Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Schedule of inventory
    June 30,
2020		     December 31,
2019		  
Raw Material   $ 909,947     $ 372,101  
Finished Goods     47,075       55,415  
TOTAL INVENTORY   $ 957,022     $ 427,516  

 
Schedule of disaggregation of revenue
    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2020     2019     2020     2019  
Type of Revenue                        
Product revenue   $ 811,238     $ 138,760     $ 826,510     $ 151,723  
Service revenue     6,326       54,178       9,090       73,509  
Development revenue     332,709      
-
       514,871      
-
  
Other revenue     5,101       219       5,101       219  
Total revenue   $ 1,155,374     $ 193,157     $ 1,355,572     $ 225,451  

 

    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2020     2019     2020     2019  
Timing of Revenue                        
Revenue recognized point in time   $ 822,105     $ 183,860     $ 838,881     $ 202,167  
Revenue recognized over time     333,269       9,297       516,691       23,284  
Total revenue   $ 1,155,374     $ 193,157     $ 1,355,572     $ 225,451  

 
Schedule of activity in contract liabilities
    Six Months Ended
June 30,
2020		     Year Ended
December 31,
2019		  
Balance at beginning of period   $ 378,850     $ 20,631  
Additions     582,266       397,269  
Transfer to revenue     (717,856 )     (39,050 )
Balance at end of period   $ 243,260     $ 378,850  

 
Schedule of lease costs
    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2020     2019     2020     2019  
Components of total lease costs:                        
Operating lease expense   $ 82,700     $ 148,141     $ 165,955     $ 296,226  
Short-term lease costs (1)     1,300       14,963       5,550       27,680  
Sublease rental income     (31,281 )    
-
       (50,613 )    
-
  
Total lease costs   $ 52,719     $ 163,104     $ 120,892     $ 323,906  

 

(1) Represents short-term leases which are immaterial.

 
Schedule of ROU lease assets and lease liabilities
    As of
June 30,
2020		     As of
December 31,
2019		  
Assets:            
Operating lease assets   $ 196,651     $ 331,419  
Total lease assets   $ 196,651     $ 331,419  
                 
Liabilities:                
Operating lease liabilities, current   $ 307,456     $ 489,407  
Operating lease liabilities, net of current    
-
       52,449  
Total lease liabilities   $ 307,456     $ 541,856  

 
Schedule of operating leases
    Six Months Ended
June 30,		  
    2020     2019  
Operating cash flows for operating leases   $ 265,583     $ 240,417  
Weighted average remaining lease term (in years) – operating lease     0.6       2.5  
Weighted average discount rate – operating lease     14 %     14 %

 
Schedule of future minimum lease payments
Years ending December 31,      
2020 (6 months)   $ 265,583  
2021     57,153  
Total future minimum lease payments     322,736  
Lease imputed interest     (15,280 )
Total   $ 307,456  

 
Schedule of net loss per share
    Six months ended
June 30,		  
    2020     2019  
Warrants to purchase common stock     5,639,167      
           -
  
Options to purchase common stock     1,499,000      
-
  
Restricted stock purchase offers     3,378,478      
-
  
Convertible debt    
-
       140,678  
Total potentially dilutive securities     10,516,645       140,678  

 
Schedule of concentration of customers
    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
Customer   2020     2019     2020     2019  
A     70 %    
-%
       60 %     -%  
B     29 %     -%       38 %     -%  
C    
-%
       66 %    
-%
       59 %
D    
-%
       20 %    
-%
       18 %
E    
-%
       13 %    
-%
       23 %