10-K Filing

Nuwellis, Inc. CIK: 1506492 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001140361-22-007694`
Period End Date	20211231
Filing Date	20220303
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	brhc10034542_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 38 Cash Flow Statement 54 Stockholders Equity 19

Balance Sheet 69 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
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.20M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$750.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$905.00K	USD	Point-in-time
Inventories	`InventoryNet`	$2.84M	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
Other current assets	`OtherAssetsCurrent`	$237.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$328.00K	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
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	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`	$28.13M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.20M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.19M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	2.74M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	10.54M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	2.74M	shares	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$1.08M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	10.54M	shares	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$255.00K	USD	Point-in-time
Other assets	`OtherAssets`	$21.00K	USD	Point-in-time
Other assets	`OtherAssets`	$21.00K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$20.01M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$30.42M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.10M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.66M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$2.19M	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$167.00K	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$206.00K	USD	Point-in-time
Current portion of finance lease liability	`FinanceLeaseLiabilityCurrent`	$24.00K	USD	Point-in-time
Current portion of finance lease liability	`FinanceLeaseLiabilityCurrent`	$26.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$66.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$36.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.31M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$956.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$55.00K	USD	Point-in-time
Finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$28.00K	USD	Point-in-time
Finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$54.00K	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	$179.00K	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$3.69M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.47M	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 December 31, 2021 and December 31, 2020, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 10,537,606 and 2,736,060, respectively	`CommonStockValue`	-	USD	Point-in-time
Common stock as of December 31, 2021 and December 31, 2020, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 10,537,606 and 2,736,060, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$249.66M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$278.87M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-7.00K	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-11.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-233.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-252.92M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$25.95M	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 LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$20.01M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$30.42M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.92M	USD	Annual
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$7.44M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.43M	USD	Annual
Cost of goods sold	`CostOfGoodsAndServicesSold`	$3.38M	USD	Annual
Gross profit	`GrossProfit`	$4.06M	USD	Annual
Gross profit	`GrossProfit`	$4.49M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$19.04M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$17.42M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$4.98M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$3.67M	USD	Annual
Total operating expenses	`OperatingExpenses`	$24.02M	USD	Annual
Total operating expenses	`OperatingExpenses`	$21.09M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-19.53M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-17.03M	USD	Annual
Realized foreign currency translation gain from dissolution of subsidiary	`ForeignCurrencyTransactionGainLossRealized`	-	USD	Annual
Realized foreign currency translation gain from dissolution of subsidiary	`ForeignCurrencyTransactionGainLossRealized`	$1.20M	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	Annual
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-43.00K	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-15.83M	USD	Annual
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-19.57M	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$9.00K	USD	Annual
Income tax expense	`IncomeTaxExpenseBenefit`	$9.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-19.58M	USD	Annual
Net loss	`NetIncomeLoss`	$-15.84M	USD	Annual
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-2.87	USD	Annual
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-10.67	USD	Annual
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-2.87	USD	Annual
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-10.67	USD	Annual
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	6.85M	shares	Annual
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	1.65M	shares	Annual
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	6.85M	shares	Annual
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.65M	shares	Annual
Realized foreign currency translation gain from dissolution of subsidiary	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax`	-	USD	Annual
Realized foreign currency translation gain from dissolution of subsidiary	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax`	$1.20M	USD	Annual
Unrealized foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-4.00K	USD	Annual
Unrealized foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-19.00K	USD	Annual
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-19.58M	USD	Annual
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-17.06M	USD	Annual

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-19.58M	USD	Annual
Net loss	`NetIncomeLoss`	$-15.84M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$376.00K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$488.00K	USD	Annual
Stock-based compensation expense, net	`ShareBasedCompensation`	$1.35M	USD	Annual
Stock-based compensation expense, net	`ShareBasedCompensation`	$1.31M	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	Annual
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-40.00K	USD	Annual
Realized foreign currency translation gain from dissolution of subsidiary	`ForeignCurrencyTransactionGainLossRealized`	-	USD	Annual
Realized foreign currency translation gain from dissolution of subsidiary	`ForeignCurrencyTransactionGainLossRealized`	$1.20M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-155.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$106.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$143.00K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$1.42M	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$76.00K	USD	Annual
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$91.00K	USD	Annual
Other assets and liabilities	`IncreaseDecreaseInOtherNonCurrentAssetsAndOtherLiabilities`	$-112.00K	USD	Annual
Other assets and liabilities	`IncreaseDecreaseInOtherNonCurrentAssetsAndOtherLiabilities`	$-186.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-211.00K	USD	Annual
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$191.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-16.57M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-17.88M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$219.00K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$298.00K	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	Annual
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$31.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-267.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-219.00K	USD	Annual
Proceeds from public stock offerings, net	`ProceedsFromIssuanceInitialPublicOffering`	$27.90M	USD	Annual
Proceeds from public stock offerings, net	`ProceedsFromIssuanceInitialPublicOffering`	$25.92M	USD	Annual
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	$1.30K	USD	Annual
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	$4.12M	USD	Annual
Payments on finance lease liability	`FinanceLeasePrincipalPayments`	$26.00K	USD	Annual
Payments on finance lease liability	`FinanceLeasePrincipalPayments`	$20.00K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$30.02M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$27.87M	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-19.00K	USD	Annual
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-4.00K	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$13.16M	USD	Annual
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$9.77M	USD	Annual
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.44M	USD	Point-in-time
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.20M	USD	Point-in-time
Cash and cash equivalents - beginning of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.28M	USD	Point-in-time
Cash and cash equivalents - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.20M	USD	Point-in-time
Cash and cash equivalents - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.28M	USD	Point-in-time
Cash and cash equivalents - end of year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.44M	USD	Point-in-time
Inventory transferred to property, plant and equipment	`InventoryTransferredToPropertyPlantAndEquipment`	$260.00K	USD	Annual
Inventory transferred to property, plant and equipment	`InventoryTransferredToPropertyPlantAndEquipment`	$257.00K	USD	Annual
Equipment acquired through finance lease liability	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	-	USD	Annual
Equipment acquired through finance lease liability	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$98.00K	USD	Annual
Operating right-of-use asset recorded as an operating lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$901.00K	USD	Annual
Operating right-of-use asset recorded as an operating lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$10.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$11.00K	USD	Annual

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$25.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.32M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-19.58M	USD	Annual
Net loss	`NetIncomeLoss`	$-15.84M	USD	Annual
Realized foreign currency translation gain from dissolution of subsidiary	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax`	-	USD	Annual
Realized foreign currency translation gain from dissolution of subsidiary	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax`	$1.20M	USD	Annual
Unrealized foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-4.00K	USD	Annual
Unrealized foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-19.00K	USD	Annual
Stock-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.31M	USD	Annual
Stock-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.35M	USD	Annual
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$27.90M	USD	Annual
Issuance of common stock, net	`StockIssuedDuringPeriodValueNewIssues`	$25.92M	USD	Annual
Exercise of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$4.12M	USD	Annual
Exercise of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$1.00K	USD	Annual
Conversion of preferred stock into common stock	`StockIssuedDuringPeriodValueConversionOfConvertibleSecurities`	-	USD	Annual
Balance	`StockholdersEquity`	$25.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.32M	USD	Point-in-time

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