Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
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 $0.001 per share | |
Trading Symbol | NEPH | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,318,818 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 5,421 | $ 6,973 |
Accounts receivable, net | 1,293 | 1,641 |
Inventory | 4,679 | 4,795 |
Prepaid expenses and other current assets | 264 | 225 |
Total current assets | 11,657 | 13,634 |
Property and equipment, net | 384 | 366 |
Lease right-of-use assets | 644 | 730 |
Intangible assets, net | 1,498 | 1,536 |
Goodwill | 759 | 759 |
License and supply agreement, net | 502 | 536 |
Other assets | 84 | 89 |
TOTAL ASSETS | 15,528 | 17,650 |
Current liabilities: | ||
Current portion of secured note payable | 253 | 248 |
Accounts payable | 897 | 1,334 |
Accrued expenses | 263 | 444 |
Current portion of lease liabilities | 335 | 364 |
Total current liabilities | 1,748 | 2,390 |
Secured note payable, net of current portion | 24 | 95 |
Equipment financing, net of current portion | 3 | 4 |
Lease liabilities, net of current portion | 351 | 412 |
TOTAL LIABILITIES | 2,126 | 2,901 |
COMMITMENTS AND CONTINGENCIES (Note 13) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, $.001 par value; 5,000,000 shares authorized at March 31, 2022 and December 31, 2021; no shares issued and outstanding at March 31, 2022 and December 31, 2021 | ||
Common stock, $.001 par value; 40,000,000 shares authorized at March 31, 2022 and December 31, 2021; 10,318,818 and 10,258,444 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 10 | 10 |
Additional paid-in capital | 147,781 | 147,346 |
Accumulated other comprehensive income | 61 | 64 |
Accumulated deficit | (137,692) | (135,725) |
Subtotal | 10,160 | 11,695 |
Noncontrolling interest | 3,242 | 3,054 |
TOTAL STOCKHOLDERS’ EQUITY | 13,402 | 14,749 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 15,528 | $ 17,650 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 10,318,818 | 10,258,444 |
Common stock, shares outstanding | 10,318,818 | 10,258,444 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net revenue: | ||
Total net revenues | $ 2,187 | $ 2,736 |
Cost of goods sold | 1,162 | 1,149 |
Gross margin | 1,025 | 1,587 |
Operating expenses: | ||
Research and development | 578 | 556 |
Depreciation and amortization | 52 | 50 |
Selling, general and administrative | 2,348 | 1,999 |
Total operating expenses | 2,978 | 2,605 |
Loss from operations | (1,953) | (1,018) |
Other (expense) income: | ||
Interest expense | (7) | (13) |
Interest income | 2 | 3 |
Extinguishment of PPP loan | 482 | |
Other (expense) income, net | (9) | 9 |
Total other (expense) income: | (14) | 481 |
Net loss | (1,967) | (537) |
Less: Undeclared deemed dividend attributable to noncontrolling interest | (63) | (59) |
Net loss attributable to Nephros, Inc. shareholders | $ (2,030) | $ (596) |
Net loss per common share, basic and diluted | $ (0.20) | $ (0.06) |
Weighted average common shares outstanding, basic and diluted | 10,213,898 | 9,883,035 |
Comprehensive loss: | ||
Other comprehensive loss, foreign currency translation adjustments | $ (3) | $ (6) |
Comprehensive loss | (1,970) | (543) |
Comprehensive loss attributable to noncontrolling interest | (63) | (59) |
Comprehensive loss attributable to Nephros, Inc. shareholders | (2,033) | (602) |
Product [Member] | ||
Net revenue: | ||
Total net revenues | 2,177 | 2,712 |
Royalty And Other revenue [Member] | ||
Net revenue: | ||
Total net revenues | $ 10 | $ 24 |
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] | Parent [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 10 | $ 144,296 | $ 74 | $ (131,858) | $ 12,522 | $ 3,051 | $ 15,573 |
Beginning balance, shares at Dec. 31, 2020 | 9,873,006 | ||||||
Net loss | (537) | (537) | (537) | ||||
Net unrealized losses 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 | |||
Ending balance, value at Mar. 31, 2021 | $ 10 | 144,801 | 68 | (132,395) | 12,484 | 3,053 | 15,537 |
Ending balance, shares at Mar. 31, 2021 | 9,887,891 | ||||||
Beginning balance, value at Dec. 31, 2021 | $ 10 | 147,346 | 64 | (135,725) | 11,695 | 3,054 | 14,749 |
Beginning balance, shares at Dec. 31, 2021 | 10,198,712 | ||||||
Net loss | (1,967) | (1,967) | (1,967) | ||||
Change in non-controlling interest | 188 | 188 | |||||
Net unrealized losses on foreign currency translation, net of tax | (3) | (3) | (3) | ||||
Exercise of warrants | 163 | 163 | 163 | ||||
Exercise of warrants, shares | 60,374 | ||||||
Stock-based compensation | 272 | 272 | 272 | ||||
Ending balance, value at Mar. 31, 2022 | $ 10 | $ 147,781 | $ 61 | $ 137,692 | $ 10,160 | $ 3,242 | $ 13,402 |
Ending balance, shares at Mar. 31, 2022 | 10,259,086 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (1,967,000) | $ (537,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of property and equipment | 17,000 | 7,000 |
Amortization of intangible assets, license and supply agreement and finance lease right-of-use asset | 75,000 | 46,000 |
Stock-based compensation, including stock options and restricted stock | 272,000 | 276,000 |
Inventory obsolescence charge | 49,000 | 9,000 |
Extinguishment of PPP loan | (482,000) | |
Change in right of use asset | 86,000 | 77,000 |
Gain on foreign currency transactions | (4,000) | |
Decrease (increase) in operating assets: | ||
Accounts receivable | 348,000 | (354,000) |
Inventory | 67,000 | 616,000 |
Prepaid expenses and other current assets | (39,000) | 130,000 |
Other assets | 4,000 | |
(Decrease) increase in operating liabilities: | ||
Accounts payable | (437,000) | 76,000 |
Accrued expenses | (183,000) | 161,000 |
Lease liabilities | (89,000) | (76,000) |
Net cash used in operating activities | (1,797,000) | (55,000) |
INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (34,000) | (23,000) |
Net cash used in investing activities | (34,000) | (23,000) |
FINANCING ACTIVITIES: | ||
Proceeds from sale of subsidiary preferred shares to noncontrolling interest | 188,000 | |
Principal payments on finance lease liability | (3,000) | (3,000) |
Principal payments on equipment financing | (1,000) | (1,000) |
Payments on secured note payable | (66,000) | (61,000) |
Proceeds from exercise of options | 62,000 | |
Proceeds from exercise of warrants | 163,000 | |
Net cash provided by (used in) financing activities | 281,000 | (3,000) |
Effect of exchange rates on cash and cash equivalents | (2,000) | (5,000) |
Net decrease in cash and cash equivalents | (1,552,000) | (86,000) |
Cash and cash equivalents, beginning of year | 6,973,000 | 8,249,000 |
Cash and cash equivalents, end of year | 5,421,000 | 8,163,000 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest expense | 7,000 | 12,000 |
Cash paid for income taxes | 21,000 | |
Supplemental disclosure of noncash investing and financing activities | ||
Right-of-use asset obtained in exchange for operating lease liability | $ 21,000 |
Organization and Nature of Oper
Organization and Nature of Operations | 3 Months Ended |
Mar. 31, 2022 | |
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. |
Basis of Presentation and Liqui
Basis of Presentation and Liquidity | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [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, 2021 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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021. 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, 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 $ 137.7 On February 1, 2022, SRP entered into a First Amendment to Series A Preferred Stock Purchase Agreement (the “Amendment”) with the holders of SRP’s outstanding shares of Series A Preferred Stock. The Amendment amended the terms of the Series A Preferred Stock Purchase Agreement, dated September 9, 2018, among SRP and the purchasers identified therein (the “SRP Purchase Agreement”), pursuant to which SRP had sold to such purchasers an aggregate of 600,000 5.00 3.0 100,003 100,003 500,015 62,500 62.5 313 36% 25,938 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 and increased population immunity 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. Recently Adopted Accounting Pronouncements 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 Company adopted this guidance as of January 1, 2022 and the guidance did not have an impact on its condensed consolidated financial statements. Recent Accounting Pronouncements, Not Yet Effective In October 2021, the FASB issued ASU 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires that an entity recognize contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification (“ASC”) 606. The guidance is effective for the Company beginning in the first quarter of fiscal year 2023 and should be applied prospectively. Early adoption is permitted. The Company will assess the impact, if any, 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 March 31, 2022 and 2021, 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 Accounts Receivable Percentage of Major Customers Customer 2022 2021 A 24 % 17 % B 12 % 15 % C 8 % 10 % Total 44 % 42 % As of March 31, 2022 and December 31, 2021, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2022 2021 B 15 % 11 % C 11 % 8 % A 9 % 0 % Total 35 % 19 % 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 $ 1,000 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 months ended March 31, 2022 and 2021, depreciation expense was approximately $ 17,000 and $ 7,000 , respectively. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 3 – Revenue Recognition 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 months ended March 31, 2022 or 2021. 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 months ended March 31, 2022 and 2021 is comprised of: Schedule of License, Royal and Other Revenue Three Months Ended March 31, 2022 2021 (in thousands) Royalty revenue under the Bellco License Agreement $ - $ 14 Other revenue 10 10 Total royalty and other revenue $ 10 $ 24 Bellco License Agreement With regard to the OLpūr MD190 and MD220, on June 27, 2011, the Company entered into a License Agreement (as thereafter amended, 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, 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 with Bellco, 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 also provided 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 committed to 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 units sold in total, € 1.75 (approximately $ 2.10 ) per unit; thereafter, € 1.25 (approximately $ 1.50 ) per unit. The License Agreement also provided for a fixed royalty payment payable to the Company for the period beginning on January 1, 2015 through and including December 31, 2021 if the minimum sales targets are not met. The License Agreement expired in accordance with its terms on December 31, 2021. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021, 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 March 31, 2022 and December 31, 2021 , 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 in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) March 31, 2022 Cash $ 2,398 $ $ Money market funds 3,023 Cash and cash equivalents $ 5,421 $ - $ - December 31, 2021 Cash $ 2,952 $ $ Money market funds 4,021 Cash and cash equivalents $ 6,973 $ - $ - 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 March 31, 2022 and December 31, 2021 because those financial instruments bear interest at rates that approximate current market rates for similar agreements with similar maturities and credit. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021, were as follows: Schedule of Inventory, Net March 31, 2022 December 31, 2021 (in thousands) Finished goods $ 3,622 $ 3,760 Raw materials 1,057 1,035 Total inventory $ 4,679 $ 4,795 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Note 6 – Intangible Assets and Goodwill Intangible Assets, net Intangible assets for the three months ended March 31, 2022 and December 31, 2021 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 March 31, 2022 December 31, 2021 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Tradenames, service marks and domain names $ 50 $ (32 ) $ 18 $ 50 $ (30 ) $ 20 Intellectual property 1,098 (53 ) 1,045 1,098 (26 ) 1,072 Customer relationships 540 (105 ) 435 540 (96 ) 444 Total intangible assets $ 1,688 $ (190 ) $ 1,498 $ 1,688 $ (152 ) $ 1,536 The Company recognized amortization expense of approximately $ 38,000 38,000 11,000 27,000 The Company recognized amortization expense of approximately $ 10,000 As of March 31, 2022, future amortization expense for each of the next five years is (in thousands): Schedule of Future Amortization Expense Fiscal Years 2022 (excluding the three months ended March 31, 2022) 114 2023 152 2024 142 2025 142 2026 142 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 (as thereafter amended, 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, 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, unless earlier terminated by either party in accordance with the terms of the License and Supply Agreement. In exchange for the license, the gross value of the intangible asset capitalized was $ 2.3 0.5 1.8 33,000 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 3% 59,000 72,000 59,000 70,000 |
Secured Note Payable
Secured Note Payable | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Secured Note Payable | Note 8 – Secured Note Payable On March 27, 2018, the Company entered into a Secured Promissory Note Agreement (the “Secured Note”) with Tech Capital, LLC (“Tech Capital”) for a principal amount of $ 1.2 0.3 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 March 31, 2022 and 2021, the Company made payments under the Secured Note of approximately $ 72,000 6,000 11,000 As of March 31, 2022, future principal maturities are as follows (in thousands): Schedule of Future Debt Principal Maturities Fiscal Years 2022 (excluding the three months ended March 31, 2022) $ 182 2023 95 Total $ 277 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
Leases | Note 9 – 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 March 31, 2022 Three months ended March 31, 2021 (in thousands) Operating lease cost $ 111 $ 101 Finance lease cost: Amortization of right-of-use assets 4 3 Interest on lease liabilities 2 1 Total finance lease cost 6 4 Variable lease cost 9 9 Total lease cost $ 126 $ 114 Supplemental cash flow information related to leases was as follows: Schedule of Supplemental Cash Flow Information Related to Leases Three months ended March 31, 2022 Three months ended March 31, 2021 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 111 $ 101 Financing cash flows from finance leases 3 3 Supplemental balance sheet information related to leases was as follows: Schedule of Supplemental Balance Sheet Information Related to Leases March 31, 2022 December 31, 2021 (in thousands) Operating lease right-of-use assets $ 623 $ 706 Finance lease right-of-use assets $ 21 $ 24 Current portion of operating lease liabilities $ 323 $ 352 Operating lease liabilities, net of current portion 342 400 Total operating lease liabilities $ 665 $ 752 Current portion of finance lease liabilities $ 12 $ 12 Finance lease liabilities, net of current portion 9 12 Total finance lease liabilities $ 21 $ 24 Weighted average remaining lease term Operating leases 2.2 Finance leases 2.2 Weighted average discount rate Operating leases 8.0 % Finance leases 8.0 % As of March 31, 2022, maturities of lease liabilities were as follows: Schedule of Maturities of Lease Liabilities Operating Leases Finance Leases (in thousands) 2022 (excluding the three months ended March 31, 2022) $ 294 $ 10 2023 269 8 2024 156 7 2025 - 4 Total future minimum lease payments 719 29 Less imputed interest (54 ) (8 ) Total $ 665 $ 21 |
Stock Plans and Share-Based Pay
Stock Plans and Share-Based Payments | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Plans and Share-Based Payments | Note 10 – 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 During the three months ended March 31, 2022, the Company granted stock options to purchase 15,500 38,000 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 three months ended March 31, 2022. Schedule of Fair Value Assumptions Assumptions for Option Grants Stock Price Volatility 65.67 % Risk-Free Interest Rate 1.75 % Expected Life (in years) 6.24 Expected Dividend Yield - % Stock-based compensation expense related to stock options was $ 236,000 233,000 223,000 13,000 222,000 11,000 There was no 2.2 2.8 Restricted Stock Total stock-based compensation expense for restricted stock on the Company’s condensed consolidated statement of operations was approximately $ 41,000 41,000 41,000 No 168,000 As of March 31, 2022, there was approximately $ 131,000 3.0 The aggregate shares of common stock legally issued and outstanding as of March 31, 2022 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 SRP stock options granted during the three months ended March 31, 2022. There was no 2,000 |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 11 – Stockholders’ Equity Noncontrolling Interest On February 1, 2022, SRP entered into a First Amendment to Series A Preferred Stock Purchase Agreement (the “Amendment”) with the holders of SRP’s outstanding shares of Series A Preferred Stock. The Amendment amended the terms of the Series A Preferred Stock Purchase Agreement, dated September 9, 2018, among SRP and the purchasers identified therein (the “SRP Purchase Agreement”), pursuant to which SRP had sold to such purchasers an aggregate of 600,000 5.00 3.0 100,003 100,003 500,015 62,500 62.5 313 36 25,938 1.3 1.0 1.3 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 months ended March 31, 2022, warrants to purchase 60,374 0.2 60,374 14,815 40,000 |
Net Loss per Common Share
Net Loss per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | Note 12 – 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 March 31, 2022 2021 Shares underlying warrants outstanding - 260,597 Shares underlying options outstanding 1,442,010 1,288,949 Unvested restricted stock 59,732 64,338 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13 – 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, 2022, the Company has agreed to make minimum annual aggregate purchases from Medica of € 3.5 million (approximately $ 4.1 million). As of March 31, 2022, the Company’s aggregate purchase commitments totaled € 1.5 million (approximately $ 1.6 million). Contractual Obligations See Note 9 – Leases for a discussion of the Company’s contractual obligations. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 14 – 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, 2021. 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 March 31, 2022 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 2,159 $ 28 $ - $ 2,187 Gross margin (loss) 1,053 (28 ) - 1,025 Research and development expenses 255 206 117 578 Depreciation and amortization expense 51 1 - 52 Selling, general and administrative expenses 2,150 171 27 2,348 Total operating expenses 2,456 378 144 2,978 Loss from operations $ (1,403 ) $ (406 ) $ (144 ) $ (1,953 ) Three Months Ended March 31, 2021 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 2,736 $ - $ - $ 2,736 Gross margin 1,587 - - 1,587 Research and development expenses 294 119 143 556 Depreciation and amortization expense 50 - - 50 Selling, general and administrative expenses 1,876 101 22 1,999 Total operating expenses 2,220 220 165 2,605 Loss from operations $ (633 ) $ (220 ) $ (165 ) $ (1,018 ) |
Basis of Presentation and Liq_2
Basis of Presentation and Liquidity (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [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, 2021 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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. 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, 2021. |
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, 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 $ 137.7 On February 1, 2022, SRP entered into a First Amendment to Series A Preferred Stock Purchase Agreement (the “Amendment”) with the holders of SRP’s outstanding shares of Series A Preferred Stock. The Amendment amended the terms of the Series A Preferred Stock Purchase Agreement, dated September 9, 2018, among SRP and the purchasers identified therein (the “SRP Purchase Agreement”), pursuant to which SRP had sold to such purchasers an aggregate of 600,000 5.00 3.0 100,003 100,003 500,015 62,500 62.5 313 36% 25,938 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 and increased population immunity 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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements 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 Company adopted this guidance as of January 1, 2022 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 October 2021, the FASB issued ASU 2021-08, “Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires that an entity recognize contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification (“ASC”) 606. The guidance is effective for the Company beginning in the first quarter of fiscal year 2023 and should be applied prospectively. Early adoption is permitted. The Company will assess the impact, if any, 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 March 31, 2022 and 2021, 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 Accounts Receivable Percentage of Major Customers Customer 2022 2021 A 24 % 17 % B 12 % 15 % C 8 % 10 % Total 44 % 42 % As of March 31, 2022 and December 31, 2021, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2022 2021 B 15 % 11 % C 11 % 8 % A 9 % 0 % Total 35 % 19 % |
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 $ 1,000 |
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 months ended March 31, 2022 and 2021, depreciation expense was approximately $ 17,000 and $ 7,000 , respectively. |
Basis of Presentation and Liq_3
Basis of Presentation and Liquidity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Revenues and Accounts Receivable Percentage of Major Customers | For the three months ended March 31, 2022 and 2021, 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 Accounts Receivable Percentage of Major Customers Customer 2022 2021 A 24 % 17 % B 12 % 15 % C 8 % 10 % Total 44 % 42 % As of March 31, 2022 and December 31, 2021, the following customers accounted for the following percentages of the Company’s accounts receivable, respectively: Customer 2022 2021 B 15 % 11 % C 11 % 8 % A 9 % 0 % Total 35 % 19 % |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of License, Royal and Other Revenue | Schedule of License, Royal and Other Revenue Three Months Ended March 31, 2022 2021 (in thousands) Royalty revenue under the Bellco License Agreement $ - $ 14 Other revenue 10 10 Total royalty and other revenue $ 10 $ 24 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At March 31, 2022 and December 31, 2021 , 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 in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in thousands) March 31, 2022 Cash $ 2,398 $ $ Money market funds 3,023 Cash and cash equivalents $ 5,421 $ - $ - December 31, 2021 Cash $ 2,952 $ $ Money market funds 4,021 Cash and cash equivalents $ 6,973 $ - $ - |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Net | 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 March 31, 2022 and December 31, 2021, were as follows: Schedule of Inventory, Net March 31, 2022 December 31, 2021 (in thousands) Finished goods $ 3,622 $ 3,760 Raw materials 1,057 1,035 Total inventory $ 4,679 $ 4,795 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets for the three months ended March 31, 2022 and December 31, 2021 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 March 31, 2022 December 31, 2021 Cost Accumulated Amortization Net Cost Accumulated Amortization Net (in thousands) Tradenames, service marks and domain names $ 50 $ (32 ) $ 18 $ 50 $ (30 ) $ 20 Intellectual property 1,098 (53 ) 1,045 1,098 (26 ) 1,072 Customer relationships 540 (105 ) 435 540 (96 ) 444 Total intangible assets $ 1,688 $ (190 ) $ 1,498 $ 1,688 $ (152 ) $ 1,536 |
Schedule of Future Amortization Expense | As of March 31, 2022, future amortization expense for each of the next five years is (in thousands): Schedule of Future Amortization Expense Fiscal Years 2022 (excluding the three months ended March 31, 2022) 114 2023 152 2024 142 2025 142 2026 142 |
Secured Note Payable (Tables)
Secured Note Payable (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Future Debt Principal Maturities | As of March 31, 2022, future principal maturities are as follows (in thousands): Schedule of Future Debt Principal Maturities Fiscal Years 2022 (excluding the three months ended March 31, 2022) $ 182 2023 95 Total $ 277 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
Schedule of Components of Lease Cost | The components of total lease costs were as follows: Schedule of Components of Lease Cost Three months ended March 31, 2022 Three months ended March 31, 2021 (in thousands) Operating lease cost $ 111 $ 101 Finance lease cost: Amortization of right-of-use assets 4 3 Interest on lease liabilities 2 1 Total finance lease cost 6 4 Variable lease cost 9 9 Total lease cost $ 126 $ 114 |
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 Three months ended March 31, 2022 Three months ended March 31, 2021 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 111 $ 101 Financing cash flows from finance leases 3 3 |
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 March 31, 2022 December 31, 2021 (in thousands) Operating lease right-of-use assets $ 623 $ 706 Finance lease right-of-use assets $ 21 $ 24 Current portion of operating lease liabilities $ 323 $ 352 Operating lease liabilities, net of current portion 342 400 Total operating lease liabilities $ 665 $ 752 Current portion of finance lease liabilities $ 12 $ 12 Finance lease liabilities, net of current portion 9 12 Total finance lease liabilities $ 21 $ 24 Weighted average remaining lease term Operating leases 2.2 Finance leases 2.2 Weighted average discount rate Operating leases 8.0 % Finance leases 8.0 % |
Schedule of Maturities of Lease Liabilities | As of March 31, 2022, maturities of lease liabilities were as follows: Schedule of Maturities of Lease Liabilities Operating Leases Finance Leases (in thousands) 2022 (excluding the three months ended March 31, 2022) $ 294 $ 10 2023 269 8 2024 156 7 2025 - 4 Total future minimum lease payments 719 29 Less imputed interest (54 ) (8 ) Total $ 665 $ 21 |
Stock Plans and Share-Based P_2
Stock Plans and Share-Based Payments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Fair Value Assumptions | 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 three months ended March 31, 2022. Schedule of Fair Value Assumptions Assumptions for Option Grants Stock Price Volatility 65.67 % Risk-Free Interest Rate 1.75 % Expected Life (in years) 6.24 Expected Dividend Yield - % |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Shares underlying warrants outstanding - 260,597 Shares underlying options outstanding 1,442,010 1,288,949 Unvested restricted stock 59,732 64,338 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | 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 March 31, 2022 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 2,159 $ 28 $ - $ 2,187 Gross margin (loss) 1,053 (28 ) - 1,025 Research and development expenses 255 206 117 578 Depreciation and amortization expense 51 1 - 52 Selling, general and administrative expenses 2,150 171 27 2,348 Total operating expenses 2,456 378 144 2,978 Loss from operations $ (1,403 ) $ (406 ) $ (144 ) $ (1,953 ) Three Months Ended March 31, 2021 (in thousands) Water Filtration Pathogen Detection Renal Products Nephros, Inc. Consolidated Total net revenues $ 2,736 $ - $ - $ 2,736 Gross margin 1,587 - - 1,587 Research and development expenses 294 119 143 556 Depreciation and amortization expense 50 - - 50 Selling, general and administrative expenses 1,876 101 22 1,999 Total operating expenses 2,220 220 165 2,605 Loss from operations $ (633 ) $ (220 ) $ (165 ) $ (1,018 ) |
Schedule of Revenues and Accoun
Schedule of Revenues and Accounts Receivable Percentage of Major Customers (Details) - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Customer A [Member] | Revenue Benchmark [Member] | ||
Product Information [Line Items] | ||
Concentration risk percentage | 24.00% | 17.00% |
Customer A [Member] | Accounts Receivable [Member] | ||
Product Information [Line Items] | ||
Concentration risk percentage | 9.00% | 0.00% |
Customer B [Member] | Revenue Benchmark [Member] | ||
Product Information [Line Items] | ||
Concentration risk percentage | 12.00% | 15.00% |
Customer B [Member] | Accounts Receivable [Member] | ||
Product Information [Line Items] | ||
Concentration risk percentage | 15.00% | 11.00% |
Customer C [Member] | Revenue Benchmark [Member] | ||
Product Information [Line Items] | ||
Concentration risk percentage | 8.00% | 10.00% |
Customer C [Member] | Accounts Receivable [Member] | ||
Product Information [Line Items] | ||
Concentration risk percentage | 11.00% | 8.00% |
Customer Total [Member] | Revenue Benchmark [Member] | ||
Product Information [Line Items] | ||
Concentration risk percentage | 44.00% | 42.00% |
Customer Total [Member] | Accounts Receivable [Member] | ||
Product Information [Line Items] | ||
Concentration risk percentage | 35.00% | 19.00% |
Basis of Presentation and Liq_4
Basis of Presentation and Liquidity (Details Narrative) - USD ($) | Feb. 04, 2022 | Feb. 01, 2022 | Sep. 09, 2018 | Feb. 28, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 |
Accumulated deficit | $ 137,692,000 | $ 135,725,000 | ||||||
Allowance for doubtful accounts receivable | 1,000 | $ 1,000 | ||||||
Depreciation | 17,000 | $ 7,000 | ||||||
SRP purchase agreement [Member] | ||||||||
Number of shares sold in transaction | 600,000 | |||||||
SRP Purchase Agreement Closing [Member] | ||||||||
Number of shares sold in transaction | 100,003 | 100,003 | ||||||
Specialty Renal Products, Inc. [Member] | Loan Agreement [Member] | ||||||||
Repayments of debt | 1,300,000 | |||||||
Proceeds from Loans | $ 1,000,000 | |||||||
Loans payable | $ 1,300,000 | |||||||
Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | ||||||||
Ownership percentage | 62.50% | |||||||
Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | Lambda investors LLC [Member] | ||||||||
Ownership percentage | 36.00% | |||||||
Number of shares issued | 25,938 | |||||||
Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | Chief Executive Officer [Member] | ||||||||
Number of shares issued | 313 | |||||||
Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | SRP purchase agreement [Member] | ||||||||
Number of shares sold in transaction | 600,000 | 100,003 | ||||||
Share price | $ 5 | |||||||
Gross proceeds received through transaction | $ 500,015 | $ 3,000,000 | ||||||
Number of shares issued | 62,500 | |||||||
Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | SRP Purchase Agreement Closing [Member] | ||||||||
Number of shares sold in transaction | 100,003 | |||||||
Specialty Renal Products, Inc. [Member] | Private Placement [Member] | ||||||||
Ownership percentage | 37.50% |
Schedule of License, Royal and
Schedule of License, Royal and Other Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total royalty and other revenue | $ 2,187 | $ 2,736 |
Royalty Revenue [Member] | Bellco License Agreement [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total royalty and other revenue | 14 | |
Other Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total royalty and other revenue | 10 | 10 |
Royalty and Other revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total royalty and other revenue | $ 10 | $ 24 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - Bellco [Member] | Mar. 31, 2022Integer$ / shares | Mar. 31, 2022Integer€ / shares |
Number of units under first tier royalty receivable | 125,000 | 125,000 |
First Tier Royalty Per Unit | (per share) | $ 2.10 | € 1.75 |
Second tier royalty per unit | (per share) | $ 1.50 | € 1.25 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash | $ 2,398 | $ 2,952 |
Money market funds | 3,023 | 4,021 |
Cash and cash equivalents | 5,421 | 6,973 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents |
Schedule of Inventory, Net (Det
Schedule of Inventory, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 3,622 | $ 3,760 |
Raw materials | 1,057 | 1,035 |
Total inventory | $ 4,679 | $ 4,795 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 1,688 | $ 1,688 |
Accumulated Amortization | (190) | (152) |
Total Intangible Assets, Net | 1,498 | 1,536 |
Tradenames, Service Marks and Domain Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 50 | 50 |
Accumulated Amortization | (32) | (30) |
Total Intangible Assets, Net | 18 | 20 |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1,098 | 1,098 |
Accumulated Amortization | (53) | (26) |
Total Intangible Assets, Net | 1,045 | 1,072 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 540 | 540 |
Accumulated Amortization | (105) | (96) |
Total Intangible Assets, Net | $ 435 | $ 444 |
Schedule of Future Amortization
Schedule of Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 (excluding the three months ended March 31, 2022) | $ 114 |
2023 | 152 |
2024 | 142 |
2025 | 142 |
2026 | $ 142 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||
Amortization of intangible assets | $ 38,000 | ||
Impairment of intangible assets | 0 | $ 0 | |
Goodwill | 759,000 | $ 759,000 | |
Selling, General and Administrative Expenses [Member] | |||
Goodwill [Line Items] | |||
Amortization of intangible assets | 11,000 | $ 10,000 | |
Cost of Sales [Member] | |||
Goodwill [Line Items] | |||
Amortization of intangible assets | $ 27,000 |
License and Supply Agreement,_2
License and Supply Agreement, net (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2013 | |
Long-term intangible asset, gross | $ 2,300,000 | |||
License and supply agreement, net | 502,000 | $ 536,000 | ||
Accumulated Amortization | (190,000) | (152,000) | ||
Amortization of intangible assets | 38,000 | |||
Accounts Payable [Member] | ||||
Royalty expense | 59,000 | 70,000 | ||
Cost of Goods Sold [Member] | ||||
Royalty expense | $ 59,000 | $ 72,000 | ||
Medica [Member] | ||||
Debt instrument, interest rate, stated percentage | 12.00% | |||
Expiration term of license agreement | Dec. 31, 2025 | |||
License and Supply agreement [Member] | ||||
Accumulated Amortization | $ 1,800,000 | $ 1,800,000 | ||
Amortization of intangible assets | 33,000 | 33,000 | ||
Interest Expense, Debt | $ 0 | $ 0 | ||
License and Supply agreement [Member] | Medica [Member] | April 23, 2014 through December 31, 2025 [Member] | ||||
Royalty rate | 3.00% |
Schedule of Future Debt Princip
Schedule of Future Debt Principal Maturities (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Debt Disclosure [Abstract] | |
2022 (excluding the three months ended March 31, 2022) | $ 182 |
2023 | 95 |
Total | $ 277 |
Secured Note Payable (Details N
Secured Note Payable (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 27, 2018 | |
Short-Term Debt [Line Items] | |||
Interest expense | $ 7,000 | $ 13,000 | |
Secured Note [Member] | |||
Short-Term Debt [Line Items] | |||
Repayments of notes payable | 72,000 | 72,000 | |
Interest expense | 6,000 | $ 11,000 | |
Secured Promissory Note Agreement [Member] | Tech Capital, LLC [Member] | |||
Short-Term Debt [Line Items] | |||
Principal amount of secured note payable | $ 300,000 | $ 1,200,000 | |
Maturity date | Apr. 1, 2023 | ||
Debt interest rate | 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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases | ||
Operating lease cost | $ 111 | $ 101 |
Finance lease cost: | ||
Amortization of right-of-use assets | 4 | 3 |
Interest on lease liabilities | 2 | 1 |
Total finance lease cost | 6 | 4 |
Variable lease cost | 9 | 9 |
Total lease cost | $ 126 | $ 114 |
Schedule of Supplemental Cash F
Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 111 | $ 101 |
Financing cash flows from finance leases | $ 3 | $ 3 |
Schedule of Supplemental Balanc
Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases | ||
Operating lease right-of-use assets | $ 623 | $ 706 |
Finance lease right-of-use assets | 21 | 24 |
Current portion of operating lease liabilities | 323 | 352 |
Operating lease liabilities, net of current portion | 342 | 400 |
Total operating lease liabilities | 665 | 752 |
Current portion of finance lease liabilities | 12 | 12 |
Finance lease liabilities, net of current portion | 9 | 12 |
Total finance lease liabilities | $ 21 | $ 24 |
Weighted average remaining lease term, Operating leases | 2 years 2 months 12 days | |
Weighted average remaining lease term, Finance leases | 2 years 2 months 12 days | |
Weighted average discount rate, Operating leases | 8.00% | |
Weighted average discount rate, Finance leases | 8.00% |
Schedule of Maturities of Lease
Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Operating Leases, 2022 | $ 294 | |
Operating Leases, 2023 | 269 | |
Operating Leases, 2024 | 156 | |
Operating Leases, 2025 | ||
Operating Leases, Total future minimum lease payments | 719 | |
Operating Leases, Less imputed interest | (54) | |
Operating Leases, Total | 665 | $ 752 |
Finance Leases | ||
Finance Leases, 2022 | 10 | |
Finance Leases, 2023 | 8 | |
Finance Leases, 2024 | 7 | |
Finance Leases, 2025 | 4 | |
Finance Leases, Total future minimum lease payments | 29 | |
Finance Leases, Less imputed interest | (8) | |
Finance Leases, Total | $ 21 |
Leases (Details Narrative)
Leases (Details Narrative) | Mar. 31, 2022 |
Minimum [Member] | |
Operating lease terms | 1 year |
Maximum [Member] | |
Operating lease terms | 4 years |
Schedule of Fair Value Assumpti
Schedule of Fair Value Assumptions (Details) - Employee Stock [Member] | 3 Months Ended |
Mar. 31, 2022 | |
Subsidiary, Sale of Stock [Line Items] | |
Stock Price Volatility | 65.67% |
Risk-Free Interest Rates | 175.00% |
Expected Life (in years) | 6 years 2 months 26 days |
Expected Dividend Yield |
Stock Plans and Share-Based P_3
Stock Plans and Share-Based Payments (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | May 07, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Income tax benefit | $ 0 | ||||
Unrecognized compensation expense | $ 2,200,000 | ||||
Unrecognized compensation expense, period for recognition | 2 years 9 months 18 days | ||||
SRP Equity Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 0 | $ 2,000 | |||
Number of shares reserved and authorized for awards | 150,000 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | 236,000 | 233,000 | |||
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 | 223,000 | 222,000 | |||
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 | 13,000 | 11,000 | |||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | 41,000 | 41,000 | |||
Unrecognized compensation expense | $ 131,000 | ||||
Unrecognized compensation expense, period for recognition | 3 years | ||||
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 41,000 | $ 41,000 | |||
Employees [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Stock options granted | 15,500 | ||||
Fair value of stock options granted | $ 38,000 | ||||
Employees [Member] | Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Shares, granted | 0 | 168,000 | 168,000 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Feb. 04, 2022 | Feb. 01, 2022 | Sep. 09, 2018 | Sep. 05, 2018 | Feb. 28, 2022 | Apr. 04, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 |
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, shares outstanding | 0 | 0 | ||||||||
Proceeds from warrants exercised | $ 163,000 | |||||||||
Warrant [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Number of shares issued for common stock | 60,374 | |||||||||
Proceeds from warrants exercised | $ 200,000 | |||||||||
Number of warrants exercised | 60,374 | |||||||||
Series A Preferred Stock [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Preferred stock, shares outstanding | 150,000 | |||||||||
Proceeds from indebtedness | $ 250,000 | |||||||||
Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Ownership percentage | 62.50% | |||||||||
Chief Executive Officer [Member] | Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Number of shares issued for common stock | 313 | |||||||||
Management [Member] | Warrant [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Number of shares issued for common stock | 14,815 | |||||||||
Proceeds from warrants exercised | $ 40,000 | |||||||||
Specialty Renal Products, Inc. [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Number of shares issued for common stock | 62,500 | |||||||||
Ownership percentage | 62.50% | |||||||||
Specialty Renal Products, Inc. [Member] | Chief Executive Officer [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Number of shares issued for common stock | 313 | |||||||||
Lambda investors LLC [Member] | Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Number of shares issued for common stock | 25,938 | |||||||||
Ownership percentage | 36.00% | |||||||||
SRP purchase agreement [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Sale of stock | 600,000 | |||||||||
Sale of stock price per share | $ 5 | |||||||||
Proceeds from sale of stock | $ 3,000,000 | |||||||||
SRP purchase agreement [Member] | Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Sale of stock | 600,000 | 100,003 | ||||||||
Number of shares issued for common stock | 62,500 | |||||||||
SRP Purchase Agreement Closing [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Sale of stock | 100,003 | 100,003 | ||||||||
Proceeds from sale of stock | $ 500,015 | |||||||||
SRP Purchase Agreement Closing [Member] | Specialty Renal Products, Inc. [Member] | Series A Preferred Stock [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Sale of stock | 100,003 | |||||||||
Loan Agreement [Member] | Specialty Renal Products, Inc. [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Repayments of debt | 1,300,000 | |||||||||
Proceeds from Loans | $ 1,000,000 | |||||||||
Loans payable | $ 1,300,000 | |||||||||
Series A Preferred Stock Purchase Agreement [Member] | Specialty Renal Products, Inc. [Member] | ||||||||||
Subsidiary or Equity Method Investee [Line Items] | ||||||||||
Dividends per share rate | $ 0.40 |
Schedule of Antidilutive Securi
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 260,597 | |
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 | 1,442,010 | 1,288,949 |
Unvested Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 59,732 | 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, 2022USD ($) | Dec. 31, 2022EUR (€) | Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 1.6 | € 1.5 | ||
Forecast [Member] | ||||
Long-Term Purchase Commitment, Amount | $ 4.1 | € 3.5 |
Schedule of Segment Information
Schedule of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Total net revenues | $ 2,187 | $ 2,736 |
Gross margin | 1,025 | 1,587 |
Research and development expenses | 578 | 556 |
Depreciation and amortization expense | 52 | 50 |
Selling, general and administrative expenses | 2,348 | 1,999 |
Total operating expenses | 2,978 | 2,605 |
Loss from operations | (1,953) | (1,018) |
Water Filtration [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 2,159 | 2,736 |
Gross margin | 1,053 | 1,587 |
Research and development expenses | 255 | 294 |
Depreciation and amortization expense | 51 | 50 |
Selling, general and administrative expenses | 2,150 | 1,876 |
Total operating expenses | 2,456 | 2,220 |
Loss from operations | (1,403) | (633) |
Pathogen Detection [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 28 | |
Gross margin | (28) | |
Research and development expenses | 206 | 119 |
Depreciation and amortization expense | 1 | |
Selling, general and administrative expenses | 171 | 101 |
Total operating expenses | 378 | 220 |
Loss from operations | (406) | (220) |
Renal Products [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | ||
Gross margin | ||
Research and development expenses | 117 | 143 |
Depreciation and amortization expense | ||
Selling, general and administrative expenses | 27 | 22 |
Total operating expenses | 144 | 165 |
Loss from operations | (144) | (165) |
Consolidated [Member] | ||
Segment Reporting Information [Line Items] | ||
Total net revenues | 2,187 | 2,736 |
Gross margin | 1,025 | 1,587 |
Research and development expenses | 578 | 556 |
Depreciation and amortization expense | 52 | 50 |
Selling, general and administrative expenses | 2,348 | 1,999 |
Total operating expenses | 2,978 | 2,605 |
Loss from operations | $ (1,953) | $ (1,018) |