☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Nevada | 20-1176000 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
3360 Martin Farm Road, Suite 100 Suwanee, GA | 30024 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.001 | SNWV |
Large accelerated filer ☐ | Accelerated filer ☐ | |
Non-accelerated filer | Smaller reporting company ☒ | |
Emerging growth company ☐ |
Page | ||||
PART I – FINANCIAL INFORMATION | ||||
Item 1. | 4 | |||
4 | ||||
5 | ||||
6 | ||||
Item 2. | 23 | |||
Item 3. | ||||
Item 4. | ||||
PART II – OTHER INFORMATION | ||||
Item | ||||
Item 1A. | 29 | |||
Item 2. | 30 | |||
Item 3. | 30 | |||
Item 4. | 30 | |||
Item 5. | 30 | |||
Item 6. | 31 | |||
ITEM 1. | FINANCIAL STATEMENTS |
June 30, 2021 | December 31, 2020 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash | $ | 264 | $ | 2,437 | ||||
Accounts receivable, net of allowance for doubtful accounts of $583 in 2021 and $343 in 2020 | 1,888 | 2,356 | ||||||
Inventory | 2,436 | 2,956 | ||||||
Prepaid expenses and other current assets | 399 | 179 | ||||||
Total Current Assets | 4,987 | 7,928 | ||||||
Property and Equipment, net | 657 | 471 | ||||||
Right of Use Assets, net | 574 | 795 | ||||||
Other Intangible Assets, net | 6,193 | 6,545 | ||||||
Goodwill | 7,260 | 7,260 | ||||||
Other Assets | 70 | 28 | ||||||
Total Assets | $ | 19,741 | $ | 23,027 | ||||
LIABILITIES | ||||||||
Current Liabilities: | ||||||||
Senior secured promissory note payable, in default | $ | 11,131 | $ | 10,676 | ||||
Convertible promissory notes payable, in default | 7,108 | 4,000 | ||||||
Convertible promissory notes, related parties, in default | 1,596 | 1,596 | ||||||
Accounts payable | 5,929 | 4,454 | ||||||
Accrued expenses | 3,726 | 2,127 | ||||||
Accrued employee compensation | 3,093 | 2,541 | ||||||
Due under factoring agreement | 1,038 | 0 | ||||||
Warrant liability | 7,434 | 8,855 | ||||||
Current portion of SBA loans | 487 | 321 | ||||||
Accrued interest | 1,411 | 1,021 | ||||||
Accrued interest, related parties | 172 | 77 | ||||||
Current portion of lease liabilities | 376 | 451 | ||||||
Current portion of contract liabilities | 33 | 32 | ||||||
Other | 0 | 23 | ||||||
Total Current Liabilities | 43,534 | 36,174 | ||||||
Non-current Liabilities | ||||||||
SBA loans | 1,011 | 143 | ||||||
Lease liabilities | 245 | 391 | ||||||
Contract liabilities | 181 | 37 | ||||||
Deferred tax liability | 22 | 0 | ||||||
Total Non-current Liabilities | 1,459 | 571 | ||||||
Total Liabilities | 44,993 | 36,745 | ||||||
Contingencies | 0 | 0 | ||||||
STOCKHOLDERS’ DEFICIT | ||||||||
Preferred Stock, par value $0.001, 5,000,000 shares authorized; 6,175, 293, 90 and 8 shares designated Series A, Series B, Series C and Series D, respectively; 0 shares issued and outstanding at June 30, 2021 and December 31, 2020 | 0 | 0 | ||||||
Common Stock, par value $0.001, 800,000,000 shares authorized; 481,619,621 and 470,694,621 issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 482 | 471 | ||||||
Additional Paid-in Capital | 144,582 | 142,563 | ||||||
Accumulated Deficit | (170,242 | ) | (156,690 | ) | ||||
Accumulated Other Comprehensive Loss | (74 | ) | (62 | ) | ||||
Total Stockholders’ Deficit | (25,252 | ) | (13,718 | ) | ||||
Total Liabilities and Stockholders’ Deficit | $ | 19,741 | $ | 23,027 |
September 30, | December 31, | |
2017 | 2016 | |
ASSETS | ||
CURRENT ASSETS | ||
Cash and cash equivalents | $40,226 | $133,571 |
Accounts receivable, net of allowance for doubtful accounts | ||
of $123,026 in 2017 and $35,196 in 2016 | 172,119 | 460,799 |
Inventory, net | 176,109 | 231,953 |
Prepaid expenses | 103,539 | 87,823 |
TOTAL CURRENT ASSETS | 491,993 | 914,146 |
PROPERTY AND EQUIPMENT, at cost, less accumulated depreciation (Note 4) | 59,395 | 76,938 |
OTHER ASSETS | 13,922 | 13,786 |
TOTAL ASSETS | $565,310 | $1,004,870 |
LIABILITIES | ||
CURRENT LIABILITIES | ||
Accounts payable | $1,435,431 | $712,964 |
Accrued expenses (Note 5) | 459,735 | 375,088 |
Accrued employee compensation | 65,154 | 64,860 |
Advances from related parties and accredited investors (Note 6) | 751,616 | - |
Interest payable, related parties (Note 7) | 535,125 | 109,426 |
Short term loan, net (Note 8) | 100,000 | 47,440 |
Warrant liability (Note 12) | 1,058,202 | 1,242,120 |
Notes payable, related parties, net (Note 7) | 5,183,310 | 5,364,572 |
TOTAL LIABILITIES | 9,588,573 | 7,916,470 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
STOCKHOLDERS' DEFICIT | ||
PREFERRED STOCK, SERIES A CONVERTIBLE, par value $0.001, | ||
6,175 authorized; 6,175 shares issued and 0 shares outstanding | ||
in 2017 and 2016 (Note 11) | - | - |
PREFERRED STOCK, SERIES B CONVERTIBLE, par value $0.001, | ||
293 authorized; 293 shares issued and 0 shares outstanding | ||
in 2017 and 2016, respectively (Note 11) | - | - |
PREFERRED STOCK - UNDESIGNATED, par value $0.001, 4,993,532 | ||
shares authorized; no shares issued and outstanding (Note 11) | - | - |
COMMON STOCK, par value $0.001, 350,000,000 shares authorized; | ||
139,099,843 and 137,219,968 issued and outstanding in 2017 and | ||
2016, respectively (Note 10) | 139,100 | 137,220 |
ADDITIONAL PAID-IN CAPITAL | 93,077,145 | 92,436,697 |
ACCUMULATED DEFICIT | (102,194,242) | (99,433,448) |
ACCUMULATED OTHER COMPREHENSIVE LOSS | (45,266) | (52,069) |
TOTAL STOCKHOLDERS' DEFICIT | (9,023,263) | (6,911,600) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $565,310 | $1,004,870 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenues: | ||||||||||||||||
Accessory and parts revenue | $ | 2,284 | $ | 13 | $ | 4,109 | $ | 76 | ||||||||
Product | 514 | 69 | 767 | 144 | ||||||||||||
License fees and other | 111 | 1 | 149 | 12 | ||||||||||||
Total Revenue | 2,909 | 83 | 5,025 | 232 | ||||||||||||
Cost of Revenues | 1,048 | 79 | 2,103 | 209 | ||||||||||||
Gross Margin | 1,861 | 4 | 2,922 | 23 | ||||||||||||
Operating Expenses: | ||||||||||||||||
General and administrative | 3,115 | 2,579 | 6,436 | 4,499 | ||||||||||||
Selling and marketing | 2,520 | 433 | 4,300 | 1,041 | ||||||||||||
Research and development | 272 | 265 | 626 | 551 | ||||||||||||
Total Operating Expenses | 5,907 | 3,277 | 11,362 | 6,091 | ||||||||||||
Operating Loss | (4,046 | ) | (3,273 | ) | (8,440 | ) | (6,068 | ) | ||||||||
Other Income (Expense): | ||||||||||||||||
Interest expense | (1,437 | ) | (169) | (2,559) | (188) | |||||||||||
Change in fair value of derivative liabilities | (591 | ) | 0 | 44 | 0 | |||||||||||
Interest expense, related party | (48 | ) | (187 | ) | (95 | ) | (370 | ) | ||||||||
Loss on issuance of debt | (2,484 | ) | 0 | (2,484 | ) | 0 | ||||||||||
Gain / (loss) on foreign currency exchange | (3 | ) | (3 | ) | 4 | (8 | ) | |||||||||
Other Income (Expense), net | (4,563 | ) | (359 | ) | (5,090 | ) | (566 | ) | ||||||||
Net Loss before Income Taxes | (8,609 | ) | (3,632 | ) | (13,530 | ) | (6,634 | ) | ||||||||
Provision for Income Taxes | 6 | 0 | 22 | 0 | ||||||||||||
Net Loss | (8,615 | ) | (3,632 | ) | (13,552 | ) | (6,634 | ) | ||||||||
Other Comprehensive Loss | ||||||||||||||||
Foreign currency translation adjustments | (3 | ) | (7 | ) | (11 | ) | (2 | ) | ||||||||
Total Comprehensive Loss | $ | (8,618 | ) | $ | (3,639 | ) | $ | (13,563 | ) | $ | (6,636 | ) | ||||
Loss per Share: | ||||||||||||||||
Net loss per share, basic and diluted | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02 | ) | ||||
Weighted average shares outstanding, basic and diluted | 518,310,781 | 299,497,960 | 518,400,008 | 297,856,870 |
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |
September 30, | September 30, | September 30, | September 30, | |
2017 | 2016 | 2017 | 2016 | |
REVENUES | $161,585 | $255,652 | $422,199 | $728,382 |
COST OF REVENUES (exclusive of depreciation and amortization shown below) | 61,684 | 98,678 | 141,523 | 249,847 |
OPERATING EXPENSES | ||||
Research and development | 266,837 | 266,473 | 965,084 | 1,052,595 |
General and administrative | 475,377 | 645,863 | 1,875,891 | 1,734,891 |
Depreciation | 5,465 | 1,554 | 17,543 | 3,227 |
Amortization | - | 76,689 | - | 230,067 |
Gain on sale of property and equipment | - | - | - | (1,000) |
TOTAL OPERATING EXPENSES | 747,679 | 990,579 | 2,858,518 | 3,019,780 |
OPERATING LOSS | (647,778) | (833,605) | (2,577,842) | (2,541,245) |
OTHER INCOME (EXPENSE) | ||||
(Loss) Gain on warrant valuation adjustment and conversion | (41,681) | (43,536) | 316,952 | (812,983) |
Interest expense, net | (160,978) | (259,302) | (496,997) | (623,066) |
Loss on foreign currency exchange | (888) | (3,367) | (2,907) | (9,215) |
TOTAL OTHER INCOME (EXPENSE), NET | (203,547) | (306,205) | (182,952) | (1,445,264) |
NET LOSS | (851,325) | (1,139,810) | (2,760,794) | (3,986,509) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Foreign currency translation adjustments | 20,570 | (2,268) | 6,803 | (4,980) |
TOTAL COMPREHENSIVE LOSS | $(830,755) | $(1,142,078) | $(2,753,991) | $(3,991,489) |
LOSS PER SHARE: | ||||
Net loss - basic and diluted | $(0.01) | $(0.01) | $(0.02) | $(0.04) |
Weighted average shares outstanding - basic and diluted | 139,099,843 | 115,528,604 | 138,711,527 | 97,798,261 |
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||
Number of | Number of | Accumulated | ||||||||||||||||||||||||||||||
Shares | Shares | Other | ||||||||||||||||||||||||||||||
Issued and | Issued and | Additional Paid- | Accumulated | Comprehensive | ||||||||||||||||||||||||||||
Outstanding | Par Value | Outstanding | Par Value | in Capital | Deficit | Loss | Total | |||||||||||||||||||||||||
Balances as of March 31, 2021 | 0 | $ | 0 | 481,619,621 | $ | 482 | $ | 144,582 | $ | (161,627 | ) | $ | (70 | ) | $ | (16,633 | ) | |||||||||||||||
Net loss | - | 0 | - | 0 | 0 | (8,615 | ) | 0 | (8,615 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | - | 0 | - | 0 | 0 | 0 | (4 | ) | (4 | ) | ||||||||||||||||||||||
Balances as of June 30, 2021 | 0 | $ | 0 | 481,619,621 | $ | 482 | $ | 144,582 | $ | (170,242 | ) | $ | (74 | ) | $ | (25,252 | ) |
Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||
Number of | Number of | Accumulated | ||||||||||||||||||||||||||||||
Shares | Shares | Other | ||||||||||||||||||||||||||||||
Issued and | Issued and | Additional Paid- | Accumulated | Comprehensive | ||||||||||||||||||||||||||||
Outstanding | Par Value | Outstanding | Par Value | in Capital | Deficit | Loss | Total | |||||||||||||||||||||||||
Balances as of March 31, 2020 | 0 | $ | 0 | 297,663,672 | $ | 298 | $ | 115,952 | $ | (128,754 | ) | $ | (58 | ) | $ | (12,562 | ) | |||||||||||||||
Conversion of short term notes and convertible notes payable | 0 | 0 | 759,328 | 1 | 90 | 0 | 0 | 91 | ||||||||||||||||||||||||
Conversion of advances from related parties | 0 | 0 | 200,000 | 0 | 16 | 0 | 0 | 16 | ||||||||||||||||||||||||
Shares issued for services | 0 | 0 | 2,200,000 | 2 | 515 | 0 | 0 | 517 | ||||||||||||||||||||||||
Proceeds from PIPE offering, net of offering costs | 0 | 0 | 1,071,428 | 1 | 149 | 0 | 0 | 150 | ||||||||||||||||||||||||
Proceeds from stock option exercise | 0 | 0 | 225,000 | 0 | 44 | 0 | 0 | 44 | ||||||||||||||||||||||||
Beneficial conversion feature on convertible debt | - | 0 | - | 0 | 561 | 0 | 0 | 561 | ||||||||||||||||||||||||
Net loss | - | 0 | - | 0 | 0 | (3,632 | ) | 0 | (3,632 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | - | 0 | - | 0 | 0 | 0 | (7 | ) | (7 | ) | ||||||||||||||||||||||
Balances as of June 30, 2020 | 0 | $ | 0 | 302,119,428 | $ | 302 | $ | 117,327 | $ | (132,386 | ) | $ | (65 | ) | $ | (14,822 | ) |
Nine Months Ended | Nine Months Ended | |
September 30, | September 30, | |
2017 | 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $(2,760,794) | $(3,986,509) |
Adjustments to reconcile net loss to net cash used by operating activities | ||
to net cash used by operating activities | ||
Depreciation | 17,543 | 3,227 |
Change in allowance for doubtful accounts | 87,830 | 15,376 |
Amortization | - | 230,067 |
Stock-based compensation - employees, directors and advisors | 482,295 | 116,550 |
(Gain) Loss on warrant valuation adjustment | (316,952) | 812,982 |
Amortization of debt discount | 71,298 | 18,548 |
Amortization of debt issuance costs | - | 114,522 |
Loss on conversion option of promissory note payable | - | 75,422 |
Loss on conversion option of convertible debenture | - | 50,100 |
Stock issued for consulting services | - | 43,540 |
Gain on sale of property and equipment | - | (1,000) |
Changes in assets - (increase)/decrease | ||
Accounts receivable - trade | 200,850 | (82,219) |
Inventory | 55,844 | 17,922 |
Prepaid expenses | (15,716) | 755 |
Other | (136) | (2,843) |
Changes in liabilities - increase/(decrease) | ||
Accounts payable | 722,467 | (133,173) |
Accrued expenses | 84,647 | 60,369 |
Accrued employee compensation | 294 | 209,465 |
Interest payable, related parties | 425,699 | (239,803) |
Promissory notes, accrued interest | - | (32,271) |
NET CASH USED BY OPERATING ACTIVITIES | (944,831) | (2,708,973) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from sale of property and equipment | - | 1,000 |
Purchases of property and equipment | - | (7,878) |
NET CASH USED BY INVESTING ACTIVITIES | - | (6,878) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from warrant exercise | 93,067 | 32,000 |
Advances from related parties and accredited investors | 751,616 | - |
Proceeds from 2016 Public Offering, net | - | 1,596,855 |
Proceeds from 2016 Private Offering, net | - | 1,528,200 |
Proceeds from convertible promissory notes, net | - | 106,000 |
Proceeds from convertible debenture, net | - | 175,000 |
Payment of convertible promissory notes | - | (155,750) |
Payment of convertible debenture | - | (210,000) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 844,683 | 3,072,305 |
EFFECT OF EXCHANGE RATES ON CASH | 6,803 | (4,980) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (93,345) | 351,474 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 133,571 | 152,930 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $40,226 | $504,404 |
SUPPLEMENTAL INFORMATION | ||
Cash paid for interest, related parties | $- | $630,549 |
NONCASH INVESTING ACTIVITIES | ||
Cashless warrant conversion | $66,966 | $- |
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||
Number of | Number of | Accumulated | ||||||||||||||||||||||||||||||
Shares | Shares | Other | ||||||||||||||||||||||||||||||
Issued and | Issued and | Additional Paid- | Accumulated | Comprehensive | ||||||||||||||||||||||||||||
Outstanding | Par Value | Outstanding | Par Value | in Capital | Deficit | Loss | Total | |||||||||||||||||||||||||
Balances as of December 31, 2020 | 0 | $ | 0 | 470,694,621 | $ | 471 | $ | 142,563 | $ | (156,690 | ) | $ | (62 | ) | $ | (13,718 | ) | |||||||||||||||
Cashless warrant exercise | 0 | 0 | 10,925,000 | 11 | (11 | ) | 0 | 0 | 0 | |||||||||||||||||||||||
Reclassification of warrant liability due to cashless warrant exercise | 0 | 0 | 0 | 0 | 2,030 | 0 | 0 | 2,030 | ||||||||||||||||||||||||
Net loss | - | 0 | - | 0 | 0 | (13,552 | ) | 0 | (13,552 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | - | 0 | - | 0 | 0 | 0 | (12 | ) | (12 | ) | ||||||||||||||||||||||
Balances as of June 30, 2021 | 0 | $ | 0 | 481,619,621 | $ | 482 | $ | 144,582 | $ | (170,242 | ) | $ | (74 | ) | $ | (25,252 | ) |
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | |||||||||||||||||||||||||||||||
Number of | Number of | Accumulated | ||||||||||||||||||||||||||||||
Shares | Shares | Other | ||||||||||||||||||||||||||||||
Issued and | Issued and | Additional Paid- | Accumulated | Comprehensive | ||||||||||||||||||||||||||||
Outstanding | Par Value | Outstanding | Par Value | in Capital | Deficit | Loss | Total | |||||||||||||||||||||||||
Balances as of December 31, 2019 | 0 | $ | 0 | 293,780,400 | $ | 294 | $ | 115,458 | $ | (125,752 | ) | $ | (62 | ) | $ | (10,062 | ) | |||||||||||||||
Proceeds from warrant exercise | 0 | 0 | 1,000,000 | 1 | 9 | 0 | 0 | 10 | ||||||||||||||||||||||||
Conversion of short term notes and convertible notes payable | 0 | 0 | 2,579,789 | 3 | 352 | 0 | 0 | 355 | ||||||||||||||||||||||||
Conversion of advances from related parties | 0 | 0 | 262,811 | 0 | 19 | 0 | 0 | 19 | ||||||||||||||||||||||||
Shares issued for services | 0 | 0 | 3,200,000 | 3 | 714 | 0 | 0 | 717 | ||||||||||||||||||||||||
Proceeds from PIPE offering, net of offering costs | 0 | 0 | 1,071,428 | 1 | 149 | 0 | 0 | 150 | ||||||||||||||||||||||||
Stock-based compensation | - | 0 | - | 0 | 21 | 0 | 0 | 21 | ||||||||||||||||||||||||
Proceeds from stock option exercise | 0 | 0 | 225,000 | 0 | 44 | 0 | 0 | 44 | ||||||||||||||||||||||||
Beneficial conversion feature on convertible debt | - | 0 | - | 0 | 561 | 0 | 0 | 561 | ||||||||||||||||||||||||
Net loss | - | 0 | - | 0 | 0 | (6,634 | ) | 0 | (6,634 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | - | 0 | - | 0 | 0 | 0 | (3 | ) | (3 | ) | ||||||||||||||||||||||
Balances as of June 30, 2020 | 0 | $ | 0 | 302,119,428 | $ | 302 | $ | 117,327 | $ | (132,386 | ) | $ | (65 | ) | $ | (14,822 | ) |
Six Months Ended June 30, | ||||||||
2021 | 2020 | |||||||
Cash Flows - Operating Activities: | ||||||||
Net loss | $ | (13,552 | ) | $ | (6,634 | ) | ||
Adjustments to reconcile net loss to net cash used by operating activities | ||||||||
Amortization of intangibles | 352 | 0 | ||||||
Depreciation | 198 | 118 | ||||||
Bad debt expense | 240 | 183 | ||||||
Share-based payment | 0 | 739 | ||||||
Deferred taxes | 22 | 0 | ||||||
Change in fair value of derivative liabilities | (44 | ) | 0 | |||||
Loss on issuance of debt | 2,484 | 0 | ||||||
Amortization of debt issuance costs | 455 | 70 | ||||||
Amortization of debt discount | 264 | 0 | ||||||
Accrued interest | 390 | 84 | ||||||
Interest payable, related parties | 95 | 370 | ||||||
Changes in operating assets and liabilities | ||||||||
Accounts receivable - trade | 218 | (218 | ) | |||||
Inventory | 521 | (108 | ) | |||||
Prepaid expenses | (191 | ) | (102 | ) | ||||
Other assets | (83 | ) | (1 | ) | ||||
Operating leases | 0 | (6 | ) | |||||
Accounts payable | 1,475 | 360 | ||||||
Accrued expenses | 1,350 | 110 | ||||||
Accrued employee compensation | 553 | 557 | ||||||
Contract liabilities | 4 | (34 | ) | |||||
Net Cash Used in Operating Activities | (5,249 | ) | (4,512 | ) | ||||
Cash Flows - Investing Activities | ||||||||
Purchases of property and equipment | (277 | ) | (1,115 | ) | ||||
Net Cash Flows Used in Investing Activities | (277 | ) | (1,115 | ) | ||||
Cash Flows - Financing Activities | ||||||||
Proceeds from sale of convertible preferred stock | 0 | 2,450 | ||||||
Proceeds from convertible promissory notes | 1,263 | 1,100 | ||||||
Proceeds from SBA loan | 1,033 | 614 | ||||||
Proceeds from PIPE offering, net of offering costs | 0 | 150 | ||||||
Proceeds from stock option exercises | 0 | 44 | ||||||
Proceeds from factoring | 1,038 | 0 | ||||||
Proceeds from warrant exercises | 0 | 10 | ||||||
Proceeds from related party advances | 125 | 0 | ||||||
Payments of principal on finance leases | (94 | ) | (69 | ) | ||||
Net Cash Flows Provided by Financing Activities | 3,365 | 4,299 | ||||||
Effect of Exchange Rates on Cash | (12 | ) | (2 | ) | ||||
Net Change in Cash During Period | (2,173 | ) | (1,330 | ) | ||||
Cash at Beginning of Period | 2,437 | 1,761 | ||||||
Cash at End of Period | $ | 264 | $ | 431 | ||||
Supplemental Information: | ||||||||
Cash paid for interest | $ | 1,434 | $ | 0 | ||||
Non-cash Investing and Financing Activities: | ||||||||
Reclassification of warrant liability due to cashless warrant exercise | $ | 2,030 | $ | 0 | ||||
Conversion of short-term notes payable to equity | 0 | 355 | ||||||
Conversion of advances from related parties to equity | 0 | 18 | ||||||
Additions to right of use assets from new finance lease liabilities | 0 | 128 | ||||||
Embedded conversion option with issuances of convertible debt | 2,740 | 561 | ||||||
Warrant issuance in conjunction with convertible notes | 758 | 0 |
1. | Nature of the Business and Basis of Presentation |
2. | Going Concern |
3. | Summary of Significant Accounting Policies |
• | Level 1 - Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets and liabilities; |
• | Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and |
• | Level 3 - Unobservable inputs that are not corroborated by market data, therefore requiring the Company to develop its own assumptions. |
September 30, | December 31, | |
2017 | 2016 | |
Machines and equipment | $240,295 | $240,295 |
Office and computer equipment | 156,860 | 156,860 |
Devices | 82,204 | 82,204 |
Software | 34,528 | 34,528 |
Furniture and fixtures | 16,019 | 16,019 |
Other assets | 2,259 | 2,259 |
Total | 532,165 | 532,165 |
Accumulated depreciation | (472,770) | (455,227) |
Net property and equipment | $59,395 | $76,938 |
September 30, | December 31, | |
2017 | 2016 | |
Accrued executive severance | $100,000 | $100,000 |
Accrued board of director's fees | 95,000 | 16,000 |
Accrued audit and tax preparation | 83,095 | 100,000 |
Accrued outside services | 53,912 | 31,533 |
Deferred rent | 44,594 | 41,341 |
Accrued clinical expenses | 23,650 | 13,650 |
Deferred revenue | 21,060 | 18,810 |
Accrued travel and entertainment | 20,000 | - |
Accrued legal professional fees | 13,609 | 45,000 |
Accrued other | 4,815 | 8,754 |
Total Accrued expenses | $459,735 | $375,088 |
Outstanding | Outstanding | |||||
as of | as of | |||||
December 31, | September 30, | |||||
Warrant class | 2016 | Issued | Exercised | Converted | Expired | 2017 |
Class F Warrants | 300,000 | - | - | - | - | 300,000 |
Class G Warrants | 1,503,409 | - | - | - | - | 1,503,409 |
Class H Warrants | 1,988,095 | - | - | - | - | 1,988,095 |
Class I Warrants | 1,043,646 | - | - | - | - | 1,043,646 |
Class K Warrants | 5,200,000 | 2,000,000 | - | - | - | 7,200,000 |
Class L Warrants | 65,945,005 | - | (1,746,666) | - | - | 64,198,339 |
Series A Warrants | 2,106,594 | - | (545,246) | - | - | 1,561,348 |
78,086,749 | 2,000,000 | (2,291,912) | - | - | 77,794,837 |
Class K | Series A | ||
Warrants | Warrants | Total | |
Warrant liability as of December 31, 2016 | $884,000 | $358,120 | $1,242,120 |
Issued | - | - | - |
Warrant redemption | - | (57,372) | (57,372) |
Change in fair value | (208,000) | (115,223) | (323,223) |
Warrant liability as of March 31, 2017 | $676,000 | $185,525 | $861,525 |
Issued | - | - | - |
Warrant redemption | - | (9,594) | (9,594) |
Change in fair value | - | (35,410) | (35,410) |
Warrant liability as of June 30, 2017 | $676,000 | $140,521 | $816,521 |
Issued | 200,000 | - | 200,000 |
Warrant redemption | - | - | - |
Change in fair value | (52,000) | 93,681 | 41,681 |
Warrant liability as of September 30, 2017 | $824,000 | $234,202 | $1,058,202 |
Year ending December 31, | Amount |
Remainder of 2017 | $33,507 |
2018 | 135,704 |
2019 | 139,775 |
2020 | 143,969 |
2021 | 148,288 |
Total | $601,243 |
4. | Loss per Share |
2017 | 2016 | |
Weighted average expected life in years | 5.0 | 5.0 |
Weighted average risk free interest rate | 1.76% | 1.28% |
Weighted average volatility | 120.0% | 133.54% |
Forfeiture rate | 0.0% | 0.0% |
Expected dividend yield | 0.0% | 0.0% |
Weighted | ||
Average | ||
Exercise Price | ||
Options | per share | |
Outstanding as of December 31, 2016 | 16,203,385 | $0.38 |
Granted | - | $- |
Exercised | - | $- |
Cancelled | - | $- |
Forfeited or expired | - | $- |
Outstanding as of March 31, 2017 | 16,203,385 | $0.38 |
Granted | 5,550,000 | $0.11 |
Exercised | - | $- |
Cancelled | - | $- |
Forfeited or expired | (160,000) | $0.22 |
Outstanding as of June 30, 2017 | 21,593,385 | $0.31 |
Granted | - | $- |
Exercised | - | $- |
Cancelled | - | $- |
Forfeited or expired | - | $- |
Outstanding as of September 30, 2017 | 21,593,385 | $0.31 |
Exercisable | 21,593,385 | $0.31 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||
Weighted average shares outstanding | ||||||||||||||||
Common shares | 481,619,621 | 299,497,960 | 481,619,621 | 297,856,870 | ||||||||||||
Common shares issuable assuming exercise of nominally priced warrants | 36,691,160 | 0 | 36,780,387 | 0 | ||||||||||||
Weighted average shares outstanding | 518,310,781 | 299,497,960 | 518,400,008 | 297,856,870 |
2021 | 2020 | |||||||
Common stock options | 31,760 | 34,169 | ||||||
Common stock purchase warrants | 150,202 | 9,374 | ||||||
Convertible notes payable | 74,155 | 5,227 | ||||||
Short-term notes payable | 0 | 2,250 | ||||||
Convertible preferred stock | 0 | 17,500 | ||||||
256,117 | 68,520 |
5. | Inventory |
2021 | 2020 | |||||||
Inventory - finished goods | $ | 1,991 | $ | 2,276 | ||||
Inventory - parts and accessories | 445 | 680 | ||||||
Total inventory | $ | 2,436 | $ | 2,956 |
6. | Accrued Expenses |
2021 | 2020 | |||||||
Outside services | $ | 135 | $ | 347 | ||||
License fees | 715 | 336 | ||||||
Board of director's fees | 437 | 320 | ||||||
Registration penalties | 1,849 | 264 | ||||||
Commissions | 0 | 239 | ||||||
Legal and professional fees | 107 | 197 | ||||||
Warranty reserve | 180 | 180 | ||||||
Inventory purchases | 87 | 91 | ||||||
Other | 216 | 153 | ||||||
$ | 3,726 | $ | 2,127 |
7. | Revenue |
Three Months Ended June 30, 2021 | Three Months Ended June 30, 2020 | |||||||||||||||||||||||
United States | International | Total | United States | International | Total | |||||||||||||||||||
Accessories and parts | $ | 2,214 | $ | 70 | $ | 2,284 | $ | 13 | $ | 0 | $ | 13 | ||||||||||||
Product | 470 | 44 | 514 | 63 | 6 | 69 | ||||||||||||||||||
License fees and other | 91 | 20 | 111 | (12 | ) | 13 | 1 | |||||||||||||||||
$ | 2,775 | $ | 134 | $ | 2,909 | $ | 64 | $ | 19 | $ | 83 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||||||||||||||||||
United States | International | Total | United States | International | Total | |||||||||||||||||||
Accessories and parts | $ | 3,903 | $ | 206 | $ | 4,109 | $ | 76 | $ | 0 | $ | 76 | ||||||||||||
Product | 511 | 256 | 767 | 97 | 47 | 144 | ||||||||||||||||||
License fees and other | 124 | 25 | 149 | (65 | ) | 77 | 12 | |||||||||||||||||
$ | 4,538 | $ | 487 | $ | 5,025 | $ | 108 | $ | 124 | $ | 232 |
June 30, 2021 | December 31, 2020 | |||||||
Service agreements | $ | 89 | $ | 69 | ||||
Deposit on future equipment purchases | 125 | 0 | ||||||
Total contract liabilities | 214 | 69 | ||||||
Less: current portion | (33 | ) | (32 | ) | ||||
Non-current contract liabilities | $ | 181 | $ | 37 |
Six Months Ended | ||||
June 30, 2021 | ||||
Beginning balance | $ | 69 | ||
Service agreement additions | 36 | |||
Deposit on future equipment purchases | 125 | |||
Revenue recognized | (16 | ) | ||
Total contract liabilities | 214 | |||
Less current portion | (33 | ) | ||
Non-current contract liabilities | $ | 181 |
8. | Concentration of Credit Risk and Limited Suppliers |
June 30, 2021 | December 31, 2020 | |||||||
Accounts Receivable: | ||||||||
Customer A | 17 | % | 46 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||
Revenue: | ||||||||||||||||
Customer B | n/a | 45 | % | n/a | 49 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2021 | June 30, 2020 | June 30, 2021 | June 30, 2020 | |||||||||||||
Purchases: | ||||||||||||||||
Vendor A | 44 | % | n/a | 43 | % | n/a | ||||||||||
Vendor B | 38 | % | n/a | 21 | % | n/a | ||||||||||
Vendor C | n/a | 36 | % | n/a | 29 | % | ||||||||||
Vendor D | n/a | 11 | % | n/a | 22 | % | ||||||||||
Vendor E | n/a | 36 | % | n/a | 19 | % |
9. | Accounts Receivable Factoring |
10. | Notes Payable |
Maturity Date | Stated Interest Rate | Incremental Payment in Kind Interest | Incremental Default Interest | Conversion Price | Principal | Remaining Debt Discount | Remaining Embedded Conversion Option | Carrying Value | |||||||||||||||||||||||||
Senior secured promissory note payable, in default | In default | 12.25 | % | +3.00 | % | +5.00 | % | n/a | $ | 15,000 | (3,869 | ) | 0 | $ | 11,131 | ||||||||||||||||||
Convertible promissory notes payable, in default: | |||||||||||||||||||||||||||||||||
Seller Note issued 8/6/2020 | In default | 12.00 | % | n/a | +5.00 | % | $ | 0.10 | 4,000 | 0 | 0 | 4,000 | |||||||||||||||||||||
Leviston Note issued 4/20/2021 | In default | 5.00 | % | n/a | +10.00 | % | $ | 0.1361 | 815 | (656 | ) | $ | 1,437 | 1,596 | |||||||||||||||||||
Leviston Note issued 5/14/2021 | In default | 5.00 | % | n/a | +10.00 | % | $ | 0.1361 | 815 | (710 | ) | 1,407 | 1,512 | ||||||||||||||||||||
Total convertible promisory notes payable, in default | 5,630 | (1,366 | ) | 2,844 | 7,108 | ||||||||||||||||||||||||||||
Convertible promissory notes payable, related parties, in default: | |||||||||||||||||||||||||||||||||
Convertible promissory notes (HealthTronics), related parties | In default | 12.0 | % | n/a | +2.0 | % | $ | 0.10 | 1,372 | 0 | 0 | 1,372 | |||||||||||||||||||||
Convertible promissory notes (Stolarski), related parties | In default | 12.0 | % | n/a | +2.0 | % | $ | 0.10 | 224 | 0 | 0 | 224 | |||||||||||||||||||||
Total convertible promisory notes payable, related parties, in default | 1,596 | 0 | 0 | 1,596 | |||||||||||||||||||||||||||||
SBA loan #1 | May 28, 2022 | 1.00 | % | n/a | n/a | n/a | 464 | 0 | 0 | 464 | |||||||||||||||||||||||
SBA loan #2 | February 20, 2026 | 1.00 | % | n/a | n/a | n/a | 1,034 | 0 | 0 | 1,034 | |||||||||||||||||||||||
Total SBA loans outstanding | 1,498 | 0 | 0 | 1,498 | |||||||||||||||||||||||||||||
Total debt outstanding, including amounts in default | 23,724 | (5,235 | ) | 2,844 | 21,333 | ||||||||||||||||||||||||||||
Less: current maturities, including notes in default | (22,713 | ) | 5,235 | (2,844 | ) | (20,322 | ) | ||||||||||||||||||||||||||
Total long-term debt as of June 30, 2021 | $ | 1,011 | $ | 0 | $ | 0 | $ | 1,011 |
Maturity Date | Stated Interest Rate | Incremental Payment in Kind Interest | Incremental Default Interest | Conversion Price | Principal | Remaining Debt Discount | Carrying Value | ||||||||||||||||||||||
Senior secured promissory note payable, in default | In default | 12.25 | % | +3.00 | % | +5.00 | % | n/a | $ | 15,000 | (4,324 | ) | $ | 10,676 | |||||||||||||||
Convertible promissory notes payable, in default: | |||||||||||||||||||||||||||||
Seller Note issued 8/6/2020 | In default | 12.00 | % | n/a | +5.00 | % | $ | 0.10 | 4,000 | 0 | 4,000 | ||||||||||||||||||
Convertible promissory notes payable, related parties, in default: | |||||||||||||||||||||||||||||
Convertible promissory notes (HealthTronics), related parties | In default | 12.0 | % | n/a | +2.0 | % | $ | 0.10 | 1,372 | 0 | 1,372 | ||||||||||||||||||
Convertible promissory notes (Stolarski), related parties | In default | 12.0 | % | n/a | +2.0 | % | $ | 0.10 | 224 | 0 | 224 | ||||||||||||||||||
Total convertible promisory notes payable, related parties, in default | 1,596 | 0 | 1,596 | ||||||||||||||||||||||||||
SBA loan #1 | May 28, 2022 | 1.00 | % | n/a | n/a | n/a | 464 | 0 | 464 | ||||||||||||||||||||
Total debt outstanding, including amounts in default | 21,060 | (4,324 | ) | 16,736 | |||||||||||||||||||||||||
Less: current maturities, including notes in default | (20,917 | ) | 4,324 | (16,593 | ) | ||||||||||||||||||||||||
Total long-term debt as of December 31, 2020 | $ | 143 | $ | 0 | $ | 143 |
Issuance date (1) | Issuance date (1) | ||||||||||||
Binomial Assumptions | April 20, 2021 | May 14, 2021 | June 30, 2021 | Change | |||||||||
Principal | $ | 815,217 | $ | 815,217 | $ | 1,630,434 | |||||||
Conversion Price(1) | $ | 0.18 | $ | 0.18 | $ | 0.1361 | |||||||
Interest Rate (annual) (2) | 0.07 | % | 0.06 | % | 0.07 | % | |||||||
Volatility (annual) (3) | 69.60 | % | 69.60 | % | 77.20 | % | |||||||
Time to Maturity (Years) | 1.0 | 1.0 | 0.9 | ||||||||||
Fair Value of Conversion Option | $ | 1,354,858 | $ | 1,385,167 | $ | 2,844,636 | 104,611 |
11. | Warrants |
Warrant class | Outstanding December 31, 2020 | Issuances | Exercised | Outstanding June 30, 2021 | Exercise price/share | Expiration date | |||||||||||||||
Class E Warrants | 141,091,485 | 0 | 0 | 141,091,485 | $ | 0.25 | August 2023 | ||||||||||||||
Class O Warrants | 909,091 | 0 | 0 | 909,091 | 0.11 | January 2022 | |||||||||||||||
Class P Warrants | 265,000 | 0 | 0 | 265,000 | 0.20 | June 2024 | |||||||||||||||
LGH Warrant | 35,000,000 | 0 | (11,400,000 | ) | 23,600,000 | 0.01 | June 2025 | ||||||||||||||
NH Expansion Warrant | 13,091,160 | 0 | 0 | 13,091,160 | 0.01 | August 2030 | |||||||||||||||
Leviston Warrants - April 2021 | 0 | 3,968,254 | 0 | 3,968,254 | 0.18 | April 2025 | |||||||||||||||
Leviston Warrants - May 2021 | 0 | 3,968,354 | 0 | 3,968,354 | 0.18 | May 2025 | |||||||||||||||
Total | 190,356,736 | 7,936,608 | (11,400,000 | ) | 186,893,344 |
12. | Warrant Liabilities |
Warrants Outstanding | Fair Value per Share | Fair Value | ||||||||||
Balance December 31, 2020 | 48,091,160 | $ | 0.18 | $ | 8,855,379 | |||||||
Cashless exercise of LGH Warrants | (11,400,000 | ) | 0.18 | (2,030,025 | ) | |||||||
Warrants classified as liabilities | 7,936,508 | 0.10 | 757,141 | |||||||||
Gain on remeasurement of warrant liability | 0 | (148,046 | ) | |||||||||
Balance June 30, 2021 | 44,627,668 | $ | 0.16 | $ | 7,434,449 |
Black Scholes option pricing model | June 30, 2021 | December 31, 2020 | ||||||
Exercise Price(1) | $ | 0.01 | $ | 0.01 | ||||
Warrant Expiration Date (1) | August 6, 2030 | August 6, 2030 | ||||||
Interest Rate (annual) (2) | 0.70 | % | 0.65 | % | ||||
Volatility (annual) (3) | 130.20 | % | 143.94 | % | ||||
Time to Maturity (Years) | 9.1 | 9.6 | ||||||
Calculated fair value per share | $ | 0.1800 | $ | 0.1891 |
(1) | Based on the terms provided in the warrant agreement to purchase common stock of the Company dated August 6, 2020. |
(2) | Interest rate for U.S. Treasury Bonds, as of each presented period ending date, as published by the U.S. Federal Reserve. |
(3) | Based on the historical daily volatility of the Company as of each presented period ending date. |
Black Scholes option pricing model | June 30, 2021 | December 31, 2020 | ||||||
Exercise Price(1) | $ | 0.01 | $ | 0.01 | ||||
Interest Rate (annual) (2) | 0.37 | % | 0.36 | % | ||||
Volatility (annual) (3) | 96.40 | % | 99 | % | ||||
Time to Maturity (Years) | 3.9 | 4.4 | ||||||
Calculated fair value per share | $ | 0.1778 | $ | 0.1823 |
(1) | Based on the terms provided in the warrant agreement to purchase common stock of the Company dated August 6, 2020. |
(2) | Interest rate for U.S. Treasury Bonds, as of each presented period ending date, as published by the U.S. Federal Reserve. |
(3) | Based on the historical daily volatility of the Company as of each presented period ending date. |
Issuance date (1) | ||||||||
Black Scholes option pricing model | April 20, 2021 | June 30, 2021 | ||||||
Exercise Price(1) | $ | 0.18 | $ | 0.18 | ||||
Interest Rate (annual) (2) | 0.56 | % | 0.63 | % | ||||
Volatility (annual) (3) | 91.90 | % | 89.60 | % | ||||
Time to Maturity (Years) | 4.0 | 3.8 | ||||||
Calculated fair value per share | $ | 0.0970 | $ | 0.111 |
(1) | Based on the terms provided in the warrant agreement to purchase common stock of the Company dated April 20, 2021. |
(2) | Interest rate for U.S. Treasury Bonds, as of each presented period ending date, as published by the U.S. Federal Reserve. |
(3) | Based on the historical daily volatility of the Company as of each presented period ending date. |
Issuance date (1) | ||||||||
Black Scholes option pricing model | May 14, 2021 | June 30, 2021 | ||||||
Exercise Price(1) | $ | 0.18 | $ | 0.18 | ||||
Interest Rate (annual) (2) | 0.56 | % | 0.63 | % | ||||
Volatility (annual) (3) | 90.3 | % | 89.60 | % | ||||
Time to Maturity (Years) | 3.9 | 3.8 | ||||||
Calculated fair value per share | $ | 0.094 | $ | 0.111 |
(1) | Based on the terms provided in the warrant agreement to purchase common stock of the Company dated May 14, 2021. |
(2) | Interest rate for U.S. Treasury Bonds, as of each presented period ending date, as published by the U.S. Federal Reserve. |
(3) | Based on the historical daily volatility of the Company as of each presented period ending date. |
13. | Leases |
June 30, 2021 | December 31, 2020 | |||||||||||||||||||||||
Operating | Financing | Operating | Financing | |||||||||||||||||||||
Leases | Leases | Total | Leases | Leases | Total | |||||||||||||||||||
Right of use assets | $ | 725 | $ | 644 | $ | 1,369 | $ | 725 | $ | 644 | $ | 1,369 | ||||||||||||
Less: Accumulated amortization | (454 | ) | (341 | ) | (795 | ) | (339 | ) | (235 | ) | (574 | ) | ||||||||||||
Right of use assets, net | $ | 271 | $ | 303 | $ | 574 | $ | 386 | $ | 409 | $ | 795 | ||||||||||||
Lease liabilities | $ | 288 | $ | 333 | $ | 621 | $ | 415 | $ | 427 | $ | 842 | ||||||||||||
Less: current portion | (170 | ) | (206 | ) | (376 | ) | (257 | ) | (194 | ) | (451 | ) | ||||||||||||
Lease Liabilities | $ | 118 | $ | 127 | $ | 245 | $ | 158 | $ | 233 | $ | 391 |
2021 | 2020 | |||||||
Finance lease costs: | ||||||||
Amortization of right-of-use assets | $ | 106 | $ | 94 | ||||
Interest on lease liabilities | 24 | 33 | ||||||
Operating lease costs | 169 | 118 | ||||||
Total lease costs | $ | 299 | $ | 245 |
2021 | 2020 | |||||||
Cash paid for amounts included in measurement of lease liabilities: | ||||||||
Operating cash flows from finance leases | $ | (117 | ) | $ | (103 | ) | ||
Operating cash flows from operating leases | $ | (169 | ) | $ | (118 | ) |
Amount | ||||
Year ending December 31, | ||||
2021 (remainder of year) | $ | 140 | ||
2022 | 94 | |||
2023 | 65 | |||
2024 | 8 | |||
2025 | 3 | |||
Total lease payments | 310 | |||
Less: Present value adjustment | (22 | ) | ||
Lease liability | $ | 288 |
Amount | ||||
Year ending December 31, | ||||
2021 (remainder of year) | $ | 118 | ||
2022 | 200 | |||
2023 | 18 | |||
Total lease payments | 336 | |||
Less: Present value adjustment | (3 | ) | ||
Lease liability | $ | 333 |
14. | Contingencies |
15. | Related Party Transactions |
16. | Income Taxes |
17. | Subsequent Events |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 4. | CONTROLS AND PROCEDURES |
Item 1. | LEGAL PROCEEDINGS. |
Item 1A. | RISK FACTORS. |
Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. |
Item 3. | DEFAULTS UPON SENIOR SECURITIES. |
Item 4. | MINE SAFETY DISCLOSURES. |
Item 5. | OTHER INFORMATION. |
Item 6. | EXHIBITS |
Exhibit No. | Description | |
Rule 13a-14(a)/15d-14(a) Certification of the Principal Executive Officer. | ||
Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer. | ||
Section 1350 Certification of the Principal Executive Officer. | ||
Section 1350 Certification of the Chief Financial Officer. | ||
101.INS*† | XBRL Instance. | |
101.SCH*† | XBRL | |
101.CAL*† | XBRL Taxonomy Extension Calculation. | |
101.DEF*† | XBRL Taxonomy Extension | |
101.LAB*† | XBRL Taxonomy Extension Labels. | |
101.PRE*† | ||
XBRL Taxonomy Extension Presentation. |
SANUWAVE HEALTH, INC. | |||
Dated: | |||
Name: Kevin A. Richardson, II | |||
Title: |
Signatures | Capacity | Date | ||
By: Name: Kevin A. Richardson, II | Chief Executive Officer and Chairman of the Board of Directors | |||
(principal executive officer) | ||||
By: Name: Lisa E. Sundstrom | Chief Financial Officer | |||
January 14, 2022 |