Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| Summary of Significant Accounting Policies [Abstract] |
|
| Schedule of Inventory |
Inventory consists of the
following:
| |
|
September 30,
2024 |
|
|
December 31,
2023 |
|
| Raw Material |
|
$ |
4,146,010 |
|
|
$ |
1,499,727 |
|
| Work in Process |
|
|
351,068 |
|
|
|
782,770 |
|
| Finished Goods |
|
|
4,481,910 |
|
|
|
4,403 |
|
| Less Inventory Reserves |
|
|
(100,254 |
) |
|
|
(100,254 |
) |
| Total Inventory, net |
|
$ |
8,878,734 |
|
|
$ |
2,186,646 |
|
|
| Schedule of Level 3 Government Grant Liability Measured at Fair Value Using Significant Unobservable Inputs |
The following table provides a reconciliation of the beginning and ending
balances for the Level 3 government grant liability measured at fair value using significant unobservable inputs:
| |
|
Government
Grant
Liability |
|
| Balance as of December 31, 2023 |
|
$ |
2,749,704 |
|
| Net loss on change in fair value of liability |
|
|
74,393 |
|
| Balance as of March 31, 2024 |
|
|
2,824,097 |
|
| Government grant proceeds received, adjusted to fair value |
|
|
156,659 |
|
| Net gain on change in fair value of liability |
|
|
(623,410 |
) |
| Balance as of June 30, 2024 |
|
|
2,357,346 |
|
| Net loss on change in fair value of liability |
|
|
86,307 |
|
| Balance as of September 30, 2024 |
|
$ |
2,443,653 |
|
|
| Schedule of Disaggregated Revenues |
The following tables present
our disaggregated revenues by type of revenue, timing of revenue, and revenue by country:
| |
|
Three Months Ended
September
30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Type of Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
| Product revenue |
|
$ |
150,668 |
|
|
$ |
2,180,472 |
|
|
$ |
175,426 |
|
|
$ |
8,880,309 |
|
| Service and subscription revenue |
|
|
887,747 |
|
|
|
234,236 |
|
|
|
1,495,887 |
|
|
|
1,289,642 |
|
| Development revenue |
|
|
442,377 |
|
|
|
250,482 |
|
|
|
1,392,339 |
|
|
|
560,194 |
|
| Total revenue |
|
$ |
1,480,792 |
|
|
$ |
2,665,190 |
|
|
$ |
3,063,652 |
|
|
$ |
10,730,145 |
|
| |
|
Three Months Ended
September
30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Timing of Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue recognized point in time |
|
$ |
881,004 |
|
|
$ |
2,296,035 |
|
|
$ |
1,172,969 |
|
|
$ |
9,818,302 |
|
| Revenue recognized over time |
|
|
599,788 |
|
|
|
369,155 |
|
|
|
1,890,683 |
|
|
|
911,843 |
|
| Total revenue |
|
$ |
1,480,792 |
|
|
$ |
2,665,190 |
|
|
$ |
3,063,652 |
|
|
$ |
10,730,145 |
|
| |
|
Three Months Ended
September
30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Country of Revenue, based on location services were provided or product
was shipped to: |
|
|
|
|
|
|
|
|
|
|
|
|
| United States |
|
$ |
567,838 |
|
|
$ |
2,430,954 |
|
|
$ |
1,319,585 |
|
|
$ |
5,081,152 |
|
| United Arab Emirates |
|
|
346,438 |
|
|
|
85,268 |
|
|
|
598,525 |
|
|
|
5,320,792 |
|
| United Kingdom |
|
|
45,323 |
|
|
|
- |
|
|
|
311,206 |
|
|
|
- |
|
| Israel |
|
|
521,193 |
|
|
|
148,968 |
|
|
|
824,336 |
|
|
|
328,201 |
|
| India |
|
|
- |
|
|
|
- |
|
|
|
10,000 |
|
|
|
- |
|
| Total revenue |
|
$ |
1,480,792 |
|
|
$ |
2,665,190 |
|
|
$ |
3,063,652 |
|
|
$ |
10,730,145 |
|
|
| Schedule of Contract Assets |
The table below details the activity in our contract assets during the nine months ended September 30, 2024 and
the year ended December 31, 2023. Contract assets are included in Other current assets on the Condensed Consolidated Balance Sheet.
| |
|
Nine Months Ended
September
30,
2024 |
|
|
Year Ended
December 31,
2023 |
|
| Balance at beginning of period |
|
$ |
819,107 |
|
|
$ |
- |
|
| Contract assets recognized |
|
|
214,145 |
|
|
|
928,995 |
|
| Reclassification to Accounts receivable, net |
|
|
(641,043 |
) |
|
|
(109,888 |
) |
| Balance at end of period |
|
$ |
392,209 |
|
|
$ |
819,107 |
|
The table below details the activity in our contract liabilities during the nine
months ended September 30, 2024 and the year ended December 31, 2023.
| |
|
Nine Months Ended
September
30,
2024 |
|
|
Year Ended
December 31,
2023 |
|
| Balance at beginning of period |
|
$ |
276,944 |
|
|
$ |
61,508 |
|
| Additions, net |
|
|
1,262,451 |
|
|
|
2,438,655 |
|
| Transfer to revenue |
|
|
(1,091,675 |
) |
|
|
(2,223,219 |
) |
| Balance at end of period |
|
$ |
447,720 |
|
|
$ |
276,944 |
|
|
| Schedule of Lease Costs |
| |
|
Three Months Ended
September
30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Components of total lease costs: |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating lease expense |
|
$ |
263,714 |
|
|
$ |
224,126 |
|
|
$ |
803,026 |
|
|
$ |
787,833 |
|
| Common area maintenance expense |
|
|
106,013 |
|
|
|
38,242 |
|
|
|
401,296 |
|
|
|
129,348 |
|
| Short-term
lease costs (1) |
|
|
152,504 |
|
|
|
248,494 |
|
|
|
719,826 |
|
|
|
548,465 |
|
| Total lease costs |
|
$ |
522,231 |
|
|
$ |
510,862 |
|
|
$ |
1,924,148 |
|
|
$ |
1,465,646 |
|
| | (1) | Represents short-term leases with an initial term of 12 months or less, which are immaterial. |
|
| Schedule of ROU Lease Assets and Lease Liabilities |
ROU lease assets and lease
liabilities for our operating leases were recorded in the unaudited condensed consolidated balance sheet as follows:
| |
|
September 30,
2024 |
|
|
December 31,
2023 |
|
| Assets: |
|
|
|
|
|
|
| Operating lease assets |
|
$ |
3,799,014 |
|
|
$ |
4,701,865 |
|
| Total lease assets |
|
$ |
3,799,014 |
|
|
$ |
4,701,865 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Operating lease liabilities, current |
|
$ |
771,943 |
|
|
$ |
685,099 |
|
| Operating lease liabilities, net of current |
|
|
5,254,623 |
|
|
|
5,800,710 |
|
| Total lease liabilities |
|
$ |
6,026,566 |
|
|
$ |
6,485,809 |
|
|
| Schedule of Other Leases Information |
| |
| Nine Months Ended
September 30, |
|
| |
| 2024 |
|
| 2023 |
|
| Operating cash flows for operating leases |
| $ |
684,668 |
|
| $ |
799,305 |
|
| |
| |
|
|
| |
|
|
| Weighted average remaining lease term (in years) – operating lease |
| |
4.72 |
|
| |
5.13 |
|
| Weighted average discount rate – operating lease |
| |
9.93 |
% |
| |
5.76 |
% |
|
| Schedule of Future Lease Payments |
Future lease payments included
in the measurement of lease liabilities on the unaudited condensed consolidated balance sheet as of September 30, 2024, for the following
five years and thereafter are as follows:
| Years
ending December 31,(1) |
|
|
|
| 2024 (3 months) |
|
$ |
87,876 |
|
| 2025 |
|
|
1,618,215 |
|
| 2026 |
|
|
1,638,859 |
|
| 2027 |
|
|
1,568,688 |
|
| 2028 |
|
|
1,616,022 |
|
| Thereafter |
|
|
999,204 |
|
| Total future minimum lease payments |
|
$ |
7,528,864 |
|
| Less imputed interest |
|
|
(1,502,298 |
) |
| Total |
|
$ |
6,026,566 |
|
| (1) | Remaining non-cancellable sublease proceeds for the years ending December 31, 2024, 2025, 2026 - 2028, and 2029 of $68,760, $412,515, $495,000, and $165,000, respectively, are not included in the table above. |
|
| Schedule of Diluted Net Loss Per Share |
The following potentially
dilutive securities for the three and nine months ended September 30, 2024 and 2023 have been excluded from the computation of diluted
net loss per share because the effect of their inclusion would have been anti-dilutive.
| |
|
Three and Nine Months Ended
September
30, |
|
| |
|
2024 |
|
|
2023 |
|
| Warrants to purchase Common Stock |
|
|
26,490,210 |
|
|
|
12,566,092 |
|
| Options to purchase Common Stock |
|
|
4,687,865 |
|
|
|
4,845,049 |
|
| Potential shares issuable under 2022 Convertible Promissory Notes |
|
|
56,958,660 |
|
|
|
29,319,723 |
|
| Potential shares issuable under 2023 Additional Notes |
|
|
29,787,651 |
|
|
|
28,908,377 |
|
| Restricted stock units |
|
|
118,419 |
|
|
|
175,064 |
|
| Total potentially dilutive securities |
|
|
118,042,805 |
|
|
|
75,814,305 |
|
|