Company: SNWV
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001628280-25-014141
Chunk: 89

Company: SANUWAVE Health, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 8
Chunk 89
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Table of Contents

Item 8.     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

PageConsolidated Financial StatementsReport of Independent Registered Public Accounting Firm (PCAOB ID: 688)F-1Consolidated Balance Sheets as of December 31, 2024 and 2023F-3Consolidated Statements of Comprehensive Loss for the years ended December 31, 2024 and 2023F-4Consolidated Statements of Stockholders’ Deficit for the years ended December 31, 2024 and 2023F-5Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023F-6Notes to Consolidated Financial StatementsF-7

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Table of Contents

Report of Independent Registered Public Accounting Firm

To the Stockholders and Board of Directors of

SANUWAVE Health, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of SANUWAVE Health, Inc. (the “Company”) and Subsidiaries as of December 31, 2024 and 2023, the related consolidated statements of comprehensive loss, stockholders’ deficit, and cash flows for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As more fully described in Note 2, the Company has incurred recurring losses, has negative working capital, and needs to refinance its debt to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits