10-Q Filing

Nuwellis, Inc. CIK: 1506492 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001104659-17-032313`
Period End Date	20170331
Filing Date	20170512
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	ssh-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 30 Cash Flow Statement 38

Balance Sheet 57 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.47M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.11M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$282.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$406.00K	USD	Point-in-time
Inventory	`InventoryNet`	$677.00K	USD	Point-in-time
Inventory	`InventoryNet`	$830.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$137.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$88.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.98M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$540.00K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$483.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.14M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.30M	USD	Point-in-time
Goodwill	`Goodwill`	$189.00K	USD	Point-in-time
Goodwill	`Goodwill`	$189.00K	USD	Point-in-time
Other Assets	`OtherAssets`	$21.00K	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
Other Assets	`OtherAssets`	$21.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$7.47M	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
TOTAL ASSETS	`Assets`	$7.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	777,238.00	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.12M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	777,238.00	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.12M	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableCurrent`	$2.93M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableCurrent`	$2.35M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$868.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$909.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.26M	USD	Point-in-time
Common stock warrant liability	`WarrantsAndRightsOutstanding`	$46.00K	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`	$126.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$5.23M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.97M	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 March 31, 2017 and December 31, 2016 par value $0.0001 per share; authorized 0 and 900 shares, respectively, issued and outstanding 0 and 700, respectively	`TemporaryEquityCarryingAmountAttributableToParent`	$485.00K	USD	Point-in-time
Common stock as of March 31, 2017 and December 31, 2016, par value $0.0001 per share; authorized 100,000,000 shares; issued and outstanding 3,118,492 and 777,238 respectively	`CommonStockValue`	-	USD	Point-in-time
Common stock as of March 31, 2017 and December 31, 2016, par value $0.0001 per share; authorized 100,000,000 shares; issued and outstanding 3,118,492 and 777,238 respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$172.53M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$169.50M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$1.24M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$1.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-169.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-168.97M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.85M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.76M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$7.47M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$7.82M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$901.00K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$514.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.35M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.39M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.21M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$308.00K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$4.55M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$3.21M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.31M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.55M	USD	1 Quarter
Interest expense	`InterestExpense`	$229.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$6.00K	USD	1 Quarter
Other income, net	`NonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Warrant valuation expense	`PaymentsForWarrantValuation`	$-67.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-1.43M	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-228.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$1.37M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-940.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.78M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.00K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-940.00K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.79M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-1.75	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-7.82	USD	1 Quarter
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.58M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	612,000.00	shares	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-4.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-941.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.79M	USD	1 Quarter

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-940.00K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-4.79M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$215.00K	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$81.00K	USD	1 Quarter
Stock-based compensation expense, net	`ShareBasedCompensation`	$231.00K	USD	1 Quarter
Stock-based compensation expense, net	`ShareBasedCompensation`	$166.00K	USD	1 Quarter
Amortization of debt discount and financing fees	`AmortizationOfDebtDiscountPremium`	$84.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-1.43M	USD	1 Quarter
Warrant valuation expense	`PaymentsForWarrantValuation`	$-67.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$124.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$153.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-49.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$67.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherNoncurrentAssets`	$-2.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$535.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.24M	USD	1 Quarter
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-5.70M	USD	1 Quarter
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.61M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-8.00K	USD	1 Quarter
Net proceeds from the sale of preferred stock and warrants	`ProceedsFromIssuanceOfCommonStock`	$184.00K	USD	1 Quarter
Net proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$1.77M	USD	1 Quarter
Repayments on borrowing on long-term debt	`ProceedsFromRepaymentsOfLongTermDebtAndCapitalSecurities`	$-940.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.95M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-940.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$1.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-6.64M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$338.00K	USD	1 Quarter
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$23.11M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.66M	USD	Point-in-time
Cash and cash equivalents-beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$16.47M	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`	$16.47M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.32M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.66M	USD	Point-in-time
Cash and cash equivalents-end of period	`CashAndCashEquivalentsAtCarryingValue`	$23.11M	USD	Point-in-time
Warrants issued as inducement to warrant exercise	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$509.00K	USD	1 Quarter
Cash paid for interest	`InterestPaid`	$136.00K	USD	1 Quarter

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