$COCH
Envoy Medical, Inc.

2023 Q4 Form 10-Q Financial Statement

#000121390023088310 Filed on November 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q4
Revenue $95.00K $80.00K $0.00
YoY Change
Cost Of Revenue $234.0K $189.0K
YoY Change 78.3%
Gross Profit -$139.0K -$109.0K
YoY Change 2.83%
Gross Profit Margin -146.32% -136.25%
Selling, General & Admin $3.541M $1.426M
YoY Change 75.62%
% of Gross Profit
Research & Development $3.055M $1.850M
YoY Change 97.86%
% of Gross Profit
Depreciation & Amortization $48.00K $85.00K
YoY Change
% of Gross Profit
Operating Expenses $6.596M $3.276M $1.465M
YoY Change 350.17% 217.3% 52.01%
Operating Profit -$6.735M -$3.385M
YoY Change 227.86%
Interest Expense -$69.00K $4.390M
YoY Change -101.57% -210.08%
% of Operating Profit
Other Income/Expense, Net $1.923M $4.948M -$4.074M
YoY Change -147.2% 23.93% -1850.21%
Pretax Income -$4.881M $1.563M -$1.149M
YoY Change 324.69% -74.89% -75.65%
Income Tax $859.4K
% Of Pretax Income
Net Earnings -$4.881M $1.563M -$2.009M
YoY Change 142.99% -72.53% -57.44%
Net Earnings / Revenue -5137.89% 1953.75%
Basic Earnings Per Share $0.13
Diluted Earnings Per Share -$0.25 $0.13 -$0.04
COMMON SHARES
Basic Shares Outstanding 19.55M shares 10.21M shares
Diluted Shares Outstanding 11.22M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.218M $7.440M $107.8K
YoY Change 3813.89% 2363.58% -28.08%
Cash & Equivalents $4.218M $7.440M $107.8K
Short-Term Investments
Other Short-Term Assets $957.0K $10.40M $112.7K
YoY Change 749.53% 3507.56% -84.21%
Inventory $1.404M $1.397M $1.295M
Prepaid Expenses $112.6K
Receivables $70.00K $109.0K $41.00K
Other Receivables $176.0K $1.000M
Total Short-Term Assets $6.825M $22.73M $220.4K
YoY Change 2996.33% 3751.12% -74.46%
LONG-TERM ASSETS
Property, Plant & Equipment $815.0K $378.0K $331.0K
YoY Change 146.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $430.0M
YoY Change 1.18%
Other Assets $353.7K
YoY Change -64.73%
Total Long-Term Assets $815.0K $872.0K $430.4M
YoY Change -99.81% -99.8% 1.02%
TOTAL ASSETS
Total Short-Term Assets $6.825M $22.73M $220.4K
Total Long-Term Assets $815.0K $872.0K $430.4M
Total Assets $7.640M $23.60M $430.6M
YoY Change -98.23% -94.48% 0.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.554M $3.381M $1.178M
YoY Change 31.97% 215.59% 90.31%
Accrued Expenses $4.771M $4.052M $3.946M
YoY Change 20.92% 35.53% 91.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $1.500M
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.636M $13.60M $7.310M
YoY Change -9.22% 126.59% 172.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.766M $3.739M $11.48M
YoY Change -75.9% -69.55% -68.06%
Total Long-Term Liabilities $2.766M $3.739M $11.48M
YoY Change -75.9% -69.55% -68.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.636M $13.60M $7.310M
Total Long-Term Liabilities $2.766M $3.739M $11.48M
Total Liabilities $9.402M $17.34M $18.79M
YoY Change -49.96% -5.14% -51.35%
SHAREHOLDERS EQUITY
Retained Earnings -$257.2M -$251.0M -$17.92M
YoY Change 1335.84% 1346.57% -51.2%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.762M $6.259M -$17.91M
YoY Change
Total Liabilities & Shareholders Equity $7.640M $23.60M $430.6M
YoY Change -98.23% -94.48% 0.87%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q4
OPERATING ACTIVITIES
Net Income -$4.881M $1.563M -$2.009M
YoY Change 142.99% -72.53% -57.44%
Depreciation, Depletion And Amortization $48.00K $85.00K
YoY Change
Cash From Operating Activities -$11.71M -$3.086M -$842.6K
YoY Change 1289.51% 380.63% -4.81%
INVESTING ACTIVITIES
Capital Expenditures $21.00K $132.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $648.4K
YoY Change
Cash From Investing Activities -$21.00K -$389.4M $648.4K
YoY Change -103.24% -83466.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -891.0K 409.2M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -11.71M -3.086M -842.6K
Cash From Investing Activities -21.00K -389.4M 648.4K
Cash From Financing Activities -891.0K 409.2M 0.000
Net Change In Cash -12.62M 16.64M -194.2K
YoY Change 6397.79% -9610.15% -77.98%
FREE CASH FLOW
Cash From Operating Activities -$11.71M -$3.086M -$842.6K
Capital Expenditures $21.00K $132.0K
Free Cash Flow -$11.73M -$3.218M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2023-09-30
dei Document Fiscal Year Focus
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2023
dei Document Transition Report
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dei Entity File Number
EntityFileNumber
001-40133
dei Entity Registrant Name
EntityRegistrantName
ENVOY MEDICAL, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
86-1369123
dei Entity Address Address Line1
EntityAddressAddressLine1
4875 White Bear Parkway
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White Bear Lake
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ChangeInFairValueOfConvertibleNotesPayablerelatedParty
-13332000 usd
coch Change In Fair Value Of Convertible Notes Payablerelated Party
ChangeInFairValueOfConvertibleNotesPayablerelatedParty
1473000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
104000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
23000 usd
us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
231000 usd
coch Change In Operating Lease Rightofuse Assetsrelated Party
ChangeInOperatingLeaseRightofuseAssetsrelatedParty
83000 usd
coch Change In Operating Lease Rightofuse Assetsrelated Party
ChangeInOperatingLeaseRightofuseAssetsrelatedParty
82000 usd
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
-122000 usd
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
-11000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
68000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
9000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-20000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
226000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
868000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
37000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2378000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-241000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-101000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
28000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
694000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-104000 usd
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-225000 usd
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-61000 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
4000000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5946000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6426000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
132000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
177000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-132000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-177000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
10000000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
6000000 usd
coch Proceeds From The Pipe Transaction The Forward Purchase Agreement And The Business Combi
ProceedsFromThePIPETransactionTheForwardPurchaseAgreementAndTheBusinessCombi
11736000 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
1000000 usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
92000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
16657000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-512000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
183000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1121000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16840000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
609000 usd
coch Deemed Capital Contribution From Related Party Upon Issuance Of Convertible Notes
DeemedCapitalContributionFromRelatedPartyUponIssuanceOfConvertibleNotes
18702000 usd
coch Deemed Capital Contribution From Related Party Upon Issuance Of Convertible Notes
DeemedCapitalContributionFromRelatedPartyUponIssuanceOfConvertibleNotes
3891000 usd
coch Spac Excise Tax Liability Recognized Upon The Business Combination
SPACExciseTaxLiabilityRecognizedUponTheBusinessCombination
2248000 usd
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
425606 shares
us-gaap Prepayment Fees On Advances Net
PrepaymentFeesOnAdvancesNet
4500000 usd
us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
8512 shares
CY2023Q2 us-gaap Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
10000000 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
51400000 usd
CY2023Q3 us-gaap Fair Value Hedge Assets At Fair Value
FairValueHedgeAssetsAtFairValue
36800000 usd
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
14600000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
91000 usd
CY2023Q2 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
91000 usd
us-gaap Other General Expense
OtherGeneralExpense
300000 usd
CY2023Q3 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
251000000 usd
CY2023Q3 us-gaap Securities Purchased Under Agreements To Resell
SecuritiesPurchasedUnderAgreementsToResell
11700000 usd
CY2023Q3 us-gaap Cash
Cash
7400000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-weight: normal">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management 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 amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include but are not limited to the useful lives of property and equipment, inventory reserves, warranty liability, the fair value of common stock, the fair value of convertible notes payable, the fair value of forward purchase agreement assets, the fair value of forward purchase agreement warrant liability, the fair value of warrants and the outcome of litigation. Estimates and assumptions are reviewed periodically and the effect of changes, if any, are reflected in the unaudited condensed consolidated statements of operations and comprehensive income (loss). </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Concentration of Credit Risk and Significant Customers</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-weight: normal">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and accounts receivable, net. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains its cash with financial institutions that management believes to be of high credit quality. The Company has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to accounts receivable, the Company performs credit evaluations of its customers and does not require collateral. There have been no material losses on accounts receivable. There were no customers that accounted for 10.0% or more of sales for the nine months ended September 30, 2023 and September 30, 2022, respectively. There were no customers that accounted for 10.0% or more of the accounts receivable balance as of September 30, 2023 and December 31, 2022.</p>
coch Concentration Risk Percentage
ConcentrationRiskPercentage
0.10 pure
coch Concentration Risk Percentage
ConcentrationRiskPercentage
0.10 pure
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
us-gaap Stock Issued During Period Shares Share Based Compensation Forfeited
StockIssuedDuringPeriodSharesShareBasedCompensationForfeited
5510000 shares
coch Merger Net Of Redemptions And Transaction Costs Note3in Shares
MergerNetOfRedemptionsAndTransactionCostsNote3inShares
2500000 shares
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
2500000 shares
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
2615000 shares
us-gaap Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Shares Issued1
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1
8512 shares
coch Purchase Transaction Price
PurchaseTransactionPrice
10
us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
10000000 usd
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
1000000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
100000 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
19549982 shares
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
1000000 shares
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
4500000 shares
CY2023Q3 coch Forward Purchase Agreement Assets
ForwardPurchaseAgreementAssets
2386000 usd
CY2023Q3 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
2386000 usd
CY2023Q3 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
1793000 usd
CY2023Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
1274000 usd
CY2023Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
3067000 usd
CY2022Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
33397000 usd
CY2022Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
448000 usd
CY2022Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
127000 usd
CY2022Q4 us-gaap Other Liabilities
OtherLiabilities
33972000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
5000000 usd
CY2023Q3 us-gaap Other Additional Capital
OtherAdditionalCapital
1000000 usd
CY2023Q3 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
5400000 usd
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
1227000 usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
1010000 usd
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
31000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
164000 usd
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
139000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
121000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
1397000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
1295000 usd
us-gaap Lease Cost
LeaseCost
589000 usd
CY2022 us-gaap Lease Cost
LeaseCost
690000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
97000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
97000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
97000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
97000 usd
coch Schedule Of Other Supplemental Information
ScheduleOfOtherSupplementalInformation
Other supplemental information of lease amounts recognized in the unaudited condensed consolidated financial statements is summarized as follows:<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nine Months Ended<br/> September 30,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Cash paid for amounts included in the measurement of lease liabilities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">113</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">111</td><td style="width: 1%; text-align: left"> </td></tr> </table>
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
113000 usd
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
111000 usd
coch Schedule Of Weighted Average Operating Lease
ScheduleOfWeightedAverageOperatingLease
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">September 30,<br/> 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, <br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Weighted-average remaining lease term - in years</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4.2</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">4.9</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted-average discount rate</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.0</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5.0</td><td style="text-align: left">%</td></tr> </table>
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y10M24D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05 pure
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
28000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
162000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
154000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
155000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
99000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
598000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
589000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2478000 usd
CY2023Q1 coch Standard Product Warranty Utilization
StandardProductWarrantyUtilization
-62000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2416000 usd
CY2023Q2 coch Standard Product Warranty Reversal Of Warranty Accrual
StandardProductWarrantyReversalOfWarrantyAccrual
-45000 usd
CY2023Q2 coch Standard Product Warranty Utilization
StandardProductWarrantyUtilization
-25000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2346000 usd
CY2023Q3 coch Standard Product Warranty Reversal Of Warranty Accrual
StandardProductWarrantyReversalOfWarrantyAccrual
-72000 usd
CY2023Q3 coch Standard Product Warranty Utilization
StandardProductWarrantyUtilization
-21000 usd
CY2023Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
2253000 usd
CY2023Q3 us-gaap Unrecovered Production Costs Excess Of Estimated Average Unit Cost
UnrecoveredProductionCostsExcessOfEstimatedAverageUnitCost
6000 usd
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P5Y
CY2023Q3 us-gaap Percentage Of Weighted Average Cost Inventory
PercentageOfWeightedAverageCostInventory
0.036 pure
coch Discount Rate
DiscountRate
0.05 pure
CY2021Q1 us-gaap Separate Account Liability Withdrawal
SeparateAccountLiabilityWithdrawal
10000000 usd
CY2022Q2 us-gaap Separate Account Liability Withdrawal
SeparateAccountLiabilityWithdrawal
10000000 usd
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
59000000 usd
CY2023Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
10000000 usd
CY2023Q2 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.045 pure
CY2023Q2 us-gaap Investment Maturity Date
InvestmentMaturityDate
2025-12-31
CY2023Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
4000000 usd
CY2023Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
4000000 usd
us-gaap Common Stock Convertible Conversion Price Increase
CommonStockConvertibleConversionPriceIncrease
1
CY2023Q3 us-gaap Financing Receivable Excluding Accrued Interest Nonaccrual Percent Past Due
FinancingReceivableExcludingAccruedInterestNonaccrualPercentPastDue
0.80 pure
CY2023Q3 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
5000000 usd
us-gaap Separate Account Liability Withdrawal
SeparateAccountLiabilityWithdrawal
2000000 usd
CY2022Q3 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
1150000 shares
us-gaap Benefits Losses And Expenses
BenefitsLossesAndExpenses
100000 usd
CY2023Q2 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
8695000 shares
CY2023Q2 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
70000 shares
CY2023Q2 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
2702 shares
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
8625000 shares
CY2023Q2 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
1150000 shares
CY2023Q2 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
200000 usd
CY2023Q3 us-gaap Shares Issued
SharesIssued
8695000 shares
CY2023Q3 us-gaap Other Additional Capital
OtherAdditionalCapital
1000000 usd
CY2023Q3 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
11.5
CY2023Q3 us-gaap Auction Market Preferred Securities Stock Series Par Value Per Share
AuctionMarketPreferredSecuritiesStockSeriesParValuePerShare
15
us-gaap Investment Company Issuance Of Shares Per Share
InvestmentCompanyIssuanceOfSharesPerShare
10
us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.12 pure
us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
5400000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10000000 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
263000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.25
CY2022 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P1Y3D
CY2022Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
600000 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
600000 usd
CY2023Q3 us-gaap Notes Payable
NotesPayable
4000000 usd
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
50000 usd
CY2023Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
1563000 usd
CY2022Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
-1339000 usd
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
-25027000 usd
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
-4446000 usd
CY2023Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
230000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1360000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1339000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-25027000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4446000 usd
CY2023Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
1563000 usd
CY2022Q3 us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
-1339000 usd
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
-25027000 usd
us-gaap Net Income Loss Allocated To General Partners
NetIncomeLossAllocatedToGeneralPartners
-4446000 usd
CY2023Q3 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
-159000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
1404000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-1339000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-25027000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-4446000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10214183 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10123187 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10153564 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10123187 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.46
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.44
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11215068 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10123187 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10153564 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10123187 shares
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.46
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.44
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
263000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecrease
3913043 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
14166666 shares
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
1000000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19079709 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
263000 shares
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
usd
CY2022Q4 us-gaap Other Restricted Assets
OtherRestrictedAssets
usd
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
usd
CY2022Q4 coch Forward Purchase Agreement Assets
ForwardPurchaseAgreementAssets
usd
CY2022Q4 coch Forward Purchase Agreement Warrant Liability Current
ForwardPurchaseAgreementWarrantLiabilityCurrent
usd
CY2022Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
usd
CY2023Q3 coch Exchange Of Redeemable Convertible Preferred Share For Class A Common Stock In Connection Wi
ExchangeOfRedeemableConvertiblePreferredShareForClassACommonStockInConnectionWi
usd
CY2023Q3 us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount1
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount1
usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
usd
coch Proceeds From The Pipe Transaction The Forward Purchase Agreement And The Business Combi
ProceedsFromThePIPETransactionTheForwardPurchaseAgreementAndTheBusinessCombi
usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
usd
us-gaap Interest Paid
InterestPaid
usd
us-gaap Interest Paid
InterestPaid
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
coch Spac Excise Tax Liability Recognized Upon The Business Combination
SPACExciseTaxLiabilityRecognizedUponTheBusinessCombination
usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
usd
CY2022Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
usd
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
usd
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
usd
CY2022Q3 us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
usd
us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
usd
us-gaap Undistributed Earnings Loss Available To Common Shareholders Basic
UndistributedEarningsLossAvailableToCommonShareholdersBasic
usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecrease
shares
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
shares
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001840877

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coch-20230930.xsd Edgar Link pending
f10q0923ex10-10_envoy.htm Edgar Link pending
f10q0923ex31-1_envoy.htm Edgar Link pending
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