10-Q Filing

Nuwellis, Inc. CIK: 1506492 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001104659-16-139012`
Period End Date	20160630
Filing Date	20160811
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	ssh-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 52 Cash Flow Statement 45

Balance Sheet 51 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.29M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$12.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.42M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$282.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$479.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.59M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$12.33M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$412.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$535.00K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Other Assets	`OtherAssets`	$323.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.34M	shares	Point-in-time
Other Assets	`OtherAssets`	$254.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.46M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$24.45M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.34M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$13.00M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.46M	shares	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.94M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.80M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableCurrent`	$2.05M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableCurrent`	$2.83M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$954.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.94M	USD	Point-in-time
Long-term debt, net of discount and financing fees	`LongTermDebt`	$3.88M	USD	Point-in-time
Long-term debt, net of discount and financing fees	`LongTermDebt`	$1.97M	USD	Point-in-time
Other Liabilities	`OtherLiabilitiesNoncurrent`	$400.00K	USD	Point-in-time
Other Liabilities	`OtherLiabilitiesNoncurrent`	$400.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$9.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.28M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock as of June 30, 2016 and December 31, 2015, par value $0.0001 per share; authorized 100,000,000 shares: issued and outstanding 18,459,025 and 18,344,478, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Common stock as of June 30, 2016 and December 31, 2015, par value $0.0001 per share; authorized 100,000,000 shares: issued and outstanding 18,459,025 and 18,344,478, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$164.60M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$164.10M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$1.24M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$1.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-153.18M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-162.16M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.69M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$13.00M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$24.45M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$59.00K	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.76M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.35M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.41M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.53M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.57M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$5.78M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$8.86M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$3.99M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$13.39M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$6.34M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.98M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.54M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-8.54M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-13.33M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-6.34M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.98M	USD	1 Quarter
Interest expense	`InterestExpense`	$436.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$155.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$218.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$207.00K	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$1.00K	USD	2 Qtrs
Other income (expense), net	`NonoperatingIncomeExpense`	$4.00K	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.19M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.49M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.97M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-13.55M	USD	2 Qtrs
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$1.00K	USD	2 Qtrs
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$-132.00K	USD	1 Quarter
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$-127.00K	USD	2 Qtrs
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$-2.00K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-13.42M	USD	2 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-8.97M	USD	2 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.36M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.19M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.23	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.75	USD	2 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.35	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.49	USD	2 Qtrs
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.38M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.30M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	17.90M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.40M	shares	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-6.00K	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-6.00K	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-2.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-16.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-8.98M	USD	2 Qtrs
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.19M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.37M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-13.43M	USD	2 Qtrs

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-13.42M	USD	2 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-8.97M	USD	2 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.36M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.19M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$152.00K	USD	2 Qtrs
Depreciation	`DepreciationDepletionAndAmortization`	$158.00K	USD	2 Qtrs
Stock-based compensation expense, net	`ShareBasedCompensation`	$1.33M	USD	2 Qtrs
Stock-based compensation expense, net	`ShareBasedCompensation`	$499.00K	USD	2 Qtrs
Amortization of debt discount and financing fees	`AmortizationOfDebtDiscountPremium`	$162.00K	USD	2 Qtrs
Amortization of debt discount and financing fees	`AmortizationOfDebtDiscountPremium`	$51.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-59.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-197.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$407.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$129.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-25.00K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.20M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-446.00K	USD	2 Qtrs
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-12.81M	USD	2 Qtrs
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-9.14M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$95.00K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$29.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-95.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-29.00K	USD	2 Qtrs
Net proceeds from the sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$7.05M	USD	2 Qtrs
Proceeds from (repayments on) borrowings on long-term debt	`ProceedsAndRepaymentsOnLongTermDebt`	$-1.90M	USD	2 Qtrs
Proceeds from (repayments on) borrowings on long-term debt	`ProceedsAndRepaymentsOnLongTermDebt`	$8.00M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$15.05M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.90M	USD	2 Qtrs
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-25.00K	USD	2 Qtrs
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-4.00K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.13M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-11.06M	USD	2 Qtrs
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.11M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$33.42M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.05M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.05M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$31.29M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$33.42M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.05M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$23.11M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$31.29M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$12.05M	USD	Point-in-time
Warrants issued in connection with debt financing	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$355.00K	USD	2 Qtrs
Interest paid on debt borrowings	`InterestPaid`	$257.00K	USD	2 Qtrs
Interest paid on debt borrowings	`InterestPaid`	$113.00K	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.