2024 Q3 Form 10-Q Financial Statement

#000121390024067381 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $56.00K $68.00K $0.00
YoY Change -30.0%
Cost Of Revenue $187.0K $245.0K $162.0K
YoY Change -1.06% 51.23%
Gross Profit -$131.0K -$177.0K -$162.0K
YoY Change 20.18% 9.26%
Gross Profit Margin -233.93% -260.29%
Selling, General & Admin $2.086M $2.092M $2.228M
YoY Change 46.28% -6.1%
% of Gross Profit
Research & Development $2.757M $2.591M $2.153M
YoY Change 49.03% 20.34%
% of Gross Profit
Depreciation & Amortization $49.00K $42.00K
YoY Change -42.35%
% of Gross Profit
Operating Expenses $4.843M $4.683M $98.60K
YoY Change 47.83% 4649.49% -89.06%
Operating Profit -$4.974M -$4.860M -$98.60K
YoY Change 46.94% 4829.21% -89.06%
Interest Expense -$690.0K $669.0K $383.5K
YoY Change 74.43% -90.48%
% of Operating Profit
Other Income/Expense, Net -$986.0K $913.0K -$1.302M
YoY Change -119.93% -170.13% -1950.65%
Pretax Income -$5.960M -$3.947M -$1.017M
YoY Change -481.32% 288.1% -131.79%
Income Tax $121.2K
% Of Pretax Income
Net Earnings -$5.960M -$3.947M -$1.138M
YoY Change -481.32% 246.76% -136.83%
Net Earnings / Revenue -10642.86% -5804.41%
Basic Earnings Per Share -$0.37 -$0.27 -$1.31
Diluted Earnings Per Share -$0.37 -$0.27 -$0.08
COMMON SHARES
Basic Shares Outstanding 19.60M shares 19.60M shares 10.12M shares
Diluted Shares Outstanding 19.62M shares 19.60M shares 10.12M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.424M $1.746M $132.8K
YoY Change -40.54% 1215.06% -72.16%
Cash & Equivalents $4.424M $1.746M $132.8K
Short-Term Investments
Other Short-Term Assets $842.0K $1.466M $264.9K
YoY Change -91.9% 453.37% -42.87%
Inventory $1.641M $1.582M
Prepaid Expenses $264.9K
Receivables $197.0K $174.0K
Other Receivables $32.00K $28.00K
Total Short-Term Assets $7.136M $4.996M $397.7K
YoY Change -68.6% 1156.23% -57.72%
LONG-TERM ASSETS
Property, Plant & Equipment $1.197M $632.0K
YoY Change 216.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $44.65M
YoY Change -89.51%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $2.261M $1.741M $44.65M
YoY Change 159.29% -96.1% -89.53%
TOTAL ASSETS
Total Short-Term Assets $7.136M $4.996M $397.7K
Total Long-Term Assets $2.261M $1.741M $44.65M
Total Assets $9.397M $6.737M $45.04M
YoY Change -60.18% -85.04% -89.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.757M $1.589M $1.432M
YoY Change -48.03% 11.0% 61.83%
Accrued Expenses $6.854M $6.004M $5.124M
YoY Change 69.15% 17.18% 85.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $2.690M
YoY Change -100.0% 79.33%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.074M $8.058M $9.347M
YoY Change -33.29% -13.79% 77.9%
LONG-TERM LIABILITIES
Long-Term Debt $14.36M $7.292M $0.00
YoY Change
Other Long-Term Liabilities $4.496M $3.774M $11.89M
YoY Change 20.25% -68.26% -34.22%
Total Long-Term Liabilities $18.85M $11.07M $11.89M
YoY Change 404.2% -6.93% -34.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.074M $8.058M $9.347M
Total Long-Term Liabilities $18.85M $11.07M $11.89M
Total Liabilities $27.93M $19.12M $21.24M
YoY Change 61.03% -9.95% -8.96%
SHAREHOLDERS EQUITY
Retained Earnings -$277.5M -$270.2M -$20.79M
YoY Change 10.55% 1199.57% -3.09%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$18.53M -$12.39M -$20.79M
YoY Change
Total Liabilities & Shareholders Equity $9.397M $6.737M $45.04M
YoY Change -60.18% -85.04% -89.46%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$5.960M -$3.947M -$1.138M
YoY Change -481.32% 246.76% -136.83%
Depreciation, Depletion And Amortization $49.00K $42.00K
YoY Change -42.35%
Cash From Operating Activities -$2.807M -$4.908M -$678.9K
YoY Change -9.04% 622.89% 69.67%
INVESTING ACTIVITIES
Capital Expenditures $1.157M $357.0K
YoY Change 776.52%
Acquisitions
YoY Change
Other Investing Activities -$433.0K $252.0K
YoY Change -271.83%
Cash From Investing Activities -$615.0K -$790.0K $252.0K
YoY Change -99.84% -413.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.101M 2.500M 455.7K
YoY Change -98.51% 448.62% -39.24%
NET CHANGE
Cash From Operating Activities -2.807M -4.908M -678.9K
Cash From Investing Activities -615.0K -790.0K 252.0K
Cash From Financing Activities 6.101M 2.500M 455.7K
Net Change In Cash 2.679M -3.198M 28.75K
YoY Change -83.9% -11223.48% -91.78%
FREE CASH FLOW
Cash From Operating Activities -$2.807M -$4.908M -$678.9K
Capital Expenditures $1.157M $357.0K
Free Cash Flow -$3.964M -$5.265M
YoY Change 23.18%

Facts In Submission

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ENVOY MEDICAL, INC.
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments For Other Deposits
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Related Party Debt
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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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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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4218000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
183000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1746000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
68000 usd
coch Deemed Capital Contribution From Related Party
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coch Dividends On Series A Preferred Shares
DividendsOnSeriesAPreferredShares
2730000 usd
us-gaap Stock Issued1
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us-gaap Nature Of Operations
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. Nature of the Business and Basis of Presentation</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Envoy Medical, Inc. (“Envoy Medical” or the “Company”) is a hearing health company focused on providing innovative medical technologies across the hearing loss spectrum. Envoy Medical’s technologies are designed to shift the paradigm within the hearing industry and bring both providers and patients the hearing devices they desire. The Company’s first commercial product, the Esteem® Fully Implanted Active Middle Ear Implant (“Esteem FI-AMEI”), is a fully implanted active middle ear hearing device. The Esteem FI-AMEI was approved for sale in 2010 by the United States Food and Drug Administration (“FDA”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Envoy Medical believes the fully implanted Acclaim® Cochlear Implant (“Acclaim CI”) is a first-of-its-kind cochlear implant. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound. The Acclaim CI is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI will only be indicated for adults who have been deemed adequate candidates by a qualified physician. The Acclaim CI received the Breakthrough Device Designation from the FDA in 2019.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 29, 2023 (the “Closing Date”), a merger transaction between Envoy Medical Corporation, Anzu Special Acquisition Corp I (“Anzu”) and Envoy Merger Sub, Inc., a directly, wholly owned subsidiary of Anzu (“Merger Sub”) was completed (hereinafter, the “Merger” or “Business Combination”, see Note 3) pursuant to the business combination agreement, dated as of April 17, 2023 (as amended, the “Business Combination Agreement”). In connection with the closing of the Merger (the “Closing”), Merger Sub merged with Envoy Medical Corporation, with Envoy Medical Corporation surviving the merger as a wholly owned subsidiary of Anzu. In connection with the Closing, Anzu changed its name to Envoy Medical, Inc. The Company’s Class A common stock, par value $0.0001 per share (“Common Stock”), and the Company’s warrants commenced trading on the Nasdaq Stock Market LLC (“Nasdaq”) on October 2, 2023 under the symbols “COCH” and “COCHW,” respectively.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 17, 2023, prior to entering into the Business Combination Agreement, Anzu and Envoy Medical Corporation entered into an agreement (as amended to date, the “Forward Purchase Agreement”) with Meteora Special Opportunity Fund I, LP (“MSOF”), Meteora Capital Partners, LP (“MCP”), Meteora Select Trading Opportunities Master, LP (“MSTO”) and Meteora Strategic Capital, LLC (“MSC” and, collectively with MSOF, MCP and MSTO, the “Sellers” or “Meteora parties”) for an over-the-counter equity prepaid forward transaction.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the terms of the Forward Purchase Agreement, on the Closing Date, the Sellers purchased 425,606 shares of the Company’s Common Stock (the “Recycled Shares”) directly from the redeeming stockholders of Anzu. Also, effective upon on the Closing Date, the Company paid to the Sellers a prepayment amount of $4.5 million required under the Forward Purchase Agreement directly from the trust account and transferred to the Sellers 8,512 shares of Common Stock (the “Share Consideration”). During the three months ended March 31, 2024, the Sellers sold the full amount of the Recycled Shares, and, pursuant to the Forward Purchase Agreement, the Company received $4.00 per share sold, or approximately $1.7 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, pursuant to the subscription agreement, dated April 17, 2023 (as amended to date, the “Subscription Agreement”), by and between Anzu and Anzu SPAC GP I LLC (the “Sponsor”), the Company issued, and certain affiliates of the Sponsor purchased, concurrently with the Closing, an aggregate of 1,000,000 shares of the Company’s Series A preferred stock, par value $0.0001 per share (“Series A Preferred Stock”) in a private placement (the “PIPE Transaction”) at a price of $10.00 per share for an aggregate purchase price of $10.0 million.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the convertible promissory note, dated April 17, 2023, between Envoy Medical Corporation and GAT Funding, LLC (as amended to date, the “Envoy Bridge Note”), the Company issued 1,000,000 shares of the Company’s Series A Preferred Stock to GAT Funding, LLC in exchange for the conversion of the Envoy Bridge Note in full, concurrently with the Closing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited condensed consolidated financials include the accounts of Envoy Medical and its wholly-owned subsidiaries Envoy Medical Corporation and Envoy Medical GmbH (Ansbach) (GmbH), which operates a sales office in Germany. All intercompany accounts and transactions have been eliminated in consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Unaudited financial information</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial reporting and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, they do not include all information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that might be expected for the full year. As such, the information included in this report should be read in conjunction with the Company’s audited financial statements as of and for the year ended December 31, 2023, which are included in the Company’s Form 10-K, dated and filed with the SEC on April 1, 2024, which is accessible on the SEC’s website at www.sec.gov. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements of the Company, but does not include all the disclosures required by U.S. GAAP.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the six months ended June 30, 2024, there were no changes to the Company’s significant accounting policies as described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023.</p>
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
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us-gaap Prepayment Fees On Advances Net
PrepaymentFeesOnAdvancesNet
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us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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CY2024Q2 us-gaap Sale Of Stock Price Per Share
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coch Proceeds From Purchase Agreement Amount
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<p style="font: 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">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, stock-based compensation expense, the fair value of the forward purchase agreement put option liability, the fair value of the forward purchase agreement warrant liability 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 loss.</p>
us-gaap Prior Period Reclassification Adjustment Description
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><b><i>Reclassification</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain items in prior financial statements have been reclassified to conform to the current presentation.</p>
us-gaap Concentration Risk Credit Risk
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<p style="font: 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">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.</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 the Company’s accounts receivable. There were no customers that accounted for 10.0% or more of sales for the three and six months ended June 30, 2024 and 2023, respectively. There were no customers that accounted for 10.0% or more of the accounts receivable balance as of June 30, 2024 and December 31, 2023, respectively.</p>
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us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Number Of Reportable Segments
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CY2023Q4 us-gaap Inventory Work In Process
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CY2023Q4 us-gaap Inventory Finished Goods
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CY2023Q4 us-gaap Inventory Net
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us-gaap Lease Cost
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us-gaap Operating Lease Payments
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Lease Income Lease Payments
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us-gaap Operating Lease Lease Income Lease Payments
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OperatingLeaseWeightedAverageDiscountRatePercent
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q2 us-gaap Operating Lease Liability
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coch Standard Product Warranty Utilization
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CY2024Q2 us-gaap Standard Product Warranty Accrual
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us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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CY2024Q2 us-gaap Product Liability Contingency Accrual Discount Rate
ProductLiabilityContingencyAccrualDiscountRate
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coch Withdrawal Of Funds
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us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
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CY2024Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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us-gaap Interest Expense Other
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CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
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CY2024Q2 us-gaap Preferred Stock Shares Issued
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us-gaap Preferred Stock Dividend Rate Percentage
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us-gaap Preferred Stock Dividends Per Share Cash Paid
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Preferred Stock Dividends And Other Adjustments
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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19599982 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2024Q2 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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24756342 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
263000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24756342 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
263000 shares
CY2024Q2 us-gaap Loans Payable
LoansPayable
2500000 usd
CY2024Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
3874394 shares
CY2024Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
usd
CY2023Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
usd
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12947000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13246000 usd
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-26499000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-5312000 usd
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.66
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.62
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10122581 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10122581 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19599982 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19599982 shares
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
usd
us-gaap Share Based Compensation
ShareBasedCompensation
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coch Change In Fair Value Of Convertible Notes Payablerelated Party
ChangeInFairValueOfConvertibleNotesPayablerelatedParty
usd
coch Other Expense Related To Warrant Liabilityrelated Party
OtherExpenseRelatedToWarrantLiabilityrelatedParty
usd
coch Change In Fair Value Of Publicly Traded Warrant Liability
ChangeInFairValueOfPubliclyTradedWarrantLiability
usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
usd
us-gaap Fair Value Option Changes In Fair Value Gain Loss1
FairValueOptionChangesInFairValueGainLoss1
usd
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
usd
us-gaap Payments For Other Deposits
PaymentsForOtherDeposits
usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
usd
coch Deemed Capital Contribution From Related Party
DeemedCapitalContributionFromRelatedParty
usd
coch Dividends On Series A Preferred Shares
DividendsOnSeriesAPreferredShares
usd
us-gaap Stock Issued1
StockIssued1
usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
usd
coch Sharebased Compensation Arrangement By Sharebased Payment Award Options Granted Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm
coch Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue
usd
coch Sharebased Compensation Arrangement By Sharebased Payment Award Options Terminated Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsTerminatedWeightedAverageRemainingContractualTerm
coch Share Based Compensation Arrangement By Share Based Payment Award Options Terminated Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsTerminatedIntrinsicValue
usd
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
usd
CY2023Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
usd
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10122581 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10122581 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19599982 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19599982 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.66
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.62
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001840877

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