Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT ACCOUNT POLICIES (Tables)

v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNT POLICIES (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of inventory
    Years Ended December 31,  
    2019     2018  
Raw material   $ 372,101     $ 307,947  
Finished goods     55,415       39,998  
     Total inventory   $ 427,516     $ 347,945  
Schedule of changes in fair value associated with level 3 liabilities
   

Fair Value Measurements Using Significant Unobservable Inputs

(Level 3)

 
    December 31,  
    2019     2018  
Balance, beginning of period   $ -     $ (166,093 )
Issuances of derivative liability     -       -  
Reclassification to additional paid in capital     -       1,141,995  
Change in fair value of derivative liability     -       (975,902 )
Balance, end of period   $ -     $ -  
Schedule of disaggregation of revenue
  Years Ended December 31,  
    2019     2018  
Type of Revenue            
Product revenue   $ 212,905     $ 125,664  
Service revenue     107,478       64,365  
Total revenue   $ 320,383     $ 190,029  

 

    Years Ended December 31,  
    2019     2018  
Timing of Revenue            
Revenue recognized point in time   $ 281,333     $ 147,863  
Revenue recognized over time     39,050       42,166  
Total revenue   $ 320,383     $ 190,029  
Schedule of deferred warranty activity
  Years Ended December 31,  
    2019     2018  
Balance, beginning of year   $ 20,631     $ 30,690  
Additions     20,826       32,106  
Transfer to revenue     (39,050 )     (42,166 )
Balance, end of year   $ 2,467     $ 20,631  
Schedule of lease costs
    Year ended
December 31, 2019
 
Components of total lease costs:        
Operating lease expense   $ 593,707  
Short-term lease costs (1)     46,575  
Total lease costs   $ 640,282  

 

(1) Represents short-term leases which are immaterial.
Schedule of ROU lease assets and lease liabilities

    As of
December 31, 2019
 
Assets:      
Operating lease assets   $ 331,419  
Total lease assets   $ 331,419  
         
Liabilities:        
Operating lease liabilities, current   $ 489,406  
Operating lease liabilities, net of current     52,449  
Total lease liabilities   $ 541,855  
Schedule of lease terms and discount rate
Weighted average remaining lease term (in years) – operating lease     1.1  
Weighted average discount rate – operating lease     14 %
Schedule of cash paid for amounts included in the measurement of lease liabilities
    Year ended
December 31, 2019
 
Cash paid for amounts included in the measurement of lease liabilities:        
Operating cash flows for operating leases   $ 570,568  
Schedule of future minimum lease payments
Years ending December 31,        
2020     $ 531,166  
2021       57,153  
Thereafter       -  
Total future minimum lease payments       588,319  
Lease imputed interest       (46,464 )
Total     $ 541,855  
Schedule of net loss per share
  Years Ended December 31,  
    2019     2018  
Warrants to purchase common stock     4,771,417       -  
Options to purchase common stock     675,000       -  
Restricted stock purchase offers     383,478       -  
Convertible debt     -       140,678  
     Total potentially dilutive securities     5,829,895       140,678  
Schedule of concentration of customers

    Years Ended December 31,  
Customer   2019     2018  
A     45 %     17 %
B     18 %     76 %
C     36 %     0 %