Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-32288 | |
Entity Registrant Name | NEPHROS, INC. | |
Entity Central Index Key | 0001196298 | |
Entity Tax Identification Number | 13-3971809 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 380 Lackawanna Place | |
Entity Address, City or Town | South Orange | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07079 | |
City Area Code | (201) | |
Local Phone Number | 343-5202 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | NEPH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,217,348 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 8,278 | $ 8,249 |
Accounts receivable, net | 1,382 | 1,364 |
Inventory | 5,087 | 5,304 |
Prepaid expenses and other current assets | 93 | 237 |
Total current assets | 14,840 | 15,154 |
Property and equipment, net | 303 | 295 |
Lease right-of-use assets | 897 | 1,037 |
Intangible assets, net | 485 | 506 |
Goodwill | 759 | 759 |
License and supply agreement, net | 603 | 670 |
Other assets | 104 | 89 |
TOTAL ASSETS | 17,991 | 18,510 |
Current liabilities: | ||
Current portion of secured note payable | 238 | 229 |
Accounts payable | 1,100 | 423 |
Accrued expenses | 476 | 341 |
Current portion of lease liabilities | 356 | 332 |
Total current liabilities | 2,170 | 1,325 |
Secured note payable, net of current portion | 232 | 364 |
PPP loan | 482 | |
Equipment financing, net of current portion | 5 | 7 |
Lease liabilities, net of current portion | 593 | 759 |
TOTAL LIABILITIES | 3,000 | 2,937 |
COMMITMENTS AND CONTINGENCIES (Note 14) | ||
STOCKHOLDERS’ EQUITY | ||
Preferred stock, $.001 par value; 5,000,000 shares authorized at June 30, 2021 and December 31, 2020; no shares issued and outstanding at June 30, 2021 and December 31, 2020. | ||
Common stock, $.001 par value; 40,000,000 shares authorized at June 30, 2021 and December 31, 2020; 10,087,811 and 9,873,006 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively. | 10 | 10 |
Additional paid-in capital | 145,378 | 144,296 |
Accumulated other comprehensive income | 70 | 74 |
Accumulated deficit | (133,521) | (131,858) |
Subtotal | 11,937 | 12,522 |
Noncontrolling interest | 3,054 | 3,051 |
TOTAL STOCKHOLDERS’ EQUITY | 14,991 | 15,573 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 17,991 | $ 18,510 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 10,087,811 | 9,873,006 |
Common stock, shares outstanding | 10,087,811 | 9,873,006 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net revenue: | ||||
Total net revenues | $ 2,266,000 | $ 1,577,000 | $ 5,002,000 | $ 4,106,000 |
Cost of goods sold | 991,000 | 682,000 | 2,140,000 | 1,720,000 |
Gross margin | 1,275,000 | 895,000 | 2,862,000 | 2,386,000 |
Operating expenses: | ||||
Research and development | 487,000 | 836,000 | 1,043,000 | 1,399,000 |
Depreciation and amortization | 51,000 | 47,000 | 101,000 | 93,000 |
Selling, general and administrative | 1,854,000 | 1,610,000 | 3,853,000 | 3,560,000 |
Change in fair value of contingent consideration | (42,000) | |||
Total operating expenses | 2,392,000 | 2,493,000 | 4,997,000 | 5,010,000 |
Loss from operations | (1,117,000) | (1,598,000) | (2,135,000) | (2,624,000) |
Other (expense) income: | ||||
Interest expense | (11,000) | (30,000) | (24,000) | (73,000) |
Interest income | 3,000 | 4,000 | 6,000 | 5,000 |
Extinguishment of PPP loan | 482,000 | |||
Other (expense) income, net | (1,000) | (33,000) | 8,000 | (63,000) |
Total other (expense) income: | (9,000) | (59,000) | 472,000 | (131,000) |
Net loss | (1,126,000) | (1,657,000) | (1,663,000) | (2,755,000) |
Less: Undeclared deemed dividend attributable to noncontrolling interest | (60,000) | (60,000) | (119,000) | (119,000) |
Net loss attributable to Nephros, Inc. shareholders | $ (1,186,000) | $ (1,717,000) | $ (1,782,000) | $ (2,874,000) |
Net loss per common share, basic and diluted | $ (0.12) | $ (0.19) | $ (0.18) | $ (0.33) |
Weighted average common shares outstanding, basic and diluted | 9,943,026 | 8,986,134 | 9,913,196 | 8,788,182 |
Comprehensive loss: | ||||
Net loss | $ (1,126,000) | $ (1,657,000) | $ (1,663,000) | $ (2,755,000) |
Other comprehensive income (loss), foreign currency translation adjustments, net of tax | 2,000 | 1,000 | (4,000) | |
Comprehensive loss | (1,124,000) | (1,656,000) | (1,667,000) | (2,755,000) |
Comprehensive loss attributable to noncontrolling interest | (60,000) | (60,000) | (119,000) | (119,000) |
Comprehensive loss attributable to Nephros, Inc. shareholders | (1,184,000) | (1,716,000) | (1,786,000) | (2,874,000) |
Product [Member] | ||||
Net revenue: | ||||
Total net revenues | 2,196,000 | 1,564,000 | 4,908,000 | 4,039,000 |
Royalty and Other Revenues [Member] | ||||
Net revenue: | ||||
Total net revenues | $ 70,000 | $ 13,000 | $ 94,000 | $ 67,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Subtotal [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2019 | $ 8 | $ 131,934 | $ 65 | $ (127,332) | $ 4,675 | $ 3,014 | $ 7,689 |
Balance, shares at Dec. 31, 2019 | 8,003,739 | ||||||
Net loss | (1,098) | (1,098) | (1,098) | ||||
Net unrealized gains on foreign currency translation, net of tax | (1) | (1) | (1) | ||||
Exercise of warrants | 51 | 51 | 51 | ||||
Exercise of warrants, shares | 18,889 | ||||||
Issuance of common stock, net of equity issuance costs of $729 | $ 1 | 6,770 | 6,771 | 6,771 | |||
Issuance of common stock, net of equity issuance costs, shares | 937,500 | ||||||
Exercise of options | 2 | 2 | 2 | ||||
Exercise of options, shares | 556 | ||||||
Cashless exercise of options | |||||||
Cashless exercise of options, shares | 755 | ||||||
Stock-based compensation | 196 | 196 | 26 | 222 | |||
Balance at Mar. 31, 2020 | $ 9 | 138,953 | 64 | (128,430) | 10,596 | 3,040 | 13,636 |
Balance, shares at Mar. 31, 2020 | 8,961,439 | ||||||
Balance at Dec. 31, 2019 | $ 8 | 131,934 | 65 | (127,332) | 4,675 | 3,014 | 7,689 |
Balance, shares at Dec. 31, 2019 | 8,003,739 | ||||||
Net loss | (2,755) | ||||||
Net unrealized gains on foreign currency translation, net of tax | |||||||
Balance at Jun. 30, 2020 | $ 9 | 139,243 | 65 | (130,087) | 9,230 | 3,046 | 12,276 |
Balance, shares at Jun. 30, 2020 | 9,039,673 | ||||||
Balance at Mar. 31, 2020 | $ 9 | 138,953 | 64 | (128,430) | 10,596 | 3,040 | 13,636 |
Balance, shares at Mar. 31, 2020 | 8,961,439 | ||||||
Net loss | (1,657) | (1,657) | (1,657) | ||||
Net unrealized gains on foreign currency translation, net of tax | 1 | 1 | 1 | ||||
Exercise of warrants | 112 | 112 | 112 | ||||
Exercise of warrants, shares | 21,123 | ||||||
Issuance of vested restricted stock | |||||||
Issuance of vested restricted stock, shares | 55,111 | ||||||
Exercise of options | 5 | 5 | 5 | ||||
Exercise of options, shares | 2,000 | ||||||
Stock-based compensation | 173 | 173 | 6 | 179 | |||
Balance at Jun. 30, 2020 | $ 9 | 139,243 | 65 | (130,087) | 9,230 | 3,046 | 12,276 |
Balance, shares at Jun. 30, 2020 | 9,039,673 | ||||||
Balance at Dec. 31, 2020 | $ 10 | 144,296 | 74 | (131,858) | 12,522 | 3,051 | 15,573 |
Balance, shares at Dec. 31, 2020 | 9,873,006 | ||||||
Net loss | (537) | (537) | (537) | ||||
Net unrealized gains on foreign currency translation, net of tax | (6) | (6) | (6) | ||||
Exercise of options | 62 | 62 | 62 | ||||
Exercise of options, shares | 14,754 | ||||||
Cashless exercise of options | |||||||
Cashless exercise of options, shares | 131 | ||||||
Stock-based compensation | 443 | 443 | 2 | 445 | |||
Balance at Mar. 31, 2021 | $ 10 | 144,801 | 68 | (132,395) | 12,484 | 3,053 | 15,537 |
Balance, shares at Mar. 31, 2021 | 9,887,891 | ||||||
Balance at Dec. 31, 2020 | $ 10 | 144,296 | 74 | (131,858) | 12,522 | 3,051 | 15,573 |
Balance, shares at Dec. 31, 2020 | 9,873,006 | ||||||
Net loss | (1,663) | ||||||
Net unrealized gains on foreign currency translation, net of tax | (4) | ||||||
Cashless exercise of options, shares | 16,005 | ||||||
Balance at Jun. 30, 2021 | $ 10 | 145,378 | 70 | (133,521) | 11,937 | 3,054 | 14,991 |
Balance, shares at Jun. 30, 2021 | 10,023,473 | ||||||
Balance at Mar. 31, 2021 | $ 10 | 144,801 | 68 | (132,395) | 12,484 | 3,053 | 15,537 |
Balance, shares at Mar. 31, 2021 | 9,887,891 | ||||||
Net loss | (1,126) | (1,126) | (1,126) | ||||
Net unrealized gains on foreign currency translation, net of tax | 2 | 2 | 2 | ||||
Exercise of warrants | 297 | 297 | 297 | ||||
Exercise of warrants, shares | 110,003 | ||||||
Cashless exercise of warrants | |||||||
Cashless exercise of warrants, shares | 10,963 | ||||||
Cashless exercise of options | |||||||
Cashless exercise of options, shares | 14,616 | ||||||
Stock-based compensation | 280 | 280 | 1 | 281 | |||
Balance at Jun. 30, 2021 | $ 10 | $ 145,378 | $ 70 | $ (133,521) | $ 11,937 | $ 3,054 | $ 14,991 |
Balance, shares at Jun. 30, 2021 | 10,023,473 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Equity issuance costs | $ 729 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (1,663,000) | $ (2,755,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of property and equipment | 15,000 | 11,000 |
Amortization of intangible assets, license and supply agreement and finance lease right-of-use asset | 94,000 | 90,000 |
Stock-based compensation, including stock options and restricted stock | 557,000 | 401,000 |
Inventory obsolescence charge | 37,000 | 1,000 |
Extinguishment of PPP loan | (482,000) | |
Change in fair value of contingent consideration | (42,000) | |
Accretion of contingent consideration | 8,000 | |
(Gain) loss on foreign currency transactions | (8,000) | 14,000 |
Change in lease right-of-use assets | 158,000 | 146,000 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (19,000) | 175,000 |
Inventory | 180,000 | (2,208,000) |
Prepaid expenses and other current assets | 144,000 | 137,000 |
Other assets | (15,000) | (57,000) |
(Decrease) increase in operating liabilities: | ||
Accounts payable | 685,000 | 343,000 |
Accrued expenses | 300,000 | 311,000 |
Lease liabilities | (155,000) | (135,000) |
Net cash used in operating activities | (172,000) | (3,560,000) |
INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (23,000) | (226,000) |
Net cash used in investing activities | (23,000) | (226,000) |
FINANCING ACTIVITES: | ||
Proceeds from issuance of common stock | 6,771,000 | |
Proceeds from Paycheck Protection Program Loan | 479,000 | |
Net payments from secured revolving credit facility | (560,000) | |
Payments on secured note payable | (123,000) | (113,000) |
Principal payments on finance lease liability | (7,000) | (1,000) |
Principal payments on equipment financing | (1,000) | (1,000) |
Proceeds from exercise of warrants | 297,000 | 163,000 |
Proceeds from exercise of options | 62,000 | 7,000 |
Payment of contingent consideration | (79,000) | |
Net cash provided by financing activities | 228,000 | 6,666,000 |
Effect of foreign exchange rates on cash | (4,000) | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 29,000 | 2,880,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 8,249,000 | 4,166,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 8,278,000 | 7,046,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest expense | 23,000 | 65,000 |
Cash paid for income taxes | 35,000 | 21,000 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING INFORMATION | ||
Right-of-use asset obtained in exchange for operating lease liability | 21,000 | 201,000 |
Right-of-use asset obtained in exchange for finance lease liability | $ 17,000 |
Organization and Nature of Oper
Organization and Nature of Operations | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | Note 1 – Organization and Nature of Operations Nephros, Inc. (“Nephros” or the “Company”) was incorporated under the laws of the State of Delaware on April 3, 1997. The Company was founded by health professionals, scientists and engineers affiliated with Columbia University to develop advanced end stage renal disease (“ESRD”) therapy technology and products. Beginning in 2009, Nephros introduced high performance liquid purification filters to meet the demand for water purification in certain medical markets. The Company’s filters, generally classified as ultrafilters, are primarily used in hospitals for the prevention of infection from waterborne pathogens, such as legionella and pseudomonas, and in dialysis centers for the removal of biological contaminants from water and bicarbonate concentrate. The Company also develops and sells water filtration products for commercial applications, focusing on the hospitality and food service markets. The water filtration business is a reportable segment, referred to as the Water Filtration segment. The Company’s pathogen detection systems are portable, near real-time systems designed to provide actionable data for infection control teams and other organizations. The pathogen detection systems business is a reportable segment, referred to as the Pathogen Detection segment. In July 2018, the Company formed a new subsidiary, Specialty Renal Products, Inc. (“SRP”), to drive the development of its second-generation hemodiafiltration system and other products focused on improving therapies for patients with renal disease. The Company transferred three patents to SRP, which were carried at zero book value. SRP is a reportable segment, referred to as the Renal Products segment. The Company’s primary U.S. facilities are located at 380 Lackawanna Place, South Orange, New Jersey 07079, 3221 Polaris Avenue, Las Vegas, Nevada 89102 and 1015 Telegraph Street, Unit B, Reno, Nevada 89502. These locations house the Company’s corporate headquarters, research, manufacturing, and distribution facilities. In addition, the Company maintains small administrative offices in various locations in the United States and Ireland. |
Basis of Presentation and Liqui
Basis of Presentation and Liquidity | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Liquidity | Note 2 – Basis of Presentation and Liquidity Interim Financial Information The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of December 31, 2020 was derived from the Company’s audited financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. Results as of and for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The condensed consolidated interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Consolidation The accompanying condensed consolidated financial statements include the accounts of Nephros, Inc. and its subsidiaries, including SRP, in which a controlling interest is maintained by the Company. Outside stockholders’ interest in SRP of 37.5 Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amount of revenues and expenses, during the reporting period. Actual results could differ materially from those estimates. Included in these estimates are assumptions about the collection of accounts receivable, value of inventories, useful life of fixed assets and intangible assets, the assessment of expected cash flows used in evaluating goodwill and other long-lived assets, value of contingent consideration, the assessment of the ability to continue as a going concern and assumptions used in determining stock compensation such as expected volatility and risk-free interest rate. Liquidity The Company has sustained operating losses and expects such losses to continue over the next several quarters. In addition, net cash from operations has been negative since inception, generating an accumulated deficit of $ 133.5 On September 5, 2018, SRP completed a private placement transaction whereby SRP sold preferred shares equivalent to 37.5 3.0 1.3 1.0 1.3 Based on cash that is available for the Company’s operations and projections of future Company operations, the Company believes that its cash balances will be sufficient to fund its current operating plan – including any remaining negative impact of the COVID-19 pandemic – through at least the next 12 months from the date of issuance of the accompanying condensed consolidated financial statements. Additionally, the Company’s operating plans are designed to help control operating costs and to increase revenue until such time as the Company generates sufficient cash flows from operations. While significant progress has been made against the COVID-19 pandemic, some uncertainty remains with respect to the Company’s projections regarding the availability of sufficient cash resources, due to the possibility that COVID-19 infections could increase again and cause further disruption to economic conditions. During the pandemic, particularly during calendar year 2020, the Company saw decreased demand for its hospital filtration products, particularly in emergency pathogen outbreak response. In addition, sales to new customers – including water filtration and pathogen detection products – were hindered by pandemic-related travel restrictions. Also, the Company’s commercial filtration products, which are primarily targeted at the hospitality and food service markets, saw a decrease in demand, due to the closure of many hotels and restaurants. The Company believes that broad vaccine distribution has reduced the probability of further significant negative COVID-19 impacts, but if these decreases in demand return and the Company is unable to achieve its revenue plan, the Company may need to reduce budgeted expenditures as appropriate to preserve its available capital resources, which could slow its revenue growth plans. On April 24, 2020, the Company obtained a loan from the U.S. Small Business Administration’s Paycheck Protection Program (“ 0.5 0.5 Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which removes certain exceptions to the general principles of the accounting for income taxes and also improves consistent application of and simplification of other areas when accounting for income taxes. The Company adopted this guidance as of January 1, 2021 and the guidance did not have an impact on its condensed consolidated financial statements. Recent Accounting Pronouncements, Not Yet Effective In May 2021, the FASB issued ASU 2021-04, “Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options,” which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022. Early adoption is permitted. The Company is assessing the impact of adopting this guidance on its consolidated financial statements. Concentration of Credit Risk The Company deposits its cash in financial institutions. At times, such deposits may be in excess of insured limits. To date, the Company has not experienced any impairment losses on its cash. The Company also limits its credit risk with respect to accounts receivable by performing credit evaluations when deemed necessary. Major Customers For the three months ended June 30, 2021 and 2020, the following customers, all of which are in the Water Filtration segment, accounted for the following percentages of the Company’s revenues, respectively: Schedule of Revenues and Receivable Major Customers Customer 2021 2020 A 14 % 11 % D 11 % 5 % C 10 % 21 % E 5 % 10 % Total 40 % 47 % For the six months ended June 30, 2021 and 2020, the following customers, all of which are in the Water Filtration segment, accounted for the following percentages of the Company’s revenues, respectively: Customer 2021 2020 A 16 % 14 % B 13 % 2 % C 8 % 22 % Total 37 % 38 % As of June 30, 2021 and December 31, 2020, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2021 2020 D 17 % 6 % A 12 % 18 % F 9 % 12 % Total 38 % 36 % Accounts Receivable The Company provides credit terms to customers in connection with purchases of the Company’s products. Management periodically reviews customer account activity in order to assess the adequacy of the allowances provided for potential collection issues and returns. Factors considered include economic conditions, each customer’s payment and return history and credit worthiness. Adjustments, if any, are made to reserve balances following the completion of these reviews to reflect management’s best estimate of potential losses. The allowance for doubtful accounts was approximately $ 4,000 11,000 no 25,000 Depreciation Expense Depreciation related to equipment utilized in the manufacturing process is recognized in cost of goods sold on the condensed consolidated statements of operations and comprehensive loss. For the three and six months ended June 30, 2021, depreciation expense was approximately $ 8,000 15,000 5,000 8,000 8,000 15,000 6,000 11,000 4,000 6,000 8,000 11,000 |
Revenue Recognitio
Revenue Recognitio | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognitio | Note 3 – Revenue Recognitio The Company recognizes revenue related to product sales when product is shipped via external logistics providers and the other criteria of ASC 606 are met. Product revenue is recorded net of returns and allowances. There was no allowance for sales returns for the three and six months ended June 30, 2021 or 2020. In addition to product revenue, the Company recognizes revenue related to royalty and other agreements in accordance with the five-step model in ASC 606. Royalty and other revenues recognized for the three and six months ended June 30, 2021 and 2020 is comprised of: Schedule of License, Royal and Other Revenue Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Royalty revenue under the Bellco License Agreement $ 15 $ 13 $ 29 $ 29 Royalty revenue under the Sublicense Agreement with Camelbak (1) 20 - 20 - Other revenue 35 - 45 38 Total royalty and other revenue $ 70 $ 13 $ 94 $ 67 (1) In May 2015, the Company entered into a Sublicense Agreement (the “Sublicense Agreement”) with CamelBak Products, LLC (“CamelBak”). Under this Sublicense Agreement, the Company granted CamelBak an exclusive, non-transferable, worldwide (with the exception of Italy) sublicense and license, in each case solely to market, sell, distribute, import and export the IWTD. In exchange for the rights granted to CamelBak, CamelBak agreed, through December 31, 2022, to pay the Company a percentage of the gross profit on any sales made to a branch of the U.S. military, subject to certain exceptions, and to pay a fixed per-unit fee for any other sales made. CamelBak was also required to meet or exceed certain minimum annual fees payable to the Company, and, if such fees are not met or exceeded, the Company was able to convert the exclusive sublicense to a non-exclusive sublicense with respect to non-U.S. military sales. In the first quarter of 2019, the Sublicense Agreement was amended to eliminate the minimum fee obligations starting May 6, 2018 and, as such, CamelBak has no further minimum fee obligations. Bellco License Agreement With regard to the OLpūr MD190 and MD220, on June 27, 2011, the Company entered into a License Agreement (the “License Agreement”), effective July 1, 2011, with Bellco S.r.l. (“Bellco”), an Italy-based supplier of hemodialysis and intensive care products, for the manufacturing, marketing and sale of the Company’s patented mid-dilution dialysis filters (the “Products”). Under the License Agreement, as amended, the Company granted Bellco a license to manufacture, market and sell the Products under its own name, label, and CE mark in certain countries on an exclusive basis, and to do the same on a non-exclusive basis in certain other countries. Under the License Agreement, the Company received upfront payments which were previously deferred and subsequently recognized as license revenue over the term of the License Agreement. The License Agreement, as amended, also provides minimum sales targets which, if not satisfied, will, at the discretion of the Company, result in conversion of the license to non-exclusive status. Beginning on January 1, 2015 through and including December 31, 2021, Bellco will pay the Company a royalty based on the number of units of Products sold per year in the covered territory as follows: for the first 125,000 1.75 2.10 1.25 1.50 The Company recognized royalty income from Bellco pursuant to the License Agreement for the three months ended June 30, 2021 and 2020 of approximately $ 15,000 13,000 29,000 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4 – Fair Value Measurements The Company measures certain financial instruments and other items at fair value. To determine the fair value, the Company uses the fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use to value an asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs based on assumptions about the factors market participants would use to value an asset or liability. To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1 Level 2 – Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level of classification for each reporting period. At June 30, 2021 and December 31, 2020, the Company’s cash equivalents consisted of money market funds. The Company values its cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics and classify the valuation techniques that use these inputs as Level 1. At June 30, 2021 and December 31, 2020 , the fair value measurements of the Company’s assets and liabilities measured on a recurring basis were as follows: Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Fair Value Measurements at Reporting Date Using Quoted Prices Significant Significant (in thousands) June 30, 2021 Cash equivalents: Money market funds $ 4,017 $ - $ - December 31, 2020 Cash equivalents: Money market funds $ 4,011 $ - $ - During the six months ended June 30, 2020, the Company recognized a change in the fair value of contingent consideration of approximately $ 42,000 no 0.1 Assets and Liabilities Not Measured at Fair Value on a Recurring Basis The carrying amounts of accounts receivable, accounts payable and accrued expenses approximate fair value due to the short-term maturity of these instruments. The carrying amounts of the secured long-term note payable, lease liabilities and equipment financing approximate fair value as of June 30, 2021 and December 31, 2020 because those financial instruments bear interest at rates that approximate current market rates for similar agreements with similar maturities and credit. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 5 – Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out method and consists of raw materials and finished goods. The Company’s inventory components as of June 30, 2021 and December 31, 2020 were as follows: Schedule of Inventory, Net June 30, 2021 December 31, 2020 (in thousands) Finished goods $ 4,167 $ 4,340 Raw materials 920 964 Total inventory $ 5,087 $ 5,304 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Note 6 – Intangible Assets and Goodwill Intangible Assets, net Intangible assets at June 30, 2021 and December 31, 2020 are set forth in the table below. Gross carrying values and accumulated amortization of the Company’s intangible assets by type are as follows: Schedule of Intangible Assets June 30, 2021 December 31, 2020 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Tradenames, service marks and domain names $ 50 $ (25 ) $ 25 $ 50 $ (20 ) $ 30 Customer relationships 540 (80 ) 460 540 (64 ) 476 Total intangible assets $ 590 (105 ) $ 485 $ 590 (84 ) 506 The Company recognized amortization expense of approximately $ 11,000 21,000 As of June 30, 2021, future amortization expense for each of the next five years is (in thousands): Schedule of Future Amortization Expense Fiscal Years 2021 (excluding the six months ended June 30, 2021) $ 21 2022 42 2023 42 2024 32 2025 32 The Company did no Goodwill Goodwill has a carrying value on the Company’s condensed consolidated balance sheets of $ 0.8 |
License and Supply Agreement, n
License and Supply Agreement, net | 6 Months Ended |
Jun. 30, 2021 | |
License And Supply Agreement Net | |
License and Supply Agreement, net | Note 7 – License and Supply Agreement, net On April 23, 2012, the Company entered into a License and Supply Agreement (the “License and Supply Agreement”) with Medica S.p.A. (“Medica”), an Italy-based medical product manufacturing company, for the marketing and sale of certain filtration products based upon Medica’s proprietary Medisulfone ultrafiltration technology in conjunction with the Company’s filtration products, and for an exclusive supply arrangement for the filtration products. Under the License and Supply Agreement, as amended, Medica granted to the Company an exclusive license, with right of sublicense, to market, promote, distribute, offer for sale and sell the filtration products worldwide, with certain limitations on territory, during the term of the License and Supply Agreement. In addition, the Company granted to Medica an exclusive license under the Company’s intellectual property to make the filtration products during the term of the License and Supply Agreement. The filtration products covered under the License and Supply Agreement includes both certain products based on Medica’s proprietary Versatile microfiber technology and certain filtration products based on Medica’s proprietary Medisulfone ultrafiltration technology. The term of the License Agreement with Medica expires on December 31, 2025 In exchange for the license, the gross value of the intangible asset capitalized was $ 2.3 0.6 0.7 1.6 34,000 67,000 As of September 2013, the Company has an understanding with Medica whereby the Company has agreed to pay interest to Medica at a 12 no In addition, for the period beginning April 23, 2014 through December 31, 2025, the Company will pay Medica a royalty rate of 3 56,000 44,000 128,000 113,000 56,000 68,000 |
Secured Revolving Credit Facili
Secured Revolving Credit Facility | 6 Months Ended |
Jun. 30, 2021 | |
Secured Revolving Credit Facility | |
Secured Revolving Credit Facility | Note 8 – Secured Revolving Credit Facility On August 17, 2017, the Company entered into the Loan and Security Agreement, subsequently amended on December 20, 2019 (the “Loan Agreement”) with Tech Capital, LLC (“Tech Capital”). The Loan Agreement provided for a secured asset-based revolving credit facility (the “Revolver”) of up to $ 2.5 On May 26, 2020, the Company terminated the Revolver and, as a result, recognized fees of approximately $ 7,000 For the three and six months ended June 30, 2020, excluding approximately $ 7,000 6,000 25,000 |
Secured Note Payable
Secured Note Payable | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Secured Note Payable | Note 9 – Secured Note Payable On March 27, 2018, the Company entered into a Secured Promissory Note Agreement (the “Secured Note”) with Tech Capital for a principal amount of $ 1.2 0.5 The Secured Note has a maturity date of April 1, 2023 8 Principal and interest payments are due on the first day of each month commencing on May 1, 2018 During each of the three months ended June 30, 2021 and 2020, the Company made payments under the Secured Note of approximately $ 72,000 10,000 15,000 144,000 21,000 31,000 As of June 30, 2021, future principal maturities are as follows (in thousands): Schedule of Future Debt Principal Maturities Fiscal Years 2021 (excluding the six months ended June 30, 2021) $ 106 2022 269 2023 95 Total $ 470 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Lessee Disclosure [Abstract] | |
Leases | Note 10 – Leases The Company has operating leases for corporate offices, an automobile and office equipment. The leases have remaining lease terms of 1 4 Lease cost, as presented below, includes costs associated with leases for which right-of-use (“ROU”) assets have been recognized as well as short-term leases. The components of total lease costs were as follows: Schedule of Components of Lease Cost Three months ended June 30, 2021 Three months ended June 30, 2020 (in thousands) Operating lease cost $ 99 $ 101 Finance lease cost: Amortization of right-of-use assets 2 1 Interest on lease liabilities 1 1 Total finance lease cost 3 2 Variable lease cost 10 10 Total lease cost $ 112 $ 113 Six months ended June 30, 2021 Six months ended June 30, 2020 (in thousands) Operating lease cost $ 200 $ 192 Finance lease cost: Amortization of right-of-use assets 5 2 Interest on lease liabilities 2 1 Total finance lease cost 7 3 Variable lease cost 19 23 Total lease cost $ 226 $ 218 Supplemental cash flow information related to leases was as follows: Schedule of Supplemental Cash Flow Information Related to Leases Six months ended June 30, 2021 Six months ended June 30, 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 208 $ 188 Financing cash flows from finance leases $ 7 $ 2 Supplemental balance sheet information related to leases was as follows: Schedule of Supplemental Balance Sheet Information Related to Leases June 30, 2021 December 31, 2020 (in thousands) Operating lease right-of-use assets $ 867 $ 1,002 Finance lease right-of-use assets $ 30 $ 35 Current portion of operating lease liabilities $ 344 $ 321 Operating lease liabilities, net of current portion 575 735 Total operating lease liabilities $ 919 $ 1,056 Current portion of finance lease liabilities $ 12 $ 11 Finance lease liabilities, net of current portion 18 24 Total finance lease liabilities $ 30 $ 35 Weighted average remaining lease term Operating leases 2.7 3.1 Finance leases 2.7 3.3 Weighted average discount rate Operating leases 8.0 % 8.0 % Finance leases 8.0 % 8.0 % As of June 30, 2021, maturities of lease liabilities were as follows: Schedule of Maturities of Lease Liabilities Operating Leases Finance Leases (in thousands) 2021 (excluding the six months ended June 30, 2021) $ 199 $ 7 2022 395 14 2023 269 8 2024 156 7 2025 - 4 Total future minimum lease payments 1,019 40 Less imputed interest (100 ) (10 ) Total $ 919 $ 30 |
Stock Plans and Share-Based Pay
Stock Plans and Share-Based Payments | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Plans and Share-Based Payments | Note 11 – Stock Plans and Share-Based Payments The fair value of stock options and restricted stock is recognized as stock-based compensation expense in the Company’s condensed consolidated statement of operations and comprehensive loss. The Company calculates stock-based compensation expense in accordance with ASC 718. The fair value of stock-based awards is amortized over the vesting period of the award. Stock Options The Company granted stock options to purchase 12,000 172,428 0.1 0.9 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. The below assumptions for the risk-free interest rates, expected dividend yield, expected lives and expected stock price volatility were utilized for the stock options granted during the six months ended June 30, 2021. Schedule of Fair Value Assumptions Assumptions for Option Grants Stock Price Volatility 71.49 % Risk-Free Interest Rate 0.75 % Expected Life (in years) 6.15 Expected Dividend Yield - % Stock-based compensation expense related to stock options was $ 215,000 149,000 203,000 12,000 133,000 16,000 Stock-based compensation expense related to stock options was $ 448,000 317,000 424,000 24,000 285,000 32,000 There was no tax benefit related to expense recognized in the three or six months ended June 30, 2021 and 2020, as the Company is in a net operating loss position. As of June 30, 2021, there was $ 1.9 4.6 Restricted Stock Total stock-based compensation expense for restricted stock on the Company’s condensed consolidated statement of operations was approximately $ 65,000 24,000 65,000 19,000 5,000 Total stock-based compensation expense for restricted stock was approximately $ 106,000 52,000 106,000 42,000 10,000 Approximately $ 169,000 As of June 30, 2021, there was approximately $ 268,000 2.4 The aggregate shares of common stock legally issued and outstanding as of June 30, 2021 is greater than the aggregate shares of common stock outstanding for accounting purposes by the amount of unvested restricted shares. SRP Equity Incentive Plan SRP’s 2019 Equity Incentive Plan was approved on May 7, 2019 under which 150,000 There were no 1,000 3,000 Stock-based compensation expense related to the SRP stock options was approximately $ 6,000 32,000 For the three months ended June 30, 2020, approximately $ 2,000 4,000 14,000 18,000 As of June 30, 2021, all outstanding SRP stock options were vested. SRP stock options were expensed over the respective vesting period, which was based on a service condition. Stock-based compensation expense related to the SRP stock options is presented by the Company as noncontrolling interest on the consolidated balance sheets as of June 30, 2021 and December 30, 2020. |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 12 – Stockholders’ Equity February 2020 Common Stock Issuance On February 4, 2020, the Company issued 937,500 7.5 8.00 0.7 6.8 Noncontrolling Interest On September 5, 2018, SRP entered into a Series A Preferred Stock Purchase Agreement with certain purchasers pursuant to which SRP sold 600,000 5.00 3.0 30,000 62.5 100 37.5 100 18,000 400,000 Each share of Series A Preferred is initially convertible into one share of SRP common stock, subject to adjustment for stock splits and recapitalization events. Subject to customary exempt issuances, in the event SRP issues additional shares of its common stock or securities convertible into common stock at a per share price that is less than the original Series A Preferred price, the conversion price of the Series A Preferred will automatically be reduced to such lower price. In the event of any voluntary or involuntary liquidation, dissolution or winding up of SRP, the holders of the Series A Preferred are entitled to be paid out of the assets of SRP available for distribution to its stockholders or, in the case of a deemed liquidation event, out of the consideration payable to stockholders in such deemed liquidation event or the available proceeds, before any payment shall be made to the holders of SRP common stock by reason of their ownership thereof, an amount per share equal to one times (1x) the Series A Preferred original issue price, plus any accruing dividends accrued but unpaid thereon, whether or not declared, together with any other dividends declared but unpaid thereon (the “Series A Liquidation Preference”). If upon any such liquidation, dissolution or winding up of SRP or deemed liquidation event, the assets of SRP available for distribution to its stockholders shall be insufficient to pay the Series A Liquidation Preference in full, the holders of Series A Preferred shall share ratably in any distribution of the assets available for distribution in proportion to the respective amounts which would otherwise be payable in respect of the shares held by them upon such distribution if all amounts payable on or with respect to such shares were paid in full. After the full payment of the Series A Liquidation Preference, the holders of the Series A Preferred and the holders of common stock will share ratably in any remaining proceeds available for distribution on an as-converted to common stock basis. Each share of Series A Preferred accrues dividends at the rate per annum of $ 0.40 Holders of Series A Preferred shall be entitled to cast the number of votes equal to the number of whole shares of common stock into which the shares of Series A Preferred held by such holder are convertible as of the record date for determining stockholders entitled to vote. Except as provided by law or by the other provisions, the holders of Series A Preferred vote together with the holders of common stock as a single class. Notwithstanding the foregoing, for as long as at least 150,000 250,000 The noncontrolling interest in SRP held by holders of the Series A Preferred has been classified as equity on the accompanying consolidated interim balance sheet, as the noncontrolling interest is redeemable only upon the occurrence of events that are within the control of the Company. Warrants During the three and six months ended June 30, 2021, the Company issued an aggregate of 120,966 126,008 110,003 0.3 10,963 16,005 66,667 0.2 4,570 6,669 During the three months ended June 30, 2020, warrants to purchase 21,123 0.1 21,123 40,012 0.2 40,012 |
Net Loss per Common Share
Net Loss per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | Note 13 – Net Loss per Common Share Basic loss per common share is calculated by dividing net loss available to common shareholders by the number of weighted average common shares issued and outstanding. Diluted loss per common share is calculated by dividing net loss available to common shareholders by the weighted average number of common shares issued and outstanding for the period, plus amounts representing the dilutive effect from the exercise of stock options and warrants and unvested restricted stock, as applicable. The Company calculates dilutive potential common shares using the treasury stock method, which assumes the Company will use the proceeds from the exercise of stock options and warrants to repurchase shares of common stock to hold in its treasury stock reserves. The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be antidilutive: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share June 30, 2021 2020 Shares underlying warrants outstanding 123,476 348,912 Shares underlying options outstanding 1,262,263 1,003,669 Unvested restricted stock 64,338 - |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 – Commitments and Contingencies Purchase Commitments In exchange for the rights granted under the License and Supply Agreement with Medica (see Note 7 – License and Supply Agreement, net), the Company agreed to make certain minimum annual aggregate purchases from Medica over the term of the License and Supply Agreement. For the year ended December 31, 2021, the Company has agreed to make minimum annual aggregate purchases from Medica of € 3.3 4.0 2.2 2.6 Contractual Obligations See Note 10 – Leases for a discussion of the Company’s contractual obligations. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 15 – Segment Reporting The Company has defined three reportable segments: Water Filtration, Pathogen Detection and Renal Products. The Water Filtration segment primarily develops and sells high performance water purification filters. The Pathogen Detection segment develops and sells portable, real-time water testing systems designed to provide actionable data on waterborne pathogens in approximately one hour. The Renal Products segment is focused on the development of medical device products for patients with renal disease, including a 2 nd The Company’s chief operating decision maker evaluates the financial performance of the Company’s segments based upon segment revenues, gross margin and operating expenses which include research and development and selling, general and administrative expenses. Items below loss from operations are not reported by segment, since they are excluded from the measure of segment profitability reviewed by the Company’s chief operating decision maker. The Company does not report balance sheet information by segment since such information is not reviewed by the Company’s chief operating decision maker. The accounting policies for the Company’s segments are the same as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The tables below present segment information reconciled to total Company loss from operations, with segment operating loss including gross profit less direct research and development expenses and direct selling, general and administrative expenses to the extent specifically identified by segment: Schedule of Segment Information Three Months Ended June 30, 2021 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 2,190 $ 76 $ - $ 2,266 Gross margin 1,215 60 - 1,275 Research and development expenses 305 149 33 487 Depreciation and amortization expense 51 - - 51 Selling, general and administrative expenses 1,735 96 23 1,854 Change in fair value of contingent consideration - - - - Total operating expenses 2,091 245 56 2,392 Loss from operations $ (876 ) $ (185 ) $ (56 ) $ (1,117 ) Six Months Ended June 30, 2021 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 4,926 $ 76 $ - $ 5,002 Gross margin 2,802 60 - 2,862 Research and development expenses 598 268 177 1,043 Depreciation and amortization expense 101 - - 101 Selling, general and administrative expenses 3,612 196 45 3,853 Total operating expenses 4,311 464 222 4,997 Loss from operations $ (1,509 ) $ (404 ) $ (222 ) $ (2,135 ) Three Months Ended June 30, 2020 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 1,567 $ 10 $ - $ 1,577 Gross margin 889 6 - 895 Research and development expenses 346 105 385 836 Depreciation and amortization expense 47 - - 47 Selling, general and administrative expenses 1,348 137 125 1,610 Change in fair value of contingent consideration - - - - Total operating expenses 1,741 242 510 2,493 Loss from operations $ (852 ) $ (236 ) $ (510 ) $ (1,598 ) Six Months Ended June 30, 2020 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 4,078 $ 28 $ - $ 4,106 Gross margin 2,369 17 - 2,386 Research and development expenses 656 157 586 1,399 Depreciation and amortization expense 93 - - 93 Selling, general and administrative expenses 3,063 262 235 3,560 Change in fair value of contingent consideration (42 ) - - (42 ) Total operating expenses 3,770 419 821 5,010 Loss from operations $ (1,401 ) $ (402 ) $ (821 ) $ (2,624 ) |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 16 – Subsequent Event On July 9, 2021, the Company entered into an Asset Purchase Agreement (the “Agreement”) with GenArraytion, Inc., a Delaware corporation (“GenArraytion”) and the shareholder of GenArraytion. Pursuant to the terms of the Agreement, the Company acquired substantially all the assets of GenArraytion. Effective with the closing of the transaction contemplated by the Agreement on July 9, 2021, the Company issued 123,981 0.001 1.2 |
Basis of Presentation and Liq_2
Basis of Presentation and Liquidity (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Financial Information | Interim Financial Information The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 and Article 10 of Regulation S-X. The condensed consolidated balance sheet as of December 31, 2020 was derived from the Company’s audited financial statements. Accordingly, they do not include all of the information and footnotes required by GAAP for annual financial statements. Results as of and for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The condensed consolidated interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Consolidation | Consolidation The accompanying condensed consolidated financial statements include the accounts of Nephros, Inc. and its subsidiaries, including SRP, in which a controlling interest is maintained by the Company. Outside stockholders’ interest in SRP of 37.5 |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amount of revenues and expenses, during the reporting period. Actual results could differ materially from those estimates. Included in these estimates are assumptions about the collection of accounts receivable, value of inventories, useful life of fixed assets and intangible assets, the assessment of expected cash flows used in evaluating goodwill and other long-lived assets, value of contingent consideration, the assessment of the ability to continue as a going concern and assumptions used in determining stock compensation such as expected volatility and risk-free interest rate. |
Liquidity | Liquidity The Company has sustained operating losses and expects such losses to continue over the next several quarters. In addition, net cash from operations has been negative since inception, generating an accumulated deficit of $ 133.5 On September 5, 2018, SRP completed a private placement transaction whereby SRP sold preferred shares equivalent to 37.5 3.0 1.3 1.0 1.3 Based on cash that is available for the Company’s operations and projections of future Company operations, the Company believes that its cash balances will be sufficient to fund its current operating plan – including any remaining negative impact of the COVID-19 pandemic – through at least the next 12 months from the date of issuance of the accompanying condensed consolidated financial statements. Additionally, the Company’s operating plans are designed to help control operating costs and to increase revenue until such time as the Company generates sufficient cash flows from operations. While significant progress has been made against the COVID-19 pandemic, some uncertainty remains with respect to the Company’s projections regarding the availability of sufficient cash resources, due to the possibility that COVID-19 infections could increase again and cause further disruption to economic conditions. During the pandemic, particularly during calendar year 2020, the Company saw decreased demand for its hospital filtration products, particularly in emergency pathogen outbreak response. In addition, sales to new customers – including water filtration and pathogen detection products – were hindered by pandemic-related travel restrictions. Also, the Company’s commercial filtration products, which are primarily targeted at the hospitality and food service markets, saw a decrease in demand, due to the closure of many hotels and restaurants. The Company believes that broad vaccine distribution has reduced the probability of further significant negative COVID-19 impacts, but if these decreases in demand return and the Company is unable to achieve its revenue plan, the Company may need to reduce budgeted expenditures as appropriate to preserve its available capital resources, which could slow its revenue growth plans. On April 24, 2020, the Company obtained a loan from the U.S. Small Business Administration’s Paycheck Protection Program (“ 0.5 0.5 |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which removes certain exceptions to the general principles of the accounting for income taxes and also improves consistent application of and simplification of other areas when accounting for income taxes. The Company adopted this guidance as of January 1, 2021 and the guidance did not have an impact on its condensed consolidated financial statements. |
Recent Accounting Pronouncements, Not Yet Effective | Recent Accounting Pronouncements, Not Yet Effective In May 2021, the FASB issued ASU 2021-04, “Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options,” which clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022. Early adoption is permitted. The Company is assessing the impact of adopting this guidance on its consolidated financial statements. |
Concentration of Credit Risk | Concentration of Credit Risk The Company deposits its cash in financial institutions. At times, such deposits may be in excess of insured limits. To date, the Company has not experienced any impairment losses on its cash. The Company also limits its credit risk with respect to accounts receivable by performing credit evaluations when deemed necessary. |
Major Customers | Major Customers For the three months ended June 30, 2021 and 2020, the following customers, all of which are in the Water Filtration segment, accounted for the following percentages of the Company’s revenues, respectively: Schedule of Revenues and Receivable Major Customers Customer 2021 2020 A 14 % 11 % D 11 % 5 % C 10 % 21 % E 5 % 10 % Total 40 % 47 % For the six months ended June 30, 2021 and 2020, the following customers, all of which are in the Water Filtration segment, accounted for the following percentages of the Company’s revenues, respectively: Customer 2021 2020 A 16 % 14 % B 13 % 2 % C 8 % 22 % Total 37 % 38 % As of June 30, 2021 and December 31, 2020, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2021 2020 D 17 % 6 % A 12 % 18 % F 9 % 12 % Total 38 % 36 % |
Accounts Receivable | Accounts Receivable The Company provides credit terms to customers in connection with purchases of the Company’s products. Management periodically reviews customer account activity in order to assess the adequacy of the allowances provided for potential collection issues and returns. Factors considered include economic conditions, each customer’s payment and return history and credit worthiness. Adjustments, if any, are made to reserve balances following the completion of these reviews to reflect management’s best estimate of potential losses. The allowance for doubtful accounts was approximately $ 4,000 11,000 no 25,000 |
Depreciation Expense | Depreciation Expense Depreciation related to equipment utilized in the manufacturing process is recognized in cost of goods sold on the condensed consolidated statements of operations and comprehensive loss. For the three and six months ended June 30, 2021, depreciation expense was approximately $ 8,000 15,000 5,000 8,000 8,000 15,000 6,000 11,000 4,000 6,000 8,000 11,000 |
Basis of Presentation and Liq_3
Basis of Presentation and Liquidity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Revenues and Receivable Major Customers | For the three months ended June 30, 2021 and 2020, the following customers, all of which are in the Water Filtration segment, accounted for the following percentages of the Company’s revenues, respectively: Schedule of Revenues and Receivable Major Customers Customer 2021 2020 A 14 % 11 % D 11 % 5 % C 10 % 21 % E 5 % 10 % Total 40 % 47 % For the six months ended June 30, 2021 and 2020, the following customers, all of which are in the Water Filtration segment, accounted for the following percentages of the Company’s revenues, respectively: Customer 2021 2020 A 16 % 14 % B 13 % 2 % C 8 % 22 % Total 37 % 38 % As of June 30, 2021 and December 31, 2020, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2021 2020 D 17 % 6 % A 12 % 18 % F 9 % 12 % Total 38 % 36 % |
Revenue Recognitio (Tables)
Revenue Recognitio (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of License, Royal and Other Revenue | Schedule of License, Royal and Other Revenue Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (in thousands) (in thousands) Royalty revenue under the Bellco License Agreement $ 15 $ 13 $ 29 $ 29 Royalty revenue under the Sublicense Agreement with Camelbak (1) 20 - 20 - Other revenue 35 - 45 38 Total royalty and other revenue $ 70 $ 13 $ 94 $ 67 (1) In May 2015, the Company entered into a Sublicense Agreement (the “Sublicense Agreement”) with CamelBak Products, LLC (“CamelBak”). Under this Sublicense Agreement, the Company granted CamelBak an exclusive, non-transferable, worldwide (with the exception of Italy) sublicense and license, in each case solely to market, sell, distribute, import and export the IWTD. In exchange for the rights granted to CamelBak, CamelBak agreed, through December 31, 2022, to pay the Company a percentage of the gross profit on any sales made to a branch of the U.S. military, subject to certain exceptions, and to pay a fixed per-unit fee for any other sales made. CamelBak was also required to meet or exceed certain minimum annual fees payable to the Company, and, if such fees are not met or exceeded, the Company was able to convert the exclusive sublicense to a non-exclusive sublicense with respect to non-U.S. military sales. In the first quarter of 2019, the Sublicense Agreement was amended to eliminate the minimum fee obligations starting May 6, 2018 and, as such, CamelBak has no further minimum fee obligations. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At June 30, 2021 and December 31, 2020 , the fair value measurements of the Company’s assets and liabilities measured on a recurring basis were as follows: Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis Fair Value Measurements at Reporting Date Using Quoted Prices Significant Significant (in thousands) June 30, 2021 Cash equivalents: Money market funds $ 4,017 $ - $ - December 31, 2020 Cash equivalents: Money market funds $ 4,011 $ - $ - |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Net | Schedule of Inventory, Net June 30, 2021 December 31, 2020 (in thousands) Finished goods $ 4,167 $ 4,340 Raw materials 920 964 Total inventory $ 5,087 $ 5,304 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets at June 30, 2021 and December 31, 2020 are set forth in the table below. Gross carrying values and accumulated amortization of the Company’s intangible assets by type are as follows: Schedule of Intangible Assets June 30, 2021 December 31, 2020 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Tradenames, service marks and domain names $ 50 $ (25 ) $ 25 $ 50 $ (20 ) $ 30 Customer relationships 540 (80 ) 460 540 (64 ) 476 Total intangible assets $ 590 (105 ) $ 485 $ 590 (84 ) 506 |
Schedule of Future Amortization Expense | As of June 30, 2021, future amortization expense for each of the next five years is (in thousands): Schedule of Future Amortization Expense Fiscal Years 2021 (excluding the six months ended June 30, 2021) $ 21 2022 42 2023 42 2024 32 2025 32 |
Secured Note Payable (Tables)
Secured Note Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Future Debt Principal Maturities | As of June 30, 2021, future principal maturities are as follows (in thousands): Schedule of Future Debt Principal Maturities Fiscal Years 2021 (excluding the six months ended June 30, 2021) $ 106 2022 269 2023 95 Total $ 470 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Lessee Disclosure [Abstract] | |
Schedule of Components of Lease Cost | The components of total lease costs were as follows: Schedule of Components of Lease Cost Three months ended June 30, 2021 Three months ended June 30, 2020 (in thousands) Operating lease cost $ 99 $ 101 Finance lease cost: Amortization of right-of-use assets 2 1 Interest on lease liabilities 1 1 Total finance lease cost 3 2 Variable lease cost 10 10 Total lease cost $ 112 $ 113 Six months ended June 30, 2021 Six months ended June 30, 2020 (in thousands) Operating lease cost $ 200 $ 192 Finance lease cost: Amortization of right-of-use assets 5 2 Interest on lease liabilities 2 1 Total finance lease cost 7 3 Variable lease cost 19 23 Total lease cost $ 226 $ 218 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Schedule of Supplemental Cash Flow Information Related to Leases Six months ended June 30, 2021 Six months ended June 30, 2020 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 208 $ 188 Financing cash flows from finance leases $ 7 $ 2 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: Schedule of Supplemental Balance Sheet Information Related to Leases June 30, 2021 December 31, 2020 (in thousands) Operating lease right-of-use assets $ 867 $ 1,002 Finance lease right-of-use assets $ 30 $ 35 Current portion of operating lease liabilities $ 344 $ 321 Operating lease liabilities, net of current portion 575 735 Total operating lease liabilities $ 919 $ 1,056 Current portion of finance lease liabilities $ 12 $ 11 Finance lease liabilities, net of current portion 18 24 Total finance lease liabilities $ 30 $ 35 Weighted average remaining lease term Operating leases 2.7 3.1 Finance leases 2.7 3.3 Weighted average discount rate Operating leases 8.0 % 8.0 % Finance leases 8.0 % 8.0 % |
Schedule of Maturities of Lease Liabilities | As of June 30, 2021, maturities of lease liabilities were as follows: Schedule of Maturities of Lease Liabilities Operating Leases Finance Leases (in thousands) 2021 (excluding the six months ended June 30, 2021) $ 199 $ 7 2022 395 14 2023 269 8 2024 156 7 2025 - 4 Total future minimum lease payments 1,019 40 Less imputed interest (100 ) (10 ) Total $ 919 $ 30 |
Stock Plans and Share-Based P_2
Stock Plans and Share-Based Payments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Fair Value Assumptions | Schedule of Fair Value Assumptions Assumptions for Option Grants Stock Price Volatility 71.49 % Risk-Free Interest Rate 0.75 % Expected Life (in years) 6.15 Expected Dividend Yield - % |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potentially dilutive securities have been excluded from the computations of diluted weighted average shares outstanding as they would be antidilutive: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share June 30, 2021 2020 Shares underlying warrants outstanding 123,476 348,912 Shares underlying options outstanding 1,262,263 1,003,669 Unvested restricted stock 64,338 - |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Schedule of Segment Information Three Months Ended June 30, 2021 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 2,190 $ 76 $ - $ 2,266 Gross margin 1,215 60 - 1,275 Research and development expenses 305 149 33 487 Depreciation and amortization expense 51 - - 51 Selling, general and administrative expenses 1,735 96 23 1,854 Change in fair value of contingent consideration - - - - Total operating expenses 2,091 245 56 2,392 Loss from operations $ (876 ) $ (185 ) $ (56 ) $ (1,117 ) Six Months Ended June 30, 2021 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 4,926 $ 76 $ - $ 5,002 Gross margin 2,802 60 - 2,862 Research and development expenses 598 268 177 1,043 Depreciation and amortization expense 101 - - 101 Selling, general and administrative expenses 3,612 196 45 3,853 Total operating expenses 4,311 464 222 4,997 Loss from operations $ (1,509 ) $ (404 ) $ (222 ) $ (2,135 ) Three Months Ended June 30, 2020 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 1,567 $ 10 $ - $ 1,577 Gross margin 889 6 - 895 Research and development expenses 346 105 385 836 Depreciation and amortization expense 47 - - 47 Selling, general and administrative expenses 1,348 137 125 1,610 Change in fair value of contingent consideration - - - - Total operating expenses 1,741 242 510 2,493 Loss from operations $ (852 ) $ (236 ) $ (510 ) $ (1,598 ) Six Months Ended June 30, 2020 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 4,078 $ 28 $ - $ 4,106 Gross margin 2,369 17 - 2,386 Research and development expenses 656 157 586 1,399 Depreciation and amortization expense 93 - - 93 Selling, general and administrative expenses 3,063 262 235 3,560 Change in fair value of contingent consideration (42 ) - - (42 ) Total operating expenses 3,770 419 821 5,010 Loss from operations $ (1,401 ) $ (402 ) $ (821 ) $ (2,624 ) |
Schedule of Revenues and Receiv
Schedule of Revenues and Receivable Major Customers (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Benchmark [Member] | Customer A [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 14.00% | 11.00% | 16.00% | 14.00% | ||
Revenue Benchmark [Member] | Customer D [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 11.00% | 5.00% | ||||
Revenue Benchmark [Member] | Customer C [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 10.00% | 21.00% | 8.00% | 22.00% | ||
Revenue Benchmark [Member] | Customer E [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 5.00% | 10.00% | ||||
Revenue Benchmark [Member] | Total Customer [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 40.00% | 47.00% | 37.00% | 38.00% | ||
Revenue Benchmark [Member] | Customer B [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 13.00% | 2.00% | ||||
Accounts Receivable [Member] | Customer A [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 12.00% | 18.00% | ||||
Accounts Receivable [Member] | Customer D [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 17.00% | 6.00% | ||||
Accounts Receivable [Member] | Total Customer [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 38.00% | 36.00% | ||||
Accounts Receivable [Member] | Customer F [Member] | ||||||
Product Information [Line Items] | ||||||
Concentration risk percentage | 9.00% | 12.00% |
Basis of Presentation and Liq_4
Basis of Presentation and Liquidity (Details Narrative) - USD ($) | Jan. 14, 2021 | Oct. 09, 2020 | Sep. 05, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Apr. 24, 2020 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Accumulated deficit | $ 133,521,000 | $ 133,521,000 | $ 131,858,000 | ||||||
PPP loan | 482,000 | ||||||||
Extinguishment of PPP loan | 482,000 | ||||||||
Allowance for doubtful accounts receivable | 4,000 | 4,000 | 11,000 | ||||||
Write-offs of accounts receivable | 0 | 25,000 | 0 | 25,000 | |||||
Depreciation expense | 8,000 | 6,000 | 15,000 | 11,000 | |||||
Cost of Goods Sold [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Depreciation expense | 5,000 | $ 4,000 | 8,000 | $ 8,000 | |||||
Paycheck Protection Program [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
PPP loan | $ 500,000 | ||||||||
Extinguishment of PPP loan | $ 500,000 | ||||||||
Specialty Renal Products, Inc [Member] | Loan Agreement [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Lending amount | $ 1,300,000 | ||||||||
Proceeds from loan | $ 1,000,000 | ||||||||
Outstanding balance | $ 1,300,000 | $ 1,300,000 | |||||||
Private Placement [Member] | Specialty Renal Products, Inc [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Equity method investment, ownership percentage | 37.50% | ||||||||
Proceeds from sale of stock | $ 3,000,000 | ||||||||
Specialty Renal Products, Inc [Member] | |||||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||||
Noncontrolling interest | 37.50% | 37.50% |
Schedule of License, Royal and
Schedule of License, Royal and Other Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 2,266 | $ 1,577 | $ 5,002 | $ 4,106 | |
Royalty Revenue [Member] | Bellco License Agreement [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 15 | 13 | 29 | 29 | |
Royalty Revenue [Member] | Camelbak Sublicense Agreement [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | [1] | 20 | 20 | ||
Other Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 35 | 45 | 38 | ||
License Royalty and Other Revenue [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 70 | $ 13 | $ 94 | $ 67 | |
[1] | In May 2015, the Company entered into a Sublicense Agreement (the “Sublicense Agreement”) with CamelBak Products, LLC (“CamelBak”). Under this Sublicense Agreement, the Company granted CamelBak an exclusive, non-transferable, worldwide (with the exception of Italy) sublicense and license, in each case solely to market, sell, distribute, import and export the IWTD. In exchange for the rights granted to CamelBak, CamelBak agreed, through December 31, 2022, to pay the Company a percentage of the gross profit on any sales made to a branch of the U.S. military, subject to certain exceptions, and to pay a fixed per-unit fee for any other sales made. CamelBak was also required to meet or exceed certain minimum annual fees payable to the Company, and, if such fees are not met or exceeded, the Company was able to convert the exclusive sublicense to a non-exclusive sublicense with respect to non-U.S. military sales. In the first quarter of 2019, the Sublicense Agreement was amended to eliminate the minimum fee obligations starting May 6, 2018 and, as such, CamelBak has no further minimum fee obligations. |
Revenue Recognitio (Details Nar
Revenue Recognitio (Details Narrative) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)Products$ / shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Products$ / shares | Jun. 30, 2020USD ($) | Jun. 30, 2021Products€ / shares | |
Disaggregation of Revenue [Line Items] | |||||
Royalty income | $ 2,266,000 | $ 1,577,000 | $ 5,002,000 | $ 4,106,000 | |
Bellco [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Number of units under first tier royalty receivable | Products | 125,000 | 125,000 | 125,000 | ||
First tier royalty per unit | (per share) | $ 2.10 | $ 2.10 | € 1.75 | ||
Second tier royalty per unit | (per share) | $ 1.50 | $ 1.50 | € 1.25 | ||
Bellco [Member] | License Agreement [Member] | Royalty [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Royalty income | $ 15,000 | $ 13,000 | $ 29,000 | $ 29,000 |
Schedule of Assets and Liabilit
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: Money market funds | $ 4,017 | $ 4,011 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: Money market funds | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents: Money market funds |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Change in fair value of contingent consideration | $ 42,000 | ||||
Membership Interest Purchase Agreement [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Lump sum payment | $ (100,000) |
Schedule of Inventory, Net (Det
Schedule of Inventory, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 4,167 | $ 4,340 |
Raw materials | 920 | 964 |
Total inventory | $ 5,087 | $ 5,304 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 590 | $ 590 |
Accumulated Amortization | (105) | (84) |
Total Intangible Assets, Net | 485 | 506 |
Tradenames, Service Marks and Domain Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 50 | 50 |
Accumulated Amortization | (25) | (20) |
Total Intangible Assets, Net | 25 | 30 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 540 | 540 |
Accumulated Amortization | (80) | (64) |
Total Intangible Assets, Net | $ 460 | $ 476 |
Schedule of Future Amortization
Schedule of Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 (excluding the six months ended June 30, 2021) | $ 21 |
2022 | 42 |
2023 | 42 |
2024 | 32 |
2025 | $ 32 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Amortization of intangible assets | $ 11,000 | $ 11,000 | $ 21,000 | $ 21,000 | |
Intangible asset impairment charges | 0 | $ 0 | 0 | $ 0 | |
Goodwill | $ 759,000 | $ 759,000 | $ 759,000 |
License and Supply Agreement,_2
License and Supply Agreement, net (Details Narrative) - USD ($) | Apr. 23, 2012 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Sep. 30, 2013 |
Entity Listings [Line Items] | |||||||
Long-term intangible asset, gross | $ 2,300,000 | $ 2,300,000 | |||||
License and supply agreement, net | 603,000 | 603,000 | $ 670,000 | ||||
Accumulated amortization | (105,000) | (105,000) | (84,000) | ||||
Amortization expense | 11,000 | $ 11,000 | 21,000 | $ 21,000 | |||
Accrued expenses | 56,000 | 56,000 | |||||
Accounts payable | 68,000 | ||||||
Cost of Goods Sold [Member] | |||||||
Entity Listings [Line Items] | |||||||
Royalty expense | 56,000 | 44,000 | 128,000 | 113,000 | |||
License and Supply Agreement [Member] | |||||||
Entity Listings [Line Items] | |||||||
Accumulated amortization | 1,600,000 | 1,600,000 | $ 1,600,000 | ||||
Amortization expense | 34,000 | 34,000 | 67,000 | 67,000 | |||
Medica Spa [Member] | |||||||
Entity Listings [Line Items] | |||||||
Expiration term of license agreement | Dec. 31, 2025 | ||||||
Debt instrument, interest rate, stated percentage | 12.00% | ||||||
Interest expense | $ 0 | $ 0 | $ 0 | $ 0 | |||
Medica [Member] | License and Supply Agreement [Member] | April 23, 2014 through December 31, 2025 [Member] | |||||||
Entity Listings [Line Items] | |||||||
Royalty rate | 3.00% |
Secured Revolving Credit Faci_2
Secured Revolving Credit Facility (Details Narrative) - USD ($) | May 26, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Aug. 17, 2017 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Interest expense | $ 11,000 | $ 30,000 | $ 24,000 | $ 73,000 | ||
Revolver [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Interest expense | $ 6,000 | $ 25,000 | ||||
Loan Agreement [Member] | Revolver [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Interest expense | $ 7,000 | |||||
Loan Agreement [Member] | Tech Capital, LLC [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Maximum secured revolving credit facility | $ 2,500,000 |
Schedule of Future Debt Princip
Schedule of Future Debt Principal Maturities (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
2021 (excluding the six months ended June 30, 2021) | $ 106 |
2022 | 269 |
2023 | 95 |
Total | $ 470 |
Secured Note Payable (Details N
Secured Note Payable (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 27, 2018 | |
Short-term Debt [Line Items] | |||||
Interest expense | $ 11,000 | $ 30,000 | $ 24,000 | $ 73,000 | |
Secured Note [Member] | |||||
Short-term Debt [Line Items] | |||||
Repayments of notes payable | 72,000 | 72,000 | 144,000 | 144,000 | |
Interest expense | 10,000 | $ 15,000 | 21,000 | $ 31,000 | |
Secured Promissory Note Agreement [Member] | Tech Capital, LLC [Member] | |||||
Short-term Debt [Line Items] | |||||
Principal amount of secured note payable | $ 500,000 | $ 500,000 | $ 1,200,000 | ||
Maturity date | Apr. 1, 2023 | ||||
Debt interest rate | 8.00% | 8.00% | |||
Debt instrument, maturity date, description | Principal and interest payments are due on the first day of each month commencing on May 1, 2018 |
Schedule of Components of Lease
Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee Disclosure [Abstract] | ||||
Operating lease cost | $ 99 | $ 101 | $ 200 | $ 192 |
Amortization of right-of-use assets | 2 | 1 | 5 | 2 |
Interest on lease liabilities | 1 | 1 | 2 | 1 |
Total finance lease cost | 3 | 2 | 7 | 3 |
Variable lease cost | 10 | 10 | 19 | 23 |
Total lease cost | $ 112 | $ 113 | $ 226 | $ 218 |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee Disclosure [Abstract] | ||
Operating cash flows from operating leases | $ 208 | $ 188 |
Financing cash flows from finance leases | $ 7 | $ 2 |
Schedule of Supplemental Balanc
Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee Disclosure [Abstract] | ||
Operating lease right-of-use assets | $ 867 | $ 1,002 |
Finance lease right-of-use assets | 30 | 35 |
Current portion of operating lease liabilities | 344 | 321 |
Operating lease liabilities, net of current portion | 575 | 735 |
Total operating lease liabilities | 919 | 1,056 |
Current portion of finance lease liabilities | 12 | 11 |
Finance lease liabilities, net of current portion | 18 | 24 |
Total finance lease liabilities | $ 30 | $ 35 |
Weighted average remaining lease term, Operating leases | 2 years 8 months 12 days | 3 years 1 month 6 days |
Weighted average remaining lease term, Finance leases | 2 years 8 months 12 days | 3 years 3 months 18 days |
Weighted average discount rate, Operating leases | 8.00% | 8.00% |
Weighted average discount rate, Finance leases | 8.00% | 8.00% |
Schedule of Maturities of Lease
Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee Disclosure [Abstract] | ||
Operating Leases, 2021 (excluding the six months ended June 30, 2021) | $ 199 | |
Finance Leases, 2021 (excluding the six months ended June 30, 2021) | 7 | |
Operating Leases, 2022 | 395 | |
Finance Leases, 2022 | 14 | |
Operating Leases, 2023 | 269 | |
Finance Leases, 2023 | 8 | |
Operating Leases, 2024 | 156 | |
Finance Leases, 2024 | 7 | |
Operating Leases, 2025 | ||
Finance Leases, 2025 | 4 | |
Operating Leases, Total future minimum lease payments | 1,019 | |
Finance Leases, Total future minimum lease payments | 40 | |
Operating Leases, Less imputed interest | (100) | |
Finance Leases, Less imputed interest | (10) | |
Operating Leases, Total | 919 | $ 1,056 |
Finance Leases, Total | $ 30 | $ 35 |
Leases (Details Narrative)
Leases (Details Narrative) | Jun. 30, 2021 |
Minimum [Member] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Operating lease terms | 1 year |
Maximum [Member] | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | |
Operating lease terms | 4 years |
Schedule of Fair Value Assumpti
Schedule of Fair Value Assumptions (Details) - Employee Stock [Member] | 6 Months Ended |
Jun. 30, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |
Stock Price Volatility | 71.49% |
Risk-Free Interest Rates | 0.75% |
Expected Life (in years) | 6 years 1 month 24 days |
Expected Dividend Yield |
Stock Plans and Share-Based P_3
Stock Plans and Share-Based Payments (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | May 07, 2019 | |
SRP Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 0 | 0 | |||
Stock-based compensation expense | $ 6,000 | $ 32,000 | |||
Stock are reserved for the issuance | 150,000 | ||||
Selling, General and Administrative Expenses [Member] | SRP Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 1,000 | 2,000,000 | $ 3,000 | 14,000 | |
Research and Development Expense [Member] | SRP Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 4,000,000 | 18,000 | |||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 215,000 | 149,000 | 448,000 | 317,000 | |
Unrecognized compensation expense | 1,900,000 | $ 1,900,000 | |||
Unrecognized compensation expense, period for recognition | 4 years 7 months 6 days | ||||
Share-based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 203,000 | 133,000 | $ 424,000 | 285,000 | |
Share-based Payment Arrangement, Option [Member] | Research and Development Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 12,000 | 16,000 | 24,000 | 32,000 | |
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 65,000 | 24,000 | 106,000 | 52,000 | |
Unrecognized compensation expense | 268,000 | $ 268,000 | |||
Unrecognized compensation expense, period for recognition | 2 years 4 months 24 days | ||||
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 65,000 | 19,000 | $ 106,000 | 42,000 | |
Restricted Stock [Member] | Research and Development Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 5,000 | $ 106,000 | $ 10,000 | ||
Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 12,000 | 172,428 | |||
Fair value of stock options granted | $ 100,000 | $ 900,000 | |||
Employees [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued, value | $ 169,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Feb. 04, 2020 | Sep. 05, 2018 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||||||||
Proceeds from sale of stock value | $ 6,771,000 | ||||||||
Equity issuance costs | $ 729,000 | ||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | ||||||
Number of stock options exercised, value | $ 62,000 | $ 5,000 | $ 2,000 | ||||||
Proceeds from warrants exercised | $ 297,000 | $ 163,000 | |||||||
Warrant [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued for common stock | 120,966 | 21,123 | 120,966 | 40,012 | |||||
Number of warrants exercised | 126,008 | ||||||||
Number of stock options exercised, value | $ 110,003 | ||||||||
Proceeds from warrants exercised | $ 100,000 | $ 300,000 | $ 200,000 | ||||||
Cashless exercise of stock options, shares | 10,963 | ||||||||
Warrants purchase | 21,123 | 40,012 | |||||||
Common Stock [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued for common stock | 937,500 | ||||||||
Proceeds from sale of stock value | $ 1,000 | ||||||||
Number of stock options exercised, value | |||||||||
Cashless exercise of stock options, shares | 14,616 | 131 | 755 | 16,005 | |||||
Number of stock options exercised | 14,754 | 2,000 | 556 | ||||||
Warrants purchase | 110,003 | 21,123 | 18,889 | ||||||
Series A Preferred Stock [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Preferred stock, shares outstanding | 150,000 | ||||||||
Proceeds from indebtedness | $ 250,000 | ||||||||
Entities Controlled By Member Of Management [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued for common stock | 4,570 | ||||||||
Entities Controlled By Member Of Management [Member] | Warrant [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of warrants exercised | 6,669 | ||||||||
Largest Shareholder [Member] | Warrant [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of stock options exercised, value | $ 200,000 | ||||||||
Number of stock options exercised | 66,667 | ||||||||
Specialty Renal Products, Inc [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Equity interest held | 37.50% | 37.50% | |||||||
Series A Preferred Stock Purchase Agreement [Member] | Specialty Renal Products, Inc [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Equity issuance costs | $ 30,000 | ||||||||
Sale of common stock | 600,000 | ||||||||
Sale of stock price per share | $ 5 | ||||||||
Proceeds from sale of stock value | $ 3,000,000 | ||||||||
Equity interest held | 62.50% | ||||||||
Ownership percentage | 100.00% | ||||||||
Equity interest held by noncontrolling shareholders | 37.50% | ||||||||
Dividends per share rate | $ 0.40 | ||||||||
Series A Preferred Stock Purchase Agreement [Member] | Specialty Renal Products, Inc [Member] | Entities Controlled By Member Of Management [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued for common stock | 18,000 | ||||||||
Series A Preferred Stock Purchase Agreement [Member] | Specialty Renal Products, Inc [Member] | Largest Shareholder [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued for common stock | 400,000 | ||||||||
Series A Preferred Stock Purchase Agreement [Member] | Specialty Renal Products, Inc [Member] | Holders of Series A Preferred [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Ownership percentage | 100.00% | ||||||||
IPO [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Number of shares issued for common stock | 937,500 | ||||||||
Proceeds from sale of stock value | $ 7,500,000 | ||||||||
Stock price per share | $ 8 | ||||||||
Equity issuance costs | $ 700,000 | ||||||||
Proceeds from public offering | $ 6,800,000 |
Schedule of Antidilutive Securi
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 123,476 | 348,912 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,262,263 | 1,003,669 |
Unvested Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 64,338 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - License and Supply Agreement [Member] - Medica Spa [Member] € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | |
Subsequent Event [Line Items] | ||||
Aggregate purchase commitment | $ 2.6 | € 2.2 | ||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Minimum annual aggregate purchase amount | $ 4 | € 3.3 |
Schedule of Segment Information
Schedule of Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total net revenues | $ 2,266,000 | $ 1,577,000 | $ 5,002,000 | $ 4,106,000 |
Gross margin | 1,275,000 | 895,000 | 2,862,000 | 2,386,000 |
Research and development expenses | 487,000 | 836,000 | 1,043,000 | 1,399,000 |
Depreciation and amortization expense | 51,000 | 47,000 | 101,000 | 93,000 |
Selling, general and administrative expenses | 1,854,000 | 1,610,000 | 3,853,000 | 3,560,000 |
Change in fair value of contingent consideration | (42,000) | |||
Total operating expenses | 2,392,000 | 2,493,000 | 4,997,000 | 5,010,000 |
Loss from operations | (1,117,000) | (1,598,000) | (2,135,000) | (2,624,000) |
Water Filtration [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 2,190,000 | 1,567,000 | 4,926,000 | 4,078,000 |
Gross margin | 1,215,000 | 889,000 | 2,802,000 | 2,369,000 |
Research and development expenses | 305,000 | 346,000 | 598,000 | 656,000 |
Depreciation and amortization expense | 51,000 | 47,000 | 101,000 | 93,000 |
Selling, general and administrative expenses | 1,735,000 | 1,348,000 | 3,612,000 | 3,063,000 |
Change in fair value of contingent consideration | (42,000) | |||
Total operating expenses | 2,091,000 | 1,741,000 | 4,311,000 | 3,770,000 |
Loss from operations | (876,000) | (852,000) | (1,509,000) | (1,401,000) |
Pathogen Detection [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | 76,000 | 10,000 | 76,000 | 28,000 |
Gross margin | 60,000 | 6,000 | 60,000 | 17,000 |
Research and development expenses | 149,000 | 105,000 | 268,000 | 157,000 |
Depreciation and amortization expense | ||||
Selling, general and administrative expenses | 96,000 | 137,000 | 196,000 | 262,000 |
Change in fair value of contingent consideration | ||||
Total operating expenses | 245,000 | 242,000 | 464,000 | 419,000 |
Loss from operations | (185,000) | (236,000) | (404,000) | (402,000) |
Renal Products [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenues | ||||
Gross margin | ||||
Research and development expenses | 33,000 | 385,000 | 177,000 | 586,000 |
Depreciation and amortization expense | ||||
Selling, general and administrative expenses | 23,000 | 125,000 | 45,000 | |
Change in fair value of contingent consideration | ||||
Total operating expenses | 56,000 | 510,000 | 222,000 | 821,000 |
Loss from operations | $ (56,000) | $ (510,000) | $ (222,000) | $ (821,000) |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - USD ($) $ / shares in Units, $ in Millions | Jul. 09, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Common stock, par value | $ 0.001 | ||
Subsequent Event [Member] | GenArraytion Inc [Member] | Asset Purchase Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Common stock issued | 123,981 | ||
Purchase price of shares | $ 1.2 |