10-Q Filing

Nuwellis, Inc. CIK: 1506492 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001140361-18-036025`
Period End Date	20180630
Filing Date	20180809
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	chfs-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 68 Cash Flow Statement 60

Balance Sheet 60 line items

Line Item	Tag	Value	Unit	Period
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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.56M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.00M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$545.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$652.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$1.59M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Inventory	`InventoryNet`	$2.31M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$205.00K	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 current assets	`OtherAssetsCurrent`	$136.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$17.86M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.17M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	3.80M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	4.51M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$570.00K	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$576.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	3.80M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	4.51M	shares	Point-in-time
Other assets	`OtherAssets`	$195.00K	USD	Point-in-time
Other assets	`OtherAssets`	$21.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$18.45M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$10.94M	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$862.00K	USD	Point-in-time
Accounts payable and accrued expenses	`AccountsPayableAndAccruedLiabilitiesCurrent`	$838.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.02M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$979.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$208.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$186.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.09M	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`	$2.22M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.13M	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, 2018 and December 31, 2017, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 4,505,953 and 3,798,929, respectively	`CommonStockValue`	-	USD	Point-in-time
Common stock as of June 30, 2018 and December 31, 2017, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 4,505,953 and 3,798,929, respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$198.47M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$197.37M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$1.23M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$1.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-190.89M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-182.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.81M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.24M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$18.45M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$10.94M	USD	Point-in-time

Income Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.14M	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$864.00K	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.10M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.76M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.77M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$1.13M	USD	2 Qtrs
Cost of goods sold	`CostOfGoodsAndServicesSold`	$870.00K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$616.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.77M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.81M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$2.42M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.78M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$635.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$643.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.12M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$327.00K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$5.28M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$10.67M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$6.57M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$3.36M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.18M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.50M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.53M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-4.81M	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncome`	-	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	$11.00K	USD	2 Qtrs
Other income, net	`OtherNonoperatingIncome`	$5.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncome`	-	USD	2 Qtrs
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`	-	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	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-37.00K	USD	1 Quarter
Total other income, net	`OtherNonoperatingIncomeExpense`	$1.41M	USD	2 Qtrs
Total other income, net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Total other income, net	`OtherNonoperatingIncomeExpense`	$42.00K	USD	1 Quarter
Total other income, net	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.46M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.18M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.40M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.53M	USD	2 Qtrs
Income tax expense, net	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Income tax expense, net	`IncomeTaxExpenseBenefit`	$1.00K	USD	2 Qtrs
Income tax expense, net	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Income tax expense, net	`IncomeTaxExpenseBenefit`	$2.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-8.54M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.18M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.40M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.46M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-9.38	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.93	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-27.77	USD	2 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-2.00	USD	2 Qtrs
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.49M	shares	1 Quarter
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	225,000.00	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	4.26M	shares	2 Qtrs
Weighted average shares outstanding - basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	371,000.00	shares	1 Quarter
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`	$-1.00K	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-2.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.18M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-8.54M	USD	2 Qtrs
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.46M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.40M	USD	2 Qtrs

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.40M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.46M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.54M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.18M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$436.00K	USD	2 Qtrs
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$115.00K	USD	2 Qtrs
Stock-based compensation expense, net	`ShareBasedCompensation`	$281.00K	USD	2 Qtrs
Stock-based compensation expense, net	`ShareBasedCompensation`	$1.11M	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-37.00K	USD	1 Quarter
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	$-1.47M	USD	2 Qtrs
Change in fair value of warrant liability	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Warrant valuation expense	`WarrantValuationExpense`	$67.00K	USD	2 Qtrs
Warrant valuation expense	`WarrantValuationExpense`	-	USD	1 Quarter
Warrant valuation expense	`WarrantValuationExpense`	-	USD	1 Quarter
Warrant valuation expense	`WarrantValuationExpense`	-	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$107.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$336.00K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$187.00K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$727.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-8.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$48.00K	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.10M	USD	2 Qtrs
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-283.00K	USD	2 Qtrs
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivities`	$-5.70M	USD	2 Qtrs
Net cash used in operations	`NetCashProvidedByUsedInOperatingActivities`	$-8.48M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$121.00K	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$20.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-121.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-20.00K	USD	2 Qtrs
Net proceeds from public stock offering	`ProceedsFromIssuanceInitialPublicOffering`	$8.00M	USD	2 Qtrs
Net proceeds from public stock offering	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	2 Qtrs
Net proceeds from public stock offering	`ProceedsFromIssuanceInitialPublicOffering`	$24.20M	USD	Point-in-time
Net proceeds from public stock offering	`ProceedsFromIssuanceInitialPublicOffering`	$24.20M	USD	Point-in-time
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`	$3.80M	USD	Point-in-time
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
Net proceeds from the sale of preferred stock and warrants	`ProceedsFromIssuanceOfPreferredStockPreferenceStockAndWarrants`	-	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.95M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-1.00K	USD	2 Qtrs
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-1.00K	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$4.24M	USD	2 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-8.60M	USD	2 Qtrs
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$15.60M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$5.56M	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`	$7.00M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValue`	$15.60M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashAndCashEquivalentsAtCarryingValue`	$5.56M	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`	$7.00M	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`	-	USD	2 Qtrs
Conversion of temporary equity to permanent equity	`ConversionOfTemporaryEquityToPermanentEquity`	$485.00K	USD	2 Qtrs
Financing fees incurred for subsequent equity financing included in long-term assets and accounts payable	`FeesIncludedInLongTermAssetsAndAccountsPayable`	-	USD	2 Qtrs
Financing fees incurred for subsequent equity financing included in long-term assets and accounts payable	`FeesIncludedInLongTermAssetsAndAccountsPayable`	$195.00K	USD	2 Qtrs

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