$SNWV
SANUWAVE Health, Inc.

2024 Q4 Form 10-Q Financial Statement

#000162828024046396 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $9.360M
YoY Change 88.98%
Cost Of Revenue $2.293M
YoY Change 62.39%
Gross Profit $7.067M
YoY Change 99.58%
Gross Profit Margin 75.5%
Selling, General & Admin $4.747M
YoY Change 27.61%
% of Gross Profit 67.17%
Research & Development $161.0K
YoY Change -2.42%
% of Gross Profit 2.28%
Depreciation & Amortization $256.0K
YoY Change -3.4%
% of Gross Profit 3.62%
Operating Expenses $5.114M
YoY Change 25.59%
Operating Profit $1.953M
YoY Change -467.8%
Interest Expense -$22.51M
YoY Change -2.84%
% of Operating Profit -1152.59%
Other Income/Expense, Net -$22.61M
YoY Change -2.41%
Pretax Income -$20.66M
YoY Change -12.84%
Income Tax
% Of Pretax Income
Net Earnings -$20.66M
YoY Change -12.84%
Net Earnings / Revenue -220.69%
Basic Earnings Per Share -$6.49
Diluted Earnings Per Share -$6.49
COMMON SHARES
Basic Shares Outstanding 8.534M shares 1.181B shares
Diluted Shares Outstanding 3.185M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.259M
YoY Change 197.63%
Cash & Equivalents $3.259M
Short-Term Investments
Other Short-Term Assets $378.0K
YoY Change -72.1%
Inventory $3.431M
Prepaid Expenses
Receivables $2.836M
Other Receivables $0.00
Total Short-Term Assets $9.904M
YoY Change 33.95%
LONG-TERM ASSETS
Property, Plant & Equipment $774.0K
YoY Change -28.27%
Goodwill $7.260M
YoY Change 0.0%
Intangibles $3.906M
YoY Change -15.25%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.94M
YoY Change -7.78%
TOTAL ASSETS
Total Short-Term Assets $9.904M
Total Long-Term Assets $11.94M
Total Assets $21.84M
YoY Change 7.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.137M
YoY Change -10.51%
Accrued Expenses $5.241M
YoY Change -17.58%
Deferred Revenue $137.0K
YoY Change 101.47%
Short-Term Debt $24.93M
YoY Change -8.75%
Long-Term Debt Due $7.655M
YoY Change -23.82%
Total Short-Term Liabilities $81.51M
YoY Change -4.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $594.0K
YoY Change -28.78%
Total Long-Term Liabilities $594.0K
YoY Change -31.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $81.51M
Total Long-Term Liabilities $594.0K
Total Liabilities $82.11M
YoY Change -4.85%
SHAREHOLDERS EQUITY
Retained Earnings -$238.7M
YoY Change 0.16%
Common Stock $3.000K
YoY Change -99.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$60.26M
YoY Change
Total Liabilities & Shareholders Equity $21.84M
YoY Change 7.38%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$20.66M
YoY Change -12.84%
Depreciation, Depletion And Amortization $256.0K
YoY Change -3.4%
Cash From Operating Activities $1.282M
YoY Change -162.9%
INVESTING ACTIVITIES
Capital Expenditures $48.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$48.00K
YoY Change -469.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -435.0K
YoY Change -122.54%
NET CHANGE
Cash From Operating Activities 1.282M
Cash From Investing Activities -48.00K
Cash From Financing Activities -435.0K
Net Change In Cash 799.0K
YoY Change -941.05%
FREE CASH FLOW
Cash From Operating Activities $1.282M
Capital Expenditures $48.00K
Free Cash Flow $1.234M
YoY Change -160.55%

Facts In Submission

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SANUWAVE Health, Inc.
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WeightedAverageNumberOfDilutedSharesOutstanding
3185000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q2 us-gaap Stockholders Equity
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CY2024Q3 us-gaap Net Income Loss
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CY2024Q3 us-gaap Stockholders Equity
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CY2023Q2 us-gaap Stockholders Equity
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CY2023Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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CY2023Q3 us-gaap Net Income Loss
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CY2023Q3 us-gaap Stockholders Equity
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CY2023Q4 us-gaap Stockholders Equity
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Net Income Loss
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CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q3 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Provision For Doubtful Accounts
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
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us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Fair Value Adjustment Of Warrants
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us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
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us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
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us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
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us-gaap Financing Receivable Accrued Interest Writeoff
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us-gaap Increase Decrease In Accounts Receivable
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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 Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
56000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
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us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
1202000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
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us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
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snwv Payments To Factoring Agent Net
PaymentsToFactoringAgentNet
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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-5000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1095000 usd
us-gaap Interest Paid Net
InterestPaidNet
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snwv Write Off Of Deferred Merger Costs
WriteOffOfDeferredMergerCosts
0 usd
snwv Warrants Issued In Conjunction With Convertible Promissory Notes
WarrantsIssuedInConjunctionWithConvertiblePromissoryNotes
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snwv Debt Instrument Debt Default Interest Capitalized
DebtInstrumentDebtDefaultInterestCapitalized
3850000 usd
snwv Debt Instrument Debt Default Interest Capitalized
DebtInstrumentDebtDefaultInterestCapitalized
0 usd
snwv Conversion Of Asset Based Secured Promissory Notes To Convertible Promissory Notes
ConversionOfAssetBasedSecuredPromissoryNotesToConvertiblePromissoryNotes
4584000 usd
snwv Conversion Of Asset Based Secured Promissory Notes To Convertible Promissory Notes
ConversionOfAssetBasedSecuredPromissoryNotesToConvertiblePromissoryNotes
0 usd
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
0 usd
snwv Common Shares Issued For Advisory Shares
CommonSharesIssuedForAdvisoryShares
302000 usd
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 September 30, 2024, and for the three and nine months ended September 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 nine months ended September 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><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%">Reverse Stock Split</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;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%">All share numbers, including the number of shares underlying warrants, options and convertible debt, and per share amounts presented in these financial statements, including these footnotes reflect a one-for-three hundred seventy five (1:375) reverse stock split of the outstanding shares of the Company's common stock effected on October 18, 2024 (the "Reverse Stock Split"). The Company's authorized shares of common and preferred stock along with the par value did not change. No fractional shares will be issued as a result of the reverse stock split. Any fractional shares that would have resulted from the reverse stock split will be settled in cash. The reverse stock split will affect all common stockholders uniformly and will not alter any stockholder's percentage interest in the Company's common stock, except to the extent that the reverse stock split results in some stockholders experiencing an adjustment of a fractional share as described above.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
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
DeferredOfferingCostsExpensed
500000 usd
CY2024Q3 snwv Weighted Average Number Of Shares Outstanding Before Adjustments
WeightedAverageNumberOfSharesOutstandingBeforeAdjustments
3150000 shares
snwv Weighted Average Number Of Shares Outstanding Before Adjustments
WeightedAverageNumberOfSharesOutstandingBeforeAdjustments
1765000 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
58000 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3185000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2381000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2381000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3146000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3146000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1823000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4626000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3601000 shares
CY2024Q3 snwv Accrued Registration Penalties Current
AccruedRegistrationPenaltiesCurrent
1583000 usd
CY2023Q4 snwv Accrued Registration Penalties Current
AccruedRegistrationPenaltiesCurrent
1583000 usd
CY2024Q3 snwv Accrued License Fees Current
AccruedLicenseFeesCurrent
0 usd
CY2023Q4 snwv Accrued License Fees Current
AccruedLicenseFeesCurrent
892000 usd
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1192000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
942000 usd
CY2024Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2098000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2298000 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
368000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
284000 usd
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5241000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5999000 usd
CY2024Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
9091000 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1641000 usd
CY2024Q3 snwv Debt Instrument Remaining Embedded Conversion Option
DebtInstrumentRemainingEmbeddedConversionOption
205000 usd
CY2024Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
7655000 usd
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
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
DebtConversionConvertedInstrumentSharesIssued1
100000 shares
CY2024Q3 snwv Probability Of Reverse Stock Split And Note And Warrant Exchange
ProbabilityOfReverseStockSplitAndNoteAndWarrantExchange
0.90
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3257 shares
CY2023Q4 snwv Class Of Warrant Or Right Outstanding Fair Value Per Share
ClassOfWarrantOrRightOutstandingFairValuePerShare
4.44
snwv Class Of Warrant Or Right Warrants Issued
ClassOfWarrantOrRightWarrantsIssued
781 shares
snwv Class Of Warrant Or Right Issued Per Share
ClassOfWarrantOrRightIssuedPerShare
4.65
snwv Class Of Warrant Or Right Warrants Exercised
ClassOfWarrantOrRightWarrantsExercised
23 shares
CY2024Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
3.75
snwv Class Of Warrant Or Right Gain Loss On Remeasurement Shares
ClassOfWarrantOrRightGainLossOnRemeasurementShares
0 shares
CY2024Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4015 shares
CY2024Q3 snwv Class Of Warrant Or Right Outstanding Fair Value Per Share
ClassOfWarrantOrRightOutstandingFairValuePerShare
8.84
CY2024Q3 snwv Probability Of Reverse Stock Split And Note And Warrant Exchange
ProbabilityOfReverseStockSplitAndNoteAndWarrantExchange
0.90
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9291000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4821000 usd
CY2024Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
69000 usd
CY2023Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
132000 usd
CY2024Q3 us-gaap Revenues
Revenues
9360000 usd
CY2023Q3 us-gaap Revenues
Revenues
4953000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22053000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12727000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
255000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
677000 usd
us-gaap Revenues
Revenues
22308000 usd
us-gaap Revenues
Revenues
13404000 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>
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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