$SNWV
SANUWAVE Health, Inc.

2024 Q3 Form 10-Q Financial Statement

#000162828024036760 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $7.162M
YoY Change 53.2%
Cost Of Revenue $1.922M
YoY Change 59.9%
Gross Profit $5.240M
YoY Change 50.88%
Gross Profit Margin 73.16%
Selling, General & Admin $2.873M
YoY Change 29.65%
% of Gross Profit 54.83%
Research & Development $195.0K
YoY Change 40.29%
% of Gross Profit 3.72%
Depreciation & Amortization $262.0K
YoY Change 2.34%
% of Gross Profit 5.0%
Operating Expenses $3.248M
YoY Change 27.77%
Operating Profit $1.992M
YoY Change 113.96%
Interest Expense -$66.00K
YoY Change -99.19%
% of Operating Profit -3.31%
Other Income/Expense, Net $4.569M
YoY Change -155.77%
Pretax Income $6.561M
YoY Change -190.35%
Income Tax
% Of Pretax Income
Net Earnings $6.561M
YoY Change -190.35%
Net Earnings / Revenue 91.61%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 1.181B shares 1.146B
Diluted Shares Outstanding 1.388B shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.460M
YoY Change 640.96%
Cash & Equivalents $2.460M
Short-Term Investments
Other Short-Term Assets $379.0K
YoY Change -81.52%
Inventory $2.731M
Prepaid Expenses
Receivables $3.154M
Other Receivables $0.00
Total Short-Term Assets $8.724M
YoY Change 42.99%
LONG-TERM ASSETS
Property, Plant & Equipment $947.0K
YoY Change -9.81%
Goodwill $7.260M
YoY Change 0.0%
Intangibles $4.082M
YoY Change -14.71%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $12.29M
YoY Change -6.16%
TOTAL ASSETS
Total Short-Term Assets $8.724M
Total Long-Term Assets $12.29M
Total Assets $21.01M
YoY Change 9.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.891M
YoY Change -19.92%
Accrued Expenses $4.794M
YoY Change -24.52%
Deferred Revenue $130.0K
YoY Change 94.03%
Short-Term Debt $23.92M
YoY Change 48.38%
Long-Term Debt Due $6.407M
YoY Change -75.41%
Total Short-Term Liabilities $59.97M
YoY Change -24.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $654.0K
YoY Change -10.41%
Total Long-Term Liabilities $654.0K
YoY Change -13.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.97M
Total Long-Term Liabilities $654.0K
Total Liabilities $60.62M
YoY Change -24.26%
SHAREHOLDERS EQUITY
Retained Earnings -$218.0M
YoY Change 1.6%
Common Stock $1.182M
YoY Change 110.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$39.61M
YoY Change
Total Liabilities & Shareholders Equity $21.01M
YoY Change 9.46%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $6.561M
YoY Change -190.35%
Depreciation, Depletion And Amortization $262.0K
YoY Change 2.34%
Cash From Operating Activities -$668.0K
YoY Change -20.85%
INVESTING ACTIVITIES
Capital Expenditures $92.00K
YoY Change -39.07%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$92.00K
YoY Change -39.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 274.0K
YoY Change -86.83%
NET CHANGE
Cash From Operating Activities -668.0K
Cash From Investing Activities -92.00K
Cash From Financing Activities 274.0K
Net Change In Cash -486.0K
YoY Change -144.79%
FREE CASH FLOW
Cash From Operating Activities -$668.0K
Capital Expenditures $92.00K
Free Cash Flow -$760.0K
YoY Change -23.62%

Facts In Submission

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us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Derivative Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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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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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Debt Conversion Converted Instrument Amount1
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us-gaap Debt Conversion Converted Instrument Amount1
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snwv Write Off Of Deferred Merger Costs
WriteOffOfDeferredMergerCosts
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WriteOffOfDeferredMergerCosts
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snwv Warrants Issued In Conjunction With Convertible Promissory Notes
WarrantsIssuedInConjunctionWithConvertiblePromissoryNotes
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snwv Warrants Issued In Conjunction With Convertible Promissory Notes
WarrantsIssuedInConjunctionWithConvertiblePromissoryNotes
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snwv Debt Instrument Debt Default Interest Capitalized
DebtInstrumentDebtDefaultInterestCapitalized
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snwv Debt Instrument Debt Default Interest Capitalized
DebtInstrumentDebtDefaultInterestCapitalized
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snwv Conversion Of Asset Based Secured Promissory Notes To Convertible Promissory Notes
ConversionOfAssetBasedSecuredPromissoryNotesToConvertiblePromissoryNotes
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snwv Conversion Of Asset Based Secured Promissory Notes To Convertible Promissory Notes
ConversionOfAssetBasedSecuredPromissoryNotesToConvertiblePromissoryNotes
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snwv Embedded Conversion Option With Issuances Of Convertible Debt
EmbeddedConversionOptionWithIssuancesOfConvertibleDebt
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snwv Embedded Conversion Option With Issuances Of Convertible Debt
EmbeddedConversionOptionWithIssuancesOfConvertibleDebt
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snwv Common Shares Issued For Advisory Shares
CommonSharesIssuedForAdvisoryShares
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snwv Common Shares Issued For Advisory Shares
CommonSharesIssuedForAdvisoryShares
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us-gaap Nature Of Operations
NatureOfOperations
Nature of the Business and Basis of Presentation<div style="margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">SANUWAVE Health, Inc. and subsidiaries (“SANUWAVE” or the “Company”) is focused on the commercialization of its patented noninvasive and biological response activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures.</span></div><div style="margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all the information and disclosures required by U.S. GAAP for comprehensive financial statements. </span></div><div style="margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The financial information as of June 30, 2024, and for the three and six months ended June 30, 2024, and 2023 is unaudited; however, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement have been included. Operating results for the three and six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2024.</span></div><div style="margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated balance sheet on December 31, 2023, has been derived from the audited consolidated financial statements at that date but does not include all the information and disclosures required by U.S. GAAP for comprehensive financial statements. These financial statements should be read in conjunction with the Company’s December 31, 2023, Annual Report on Form 10-K filed with the SEC on March 21, 2024 (the “2023 Annual Report”).</span></div>
us-gaap Use Of Estimates
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Because a precise determination of assets and liabilities, and correspondingly revenues and expenses, depend on future events, the preparation of condensed consolidated financial statements for any period necessarily involves the use of estimates and assumptions. Actual amounts may differ from these estimates. These condensed consolidated financial statements have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the accounting policies summarized herein.<div style="margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant estimates include the recording of allowances for credit losses, the net realizable value of inventory, fair value of goodwill and other intangible assets, the determination of the valuation allowances for deferred taxes, litigation contingencies, and the estimated fair value of financial instruments, including warrants and embedded conversion options.</span></div>
CY2024Q2 snwv Deferred Offering Costs Expensed
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CY2024Q2 us-gaap Net Income Loss
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CY2023Q2 us-gaap Net Income Loss
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-7262000 usd
us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2024Q2 snwv Weighted Average Number Of Shares Outstanding Before Adjustments
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CY2023Q2 snwv Weighted Average Number Of Shares Outstanding Before Adjustments
WeightedAverageNumberOfSharesOutstandingBeforeAdjustments
560638000 shares
snwv Weighted Average Number Of Shares Outstanding Before Adjustments
WeightedAverageNumberOfSharesOutstandingBeforeAdjustments
1155033000 shares
snwv Weighted Average Number Of Shares Outstanding Before Adjustments
WeightedAverageNumberOfSharesOutstandingBeforeAdjustments
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CY2024Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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13091000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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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
1172424000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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579179000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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579179000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2024Q2 us-gaap Earnings Per Share Diluted
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0
CY2023Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1944097000 shares
CY2024Q2 snwv Accrued Registration Penalties Current
AccruedRegistrationPenaltiesCurrent
1583000 usd
CY2023Q4 snwv Accrued Registration Penalties Current
AccruedRegistrationPenaltiesCurrent
1583000 usd
CY2024Q2 snwv Accrued License Fees Current
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0 usd
CY2023Q4 snwv Accrued License Fees Current
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892000 usd
CY2024Q2 us-gaap Accrued Professional Fees Current
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CY2023Q4 us-gaap Accrued Professional Fees Current
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942000 usd
CY2024Q2 us-gaap Employee Related Liabilities Current
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1808000 usd
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2298000 usd
CY2024Q2 us-gaap Other Accrued Liabilities Current
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201000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2024Q2 us-gaap Accrued Liabilities Current
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CY2024Q2 us-gaap Debt Instrument Face Amount
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9117000 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2710000 usd
CY2024Q2 us-gaap Convertible Notes Payable Current
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6407000 usd
CY2023Q4 us-gaap Debt Instrument Face Amount
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8462000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1353000 usd
CY2023Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
7109000 usd
CY2024Q2 snwv Debt Conversion Outstanding Principal Amount Converted
DebtConversionOutstandingPrincipalAmountConverted
1200000 usd
CY2024Q2 snwv Debt Conversion Interest Converted
DebtConversionInterestConverted
200000 usd
CY2024Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
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CY2024Q2 snwv Probability Of Reverse Stock Split And Note And Warrant Exchange
ProbabilityOfReverseStockSplitAndNoteAndWarrantExchange
0.85
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1221308 shares
CY2023Q4 snwv Class Of Warrant Or Right Outstanding Fair Value Per Share
ClassOfWarrantOrRightOutstandingFairValuePerShare
0.01
snwv Class Of Warrant Or Right Warrants Issued
ClassOfWarrantOrRightWarrantsIssued
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snwv Class Of Warrant Or Right Issued Per Share
ClassOfWarrantOrRightIssuedPerShare
0.01
snwv Class Of Warrant Or Right Warrants Exercised
ClassOfWarrantOrRightWarrantsExercised
8600 shares
CY2024Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
snwv Class Of Warrant Or Right Gain Loss On Remeasurement Shares
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CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
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CY2024Q2 snwv Class Of Warrant Or Right Outstanding Fair Value Per Share
ClassOfWarrantOrRightOutstandingFairValuePerShare
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CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7078000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4413000 usd
CY2024Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
84000 usd
CY2023Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
262000 usd
CY2024Q2 us-gaap Revenues
Revenues
7162000 usd
CY2023Q2 us-gaap Revenues
Revenues
4675000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12762000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7905000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
186000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
545000 usd
us-gaap Revenues
Revenues
12948000 usd
us-gaap Revenues
Revenues
8450000 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Commitments and Contingencies<div style="margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the ordinary course of business, the Company from time to time becomes involved in various legal proceedings involving a variety of matters. The Company does not believe there are any pending legal proceedings that will have a material adverse effect on the Company’s business, consolidated financial position, results of operations, or cash flows. However, the outcome of such legal matters is inherently unpredictable and subject to significant uncertainties. The Company expenses legal fees in the period in which they are incurred. </span></div><div style="margin-top:12pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Termination Agreement</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – In February 2024, the Company entered into a termination agreement with an advisor to agree on termination fees owed with respect to a previous engagement agreement. The Company agreed to a contingent payment of $0.7 million upon the closing of the Merger disclosed in Note 4. Upon the Company's termination of the Merger Agreement in June 2024, the related contingent consideration liability was derecognized.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Acquisition dispute</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – In May 2021, the Company received notification alleging that it is not in compliance with the license agreement with Celularity entered into in connection with the acquisition of the UltraMIST assets. The Company has settled this dispute in June 2024 for a settlement amount of $2.2 million, which resulted in the removal of $4.0 million in convertible promissory note payable, $2.4 million in accrued interest, $0.9 million of accrued expenses, $0.5 million of other liabilities, and $0.4 million in accounts receivable, which resulted in the recognition of a gain on extinguishment of debt of $5.3 million.</span></div>
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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