| SCHEDULE OF DESCRIPTION EQUITY METHOD INVESTMENT |
The
following summarizes the Company’s condensed 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 income from Progressive Care, Inc. and Subsidiaries |
|
|
(3,453,172 |
) |
| Depreciation
expense due to cost basis difference (1) |
|
|
(8,258 |
) |
| Interest
earned from convertible note receivable |
|
|
5,056 |
|
| Interest
earned from amortization of premium on convertible note receivable |
|
|
3,621 |
|
| Elimination
of intercompany interest earned |
|
|
(1,683 |
) |
| September
30, 2022, carrying amount |
|
|
3,545,564 |
|
| Equity
method investment – short term |
|
|
(5,056 |
) |
| Equity
method investment – long term |
|
$ |
3,540,508 |
|
The
following summarizes the Company’s condensed consolidated statements of operations and comprehensive loss description equity in
net loss of affiliate for the three and nine months ended September 30, 2022 as follows:
| |
|
For
the Three and Nine Months Ended
September
30, 2022
|
|
| Equity
in net loss of affiliate |
|
$ |
(3,453,172 |
) |
| |
|
|
|
|
| Depreciation
expense due to cost basis difference (1) |
|
|
(8,258 |
) |
| Interest
earned from convertible note receivable |
|
|
5,056 |
|
| Interest
earned from amortization of premium on convertible note receivable |
|
|
3,621 |
|
| Elimination
of intercompany interest earned |
|
|
(1,683 |
) |
| Equity
in net loss of affiliate |
|
$ |
(3,454,436 |
) |
|
(1) |
NextPlat
records depreciation expense on its estimated cost basis difference which is subject to change |
|