10-K Filing

Nuwellis, Inc. CIK: 1506492 FY 2016

Filing Information

Form Type	10-K
Accession Number	`0001104659-17-015217`
Period End Date	20161231
Filing Date	20170308
Fiscal Year	2016
Fiscal Period	FY
XBRL Instance	ssh-20161231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 33 Cash Flow Statement 48 Stockholders Equity 18

Balance Sheet 52 line items

Line Item	Tag	Value	Unit	Period
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`	$1.32M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$282.00K	USD	Point-in-time
Inventory	`InventoryNet`	$677.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$137.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$479.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.59M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.42M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$540.00K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$535.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.30M	USD	Point-in-time
Goodwill	`Goodwill`	$189.00K	USD	Point-in-time
Other Assets	`OtherAssets`	$21.00K	USD	Point-in-time
Other Assets	`OtherAssets`	$323.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$7.47M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$24.45M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	611,483.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	777,238.00	shares	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$3.80M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableCurrent`	$2.35M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	777,238.00	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	611,483.00	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableCurrent`	$2.83M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.37M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$909.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.00M	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`	$1.84M	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`	$5.23M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series D convertible preferred stock as of December 31, 2016 and December 31, 2015, par value $0.0001 per share; authorized 900 and 0 shares, respectively, issued and outstanding 700 and 0, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$485.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$169.50M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$164.11M	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`	$-168.97M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$29.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.76M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.17M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$24.45M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$7.47M	USD	Point-in-time

Income Statement 33 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$1.29M	USD	Annual
Net sales	`SalesRevenueNet`	$59.00K	USD	Annual
Cost of goods sold	`CostOfGoodsSold`	$713.00K	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.35M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.13M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$8.11M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$17.67M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$26.02M	USD	Annual
Total costs and expenses	`OperatingExpenses`	$16.95M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-25.96M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-15.66M	USD	Annual
Interest expense	`InterestExpense`	$743.00K	USD	Annual
Interest expense	`InterestExpense`	$504.00K	USD	Annual
Loss on early retirement of long-term debt	`ExtinguishmentOfDebtGainLossNetOfTax`	$-500.00K	USD	Annual
Other income (expense), net	`NonoperatingIncomeExpense`	$2.00K	USD	Annual
Other income (expense), net	`NonoperatingIncomeExpense`	$-6.00K	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-818.00K	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-749.00K	USD	Annual
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-184.00K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.85M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-26.71M	USD	Annual
Income tax benefit, net	`IncomeTaxExpenseBenefit`	$-54.00K	USD	Annual
Income tax benefit, net	`IncomeTaxExpenseBenefit`	$-124.00K	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-15.79M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-26.58M	USD	Annual
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-44.01	USD	Annual
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-27.06	USD	Annual
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	604,000.00	shares	Annual
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	654,000.00	shares	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-26.00K	USD	Annual
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-11.00K	USD	Annual
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-26.61M	USD	Annual
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-15.80M	USD	Annual

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-15.79M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-26.58M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$697.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$325.00K	USD	Annual
Stock-based compensation expense, net	`ShareBasedCompensation`	$949.00K	USD	Annual
Stock-based compensation expense, net	`ShareBasedCompensation`	$2.15M	USD	Annual
Amortization of debt discount and financing fees	`AmortizationOfDebtDiscountPremium`	$187.00K	USD	Annual
Amortization of debt discount and financing fees	`AmortizationOfDebtDiscountPremium`	$263.00K	USD	Annual
Loss on retirement of long-term debt	`ExtinguishmentOfDebtGainLossNetOfTax`	$-500.00K	USD	Annual
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-818.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$282.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-59.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$677.00K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$181.00K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-342.00K	USD	Annual
Other assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssets`	$92.00K	USD	Annual
Other assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssets`	$464.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-934.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.07M	USD	Annual
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-22.99M	USD	Annual
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-16.29M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$117.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$199.00K	USD	Annual
Purchase of Aquadex product line	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$4.00M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-199.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.12M	USD	Annual
Net proceeds from the sale of preferred stock, common stock and warrants	`ProceedsFromIssuanceOfPreferredStockCommonStockAndWarrants`	$6.64M	USD	Annual
Net proceeds from the sale of preferred stock, common stock and warrants	`ProceedsFromIssuanceOfPreferredStockCommonStockAndWarrants`	$7.05M	USD	Annual
Proceeds from borrowings on long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$8.00M	USD	Annual
Repayments of long-term debt	`RepaymentsOfDebt`	$8.00M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-1.36M	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$15.05M	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-17.00K	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-47.00K	USD	Annual
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-8.18M	USD	Annual
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-21.79M	USD	Annual
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.11M	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`	$1.32M	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`	$1.32M	USD	Point-in-time
Warrants issued in connection with debt financing	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$355.00K	USD	Annual
Financing fees on debt	`FinalPaymentOfTermLoansLiability`	$400.00K	USD	Point-in-time
Common stock issued for business acquisition	`StockIssuedDuringPeriodValuePurchaseOfAssets`	$950.00K	USD	Annual
Interest paid on debt borrowings	`InterestPaid`	$388.00K	USD	Annual
Interest paid on debt borrowings	`InterestPaid`	$840.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaid`	$47.00K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$29.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.17M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	611,483.00	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	777,238.00	shares	Point-in-time
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-15.79M	USD	Annual
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-26.58M	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-11.00K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-26.00K	USD	Annual
Stock based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$949.00K	USD	Annual
Stock based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.51M	USD	Annual
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$4.44M	USD	Annual
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$7.05M	USD	Annual
Balance	`StockholdersEquity`	$29.21M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.76M	USD	Point-in-time
Balance	`StockholdersEquity`	$12.17M	USD	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	611,483.00	shares	Point-in-time
Balance (in shares)	`CommonStockSharesIssued`	777,238.00	shares	Point-in-time

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