10-Q Filing

Nuwellis, Inc. CIK: 1506492 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001140361-17-031097`
Period End Date	20170630
Filing Date	20170810
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	chfs-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 72 Cash Flow Statement 63

Balance Sheet 64 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`	$1.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.56M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$282.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$618.00K	USD	Point-in-time
Inventory	`InventoryNet`	$864.00K	USD	Point-in-time
Inventory	`InventoryNet`	$677.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$129.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$137.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.17M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.96M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$446.00K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$540.00K	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.98M	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
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other assets	`OtherAssets`	$21.00K	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
TOTAL ASSETS	`Assets`	$7.47M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$11.80M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	777,238.00	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	12.32M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	12.32M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	777,238.00	shares	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.52M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.35M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$644.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$909.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.16M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.26M	USD	Point-in-time
Common stock warrant liability	`WarrantsAndRightsOutstanding`	$1.84M	USD	Point-in-time
Common stock warrant liability	`WarrantsAndRightsOutstanding`	$10.00K	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`	$2.30M	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
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock	`PreferredStockValue`	-	USD	Point-in-time
Common stock as of June 30, 2017 and December 31, 2016, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 12,321,238 and 777,238, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock as of June 30, 2017 and December 31, 2016, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 12,321,238 and 777,238, respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$180.65M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$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`	$-172.37M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-168.97M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.51M	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`	$11.80M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$864.00K	USD	1 Quarter
Net sales	`SalesRevenueNet`	$1.76M	USD	2 Qtrs
Net sales	`SalesRevenueNet`	-	USD	1 Quarter
Net sales	`SalesRevenueNet`	-	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$1.13M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	-	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	-	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsSold`	$616.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$1.41M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.76M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.42M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.81M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$5.78M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.57M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$635.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$327.00K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$3.36M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$6.57M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$8.54M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$3.98M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.50M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.81M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-8.54M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-3.98M	USD	1 Quarter
Interest expense	`NonoperatingInterestExpense`	$436.00K	USD	2 Qtrs
Interest expense	`NonoperatingInterestExpense`	-	USD	1 Quarter
Interest expense	`NonoperatingInterestExpense`	$207.00K	USD	1 Quarter
Interest expense	`NonoperatingInterestExpense`	-	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$5.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	-	USD	2 Qtrs
Other income	`OtherNonoperatingIncome`	$11.00K	USD	2 Qtrs
Other expense	`OtherNonoperatingExpense`	$1.00K	USD	1 Quarter
Warrant valuation expense	`WarrantValuationExpense`	-	USD	2 Qtrs
Warrant valuation expense	`WarrantValuationExpense`	-	USD	1 Quarter
Warrant valuation expense	`WarrantValuationExpense`	-	USD	1 Quarter
Warrant valuation expense	`WarrantValuationExpense`	$67.00K	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-37.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-1.47M	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$42.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$1.41M	USD	2 Qtrs
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-208.00K	USD	1 Quarter
Total other income (expense)	`OtherNonoperatingIncomeExpense`	$-436.00K	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.19M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.97M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.40M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.46M	USD	1 Quarter
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$1.00K	USD	2 Qtrs
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$1.00K	USD	2 Qtrs
Income tax benefit (expense), net	`IncomeTaxExpenseBenefit`	$-2.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.40M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-8.97M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.19M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-14.64	USD	2 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-6.83	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.47	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-1.39	USD	2 Qtrs
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	7.43M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	613,000.00	shares	1 Quarter
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	613,000.00	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.50M	shares	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-6.00K	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-5.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-2.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-6.00K	USD	2 Qtrs
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.19M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-8.98M	USD	2 Qtrs
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.46M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.40M	USD	2 Qtrs

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.97M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.19M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.40M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.46M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$152.00K	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$436.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$499.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$281.00K	USD	2 Qtrs
Amortization of debt discount and financing fees	`AmortizationOfDebtDiscountPremium`	$162.00K	USD	2 Qtrs
Amortization of debt discount and financing fees	`AmortizationOfDebtDiscountPremium`	-	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-37.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-1.47M	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	2 Qtrs
Warrant valuation expense	`WarrantValuationExpense`	-	USD	1 Quarter
Warrant valuation expense	`WarrantValuationExpense`	-	USD	2 Qtrs
Warrant valuation expense	`WarrantValuationExpense`	-	USD	1 Quarter
Warrant valuation expense	`WarrantValuationExpense`	$67.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$336.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	-	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$187.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-197.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-8.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	-	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$-25.00K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.10M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.20M	USD	2 Qtrs
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivities`	$-5.70M	USD	2 Qtrs
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivities`	$-9.14M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.00K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$29.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.00K	USD	2 Qtrs
Net proceeds from public stock offering	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	2 Qtrs
Net proceeds from public stock offering	`ProceedsFromIssuanceInitialPublicOffering`	$8.00M	USD	2 Qtrs
Net proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	2 Qtrs
Net proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$1.77M	USD	2 Qtrs
Net proceeds from the sale of preferred stock and warrants	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	-	USD	2 Qtrs
Net proceeds from the sale of preferred stock and warrants	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	$3.50M	USD	Point-in-time
Net proceeds from the sale of preferred stock and warrants	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	$184.00K	USD	2 Qtrs
Repayments on borrowings on long-term debt	`RepaymentsOfLongTermDebt`	$1.90M	USD	2 Qtrs
Repayments on borrowings on long-term debt	`RepaymentsOfLongTermDebt`	-	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.95M	USD	2 Qtrs
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.90M	USD	2 Qtrs
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-1.00K	USD	2 Qtrs
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-4.00K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.24M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-11.06M	USD	2 Qtrs
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$12.05M	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`	$1.32M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.56M	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`	$1.32M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.56M	USD	Point-in-time
Warrants issued as inducement to warrant exercise	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	-	USD	2 Qtrs
Warrants issued as inducement to warrant exercise	`StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants`	$509.00K	USD	2 Qtrs
Conversion of temporary equity to permanent equity	`ConversionOfTemporaryEquityToPermanentEquity`	$485.00K	USD	2 Qtrs
Conversion of temporary equity to permanent equity	`ConversionOfTemporaryEquityToPermanentEquity`	-	USD	2 Qtrs
Interest paid on debt borrowings	`InterestPaidNet`	$257.00K	USD	2 Qtrs
Interest paid on debt borrowings	`InterestPaidNet`	-	USD	2 Qtrs

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