10-Q Filing

Nuwellis, Inc. CIK: 1506492 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001140361-22-018815`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	brhc10037563_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 34 Cash Flow Statement 44 Stockholders Equity 16

Balance Sheet 71 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`	$19.30M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.20M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	39.97M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$951.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$750.00K	USD	Point-in-time
Inventories	`InventoryNet`	$2.84M	USD	Point-in-time
Inventories	`InventoryNet`	$3.29M	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
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`	$328.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$350.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.89M	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
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.15M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	10.54M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	10.54M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$1.19M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	10.54M	shares	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$1.04M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	10.54M	shares	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$1.08M	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`	$30.42M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$26.11M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.80M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.66M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.33M	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$167.00K	USD	Point-in-time
Current portion of operating lease liability	`OperatingLeaseLiabilityCurrent`	$181.00K	USD	Point-in-time
Current portion of finance lease liability	`FinanceLeaseLiabilityCurrent`	$26.00K	USD	Point-in-time
Current portion of finance lease liability	`FinanceLeaseLiabilityCurrent`	$24.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$36.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$55.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.31M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$909.00K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$956.00K	USD	Point-in-time
Finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$22.00K	USD	Point-in-time
Finance lease liability	`FinanceLeaseLiabilityNoncurrent`	$28.00K	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	$71.00K	USD	Point-in-time
Other long-term liability	`OtherLiabilitiesNoncurrent`	$179.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$4.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.39M	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, 2022 and December 31, 2021, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 10,537,606 shares	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock as of March 31, 2022 and December 31, 2021, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 10,537,606 shares	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$279.11M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$278.87M	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-11.00K	USD	Point-in-time
Foreign currency translation adjustment	`AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax`	$-13.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-252.92M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-257.40M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-257.39M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$21.71M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$30.35M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$25.95M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.32M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$26.11M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$30.42M	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`	$1.93M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$824.00K	USD	1 Quarter
Cost of goods sold	`CostOfGoodsAndServicesSold`	$952.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$966.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$1.10M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.41M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.24M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.11M	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`	$5.52M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.42M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.22M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-55.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.47M	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`	$-5.22M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-1.62	USD	1 Quarter
Basic loss per share (in dollars per share)	`EarningsPerShareBasic`	$-0.42	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-1.62	USD	1 Quarter
Diluted loss per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.42	USD	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	3.24M	shares	1 Quarter
Weighted average shares outstanding - basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	10.54M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.24M	shares	1 Quarter
Weighted average shares outstanding - diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.54M	shares	1 Quarter
Unrealized foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-3.00K	USD	1 Quarter
Unrealized foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-2.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.22M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.47M	USD	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.22M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$126.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$105.00K	USD	1 Quarter
Stock-based compensation expense, net	`ShareBasedCompensation`	$241.00K	USD	1 Quarter
Stock-based compensation expense, net	`ShareBasedCompensation`	$355.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$201.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$14.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$451.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$89.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$132.00K	USD	1 Quarter
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$22.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherNonCurrentAssetsAndOtherLiabilities`	$-24.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherNonCurrentAssetsAndOtherLiabilities`	$80.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$54.00K	USD	1 Quarter
Accounts payable and accrued expenses	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-431.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.83M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.38M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$56.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$70.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-70.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-56.00K	USD	1 Quarter
Proceeds from public stock offerings, net	`ProceedsFromIssuanceInitialPublicOffering`	-	USD	1 Quarter
Proceeds from public stock offerings, net	`ProceedsFromIssuanceInitialPublicOffering`	$18.90M	USD	1 Quarter
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	$1.30K	USD	1 Quarter
Proceeds from warrant exercises	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Payments on finance lease liability	`FinanceLeasePrincipalPayments`	$6.00K	USD	1 Quarter
Payments on finance lease liability	`FinanceLeasePrincipalPayments`	$6.00K	USD	1 Quarter
Net cash provided (used in) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.00K	USD	1 Quarter
Net cash provided (used in) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$18.90M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-2.00K	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-3.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.91M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$13.46M	USD	1 Quarter
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.30M	USD	Point-in-time
Cash and cash equivalents - beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.20M	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`	$19.30M	USD	Point-in-time
Cash and cash equivalents - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.20M	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`	-	USD	1 Quarter
Inventory transferred to property, plant and equipment	`InventoryTransferredToPropertyPlantAndEquipment`	$89.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$21.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.95M	USD	Point-in-time
Balance	`StockholdersEquity`	$16.32M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-5.22M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Unrealized foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-3.00K	USD	1 Quarter
Unrealized foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-2.00K	USD	1 Quarter
Stock-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$355.00K	USD	1 Quarter
Stock-based compensation, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$241.00K	USD	1 Quarter
Issuance of common, net	`StockIssuedDuringPeriodValueNewIssues`	$18.90M	USD	1 Quarter
Exercise of warrants	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$1.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$21.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$30.35M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.95M	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.