Annual report pursuant to Section 13 and 15(d)

EQUITY METHOD INVESTMENT IN PROGRESSIVE CARE, INC. AND SUBSIDIARIES (Tables)

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EQUITY METHOD INVESTMENT IN PROGRESSIVE CARE, INC. AND SUBSIDIARIES (Tables)
12 Months Ended
Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]  
SCHEDULE OF DESCRIPTION EQUITY METHOD INVESTMENT

The following summarizes the Company’s consolidated balance sheet description equity method investment as follows:

 

    Carrying Amount  
August 30, 2022, beginning balance   $ 7,000,000  
Portion of loss from Progressive Care, Inc. and Subsidiaries     (1,734,576 )
Depreciation expense due to cost basis difference (1)     (33,032 )
Interest earned from convertible note receivable     20,445  
Interest earned from amortization of premium on convertible note receivable     14,368  
Elimination of intercompany interest earned     (6,680 )
December 31, 2022, carrying amount     5,260,525  

 

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, 2022 as follows:

 

    For the Year Ended
December 31, 2022
 
Equity in net loss of affiliate   $ (1,734,576 )
         
Depreciation expense due to cost basis difference (1)     (33,032 )
Interest earned from convertible note receivable     20,445  
Interest earned from amortization of premium on convertible note receivable     14,368  
Elimination of intercompany interest earned     (6,680 )
Equity in net loss of affiliate   $ (1,739,475 )

 

  (1) NextPlat records depreciation expense on its estimated cost basis difference which is subject to change