2021 Q4 Form 10-K Financial Statement

#000143774922009050 Filed on April 15, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $71.65K $6.751K $6.546K
YoY Change -77.61% 7.95% 13.0%
% of Gross Profit
Research & Development $0.00 $0.00 $0.00
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $71.65K $6.751K $6.546K
YoY Change -77.61% 7.95% 13.0%
Operating Profit -$71.65K -$6.751K -$6.546K
YoY Change -77.61% 7.95% 13.0%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0%
Pretax Income -$71.65K -$6.751K -$6.546K
YoY Change -68.85% -56.39% -71.45%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$71.65K -$6.751K -$6.546K
YoY Change -100.95% -56.39% -71.45%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share -$2.356K -$223.10 -$216.50
COMMON SHARES
Basic Shares Outstanding 30.26M 30.26M
Diluted Shares Outstanding 30.26M 30.26M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.415M $148.4K $151.6K
YoY Change 784.11%
Cash & Equivalents $1.415M $148.4K $151.6K
Short-Term Investments
Other Short-Term Assets $51.35K $1.500K $1.500K
YoY Change
Inventory $0.00
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $1.466M $149.9K $153.1K
YoY Change 808.07% 1177476.92%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.466M $149.9K $153.1K
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $1.466M $149.9K $153.1K
YoY Change 808.07% 1177476.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $526.6K $525.9K $522.3K
YoY Change 1.57% -1.88% -1.41%
Accrued Expenses $146.5K $146.5K $146.5K
YoY Change 0.0% -10.21% -10.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $673.1K $672.5K $668.9K
YoY Change 1.22% -35.0% -34.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $673.1K $672.5K $668.9K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $673.1K $672.5K $668.9K
YoY Change 1.22% -35.0% -34.37%
SHAREHOLDERS EQUITY
Retained Earnings -$23.59M -$23.52M -$23.51M
YoY Change 0.39% 1.09% 1.13%
Common Stock $3.713K $3.026K $3.026K
YoY Change 22.7% 24.78% 24.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $792.8K -$522.5K -$515.8K
YoY Change
Total Liabilities & Shareholders Equity $1.466M $149.9K $153.1K
YoY Change 808.07% 1177476.92%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$71.65K -$6.751K -$6.546K
YoY Change -100.95% -56.39% -71.45%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$107.0K -$3.150K -$5.680K
YoY Change 256.53% -43.2%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.373M 0.000 0.000
YoY Change 586.55%
NET CHANGE
Cash From Operating Activities -107.0K -3.150K -5.680K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 1.373M 0.000 0.000
Net Change In Cash 1.266M -3.150K -5.680K
YoY Change 644.78% -43.2%
FREE CASH FLOW
Cash From Operating Activities -$107.0K -$3.150K -$5.680K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Note <em style="font: inherit;">1</em> </b>–<b> Description of Business</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration: underline; ">Description of Business</span></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Nuo Therapeutics, Inc. (“Nuo Therapeutics,” the “Company,” “we,” “us,” or “our”) is a Delaware corporation organized in <em style="font: inherit;">1998</em> under the name Informatix Holdings, Inc. In <em style="font: inherit;">1999,</em> Autologous Wound Therapy, Inc., an Arkansas Corporation, merged with and into Informatix Holdings, Inc. and the name of the surviving corporation was changed to Autologous Wound Therapy, Inc. In <em style="font: inherit;">2000,</em> Autologous Wound Therapy, Inc. changed its name to Cytomedix, Inc. (“Cytomedix”). In <em style="font: inherit;">2001,</em> Cytomedix, filed for bankruptcy under Chapter <em style="font: inherit;">11</em> of the United States Bankruptcy Code, after which Cytomedix was authorized to continue to conduct its business as a debtor and debtor-in-possession. Cytomedix emerged from bankruptcy in <em style="font: inherit;">2002</em> under a Plan of Reorganization. In <em style="font: inherit;"> September 2007, </em>Cytomedix received <em style="font: inherit;">510</em>(k) clearance for the Aurix System (“Aurix”), formerly known as the AutoloGel™ System, from the U. S. Food and Drug Administration (“FDA”). In <em style="font: inherit;"> April 2010, </em>Cytomedix acquired the Angel Whole Blood Separation System (“Angel”) and the Angel Business, from Sorin Group USA, Inc. In <em style="font: inherit;"> February 2012, </em>Cytomedix, acquired Aldagen, Inc. (“Aldagen”), a privately held developmental cell-therapy company located in Durham, NC. In <em style="font: inherit;">2014,</em> Cytomedix changed its name to Nuo Therapeutics, Inc. In <em style="font: inherit;">2016,</em> Nuo filed for and emerged from bankruptcy under Chapter <em style="font: inherit;">11</em> as described previously under “<i>Item <em style="font: inherit;">1.</em> Business </i>– <i><em style="font: inherit;">2016</em></i> <i>Bankruptcy and Emergence from Bankruptcy</i>.” Effective <em style="font: inherit;"> May 1, 2019, </em>we furloughed our remaining employees and ceased standard operational activities as we awaited developments concerning our reconsideration request with the Centers for Medicare &amp; Medicaid Services (“CMS”) regarding Medicare coverage for Aurix.  Based on a favorable National Coverage Determination issued in <em style="font: inherit;"> April 2021, </em>we initiated restart activities for the business beginning in <em style="font: inherit;"> October 2021 </em>with an expectation that the Aurix product will be available for commercial sale by <em style="font: inherit;"> May 2022.  </em>Aldagen is a non-operational, wholly owned subsidiary of Nuo.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration: underline; ">Impact of COVID-<em style="font: inherit;">19</em> Pandemic on Financial Statements </span></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On <em style="font: inherit;"> March 11, 2020, </em>the World Health Organization declared the outbreak of COVID-<em style="font: inherit;">19</em> as a “pandemic,” or a worldwide spread of anew disease. Many countries imposed and continue to enforce quarantines and restrictions on travel and mass gatherings to slow the spread of the virus and have closed non-essential businesses.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In response to COVID- <em style="font: inherit;">19,</em> the Company has <em style="font: inherit;">not</em> experienced a significant disruption or delay in the development, manufacturing or sale of its products and has <em style="font: inherit;">not</em> otherwise experienced any significant negative impact on its financial condition, results of operations or cash flows. However, the extent to which COVID-<em style="font: inherit;">19</em> <em style="font: inherit;"> may </em>impact our business will depend on future developments, which are highly uncertain and cannot be predicted with confidence, such as the duration of the pandemic, travel restrictions and social distancing in the United States and other countries, business closures or business disruptions and the effectiveness of actions taken in the United States and other countries to contain and treat the pandemic. The consolidated financial statements do <em style="font: inherit;">not</em> include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The Company has <em style="font: inherit;">not</em> experienced any significant negative impact on the <em style="font: inherit;"> December 31, 2021 </em>audited consolidated financial statements related to COVID-<em style="font: inherit;">19.</em></p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration: underline; ">Use of Estimates</span></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but <em style="font: inherit;">not</em> limited to stock-based compensation, the fair value of common stock and equity-linked and derivative financial instruments, recoverability and depreciable lives of long-lived assets, deferred taxes and associated valuation allowance, the valuation and classification of debt instruments, and allowances for inventory obsolescence and doubtful accounts. Actual results could differ from those estimates.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><span style="text-decoration: underline; ">Credit Concentration</span></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="-sec-ix-hidden:c83066931">One</span> customer generated 26% of our revenue in <em style="font: inherit;">2019.</em> All our revenue in <em style="font: inherit;">2019</em> was generated within the U.S. We had no trade receivables as of <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2020,</em> and <em style="font: inherit;">2019</em> given our <em style="font: inherit;"> April 2019 </em>decision to cease operational activities.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Historically, we used single suppliers for several components of the Aurix™ product line. We outsource the manufacturing of various product components to contract manufacturers. While we believe these manufacturers demonstrate competency, reliability and stability, there is <em style="font: inherit;">no</em> assurance that <em style="font: inherit;">one</em> or more of them will <em style="font: inherit;">not</em> experience an interruption or inability to provide us with the products needed to satisfy customer demand. Additionally, while most of the components of Aurix™ are generally readily available on the open market, a reagent, bovine thrombin, is available exclusively through Pfizer, with whom we have an established vendor relationship.</p>
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Stock Issued1
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CY2020Q1 us-gaap Stock Issued1
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us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Note <em style="font: inherit;">1</em> </b>–<b> Description of Business</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration: underline; ">Description of Business</span></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Nuo Therapeutics, Inc. (“Nuo Therapeutics,” the “Company,” “we,” “us,” or “our”) is a Delaware corporation organized in <em style="font: inherit;">1998</em> under the name Informatix Holdings, Inc. In <em style="font: inherit;">1999,</em> Autologous Wound Therapy, Inc., an Arkansas Corporation, merged with and into Informatix Holdings, Inc. and the name of the surviving corporation was changed to Autologous Wound Therapy, Inc. In <em style="font: inherit;">2000,</em> Autologous Wound Therapy, Inc. changed its name to Cytomedix, Inc. (“Cytomedix”). In <em style="font: inherit;">2001,</em> Cytomedix, filed for bankruptcy under Chapter <em style="font: inherit;">11</em> of the United States Bankruptcy Code, after which Cytomedix was authorized to continue to conduct its business as a debtor and debtor-in-possession. Cytomedix emerged from bankruptcy in <em style="font: inherit;">2002</em> under a Plan of Reorganization. In <em style="font: inherit;"> September 2007, </em>Cytomedix received <em style="font: inherit;">510</em>(k) clearance for the Aurix System (“Aurix”), formerly known as the AutoloGel™ System, from the U. S. Food and Drug Administration (“FDA”). In <em style="font: inherit;"> April 2010, </em>Cytomedix acquired the Angel Whole Blood Separation System (“Angel”) and the Angel Business, from Sorin Group USA, Inc. In <em style="font: inherit;"> February 2012, </em>Cytomedix, acquired Aldagen, Inc. (“Aldagen”), a privately held developmental cell-therapy company located in Durham, NC. In <em style="font: inherit;">2014,</em> Cytomedix changed its name to Nuo Therapeutics, Inc. In <em style="font: inherit;">2016,</em> Nuo filed for and emerged from bankruptcy under Chapter <em style="font: inherit;">11</em> as described previously under “<i>Item <em style="font: inherit;">1.</em> Business </i>– <i><em style="font: inherit;">2016</em></i> <i>Bankruptcy and Emergence from Bankruptcy</i>.” Effective <em style="font: inherit;"> May 1, 2019, </em>we furloughed our remaining employees and ceased standard operational activities as we awaited developments concerning our reconsideration request with the Centers for Medicare &amp; Medicaid Services (“CMS”) regarding Medicare coverage for Aurix.  Based on a favorable National Coverage Determination issued in <em style="font: inherit;"> April 2021, </em>we initiated restart activities for the business beginning in <em style="font: inherit;"> October 2021 </em>with an expectation that the Aurix product will be available for commercial sale by <em style="font: inherit;"> May 2022.  </em>Aldagen is a non-operational, wholly owned subsidiary of Nuo.</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"> </p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><span style="text-decoration: underline; ">Use of Estimates</span></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. In the accompanying consolidated financial statements, estimates are used for, but <em style="font: inherit;">not</em> limited to, stock-based compensation, allowance for inventory obsolescence, allowance for doubtful accounts, contingent liabilities, fair value and depreciable lives of long-lived assets (including property and equipment, intangible assets and goodwill), deferred taxes and associated valuation allowance and the classification of our long-term debt. Actual results could differ from those estimates.</p>
us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Earnings Per Share Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Dilutive Securities
DilutiveSecurities
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us-gaap Dilutive Securities
DilutiveSecurities
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CY2020Q1 us-gaap Dilutive Securities
DilutiveSecurities
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q1 us-gaap Stock Issued During Period Shares Issued For Services
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CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
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CY2020Q1 us-gaap Allocated Share Based Compensation Expense
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0 USD
CY2018Q3 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
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13784 USD
CY2020Q1 us-gaap Assets Fair Value Disclosure
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0 USD

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