Annual report pursuant to Section 13 and 15(d)

Summary of Significant Account Policies (Tables)

v3.22.1
Summary of Significant Account Policies (Tables)
12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of inventory
    December 31,
2021
    December 31,
2020
 
Raw Material   $ 1,153,254     $ 911,753  
Work in Process     65,192       172,207  
Finished Goods     60,153       68,145  
Less Inventory Reserves     (100,254 )    
-
 

Total Inventory, Net

  $ 1,178,345     $ 1,152,105  

 

Schedule of changes in fair value associated with level 3 liabilities
    Fair Value Measurements
Using Significant
Unobservable Inputs
(Level 3)
 
    December 31,  
    2021     2020  
             
Balance, beginning of period   $
   -
    $
   -
 
Recognition of derivative liability    
-
      (32,906 )
Change in fair value of derivative liability    
-
      (37,607 )
Reclassification to additional paid in capital    
-
      70,513  
Balance, end of period   $
-
    $
-
 

 

Schedule of disaggregation of revenue
    Years Ended December 31,  
    2021     2020  
Type of Revenue            
Product revenue   $ 405,570     $ 1,151,557  
Service and subscription revenue     96,933       62,410  
Development revenue     2,401,474       943,357  
Other revenue     2,794       6,395  
Total revenue   $ 2,906,771     $ 2,163,719  

 

    Years Ended December 31,  
    2021     2020  
Timing of Revenue            
Revenue recognized point in time   $ 438,413     $ 1,287,132  
Revenue recognized over time     2,468,358       876,587  
Total revenue   $ 2,906,771     $ 2,163,719  

 

Schedule of deferred warranty activity
    Years Ended December 31,  
    2021     2020  
Balance, beginning of year   $ 165,035     $ 378,850  
Additions     2,238,137       1,053,850  
Transfer to revenue     (1,890,775 )     (1,267,665 )
Balance, end of year   $ 512,397     $ 165,035  

 

Schedule of lease costs
    Years ended December 31,  
    2021     2020  
Components of total lease costs:            
Operating lease expense   $ 522,012     $ 325,839  
Short-term lease costs (1)     45,498       7,650  
Sublease rental income    
-
      (111,349 )
Total lease costs   $ 567,510     $ 222,140  

 

Schedule of ROU lease assets and lease liabilities
    December 31,  
    2021     2020  
Assets:            
Operating lease assets   $ 836,025     $ 51,065  
Total lease assets   $ 836,025     $ 51,065  
                 
Liabilities:                
Operating lease liabilities, current   $ 550,525     $ 56,168  
Operating lease liabilities, net of current     241,677      
-
 
Total lease liabilities   $ 792,202     $ 56,168  

 

Schedule of other Information
    Years ended
December 31,
 
    2021     2020  
Operating cash flows for operating leases   $ 525,938     $ 531,166  
                 
Weighted average remaining lease term (in years)- operating lease     1.48       0.2  
Weighted average discount rate – operating lease     10.93 %     14 %

 

Schedule of measurement of lease liabilities
Years ending December 31,      
2022   $ 603,003  
2023   246,242  
2024   9,338  
Total future minimum lease payments   $ 858,583  
Lease imputed interest   (66,381 )
Total   $ 792,202  

 

Schedule of net loss per share
    Years Ended
December 31,
 
    2021     2020  
Warrants to purchase common stock     3,258,961       1,832,910  
Options to purchase common stock     687,448       568,006  
Restricted stock units     518,750       501,160  
Total potentially dilutive securities     4,465,159       2,902,076  

 

Schedule of concentration of customers
    Years Ended
December 31,
 
Customer   2021     2020  
A     41 %     47 %
B     55 %     46 %