SNWV - SANUWAVE Health Reports Third Quarter 2019 Financial Results

November, 15 2019 08:00 AM Sanuwave Health Inc

SUWANEE, Ga., Nov. 15, 2019 (GLOBE NEWSWIRE) -- SANUWAVE Health, Inc. (OTCQB: SNWV) reported financial results for the three and nine months ended September 30, 2019 with the SEC on Thursday, November 14, 2019. The Company will also host a conference call today, November 15, 2019, at 9:00 a.m. Eastern Time.

Highlights from the third quarter and last few weeks:

Expect Q4 revenue to exceed $1million, due to the Brazil deal, Strong International orders, and domestic procedural revenue commencing.
Placed 58 dermaPACE^® Systems in the United States in total by the end of the third quarter and have achieved 70 placed by the end of October. On track to reach 85 by end of November and 110 by year end. We plan to place at least 300 in 2020.
Presented abstracts, symposium, and posters at four conferences in third quarter; DFCon, SAWC, AAWC Sacramento and Wounds Canada. Our global partners also participated in three conferences.
Over 200 patients treated and over 1,500 treatments performed.
Over 200 clinicians certified to use and treat with dermaPACE System.
Successful completion of Medical Device Single Audit Program (MDSAP) and Korean Ministry of Food and Drug Safety (MFDS).
Attendance at Global Diabetic Foot Course (GDFC) in Muscat, Oman with our partners in the region, Taiba Healthcare and MenaCare.
Signing of a term sheet for a Brazilian joint venture for the dermaPACE System with IDIC Group of São Paulo, Brazil. Fees for partnership are $600,000 with cash payments already occurring.
Signing of a distribution partnership agreement with Ametus Group for the commercialization of the dermaPACE System.

“SANUWAVE’s focus during 2019 remains placing devices with qualified clinicians in fifteen target states. We have added some significant talent in 2019 with new employees joining us from very well established wound companies and medical backgrounds. The buzz around our device and product is growing through our expanded presence at tradeshows, addition of new hires, published articles, increased social media footprint, but most importantly through word of mouth from professionals to each other about how great and successful the device is in treating DFU’s. Third quarter was one of our busier quarters on record for activity and the team performed extremely well. We also began to refine our processes from learnings in the field. The refinement in implementation and support and sales cycles will help improve our efficiency and customer interactions as we move forward. Through these process improvements we are comfortable that we will achieve our placement goals for 2019. Added to this comfort is the recently announced agreement with Ametus Group to help support and accelerate our growth in 2019, 2020 and beyond. The playbook we are following is the same playbook used by many successful medical device companies. The fourth quarter will begin the revenue trends from all the hard work as we begin recognizing revenue from these placements. We are confident we will exceed one million dollars in revenue in the fourth quarter driven by Brazil, other international partners and dermaPACE procedural revenue. We are still working with our auditing firm to determine how much of the initial procedural revenue will be recognized in Q4, and we will discuss this more on the year end call,” stated Kevin Richardson, CEO.

SANUWAVE President, Shri Parikh added, “The 300 qualified customer leads from the past four wound care conferences and ongoing payments of reimbursement claims activity continue to validate the cost efficiency of SANUWAVE’s dermaPACE technology on the treatment of DFUs and the cost avoidance of amputation. Commercializing this only FDA cleared shockwave technology, with our new and growing sales and clinical professionals experienced in wound care together with clinicians that are deeply committed to driving positive change in today’s healthcare ecosystem is highly rewarding.”

Goals for 2019 and update on progress

110 dermaPACE system placements and 300 certified users
- 58 at end of Q3, 85 by end of November, and 110 by year end
- 200 certified users on track for over 300 by year end
Finish with at least 10 million covered lives for insurance reimbursement
Launch 2-3 domestic clinical studies. On track with 2 perfusion studies and dosage study under way
Add 3-4 new countries. On track to exceed this goal.
Add additional advisors to our scientific board. On track for additions in second half
Add other key senior management positions. Continuous process with success to date.

This year sets the stage for SANUWAVE to shift from a clinical research company to a rapidly growing commercialization company. The process involves placing devices, training clinicians, gaining reimbursement, and supporting the infrastructure with more clinical research, published articles, and case studies. The method will allow SANUWAVE to achieve the goal of delivering a dermaPACE System anywhere and everywhere a DFU is treated. This allows SANUWAVE to accomplish the vision of providing a positive impact on life and the environment, one shock at a time.

We are well on our way of achieving our stated goals for 2019 which will allow for rapid revenue growth in 2020 and beyond. Our stated long term goal is to reach 2,000 placed devices and $100 million in Revenue in three to four years. To accomplish this long term goal, we establish yearly goals and objectives by which investors can measure managements performance. 2019 is on track to meet or exceed our objectives for the year. SANUWAVE will release their goals for 2020 in early 2020, but plan to have at least 300 devices placed during 2020 as part of those goals.

Third Quarter Financial Results

Revenues for the three months ended September 30, 2019 were $197,640, compared to $595,789 for the same period in 2018, a decrease of $398,149, or 67%. Revenue resulted primarily from sales in Europe and Asia/Pacific of our orthoPACE devices and related applicators. The decrease in revenue for 2019 was primarily due to a return of sales of devices and applicators as a result of the termination of distribution deal with Johnfk Medical Inc. (“FKS”), lower sales of refurbished applicators and lower upfront international distribution fees, as compared to the prior year. This is partially offset by device sales in Asia/Pacific. Although procedures occurred in the third quarter, we did not begin to bill and receive payments from vendors until the fourth quarter.

Operating expenses for the three months ended September 30, 2019 were $2,460,372, compared to $3,082,551 for the same period in 2018, a decrease of $622,179, or 20%. Research and development expenses decreased by $322,249. The decrease was due to a reclassification of employees and related costs from research and development to general and administrative in 2019 and lower stock based compensation expense as compared to the prior year. This is partially offset by an increase in contracting for temporary services and increased study expenses related to our dosage study in Poland. Selling and marketing expenses increased by $124,818. The increase was due to an increase in hiring of trainers and salespeople, increased travel expenses for placement and training related to the commercialization of dermaPACE and increased participation in domestic tradeshows. General and administrative expenses decreased by $441,377. The decrease was due to a decrease in stock based compensation expense related to options issued in 2018, lease expense related to pay-off of lease agreement for devices in 2018 and lower outside consultant costs. This is partially offset by an increase in salary, bonus and benefits related to new hires in 2019.

Net loss for the three months ended September 30, 2019 was $2,748,018, or ($0.01) per basic and diluted share, compared to a net loss of $825,142, or ($0.01) per basic and diluted share, for the same period in 2018, an increase in the net loss of $1,922,876, or 233%.

Cash and cash equivalents increased by $38,107 for the nine months ended September 30, 2019 and decreased by $657,873 for the nine months ended September 30, 2018. For the nine months ended September 30, 2019 and 2018, net cash used by operating activities was $4,684,611 and $2,271,566, respectively, primarily consisting of compensation costs, dermaPACE commercialization activities and general corporate operations. The increase of $2,413,045 in the use of cash for operating activities for the nine months ended September 30, 2019, as compared to the same period for 2018, was primarily due to the increased accrued operating and payroll related expenses and increased inventory and prepaid expenses in 2019. Net cash used by investing activities for the nine months ended September 30, 2019 and 2018, consisted of purchase of property and equipment of $28,990 and $32,171, respectively. Net cash provided by financing activities for the nine months ended September 30, 2019 was $4,738,556, which consisted of $1,378,142 from the exercise of warrants, $1,215,000 from the issuance of short term notes payable, $90,000 from increase in related party line of credit and $2,055,414 from advances from related parties. Net cash provided by financing activities for the nine months ended September 30, 2018 was $1,663,063, which consisted of $144,000 net from advances from related parties, $38,528 from exercise of warrants, $1,159,785 from the issuance of convertible promissory notes, $184,750 from issuance of short term notes payable and $136,000 net from increase in line of credit, related party.

Conference Call

The Company will also host a conference call on Friday, November 15, 2019, beginning at 9AM Eastern Time to discuss the third quarter financial results, provide a business update and answer questions.

Shareholders and other interested parties can participate in the conference call by dialing 844-602-0380 (U.S.) or 862-298-0970 (international) or via webcast at https://www.investornetwork.com/event/presentation/56798.

A replay of the conference call will be available beginning two hours after its completion through November 29, 2019, by dialing 877-481-4010 (U.S.) or 919-882-2331 and entering PIN #56798 and a replay of the webcast will be available at https://www.investornetwork.com/event/presentation/56798 until February 15, 2020.

About SANUWAVE Health, Inc.

SANUWAVE Health, Inc. (OTCQB:SNWV) (www.SANUWAVE.com) is a shockwave technology company initially focused on the development and commercialization of patented noninvasive, biological response activating devices for the repair and regeneration of skin, musculoskeletal tissue and vascular structures. SANUWAVE’s portfolio of regenerative medicine products and product candidates activate biologic signaling and angiogenic responses, producing new vascularization and microcirculatory improvement, which helps restore the body’s normal healing processes and regeneration. SANUWAVE applies its patented PACE^® technology in wound healing, orthopedic/spine, plastic/cosmetic and cardiac conditions. Its lead product candidate for the global wound care market, dermaPACE^®, is US FDA cleared for the treatment of Diabetic Foot Ulcers. The device is also CE Marked throughout Europe and has device license approval for the treatment of the skin and subcutaneous soft tissue in Canada, South Korea, Australia and New Zealand. SANUWAVE researches, designs, manufactures, markets and services its products worldwide, and believes it has demonstrated that its technology is safe and effective in stimulating healing in chronic conditions of the foot (plantar fasciitis) and the elbow (lateral epicondylitis) through its U.S. Class III PMA approved OssaTron^® device, as well as stimulating bone and chronic tendonitis regeneration in the musculoskeletal environment through the utilization of its OssaTron, Evotron^® and orthoPACE^® devices in Europe, Asia and Asia/Pacific. In addition, there are license/partnership opportunities for SANUWAVE’s shockwave technology for non-medical uses, including energy, water, food and industrial markets.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with the regulatory approval and marketing of the Company’s product candidates and products, unproven pre-clinical and clinical development activities, regulatory oversight, the Company’s ability to manage its capital resource issues, competition, and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.

For additional information about the Company, visit www.sanuwave.com.

Contact:

Millennium Park Capital LLC
Christopher Wynne
312-724-7845
cwynne@mparkcm.com

SANUWAVE Health, Inc.
Kevin Richardson II
CEO and Chairman of the Board
978-922-2447
investorrelations@sanuwave.com

(FINANCIAL TABLES FOLLOW)


SANUWAVE HEALTH, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED BALANCE SHEETS
























September 30,

December 31,







2019



2018





ASSETS

(Unaudited)



CURRENT ASSETS







Cash and cash equivalents


$
402,656


$
364,549



Accounts receivable, net of allowance for doubtful accounts


56,308



234,774



Due from related parties



-



1,228



Inventory



290,936



357,820



Prepaid expenses and other current assets



208,118



125,111



TOTAL CURRENT ASSETS



958,018



1,083,482











PROPERTY AND EQUIPMENT, net



79,300



77,755











RIGHT OF USE ASSETS



576,927



-











OTHER ASSETS



30,058



16,491



TOTAL ASSETS


$
1,644,303


$
1,177,728














LIABILITIES





CURRENT LIABILITIES







Accounts payable


$
1,697,051


$
1,592,643



Accrued expenses



816,866



689,280



Accrued employee compensation



1,181,813



340,413



Contract liabilities



61,429



131,797



Lease liability - right of use



227,981



-



Advances from related parties



1,094,765



-



Line of credit, related parties



338,279



883,224



Accrued interest, related parties



1,679,975



1,171,782



Short term notes payable



1,061,408



1,883,163



Convertible promissory notes, net



1,012,458



2,652,377



Notes payable, related parties, net



5,372,743



5,372,743



Warrant liability



-



1,769,669



TOTAL CURRENT LIABILITIES



14,544,768



16,487,091











NON-CURRENT LIABILITIES







Contract liabilities



61,179



46,736



Lease liability - right of use



356,530



-



TOTAL NON-CURRENT LIABILITIES



417,709



46,736



TOTAL LIABILITIES



14,962,477



16,533,827











COMMITMENTS AND CONTINGENCIES


















STOCKHOLDERS' DEFICIT





PREFERRED STOCK, par value $0.001, 5,000,000






shares authorized; no shares issued and outstanding


-



-











PREFERRED STOCK, SERIES A CONVERTIBLE, par value $0.001,






6,175 designated; 6,175 shares issued and 0 shares outstanding






in 2019 and 2018



-



-











PREFERRED STOCK, SERIES B CONVERTIBLE, par value $0.001,






293 designated; 293 shares issued and 0 shares outstanding






in 2019 and 2018



-



-











COMMON STOCK, par value $0.001, 350,000,000 shares authorized;






245,768,619 and 155,665,138 issued and outstanding in 2019 and






2018, respectively



245,768



155,665











ADDITIONAL PAID-IN CAPITAL



109,488,657



101,153,882











ACCUMULATED DEFICIT



(123,002,883
)


(116,602,778
)










ACCUMULATED OTHER COMPREHENSIVE LOSS


(49,716
)


(62,868
)


TOTAL STOCKHOLDERS' DEFICIT



(13,318,174
)


(15,356,099
)


TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$
1,644,303


$
1,177,728


SANUWAVE HEALTH, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS


(UNAUDITED)





























Three Months Ended

Three Months Ended

Nine Months Ended

Nine Months Ended





September 30,

September 30,

September 30,

September 30,






2019



2018



2019



2018














REVENUES










Product

$
158,855


$
240,759


$
444,087


$
703,054



License fees


16,250



335,697



189,307



623,570



Other revenue


22,535



19,333



59,185



66,647




TOTAL REVENUES


197,640



595,789



692,579



1,393,271














COST OF REVENUES










Product


91,179



151,624



334,749



413,447



Other


31,744



31,970



67,908



102,256




TOTAL COST OF REVENUES


122,923



183,594



402,657



515,703














GROSS MARGIN


74,717



412,195



289,922



877,568














OPERATING EXPENSES










Research and development


299,903



622,152



867,825



1,339,933



Selling and marketing


335,472



210,654



901,031



268,051



General and administrative


1,802,659



2,244,036



4,746,519



5,163,044



Depreciation


22,338



5,709



40,150



16,733



Loss on sale of property and equipment


-



-



-



3,170




TOTAL OPERATING EXPENSES


2,460,372



3,082,551



6,555,525



6,790,931
















OPERATING LOSS


(2,385,655
)


(2,670,356
)


(6,265,603
)


(5,913,363
)













OTHER INCOME (EXPENSE)










Gain (loss) on warrant valuation adjustment


-



2,241,008



227,669



428,846



Interest expense


(182,001
)


(195,613
)


(1,120,440
)


(3,486,878
)


Interest expense, related party


(175,522
)


(199,991
)


(508,193
)


(583,448
)


Gain (loss) on foreign currency exchange


(4,840
)


(190
)


(13,199
)


(15,213
)



TOTAL OTHER INCOME (EXPENSE), NET


(362,363
)


1,845,214



(1,414,163
)


(3,656,693
)















NET LOSS


(2,748,018
)


(825,142
)


(7,679,766
)


(9,570,056
)













OTHER COMPREHENSIVE INCOME (LOSS)










Foreign currency translation adjustments


(14,061
)


(6,230
)


13,152



(17,199
)



TOTAL COMPREHENSIVE LOSS

$
(2,762,079
)

$
(831,372
)

$
(7,666,614
)

$
(9,587,255
)













LOSS PER SHARE:










Net loss - basic and diluted

$
(0.01
)

$
(0.01
)

$
(0.04
)

$
(0.06
)














Weighted average shares outstanding - basic and diluted


211,423,362



151,852,757



181,088,995



147,550,321


SANUWAVE HEALTH, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT


(UNAUDITED)










































Preferred Stock

Common Stock












Number of



Number of







Accumulated






Shares



Shares







Other






Issued and



Issued and



Additional Paid-

Accumulated

Comprehensive






Outstanding

Par Value

Outstanding

Par Value

in Capital

Deficit

Loss

Total




















Balances as of January 1, 2018

-

$
-

139,300,122

$
139,300

$
94,995,040


$
(104,971,384
)

$
(43,783
)

$
(9,880,827
)


Net loss

-


-

-


-


-



(5,856,655
)


-



(5,856,655
)


Cashless warrant exercises

-


-

1,023,130


1,023


117,815



-



-



118,838



Proceeds from warrant exercise

-


-

175,666


176


13,352



-



-



13,528



Shares issued for services

-


-

551,632


552


78,448



-



-



79,000



Warrants issued with convertible promissory notes

-


-

-


-


808,458



-



-



808,458



Beneficial conversion feature on convertible promissory notes

-


-

-


-


709,827



-



-



709,827



Warrants issued with promissory note

-


-

-


-


36,104



-



-



36,104



Beneficial conversion feature on promissory notes

-


-

-


-


35,396



-



-



35,396



Foreign currency translation adjustment

-


-

-


-


-



-



935



935





















Balances as of March 31, 2018

-

$
-

141,050,550

$
141,051

$
96,794,440


$
(110,828,039
)

$
(42,848
)

$
(13,935,396
)


Net loss

-


-

-


-


-



(2,888,259
)


-



(2,888,259
)


Warrant exercises

-


-

227,273


227


24,773



-



-



25,000



Cashless warrant exercises

-


-

4,606,675


4,607


(4,607
)


-



-



-



Shares issued for services

-


-

71,532


71


27,429



-



-



27,500



Warrants issued for services

-


-

-


-


737,457



-



-



737,457



Conversion of promissory notes

-


-

5,896,727


5,897


642,743



-



-



648,640



Stock-based compensation

-


-

-


-


836,796



-



-



836,796



Foreign currency translation adjustment

-


-

-


-


-



-



(11,904
)


(11,904
)




















Balances as of June 30, 2018

-

$
-

151,852,757

$
151,853

$
99,059,031


$
(113,716,298
)

$
(54,752
)

$
(14,560,166
)


Net loss

-


-

-


-


-



(2,966,150
)


-



(2,966,150
)


Cashless warrant exercises

-


-

653,859


654


(654
)


-



-



-



Conversion of promissory notes

-


-

2,600,511


2,600


283,456



-



-



286,056



Stock-based compensation

-


-

-


-


1,637,700



-



-



1,637,700



Foreign currency translation adjustment

-


-

-


-


-



-



(6,230
)


(6,230
)




















Balances as of September 30, 2018

-

$
-

155,107,127

$
155,107

$
100,979,533


$
(116,682,448
)

$
(60,982
)

$
(15,608,790
)



















































































































Balances as of January 1, 2019

-


-

155,665,138


155,665


101,153,882



(116,602,778
)


(62,868
)


(15,356,099
)


Net loss

-


-

-


-


-



(2,197,317
)


-



(2,197,317
)


Cashless warrant exercises

-


-

704,108


704


(704
)


-



-



-



Proceeds from warrant exercise

-


-

620,000


620


52,580



-



-



53,200



Other warrant exercise

-


-

3,333,334


3,334


263,333



-



-



266,667



Reclassification of warrant liability to equity

-


-

-


-


262,339



1,279,661



-



1,542,000



Foreign currency translation adjustment

-


-

-


-


-



-



(2,398
)


(2,398
)




















Balances as of March 31, 2019

-

$
-

160,322,580

$
160,323

$
101,731,430



$
(117,520,434
)

$
(65,266
)

$
(15,693,947
)


Net loss

-


-

-


-


-



(2,734,431
)


-



(2,734,431
)


Cashless warrant exercises

-


-

2,997,375


2,997


13,003



-



-



16,000



Proceeds from warrant exercise

-


-

17,051,769


17,052


1,333,005



-



-



1,350,057



Other warrant exercise

-


-

5,804,167


5,804


451,697



-



-



457,501



Conversion of line of credit, related parties to equity

-


-

2,475,000


2,475


177,525



-



-



180,000



Stock-based compensation

-


-

-


-


31,758



-



-



31,758



Warrants issued for consulting services

-


-

-


-


36,067



-



-



36,067



Foreign currency translation adjustment

-


-

-


-


-



-



1,489



1,489





















Balances as of June 30, 2019

-

$
-

188,650,891

$
188,651

$
103,774,485



$
(120,254,865
)

$
(63,777
)

$
(16,355,506
)


Net loss

-


-

-


-


-



(2,748,018
)


-



(2,748,018
)


Cashless warrant exercises

-


-

1,710,674


1,711


18,289



-



-



20,000



Proceeds from warrant exercise

-


-

10,506,593


10,506


961,528



-



-



972,034



Other warrant exercise

-


-

40,355,006


40,355


4,014,500



-



-



4,054,855



Conversion of line of credit, related parties to equity

-


-

4,545,455


4,545


495,455



-



-



500,000



Stock-based compensation

-


-

-


-


224,400



-



-



224,400



Foreign currency translation adjustment

-


-

-


-


-



-



14,061



14,061





















Balances as of September 30, 2019

-

$
-

245,768,619

$
245,768

$
109,488,657



$
(123,002,883
)

$
(49,716
)

$
(13,318,174
)


SANUWAVE HEALTH, INC. AND SUBSIDIARIES


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


(UNAUDITED)













Nine Months Ended

Nine Months Ended





September 30,

September 30,






2019



2018










CASH FLOWS FROM OPERATING ACTIVITIES






Net loss


$
(7,679,766
)

$
(9,570,056
)

Adjustments to reconcile loss from operations






to net cash used by operating activities







Depreciation



40,150



16,733



Change in allowance for doubtful accounts



(18,835
)


(49,847
)


Stock-based compensation



256,158



2,474,496



Warrants issued for consulting services



36,067



737,457



Waived proceeds from warrant exercise



36,000



-



Stock issued for consulting services



-



106,500



Loss (gain) on warrant valuation adjustment



(227,669
)


(428,846
)


Accrued interest



1,139,904



280,975



Interest payable, related parties



508,193



319,237



Amortization of debt issuance costs



-



2,767,361



Amortization of debt discount



-



112,984



Loss on sale of fixed assets



-



3,170



Amortization of operating lease



(14,634
)


-



Changes in operating assets and liabilities







Accounts receivable - trade



197,301



49,661



Inventory



66,884



(9,441
)


Prepaid expenses



(83,007
)


(76,871
)


Due from related parties



1,228



-



Other assets



(13,567
)


(3,901
)


Accounts payable



118,908



184,442



Accrued expenses



127,586



72,483



Accrued employee compensation



863,400



362,823



Operating leases



9,513



-



Contract liabilties



(48,425
)


379,074



NET CASH USED BY OPERATING ACTIVITIES



(4,684,611
)


(2,271,566
)









CASH FLOWS FROM INVESTING ACTIVITIES







Purchases of property and equipment



(28,990
)


(32,171
)


NET CASH USED BY INVESTING ACTIVITIES



(28,990
)


(32,171
)









CASH FLOWS FROM FINANCING ACTIVITIES







Advances from related parties



2,055,414



156,000



Proceeds from warrant exercise



1,378,142



38,528



Proceeds from short term note



1,215,000



184,750



Proceeds from line of credit, related party



90,000



280,500



Proceeds from convertible promissory notes, net



-



1,159,785



Proceeds from note payable, product



-



96,708



Payment on line of credit, related party



-



(144,500
)


Payments on note payable, product



-



(96,708
)


Payments on advances from related parties



-



(12,000
)


NET CASH PROVIDED BY FINANCING ACTIVITIES



4,738,556



1,663,063










EFFECT OF EXCHANGE RATES ON CASH



13,152



(17,199
)










NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS


38,107



(657,873
)









CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD



364,549



730,184



CASH AND CASH EQUIVALENTS, END OF PERIOD


$
402,656


$
72,311


















NON-CASH INVESTING AND FINANCING ACTIVITIES























Other warrant exercise


$
924,649


$
-



















Conversion of line of credit, related party to equity


$
680,000


$
-



















Conversion of short term notes payable to equity


$
2,860,769


$
-



















Conversion of convertible promissory notes to equity


$
1,918,254


$
-



















Reclassification of warrant liability to equity


$
1,542,000


$
-



















Advances from related and unrelated parties converted to Convertible promissory note

$
-


$
310,000



















Accounts payable and Accrued employee compensation converted to convertible promissory notes

$
-


$
120,000



















Accounts payable and Accrued employee compensation converted to equity

$
36,500


$
-



















Beneficial conversion feature on convertible debt


$
-


$
745,223



















Warrants issued with debt


$
-


$
844,562

Company Name:	Sanuwave Health Inc
Stock Symbol:	SNWV
Market:	OTC
Website:	sanuwave.com

Twitter