10-Q Filing

Nuwellis, Inc. CIK: 1506492 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0001104659-16-156964`
Period End Date	20160930
Filing Date	20161114
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	ssh-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 65 Cash Flow Statement 53

Balance Sheet 53 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$792.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.29M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.11M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.90M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$111.00K	USD	Point-in-time
Inventory	`InventoryNet`	$202.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$479.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$223.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.33M	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	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
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$597.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	20.87M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.34M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.40M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.34M	shares	Point-in-time
Goodwill	`Goodwill`	$268.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	20.87M	shares	Point-in-time
Other Assets	`OtherAssets`	$29.00K	USD	Point-in-time
Other Assets	`OtherAssets`	$323.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$6.62M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$24.45M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.80M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableCurrent`	$2.83M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableCurrent`	$2.17M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.37M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$629.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.80M	USD	Point-in-time
Long-term debt, net of discount and financing fees	`LongTermDebt`	$3.88M	USD	Point-in-time
Common stock warrant liability	`WarrantsAndRightsOutstanding`	$1.24M	USD	Point-in-time
Other Liabilities	`OtherLiabilitiesNoncurrent`	$126.00K	USD	Point-in-time
Other Liabilities	`OtherLiabilitiesNoncurrent`	$400.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$12.28M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.16M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock as of September 30, 2016 and December 31, 2015, par value $0.0001 per share; authorized 100,000,000 shares: issued and outstanding 20,866,217 and 18,344,478, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Common stock as of September 30, 2016 and December 31, 2015, par value $0.0001 per share; authorized 100,000,000 shares: issued and outstanding 20,866,217 and 18,344,478, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$164.10M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$167.30M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$1.23M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$1.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-166.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-153.18M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$2.46M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$24.45M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$6.62M	USD	Point-in-time

Income Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$59.00K	USD	3 Qtrs
Net sales	`SalesRevenueNet`	$543.00K	USD	1 Quarter
Net sales	`SalesRevenueNet`	$543.00K	USD	3 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$187.00K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$187.00K	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.68M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.26M	USD	3 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.73M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.44M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$7.51M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$13.40M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.74M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.55M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$13.14M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$4.61M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$19.66M	USD	3 Qtrs
Total costs and expenses	`OperatingExpenses`	$6.27M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-19.60M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-6.27M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.06M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-12.60M	USD	3 Qtrs
Interest expense	`InterestExpense`	$280.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$68.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$504.00K	USD	3 Qtrs
Interest expense	`InterestExpense`	$498.00K	USD	3 Qtrs
Loss on early retirement of long-term debt	`ExtinguishmentOfDebtGainLossNetOfTax`	$-500.00K	USD	3 Qtrs
Loss on early retirement of long-term debt	`ExtinguishmentOfDebtGainLossNetOfTax`	$-500.00K	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$2.00K	USD	3 Qtrs
Other income (expense), net	`NonoperatingIncomeExpense`	$2.00K	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$-2.00K	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$-1.00K	USD	3 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-646.00K	USD	3 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-646.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-356.00K	USD	3 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$80.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-282.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-499.00K	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-12.96M	USD	3 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.98M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.55M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-20.10M	USD	3 Qtrs
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$-124.00K	USD	3 Qtrs
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$-64.00K	USD	3 Qtrs
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$-65.00K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.56M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.92M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.89M	USD	3 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-19.98M	USD	3 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.27	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-1.11	USD	3 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.36	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.76	USD	3 Qtrs
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.33M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	19.97M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.91M	shares	3 Qtrs
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.05M	shares	3 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-6.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-12.00K	USD	3 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-16.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-22.00K	USD	3 Qtrs
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-20.00M	USD	3 Qtrs
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.92M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-12.90M	USD	3 Qtrs
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.57M	USD	1 Quarter

Cash Flow Statement 53 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-19.98M	USD	3 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-12.89M	USD	3 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-3.92M	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.56M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$457.00K	USD	3 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$241.00K	USD	3 Qtrs
Stock-based compensation expense, net	`ShareBasedCompensation`	$1.81M	USD	3 Qtrs
Stock-based compensation expense, net	`ShareBasedCompensation`	$764.00K	USD	3 Qtrs
Amortization of debt discount and financing fees	`AmortizationOfDebtDiscountPremium`	$187.00K	USD	3 Qtrs
Amortization of debt discount and financing fees	`AmortizationOfDebtDiscountPremium`	$102.00K	USD	3 Qtrs
Loss on early retirement of debt	`ExtinguishmentOfDebtGainLossNetOfTax`	$-500.00K	USD	3 Qtrs
Loss on early retirement of debt	`ExtinguishmentOfDebtGainLossNetOfTax`	$-500.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-646.00K	USD	3 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-646.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$111.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-59.00K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$202.00K	USD	3 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-256.00K	USD	3 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$406.00K	USD	3 Qtrs
Other assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssets`	$108.00K	USD	3 Qtrs
Other assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssets`	$471.00K	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.41M	USD	3 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$48.00K	USD	3 Qtrs
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-13.56M	USD	3 Qtrs
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-18.23M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$110.00K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$175.00K	USD	3 Qtrs
Acquisition of Aquadex product line	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$4.00M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.11M	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-175.00K	USD	3 Qtrs
Net proceeds from the sale of preferred stock and common stock	`ProceedsFromIssuanceOfCommonStock`	$7.05M	USD	3 Qtrs
Net proceeds from the sale of preferred stock and common stock	`ProceedsFromIssuanceOfCommonStock`	$3.36M	USD	3 Qtrs
Proceeds from (repayments on) borrowings on long-term debt	`ProceedsAndRepaymentsOnLongTermDebt`	$-8.00M	USD	3 Qtrs
Proceeds from (repayments on) borrowings on long-term debt	`ProceedsAndRepaymentsOnLongTermDebt`	$8.00M	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$15.05M	USD	3 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-4.64M	USD	3 Qtrs
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-42.00K	USD	3 Qtrs
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-10.00K	USD	3 Qtrs
Net (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-22.32M	USD	3 Qtrs
Net (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.39M	USD	3 Qtrs
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$792.00K	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$31.29M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.11M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$27.90M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$792.00K	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`	$23.11M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$27.90M	USD	Point-in-time
Warrants issued in connection with debt financing	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$355.00K	USD	3 Qtrs
Common stock issued for business acquisition	`StockIssuedDuringPeriodValuePurchaseOfAssets`	$950.00K	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$247.00K	USD	3 Qtrs
Cash paid for interest	`InterestPaid`	$840.00K	USD	3 Qtrs
Cash paid for income taxes	`IncomeTaxesPaid`	$47.00K	USD	3 Qtrs

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