10-Q Filing

Nuwellis, Inc. CIK: 1506492 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001140361-21-017219`
Period End Date	20210331
Filing Date	20210513
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	nuwe-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 34 Cash Flow Statement 46 Stockholders Equity 21

Balance Sheet 68 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
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.44M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.89M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$919.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$905.00K	USD	Point-in-time
Inventories	`InventoryNet`	$2.96M	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
Inventories	`InventoryNet`	$2.96M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$237.00K	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`	$369.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.54M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$32.14M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.22M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	6.53M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.20M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.74M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	6.53M	shares	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$255.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.74M	shares	Point-in-time
Operating lease right-of-use asset, net	`OperatingLeaseRightOfUseAsset`	$206.00K	USD	Point-in-time
Other assets	`OtherAssets`	$21.00K	USD	Point-in-time
Other assets	`OtherAssets`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$33.56M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$20.01M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.61M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.25M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.19M	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$206.00K	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$212.00K	USD	Point-in-time
Current portion of finance lease liability	`FinanceLeaseLiabilityCurrent`	$24.00K	USD	Point-in-time
Current portion of finance lease liability	`FinanceLeaseLiabilityCurrent`	$24.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$66.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$69.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.16M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$55.00K	USD	Point-in-time
Finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$48.00K	USD	Point-in-time
Finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$54.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.21M	USD	Point-in-time
Total liabilities	`Liabilities`	$3.69M	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 March 31, 2021 and December 31, 2020, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 6,531,942 and 2,736,060, respectively	`CommonStockValue`	-	USD	Point-in-time
Common stock as of March 31, 2021 and December 31, 2020, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 6,531,942 and 2,736,060, respectively	`CommonStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$249.66M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$268.92M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-10.00K	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-7.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-238.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-233.34M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.99M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$7.70M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.35M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$20.01M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$33.56M	USD	Point-in-time

Income Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.92M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.63M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$952.00K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$796.00K	USD	1 Quarter
Gross margin	`GrossProfit`	$966.00K	USD	1 Quarter
Gross margin	`GrossProfit`	$834.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.24M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.54M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$864.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$947.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.18M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.40M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.22M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.57M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.57M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.22M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.57M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.22M	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-11.54	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-1.25	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-1.25	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-11.54	USD	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	548,000.00	shares	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.21M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	548,000.00	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.21M	shares	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-3.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-3.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.57M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.22M	USD	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.57M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.22M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$65.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$126.00K	USD	1 Quarter
Stock-based compensation expense, net	`ShareBasedCompensation`	$355.00K	USD	1 Quarter
Stock-based compensation expense, net	`ShareBasedCompensation`	$380.00K	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-46.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-72.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$14.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$398.00K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$89.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-20.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$132.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherNonCurrentAssetsAndOtherLiabilities`	$-24.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherNonCurrentAssetsAndOtherLiabilities`	$-67.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.18M	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-431.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.38M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.50M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-56.00K	USD	1 Quarter
Proceeds from public stock offerings, net	`ProceedsFromIssuanceInitialPublicOffering`	$18.90M	USD	1 Quarter
Proceeds from public stock offerings, net	`ProceedsFromIssuanceInitialPublicOffering`	$9.62M	USD	1 Quarter
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	$1.00K	USD	1 Quarter
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	$289.00K	USD	1 Quarter
Payments on finance lease liability	`FinanceLeasePrincipalPayments`	-	USD	1 Quarter
Payments on finance lease liability	`FinanceLeasePrincipalPayments`	$6.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$18.90M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.90M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-3.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-3.00K	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.39M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$13.46M	USD	1 Quarter
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.28M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.67M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.44M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$27.89M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.28M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.67M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.44M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$27.89M	USD	Point-in-time
Inventory transferred to property, plant and equipment	`InventoryTransferredToPropertyPlantAndEquipment`	$89.00K	USD	1 Quarter
Inventory transferred to property, plant and equipment	`InventoryTransferredToPropertyPlantAndEquipment`	-	USD	1 Quarter

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.35M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-4.57M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.22M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-3.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-3.00K	USD	1 Quarter
Stock-based compensation and stock awards, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$355.00K	USD	1 Quarter
Stock-based compensation and stock awards, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$380.00K	USD	1 Quarter
Issuance of common and preferred stock, net	`StockIssuedDuringPeriodValueNewIssues`	$9.62M	USD	1 Quarter
Issuance of common and preferred stock, net	`StockIssuedDuringPeriodValueNewIssues`	$18.90M	USD	1 Quarter
Issuance of common and preferred stock, net (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	19,195.00	shares	Point-in-time
Issuance of common and preferred stock, net (in shares)	`StockIssuedDuringPeriodSharesNewIssues`	201,546.00	shares	Point-in-time
Exercise of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$289.00K	USD	1 Quarter
Exercise of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$1.00K	USD	1 Quarter
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	1 Quarter
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.32M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.70M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.35M	USD	Point-in-time

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