Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Schedule of inventory
    September 30,
2021		     December 31,
2020		  
Raw Material   $ 1,068,756     $ 911,753  
Work in Process     63,412       172,207  
Finished Goods     152,168       68,145  
TOTAL INVENTORY, NET   $ 1,284,336     $ 1,152,105  

 
Schedule of disaggregation of revenue
    Three months ended
September 30,		     Nine months ended
September 30,		  
    2021     2020     2021     2020  
Type of Revenue                        
Product revenue   $ 45,358     $ 245,075     $ 134,358     $ 1,043,585  
Service and subscription revenue     20,693       16,410       43,010       53,500  
Development revenue     215,987       351,248       2,155,363       866,119  
Other revenue     1,291       1,293       2,794       6,394  
Total revenue   $ 283,329     $ 614,026     $ 2,335,525     $ 1,969,598  

 

    Three months ended
September 30,		     Nine months ended
September 30,		  
    2021     2020     2021     2020  
Timing of Revenue                        
Revenue recognized point in time   $ 44,649     $ 331,528     $ 157,202     $ 1,170,409  
Revenue recognized over time     238,680       282,498       2,178,323       799,189  
Total revenue   $ 283,329     $ 614,026     $ 2,335,525     $ 1,969,598  

 
Schedule of deferred revenue
    Nine months
ended
September 30,		     Year Ended
December 31,		  
    2021     2020  
Balance at beginning of period   $ 165,035     $ 378,850  
Additions     1,776,535       1,053,850  
Transfer to revenue     (1,595,740 )     (1,267,665 )
Balance at end of period   $ 345,830     $ 165,035  

 
Schedule of lease costs
    Three months ended
September 30,		     Nine months ended
September 30,		  
    2021     2020     2021     2020  
Components of total lease costs:                        
Operating lease expense   $ 160,151     $ 80,725     $ 295,151     $ 246,680  
Short-term lease costs (1)    
-
       2,100      
-
       7,650  
Sublease rental income    
-
       (20,245 )    
-
       (70,858 )
Total lease costs   $ 160,151     $ 62,580     $ 295,151     $ 183,472  

 
Schedule of ROU lease assets and lease liabilities
    As of
September 30,
2021		     As of
December 31,
2020		  
Assets:            
Operating lease assets   $ 972,376     $ 51,065  
Total lease assets   $ 972,376     $ 51,065  
                 
Liabilities:                
Operating lease liabilities, current   $ 585,739     $ 56,168  
Operating lease liabilities, net of current     386,932      
-
  
Total lease liabilities   $ 972,671     $ 56,168  

 
Schedule of other Information
    Nine months ended
September 30,		  
    2021     2020  
Operating cash flows for operating leases   $ 220,730     $ 398,374  
Weighted average remaining lease term (in years) – operating lease     2.0       0.4  
Weighted average discount rate – operating lease     12.06 %     14 %

 
Schedule of measurement of lease liabilities
Years ending December 31,      
2021 (3 months)   $ 161,406  
2022   $ 648,002  
2023   $ 246,242  
2024   $ 9,339  
Total future minimum lease payments   $ 1,064,989  
Lease imputed interest   $ (92,318 )
Total   $ 972,671  

 
Schedule of net loss per share
    Nine months ended
September 30,		  
    2021     2020  
Warrants to purchase common stock     3,260,628       1,879,722  
Options to purchase common stock     879,044       499,667  
Restricted stock purchase offers     652,410       1,126,159  
Total potentially dilutive securities     4,792,082       3,505,548  

 
Schedule of concentration of customers
    Three months ended     Nine months ended  
    September 30,     September 30,  
Customer   2021     2020     2021     2020  
A     67 %     58 %     34 %     44 %
B     25 %     29 %     66 %     51 %
C     -       13 %     -       4 %