Annual report pursuant to Section 13 and 15(d)

Summary of Significant Account Policies (Tables)

v3.24.1
Summary of Significant Account Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Summary of Significant Account Policies [Abstract]  
Schedule of Inventory Inventory consists of the following:
    December 31,
2023		     December 31,
2022		  
Raw Material   $ 1,499,727     $ 2,041,776  
Work in Process     782,770       89,080  
Finished Goods     4,403       142,415  
Less Inventory Reserves     (100,254 )     (100,254 )
Total Inventory, Net   $ 2,186,646     $ 2,173,017  
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 January 24, 2023   $ 1,783,403  
Repayment on liability     (6,576 )
Government grant liability assumed from Iron Drone asset purchase     307,122  
Fair value adjustment to government grant liability assumed from Iron Drone asset purchase     48,795  
Government grant proceeds received, adjusted to fair value     128,803  
Net Loss on change in fair value of liability     488,157  
Balance as of December 31, 2023   $ 2,749,704  
Schedule of Disaggregated Revenues The following tables present our disaggregated revenues by Type of Revenue and Timing of Revenue.
    Years Ended
December 31,		  
    2023     2022  
Type of Revenue            
Product revenue   $ 12,102,388     $ 872,660  
Service and subscription revenue     2,126,560       319,140  
Development revenue     1,462,482       934,017  
Total revenue   $ 15,691,430     $ 2,125,817  
    Years Ended
December 31,		  
    2023     2022  
Timing of Revenue            
Revenue recognized point in time   $ 14,071,906     $ 872,660  
Revenue recognized over time     1,619,524       1,253,157  
Total revenue   $ 15,691,430     $ 2,125,817  
    Years Ended
December 31,		  
    2023     2022  
Country of Revenue, based on location services were provided or product was shipped to:            
United States   $ 5,717,832     $ 2,125,817  
United Arab Emirates     8,521,393       -  
United Kingdom     995,357       -  
Israel     429,107       -  
India     27,741       -  
Total revenue   $ 15,691,430     $ 2,125,817  

 
Schedule of Contract Assets Contract assets are included in Other current assets on the Consolidated Balance Sheet.
    Year Ended
December 31,
2023		  
Balance at beginning of period   $ -  
Contract assets recognized     928,995  
Reclassification to Accounts receivable, net     (109,888 )
Balance at end of period   $ 819,107  
The table below details the activity in our contract liabilities during the years ended December 31, 2023 and 2022.
    Years Ended
December 31,		  
    2023     2022  
Balance, beginning of year   $ 61,508     $ 512,397  
Additions     2,438,655       527,268  
Transfer to revenue     (2,223,219 )     (978,157 )
Balance, end of year   $ 276,944     $ 61,508  
Schedule of Other Leases Information Lease Costs
    Years ended
December 31,		  
    2023     2022  
Components of total lease costs:            
Operating lease expense   $ 1,231,198     $ 1,151,453  
Common area maintenance expense     277,865       103,691  
Short-term lease costs (1)     813,797       48,870  
Total lease costs   $ 2,322,860     $ 1,304,014  
(1) Represents short-term leases with an initial term of 12 months or less, which are immaterial.
Schedule of Other Leases Information ROU lease assets and lease liabilities for our operating leases were recorded in the consolidated balance sheet as follows:
    December 31,  
    2023     2022  
Assets:            
Operating lease assets   $ 4,701,865     $ 2,930,996  
Total lease assets   $ 4,701,865     $ 2,930,996  
                 
Liabilities:                
Operating lease liabilities, current   $ 685,099     $ 580,593  
Operating lease liabilities, net of current     5,800,710       2,456,315  
Total lease liabilities   $ 6,485,809     $ 3,036,908  
Schedule of Other Leases Information Other Leases Information
    Years ended
December 31,		  
    2023     2022  
Operating cash flows for operating leases   $ 1,038,556     $ 878,627  
                 
Weighted average remaining lease term (in years)- operating lease     4.73       5.86  
Weighted average discount rate – operating lease     9.99 %     5.78 %

 
Schedule of Future Lease Payments Future lease payments included in the measurement of lease liabilities on the consolidated balance sheet on December 31, 2023, as follows:
Years ending December 31,      
2024     815,880  
2025     1,802,201  
2026     1,653,139  
2027     1,568,688  
2028     1,616,022  
Thereafter     999,204  
Total future minimum lease payments   $ 8,455,134  
Lease imputed interest     (1,969,325 )
Total   $ 6,485,809  
Schedule of Diluted Net Loss Per Share The following potentially dilutive securities for the years ended December 31, 2023 and 2022 have been excluded from the computation of diluted net loss per share because the effect of their inclusion would have been anti-dilutive.
    Years Ended
December 31,		  
    2023     2022  
Warrants to purchase common stock     12,566,092       1,901,802  
Options to purchase common stock     4,854,507       2,412,286  
Potential shares issuable under 2022 Convertible Exchange Notes     62,084,776       24,177,835  
Potential shares issuable under 2023 Additional Notes     29,125,732       -  
Restricted stock units     554,466       1,111,617  
Total potentially dilutive securities     109,185,573       29,603,540