Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.21.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Schedule of inventory
    June 30,
2021		     December 31,
2020		  
Raw Material   $ 1,032,324     $ 911,753  
Work in Process     18,901       172,207  
Finished Goods     95,493       68,145  
TOTAL INVENTORY, NET   $ 1,146,718     $ 1,152,105  

Schedule of disaggregation of revenue
    Three months ended
June 30,		     Six months ended
June 30,		  
    2021     2020     2021     2020  
Type of Revenue                        
Product revenue   $ 71,400     $ 811,238     $ 89,000     $ 826,510  
Service revenue     14,107       6,326       22,317       9,090  
Development revenue     801,237       332,709       1,939,377       514,871  
Other revenue     688       5,101       1,502       5,101  
Total revenue   $ 887,432     $ 1,155,374     $ 2,052,196     $ 1,355,572  

 

    Three months ended
June 30,		     Six months ended
June 30,		  
    2021     2020     2021     2020  
Timing of Revenue                        
Revenue recognized point in time   $ 72,088     $ 822,105     $ 90,502     $ 838,881  
Revenue recognized over time     815,344       333,269       1,961,694       516,691  
Total revenue   $ 887,432     $ 1,155,374     $ 2,052,196     $ 1,355,572  

 
Schedule of deferred revenue
    Six months ended
June 30,		     Year Ended
December 31,		  
    2021     2020  
Balance at beginning of period   $ 165,035     $ 378,850  
Additions     1,050,000       1,053,850  
Transfer to contract assets     (62,652 )    
-
  
Transfer to revenue     (1,127,691 )     (1,267,665 )
Balance at end of period   $ 24,692     $ 165,035  

Schedule of lease costs
    Three months ended
June 30,		     Six months ended
June 30,		  
    2021     2020     2021     2020  
Components of total lease costs:                        
Operating lease expense   $ 135,000     $ 82,700     $ 215,627     $ 165,955  
Short-term lease costs (1)    
-
       1,300      
-
       5,550  
Sublease rental income    
-
       (31,281 )    
-
       (50,613 )
Total lease costs   $ 135,000     $ 52,719     $ 215,627     $ 120,892  

 
Schedule of ROU lease assets and lease liabilities
    As of
June 30,
2021		     As of
December 31, 2020		  
Assets:            
Operating lease assets   $ 833,852     $ 51,065  
Total lease assets   $ 833,852     $ 51,065  
                 
Liabilities:                
Operating lease liabilities, current   $ 476,487     $ 56,168  
Operating lease liabilities, net of current     357,365      
-
  
Total lease liabilities   $ 833,852     $ 56,168  

Schedule of other Information
    Six months ended
June 30,		  
    2021     2020  
Operating cash flows for operating leases   $ 220,730     $ 265,583  
Weighted average remaining lease term (in years) – operating lease     1.75       0.6  
Weighted average discount rate – operating lease     14 %     14 %

 
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Six months ended
June 30,		  
    2021     2020  
Warrants to purchase common stock     1,694,972       1,879,722  
Options to purchase common stock     643,006       499,667  
Restricted stock purchase offers     643,660       1,126,159  
Total potentially dilutive securities     2,981,638       3,505,548  

 
Schedule of concentration of customers
    Three months ended     Six months ended  
    June 30,     June 30,  
Customer   2021     2020     2021     2020  
A     43 %     29 %     29 %     38 %
B     57 %     71 %     71 %     60 %