|
The
following summarizes the Company’s consolidated balance sheet description equity method investment as follows:
SCHEDULE
OF DESCRIPTION EQUITY METHOD INVESTMENT
| |
|
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 |
|