$NUWE
Nuwellis Inc

2018 Q4 Form 10-K Financial Statement

#000114036120004976 Filed on March 05, 2020

View on sec.gov

Income Statement

Concept 2018 Q4 2018 2017 Q4
Revenue $1.500M $4.998M $830.0K
YoY Change 80.72% 40.79% 10.67%
Cost Of Revenue $980.0K $3.670M $850.0K
YoY Change 15.29% 32.97% 60.38%
Gross Profit $520.0K $1.328M -$20.00K
YoY Change -2700.0% 68.1% -109.09%
Gross Profit Margin 34.67% 26.57% -2.41%
Selling, General & Admin $3.820M $15.31M $2.690M
YoY Change 42.01% 50.55% 0.0%
% of Gross Profit 734.62% 1152.94%
Research & Development $950.0K $3.053M $480.0K
YoY Change 97.92% 106.28% -20.0%
% of Gross Profit 182.69% 229.89%
Depreciation & Amortization $60.00K $232.0K $110.0K
YoY Change -45.45% -69.87% -54.17%
% of Gross Profit 11.54% 17.47%
Operating Expenses $4.770M $18.36M $3.170M
YoY Change 50.47% 57.5% -3.35%
Operating Profit -$4.250M -$17.04M -$3.190M
YoY Change 33.23% 56.72% 4.25%
Interest Expense $0.00 $0.00 $10.00K
YoY Change -100.0% -100.0% -94.12%
% of Operating Profit
Other Income/Expense, Net $0.00 $10.00K $0.00
YoY Change -125.0%
Pretax Income -$4.250M -$17.03M -$7.140M
YoY Change -40.48% 27.25% 147.06%
Income Tax $0.00 $6.000K $0.00
% Of Pretax Income
Net Earnings -$4.260M -$17.03M -$7.140M
YoY Change -40.34% 27.29% 146.21%
Net Earnings / Revenue -284.0% -340.78% -860.24%
Basic Earnings Per Share
Diluted Earnings Per Share -$213.0M -$1.703B -$4.969B
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.480M $5.480M $15.60M
YoY Change -64.87% -64.87% 1081.82%
Cash & Equivalents $5.480M $5.480M $15.60M
Short-Term Investments
Other Short-Term Assets $203.0K $200.0K $140.0K
YoY Change 45.0% 42.86% 0.0%
Inventory $1.658M $1.660M $1.590M
Prepaid Expenses
Receivables $786.0K $790.0K $550.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.127M $8.130M $17.86M
YoY Change -54.5% -54.48% 638.02%
LONG-TERM ASSETS
Property, Plant & Equipment $536.0K $540.0K $570.0K
YoY Change -5.96% -5.26% 5.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $110.0K $110.0K $20.00K
YoY Change 450.0% 450.0% 0.0%
Total Long-Term Assets $649.0K $650.0K $600.0K
YoY Change 8.17% 8.33% -88.12%
TOTAL ASSETS
Total Short-Term Assets $8.127M $8.130M $17.86M
Total Long-Term Assets $649.0K $650.0K $600.0K
Total Assets $8.776M $8.780M $18.46M
YoY Change -52.46% -52.44% 147.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.133M $1.130M $860.0K
YoY Change 31.74% 31.4% -63.4%
Accrued Expenses $1.500M $1.500M $1.020M
YoY Change 47.06% 47.06% 12.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.840M $2.840M $2.090M
YoY Change 35.89% 35.89% -35.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $130.0K
YoY Change -100.0% -100.0% -93.4%
Total Long-Term Liabilities $0.00 $0.00 $130.0K
YoY Change -100.0% -100.0% -93.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.840M $2.840M $2.090M
Total Long-Term Liabilities $0.00 $0.00 $130.0K
Total Liabilities $2.840M $2.840M $2.220M
YoY Change 27.93% 27.93% -57.55%
SHAREHOLDERS EQUITY
Retained Earnings -$199.4M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.936M $5.940M $16.24M
YoY Change
Total Liabilities & Shareholders Equity $8.776M $8.780M $18.46M
YoY Change -52.46% -52.44% 147.12%

Cashflow Statement

Concept 2018 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$4.260M -$17.03M -$7.140M
YoY Change -40.34% 27.29% 146.21%
Depreciation, Depletion And Amortization $60.00K $232.0K $110.0K
YoY Change -45.45% -69.87% -54.17%
Cash From Operating Activities -$2.720M -$14.56M -$3.150M
YoY Change -13.65% 22.15% 15.38%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $198.0K -$50.00K
YoY Change -60.0% -176.15% 400.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$20.00K -$198.0K -$50.00K
YoY Change -60.0% -23.85% 400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 4.647M 16.28M
YoY Change -100.0% -82.43% 396.34%
NET CHANGE
Cash From Operating Activities -2.720M -14.56M -3.150M
Cash From Investing Activities -20.00K -198.0K -50.00K
Cash From Financing Activities 0.000 4.647M 16.28M
Net Change In Cash -2.740M -10.12M 13.08M
YoY Change -120.95% -170.88% 2322.22%
FREE CASH FLOW
Cash From Operating Activities -$2.720M -$14.56M -$3.150M
Capital Expenditures -$20.00K $198.0K -$50.00K
Free Cash Flow -$2.700M -$14.76M -$3.100M
YoY Change -12.9% 26.57% 13.97%

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CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
8776000
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
2840000
CY2019Q4 us-gaap Liabilities Current
LiabilitiesCurrent
3351000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16367000
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-14560000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-198000
CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-22623000
CY2018 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17032000
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
442000
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
213000
CY2018 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
293000
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.075
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
-17036000
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
-18106000
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
186000
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
261000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
206000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
447000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
220000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
0
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
55000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
219000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
217000
CY2019Q4 us-gaap Other Assets
OtherAssets
133000
CY2018Q4 us-gaap Other Assets
OtherAssets
113000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
161000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
203000
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
209000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
85000
CY2018 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
10000
CY2019 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
0
CY2018 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-4000
CY2019 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-9000
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
198000
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
490000
CY2018 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0
CY2019 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
4509000
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-199388000
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
39969465
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
39969465
CY2019Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1360000
CY2019Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
660000
CY2018 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
4647000
CY2019 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
12665000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2314000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3008000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
991000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
536000
CY2018 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3053000
CY2019 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4672000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-217502000
CY2019Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4998000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5511000
CY2019 chfs Financing Fees Incurred For Subsequent Equity Financing Included In Long Term Assets And Accounts Payable
FinancingFeesIncurredForSubsequentEquityFinancingIncludedInLongTermAssetsAndAccountsPayable
111000
CY2018 chfs Increase Decrease In Other Current And Long Term Assets
IncreaseDecreaseInOtherCurrentAndLongTermAssets
14000
CY2018 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15311000
CY2019 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16285000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2019 chfs Increase Decrease In Other Current And Long Term Assets
IncreaseDecreaseInOtherCurrentAndLongTermAssets
-18000
CY2019 us-gaap Share Based Compensation
ShareBasedCompensation
1512000
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
2087000
CY2019Q4 us-gaap Share Price
SharePrice
1.15
CY2019Q4 us-gaap Share Price
SharePrice
1.12
CY2018 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0
CY2019 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
0
CY2019Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
575830
CY2019Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1219076
CY2019 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
12665000
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4647000
CY2019 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1512000
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2087000
CY2018 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
1990000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
5936000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
16238000
CY2019 us-gaap Variable Lease Cost
VariableLeaseCost
102000
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2433000
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
404000
CY2019Q4 chfs Class Of Warrant Or Right Warrant Expiry Period
ClassOfWarrantOrRightWarrantExpiryPeriod
P5Y
CY2019Q4 chfs Class Of Warrant Or Right Warrant Expiry Period
ClassOfWarrantOrRightWarrantExpiryPeriod
P5Y
CY2019Q4 chfs Class Of Warrant Or Right Exercisable Warrants Or Rights Period
ClassOfWarrantOrRightExercisableWarrantsOrRightsPeriod
P6M
CY2019 chfs Accounts Receivables Maximum Credit Period From Invoice Date
AccountsReceivablesMaximumCreditPeriodFromInvoiceDate
P30D
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Use of Estimates</div><div><br /></div><div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</div></div>
CY2019 chfs Annual Base Rent Per Square Foot
AnnualBaseRentPerSquareFoot
9.00
CY2019 chfs Annual Base Rent Increase Per Square Foot
AnnualBaseRentIncreasePerSquareFoot
0.25
CY2019 chfs Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P2Y3M
CY2019 chfs Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Foreign Deferred Exchange Rate Adjustment Amount
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017ForeignDeferredExchangeRateAdjustmentAmount
59000
CY2018 chfs Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Foreign Deferred Exchange Rate Adjustment Amount
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017ForeignDeferredExchangeRateAdjustmentAmount
1112000
CY2018 chfs Financing Fees Incurred For Subsequent Equity Financing Included In Long Term Assets And Accounts Payable
FinancingFeesIncurredForSubsequentEquityFinancingIncludedInLongTermAssetsAndAccountsPayable
78000
CY2018 chfs Inventory Transferred To Property Plant And Equipment
InventoryTransferredToPropertyPlantAndEquipment
0
CY2019 chfs Inventory Transferred To Property Plant And Equipment
InventoryTransferredToPropertyPlantAndEquipment
204000

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