001 par value of preferred stock. No preferred stock was outstanding for any year presented. Common Stock We have authorized 50,000,000 shares of $0.0001 par value common stock. As of December 31, 2023 2022 Capital Structure On May 28, 2021, 1 No 1 5 Listing on the Nasdaq Capital Market Our common stock and warrants have been trading on the Nasdaq Capital Market under the symbols “NXPL” and “NXPLW,” respectively, since January 21, 2022. January 21, 2022, April 2023 On April 5, 2023, April 4, 2023. April 11, 2023, 4 2 506 not not may not December 2022 December ) On December 9, 2022, three The offering closed on December 14, 2022, On December 9, 2022, three six January 2022 January ) On January 2, 2022, The Company received gross proceeds from the sale of the common stock of $7,225,038. Legal and registration fees amounted to $220,000, resulting in net proceeds of approximately $7.0 million. Prior to the private placement close, proceeds of approximately $1.4 million, were received and recorded as a stock subscription payable, for the year ended December 31, 2022 |
Note 19 - Warrants
Note 19 - Warrants | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | Note 19. Underwriter Warrants In addition to, but separate from, the registered warrants included in the units sold in the June June five June June As of December 31, 2023 2022 Placement Agent Warrants On December 9, 2022, December In addition to, but separate from, the unregistered warrants included in the units sold in the December three six As of December 31, 2023 2022 Stock Based Compensation Warrants For the year ended December 31, 2023 December 31, 2023 2022 A summary of the status of the Company’s total outstanding warrants and changes during the year ended December 31, 2023 Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Balance at January 1, 2022 2,530,092 $ 5.00 4.42 Granted 5,124,480 $ 1.75 3.05 Exercised — $ — — Forfeited — $ — — Cancelled — $ — — Balance outstanding and exercisable at December 31, 2022 7,654,572 $ 2.83 3.15 Balance at January 1, 2023 7,654,572 $ 2.83 3.15 Granted 20,000 $ 1.65 3.00 Exercised (105,000 ) $ 1.75 — Forfeited — $ — — Cancelled — $ — — Balance outstanding and exercisable at December 31, 2023 7,569,572 $ 2.85 2.15 As of December 31, 2023 December 31, 2022 As of December 31, 2022 As of December 31, 2023 The Company determined that the warrants do not 480 |
Note 20 - Stock-based Compensat
Note 20 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 20. For the years ended December 31, 2023 2022 Stock Award Plans The Company maintains stock incentive plans to attract, motivate and retain management, key employees, directors, and consultants. These plans provide for discretionary awards of, among others, stock options, stock awards, stock unit awards, and stock appreciation rights to participants (collectively, share-based awards). Restricted Stock Awards The following table summarizes our restricted stock awards activity: Number of Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 867,500 $ 4.20 Granted 136,000 $ 2.72 Vested (543,500 ) $ 3.78 Forfeited — $ — Outstanding as of December 31, 2022 460,000 $ 4.32 Granted 559,000 $ 1.65 Vested (794,000 ) $ 2.42 Forfeited — $ — Outstanding as of December 31, 2023 225,000 $ 4.33 As of December 31, 2022 As of December 31, 2023 Stock Options Stock options outstanding at December 31, 2023 2022 A summary of the status of the Company’s outstanding stock options and changes during the years ended December 31, 2023 2022 Number of Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (Years) Balance at January 1, 2022 2,179,892 $ 4.54 $ 2.44 5.93 Granted 190,000 $ 1.92 $ 1.43 6.85 Exercised — $ — $ — — Cancelled (250,000 ) $ 5.35 $ — — Expired (191 ) $ — $ — — Balance outstanding at December 31, 2022 2,119,701 $ 4.16 $ 2.25 5.23 Options exercisable at December 31, 2022 1,259,701 $ 3.51 $ 1.68 6.25 Balance at January 1, 2023 2,119,701 $ 4.16 $ 2.25 5.23 Granted 395,000 $ 2.37 $ 2.37 4.06 Exercised — $ — $ — — Cancelled (266,284 ) $ 5.88 $ — — Expired (3,084 ) $ — $ — — Balance outstanding at December 31, 2023 2,245,333 $ 3.63 $ 2.88 4.26 Options exercisable at December 31, 2023 1,771,997 $ 3.31 $ 2.86 4.63 For the year ended December 31, 2022 For the year ended December 31, 2023 As of December 31, 2022 As of December 31, 2023 |
Note 21 - Income Taxes
Note 21 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 21. The Company accounts for income taxes under ASC Topic 740: 740 The tax reform bill that Congress voted to approve December 20, 2017, $10.0 35%, 21%. not For U.S. purposes, the Company has not 382, not may not 382 may not 382 The components of earnings before income taxes for the years ended December 31, 2023 2022 Year Ended December 31, 2023 2022 Net loss after loss in equity method investment and before income taxes: Domestic $ (12,672 ) $ (9,436 ) Foreign 293 362 $ (12,379 ) $ (9,074 ) Income tax provision (benefit) consists of the following for the years ended December 31, 2023 2022 Year Ended December 31, 2023 2022 Income tax (benefit) provision: Current Federal $ (11 ) $ — State — — Foreign 39 87 Total current 28 87 Deferred: Federal — — State — — Foreign — — Total deferred — — Total income tax (benefit) provision $ 28 $ 87 The Company’s wholly owned subsidiary, GTC, is a United Kingdom (“UK”) Limited Company and files tax returns in the UK. Its estimated tax liability for December 31, 2023 2022 Progressive Care's estimated tax liability for December 31, 2023 A reconciliation of the income tax provision (benefit) by applying the statutory United States federal income tax rate to income (loss) before income taxes is as follows (in thousands): Year Ended December 31, 2023 2022 Federal income tax (benefit) provision at statutory rate $ (2,655 ) $ (1,984 ) State tax expense net of federal tax benefit — (411 ) State tax expense federal impact — 45 Provision true-up adjustments (488 ) — State rate change adjustment — (214 ) Foreign taxes at rate different than US Taxes 60 87 Net operating loss deduction (310 ) — Permanent differences (22 ) — Other true-ups 99 106 Change in valuation allowance 3,344 2,458 Income tax (benefit) provision $ 28 $ 87 Deferred tax assets and liabilities are provided for significant income and expense items recognized in different years for tax and financial reporting purposes. Temporary differences, which give rise to a net deferred tax asset is as follows (in thousands): December 31, 2023 December 31, 2022 Deferred tax assets: Net operating loss carryforward $ 8,016 $ 3,658 Property plant and equipment and intangibles asset 327 130 Equity method investment loss 806 441 Other tax carry-overs 613 — Reserves and allowances 85 — Stock-based compensation 3,861 1,949 Total deferred tax assets $ 13,708 $ 6,178 Deferred tax liabilities: Book basis of intangible assets in excess of tax basis $ 3,650 $ — Total deferred tax liabilities $ 3,650 $ — Net deferred tax asset before valuation allowance $ 10,058 $ 6,178 Less: valuation allowance (10,058 ) (6,178 ) Net deferred tax asset $ — $ — Nextplat Corp's net operating loss carryforward increased from approximately $14.8 million at December 31, 2022 December 31, 2023 December 31, 2023 2022 2023 $17.8 2036 Progressive Care's December 31, 2022 December 31, 2023. December 31, 2023 2022, 2023 $13.8 2032 The Internal Revenue Code includes a provision, referred to as Global Intangible Low-Taxed Income (“GILTI”), which provides for a 10.5% The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. U.S. federal income tax returns for 2020 2019 No December 31, 2023 2022 not December 31, 2023 2022 no |
Note 22 - Leases
Note 22 - Leases | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Lessee, Operating Leases [Text Block] | Note 18. The Company has entered into a number of lease arrangements under which the Company is the lessee. These leases are classified as operating leases. In addition, the Company has elected the short-term lease practical expedient in ASC Topic 842 one Finance Lease Agreements In May 2018, March 2025 Operating Lease Agreements Right of use ("ROU") assets for operating leases are periodically reduced by impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360 10, March 31, 2024 December 31, 2023 We monitor for events or changes in circumstances that require a reassessment of one On December 2, 2021, June 13, 2022, August 31, 2027. not For our facilities in Poole, England, we rent office and warehouse space of approximately 2,660 square feet for £30,000 October 6, 2022, October 31, 2023 twelve Progressive Care entered into a lease agreement for its Orlando pharmacy in August 2020. February 2026. February 2021, Progressive Care leases its North Miami Beach pharmacy location under an operating lease agreement with a lease commencement date in September 2021. August 2026. Progressive Care also leases its Palm Beach County pharmacy locations under operating lease agreements expiring in February 2025. | Note 22. The Company has entered into a number of lease arrangements under which the Company is the lessee. These leases are classified as operating leases. In addition, the Company has elected the short-term lease practical expedient in ASC Topic 842 one Finance Lease Agreements In May 2018, March 2025 In December 2020, November 2023. Operating Lease Agreements On December 2, 2021, June 13, 2022, August 31, 2027. not For our facilities in Poole, England, we rent office and warehouse space of approximately 2,660 square feet for £30,000 October 6, 2022, October 31, 2023 twelve Progressive Care entered into a lease agreement for its Orlando pharmacy in August 2020. February 2026. February 2021, Progressive Care leases its North Miami Beach pharmacy location under an operating lease agreement with a lease commencement date in September 2021. August 2026. Progressive Care also leases its Palm Beach County pharmacy locations under operating lease agreements expiring in February 2024. During June 2023 twenty-five 25 300 June 7, 2023, June 6, 2026. Variable expenses generally represent the Company’s share of the landlord’s operating expenses. Right of use assets for operating leases are periodically reduced by impairment losses. We use the long-lived assets impairment guidance in ASC Subtopic 360 10, December 31, 2023 2022 not We monitor for events or changes in circumstances that require a reassessment of one We recognized lease costs associated with all leases as follows (in thousands): For the Year Ended December 31, 2023 2022 Operating lease cost: Fixed rent expense $ 427 $ 101 Variable rent expense 111 — Finance lease cost: Amortization of right-of-use assets 15 — Interest expense 1 — Total Lease Costs $ 554 $ 101 Supplemental cash flow information related to leases was as follows (in thousand): For the Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 464 $ 101 Financing cash flows from finance leases 15 — Total cash paid for lease liabilities $ 479 $ 101 Supplemental balance sheet information related to leases was as follows (in thousands): December 31, 2023 December 31, 2022 Operating leases: Operating lease right-of-use assets, net $ 1,566 $ 855 Operating lease liabilities: Current portion 532 209 Long-term portion 929 650 $ 1,461 $ 859 Weighted average remaining lease term (years) 2.96 5.50 Weighted average discount rate 4.65 % 3.75 % Finance leases: Finance lease right-of-use assets, net 22 $ — Finance lease liabilities: Current portion 18 — Long-term portion 5 — $ 23 $ — Weighted average remaining lease term (years) 1.25 — Weighted average discount rate 6.00 % — Future minimum lease payments are as follows (in thousands): Years Ending December 31, Finance Lease Operating Lease Total Future Lease Commitments 2024 $ 19 $ 582 $ 601 2025 5 580 585 2026 — 262 262 2027 — 121 121 Total lease payments to be paid 24 1,545 1,569 Less: future interest expense (1 ) (84 ) (85 ) Lease liabilities 23 1,461 1,484 Less: current maturities (18 ) (532 ) (550 ) Long-term portion of lease liabilities $ 5 $ 929 $ 934 |
Note 23 - Reportable Segments
Note 23 - Reportable Segments | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Segment Reporting Disclosure [Text Block] | Note 19. The Company has two 19 340B 340B The Company evaluates the performance of each of the segments based on profit or loss after general and administrative expenses. While the Company believes there are synergies between the two For the Three Months Ended March 31, 2024 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ 11,324 $ — $ 11,324 e-Commerce revenue 2,865 — — 2,865 Pharmacy 340B contract revenue — 3,304 — 3,304 Revenues, net $ 2,865 $ 14,628 $ — $ 17,493 Expenses: Cost of revenue 2,060 10,623 — 12,683 Selling, general and administrative 1,166 899 (60 ) 2,005 Salaries, wages and payroll taxes 508 2,116 — 2,624 Impairment loss — 132 — 132 Professional fees 507 478 — 985 Depreciation and amortization 130 776 — 906 4,371 15,024 (60 ) 19,335 Loss before other (income) expense (1,506 ) (396 ) 60 (1,842 ) Other (expense) income (203 ) (25 ) (60 ) (168 ) Loss before income taxes (1,303 ) (371 ) — (1,674 ) Income taxes (27 ) — — (27 ) Net loss $ (1,330 ) $ (371 ) $ — $ (1,701 ) For the Three Months Ended March 31, 2023 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ — $ — $ — e-Commerce revenue 2,876 — — 2,876 Pharmacy 340B contract revenue — — — — Revenues, net $ 2,876 $ — $ — $ 2,876 Expenses: Cost of revenue 2,255 — — 2,255 Selling, general and administrative 788 — — 788 Salaries, wages and payroll taxes 588 — — 588 Professional fees 321 — — 321 Depreciation and amortization 162 — — 162 4,114 — — 4,114 Loss before other (income) expense (1,238 ) — — (1,238 ) Other (expense) income (83 ) — — (83 ) Loss before income taxes (1,155 ) — — (1,155 ) Income taxes — — — — Loss before equity method investment (1,155 ) — — (1,155 ) Equity in net loss of affiliate (32 ) — — (32 ) Net loss $ (1,187 ) $ — $ — $ (1,187 ) e-Commerce Operations Healthcare Operations Eliminations Total Total assets as of March 31, 2024 $ 40,342 $ 41,398 $ (16,679 ) $ 65,061 Total assets as of December 31, 2023 $ 40,764 $ 40,384 $ (16,679 ) $ 64,469 | Note 23. Reportable Segments The Company has two 19 340B 340B The Company evaluates the performance of each of the segments based on profit or loss after general and administrative expenses. While the Company believes there are synergies between the two The following tables present a summary of the reportable segments (in thousands): For the Twelve Months Ended December 31, 2023 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ 21,412 $ — $ 21,412 e-Commerce revenue 10,977 — — 10,977 Pharmacy 340B contract revenue — 5,367 — 5,367 Revenues, net $ 10,977 $ 26,779 $ — $ 37,756 Expenses: Cost of revenue 8,122 18,323 — 26,445 Selling, general and administrative 6,633 3,277 — 9,910 Salaries, wages and payroll taxes 2,670 3,973 — 6,643 Goodwill impairment — 13,895 — 13,895 Professional fees 1,595 506 (120 ) 1,981 Depreciation and amortization 647 1,463 — 2,110 Total expenses 19,667 41,437 (120 ) 60,984 Loss before other (income) expense $ (8,690 ) $ (14,658 ) $ 120 $ (23,228 ) For the Twelve Months Ended December 31, 2022 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ — $ — $ — e-Commerce revenue 11,710 — — 11,710 Pharmacy 340B contract revenue — — — — Revenues, net $ 11,710 $ — $ — $ 11,710 Expenses: Cost of revenue 9,221 — — 9,221 Selling, general and administrative 5,085 — — 5,085 Salaries, wages and payroll taxes 2,565 — — 2,565 Professional fees 1,552 — — 1,552 Depreciation and amortization 490 — — 490 Total expenses 18,913 — — 18,913 Loss before other (income) expense $ (7,203 ) $ — $ — $ (7,203 ) e-Commerce Operations Healthcare Operations Eliminations Total Total assets as of December 31, 2023 $ 40,764 $ 40,384 $ (16,679 ) $ 64,469 Total assets as of December 31, 2022 $ 28,644 $ — $ — $ 28,644 Capital expenditures for the year ended December 31, 2023 |
Note 24 - Commitments and Conti
Note 24 - Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Commitments and Contingencies Disclosure [Text Block] | Note 17. Litigation On June 22, 2021, not June 2, 2021 not not June 21, 2022. not No. 1:21 22436 On July 5, 2022, June 22, 2021, A jury trial is set to occur during the trial court's two August 21, 2024. From time to time, the Company may not no | Note 24. Litigation On June 22, 2021, not June 2, 2021 not not June 21, 2022. not No. 1:21 22436 On July 5, 2022, June 22, 2021, A jury trial is set to occur during the trial court's two August 21, 2024. From time to time, the Company may not no |
Note 25 - Related Party Transac
Note 25 - Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Related Party Transactions Disclosure [Text Block] | Note 16. On July 12, 2022, September 22, 2022, no December 31, 2022. April 2023, Progressive Care Inc September 2, 2022, November 11, 2022, September 2, 2022, March 6, 2019, 1 December 30, 2022. On February 1, 2023, May 2023 three March 31, 2023 three March 31, 2024 July 1, 2023. On May 5, 2023, one one On May 9, 2023, one On July 1, 2023, Also, on July 1, 2023, Next Borough Capital Fund, LP. July 7, 2023, July 7, 2024, March 31, 2024 December 31, 2023 | Note 25. As of December 31, 2023 December 31, 2023 December 31, 2022 The Company uses an American Express account for Orbital Satcom Corp and an American Express account for GTC, both in the name of David Phipps who personally guarantees the balance owed. For the year ended December 31, 2023 2022 two On July 12, 2022, September 22, 2022, no December 31, 2022. April 2023, January January January 5, 2022. Investor Position held at NextPlat Shares of Common Stock Purchased Aggregate Purchase Price Charles M. Fernandez Executive Chairman and Chief Executive Officer 679,013 $ 2,200,002 David Phipps Director and President of Orbsat. Chief Executive Officer of Global Operations 46,297 $ 150,002 Douglas Ellenoff Vice Chairman and Chief Business Development Strategist 46,297 $ 150,002 Shares are deemed to be indirectly beneficially owned through Sabrina Allan, Mr. Ellenoff’s wife. Mr. Ellenoff has the power to vote and dispose of the shares. Louis Cusimano Director 15,433 $ 50,003 Paul R. Thomson Senior Vice President – Mergers, Acquisitions and Special Projects 15,433 $ 50,003 On January 20, 2022, January Progressive Care Inc September 2, 2022, November 11, 2022, September 2, 2022, March 6, 2019, 1 December 30, 2022. On February 1, 2023, May 2023 twelve December 31, 2023 six December 31, 2023 July 1, 2023. On May 5, 2023, one one On May 9, 2023, one On July 1, 2023, Also, on July 1, 2023, Next Borough Capital Fund, LP. July 7, 2023, July 7, 2024, December 31, 2023 December December 14, 2022, three Investor Position held at NextPlat Shares of Common Stock Purchased Warrants to purchase Common Stock Aggregate Purchase Price eAperion Partners LLC, principal Charles M. Fernandez Executive Chairman and Chief Executive Officer 1,085,714 1,085,714 $ 1,900,000 David Phipps Director and President of NextPlat. Chief Executive Officer of Global Operations 28,500 28,500 $ 49,875 RLB Market Investments LLC, principal, Rodney Barreto Director 1,085,714 1,085,714 $ 1,900,000 |
Note 26 - Concentrations
Note 26 - Concentrations | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Concentration Risk Disclosure [Text Block] | Note 20. e-Commerce operations concentrations: Customers: Sales to customers through Amazon accounted for 39.9% and 57.2% of the Company’s revenues during the three March 31, 2024 2023 No 10% Suppliers: The following table sets forth information as to each supplier that accounted for 10% three March 31, 2024 2023 For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Globalstar Europe $ 213 10.2 % $ — — % Garmin $ 301 14.3 % $ 594 20.9 % Iridium Satellite $ 270 27.2 % $ — — % Geographic The following table sets forth revenue as to each geographic location, for the (in thousands, unaudited): For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Europe $ 1,430 49.9 % $ 2,063 71.7 % North America 523 18.3 % 586 20.4 % South America 23 0.8 % 9 0.3 % Asia and Pacific 413 14.4 % 159 5.5 % Africa 476 16.6 % 59 2.1 % $ 2,865 100 % $ 2,876 100 % Healthcare operations concentrations: Suppliers: Progressive Care had significant concentrations with one vendor. The purchases from this significant vendor were 98% of total vendor purchases for the three March 31, 2024 Customers: Progressive Care s trade receivables are primarily from prescription medications billed to various insurance providers. Ultimately, the insured is responsible for payment should the insurance company not Progressive Care derives a significant portion of sales from prescription drug sales reimbursed through prescription drug plans administered by pharmacy benefit managers (“PBM”) companies. Prescription reimbursements from our three Three Months Ended March 31, 2024 A 33 % B 21 % C 16 % | Note 26. e-Commerce operations concentrations: Customers: Amazon accounted for 51.6% and 54.3% of the Company’s revenues during the years ended December 31, 2023 2022 No 10% Suppliers: The following table sets forth information as to each supplier that accounted for 10% December 31, 2023 2022 December 31, 2023 December 31, 2022 Garmin $ 1,921 22.4 % $ 1,821 20.9 % Globalstar Europe $ 958 11.2 % $ 635 7.3 % Network Innovations $ 935 10.7 % $ 980 11.2 % Iridium Satellite $ 913 10.9 % $ — — % Satcom Global $ 761 8.9 % $ 744 8.5 % Geographic The following table sets forth revenue as to each geographic location, for the years ended December 31, 2023 2022 Year Ended Year Ended December 31, 2023 December 31, 2022 Europe $ 6,687 60.9 % $ 8,617 73.7 % North America 2,575 23.4 % 2,152 18.3 % South America 62 0.6 % 45 0.4 % Asia and Pacific 1,510 13.8 % 760 6.5 % Africa 143 1.3 % 136 1.1 % $ 10,977 100.0 % $ 11,710 100.0 % Healthcare operations concentrations: Suppliers: Progressive Care had significant concentrations with one vendor. The purchases from this significant vendor were approximately 99.0% of total vendor purchases for the six December 31, 2023 Customers: Progressive Care s trade receivables are primarily from prescription medications billed to various insurance providers. Ultimately, the insured is responsible for payment should the insurance company not Progressive Care generated reimbursements from three six December 31, 2023 2023 A 31 % B 29 % C 14 % |
Note 27 - Subsequent Events
Note 27 - Subsequent Events | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes to Financial Statements | ||
Subsequent Events [Text Block] | Note 21. Acquisition of Outfitter Satellite On March 25, 2024, fitter Satellite, Inc. (“Outfitter”) in an all-cash transaction for an aggregate purchase price of $760,000.00, subject to certain adjustments (the “Aggregate Consideration”). The closing of the transaction occurred on April 1, 2024 At the closing, $660,000.00 of the Aggregate Consideration was paid to Mr. McKinley with the remaining $100,000.00 to be paid upon delivery of Outfitter’s audited financial statements for the 2022 2023 Outfitter provides consumers, commercial and government customers, with advanced satellite-based connectivity solutions from leading brands, including Iridium, Inmarsat and Globalstar. RXMD Merger On April 12, 2024, Merger Agreement Merger Sub Merger On April 9, 2024, Company Lock-Up Agreements Parent Lock-Up Agreements Hybrid Lock-Up Agreements Lock-Up Agreements no | Note 27. On March 25, 2024, April 1, 2024. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Accounting Policies [Abstract] | ||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash The Company places its cash with high credit quality financial institutions. The Company’s account at these institutions are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. All cash amounts in excess of $250,000, approximately $1.0 million, are unsecured. The Company has a deposit placement agreement for Insured Cash Sweep Service (“ICS”). This service is a secure, and convenient way to access FDIC protection on large deposits, earn a return, and enjoy flexibility. The Company believes that the ICS agreement will mitigate its credit risk as it relates to uninsured FDIC amounts in excess of $250,000. | Cash and Cash Equivalents The Company places its cash with high credit quality financial institutions. The Company’s account at this institution is insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. All cash amounts in excess of $250,000, approximately $3.1 million, are unsecured. In April 2023, $250,000. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The Company’s reporting currency is U.S. Dollars. The accounts of one The relevant translation rates are as follows: for the three March 31, 2024 three March 31, 2023 December 31, 2023 | Foreign Currency Translation The Company’s reporting currency is U.S. Dollars. The accounts of one The relevant translation rates are as follows: for the year ended December 31, 2023 December 31, 2022 |
Revenue from Contract with Customer [Policy Text Block] | Unearned Revenue Contract liabilities are shown separately in the condensed consolidated balance sheets as current liabilities. At March 31, 2024 December 31, 2023 Direct and Indirect Remuneration ( “ DIR ” ) Progressive Care reports DIR fees as a reduction of revenue on the accompanying Consolidated Statements of Operations. DIR fees are fees charged by PBMs to pharmacies for network participation as well as periodic reimbursement reconciliations. The Company accrues an estimate of PBM fees, including DIR fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of prescription revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. Through December 31, 2023, not two two three January – April 20xx July – August 20xx December 31, 2023, not second 2024. may January 1, 2024, | Revenue Recognition and Unearned Revenue In accordance with ASU No. 2016 12, Revenue from Contracts with Customers (Topic 606 1 606 10 25 7; 2 3 4 5 6 606 not December 15, 2017, no one e-Commerce Operations: The Company recognizes revenue from satellite services when earned, as services are rendered or delivered to customers. Equipment sales revenue is recognized when the equipment is delivered to and accepted by the customer. Only equipment sales are subject to warranty. Historically, the Company has not The Company’s customers generally purchase a combination of our products and services as part of a multiple element arrangement. The Company’s assessment of which revenue recognition guidance is appropriate to account for each element in an arrangement can involve significant judgment. This assessment has a significant impact on the amount and timing of revenue recognition. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, five five 606, Contract liabilities are shown separately in the consolidated balance sheets as current liabilities. At December 31, 2023 December 31, 2022 Healthcare Operations: The Company provides prescription pharmaceuticals, COVID- 19 340B 340B 340B 340B The Company recognizes product sales from prescriptions dispensed to patients (customers) at the time the drugs are physically delivered to a customer or when a customer picks up their prescription, which is the point in time when control transfers to the customer. 340B 340B third 340B 340B not not The Company accrues an estimate of PBM fees, including direct and indirect remuneration (“DIR”) fees, which are assessed or expected to be assessed by payers at some point after adjudication of a claim, as a reduction of prescription revenue at the time revenue is recognized. Changes in the estimate of such fees are recorded as an adjustment to revenue when the change becomes known. DIR fees are fees charged by PBMs to pharmacies for network participation as well as periodic reimbursement reconciliations. For some PBMs, DIR fees are charged at the time of the settlement of a pharmacy claim. Other PBMs do not two two three January – April 2023 July – August 2023). not may Billings for most prescription orders are with third The Company recognizes revenue from TPA services as it satisfies the performance obligations under the TPA contract with a 340B one may not For each TPA contract, the Company recognizes revenue by measuring the progress toward complete satisfaction of each performance obligation. The Company uses various observable output methods in measuring progress toward satisfaction of each performance obligation, most notably gross billings under each contract. ASC 606 may The Company recognizes COVID- 19 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Pronouncements Issued but not In November 2023, 2023 07, 280 2023 07” 2023 07 December 15, 2023, December 15, 2024, Q1 2025, December 31, 2024. not In December 2023, 2023 09, 740 2023 09” 2023 09 December 15, 2024, January 1, 2025. not Other accounting standards that have been issued or proposed by FASB that do not not | Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In August 2023, 2023 04, 405 No. 121”, No. 121. In July 2023, 2023 03, 205 220 480 505 718 No. 120, no In June 2016, 2016 13, 326 2016 13” November 2018, 2018 19, 326, not April 2019, 2019 04, 326, 815, 825, 2016 13. March 2020, 2020 03, 842 326. 2016 13 December 15, 2022, Any new accounting standards, not not not Accounting Pronouncements Issued but not In December 2023, 2023 09, 740 2023 09” 2023 09 December 15, 2024, January 1, 2025. not In November 2023, 2023 07, 280 2023 07” 2023 07 December 15, 2023, December 15, 2024, January 1, 2024. not Management has evaluated other recently issued accounting pronouncements and does not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated subsequent events through May 15, 2024, 21 | |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations The Company’s former operations were developing and manufacturing products and services, which reduce fuel costs, save power and energy and protect the environment. The products and services were made available for sale into markets in the public and private sectors. In December 2009, The remaining liabilities for discontinued operations are presented in the consolidated balance sheets under the caption “Liabilities from discontinued operation” and relates to the discontinued operations of developing and manufacturing of energy saving and fuel-efficient products and services. The carrying amounts of the major classes of these liabilities as of December 31, 2023 2022 December 31, 2023 December 31, 2022 Assets of discontinued operations $ — $ — Liabilities Accounts payables and accrued expenses $ — $ (112 ) Liabilities from discontinued operations $ — $ (112 ) | |
Liquidity [Policy Text Block] | Liquidity January 2022 On December 31, 2021, “December “December January 2, 2022, December December 31, 2021. December December 31, 2021. The closing of the December January 5, 2022. December December 2022 On December 9, 2022, three On December 9, 2022, three six The offering closed on December 14, 2022, April 2023 On April 5, 2023, April 4, 2023. April 11, 2023, 4 2 506 As of the date of this report, the Company’s existing cash resources and existing borrowing availability are sufficient to support planned operations for the next 12 one | |
Receivable [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts The Company has a policy of reserving for questionable accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due accounts and other factors that may may Progressive Care trade accounts receivable are stated at the invoiced amount. Trade accounts receivable primarily include amounts from third no | |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost or net realizable value, using the first first not | |
Prepaid Expenses [Policy Text Block] | Prepaid Expenses Prepaid expenses current and long term amounted to approximately $640,000 and $61,000, respectively for the year ended December 31, 2023 December 31, 2022 | |
Equity Method Investments [Policy Text Block] | Investments The Company applies the equity method of accounting to investments when it has significant influence, but not 15 The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not December 31, 2023 not | |
Cost of Goods and Service [Policy Text Block] | Cost of Product Sales and Services Cost of sales consists primarily of materials, airtime and overhead costs incurred internally and amounts incurred to contract manufacturers to produce our products, airtime and other implementation costs incurred to install our products and train customer personnel, and customer service and third Shipping and handling costs are included as a component of costs of product sales in the Company’s consolidated statements of operations because the Company includes in revenue the related costs that the Company bills its customers. | |
Advertising Cost [Policy Text Block] | Advertising Costs incurred for producing and communicating advertising for the Company are charged to operations as incurred. Advertising expense was approximately $188,000 and $93,000 for the years ended December 31, 2023 2022 | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Acquired intangible assets with finite lives other than goodwill are amortized over their useful lives. For intangible assets acquired in a business combination, the estimated fair values of the assets received are used to establish their recorded values. Acquired intangible assets other than goodwill are amortized over their useful lives unless the lives are determined to be indefinite. Valuation techniques consistent with the market approach, income approach, and/or cost approach are used to measure fair value. Intangible assets subject to amortization represent the fair value of pharmacy records, tradenames and customer contracts acquired, and capitalized software development costs. In valuing these assets, the Company makes assumptions regarding useful lives and projected growth rates, and significant judgment is required. The Company periodically reviews its identifiable intangible assets for impairment as events or changes in circumstances indicate that the carrying amount of such assets may not Pharmacy records and developed software are amortized over 5 years. Tradenames and customer contracts are amortized over 10 years. Useful lives of intangible assets are periodically evaluated for reasonableness and the assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may no | |
Business Combinations Policy [Policy Text Block] | Business acquisitions The Company records business acquisitions using the acquisition method of accounting. All of the assets acquired, liabilities assumed, and contractual contingencies are recognized at their fair value on the acquisition date. The application of the acquisition method of accounting for business combinations requires management to make significant estimates and assumptions in the determination of the fair value of assets acquired and liabilities assumed in order to properly allocate purchase price consideration between assets that are depreciated and amortized and goodwill. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses and restructuring costs are recognized separately from the business combination and are expensed as incurred. The Company uses a measurement period following the acquisition date to gather information that existed as of the acquisition date that is needed to determine the fair value of the assets acquired, liabilities assumed and equity interests. The measurement period ends once all information is obtained, but no one | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the purchase price over the value assigned to net tangible and identifiable intangible assets. Progressive Care, which is our Healthcare Operations, is considered to be the reporting unit for goodwill. Valuation techniques consistent with the market approach, income approach, and/or cost approach are used to measure fair value. Goodwill and other indefinite-lived intangible assets are assessed annually for impairment in the fourth may | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are carried at historical cost less accumulated depreciation. Depreciation is based on the estimated service lives of the depreciable assets and is calculated using the straight-line method. Expenditures that increase the value or productive capacity of assets are capitalized. Fully depreciated assets are retained in the property and equipment, and accumulated depreciation accounts until they are removed from service. When property and equipment are retired, sold or otherwise disposed of, the asset’s carrying amount and related accumulated depreciation are removed from the accounts and any gain or loss is included in operations. Repairs and maintenance are expensed as incurred. The estimated useful lives of property and equipment are generally as follows: Years Building 40 Building improvements Remaining life of the building Leasehold improvements Lessor of the estimated useful life or life of the lease Office furniture and fixtures 4-5 Computer equipment 3-4 Rental equipment 4 Vehicles 3-5 Appliques 10 Website development 2 Depreciation expense for the years ended December 31, 2023 2022 | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets The Company reviews its long-lived assets, comprised of property and equipment, right-of-use assets, and intangible assets, whenever events or changes in circumstances indicate that the carrying amount of an asset may not 360 10, Accounting for the Impairment or Disposal of Long-Lived Assets the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset’s carrying value in excess of fair value. As of December 31, 2023, no not December 31, 2023 and December 31, 2022 , respectively. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Derivatives are required to be recorded on the balance sheet at fair value. These derivatives, including embedded derivatives in the Company’s structured borrowings, are separately valued and accounted for on the Company’s balance sheet. Fair values for exchange traded securities and derivatives are based on quoted market prices. Where market prices are not The Company did not | |
Share-Based Payment Arrangement [Policy Text Block] | Stock-based Compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula. This fair value is then amortized on a straight-line basis over the requisite service periods of the awards, which is generally the vesting period. The Company’s determination of the fair value using the option-pricing model is affected by the stock price as well as assumptions regarding the number of highly subjective variables. In June 2018, 2018 07, 718 718, December 15, 2018. January 1, 2019. | |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes pursuant to the provision of ASC 740 10, 740 10” not not The Company follows the provision of ASC 740 10 may 740 10, not not Tax positions that meet the more likely than not 50 The Company believes its tax positions are all more likely than not not The Company has adopted ASC 740 10 25, not not three | |
Lessee, Leases [Policy Text Block] | Leases Effective January 1, 2019, 842, Leases not In calculating the right of use asset and lease liability, the Company has elected to combine lease and non-lease components. The Company excludes short-term leases having initial terms of 12 | |
Research and Development Expense, Policy [Policy Text Block] | Research and Development The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730 10, 730 10” 730 10, December 31, 2023 2022 no | |
Comprehensive Income, Policy [Policy Text Block] | Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and all changes to the statements of stockholders’ equity. For the Company, comprehensive income (loss) for the years ended December 31, 2023 2022 | |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share Net income (loss) per common share is calculated in accordance with ASC Topic 260: 260” not | |
Related Party Transactions [Policy Text Block] | Related Party Transactions A party is considered to be related to the Company if the party directly or indirectly or through one may one one one one 25 |
Note 5 - Revenue (Tables)
Note 5 - Revenue (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 Sales of products, net: Pharmacy prescription and other revenue, net of PBM fees $ 11,324 $ — e-Commerce revenue 2,865 2,876 Sub total 14,189 2,876 Revenues from services: Pharmacy 340B contract revenue 3,304 — Revenues, net $ 17,493 $ 2,876 | For the Twelve Months Ended December 31, 2023 e-Commerce Operations Healthcare Operations Total Sales of products, net Prescription revenue, net of PBM fees $ — $ 21,412 $ 21,412 e-Commerce revenue 10,977 — 10,977 Subtotal 10,977 21,412 32,389 Revenues from services: Pharmacy 340B contract revenue — 5,367 5,367 Revenues, net $ 10,977 $ 26,779 $ 37,756 For the Twelve Months Ended December 31, 2022 e-Commerce Operations Healthcare Operations Total Sales of products, net Prescription revenue, net of PBM fees $ — $ — $ — e-Commerce revenue 11,710 — 11,710 Subtotal 11,710 — 11,710 Revenues from services: Pharmacy 340B contract revenue — — — Revenues, net $ 11,710 $ — $ 11,710 |
Note 6 - Loss Per Share (Tables
Note 6 - Loss Per Share (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Net loss attributable to NextPlat Corp common shareholders $ (1,481 ) $ (1,187 ) Basic weighted average common shares outstanding 18,725 14,415 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 18,725 14,415 Weighted average loss per common share - basic and diluted $ (0.08 ) $ (0.08 ) Potentially dilutive common shares excluded from the calculation of diluted weighted average loss per common share: Stock options 105 100 105 100 | Year Ended December 31, 2023 2022 Net loss attributable to NextPlat Corp common shareholders $ (3,778 ) $ (9,161 ) Basic weighted average common shares outstanding 17,494 9,592 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 17,494 9,592 Basic weighted average earnings (loss) per common share $ (0.22 ) $ (0.96 ) Diluted weighted average earnings (loss) per common share $ (0.22 ) $ (0.96 ) Potentially dilutive common shares excluded from the calculation of diluted weighted average loss per common share: Stock options 136 265 Common stock purchase warrants 675 1,403 811 1,668 |
Note 7 - Accounts Receivable (T
Note 7 - Accounts Receivable (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2024 December 31, 2023 (Unaudited) (Audited) Gross accounts receivable – trade $ 13,202 $ 9,195 Less: allowance for doubtful accounts (274 ) (272 ) Accounts receivable – trade, net $ 12,928 $ 8,923 | Year Ended December 31, 2023 2022 Gross accounts receivable – trade $ 9,195 $ 384 Less: allowance for doubtful accounts (272 ) — Accounts receivable – trade, net $ 8,923 $ 384 |
Note 8 - Inventory (Tables)
Note 8 - Inventory (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Inventory, Current [Table Text Block] | March 31, 2024 December 31, 2023 (Unaudited) (Audited) Finished goods $ 5,670 $ 5,195 Less reserve for obsolete inventory (60 ) (60 ) Total $ 5,610 $ 5,135 | December 31, 2023 December 31, 2022 Finished goods $ 5,195 $ 1,287 Less reserve for obsolete inventory (60 ) — Total $ 5,135 $ 1,287 |
Note 11 - Property and Equipm_2
Note 11 - Property and Equipment, Net (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Property, Plant and Equipment [Table Text Block] | March 31, 2024 December 31, 2023 (Unaudited) (Audited) Building $ 2,116 $ 2,116 Vehicles 585 595 Office furniture and fixtures 543 527 Land 184 184 Leasehold improvements 167 124 Computer equipment 117 117 Rental equipment 63 60 Appliques 2,160 2,160 Website development 611 587 Construction in progress — 22 Property and equipment gross 6,546 6,492 Less: accumulated depreciation (2,700 ) (2,503 ) Property and equipment, net $ 3,846 $ 3,989 | December 31, 2023 December 31, 2022 Building $ 2,116 $ — Vehicles 595 — Office furniture and fixtures 527 128 Land 184 — Leasehold improvements 124 48 Computer equipment 117 72 Rental equipment 60 38 Appliques 2,160 2,160 Website development 587 665 Construction in progress 22 — Property and equipment gross 6,492 3,111 Less: accumulated depreciation (2,503 ) (1,865 ) Property and equipment, net $ 3,989 $ 1,246 |
Note 12 - Intangible Assets, _2
Note 12 - Intangible Assets, Net (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2024 (Unaudited) Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (1,219 ) $ 6,911 Trade names 4,700 (353 ) 4,347 Developed technology 2,880 (432 ) 2,448 Customer Contracts 250 (231 ) 19 Total intangible assets $ 15,960 $ (2,235 ) $ 13,725 December 31, 2023 (Audited) Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (807 ) $ 7,323 Trade names 4,700 (224 ) 4,476 Developed technology 2,880 (281 ) 2,599 Customer Contracts 250 (225 ) 25 Total intangible assets $ 15,960 $ (1,537 ) $ 14,423 | December 31, 2023 Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (807 ) $ 7,323 Trade names 4,700 (224 ) 4,476 Developed technology 2,880 (281 ) 2,599 Customer Contracts 250 (225 ) 25 Total intangible assets $ 15,960 $ (1,537 ) $ 14,423 December 31, 2022 Gross amount Accumulated amortization Net Amount Pharmacy records $ — $ — $ — Trade names — — — Developed technology — — — Customer Contracts 250 (200 ) 50 Total intangible assets $ 250 $ (200 ) $ 50 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount 2024 (remaining nine months) $ 2,023 2025 2,672 2026 2,672 2027 2,672 2028 1,571 Thereafter 2,115 Total $ 13,725 | 2024 $ 2,721 2025 2,672 2026 2,672 2027 2,672 2028 1,571 Thereafter 2,115 Total $ 14,423 |
Note 13 - Accounts Payable an_2
Note 13 - Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2024 December 31, 2023 (Unaudited) (Audited) Accounts payable $ 13,978 $ 12,142 Accrued wages and payroll liabilities 378 200 Accrued PBM fees 366 571 Customer deposits payable 54 76 Accrued other liabilities 117 187 Total $ 14,893 $ 13,176 | December 31, 2023 December 31, 2022 Accounts payable $ 12,142 $ 1,200 Accrued wages and payroll liabilities 200 23 Accrued PBM fees 571 — Customer deposits payable 76 86 Accrued legal fees — 85 Pre-merger accrued other liabilities — 88 Accrued other liabilities 187 41 Total $ 13,176 $ 1,523 |
Note 14 - Notes Payable (Tables
Note 14 - Notes Payable (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Debt [Table Text Block] | March 31, 2024 December 31, 2023 (Unaudited) (Audited) A. Mortgage note payable - commercial bank - collateralized $ 1,118 $ 1,140 B. Note payable - uncollateralized 25 25 C. Notes payable - collateralized 229 255 Insurance premiums financing 26 103 Subtotal 1,398 1,523 Less: current portion of notes payable (233 ) (312 ) Long-term portion of notes payable $ 1,165 $ 1,211 | December 31, 2023 December 31, 2022 A. Mortgage note payable - commercial bank - collateralized $ 1,140 $ — B. Note payable - uncollateralized 25 — C. Notes payable - collateralized 255 216 Insurance premiums financing 103 — Subtotal 1,523 216 Less: current portion of notes payable (312 ) (60 ) Long-term portion of notes payable $ 1,211 $ 156 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Amount 2024 (remaining nine months) $ 187 2025 215 2026 119 2027 124 2028 753 Thereafter — Total $ 1,398 | Year Amount 2024 $ 312 2025 215 2026 119 2027 124 2028 753 Thereafter — Total $ 1,523 |
Note 19 - Reportable Segments (
Note 19 - Reportable Segments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | For the Three Months Ended March 31, 2024 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ 11,324 $ — $ 11,324 e-Commerce revenue 2,865 — — 2,865 Pharmacy 340B contract revenue — 3,304 — 3,304 Revenues, net $ 2,865 $ 14,628 $ — $ 17,493 Expenses: Cost of revenue 2,060 10,623 — 12,683 Selling, general and administrative 1,166 899 (60 ) 2,005 Salaries, wages and payroll taxes 508 2,116 — 2,624 Impairment loss — 132 — 132 Professional fees 507 478 — 985 Depreciation and amortization 130 776 — 906 4,371 15,024 (60 ) 19,335 Loss before other (income) expense (1,506 ) (396 ) 60 (1,842 ) Other (expense) income (203 ) (25 ) (60 ) (168 ) Loss before income taxes (1,303 ) (371 ) — (1,674 ) Income taxes (27 ) — — (27 ) Net loss $ (1,330 ) $ (371 ) $ — $ (1,701 ) For the Three Months Ended March 31, 2023 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ — $ — $ — e-Commerce revenue 2,876 — — 2,876 Pharmacy 340B contract revenue — — — — Revenues, net $ 2,876 $ — $ — $ 2,876 Expenses: Cost of revenue 2,255 — — 2,255 Selling, general and administrative 788 — — 788 Salaries, wages and payroll taxes 588 — — 588 Professional fees 321 — — 321 Depreciation and amortization 162 — — 162 4,114 — — 4,114 Loss before other (income) expense (1,238 ) — — (1,238 ) Other (expense) income (83 ) — — (83 ) Loss before income taxes (1,155 ) — — (1,155 ) Income taxes — — — — Loss before equity method investment (1,155 ) — — (1,155 ) Equity in net loss of affiliate (32 ) — — (32 ) Net loss $ (1,187 ) $ — $ — $ (1,187 ) | For the Twelve Months Ended December 31, 2023 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ 21,412 $ — $ 21,412 e-Commerce revenue 10,977 — — 10,977 Pharmacy 340B contract revenue — 5,367 — 5,367 Revenues, net $ 10,977 $ 26,779 $ — $ 37,756 Expenses: Cost of revenue 8,122 18,323 — 26,445 Selling, general and administrative 6,633 3,277 — 9,910 Salaries, wages and payroll taxes 2,670 3,973 — 6,643 Goodwill impairment — 13,895 — 13,895 Professional fees 1,595 506 (120 ) 1,981 Depreciation and amortization 647 1,463 — 2,110 Total expenses 19,667 41,437 (120 ) 60,984 Loss before other (income) expense $ (8,690 ) $ (14,658 ) $ 120 $ (23,228 ) For the Twelve Months Ended December 31, 2022 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ — $ — $ — e-Commerce revenue 11,710 — — 11,710 Pharmacy 340B contract revenue — — — — Revenues, net $ 11,710 $ — $ — $ 11,710 Expenses: Cost of revenue 9,221 — — 9,221 Selling, general and administrative 5,085 — — 5,085 Salaries, wages and payroll taxes 2,565 — — 2,565 Professional fees 1,552 — — 1,552 Depreciation and amortization 490 — — 490 Total expenses 18,913 — — 18,913 Loss before other (income) expense $ (7,203 ) $ — $ — $ (7,203 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | e-Commerce Operations Healthcare Operations Eliminations Total Total assets as of March 31, 2024 $ 40,342 $ 41,398 $ (16,679 ) $ 65,061 Total assets as of December 31, 2023 $ 40,764 $ 40,384 $ (16,679 ) $ 64,469 | e-Commerce Operations Healthcare Operations Eliminations Total Total assets as of December 31, 2023 $ 40,764 $ 40,384 $ (16,679 ) $ 64,469 Total assets as of December 31, 2022 $ 28,644 $ — $ — $ 28,644 |
Note 20 - Concentrations (Table
Note 20 - Concentrations (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Globalstar Europe $ 213 10.2 % $ — — % Garmin $ 301 14.3 % $ 594 20.9 % Iridium Satellite $ 270 27.2 % $ — — % For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Europe $ 1,430 49.9 % $ 2,063 71.7 % North America 523 18.3 % 586 20.4 % South America 23 0.8 % 9 0.3 % Asia and Pacific 413 14.4 % 159 5.5 % Africa 476 16.6 % 59 2.1 % $ 2,865 100 % $ 2,876 100 % Three Months Ended March 31, 2024 A 33 % B 21 % C 16 % | December 31, 2023 December 31, 2022 Garmin $ 1,921 22.4 % $ 1,821 20.9 % Globalstar Europe $ 958 11.2 % $ 635 7.3 % Network Innovations $ 935 10.7 % $ 980 11.2 % Iridium Satellite $ 913 10.9 % $ — — % Satcom Global $ 761 8.9 % $ 744 8.5 % Year Ended Year Ended December 31, 2023 December 31, 2022 Europe $ 6,687 60.9 % $ 8,617 73.7 % North America 2,575 23.4 % 2,152 18.3 % South America 62 0.6 % 45 0.4 % Asia and Pacific 1,510 13.8 % 760 6.5 % Africa 143 1.3 % 136 1.1 % $ 10,977 100.0 % $ 11,710 100.0 % 2023 A 31 % B 29 % C 14 % |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | December 31, 2023 December 31, 2022 Assets of discontinued operations $ — $ — Liabilities Accounts payables and accrued expenses $ — $ (112 ) Liabilities from discontinued operations $ — $ (112 ) |
Schedule of Estimated Useful Life of Property and Equipment [Table Text Block] | Years Building 40 Building improvements Remaining life of the building Leasehold improvements Lessor of the estimated useful life or life of the lease Office furniture and fixtures 4-5 Computer equipment 3-4 Rental equipment 4 Vehicles 3-5 Appliques 10 Website development 2 |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Year Ended December 31, 2023 For the Year Ended December 31, 2022 (Unaudited) (Unaudited) Revenue $ 60,704 $ 52,312 Earnings $ (15,854 ) $ (13,867 ) |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Purchase Price Allocation Total purchase consideration $ 16,679 Fair value of non-controlling interest 23,180 Total consideration $ 39,859 Identifiable net assets acquired: Cash $ 7,352 Accounts receivable, net 6,478 Accounts receivable, other 506 Inventory 1,631 Prepaid expenses 220 Property and equipment, net 2,883 Right of use assets, net 405 Intangible assets, net: Trade name 4,700 Development technology 2,880 Pharmacy records 8,130 Deposits 39 Accounts payable and accrued expenses (8,231 ) Notes payable and accrued interest - current portion (149 ) Lease liabilities - current portion (208 ) Notes payable - long term (1,173 ) Lease liabilities - long term (230 ) Deferred tax liability (1) — Net assets acquired $ 25,233 Goodwill $ 14,626 |
Note 6 - Revenue (Tables)
Note 6 - Revenue (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 Sales of products, net: Pharmacy prescription and other revenue, net of PBM fees $ 11,324 $ — e-Commerce revenue 2,865 2,876 Sub total 14,189 2,876 Revenues from services: Pharmacy 340B contract revenue 3,304 — Revenues, net $ 17,493 $ 2,876 | For the Twelve Months Ended December 31, 2023 e-Commerce Operations Healthcare Operations Total Sales of products, net Prescription revenue, net of PBM fees $ — $ 21,412 $ 21,412 e-Commerce revenue 10,977 — 10,977 Subtotal 10,977 21,412 32,389 Revenues from services: Pharmacy 340B contract revenue — 5,367 5,367 Revenues, net $ 10,977 $ 26,779 $ 37,756 For the Twelve Months Ended December 31, 2022 e-Commerce Operations Healthcare Operations Total Sales of products, net Prescription revenue, net of PBM fees $ — $ — $ — e-Commerce revenue 11,710 — 11,710 Subtotal 11,710 — 11,710 Revenues from services: Pharmacy 340B contract revenue — — — Revenues, net $ 11,710 $ — $ 11,710 |
Note 7 - Earnings (Loss) Per _2
Note 7 - Earnings (Loss) Per Share (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Net loss attributable to NextPlat Corp common shareholders $ (1,481 ) $ (1,187 ) Basic weighted average common shares outstanding 18,725 14,415 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 18,725 14,415 Weighted average loss per common share - basic and diluted $ (0.08 ) $ (0.08 ) Potentially dilutive common shares excluded from the calculation of diluted weighted average loss per common share: Stock options 105 100 105 100 | Year Ended December 31, 2023 2022 Net loss attributable to NextPlat Corp common shareholders $ (3,778 ) $ (9,161 ) Basic weighted average common shares outstanding 17,494 9,592 Potentially dilutive common shares — — Diluted weighted average common shares outstanding 17,494 9,592 Basic weighted average earnings (loss) per common share $ (0.22 ) $ (0.96 ) Diluted weighted average earnings (loss) per common share $ (0.22 ) $ (0.96 ) Potentially dilutive common shares excluded from the calculation of diluted weighted average loss per common share: Stock options 136 265 Common stock purchase warrants 675 1,403 811 1,668 |
Note 8 - Accounts Receivable (T
Note 8 - Accounts Receivable (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2024 December 31, 2023 (Unaudited) (Audited) Gross accounts receivable – trade $ 13,202 $ 9,195 Less: allowance for doubtful accounts (274 ) (272 ) Accounts receivable – trade, net $ 12,928 $ 8,923 | Year Ended December 31, 2023 2022 Gross accounts receivable – trade $ 9,195 $ 384 Less: allowance for doubtful accounts (272 ) — Accounts receivable – trade, net $ 8,923 $ 384 |
Note 9 - Accounts Receivable _2
Note 9 - Accounts Receivable - Other, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Accounts Receivable [Table Text Block] | Year Ended December 31, 2023 2022 Performance bonuses $ 1,602 $ — Customers 192 — Other 52 — $ 1,846 $ — |
Note 10 - Inventory (Tables)
Note 10 - Inventory (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Inventory, Current [Table Text Block] | March 31, 2024 December 31, 2023 (Unaudited) (Audited) Finished goods $ 5,670 $ 5,195 Less reserve for obsolete inventory (60 ) (60 ) Total $ 5,610 $ 5,135 | December 31, 2023 December 31, 2022 Finished goods $ 5,195 $ 1,287 Less reserve for obsolete inventory (60 ) — Total $ 5,135 $ 1,287 |
Note 13 - Property and Equipm_2
Note 13 - Property and Equipment, Net (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Property, Plant and Equipment [Table Text Block] | March 31, 2024 December 31, 2023 (Unaudited) (Audited) Building $ 2,116 $ 2,116 Vehicles 585 595 Office furniture and fixtures 543 527 Land 184 184 Leasehold improvements 167 124 Computer equipment 117 117 Rental equipment 63 60 Appliques 2,160 2,160 Website development 611 587 Construction in progress — 22 Property and equipment gross 6,546 6,492 Less: accumulated depreciation (2,700 ) (2,503 ) Property and equipment, net $ 3,846 $ 3,989 | December 31, 2023 December 31, 2022 Building $ 2,116 $ — Vehicles 595 — Office furniture and fixtures 527 128 Land 184 — Leasehold improvements 124 48 Computer equipment 117 72 Rental equipment 60 38 Appliques 2,160 2,160 Website development 587 665 Construction in progress 22 — Property and equipment gross 6,492 3,111 Less: accumulated depreciation (2,503 ) (1,865 ) Property and equipment, net $ 3,989 $ 1,246 |
Note 14 - Goodwill and Intang_2
Note 14 - Goodwill and Intangible Assets, Net (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Goodwill Reportable Segments [Table Text Block] | e-Commerce Operations Healthcare Operations Total Balances as of December 31, 2021 Goodwill $ — $ — $ — Accumulated impairment losses — — — Goodwill, net as of December 31, 2021 — — — Changes in Goodwill during the year ended December 31, 2022: Goodwill acquired — — — Impairment losses — — — Balances as of December 31, 2022 Goodwill — — — Accumulated impairment losses — — — Goodwill, net as of December 31, 2022 — — — Changes in Goodwill during the year ended December 31, 2023: Goodwill acquired — 14,626 14,626 Impairment losses — (13,895 ) (13,895 ) Balances as of December 31, 2023 Goodwill — 14,626 14,626 Accumulated impairment losses — (13,895 ) (13,895 ) Goodwill, net as of December 31, 2023 $ — $ 731 $ 731 | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2024 (Unaudited) Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (1,219 ) $ 6,911 Trade names 4,700 (353 ) 4,347 Developed technology 2,880 (432 ) 2,448 Customer Contracts 250 (231 ) 19 Total intangible assets $ 15,960 $ (2,235 ) $ 13,725 December 31, 2023 (Audited) Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (807 ) $ 7,323 Trade names 4,700 (224 ) 4,476 Developed technology 2,880 (281 ) 2,599 Customer Contracts 250 (225 ) 25 Total intangible assets $ 15,960 $ (1,537 ) $ 14,423 | December 31, 2023 Gross amount Accumulated amortization Net Amount Pharmacy records $ 8,130 $ (807 ) $ 7,323 Trade names 4,700 (224 ) 4,476 Developed technology 2,880 (281 ) 2,599 Customer Contracts 250 (225 ) 25 Total intangible assets $ 15,960 $ (1,537 ) $ 14,423 December 31, 2022 Gross amount Accumulated amortization Net Amount Pharmacy records $ — $ — $ — Trade names — — — Developed technology — — — Customer Contracts 250 (200 ) 50 Total intangible assets $ 250 $ (200 ) $ 50 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount 2024 (remaining nine months) $ 2,023 2025 2,672 2026 2,672 2027 2,672 2028 1,571 Thereafter 2,115 Total $ 13,725 | 2024 $ 2,721 2025 2,672 2026 2,672 2027 2,672 2028 1,571 Thereafter 2,115 Total $ 14,423 |
Note 15 - Equity Method Inves_2
Note 15 - Equity Method Investment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | Carrying Amount December 31, 2022, beginning balance $ 5,261 Investment in Progressive Care Inc. and Subsidiaries 1,506 Gain on equity method investment 11,352 Portion of loss from Progressive Care, Inc. and Subsidiaries (1,604 ) Depreciation expense due to cost basis difference (1) (49 ) Interest earned from convertible note receivable 21 Interest earned from amortization of premium on convertible note receivable 199 Elimination of intercompany interest earned (7 ) Change in accounting method as of July 1, 2023 (16,679 ) December 31, 2023, carrying amount $ — For the Year Ended December 31, 2023 Portion of loss from Progressive Care, Inc. and Subsidiaries $ (1,604 ) Depreciation expense due to cost basis difference (1) (49 ) Interest earned from convertible note receivable 21 Interest earned from amortization of premium on convertible note receivable 199 Elimination of intercompany interest earned (7 ) Equity in net loss of affiliate $ (1,440 ) |
Note 16 - Accounts Payable an_2
Note 16 - Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2024 December 31, 2023 (Unaudited) (Audited) Accounts payable $ 13,978 $ 12,142 Accrued wages and payroll liabilities 378 200 Accrued PBM fees 366 571 Customer deposits payable 54 76 Accrued other liabilities 117 187 Total $ 14,893 $ 13,176 | December 31, 2023 December 31, 2022 Accounts payable $ 12,142 $ 1,200 Accrued wages and payroll liabilities 200 23 Accrued PBM fees 571 — Customer deposits payable 76 86 Accrued legal fees — 85 Pre-merger accrued other liabilities — 88 Accrued other liabilities 187 41 Total $ 13,176 $ 1,523 |
Note 17 - Notes Payable (Tables
Note 17 - Notes Payable (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedule of Debt [Table Text Block] | March 31, 2024 December 31, 2023 (Unaudited) (Audited) A. Mortgage note payable - commercial bank - collateralized $ 1,118 $ 1,140 B. Note payable - uncollateralized 25 25 C. Notes payable - collateralized 229 255 Insurance premiums financing 26 103 Subtotal 1,398 1,523 Less: current portion of notes payable (233 ) (312 ) Long-term portion of notes payable $ 1,165 $ 1,211 | December 31, 2023 December 31, 2022 A. Mortgage note payable - commercial bank - collateralized $ 1,140 $ — B. Note payable - uncollateralized 25 — C. Notes payable - collateralized 255 216 Insurance premiums financing 103 — Subtotal 1,523 216 Less: current portion of notes payable (312 ) (60 ) Long-term portion of notes payable $ 1,211 $ 156 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Amount 2024 (remaining nine months) $ 187 2025 215 2026 119 2027 124 2028 753 Thereafter — Total $ 1,398 | Year Amount 2024 $ 312 2025 215 2026 119 2027 124 2028 753 Thereafter — Total $ 1,523 |
Note 19 - Warrants (Tables)
Note 19 - Warrants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Balance at January 1, 2022 2,530,092 $ 5.00 4.42 Granted 5,124,480 $ 1.75 3.05 Exercised — $ — — Forfeited — $ — — Cancelled — $ — — Balance outstanding and exercisable at December 31, 2022 7,654,572 $ 2.83 3.15 Balance at January 1, 2023 7,654,572 $ 2.83 3.15 Granted 20,000 $ 1.65 3.00 Exercised (105,000 ) $ 1.75 — Forfeited — $ — — Cancelled — $ — — Balance outstanding and exercisable at December 31, 2023 7,569,572 $ 2.85 2.15 |
Note 20 - Stock-based Compens_2
Note 20 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Number of Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2021 867,500 $ 4.20 Granted 136,000 $ 2.72 Vested (543,500 ) $ 3.78 Forfeited — $ — Outstanding as of December 31, 2022 460,000 $ 4.32 Granted 559,000 $ 1.65 Vested (794,000 ) $ 2.42 Forfeited — $ — Outstanding as of December 31, 2023 225,000 $ 4.33 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Weighted Average Remaining Contractual Life (Years) Balance at January 1, 2022 2,179,892 $ 4.54 $ 2.44 5.93 Granted 190,000 $ 1.92 $ 1.43 6.85 Exercised — $ — $ — — Cancelled (250,000 ) $ 5.35 $ — — Expired (191 ) $ — $ — — Balance outstanding at December 31, 2022 2,119,701 $ 4.16 $ 2.25 5.23 Options exercisable at December 31, 2022 1,259,701 $ 3.51 $ 1.68 6.25 Balance at January 1, 2023 2,119,701 $ 4.16 $ 2.25 5.23 Granted 395,000 $ 2.37 $ 2.37 4.06 Exercised — $ — $ — — Cancelled (266,284 ) $ 5.88 $ — — Expired (3,084 ) $ — $ — — Balance outstanding at December 31, 2023 2,245,333 $ 3.63 $ 2.88 4.26 Options exercisable at December 31, 2023 1,771,997 $ 3.31 $ 2.86 4.63 |
Note 21 - Income Taxes (Tables)
Note 21 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 2023 2022 Net loss after loss in equity method investment and before income taxes: Domestic $ (12,672 ) $ (9,436 ) Foreign 293 362 $ (12,379 ) $ (9,074 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 Income tax (benefit) provision: Current Federal $ (11 ) $ — State — — Foreign 39 87 Total current 28 87 Deferred: Federal — — State — — Foreign — — Total deferred — — Total income tax (benefit) provision $ 28 $ 87 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 Federal income tax (benefit) provision at statutory rate $ (2,655 ) $ (1,984 ) State tax expense net of federal tax benefit — (411 ) State tax expense federal impact — 45 Provision true-up adjustments (488 ) — State rate change adjustment — (214 ) Foreign taxes at rate different than US Taxes 60 87 Net operating loss deduction (310 ) — Permanent differences (22 ) — Other true-ups 99 106 Change in valuation allowance 3,344 2,458 Income tax (benefit) provision $ 28 $ 87 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 December 31, 2022 Deferred tax assets: Net operating loss carryforward $ 8,016 $ 3,658 Property plant and equipment and intangibles asset 327 130 Equity method investment loss 806 441 Other tax carry-overs 613 — Reserves and allowances 85 — Stock-based compensation 3,861 1,949 Total deferred tax assets $ 13,708 $ 6,178 Deferred tax liabilities: Book basis of intangible assets in excess of tax basis $ 3,650 $ — Total deferred tax liabilities $ 3,650 $ — Net deferred tax asset before valuation allowance $ 10,058 $ 6,178 Less: valuation allowance (10,058 ) (6,178 ) Net deferred tax asset $ — $ — |
Note 22 - Leases (Tables)
Note 22 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Year Ended December 31, 2023 2022 Operating lease cost: Fixed rent expense $ 427 $ 101 Variable rent expense 111 — Finance lease cost: Amortization of right-of-use assets 15 — Interest expense 1 — Total Lease Costs $ 554 $ 101 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | For the Year Ended December 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 464 $ 101 Financing cash flows from finance leases 15 — Total cash paid for lease liabilities $ 479 $ 101 |
Schedule of Supplemental Balance Sheet Information Related to Leases [Table Text Block] | December 31, 2023 December 31, 2022 Operating leases: Operating lease right-of-use assets, net $ 1,566 $ 855 Operating lease liabilities: Current portion 532 209 Long-term portion 929 650 $ 1,461 $ 859 Weighted average remaining lease term (years) 2.96 5.50 Weighted average discount rate 4.65 % 3.75 % Finance leases: Finance lease right-of-use assets, net 22 $ — Finance lease liabilities: Current portion 18 — Long-term portion 5 — $ 23 $ — Weighted average remaining lease term (years) 1.25 — Weighted average discount rate 6.00 % — |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Years Ending December 31, Finance Lease Operating Lease Total Future Lease Commitments 2024 $ 19 $ 582 $ 601 2025 5 580 585 2026 — 262 262 2027 — 121 121 Total lease payments to be paid 24 1,545 1,569 Less: future interest expense (1 ) (84 ) (85 ) Lease liabilities 23 1,461 1,484 Less: current maturities (18 ) (532 ) (550 ) Long-term portion of lease liabilities $ 5 $ 929 $ 934 |
Note 23 - Reportable Segments (
Note 23 - Reportable Segments (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | For the Three Months Ended March 31, 2024 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ 11,324 $ — $ 11,324 e-Commerce revenue 2,865 — — 2,865 Pharmacy 340B contract revenue — 3,304 — 3,304 Revenues, net $ 2,865 $ 14,628 $ — $ 17,493 Expenses: Cost of revenue 2,060 10,623 — 12,683 Selling, general and administrative 1,166 899 (60 ) 2,005 Salaries, wages and payroll taxes 508 2,116 — 2,624 Impairment loss — 132 — 132 Professional fees 507 478 — 985 Depreciation and amortization 130 776 — 906 4,371 15,024 (60 ) 19,335 Loss before other (income) expense (1,506 ) (396 ) 60 (1,842 ) Other (expense) income (203 ) (25 ) (60 ) (168 ) Loss before income taxes (1,303 ) (371 ) — (1,674 ) Income taxes (27 ) — — (27 ) Net loss $ (1,330 ) $ (371 ) $ — $ (1,701 ) For the Three Months Ended March 31, 2023 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ — $ — $ — e-Commerce revenue 2,876 — — 2,876 Pharmacy 340B contract revenue — — — — Revenues, net $ 2,876 $ — $ — $ 2,876 Expenses: Cost of revenue 2,255 — — 2,255 Selling, general and administrative 788 — — 788 Salaries, wages and payroll taxes 588 — — 588 Professional fees 321 — — 321 Depreciation and amortization 162 — — 162 4,114 — — 4,114 Loss before other (income) expense (1,238 ) — — (1,238 ) Other (expense) income (83 ) — — (83 ) Loss before income taxes (1,155 ) — — (1,155 ) Income taxes — — — — Loss before equity method investment (1,155 ) — — (1,155 ) Equity in net loss of affiliate (32 ) — — (32 ) Net loss $ (1,187 ) $ — $ — $ (1,187 ) | For the Twelve Months Ended December 31, 2023 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ 21,412 $ — $ 21,412 e-Commerce revenue 10,977 — — 10,977 Pharmacy 340B contract revenue — 5,367 — 5,367 Revenues, net $ 10,977 $ 26,779 $ — $ 37,756 Expenses: Cost of revenue 8,122 18,323 — 26,445 Selling, general and administrative 6,633 3,277 — 9,910 Salaries, wages and payroll taxes 2,670 3,973 — 6,643 Goodwill impairment — 13,895 — 13,895 Professional fees 1,595 506 (120 ) 1,981 Depreciation and amortization 647 1,463 — 2,110 Total expenses 19,667 41,437 (120 ) 60,984 Loss before other (income) expense $ (8,690 ) $ (14,658 ) $ 120 $ (23,228 ) For the Twelve Months Ended December 31, 2022 e-Commerce Operations Healthcare Operations Eliminations Total Pharmacy prescription and other revenue, net of PBM fees $ — $ — $ — $ — e-Commerce revenue 11,710 — — 11,710 Pharmacy 340B contract revenue — — — — Revenues, net $ 11,710 $ — $ — $ 11,710 Expenses: Cost of revenue 9,221 — — 9,221 Selling, general and administrative 5,085 — — 5,085 Salaries, wages and payroll taxes 2,565 — — 2,565 Professional fees 1,552 — — 1,552 Depreciation and amortization 490 — — 490 Total expenses 18,913 — — 18,913 Loss before other (income) expense $ (7,203 ) $ — $ — $ (7,203 ) |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | e-Commerce Operations Healthcare Operations Eliminations Total Total assets as of March 31, 2024 $ 40,342 $ 41,398 $ (16,679 ) $ 65,061 Total assets as of December 31, 2023 $ 40,764 $ 40,384 $ (16,679 ) $ 64,469 | e-Commerce Operations Healthcare Operations Eliminations Total Total assets as of December 31, 2023 $ 40,764 $ 40,384 $ (16,679 ) $ 64,469 Total assets as of December 31, 2022 $ 28,644 $ — $ — $ 28,644 |
Note 25 - Related Party Trans_2
Note 25 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Investor Position held at NextPlat Shares of Common Stock Purchased Aggregate Purchase Price Charles M. Fernandez Executive Chairman and Chief Executive Officer 679,013 $ 2,200,002 David Phipps Director and President of Orbsat. Chief Executive Officer of Global Operations 46,297 $ 150,002 Douglas Ellenoff Vice Chairman and Chief Business Development Strategist 46,297 $ 150,002 Shares are deemed to be indirectly beneficially owned through Sabrina Allan, Mr. Ellenoff’s wife. Mr. Ellenoff has the power to vote and dispose of the shares. Louis Cusimano Director 15,433 $ 50,003 Paul R. Thomson Senior Vice President – Mergers, Acquisitions and Special Projects 15,433 $ 50,003 Investor Position held at NextPlat Shares of Common Stock Purchased Warrants to purchase Common Stock Aggregate Purchase Price eAperion Partners LLC, principal Charles M. Fernandez Executive Chairman and Chief Executive Officer 1,085,714 1,085,714 $ 1,900,000 David Phipps Director and President of NextPlat. Chief Executive Officer of Global Operations 28,500 28,500 $ 49,875 RLB Market Investments LLC, principal, Rodney Barreto Director 1,085,714 1,085,714 $ 1,900,000 |
Note 26 - Concentrations (Table
Note 26 - Concentrations (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Notes Tables | ||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Globalstar Europe $ 213 10.2 % $ — — % Garmin $ 301 14.3 % $ 594 20.9 % Iridium Satellite $ 270 27.2 % $ — — % For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023 Europe $ 1,430 49.9 % $ 2,063 71.7 % North America 523 18.3 % 586 20.4 % South America 23 0.8 % 9 0.3 % Asia and Pacific 413 14.4 % 159 5.5 % Africa 476 16.6 % 59 2.1 % $ 2,865 100 % $ 2,876 100 % Three Months Ended March 31, 2024 A 33 % B 21 % C 16 % | December 31, 2023 December 31, 2022 Garmin $ 1,921 22.4 % $ 1,821 20.9 % Globalstar Europe $ 958 11.2 % $ 635 7.3 % Network Innovations $ 935 10.7 % $ 980 11.2 % Iridium Satellite $ 913 10.9 % $ — — % Satcom Global $ 761 8.9 % $ 744 8.5 % Year Ended Year Ended December 31, 2023 December 31, 2022 Europe $ 6,687 60.9 % $ 8,617 73.7 % North America 2,575 23.4 % 2,152 18.3 % South America 62 0.6 % 45 0.4 % Asia and Pacific 1,510 13.8 % 760 6.5 % Africa 143 1.3 % 136 1.1 % $ 10,977 100.0 % $ 11,710 100.0 % 2023 A 31 % B 29 % C 14 % |
Note 1 - Organization and Nat_3
Note 1 - Organization and Nature of Operations. (Details Textual) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 06, 2023 |
Florida Sunshine Brands, LLC [Member] | |||
Subsidiary, Ownership Percentage, Parent | 51% | ||
Florida Sunshine Brands, LLC [Member] | Outer Brands FS, LLC [Member] | |||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 49% | ||
Progressive Care [Member] | Pharmco 901 [Member] | |||
Subsidiary, Ownership Percentage, Parent | 100% | 100% |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Principles of Consolidation (Details Textual) | Jul. 01, 2023 |
Progressive Care [Member] | |
Business Acquisition, Percentage of Voting Interests Acquired | 53% |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies (Details Textual) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 | Dec. 31, 2022 USD ($) |
Cash, FDIC Insured Amount | $ 250,000 | $ 250,000 | ||
Cash, Uninsured Amount | 1,000,000 | 3,100,000 | ||
Contract with Customer, Liability | $ 140,000 | $ 42,000 | $ 36,000 | |
Closing Rate [Member] | ||||
Foreign Currency Exchange Rate, Translation | 1.28 | 1.27 | 1.23 | 1.21 |
Yearly Average Rate [Member] | ||||
Foreign Currency Exchange Rate, Translation | 1.27 | 1.24 | 1.22 | 1.24 |
Maximum [Member] | ||||
Cash, FDIC Insured Amount | $ 250,000 | $ 250,000 |
Note 4 - Fair Value (Details Te
Note 4 - Fair Value (Details Textual) $ in Millions | Jul. 01, 2023 USD ($) |
Progressive Care [Member] | Fair Value, Inputs, Level 3 [Member] | |
Finite-Lived Intangible Assets, Fair Value Disclosure | $ 14.7 |
Note 5 - Revenue - Disaggregati
Note 5 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 17,493 | $ 2,876 | $ 37,756 | $ 11,710 |
Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 11,324 | 0 | 21,412 | 0 |
E-Commerce [Member] | ||||
Revenue | 10,977 | 11,710 | ||
Pharmacy Prescription, Other Revenue and E-Commerce [Member] | ||||
Revenue | 32,389 | 11,710 | ||
Pharmacy 340B Contract [Member] | ||||
Revenue | 3,304 | 0 | 5,367 | 0 |
E-Commerce Revenue [Member] | ||||
Revenue | 17,493 | 10,977 | 11,710 | |
E-Commerce Revenue [Member] | Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 11,324 | 0 | 0 | |
E-Commerce Revenue [Member] | E-Commerce [Member] | ||||
Revenue | 2,865 | 10,977 | 11,710 | |
E-Commerce Revenue [Member] | Pharmacy Prescription, Other Revenue and E-Commerce [Member] | ||||
Revenue | 14,189 | 10,977 | 11,710 | |
E-Commerce Revenue [Member] | Pharmacy 340B Contract [Member] | ||||
Revenue | $ 3,304 | 0 | 0 | |
Healthcare Operations [Member] | ||||
Revenue | 2,876 | 26,779 | 0 | |
Healthcare Operations [Member] | Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 0 | 21,412 | 0 | |
Healthcare Operations [Member] | E-Commerce [Member] | ||||
Revenue | 2,876 | 0 | 0 | |
Healthcare Operations [Member] | Pharmacy Prescription, Other Revenue and E-Commerce [Member] | ||||
Revenue | 2,876 | 21,412 | 0 | |
Healthcare Operations [Member] | Pharmacy 340B Contract [Member] | ||||
Revenue | $ 0 | $ 5,367 | $ 0 |
Note 6 - Loss Per Share - Earni
Note 6 - Loss Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss attributable to NextPlat Corp common shareholders | $ (1,481) | $ (1,187) | $ (3,778) | $ (9,161) |
Basic weighted average common shares outstanding (in shares) | 18,725 | 14,415 | 17,494 | 9,592 |
Potentially dilutive common shares (in shares) | 0 | 0 | 0 | 0 |
Diluted weighted average common shares outstanding (in shares) | 18,725 | 14,415 | 17,494 | 9,592 |
Weighted average loss per common share - basic and diluted (in dollars per share) | $ (0.08) | $ (0.08) | $ (0.22) | $ (0.96) |
Antidilutive securities (in shares) | 105 | 100 | 811 | 1,668 |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive securities (in shares) | 105 | 100 | 136 | 265 |
Note 7 - Accounts Receivable (D
Note 7 - Accounts Receivable (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2023 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 2,000 | $ 0 | $ 47,000 | $ 0 | |
Accounts Receivable, after Allowance for Credit Loss | $ 12,928,000 | $ 1,000,000 | $ 8,923,000 | $ 384,000 | $ 400,000 |
Note 7 - Accounts Receivable -
Note 7 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Gross accounts receivable – trade | $ 13,202 | $ 9,195 | $ 384 | ||
Less: allowance for doubtful accounts | (274) | (272) | 0 | ||
Accounts receivable – trade, net | $ 12,928 | $ 8,923 | $ 1,000 | $ 400 | $ 384 |
Note 8 - Inventory - Summary of
Note 8 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Finished goods | $ 5,670 | $ 5,195 | $ 1,287 |
Less reserve for obsolete inventory | (60) | (60) | 0 |
Total | $ 5,610 | $ 5,135 | $ 1,287 |
Note 9 - VAT Receivable (Detail
Note 9 - VAT Receivable (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Value Added Tax Receivable, Current | $ 357,000 | $ 342,000 | $ 433,000 |
Note 10 - Prepaid Expenses (Det
Note 10 - Prepaid Expenses (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense, Current | $ 404,000 | $ 640,000 | $ 46,000 |
Prepaid Expense, Noncurrent | $ 61,000 | $ 61,000 | $ 49,000 |
Note 11 - Property and Equipm_3
Note 11 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 203,000 | $ 155,000 | $ 758,000 | $ 465,000 |
Note 11 - Property and Equipm_4
Note 11 - Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment gross | $ 6,546 | $ 6,492 | $ 3,111 |
Less: accumulated depreciation | (2,700) | (2,503) | (1,865) |
Property and equipment, net | 3,846 | 3,989 | 1,246 |
Building [Member] | |||
Property and equipment gross | 2,116 | 2,116 | 0 |
Vehicles [Member] | |||
Property and equipment gross | 585 | 595 | 0 |
Furniture and Fixtures [Member] | |||
Property and equipment gross | 543 | 527 | 128 |
Land [Member] | |||
Property and equipment gross | 184 | 184 | 0 |
Leasehold Improvements [Member] | |||
Property and equipment gross | 167 | 124 | 48 |
Computer Equipment [Member] | |||
Property and equipment gross | 117 | 117 | 72 |
Rental Equipment [Member] | |||
Property and equipment gross | 63 | 60 | 38 |
Appliques [Member] | |||
Property and equipment gross | 2,160 | 2,160 | 2,160 |
Website Development [Member] | |||
Property and equipment gross | 611 | 587 | 665 |
Construction in Progress [Member] | |||
Property and equipment gross | $ 0 | $ 22 | $ 0 |
Note 12 - Intangible Assets, _3
Note 12 - Intangible Assets, Net (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Amortization of Intangible Assets | $ 698,000 | $ 6,000 | $ 1,337,000 | $ 25,000 |
Note 12 - Goodwill and Intangib
Note 12 - Goodwill and Intangible Assets, Net - Summary of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Gross | $ 15,960 | $ 15,960 | $ 250 |
Finite Lived Intangible Assets, Accumulated Amortization | (2,235) | (1,537) | (200) |
Finite Lived Intangible Assets, Net | 13,725 | 14,423 | 50 |
Pharmacy Records [Member] | |||
Finite-Lived Intangible Assets, Gross | 8,130 | 8,130 | 0 |
Finite Lived Intangible Assets, Accumulated Amortization | (1,219) | (807) | 0 |
Finite Lived Intangible Assets, Net | 6,911 | 7,323 | 0 |
Trade Names [Member] | |||
Finite-Lived Intangible Assets, Gross | 4,700 | 4,700 | 0 |
Finite Lived Intangible Assets, Accumulated Amortization | (353) | (224) | 0 |
Finite Lived Intangible Assets, Net | 4,347 | 4,476 | 0 |
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets, Gross | 2,880 | 2,880 | 0 |
Finite Lived Intangible Assets, Accumulated Amortization | (432) | (281) | 0 |
Finite Lived Intangible Assets, Net | 2,448 | 2,599 | 0 |
Customer Contracts [Member] | |||
Finite-Lived Intangible Assets, Gross | 250 | 250 | 250 |
Finite Lived Intangible Assets, Accumulated Amortization | (231) | (225) | (200) |
Finite Lived Intangible Assets, Net | $ 19 | $ 25 | $ 50 |
Note 12 - Goodwill and Intang_2
Note 12 - Goodwill and Intangible Assets, Net - Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
2024 (remaining nine months) | $ 2,023 | ||
2024 | 2,672 | $ 2,721 | |
2025 | 2,672 | 2,672 | |
2026 | 2,672 | 2,672 | |
2027 | 1,571 | 2,672 | |
Thereafter | 2,115 | ||
Total | $ 13,725 | $ 14,423 | $ 50 |
Note 13 - Accounts Payable an_3
Note 13 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts payable | $ 13,978 | $ 12,142 | $ 1,200 |
Accrued wages and payroll liabilities | 378 | 200 | 23 |
Accrued PBM fees | 366 | 571 | 0 |
Customer deposits payable | 54 | 76 | 86 |
Accrued other liabilities | 117 | 187 | 41 |
Total | $ 14,893 | $ 13,176 | $ 1,523 |
Note 14 - Notes Payable (Detail
Note 14 - Notes Payable (Details Textual) | 1 Months Ended | 12 Months Ended | |||||||
Jul. 16, 2020 GBP (£) | Sep. 30, 2022 USD ($) | Jul. 31, 2022 USD ($) | Apr. 30, 2021 USD ($) | Dec. 31, 2018 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jul. 16, 2020 USD ($) | Jul. 16, 2020 GBP (£) | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Base Rate [Member] | ||||||||
Long-Term Debt | $ 1,398,000 | $ 1,523,000 | |||||||
Collateralized Promissory Note [Member] | Progressive Care [Member] | |||||||||
Debt Instrument, Face Amount | $ 1,530,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||||||
Debt Instrument, Number of Payments | 119 | ||||||||
Debt Instrument, Periodic Payment | $ 11,901 | ||||||||
Coronavirus Loans [Member] | HSBC UK Bank PLC [Member] | |||||||||
Debt Instrument, Face Amount | $ 338,343 | £ 250,000 | |||||||
Foreign Currency Exchange Rate, Translation | 1.353372 | 1.353372 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.10% | 0.10% | |||||||
Debt Instrument, Term (Year) | 6 years | ||||||||
Debt Instrument, Periodic Payment, Principal | £ | £ 4,166.67 | ||||||||
Debt Instrument, Prepayment Limit, Percentage of Balance of Debenture | 10% | 10% | |||||||
Long-Term Debt | 165,000 | ||||||||
Note Obligation for Pharmacy Equipment [Member] | Progressive Care [Member] | |||||||||
Debt Instrument, Face Amount | $ 30,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | ||||||||
Debt Instrument, Number of Payments | 46 | ||||||||
Debt Instrument, Periodic Payment | $ 331 | ||||||||
Long-Term Debt | 5,000 | 6,500 | |||||||
Note Obligation to Purchase Pharmacy Equipment [Member] | Progressive Care [Member] | |||||||||
Debt Instrument, Face Amount | $ 90,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.78% | ||||||||
Debt Instrument, Number of Payments | 60 | ||||||||
Debt Instrument, Periodic Payment | $ 1,859 | ||||||||
Long-Term Debt | 70,000 | 74,000 | |||||||
Note Obligation for Vehicles [Member] | Progressive Care [Member] | |||||||||
Debt Instrument, Face Amount | $ 25,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.29% | ||||||||
Debt Instrument, Number of Payments | 24 | ||||||||
Debt Instrument, Periodic Payment | $ 1,143 | ||||||||
Long-Term Debt | $ 7,000 | $ 10,000 |
Note 14 - Notes Payable - Sched
Note 14 - Notes Payable - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Note payable | $ 1,398 | $ 1,523 | $ 216 |
Less: current portion of notes payable | (233) | (312) | (60) |
Long-term portion of notes payable | 1,165 | 1,211 | 156 |
Mortgage Note Payable Commercial Bank Collateralized [Member] | |||
Note payable | 1,118 | 1,140 | 0 |
Note Payable Uncollateralized [Member] | |||
Note payable | 25 | 25 | 0 |
Note Payable Collateralized [Member] | |||
Note payable | 229 | 255 | 216 |
Insurance Premium Financing [Member] | |||
Note payable | $ 26 | $ 103 | $ 0 |
Note 14 - Notes Payable - Sch_2
Note 14 - Notes Payable - Schedule of Future Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2024 (remaining nine months) | $ 187 | |
2025 | 215 | $ 312 |
2026 | 119 | 215 |
2027 | 124 | 119 |
2028 | 753 | 124 |
Thereafter | 0 | |
Total | $ 1,398 | $ 1,523 |
Note 15 - Equity (Details Textu
Note 15 - Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Apr. 11, 2023 | Apr. 05, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 14, 2022 | Dec. 09, 2022 | |
Preferred Stock, Shares Authorized (in shares) | 3,333,333 | 3,333,333 | 3,333,333 | |||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 | ||||||
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common Stock, Shares, Issued (in shares) | 18,724,596 | 18,724,596 | 14,402,025 | |||||
Share-Based Payment Arrangement, Expense | $ 600 | $ 200 | $ 5,400 | $ 3,000 | ||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 | ||||||
December 2022 Private Placement [Member] | ||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | 3 years | ||||||
December 2022 Private Placement [Member] | Dawson James [Member] | ||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | |||||||
April 2023 Private Placement [Member] | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 3,428,571 | 3,428,571 | ||||||
Shares Issued, Price Per Share (in dollars per share) | $ 1.75 | $ 1.75 | ||||||
Proceeds from Issuance of Private Placement | $ 6,000 |
Note 16 - Related Party Trans_2
Note 16 - Related Party Transactions (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Jul. 07, 2023 USD ($) | Jul. 01, 2023 USD ($) shares | May 09, 2023 shares | May 05, 2023 USD ($) $ / shares shares | May 01, 2023 USD ($) | Feb. 01, 2023 USD ($) | Dec. 30, 2022 | Sep. 02, 2022 USD ($) | Jul. 12, 2022 USD ($) | Apr. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Aug. 30, 2022 USD ($) shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||||||
Proceeds from Warrant Exercises | $ | $ 184,000 | $ 0 | |||||||||||||
Reverse Stock Split [Member] | |||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 200 | ||||||||||||||
Predecessor Company [Member] | |||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 105,000 | ||||||||||||||
Progressive Care [Member] | |||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 402,269 | 455,000 | 3,000 | ||||||||||||
Investment Owned, Price Per Share (in dollars per share) | $ / shares | $ 2.2 | ||||||||||||||
Investment Owned, Cost | $ | $ 1,000,000 | $ 8,300,000 | |||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||
Proceeds from Warrant Exercises | $ | $ 506,000 | ||||||||||||||
Investment Owned, Balance, Shares From Warrants Exercised (in shares) | shares | 230,000 | ||||||||||||||
Iliad [Member] | Secured Convertible Promissory Note [Member] | |||||||||||||||
Payments to Acquire Notes Receivable | $ | $ 1,000,000 | ||||||||||||||
Debt Conversion Agreement [Member] | Predecessor Company [Member] | |||||||||||||||
Long-Term Debt, Gross | $ | $ 2,800,000 | ||||||||||||||
Lauren Sturges Fernandez [Member] | |||||||||||||||
Annual Salary | $ | $ 95,000 | $ 125,000 | |||||||||||||
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | $ | $ 10,995 | $ 10,995 | |||||||||||||
CEO and Board Member [Member] | Iliad [Member] | Secured Convertible Promissory Note [Member] | |||||||||||||||
Payments to Acquire Notes Receivable, Including Contributions by Related Parties | $ | 2,300,000 | ||||||||||||||
Chief Operating Officer [Member] | Iliad [Member] | Secured Convertible Promissory Note [Member] | |||||||||||||||
Payments to Acquire Notes Receivable | $ | $ 400,000 | ||||||||||||||
NextPlat Corp [Member] | Progressive Care [Member] | Debt Converted to Common Stock [Member] | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 570,599 | 570,599 | |||||||||||||
NextPlat Corp [Member] | Predecessor Company [Member] | |||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 45,653 | ||||||||||||||
Chief Executive Officer [Member] | Progressive Care [Member] | Inducement Warrant [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 190,000 | ||||||||||||||
Chief Executive Officer [Member] | Progressive Care [Member] | Debt Converted to Common Stock [Member] | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 228,240 | ||||||||||||||
Chief Executive Officer [Member] | Predecessor Company [Member] | |||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 18,261 | ||||||||||||||
Chief Executive Officer [Member] | Progressive Care [Member] | |||||||||||||||
Investment Owned, Balance, Shares From Warrants Exercised (in shares) | shares | 211,470 | ||||||||||||||
Board Member [Member] | Progressive Care [Member] | Inducement Warrant [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 30,000 | ||||||||||||||
Board Member [Member] | Progressive Care [Member] | Debt Converted to Common Stock [Member] | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 228,240 | ||||||||||||||
Board Member [Member] | Predecessor Company [Member] | |||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 18,261 | ||||||||||||||
Board Member [Member] | Progressive Care [Member] | |||||||||||||||
Investment Owned, Balance, Shares From Warrants Exercised (in shares) | shares | 130,571 | ||||||||||||||
Progressive Care [Member] | |||||||||||||||
Management and Administrative Service Revenue, Per Month | $ | $ 20,000 | $ 25,000 | |||||||||||||
Proceeds From Management and Administrative Service | $ | $ 60,000 | $ 50,000 | 235,000 | ||||||||||||
Fernandez And Barreto [Member] | Progressive Care [Member] | |||||||||||||||
Related Party, Ownership Percentage | 53% | ||||||||||||||
Related Party [Member] | |||||||||||||||
Notes Receivable, Principal | $ | $ 250,000 | ||||||||||||||
Notes Receivable, Interest Rate | 7% | ||||||||||||||
Financing Receivable, before Allowance for Credit Loss | $ | $ 260,000 | $ 256,000 |
Note 18 - Leases (Details Textu
Note 18 - Leases (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 02, 2021 USD ($) ft² | May 31, 2018 USD ($) | Sep. 30, 2021 USD ($) | Aug. 31, 2020 USD ($) | May 31, 2018 USD ($) | Mar. 31, 2024 USD ($) ft² | Mar. 31, 2024 GBP (£) ft² | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | |
Finance Lease, Liability | $ 23,000 | $ 0 | |||||||||
Operating Lease, Impairment Loss | $ 132,000 | $ 0 | $ 0 | $ 0 | |||||||
Annual Rent | $ 186,000 | ||||||||||
Office Space in Florida [Member] | |||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 62 months | ||||||||||
Area of Real Estate Property (Square Foot) | ft² | 4,141 | ||||||||||
Annual Rent | $ 186,345 | ||||||||||
Annual Lease Increase, Percentage | 3% | ||||||||||
Facilities in Poole, England [Member] | |||||||||||
Area of Real Estate Property (Square Foot) | ft² | 2,660 | 2,660 | 2,660 | ||||||||
Annual Rent | $ 37,107 | £ 30,000 | $ 37,100 | £ 30,000 | |||||||
Foreign Currency Exchange Rate, Translation | 1.24 | 1.24 | 1.24 | ||||||||
Lessee, Operating Lease, Renewal Term (Month) | 12 months | 12 months | 12 months | ||||||||
Progressive Care [Member] | Finance Obligation for Pharmacy Equipment [Member] | |||||||||||
Finance Lease, Liability | $ 115,000 | $ 115,000 | |||||||||
Finance Lease, Monthly Payment | $ 1,678 | $ 1,700 | |||||||||
Lessee, Finance Lease, Term of Contract (Month) | 84 months | 84 months | |||||||||
Lessee, Finance Lease, Interest Rate | 6% | 6% | |||||||||
Progressive Care [Member] | Orlando Pharmacy [Member] | |||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 66 months | ||||||||||
Operating Lease, Monthly Payment | $ 4,310 | ||||||||||
Progressive Care [Member] | North Miami Beach Pharmacy [Member] | |||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 60 months | ||||||||||
Operating Lease, Monthly Payment | $ 5,237 |
Note 19 - Reportable Segments_2
Note 19 - Reportable Segments (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Number of Reportable Segments | 2 | 2 |
Note 19 - Reportable Segments -
Note 19 - Reportable Segments - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 17,493 | $ 2,876 | $ 37,756 | $ 11,710 |
Cost of revenue | 12,683 | 2,255 | 26,445 | 9,221 |
Selling, general and administrative | 2,005 | 788 | 9,910 | 5,085 |
Salaries, wages and payroll taxes | 2,624 | 588 | 6,643 | 2,565 |
Impairment loss | 132 | 0 | 28 | 0 |
Professional fees | 985 | 321 | 1,981 | 1,552 |
Depreciation and amortization | 906 | 162 | 2,110 | 490 |
Expenses, Including Cost of Revenue | 19,335 | 4,114 | 60,984 | 18,913 |
Loss before other (income) expense | (1,842) | (1,238) | (23,228) | (7,203) |
Other (expense) income | (168) | (83) | (937) | 132 |
Loss before income taxes | (1,674) | (1,155) | (22,291) | (7,335) |
Income taxes | (27) | 0 | (28) | (87) |
Net loss | (1,701) | (1,187) | (12,407) | (9,161) |
Loss before equity method investment | (1,701) | (1,155) | (22,319) | (7,422) |
Equity in net loss of affiliate | 0 | (32) | (1,440) | (1,739) |
Segment Expense [Member] | ||||
Selling, general and administrative | 2,005 | 788 | 9,910 | |
Professional fees | 985 | 321 | 1,981 | |
Depreciation and amortization | 906 | 162 | 2,110 | |
Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 11,324 | 0 | 21,412 | 0 |
E-Commerce Revenue [Member] | ||||
Revenue | 2,865 | 2,876 | 10,977 | 11,710 |
Pharmacy 340B Contract [Member] | ||||
Revenue | 3,304 | 0 | 5,367 | 0 |
Consolidation, Eliminations [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Cost of revenue | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | |||
Salaries, wages and payroll taxes | 0 | 0 | 0 | 0 |
Impairment loss | 0 | |||
Professional fees | 0 | |||
Depreciation and amortization | 0 | |||
Expenses, Including Cost of Revenue | (60) | 0 | (120) | 0 |
Loss before other (income) expense | 60 | 0 | 120 | 0 |
Other (expense) income | (60) | 0 | ||
Loss before income taxes | 0 | 0 | ||
Income taxes | 0 | 0 | ||
Net loss | 0 | 0 | ||
Loss before equity method investment | 0 | |||
Equity in net loss of affiliate | 0 | |||
Consolidation, Eliminations [Member] | Segment Expense [Member] | ||||
Selling, general and administrative | (60) | 0 | 0 | |
Professional fees | 0 | 0 | (120) | |
Depreciation and amortization | 0 | 0 | 0 | |
Consolidation, Eliminations [Member] | Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | E-Commerce Revenue [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Pharmacy 340B Contract [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
E-Commerce [Member] | Operating Segments [Member] | ||||
Revenue | 2,865 | 2,876 | 10,977 | 11,710 |
Cost of revenue | 2,060 | 2,255 | 8,122 | 9,221 |
Selling, general and administrative | 5,085 | |||
Salaries, wages and payroll taxes | 508 | 588 | 2,670 | 2,565 |
Impairment loss | 0 | |||
Professional fees | 1,552 | |||
Depreciation and amortization | 490 | |||
Expenses, Including Cost of Revenue | 4,371 | 4,114 | 19,667 | 18,913 |
Loss before other (income) expense | (1,506) | (1,238) | (8,690) | (7,203) |
Other (expense) income | (203) | (83) | ||
Loss before income taxes | (1,303) | (1,155) | ||
Income taxes | (27) | 0 | ||
Net loss | (1,330) | (1,187) | ||
Loss before equity method investment | (1,155) | |||
Equity in net loss of affiliate | (32) | |||
E-Commerce [Member] | Operating Segments [Member] | Segment Expense [Member] | ||||
Selling, general and administrative | 1,166 | 788 | 6,633 | |
Professional fees | 507 | 321 | 1,595 | |
Depreciation and amortization | 130 | 162 | 647 | |
E-Commerce [Member] | Operating Segments [Member] | Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
E-Commerce [Member] | Operating Segments [Member] | E-Commerce Revenue [Member] | ||||
Revenue | 2,865 | 2,876 | 10,977 | 11,710 |
E-Commerce [Member] | Operating Segments [Member] | Pharmacy 340B Contract [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Healthcare Operations [Member] | ||||
Revenue | 2,876 | 26,779 | 0 | |
Healthcare Operations [Member] | Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 0 | 21,412 | 0 | |
Healthcare Operations [Member] | Pharmacy 340B Contract [Member] | ||||
Revenue | 0 | 5,367 | 0 | |
Healthcare Operations [Member] | Operating Segments [Member] | ||||
Revenue | 14,628 | 0 | 26,779 | 0 |
Cost of revenue | 10,623 | 0 | 18,323 | 0 |
Selling, general and administrative | 0 | |||
Salaries, wages and payroll taxes | 2,116 | 0 | 3,973 | 0 |
Impairment loss | 132 | |||
Professional fees | 0 | |||
Depreciation and amortization | 0 | |||
Expenses, Including Cost of Revenue | 15,024 | 0 | 41,437 | 0 |
Loss before other (income) expense | (396) | 0 | (14,658) | 0 |
Other (expense) income | (25) | 0 | ||
Loss before income taxes | (371) | 0 | ||
Income taxes | 0 | 0 | ||
Net loss | (371) | 0 | ||
Loss before equity method investment | 0 | |||
Equity in net loss of affiliate | 0 | |||
Healthcare Operations [Member] | Operating Segments [Member] | Segment Expense [Member] | ||||
Selling, general and administrative | 899 | 0 | 3,277 | |
Professional fees | 478 | 0 | 506 | |
Depreciation and amortization | 776 | 0 | 1,463 | |
Healthcare Operations [Member] | Operating Segments [Member] | Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 11,324 | 0 | 21,412 | 0 |
Healthcare Operations [Member] | Operating Segments [Member] | E-Commerce Revenue [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Healthcare Operations [Member] | Operating Segments [Member] | Pharmacy 340B Contract [Member] | ||||
Revenue | $ 3,304 | $ 0 | $ 5,367 | $ 0 |
Note 19 - Reportable Segments_3
Note 19 - Reportable Segments - Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Total Assets | $ 65,061 | $ 64,469 | $ 28,644 |
Operating Segments [Member] | E-Commerce [Member] | |||
Total Assets | 40,342 | 40,764 | 28,644 |
Operating Segments [Member] | Healthcare Operations [Member] | |||
Total Assets | 41,398 | 40,384 | 0 |
Consolidation, Eliminations [Member] | |||
Total Assets | $ (16,679) | $ (16,679) | $ 0 |
Note 20 - Concentrations (Detai
Note 20 - Concentrations (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Amazon [Member] | |||||
Concentration Risk, Percentage | 39.90% | 57.20% | 51.60% | 54.30% | |
Purchases [Member] | Supplier Concentration Risk [Member] | |||||
Number of Major Vendors | 1 | 1 | |||
Purchases [Member] | Supplier Concentration Risk [Member] | One Vendor [Member] | |||||
Concentration Risk, Percentage | 98% | 99% |
Note 20 - Concentrations - Sche
Note 20 - Concentrations - Schedules of Concentration of Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 17,493 | $ 2,876 | $ 37,756 | $ 11,710 | |
Purchases [Member] | Supplier Concentration Risk [Member] | Globalstar Europe [Member] | |||||
Purchases | $ 213 | $ 0 | $ 958 | $ 635 | |
Percentage | 10.20% | 0% | 11.20% | 7.30% | |
Purchases [Member] | Supplier Concentration Risk [Member] | Garmin [Member] | |||||
Purchases | $ 301 | $ 594 | $ 1,921 | $ 1,821 | |
Percentage | 14.30% | 20.90% | 22.40% | 20.90% | |
Purchases [Member] | Supplier Concentration Risk [Member] | Iridium Satellite [Member] | |||||
Purchases | $ 270 | $ 0 | $ 913 | $ 0 | |
Percentage | 27.20% | 0% | 10.90% | 0% | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | |||||
Percentage | 100% | 100% | |||
Revenue | $ 10,977 | $ 11,710 | |||
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Europe [Member] | |||||
Percentage | 49.90% | 71.70% | 60.90% | 73.70% | |
Revenue | $ 1,430 | $ 2,063 | $ 6,687 | $ 8,617 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | North America [Member] | |||||
Percentage | 18.30% | 20.40% | 23.40% | 18.30% | |
Revenue | $ 523 | $ 586 | $ 2,575 | $ 2,152 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | South America [Member] | |||||
Percentage | 0.80% | 0.30% | 0.60% | 0.40% | |
Revenue | $ 23 | $ 9 | $ 62 | $ 45 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Asia Pacific [Member] | |||||
Percentage | 14.40% | 5.50% | 13.80% | 6.50% | |
Revenue | $ 413 | $ 159 | $ 1,510 | $ 760 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Africa [Member] | |||||
Percentage | 16.60% | 2.10% | 1.30% | 1.10% | |
Revenue | $ 476 | $ 59 | $ 143 | $ 136 | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | All Countries [Member] | |||||
Percentage | 100% | 100% | |||
Revenue | $ 2,865 | $ 2,876 | |||
Reimbursements [Member] | Customer Concentration Risk [Member] | PBM A [Member] | |||||
Percentage | 33% | 31% | |||
Reimbursements [Member] | Customer Concentration Risk [Member] | PBM B [Member] | |||||
Percentage | 21% | 29% | |||
Reimbursements [Member] | Customer Concentration Risk [Member] | PBM C [Member] | |||||
Percentage | 16% | 14% |
Note 21 - Subsequent Events (De
Note 21 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Outfitter Satellite, Inc. [Member] - USD ($) | Apr. 01, 2024 | Mar. 25, 2024 |
Business Combination, Consideration Transferred | $ 760,000 | $ 760,000 |
Payments to Acquire Businesses, Gross | 660,000 | |
Business Combination, Contingent Consideration, Liability | $ 100,000 |
Note 1 - Organization and Nat_4
Note 1 - Organization and Nature of Operations. (Details Textual) | Mar. 31, 2024 | Dec. 31, 2023 |
Progressive Care [Member] | Pharmco 901 [Member] | ||
Subsidiary, Ownership Percentage, Parent | 100% | 100% |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation and Principles of Consolidation (Details Textual) | Jul. 01, 2023 |
Progressive Care [Member] | |
Business Acquisition, Percentage of Voting Interests Acquired | 53% |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 11, 2023 $ / shares shares | Apr. 05, 2023 USD ($) $ / shares shares | Dec. 14, 2022 USD ($) $ / shares shares | Dec. 09, 2022 USD ($) $ / shares shares | Jan. 05, 2022 USD ($) | Jan. 02, 2022 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | |
Placement Agent Fee, Percentage of Gross Proceeds | 6% | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Proceeds from Issuance of Common Stock | $ 6,000,000 | $ 13,832,000 | ||||||||
Cash, FDIC Insured Amount | $ 250,000 | 250,000 | ||||||||
Cash, Uninsured Amount | 1,000,000 | 3,100,000 | ||||||||
Prepaid Expense, Current | 404,000 | 640,000 | 46,000 | |||||||
Prepaid Expense, Noncurrent | 61,000 | 61,000 | 49,000 | |||||||
Contract with Customer, Liability | 140,000 | 42,000 | 36,000 | |||||||
Advertising Expense | 188,000 | 93,000 | ||||||||
Depreciation | $ 203,000 | $ 155,000 | $ 758,000 | $ 465,000 | ||||||
Pharmacy Records and Developed Software [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||||||||
Trade Names and Customer Contracts [Member] | ||||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||||
Closing Rate [Member] | ||||||||||
Foreign Currency Exchange Rate, Translation | 1.28 | 1.23 | 1.27 | 1.21 | ||||||
Yearly Average Rate [Member] | ||||||||||
Foreign Currency Exchange Rate, Translation | 1.27 | 1.22 | 1.24 | 1.24 | ||||||
Maximum [Member] | ||||||||||
Cash, FDIC Insured Amount | $ 250,000 | $ 250,000 | ||||||||
Officer [Member] | ||||||||||
Placement Agent Fee, Percentage of Gross Proceeds | 3% | |||||||||
December 2022 Private Placement [Member] | ||||||||||
Number of Warrants Per Unit (in shares) | shares | 1 | 1 | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.75 | $ 1.75 | ||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | 3 years | ||||||||
December 2022 Private Placement [Member] | Dawson James [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.75 | |||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 549,051 | |||||||||
Legal Fees | $ 100,000 | |||||||||
January 2022 Private Placement [Member] | ||||||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | shares | 2,229,950 | |||||||||
Sale of Stock, Price Per Share (in dollars per share) | $ / shares | $ 3.24 | |||||||||
Stock Issued During Period, Value, New Issues | $ 7,200,000 | $ 7,225,038 | $ 7,005,000 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 3.24 | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 2,229,950 | |||||||||
Proceeds from Issuance of Common Stock | $ 7,000,000 | |||||||||
December 2022 Private Placement [Member] | ||||||||||
Stock Issued During Period, Value, New Issues | $ 7,472,000 | |||||||||
Equity Offering, Units Issued (in shares) | shares | 4,575,429 | 4,575,429 | ||||||||
Number of Shares Per Unit Issued (in shares) | shares | 1 | 1 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.75 | $ 1.75 | ||||||||
Proceeds From Equity Offering | $ 8,000,000 | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | |||||||||
April 2023 Private Placement [Member] | ||||||||||
Stock Issued During Period, Value, New Issues | $ 6,000,000 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.75 | $ 1.75 | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 3,428,571 | 3,428,571 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||
Proceeds from Issuance of Common Stock | $ 6,000,000 |
Note 3 - Summary of Significa_6
Note 3 - Summary of Significant Accounting Policies - Summary of Carrying Amounts of Major Classes of Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets of discontinued operations | $ 0 | $ 0 |
Accounts payables and accrued expenses | 0 | (112) |
Liabilities from discontinued operations | $ 0 | $ (112) |
Note 3 - Summary of Significa_7
Note 3 - Summary of Significant Accounting Policies - Schedule of Estimated Useful Life of Property and Equipment (Details) | Dec. 31, 2023 |
Building [Member] | |
Useful life (Year) | 40 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Useful life (Year) | 4 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Useful life (Year) | 5 years |
Computer Equipment [Member] | Minimum [Member] | |
Useful life (Year) | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Useful life (Year) | 4 years |
Rental Equipment [Member] | |
Useful life (Year) | 4 years |
Vehicles [Member] | Minimum [Member] | |
Useful life (Year) | 3 years |
Vehicles [Member] | Maximum [Member] | |
Useful life (Year) | 5 years |
Appliques [Member] | |
Useful life (Year) | 10 years |
Website Development [Member] | |
Useful life (Year) | 2 years |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | ||||||
Jul. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2024 | May 05, 2023 | Aug. 30, 2022 | ||
Proceeds from Warrant Exercises | $ 184,000 | $ 0 | ||||||
Common Stock, Shares, Outstanding (in shares) | 18,724,596 | 18,724,596 | 14,402,025 | 18,724,596 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 11,352,000 | $ 0 | ||||||
Progressive Care [Member] | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 53% | |||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 26,800,000 | |||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (14,700,000) | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | [1] | $ 0 | ||||||
Common Stock, Shares, Outstanding (in shares) | 7,662,343 | |||||||
Share Price (in dollars per share) | $ 4.45 | |||||||
Business Combination, Warrants and Options Acquired | $ 5,800,000 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 11,400,000 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 23,180,000 | |||||||
Equity Method Investments, Fair Value Disclosure | 16,700,000 | |||||||
Finite-Lived Intangible Assets Acquired | $ 15,700,000 | |||||||
Progressive Care [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Measurement Input | 0.10 | |||||||
Progressive Care [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Measurement Input | 0.11 | |||||||
Progressive Care [Member] | Measurement Input, Long-Term Revenue Growth Rate [Member] | Minimum [Member] | ||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Measurement Input | 0.03 | |||||||
Progressive Care [Member] | Series B Preferred Stock [Member] | ||||||||
Business Acquisition, Shares Acquired (in shares) | 1,500,000 | |||||||
Progressive Care [Member] | Common Stock [Member] | ||||||||
Business Acquisition, Shares Acquired (in shares) | 6,162,343 | |||||||
Progressive Care [Member] | Scenario, Adjustment [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 4,000,000 | 4,000,000 | ||||||
Progressive Care [Member] | ||||||||
Investment Owned, Balance, Shares (in shares) | 402,269 | 455,000 | 3,000 | |||||
Proceeds from Warrant Exercises | $ 506,000 | |||||||
Investment Owned, Balance, Shares From Warrants Exercised (in shares) | 230,000 | |||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 11,352,000 | |||||||
Progressive Care [Member] | Chief Executive Officer [Member] | ||||||||
Investment Owned, Balance, Shares From Warrants Exercised (in shares) | 211,470 | |||||||
Progressive Care [Member] | Board Member [Member] | ||||||||
Investment Owned, Balance, Shares From Warrants Exercised (in shares) | 130,571 | |||||||
[1]Under federal tax law, previously unidentified finite lived intangible assets recognized from a business combination have no tax basis and therefore are not amortized for tax purposes. This tax position created a book/tax basis difference that was previously not recognized at July 1, 2023, the date of the business combination transaction. Therefore, an approximate $4.0 million deferred tax liability measurement period adjustment was recorded at December 31, 2023 as a result of the book/tax basis difference for the finite lived intangible assets. In addition the Company determined that the acquired deferred tax liability could be utilized to offset preexisting deferred tax assets. Therefore, in accordance with ASC 805-740-45-2, the Company released the deferred tax asset valuation allowance as a reduction to goodwill in the amount of approximately $4.0 million during the measurement period. |
Note 4 - Acquisition - Pro Form
Note 4 - Acquisition - Pro Forma Summary (Details) - Progressive Care [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 60,704 | $ 52,312 |
Earnings | $ (15,854) | $ (13,867) |
Note 4 - Acquisition - Summary
Note 4 - Acquisition - Summary of Consideration Transferred in Business Acquisition (Details) - USD ($) $ in Thousands | Jul. 01, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | $ 731 | $ 731 | $ 0 | $ 0 | ||
Progressive Care [Member] | ||||||
Total purchase consideration | $ 16,679 | |||||
Fair value of non-controlling interest | 23,180 | |||||
Total consideration | 39,859 | |||||
Cash | 7,352 | |||||
Accounts receivable, net | 6,478 | |||||
Accounts receivable, other | 506 | |||||
Inventory | 1,631 | |||||
Prepaid expenses | 220 | |||||
Property and equipment, net | 2,883 | |||||
Right of use assets, net | 405 | |||||
Deposits | 39 | |||||
Accounts payable and accrued expenses | (8,231) | |||||
Notes payable and accrued interest - current portion | (149) | |||||
Lease liabilities - current portion | (208) | |||||
Notes payable - long term | (1,173) | |||||
Lease liabilities - long term | (230) | |||||
Deferred tax liability (1) | [1] | 0 | ||||
Net assets acquired | 25,233 | |||||
Goodwill | 14,626 | |||||
Progressive Care [Member] | Trade Names [Member] | ||||||
Finite-Lived Intangibles | 4,700 | |||||
Progressive Care [Member] | Developed Technology Rights [Member] | ||||||
Finite-Lived Intangibles | 2,880 | |||||
Progressive Care [Member] | Pharmacy Records [Member] | ||||||
Finite-Lived Intangibles | $ 8,130 | |||||
[1]Under federal tax law, previously unidentified finite lived intangible assets recognized from a business combination have no tax basis and therefore are not amortized for tax purposes. This tax position created a book/tax basis difference that was previously not recognized at July 1, 2023, the date of the business combination transaction. Therefore, an approximate $4.0 million deferred tax liability measurement period adjustment was recorded at December 31, 2023 as a result of the book/tax basis difference for the finite lived intangible assets. In addition the Company determined that the acquired deferred tax liability could be utilized to offset preexisting deferred tax assets. Therefore, in accordance with ASC 805-740-45-2, the Company released the deferred tax asset valuation allowance as a reduction to goodwill in the amount of approximately $4.0 million during the measurement period. |
Note 6 - Revenue - Disaggregati
Note 6 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 17,493 | $ 2,876 | $ 37,756 | $ 11,710 |
E-Commerce Revenue [Member] | ||||
Revenue | 17,493 | 10,977 | 11,710 | |
Healthcare Operations [Member] | ||||
Revenue | 2,876 | 26,779 | 0 | |
Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 11,324 | 0 | 21,412 | 0 |
Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | E-Commerce Revenue [Member] | ||||
Revenue | 11,324 | 0 | 0 | |
Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | Healthcare Operations [Member] | ||||
Revenue | 0 | 21,412 | 0 | |
E-Commerce [Member] | ||||
Revenue | 10,977 | 11,710 | ||
E-Commerce [Member] | E-Commerce Revenue [Member] | ||||
Revenue | 2,865 | 10,977 | 11,710 | |
E-Commerce [Member] | Healthcare Operations [Member] | ||||
Revenue | 2,876 | 0 | 0 | |
Pharmacy Prescription, Other Revenue and E-Commerce [Member] | ||||
Revenue | 32,389 | 11,710 | ||
Pharmacy Prescription, Other Revenue and E-Commerce [Member] | E-Commerce Revenue [Member] | ||||
Revenue | 14,189 | 10,977 | 11,710 | |
Pharmacy Prescription, Other Revenue and E-Commerce [Member] | Healthcare Operations [Member] | ||||
Revenue | 2,876 | 21,412 | 0 | |
Pharmacy 340B Contract [Member] | ||||
Revenue | 3,304 | 0 | 5,367 | 0 |
Pharmacy 340B Contract [Member] | E-Commerce Revenue [Member] | ||||
Revenue | $ 3,304 | 0 | 0 | |
Pharmacy 340B Contract [Member] | Healthcare Operations [Member] | ||||
Revenue | $ 0 | $ 5,367 | $ 0 |
Note 7 - Earnings (Loss) Per _3
Note 7 - Earnings (Loss) Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net loss attributable to NextPlat Corp common shareholders | $ (1,481) | $ (1,187) | $ (3,778) | $ (9,161) |
Basic weighted average common shares outstanding (in shares) | 18,725 | 14,415 | 17,494 | 9,592 |
Potentially dilutive common shares (in shares) | 0 | 0 | 0 | 0 |
Diluted weighted average common shares outstanding (in shares) | 18,725 | 14,415 | 17,494 | 9,592 |
Weighted average loss per common share - basic and diluted (in dollars per share) | $ (0.08) | $ (0.08) | $ (0.22) | $ (0.96) |
Diluted weighted average earnings (loss) per common share (in dollars per share) | $ (0.22) | $ (0.96) | ||
Antidilutive securities (in shares) | 105 | 100 | 811 | 1,668 |
Share-Based Payment Arrangement, Option [Member] | ||||
Antidilutive securities (in shares) | 105 | 100 | 136 | 265 |
Warrant [Member] | ||||
Antidilutive securities (in shares) | 675 | 1,403 |
Note 8 - Accounts Receivable (D
Note 8 - Accounts Receivable (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 2,000 | $ 0 | $ 47,000 | $ 0 |
Note 8 - Accounts Receivable -
Note 8 - Accounts Receivable - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Gross accounts receivable – trade | $ 13,202 | $ 9,195 | $ 384 | ||
Less: allowance for doubtful accounts | (274) | (272) | 0 | ||
Accounts receivable – trade, net | $ 12,928 | $ 8,923 | $ 1,000 | $ 400 | $ 384 |
Note 9 - Accounts Receivable _3
Note 9 - Accounts Receivable - Other, net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts Receivables, Other | $ 1,846 | $ 0 |
Performance Bonuses [Member] | ||
Accounts Receivables, Other | 1,602 | 0 |
Customers [Member] | ||
Accounts Receivables, Other | 192 | 0 |
Other [Member] | ||
Accounts Receivables, Other | $ 52 | $ 0 |
Note 10 - Inventory - Summary o
Note 10 - Inventory - Summary of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Finished goods | $ 5,670 | $ 5,195 | $ 1,287 |
Less reserve for obsolete inventory | (60) | (60) | 0 |
Total | $ 5,610 | $ 5,135 | $ 1,287 |
Note 11 - VAT Receivable (Detai
Note 11 - VAT Receivable (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Value Added Tax Receivable, Current | $ 357,000 | $ 342,000 | $ 433,000 |
Note 12 - Prepaid Expenses (Det
Note 12 - Prepaid Expenses (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense, Current | $ 404,000 | $ 640,000 | $ 46,000 |
Prepaid Expense, Noncurrent | $ 61,000 | $ 61,000 | $ 49,000 |
Note 13 - Property and Equipm_3
Note 13 - Property and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 203,000 | $ 155,000 | $ 758,000 | $ 465,000 |
Note 13 - Property and Equipm_4
Note 13 - Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Property and equipment gross | $ 6,546 | $ 6,492 | $ 3,111 |
Less: accumulated depreciation | (2,700) | (2,503) | (1,865) |
Property and equipment, net | 3,846 | 3,989 | 1,246 |
Building [Member] | |||
Property and equipment gross | 2,116 | 2,116 | 0 |
Vehicles [Member] | |||
Property and equipment gross | 585 | 595 | 0 |
Furniture and Fixtures [Member] | |||
Property and equipment gross | 543 | 527 | 128 |
Land [Member] | |||
Property and equipment gross | 184 | 184 | 0 |
Leasehold Improvements [Member] | |||
Property and equipment gross | 167 | 124 | 48 |
Computer Equipment [Member] | |||
Property and equipment gross | 117 | 117 | 72 |
Rental Equipment [Member] | |||
Property and equipment gross | 63 | 60 | 38 |
Appliques [Member] | |||
Property and equipment gross | 2,160 | 2,160 | 2,160 |
Website Development [Member] | |||
Property and equipment gross | 611 | 587 | 665 |
Construction in Progress [Member] | |||
Property and equipment gross | $ 0 | $ 22 | $ 0 |
Note 14 - Goodwill and Intang_3
Note 14 - Goodwill and Intangible Assets, Net (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill, Impairment Loss | $ 13,895,000 | $ 0 | ||
Amortization of Intangible Assets | $ 698,000 | $ 6,000 | 1,337,000 | $ 25,000 |
Pharmacy Operations [Member] | ||||
Goodwill, Impairment Loss | $ 13,900,000 |
Note 14 - Goodwill and Intang_4
Note 14 - Goodwill and Intangible Assets, Net - Schedule of Goodwill Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2024 | Dec. 31, 2021 | |
Goodwill | $ 14,626 | $ 0 | $ 0 | |
Accumulated impairment losses | (13,895) | 0 | 0 | |
Goodwill, net as of December 31, 2021 | 731 | 0 | $ 731 | 0 |
Goodwill acquired | 14,626 | 0 | ||
Impairment losses | (13,895) | 0 | ||
Goodwill Impairment [Member] | ||||
Impairment losses | (13,895) | |||
E-Commerce Operations [Member] | ||||
Goodwill | 0 | 0 | 0 | |
Accumulated impairment losses | 0 | 0 | 0 | |
Goodwill, net as of December 31, 2021 | 0 | 0 | 0 | |
Goodwill acquired | 0 | 0 | ||
Impairment losses | 0 | |||
E-Commerce Operations [Member] | Goodwill Impairment [Member] | ||||
Impairment losses | 0 | |||
Healthcare Operations [Member] | ||||
Goodwill | 14,626 | 0 | 0 | |
Accumulated impairment losses | (13,895) | 0 | 0 | |
Goodwill, net as of December 31, 2021 | 731 | 0 | $ 0 | |
Goodwill acquired | 14,626 | 0 | ||
Impairment losses | $ 0 | |||
Healthcare Operations [Member] | Goodwill Impairment [Member] | ||||
Impairment losses | $ (13,895) |
Note 14 - Goodwill and Intang_5
Note 14 - Goodwill and Intangible Assets, Net - Summary of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Gross | $ 15,960 | $ 15,960 | $ 250 |
Finite Lived Intangible Assets, Accumulated Amortization | (2,235) | (1,537) | (200) |
Finite Lived Intangible Assets, Net | 13,725 | 14,423 | 50 |
Pharmacy Records [Member] | |||
Finite-Lived Intangible Assets, Gross | 8,130 | 8,130 | 0 |
Finite Lived Intangible Assets, Accumulated Amortization | (1,219) | (807) | 0 |
Finite Lived Intangible Assets, Net | 6,911 | 7,323 | 0 |
Trade Names [Member] | |||
Finite-Lived Intangible Assets, Gross | 4,700 | 4,700 | 0 |
Finite Lived Intangible Assets, Accumulated Amortization | (353) | (224) | 0 |
Finite Lived Intangible Assets, Net | 4,347 | 4,476 | 0 |
Computer Software, Intangible Asset [Member] | |||
Finite-Lived Intangible Assets, Gross | 2,880 | 2,880 | 0 |
Finite Lived Intangible Assets, Accumulated Amortization | (432) | (281) | 0 |
Finite Lived Intangible Assets, Net | 2,448 | 2,599 | 0 |
Customer Contracts [Member] | |||
Finite-Lived Intangible Assets, Gross | 250 | 250 | 250 |
Finite Lived Intangible Assets, Accumulated Amortization | (231) | (225) | (200) |
Finite Lived Intangible Assets, Net | $ 19 | $ 25 | $ 50 |
Note 14 - Goodwill and Intang_6
Note 14 - Goodwill and Intangible Assets, Net - Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 2,672 | $ 2,721 | |
2025 | 2,672 | 2,672 | |
2026 | 2,672 | 2,672 | |
2027 | 1,571 | 2,672 | |
2028 | 1,571 | ||
Thereafter | 2,115 | ||
Total | $ 13,725 | $ 14,423 | $ 50 |
Note 15 - Equity Method Inves_3
Note 15 - Equity Method Investment (Details Textual) $ / shares in Units, $ in Thousands | May 09, 2023 shares | May 05, 2023 USD ($) $ / shares shares | Dec. 29, 2022 shares | May 28, 2021 | Mar. 31, 2024 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Jul. 01, 2023 shares | Dec. 31, 2022 $ / shares shares | Sep. 02, 2022 USD ($) | Aug. 30, 2022 USD ($) $ / shares shares |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||
Common Stock, Shares Authorized (in shares) | shares | 50,000,000 | 50,000,000 | 50,000,000 | |||||||
Long-Term Debt | $ | $ 1,398 | $ 1,523 | ||||||||
Reverse Stock Split [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 | |||||||||
Progressive Care [Member] | ||||||||||
Common Stock, Shares Authorized (in shares) | shares | 100,000,000 | |||||||||
Progressive Care [Member] | Reverse Stock Split [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 200 | |||||||||
NextPlat Corp [Member] | Progressive Care [Member] | Debt Converted to Common Stock [Member] | ||||||||||
Debt Conversion, Original Debt, Amount | $ | $ 2,900 | |||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 2.2 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 570,599 | 570,599 | ||||||||
NextPlat Corp [Member] | Debt Conversion Agreement [Member] | Progressive Care [Member] | ||||||||||
Debt Instrument, Face Amount | $ | $ 2,800 | |||||||||
NextPlat Corp [Member] | Amendment [Member] | Progressive Care [Member] | ||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 2.2 | |||||||||
Debt Instrument, Term (Year) | 3 years | |||||||||
Maximum Secured Convertible Debentures Purchased According to Agreement | $ | $ 10,000 | |||||||||
Long-Term Debt | $ | $ 0 | |||||||||
Progressive Care [Member] | ||||||||||
Investment Owned, Cost | $ | $ 1,000 | $ 8,300 | ||||||||
Investment Owned, Balance, Shares (in shares) | shares | 455,000 | 402,269 | 3,000 | |||||||
Investment Owned, Fair Value | $ | $ 6,000 | |||||||||
Unit, Number of Preferred Stock | 1 | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | |||||||||
Investment Owned, Price Per Share (in dollars per share) | 2.2 | |||||||||
Progressive Care [Member] | Confidential Purchase And Release Agreement [Member] | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 4 | |||||||||
Progressive Care [Member] | NextPlat Corp [Member] | Debt Conversion Agreement [Member] | ||||||||||
Debt Instrument, Face Amount | $ | $ 2,800 | |||||||||
Progressive Care [Member] | RXMD Warrants [Member] | ||||||||||
Unit, Number of Warrants | 1 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2,000 | |||||||||
Progressive Care [Member] | PIPE Warrant [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.2 | |||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | |||||||||
Progressive Care [Member] | Conversion Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.2 | |||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | |||||||||
Progressive Care [Member] | Series B Preferred Stock [Member] | ||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | 0.001 | |||||||||
Convertible Preferred Stock, Stated Value (in dollars per share) | $ 2,000 | |||||||||
Preferred Stock, Votes Per Share | 500 | |||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 4 |
Note 15 - Equity Method Inves_4
Note 15 - Equity Method Investment - Summary of Equity Method Investment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 11,352 | $ 0 | |||
Equity in net loss of affiliate | $ (220) | $ 0 | (8,629) | 0 | |
Progressive Care [Member] | |||||
December 31, 2022, beginning balance | $ 0 | $ 5,261 | 5,261 | ||
Investment in Progressive Care Inc. and Subsidiaries | 1,506 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | 11,352 | ||||
Portion of loss from Progressive Care, Inc. and Subsidiaries | (1,604) | ||||
Depreciation expense due to cost basis difference (1) | [1] | (49) | |||
Interest earned from convertible note receivable | 21 | ||||
Interest earned from amortization of premium on convertible note receivable | 199 | ||||
Elimination of intercompany interest earned | (7) | ||||
Change in accounting method as of July 1, 2023 | (16,679) | ||||
December 31, 2023, carrying amount | 0 | $ 5,261 | |||
Equity in net loss of affiliate | $ (1,440) | ||||
[1]NextPlat records depreciation expense on its estimated cost basis difference which is subject to change. |
Note 16 - Accounts Payable an_3
Note 16 - Accounts Payable and Accrued Expenses - Summary of Accounts Payable and Accrued Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts payable | $ 13,978 | $ 12,142 | $ 1,200 |
Accrued wages and payroll liabilities | 378 | 200 | 23 |
Accrued PBM fees | 366 | 571 | 0 |
Customer deposits payable | 54 | 76 | 86 |
Accrued legal fees | 0 | 85 | |
Pre-merger accrued other liabilities | 0 | 88 | |
Accrued other liabilities | 117 | 187 | 41 |
Total | $ 14,893 | $ 13,176 | $ 1,523 |
Note 17 - Notes Payable (Detail
Note 17 - Notes Payable (Details Textual) | 1 Months Ended | 12 Months Ended | |||||||
Jul. 16, 2020 GBP (£) | Sep. 30, 2022 USD ($) | Jul. 31, 2022 USD ($) | Apr. 30, 2021 USD ($) | Dec. 31, 2018 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jul. 16, 2020 USD ($) | Jul. 16, 2020 GBP (£) | |
Long-Term Debt | $ 1,398,000 | $ 1,523,000 | |||||||
Collateralized Promissory Note [Member] | Progressive Care [Member] | |||||||||
Debt Instrument, Face Amount | $ 1,530,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||||||||
Debt Instrument, Number of Payments | 119 | ||||||||
Debt Instrument, Periodic Payment | $ 11,901 | ||||||||
Coronavirus Loans [Member] | HSBC UK Bank PLC [Member] | |||||||||
Debt Instrument, Face Amount | $ 338,343 | £ 250,000 | |||||||
Foreign Currency Exchange Rate, Translation | 1.353372 | 1.353372 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 4% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.10% | 0.10% | |||||||
Debt Instrument, Term (Year) | 6 years | ||||||||
Debt Instrument, Periodic Payment, Principal | £ | £ 4,166.67 | ||||||||
Debt Instrument, Prepayment Limit, Percentage of Balance of Debenture | 10% | 10% | |||||||
Long-Term Debt | 165,000 | ||||||||
Coronavirus Loans [Member] | HSBC UK Bank PLC [Member] | Base Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 4% | ||||||||
Note Obligation for Pharmacy Equipment [Member] | Progressive Care [Member] | |||||||||
Debt Instrument, Face Amount | $ 30,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.90% | ||||||||
Debt Instrument, Number of Payments | 46 | ||||||||
Debt Instrument, Periodic Payment | $ 331 | ||||||||
Long-Term Debt | 5,000 | 6,500 | |||||||
Amended Note Obligation to Purchase Pharmacy Equipment [Member] | Progressive Care [Member] | |||||||||
Long-Term Debt | 6,000 | ||||||||
Note Obligation to Purchase Pharmacy Equipment [Member] | Progressive Care [Member] | |||||||||
Debt Instrument, Face Amount | $ 90,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.78% | ||||||||
Debt Instrument, Number of Payments | 60 | ||||||||
Debt Instrument, Periodic Payment | $ 1,859 | ||||||||
Long-Term Debt | 70,000 | 74,000 | |||||||
Note Obligation for Vehicles [Member] | Progressive Care [Member] | |||||||||
Debt Instrument, Face Amount | $ 25,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.29% | ||||||||
Debt Instrument, Number of Payments | 24 | ||||||||
Debt Instrument, Periodic Payment | $ 1,143 | ||||||||
Long-Term Debt | $ 7,000 | $ 10,000 |
Note 17 - Notes Payable - Sched
Note 17 - Notes Payable - Schedule of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Note payable | $ 1,398 | $ 1,523 | $ 216 |
Less: current portion of notes payable | (233) | (312) | (60) |
Long-term portion of notes payable | 1,165 | 1,211 | 156 |
Mortgage Note Payable Commercial Bank Collateralized [Member] | |||
Note payable | 1,118 | 1,140 | 0 |
Note Payable Uncollateralized [Member] | |||
Note payable | 25 | 25 | 0 |
Note Payable Collateralized [Member] | |||
Note payable | 229 | 255 | 216 |
Insurance Premium Financing [Member] | |||
Note payable | $ 26 | $ 103 | $ 0 |
Note 17 - Notes Payable - Sch_2
Note 17 - Notes Payable - Schedule of Future Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
2025 | $ 215 | $ 312 |
2026 | 119 | 215 |
2027 | 124 | 119 |
2028 | 753 | 124 |
2028 | 753 | |
Thereafter | 0 | |
Total | $ 1,398 | $ 1,523 |
Note 18 - Equity (Details Textu
Note 18 - Equity (Details Textual) | 12 Months Ended | ||||||||||
Apr. 11, 2023 USD ($) $ / shares shares | Apr. 05, 2023 USD ($) $ / shares shares | Dec. 14, 2022 USD ($) $ / shares shares | Dec. 09, 2022 $ / shares shares | Jan. 05, 2022 USD ($) | Jan. 02, 2022 USD ($) $ / shares shares | May 28, 2021 | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2024 $ / shares shares | Dec. 31, 2021 USD ($) | |
Preferred Stock, Shares Authorized (in shares) | shares | 3,333,333 | 3,333,333 | 3,333,333 | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Preferred Stock, Shares Outstanding (in shares) | shares | 0 | 0 | |||||||||
Common Stock, Shares Authorized (in shares) | shares | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Common Stock, Shares, Issued (in shares) | shares | 18,724,596 | 14,402,025 | 18,724,596 | ||||||||
Payments of Stock Issuance Costs | $ | $ 0 | $ 754,000 | |||||||||
Proceeds from Issuance of Common Stock | $ | 6,000,000 | 13,832,000 | |||||||||
December 2022 Private Placement [Member] | |||||||||||
Number of Warrants Per Unit (in shares) | shares | 1 | 1 | |||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.75 | $ 1.75 | |||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | 3 years | |||||||||
December 2022 Private Placement [Member] | Dawson James [Member] | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.75 | ||||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 549,051 | ||||||||||
April 2023 Private Placement [Member] | |||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 3,428,571 | 3,428,571 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.75 | $ 1.75 | |||||||||
Proceeds from Issuance of Private Placement | $ | $ 6,000,000 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 6,000,000 | ||||||||||
Proceeds from Issuance of Common Stock | $ | $ 6,000,000 | ||||||||||
December 2022 Private Placement [Member] | |||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.75 | $ 1.75 | |||||||||
Equity Offering, Units Issued (in shares) | shares | 4,575,429 | 4,575,429 | |||||||||
Number of Shares Per Unit Issued (in shares) | shares | 1 | 1 | |||||||||
Proceeds From Equity Offering | $ | $ 8,000,000 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | 7,472,000 | ||||||||||
December 2022 Private Placement [Member] | Dawson James [Member] | |||||||||||
Placement Agent Fee, Percent | 6% | ||||||||||
December 2022 Private Placement [Member] | Placement Agency Agreement [Member] | |||||||||||
Placement Agent Fee, Percent | 3% | ||||||||||
January 2022 Private Placement [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 2,229,950 | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 3.24 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 7,200,000 | $ 7,225,038 | $ 7,005,000 | ||||||||
Payments of Stock Issuance Costs | $ | 220,000 | ||||||||||
Proceeds from Issuance of Common Stock | $ | $ 7,000,000 | ||||||||||
Stock Subscription Payable, Current | $ | $ 1,400,000 | ||||||||||
Percentage of Funds Raised on Offering | 73% | ||||||||||
Reverse Stock Split [Member] | |||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 5 |
Note 19 - Warrants (Details Tex
Note 19 - Warrants (Details Textual) - $ / shares | 12 Months Ended | ||||
Dec. 09, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 14, 2022 | Dec. 31, 2021 | |
Class of Warrant or Right, Outstanding (in shares) | 7,569,572 | 7,654,572 | 2,530,092 | ||
The Underwriter Warrants [Member] | |||||
Class of Warrant or Right, Outstanding (in shares) | 144,000 | 144,000 | |||
The Underwriter Warrants [Member] | Maxim Group LLC [Member] | |||||
Class of Warrant or Right, Issued During Period (in shares) | 144,000 | ||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 5.5 | ||||
Public Offering Price Percentage | 110% | ||||
December Offering Warrants [Member] | |||||
Class of Warrant or Right, Issued During Period (in shares) | 4,575,429 | ||||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||
Class of Warrant or Right, Issued During Period, Price Per Warrant (in dollars per share) | $ 1.75 | ||||
December 2022 Private Placement [Member] | |||||
Warrants and Rights Outstanding, Term (Year) | 3 years | 3 years | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.75 | $ 1.75 | |||
December 2022 Private Placement [Member] | Dawson James [Member] | |||||
Warrants and Rights Outstanding, Term (Year) | 3 years | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 1.75 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 549,051 | ||||
Placement Agent Warrants [Member] | |||||
Class of Warrant or Right, Outstanding (in shares) | 549,051 | 549,051 | |||
Stock Based Compensation Warrants [Member] | |||||
Class of Warrant or Right, Issued During Period (in shares) | 20,000 | 0 | |||
Class of Warrant or Right, Issued During Period, Price Per Warrant (in dollars per share) | $ 1.6 | ||||
Share Price (in dollars per share) | $ 1.6 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 507% | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 3 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.47% | ||||
Registered Warrants [Member] | |||||
Class of Warrant or Right, Outstanding (in shares) | 2,386,092 | 2,386,092 |
Note 19 - Warrants - Schedule o
Note 19 - Warrants - Schedule of Outstanding Warrants (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, number of warrants (in shares) | 7,654,572 | 2,530,092 |
Granted, number of warrants (in shares) | 20,000 | 5,124,480 |
Granted, weighted average exercise price (in dollars per share) | $ 1.75 | |
Granted, weighted average remaining term (Year) | 3 years 18 days | |
Exercised, number of warrants (in shares) | (105,000) | 0 |
Cancelled, number of warrants (in shares) | 0 | |
Exercised (in dollars per share) | $ 1.75 | |
Balance, number of warrants (in shares) | 7,569,572 | 7,654,572 |
Weighted Average [Member] | ||
Balance, weighted average exercise price (in dollars per share) | $ 2.83 | $ 5 |
Balance, weighted average remaining term (Year) | 3 years 1 month 24 days | 4 years 5 months 1 day |
Granted, weighted average exercise price (in dollars per share) | $ 1.65 | |
Granted, weighted average remaining term (Year) | 3 years | |
Balance, weighted average exercise price (in dollars per share) | $ 2.85 | $ 2.83 |
Balance, weighted average remaining term (Year) | 2 years 1 month 24 days | 3 years 1 month 24 days |
Note 20 - Stock-based Compens_3
Note 20 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement, Expense | $ 0.6 | $ 0.2 | $ 5.4 | $ 3 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1.1 | $ 2.3 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months 29 days | 1 year 4 months 24 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 4.4 | $ 6.1 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 395,000 | 190,000 | ||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1.4 | $ 1.4 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 10 months 17 days | 3 years 8 months 23 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 2.66% | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 4.39% | |||
Minimum [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share) | $ 1.98 | $ 1.1 | ||
Share Price (in dollars per share) | $ 1.98 | $ 1.71 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 502% | 75% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 2 years | 5 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 3.31% | |||
Maximum [Member] | Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price (in dollars per share) | $ 2.64 | $ 1.92 | ||
Share Price (in dollars per share) | $ 2.64 | $ 2.2 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 504% | 100% | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year) | 5 years | 10 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 3.71% |
Note 20 - Stock-based Compens_4
Note 20 - Stock-based Compensation - Restricted Stock (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding (in shares) | 460,000 | 867,500 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 4.33 | $ 4.32 | $ 4.2 |
Granted (in shares) | 559,000 | 136,000 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 1.65 | $ 2.72 | |
Vested (in shares) | (794,000) | (543,500) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 2.42 | $ 3.78 | |
Forfeited (in shares) | 0 | 0 | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | |
Outstanding (in shares) | 225,000 | 460,000 |
Note 20 - Stock-based Compens_5
Note 20 - Stock-based Compensation - Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance (in shares) | 2,119,701 | 2,179,892 | |
Balance, weighted average exercise price (in dollars per share) | $ 4.16 | $ 4.54 | |
Balance at January 1, 2022 (in dollars per share) | $ 2.25 | $ 2.44 | |
Balance at January 1, 2022 (Year) | 4 years 3 months 3 days | 5 years 2 months 23 days | 5 years 11 months 4 days |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 395,000 | 190,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 2.37 | $ 1.92 | |
Granted (in dollars per share) | $ 2.37 | $ 1.43 | |
Granted (Year) | 4 years 21 days | 6 years 10 months 6 days | |
Exercised (in shares) | 0 | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | |
Cancelled (in shares) | (266,284) | (250,000) | |
Cancelled, weighted average exercise price (in dollars per share) | $ 5.88 | $ 5.35 | |
Expired (in shares) | (3,084) | (191) | |
Expired, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | |
Balance (in shares) | 2,245,333 | 2,119,701 | 2,179,892 |
Balance, weighted average exercise price (in dollars per share) | $ 3.63 | $ 4.16 | $ 4.54 |
Balance outstanding at December 31, 2022 (in dollars per share) | 2.88 | $ 2.25 | $ 2.44 |
Options exercisable (in shares) | 1,259,701 | ||
Options exercisable at December 31, 2022 (in dollars per share) | 3.31 | $ 3.51 | |
Options exercisable at December 31, 2022 (in dollars per share) | $ 2.86 | $ 1.68 | |
Options exercisable at December 31, 2022 (Year) | 4 years 7 months 17 days | 6 years 3 months | |
Exercised (in shares) | 0 | 0 | |
Options exercisable at December 31, 2023 (in shares) | 1,771,997 |
Note 21 - Income Taxes (Details
Note 21 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards | $ 17,800,000 | $ 14,800,000 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 2,200,000 | |
Operating Loss Carryforwards, Subject to Expiration | 2,900,000 | |
Operating Loss Carryforwards, Not Subject to Expiration | 14,900,000 | |
Unrecognized Tax Benefits | 0 | 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | 0 |
Domestic Tax Jurisdiction [Member] | ||
Open Tax Year | 2020 2021 2022 2023 | |
Foreign Tax Jurisdiction [Member] | ||
Open Tax Year | 2019 2020 2021 2022 2023 | |
Progressive Care [Member] | ||
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Goodwill | $ 4,000,000 | |
Progressive Care [Member] | ||
Estimated Tax Liability | 0 | |
Operating Loss Carryforwards | 14,100,000 | 14,400,000 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,700,000 | |
Operating Loss Carryforwards, Subject to Expiration | 2,800,000 | |
Operating Loss Carryforwards, Not Subject to Expiration | 11,000,000 | |
G T C [Member] | ||
Estimated Tax Liability | $ 60,000 | $ 87,000 |
Note 21 - Income Taxes - Summar
Note 21 - Income Taxes - Summary of Components of Earnings Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Domestic | $ (12,672) | $ (9,436) |
Foreign | 293 | 362 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (12,379) | $ (9,074) |
Note 21 - Income Taxes - Summ_2
Note 21 - Income Taxes - Summary of Components of Income Tax Provision (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Federal | $ (11) | $ 0 | ||
State | 0 | 0 | ||
Foreign | 39 | 87 | ||
Total current | 28 | 87 | ||
Federal | 0 | 0 | ||
State | 0 | 0 | ||
Foreign | 0 | 0 | ||
Total deferred | 0 | 0 | ||
Income tax (benefit) provision | $ 27 | $ 0 | $ 28 | $ 87 |
Note 21 - Income Taxes - Summ_3
Note 21 - Income Taxes - Summary of Effective Tax Rate and Statutory Federal Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Federal income tax (benefit) provision at statutory rate | $ (2,655) | $ (1,984) | ||
State tax expense net of federal tax benefit | 0 | (411) | ||
State tax expense federal impact | 0 | 45 | ||
Provision true-up adjustments | (488) | 0 | ||
State rate change adjustment | 0 | (214) | ||
Foreign taxes at rate different than US Taxes | 60 | 87 | ||
Net operating loss deduction | (310) | 0 | ||
Permanent differences | (22) | 0 | ||
Other true-ups | 99 | 106 | ||
Change in valuation allowance | 3,344 | 2,458 | ||
Income tax (benefit) provision | $ 27 | $ 0 | $ 28 | $ 87 |
Note 21 - Income Taxes - Schedu
Note 21 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Net operating loss carryforward | $ 8,016 | $ 3,658 |
Property plant and equipment and intangibles asset | 327 | 130 |
Equity method investment loss | 806 | 441 |
Other tax carry-overs | 613 | 0 |
Reserves and allowances | 85 | 0 |
Stock-based compensation | 3,861 | 1,949 |
Total deferred tax assets | 13,708 | 6,178 |
Book basis of intangible assets in excess of tax basis | 3,650 | 0 |
Total deferred tax liabilities | 3,650 | 0 |
Net deferred tax asset before valuation allowance | 10,058 | 6,178 |
Less: valuation allowance | (10,058) | (6,178) |
Net deferred tax asset | $ 0 | $ 0 |
Note 22 - Leases (Details Textu
Note 22 - Leases (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 02, 2021 USD ($) ft² | May 31, 2018 USD ($) | Jun. 30, 2023 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | Aug. 31, 2020 USD ($) | May 31, 2018 USD ($) | Mar. 31, 2024 USD ($) ft² | Mar. 31, 2024 GBP (£) ft² | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) ft² | Dec. 31, 2023 GBP (£) | Dec. 31, 2022 USD ($) | |
Finance Lease, Liability | $ 23,000 | $ 0 | |||||||||||
Annual Rent | $ 186,000 | ||||||||||||
Operating Lease, Impairment Loss | $ 132,000 | $ 0 | $ 0 | $ 0 | |||||||||
Office Space in Florida [Member] | |||||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 62 months | ||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 4,141 | ||||||||||||
Annual Rent | $ 186,345 | ||||||||||||
Annual Lease Increase, Percentage | 3% | ||||||||||||
Facilities in Poole, England [Member] | |||||||||||||
Area of Real Estate Property (Square Foot) | ft² | 2,660 | 2,660 | 2,660 | ||||||||||
Annual Rent | $ 37,107 | £ 30,000 | $ 37,100 | £ 30,000 | |||||||||
Foreign Currency Exchange Rate, Translation | 1.24 | 1.24 | 1.24 | ||||||||||
Lessee, Operating Lease, Renewal Term (Month) | 12 months | 12 months | 12 months | ||||||||||
Aircraft Lease [Member] | |||||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 36 months | ||||||||||||
Annual Lease Increase, Percentage | 3% | ||||||||||||
Operating Lease, Monthly Payment | $ 200,650 | ||||||||||||
Progressive Care [Member] | Finance Obligation for Pharmacy Equipment [Member] | |||||||||||||
Finance Lease, Liability | $ 115,000 | $ 115,000 | |||||||||||
Finance Lease, Monthly Payment | $ 1,678 | $ 1,700 | |||||||||||
Lessee, Finance Lease, Term of Contract (Month) | 84 months | 84 months | |||||||||||
Lessee, Finance Lease, Interest Rate | 6% | 6% | |||||||||||
Progressive Care [Member] | Computer Servers [Member] | |||||||||||||
Finance Lease, Liability | $ 51,000 | ||||||||||||
Finance Lease, Monthly Payment | $ 1,400 | ||||||||||||
Lessee, Finance Lease, Term of Contract (Month) | 36 months | ||||||||||||
Progressive Care [Member] | Orlando Pharmacy [Member] | |||||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 66 months | ||||||||||||
Operating Lease, Monthly Payment | $ 4,310 | ||||||||||||
Progressive Care [Member] | North Miami Beach Pharmacy [Member] | |||||||||||||
Lessee, Operating Lease, Term of Contract (Month) | 60 months | ||||||||||||
Operating Lease, Monthly Payment | $ 5,237 |
Note 22 - Leases - Schedule of
Note 22 - Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fixed rent expense | $ 427 | $ 101 | ||
Variable rent expense | 111 | 0 | ||
Amortization of right-of-use assets - finance leases | $ 5 | $ 0 | 15 | 0 |
Finance Lease, Interest Expense | 1 | 0 | ||
Total Lease Costs | $ 554 | $ 101 |
Note 22 - Leases - Schedule o_2
Note 22 - Leases - Schedule of Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating cash flows from operating leases | $ 464 | $ 101 | ||
Financing cash flows from finance leases | $ 5 | $ 0 | 15 | 0 |
Total cash paid for lease liabilities | $ 479 | $ 101 |
Note 22 - Leases - Schedule o_3
Note 22 - Leases - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets, net | $ 1,303 | $ 1,566 | $ 855 |
Current portion, operating lease liability | 532 | 532 | 209 |
Long-term portion, operating lease liability | 853 | 929 | 650 |
Operating Lease, Liability | $ 1,461 | $ 859 | |
Weighted average remaining lease term (years), operating lease (Year) | 2 years 11 months 15 days | 5 years 6 months | |
Weighted average discount rate, operating lease | 4.65% | 3.75% | |
Finance lease right-of-use assets, net | 18 | $ 22 | $ 0 |
Current portion, Finance Lease Liability | 20 | 18 | 0 |
Long-term portion of lease liabilities, finance lease | $ 0 | 5 | 0 |
Finance Lease, Liability | $ 23 | $ 0 | |
Weighted average remaining lease term (years), Finance Leases (Year) | 1 year 3 months | ||
Weighted average discount rate, Finance Leases | 6% | 0% | |
Operating Lease Right-of-use Assets, Net [Member] | |||
Operating lease right-of-use assets, net | $ 1,566 | $ 855 |
Note 22 - Leases - Schedule o_4
Note 22 - Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
2024, finance lease | $ 19 | ||
2024, operating lease | 582 | ||
2024, total leases | 601 | ||
2025, finance lease | 5 | ||
2025, operating lease | 580 | ||
2025, total leases | 585 | ||
2026, finance lease | 0 | ||
2026, operating lease | 262 | ||
2026, total leases | 262 | ||
2027, finance lease | 0 | ||
2027, operating lease | 121 | ||
2027, total leases | 121 | ||
Total lease payments to be paid, finance lease | 24 | ||
Total lease payments to be paid, operating lease | 1,545 | ||
Total lease payments to be paid, total leases | 1,569 | ||
Less: future interest expense | (1) | ||
Less: future interest expense | (84) | ||
Less: future interest expense, total leases | (85) | ||
Lease liabilities, finance lease | 23 | $ 0 | |
Lease liabilities, operating lease | 1,461 | 859 | |
Lease liabilities, total leases | 1,484 | ||
Less: current maturities, finance lease | $ (20) | (18) | 0 |
Less: current maturities, operating lease | (532) | (532) | (209) |
Less: current maturities, total leases | (550) | ||
Long-term portion of lease liabilities, finance lease | 0 | 5 | 0 |
Long-term portion of lease liabilities, operating lease | $ 853 | 929 | $ 650 |
Long-term portion of lease liabilities, total leases | $ 934 |
Note 23 - Reportable Segments_2
Note 23 - Reportable Segments (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Reportable Segments | 2 | 2 | ||
Payments to Acquire Property, Plant, and Equipment | $ 64,000 | $ 69,000 | $ 647,000 | $ 716,000 |
E-Commerce Operations [Member] | ||||
Payments to Acquire Property, Plant, and Equipment | 109,000 | |||
Healthcare Operations [Member] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 538,000 |
Note 23 - Reportable Segments -
Note 23 - Reportable Segments - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 17,493 | $ 2,876 | $ 37,756 | $ 11,710 |
Cost of revenue | 12,683 | 2,255 | 26,445 | 9,221 |
Selling, general and administrative | 2,005 | 788 | 9,910 | 5,085 |
Salaries, wages and payroll taxes | 2,624 | 588 | 6,643 | 2,565 |
Goodwill impairment | 13,895 | 0 | ||
Professional fees | 985 | 321 | 1,981 | 1,552 |
Depreciation and amortization | 906 | 162 | 2,110 | 490 |
Total expenses | 19,335 | 4,114 | 60,984 | 18,913 |
Loss before other (income) expense | (1,842) | (1,238) | (23,228) | (7,203) |
Segment Expense [Member] | ||||
Selling, general and administrative | 2,005 | 788 | 9,910 | |
Professional fees | 985 | 321 | 1,981 | |
Depreciation and amortization | 906 | 162 | 2,110 | |
Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 11,324 | 0 | 21,412 | 0 |
E-Commerce Revenue [Member] | ||||
Revenue | 2,865 | 2,876 | 10,977 | 11,710 |
Pharmacy 340B Contract [Member] | ||||
Revenue | 3,304 | 0 | 5,367 | 0 |
Consolidation, Eliminations [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Cost of revenue | 0 | 0 | 0 | 0 |
Selling, general and administrative | 0 | |||
Salaries, wages and payroll taxes | 0 | 0 | 0 | 0 |
Goodwill impairment | 0 | |||
Professional fees | 0 | |||
Depreciation and amortization | 0 | |||
Total expenses | (60) | 0 | (120) | 0 |
Loss before other (income) expense | 60 | 0 | 120 | 0 |
Consolidation, Eliminations [Member] | Segment Expense [Member] | ||||
Selling, general and administrative | (60) | 0 | 0 | |
Professional fees | 0 | 0 | (120) | |
Depreciation and amortization | 0 | 0 | 0 | |
Consolidation, Eliminations [Member] | Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | E-Commerce Revenue [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Pharmacy 340B Contract [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
E-Commerce [Member] | Operating Segments [Member] | ||||
Revenue | 2,865 | 2,876 | 10,977 | 11,710 |
Cost of revenue | 2,060 | 2,255 | 8,122 | 9,221 |
Selling, general and administrative | 5,085 | |||
Salaries, wages and payroll taxes | 508 | 588 | 2,670 | 2,565 |
Goodwill impairment | 0 | |||
Professional fees | 1,552 | |||
Depreciation and amortization | 490 | |||
Total expenses | 4,371 | 4,114 | 19,667 | 18,913 |
Loss before other (income) expense | (1,506) | (1,238) | (8,690) | (7,203) |
E-Commerce [Member] | Operating Segments [Member] | Segment Expense [Member] | ||||
Selling, general and administrative | 1,166 | 788 | 6,633 | |
Professional fees | 507 | 321 | 1,595 | |
Depreciation and amortization | 130 | 162 | 647 | |
E-Commerce [Member] | Operating Segments [Member] | Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
E-Commerce [Member] | Operating Segments [Member] | E-Commerce Revenue [Member] | ||||
Revenue | 2,865 | 2,876 | 10,977 | 11,710 |
E-Commerce [Member] | Operating Segments [Member] | Pharmacy 340B Contract [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Healthcare Operations [Member] | ||||
Revenue | 2,876 | 26,779 | 0 | |
Healthcare Operations [Member] | Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 0 | 21,412 | 0 | |
Healthcare Operations [Member] | Pharmacy 340B Contract [Member] | ||||
Revenue | 0 | 5,367 | 0 | |
Healthcare Operations [Member] | Operating Segments [Member] | ||||
Revenue | 14,628 | 0 | 26,779 | 0 |
Cost of revenue | 10,623 | 0 | 18,323 | 0 |
Selling, general and administrative | 0 | |||
Salaries, wages and payroll taxes | 2,116 | 0 | 3,973 | 0 |
Goodwill impairment | 13,895 | |||
Professional fees | 0 | |||
Depreciation and amortization | 0 | |||
Total expenses | 15,024 | 0 | 41,437 | 0 |
Loss before other (income) expense | (396) | 0 | (14,658) | 0 |
Healthcare Operations [Member] | Operating Segments [Member] | Segment Expense [Member] | ||||
Selling, general and administrative | 899 | 0 | 3,277 | |
Professional fees | 478 | 0 | 506 | |
Depreciation and amortization | 776 | 0 | 1,463 | |
Healthcare Operations [Member] | Operating Segments [Member] | Pharmacy Prescription and Other Revenue, Net of PBM Fees [Member] | ||||
Revenue | 11,324 | 0 | 21,412 | 0 |
Healthcare Operations [Member] | Operating Segments [Member] | E-Commerce Revenue [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Healthcare Operations [Member] | Operating Segments [Member] | Pharmacy 340B Contract [Member] | ||||
Revenue | $ 3,304 | $ 0 | $ 5,367 | $ 0 |
Note 23 - Reportable Segments_3
Note 23 - Reportable Segments - Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Total Assets | $ 65,061 | $ 64,469 | $ 28,644 |
Operating Segments [Member] | E-Commerce [Member] | |||
Total Assets | 40,342 | 40,764 | 28,644 |
Operating Segments [Member] | Healthcare Operations [Member] | |||
Total Assets | 41,398 | 40,384 | 0 |
Consolidation, Eliminations [Member] | |||
Total Assets | $ (16,679) | $ (16,679) | $ 0 |
Note 25 - Related Party Trans_3
Note 25 - Related Party Transactions (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||||
Jul. 07, 2023 USD ($) | Jul. 01, 2023 USD ($) shares | May 09, 2023 shares | May 05, 2023 USD ($) $ / shares shares | May 01, 2023 USD ($) | Feb. 01, 2023 USD ($) | Dec. 30, 2022 | Dec. 14, 2022 USD ($) $ / shares shares | Dec. 09, 2022 $ / shares shares | Sep. 02, 2022 USD ($) | Jul. 12, 2022 USD ($) | Jan. 20, 2022 USD ($) $ / shares shares | Jan. 05, 2022 USD ($) | Jan. 02, 2022 USD ($) $ / shares shares | Apr. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) $ / shares | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Aug. 30, 2022 USD ($) shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||||||||||
Proceeds from Warrant Exercises | $ 184,000 | $ 0 | |||||||||||||||||||
December 2022 Private Placement [Member] | |||||||||||||||||||||
Number of Warrants Per Unit (in shares) | shares | 1 | 1 | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | shares | 1 | 1 | |||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.75 | $ 1.75 | |||||||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 3 years | 3 years | |||||||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 200 | ||||||||||||||||||||
Predecessor Company [Member] | |||||||||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 105,000 | ||||||||||||||||||||
Progressive Care [Member] | |||||||||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 402,269 | 455,000 | 3,000 | ||||||||||||||||||
Investment Owned, Price Per Share (in dollars per share) | $ / shares | $ 2.2 | ||||||||||||||||||||
Investment Owned, Cost | $ 1,000,000 | $ 8,300,000 | |||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||||
Proceeds from Warrant Exercises | $ 506,000 | ||||||||||||||||||||
Investment Owned, Balance, Shares From Warrants Exercised (in shares) | shares | 230,000 | ||||||||||||||||||||
Iliad [Member] | Secured Convertible Promissory Note [Member] | |||||||||||||||||||||
Payments to Acquire Notes Receivable | $ 1,000,000 | ||||||||||||||||||||
Debt Conversion Agreement [Member] | Predecessor Company [Member] | |||||||||||||||||||||
Long-Term Debt, Gross | $ 2,800,000 | ||||||||||||||||||||
January 2022 Private Placement [Member] | |||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 7,200,000 | $ 7,225,038 | 7,005,000 | ||||||||||||||||||
Percentage of Funds Raised on Offering | 73% | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 2,229,950 | ||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 3.24 | ||||||||||||||||||||
December 2022 Private Placement [Member] | |||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 7,472,000 | ||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.75 | $ 1.75 | |||||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | ||||||||||||||||||||
Equity Offering, Units Issued (in shares) | shares | 4,575,429 | 4,575,429 | |||||||||||||||||||
Number of Shares Per Unit Issued (in shares) | shares | 1 | 1 | |||||||||||||||||||
Proceeds From Equity Offering | $ 8,000,000 | ||||||||||||||||||||
David Phipps [Member] | |||||||||||||||||||||
Accounts Payable | $ 8,000 | 8,000 | 720 | ||||||||||||||||||
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | 78,000 | 56,000 | |||||||||||||||||||
Lauren Sturges Fernandez [Member] | |||||||||||||||||||||
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold | $ 10,995 | $ 10,995 | |||||||||||||||||||
Annual Salary | $ 95,000 | $ 125,000 | |||||||||||||||||||
Mr Barreto [Member] | |||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 1,200,000 | ||||||||||||||||||||
Percentage of Funds Raised on Offering | 17% | ||||||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 370,701 | ||||||||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 3.24 | ||||||||||||||||||||
CEO and Board Member [Member] | Iliad [Member] | Secured Convertible Promissory Note [Member] | |||||||||||||||||||||
Payments to Acquire Notes Receivable, Including Contributions by Related Parties | 2,300,000 | ||||||||||||||||||||
Chief Operating Officer [Member] | Iliad [Member] | Secured Convertible Promissory Note [Member] | |||||||||||||||||||||
Payments to Acquire Notes Receivable | $ 400,000 | ||||||||||||||||||||
NextPlat Corp [Member] | Progressive Care [Member] | Debt Converted to Common Stock [Member] | |||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 570,599 | 570,599 | |||||||||||||||||||
NextPlat Corp [Member] | Predecessor Company [Member] | |||||||||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 45,653 | ||||||||||||||||||||
Chief Executive Officer [Member] | Progressive Care [Member] | Inducement Warrant [Member] | |||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 190,000 | ||||||||||||||||||||
Chief Executive Officer [Member] | Progressive Care [Member] | Debt Converted to Common Stock [Member] | |||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 228,240 | ||||||||||||||||||||
Chief Executive Officer [Member] | Predecessor Company [Member] | |||||||||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 18,261 | ||||||||||||||||||||
Chief Executive Officer [Member] | Progressive Care [Member] | |||||||||||||||||||||
Investment Owned, Balance, Shares From Warrants Exercised (in shares) | shares | 211,470 | ||||||||||||||||||||
Board Member [Member] | Progressive Care [Member] | Inducement Warrant [Member] | |||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | shares | 30,000 | ||||||||||||||||||||
Board Member [Member] | Progressive Care [Member] | Debt Converted to Common Stock [Member] | |||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 228,240 | ||||||||||||||||||||
Board Member [Member] | Predecessor Company [Member] | |||||||||||||||||||||
Investment Owned, Balance, Shares (in shares) | shares | 18,261 | ||||||||||||||||||||
Board Member [Member] | Progressive Care [Member] | |||||||||||||||||||||
Investment Owned, Balance, Shares From Warrants Exercised (in shares) | shares | 130,571 | ||||||||||||||||||||
Progressive Care [Member] | |||||||||||||||||||||
Management and Administrative Service Revenue, Per Month | $ 20,000 | $ 25,000 | |||||||||||||||||||
Proceeds From Management and Administrative Service | $ 60,000 | $ 50,000 | 235,000 | ||||||||||||||||||
Management Fees Eliminated | 120,000 | ||||||||||||||||||||
Fernandez And Barreto [Member] | Progressive Care [Member] | |||||||||||||||||||||
Related Party, Ownership Percentage | 53% | ||||||||||||||||||||
Related Party [Member] | |||||||||||||||||||||
Notes Receivable, Principal | $ 250,000 | ||||||||||||||||||||
Notes Receivable, Interest Rate | 7% | ||||||||||||||||||||
Financing Receivable, before Allowance for Credit Loss | $ 260,000 | $ 256,000 | $ 256,000 | ||||||||||||||||||
Related Party [Member] | December 2022 Private Placement [Member] | |||||||||||||||||||||
Percentage of Funds Raised on Offering | 48% | ||||||||||||||||||||
Proceeds From Equity Offering | $ 8,000,000 |
Note 25 - Related Party Trans_4
Note 25 - Related Party Transactions - Schedule of Related Party Transaction Investments (Details) - USD ($) | 12 Months Ended | ||||
Jan. 05, 2022 | Jan. 02, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Warrant or Right, Outstanding (in shares) | 7,569,572 | 7,654,572 | 2,530,092 | ||
January 2022 Private Placement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,229,950 | ||||
Stock issued, value | $ 7,200,000 | $ 7,225,038 | $ 7,005,000 | ||
Stock Issued During Period, Value, New Issues | $ 7,200,000 | $ 7,225,038 | 7,005,000 | ||
December 2022 Private Placement [Member] | |||||
Stock issued, value | 7,472,000 | ||||
Stock Issued During Period, Value, New Issues | $ 7,472,000 | ||||
Executive Chairman and Chief Executive Officer [Member] | December 2022 Private Placement [Member] | |||||
Class of Warrant or Right, Outstanding (in shares) | 1,085,714 | ||||
Executive Chairman and Chief Executive Officer [Member] | January 2022 Private Placement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 679,013 | ||||
Stock issued, value | $ 2,200,002 | ||||
Stock Issued During Period, Value, New Issues | $ 2,200,002 | ||||
Executive Chairman and Chief Executive Officer [Member] | December 2022 Private Placement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,085,714 | ||||
Stock issued, value | $ 1,900,000 | ||||
Stock Issued During Period, Value, New Issues | $ 1,900,000 | ||||
Director and President of Orbsat Chief Executive Officer of Global Operations [Member] | January 2022 Private Placement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 46,297 | ||||
Stock issued, value | $ 150,002 | ||||
Stock Issued During Period, Value, New Issues | $ 150,002 | ||||
Director and President of Next Plat Chief Executive Officer of Global Operations [Member] | December 2022 Private Placement [Member] | |||||
Class of Warrant or Right, Outstanding (in shares) | 28,500 | ||||
Director and President of Next Plat Chief Executive Officer of Global Operations [Member] | December 2022 Private Placement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 28,500 | ||||
Stock issued, value | $ 49,875 | ||||
Stock Issued During Period, Value, New Issues | $ 49,875 | ||||
Vice Chairman and Chief Business Development Strategist [Member] | January 2022 Private Placement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 46,297 | ||||
Stock issued, value | $ 150,002 | ||||
Stock Issued During Period, Value, New Issues | $ 150,002 | ||||
Director [Member] | December 2022 Private Placement [Member] | |||||
Class of Warrant or Right, Outstanding (in shares) | 1,085,714 | ||||
Director [Member] | January 2022 Private Placement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 15,433 | ||||
Stock issued, value | $ 50,003 | ||||
Stock Issued During Period, Value, New Issues | $ 50,003 | ||||
Director [Member] | December 2022 Private Placement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,085,714 | ||||
Stock issued, value | $ 1,900,000 | ||||
Stock Issued During Period, Value, New Issues | $ 1,900,000 | ||||
Senior Vice President Mergers Acquisitions and Special Projects [Member] | January 2022 Private Placement [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | 15,433 | ||||
Stock issued, value | $ 50,003 | ||||
Stock Issued During Period, Value, New Issues | $ 50,003 |
Note 26 - Concentrations (Detai
Note 26 - Concentrations (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Amazon [Member] | |||||
Concentration Risk, Percentage | 39.90% | 57.20% | 51.60% | 54.30% | |
Purchases [Member] | Supplier Concentration Risk [Member] | |||||
Number of Major Vendors | 1 | 1 | |||
Purchases [Member] | Supplier Concentration Risk [Member] | One Vendor [Member] | |||||
Concentration Risk, Percentage | 98% | 99% |
Note 26 - Concentrations - Sche
Note 26 - Concentrations - Schedules of Concentration of Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue | $ 17,493 | $ 2,876 | $ 37,756 | $ 11,710 | |
Supplier Concentration Risk [Member] | Purchases [Member] | Garmin [Member] | |||||
Purchases | $ 301 | $ 594 | $ 1,921 | $ 1,821 | |
Percentage | 14.30% | 20.90% | 22.40% | 20.90% | |
Concentration Risk, Percentage | 14.30% | 20.90% | 22.40% | 20.90% | |
Supplier Concentration Risk [Member] | Purchases [Member] | Globalstar Europe [Member] | |||||
Purchases | $ 213 | $ 0 | $ 958 | $ 635 | |
Percentage | 10.20% | 0% | 11.20% | 7.30% | |
Concentration Risk, Percentage | 10.20% | 0% | 11.20% | 7.30% | |
Supplier Concentration Risk [Member] | Purchases [Member] | Network Innovations [Member] | |||||
Purchases | $ 935 | $ 980 | |||
Percentage | 10.70% | 11.20% | |||
Concentration Risk, Percentage | 10.70% | 11.20% | |||
Supplier Concentration Risk [Member] | Purchases [Member] | Iridium Satellite [Member] | |||||
Purchases | $ 270 | $ 0 | $ 913 | $ 0 | |
Percentage | 27.20% | 0% | 10.90% | 0% | |
Concentration Risk, Percentage | 27.20% | 0% | 10.90% | 0% | |
Supplier Concentration Risk [Member] | Purchases [Member] | Satcom Global [Member] | |||||
Purchases | $ 761 | $ 744 | |||
Percentage | 8.90% | 8.50% | |||
Concentration Risk, Percentage | 8.90% | 8.50% | |||
Customer Concentration Risk [Member] | Reimbursements [Member] | PBM A [Member] | |||||
Percentage | 33% | 31% | |||
Concentration Risk, Percentage | 33% | 31% | |||
Customer Concentration Risk [Member] | Reimbursements [Member] | PBM B [Member] | |||||
Percentage | 21% | 29% | |||
Concentration Risk, Percentage | 21% | 29% | |||
Customer Concentration Risk [Member] | Reimbursements [Member] | PBM C [Member] | |||||
Percentage | 16% | 14% | |||
Concentration Risk, Percentage | 16% | 14% | |||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Percentage | 100% | 100% | |||
Revenue | $ 10,977 | $ 11,710 | |||
Concentration Risk, Percentage | 100% | 100% | |||
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | Europe [Member] | |||||
Percentage | 49.90% | 71.70% | 60.90% | 73.70% | |
Revenue | $ 1,430 | $ 2,063 | $ 6,687 | $ 8,617 | |
Concentration Risk, Percentage | 49.90% | 71.70% | 60.90% | 73.70% | |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | North America [Member] | |||||
Percentage | 18.30% | 20.40% | 23.40% | 18.30% | |
Revenue | $ 523 | $ 586 | $ 2,575 | $ 2,152 | |
Concentration Risk, Percentage | 18.30% | 20.40% | 23.40% | 18.30% | |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | South America [Member] | |||||
Percentage | 0.80% | 0.30% | 0.60% | 0.40% | |
Revenue | $ 23 | $ 9 | $ 62 | $ 45 | |
Concentration Risk, Percentage | 0.80% | 0.30% | 0.60% | 0.40% | |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | Asia Pacific [Member] | |||||
Percentage | 14.40% | 5.50% | 13.80% | 6.50% | |
Revenue | $ 413 | $ 159 | $ 1,510 | $ 760 | |
Concentration Risk, Percentage | 14.40% | 5.50% | 13.80% | 6.50% | |
Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | Africa [Member] | |||||
Percentage | 16.60% | 2.10% | 1.30% | 1.10% | |
Revenue | $ 476 | $ 59 | $ 143 | $ 136 | |
Concentration Risk, Percentage | 16.60% | 2.10% | 1.30% | 1.10% |
Note 27 - Subsequent Events (De
Note 27 - Subsequent Events (Details Textual) - USD ($) | Apr. 01, 2024 | Mar. 25, 2024 |
Outfitter Satellite, Inc. [Member] | Subsequent Event [Member] | ||
Business Combination, Consideration Transferred | $ 760,000 | $ 760,000 |