2022 Q3 Form 10-Q Financial Statement

#000141057822002519 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.904M $2.499M $4.406M
YoY Change -51.76% -31.12% -22.68%
% of Gross Profit
Research & Development $791.1K $2.907M $4.977M
YoY Change -96.76% -48.53% 97.79%
% of Gross Profit
Depreciation & Amortization $7.300K $7.300K $7.317K
YoY Change -94.72% 265.0% 631.7%
% of Gross Profit
Operating Expenses -$4.390M $5.406M $9.382M
YoY Change -114.44% -41.73% 14.23%
Operating Profit $4.390M -$5.406M -$9.382M
YoY Change -114.44% -41.73% 14.23%
Interest Expense $863.00 $3.218K $5.605K
YoY Change -216.62% 8.94% 8.96%
% of Operating Profit 0.02%
Other Income/Expense, Net $1.801K -$2.292K -$244.8K
YoY Change -415.96% 11.48% -146.37%
Pretax Income $4.391M -$5.408M -$9.627M
YoY Change -114.44% -41.72% 25.26%
Income Tax
% Of Pretax Income
Net Earnings $4.391M -$5.408M -$9.627M
YoY Change -114.44% -41.72% 25.26%
Net Earnings / Revenue
Basic Earnings Per Share $2.64 -$0.25 -$0.66
Diluted Earnings Per Share $2.60 -$0.25 -$0.66
COMMON SHARES
Basic Shares Outstanding 41.59M 21.81M 15.54M
Diluted Shares Outstanding 1.626M 21.81M 15.54M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.657M $1.155M $5.695M
YoY Change -77.02% -85.7% -52.64%
Cash & Equivalents $1.700M $1.200M $5.695M
Short-Term Investments
Other Short-Term Assets $700.1K $563.7K $827.1K
YoY Change 139.91% 4.23% 28.61%
Inventory
Prepaid Expenses $561.5K $563.7K $827.1K
Receivables $192.0K $70.43K $28.06K
Other Receivables
Total Short-Term Assets $2.549M $1.789M $6.550M
YoY Change -66.02% -79.23% -50.27%
LONG-TERM ASSETS
Property, Plant & Equipment $51.16K $58.48K $65.79K
YoY Change -88.6% -34.48% 6.77%
Goodwill $1.715M $1.756M $1.862M
YoY Change -11.82%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.80K $34.33K $34.40K
YoY Change 26.73% -50.68% 17.65%
Total Long-Term Assets $2.096M $2.138M $2.275M
YoY Change -57.41% -58.57% -52.72%
TOTAL ASSETS
Total Short-Term Assets $2.549M $1.789M $6.550M
Total Long-Term Assets $2.096M $2.138M $2.275M
Total Assets $4.645M $3.927M $8.825M
YoY Change -62.61% -71.49% -50.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.583M $3.966M $3.450M
YoY Change -80.58% -14.59% 139.46%
Accrued Expenses $272.3K $426.2K $717.5K
YoY Change 18.44% 119.74% 121.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $161.9K $402.8K
YoY Change 16.01% 16.05%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.694M $17.28M $14.22M
YoY Change -64.95% 167.8% 297.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $231.3K $833.3K $3.850M
YoY Change -21.78% 191.6% 58492.15%
Total Long-Term Liabilities $231.3K $833.3K $3.850M
YoY Change -21.78% 191.6% 58492.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.694M $17.28M $14.22M
Total Long-Term Liabilities $231.3K $833.3K $3.850M
Total Liabilities $6.925M $18.12M $18.07M
YoY Change -64.29% 168.81% 404.44%
SHAREHOLDERS EQUITY
Retained Earnings -$164.5M -$168.9M -$163.5M
YoY Change 50.36%
Common Stock $231.00 $2.270K $2.154K
YoY Change -72.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.280M -$14.19M -$9.240M
YoY Change
Total Liabilities & Shareholders Equity $4.645M $3.927M $8.825M
YoY Change -62.61% -71.49% -50.92%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $4.391M -$5.408M -$9.627M
YoY Change -114.44% -41.72% 25.26%
Depreciation, Depletion And Amortization $7.300K $7.300K $7.317K
YoY Change -94.72% 265.0% 631.7%
Cash From Operating Activities -$4.254M -$4.586M -$7.912M
YoY Change -72.95% -18.45% 55.95%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.000M
YoY Change -11.69%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.772M 76.37K 5.367M
YoY Change -81.0% -95.71% -51.43%
NET CHANGE
Cash From Operating Activities -4.254M -4.586M -7.912M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 4.772M 76.37K 5.367M
Net Change In Cash 517.7K -4.509M -2.545M
YoY Change -159.58% 15.19% -142.58%
FREE CASH FLOW
Cash From Operating Activities -$4.254M -$4.586M -$7.912M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$4.254M -$4.586M
YoY Change -72.96% -17.36%

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us-gaap Net Income Loss
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Warrant Exercises
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fwbi Payment Made Related To License Agreement
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fwbi Payment Made Related To Acquisition Agreement
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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 Excluding Exchange Rate Effect
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fwbi Deemed Dividends Preferred Stock Exchanges
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CY2021Q2 us-gaap Dividends Payable Current And Noncurrent
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying unaudited condensed consolidated financial statements are prepared in conformity with GAAP and include certain 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 (including goodwill and intangible assets), and the reported amounts of revenue and expense during the reporting period, including contingencies. Accordingly, actual results may differ from those estimates.</p>
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us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">Certain prior period balance sheet amounts have been reclassified to conform to the fiscal 2022 presentation.</p>
us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist of cash. The Company primarily maintains its cash balances with financial institutions in federally insured accounts in the U.S. The Company may from time to time have cash in banks in excess of FDIC insurance limits. On June 30, 2022, and December 31, 2021, the Company had approximately $0.6 million and $7.5 million, respectively, in one account in the U.S. in excess of these limits. The Company has not experienced any losses to date resulting from this practice.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">The Company also has exposure to foreign currency risk as its subsidiary in France has a functional currency in Euros.</p>
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CY2021Q4 us-gaap Cash Uninsured Amount
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2021Q2 us-gaap Depreciation Depletion And Amortization
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us-gaap Finite Lived Intangible Asset Useful Life
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us-gaap Depreciation Depletion And Amortization
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us-gaap Amortization Of Intangible Assets
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CY2021Q4 us-gaap Goodwill
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us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2022Q2 us-gaap Goodwill
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CY2021Q4 fwbi Note Payables
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CY2022Q1 us-gaap Common Stock Shares Authorized
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CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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fwbi Deemed Dividend On Warrant Modification
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CY2022Q2 fwbi Deemed Dividend On Warrant Modification
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CY2021Q1 fwbi Pre Funded Warrants To Purchase Of Common Stock
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CY2021Q1 us-gaap Warrants And Rights Outstanding Term
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CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2021Q4 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Outstanding And Exercisable
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CY2021Q4 fwbi Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights Outstanding And Exercisable
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fwbi Class Of Warrant Or Right Granted
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fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Granted
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0.77
fwbi Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights Granted
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fwbi Class Of Warrant Or Right Expired
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fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Expired
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fwbi Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights Expired
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0
fwbi Class Of Warrant Or Right Exercised
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fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Exercised
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fwbi Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights Exercised
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CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
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CY2022Q2 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Outstanding And Exercisable
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CY2022Q2 fwbi Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights Outstanding And Exercisable
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CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2020Q4 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Outstanding And Exercisable
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CY2020Q4 fwbi Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights Outstanding And Exercisable
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4.04
fwbi Class Of Warrant Or Right Granted
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fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Granted
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7.78
fwbi Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights Granted
ClassOfWarrantOrRightWeightedAverageExercisePriceOfWarrantsOrRightsGranted
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fwbi Class Of Warrant Or Right Expired
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fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Expired
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fwbi Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights Expired
ClassOfWarrantOrRightWeightedAverageExercisePriceOfWarrantsOrRightsExpired
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fwbi Class Of Warrant Or Right Exercised
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fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Exercised
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExercised
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fwbi Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights Exercised
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CY2021Q2 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Outstanding And Exercisable
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsOutstandingAndExercisable
10.18
CY2021Q2 fwbi Class Of Warrant Or Right Weighted Average Exercise Price Of Warrants Or Rights Outstanding And Exercisable
ClassOfWarrantOrRightWeightedAverageExercisePriceOfWarrantsOrRightsOutstandingAndExercisable
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CY2021Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.26
CY2021Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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1350066
CY2021Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
20000
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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16.90
CY2021Q1 us-gaap Warrants And Rights Outstanding Term
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P4Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
678392
fwbi Class Of Warrant Or Right Grants In Period Weighted Average Grant Date Fair Value
ClassOfWarrantOrRightGrantsInPeriodWeightedAverageGrantDateFairValue
1.23
fwbi Class Of Warrant Or Right Grants In Period Weighted Average Grant Date Fair Value
ClassOfWarrantOrRightGrantsInPeriodWeightedAverageGrantDateFairValue
6.81
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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1100000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P9Y4M24D
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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1100000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
27500
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
27500
fwbi Unrecognized Expense
UnrecognizedExpense
197000
fwbi Unrecognized Expense
UnrecognizedExpense
197000
fwbi Unrecognized Expense
UnrecognizedExpense
197000
fwbi Unrecognized Expense
UnrecognizedExpense
197000
fwbi Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Trading Days
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20
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
374907
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
314056
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
593136
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1086296
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
50000
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
57000
us-gaap Operating Lease Expense
OperatingLeaseExpense
78000
us-gaap Operating Lease Expense
OperatingLeaseExpense
110000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y1M6D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0700
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
41126
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
83691
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
86202
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
88788
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
60593
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
360400
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
49501
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
310899
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14115297
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6591015
CY2022Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
7.70
CY2022Q2 fwbi Amount Incorrectly Classified As Deemed Dividend
AmountIncorrectlyClassifiedAsDeemedDividend
595000
us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
DefinedContributionPlanEmployersMatchingContributionAnnualVestingPercentage
0.06
CY2022Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
29000
CY2021Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
23000
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
76000
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
55000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
6969988
CY2022Q2 fwbi Class Of Warrant Or Right Redemption Of Warrants Or Rights Threshold Trading Days
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdTradingDays
30
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
1.00

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