$SNWV
SANUWAVE Health, Inc.

2017 Q2 Form 10-Q Financial Statement

#000143774917014729 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $111.0K $203.4K
YoY Change -45.41% -15.24%
Cost Of Revenue $24.70K $77.99K
YoY Change -68.33% 2.92%
Gross Profit $86.35K $125.4K
YoY Change -31.15% -23.62%
Gross Profit Margin 77.76% 61.66%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $437.9K $476.2K
YoY Change -8.03% 4.24%
% of Gross Profit 507.13% 379.66%
Depreciation & Amortization $5.958K $100.0K $837.00
YoY Change 611.83% 25.0% -9.51%
% of Gross Profit 6.9% 0.67%
Operating Expenses $1.396M $1.144M
YoY Change 22.05% -2.34%
Operating Profit -$1.309M -$1.018M
YoY Change 28.61% 1.13%
Interest Expense $143.3K $129.3K
YoY Change 10.78% 58.43%
% of Operating Profit
Other Income/Expense, Net -$106.5K -$104.0K
YoY Change 2.46% -79.81%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$1.416M -$1.122M
YoY Change 26.18% -26.25%
Net Earnings / Revenue -1275.1% -551.67%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.00K $130.0K $120.0K
YoY Change -50.0% -13.33% -92.59%
Cash & Equivalents $62.07K $133.6K $122.9K
Short-Term Investments
Other Short-Term Assets $100.0K $90.00K $100.0K
YoY Change 0.0% -25.0% -33.33%
Inventory $198.8K $232.0K $230.9K
Prepaid Expenses $95.74K $87.82K $97.82K
Receivables $191.9K $460.8K $97.15K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $548.5K $914.1K $548.8K
YoY Change -0.06% 43.67% -73.61%
LONG-TERM ASSETS
Property, Plant & Equipment $64.86K $76.94K $2.555K
YoY Change 2438.55% 1719.73% -74.45%
Goodwill
YoY Change
Intangibles $0.00 $153.4K
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $13.98K $13.79K $11.14K
YoY Change 25.46% 24.23% 11.41%
Total Long-Term Assets $78.84K $90.72K $167.1K
YoY Change -52.81% -71.83% -65.19%
TOTAL ASSETS
Total Short-Term Assets $548.5K $914.1K $548.8K
Total Long-Term Assets $78.84K $90.72K $167.1K
Total Assets $627.4K $1.005M $715.9K
YoY Change -12.37% 4.85% -72.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.188M $713.0K $458.3K
YoY Change 159.33% 40.0% 58.03%
Accrued Expenses $470.6K $375.1K $295.8K
YoY Change 59.08% 4.37% -47.17%
Deferred Revenue
YoY Change
Short-Term Debt $100.0K $47.44K $120.0K
YoY Change -16.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.820M $7.916M $1.507M
YoY Change 485.23% 431.99% 6.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $5.330M
YoY Change -100.0% -100.0% -0.19%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $5.330M
YoY Change -100.0% -100.0% -0.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.820M $7.916M $1.507M
Total Long-Term Liabilities $0.00 $0.00 $5.330M
Total Liabilities $8.820M $7.916M $6.841M
YoY Change 28.92% 15.8% 1.35%
SHAREHOLDERS EQUITY
Retained Earnings -$101.3M -$99.43M -$95.84M
YoY Change 5.74% 6.92%
Common Stock $139.1K $137.2K $104.2K
YoY Change 33.52% -99.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.193M -$6.912M -$6.125M
YoY Change
Total Liabilities & Shareholders Equity $627.4K $1.005M $715.9K
YoY Change -12.37% 4.85% -72.03%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income -$1.416M -$1.122M
YoY Change 26.18% -26.25%
Depreciation, Depletion And Amortization $5.958K $100.0K $837.00
YoY Change 611.83% 25.0% -9.51%
Cash From Operating Activities -$460.0K -$490.0K -$720.0K
YoY Change -36.11% 6.52% -14.29%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 430.0K 140.0K 240.0K
YoY Change 79.17%
NET CHANGE
Cash From Operating Activities -460.0K -490.0K -720.0K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 430.0K 140.0K 240.0K
Net Change In Cash -30.00K -350.0K -480.0K
YoY Change -93.75% -23.91% -42.86%
FREE CASH FLOW
Cash From Operating Activities -$460.0K -$490.0K -$720.0K
Capital Expenditures $0.00
Free Cash Flow -$490.0K
YoY Change 6.52%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> </div></div></div> </td> <td> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Nature of the Business</div></div></div> </td> </tr> </table> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">SANUWAVE Health, Inc. and subsidiaries (the &#x201c;Company&#x201d;) is an acoustic shock wave technology company using a patented system of noninvasive, high-energy, acoustic pressure shock waves for regenerative medicine and other applications. The Company&#x2019;s initial focus is regenerative medicine &#x2013; utilizing noninvasive (extracorporeal), acoustic shock waves to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal and vascular structures. The Company&#x2019;s lead regenerative product in the United States is the dermaPACE<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div> device, used for treating diabetic foot ulcers, which was subject to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> double-blinded, randomized Phase III clinical studies. The results of these clinical studies were submitted to the U.S. Food and Drug Administration (&#x201c;FDA&#x201d;) in late <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2016, </div>after our in-person meeting to discuss the submission strategy, for possible approval in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> </div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 36pt; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company&#x2019;s portfolio of healthcare products and product candidates activate biologic signaling and angiogenic responses, including new vascularization and microcirculatory improvement, helping to restore the body&#x2019;s normal healing processes and regeneration. The Company intends to apply its Pulsed Acoustic Cellular Expression (PACE<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div>) technology in wound healing, orthopedic, plastic/cosmetic and cardiac conditions. The Company currently does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> market any commercial products for sale in the United States. Revenues are from sales of the European Conformity Marking (&#x201c;CE Mark&#x201d;) devices and accessories in Europe, Canada, Asia and Asia/Pacific.</div></div></div>
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NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
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us-gaap Net Income Loss
NetIncomeLoss
-1909469
CY2016 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-106512
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-103952
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
20595
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1139059
CY2017Q2 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
5369361
CY2016Q4 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
5364572
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
1395775
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
1143589
us-gaap Operating Expenses
OperatingExpenses
2110839
us-gaap Operating Expenses
OperatingExpenses
2029201
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1309425
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1018171
us-gaap Operating Income Loss
OperatingIncomeLoss
-1930064
us-gaap Operating Income Loss
OperatingIncomeLoss
-1707640
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
634425
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
148288
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
143969
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
139775
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
135704
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
66689
CY2017Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
33120
CY2016Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
40455
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
66227
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
82974
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5037
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8754
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
13977
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
13786
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-15552
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-5684
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-13767
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2713
CY2017Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
95741
CY2016Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
87823
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
106000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
1596855
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
93067
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
532165
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
532165
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
64860
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
76938
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
116833
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
5613
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
437909
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
476167
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
698247
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
786122
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-101342917
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-99433448
CY2017Q2 us-gaap Revenues
Revenues
111045
CY2016Q2 us-gaap Revenues
Revenues
203406
us-gaap Revenues
Revenues
260614
us-gaap Revenues
Revenues
472730
us-gaap Share Based Compensation
ShareBasedCompensation
482295
us-gaap Share Based Compensation
ShareBasedCompensation
116550
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
21593385
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0.31
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
160000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
5550000
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16203385
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16203385
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
21593385
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.38
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.38
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0.31
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0.22
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
CY2017Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.11
CY2017Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
100000
CY2016Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
47440
CY2016Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
435392
CY2017Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2017Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
-8192508
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-6911600
CY2016Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1242120
CY2017Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
861525
CY2017Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
816521
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
138992669
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
102645697
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
138517370
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
88933089

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