Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of Inventory |
Inventory consists of the
following:
| |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
| Raw Material |
|
$ |
2,427,049 |
|
|
$ |
2,041,776 |
|
| Work in Process |
|
|
332,315 |
|
|
|
89,080 |
|
| Finished Goods |
|
|
248,153 |
|
|
|
142,415 |
|
| Less Inventory Reserves |
|
|
(100,254 |
) |
|
|
(100,254 |
) |
| Total Inventory, Net |
|
$ |
2,907,263 |
|
|
$ |
2,173,017 |
|
|
| Schedule of Level 3 liabilities that are required to be valued at fair value |
The Company had Level 3
liabilities that are required to be valued at fair value
| |
|
Government Grant Liability |
|
| Balance as of January 24, 2023 |
|
$ |
1,783,403 |
|
| Net (Gain)/Loss on change in fair value of liability |
|
|
36,077 |
|
| Repayment on liability |
|
|
(6,576 |
) |
| Balance as of March 31, 2023 |
|
|
1,812,904 |
|
| Government grant liability assumed from Iron Drone asset purchase |
|
|
307,122 |
|
| Net (Gain)/Loss on change in fair value of liability |
|
|
(108,458 |
) |
| Balance as of June 30, 2023 |
|
$ |
2,011,568 |
|
|
| Schedule of Disaggregated Revenues |
| |
|
Three months ended
June 30, |
|
|
Six months ended
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Type of Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
| Product revenue |
|
$ |
4,344,056 |
|
|
$ |
422,413 |
|
|
$ |
6,699,837 |
|
|
$ |
571,683 |
|
| Service and subscription revenue |
|
|
975,468 |
|
|
|
83,755 |
|
|
|
1,055,406 |
|
|
|
143,872 |
|
| Development revenue |
|
|
149,440 |
|
|
|
98,051 |
|
|
|
309,712 |
|
|
|
298,862 |
|
| Total revenue |
|
$ |
5,468,964 |
|
|
$ |
604,219 |
|
|
$ |
8,064,955 |
|
|
$ |
1,014,417 |
|
| |
|
Three months ended
June 30, |
|
|
Six months ended
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Timing of Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue recognized point in time |
|
$ |
5,121,703 |
|
|
$ |
422,413 |
|
|
$ |
7,522,267 |
|
|
$ |
571,683 |
|
| Revenue recognized over time |
|
|
347,261 |
|
|
|
181,806 |
|
|
|
542,688 |
|
|
|
442,734 |
|
| Total revenue |
|
$ |
5,468,964 |
|
|
$ |
604,219 |
|
|
$ |
8,064,955 |
|
|
$ |
1,014,417 |
|
|
| Schedule of Revenue, Based on Location Services |
| |
|
Three months ended
June 30, |
|
|
Six months ended
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Country of Revenue, based on location services were provided or product was shipped to: |
|
|
|
|
|
|
|
|
|
|
|
|
| United States |
|
$ |
1,519,996 |
|
|
$ |
604,219 |
|
|
$ |
2,650,198 |
|
|
$ |
1,014,417 |
|
| United Arab Emirates |
|
|
3,836,873 |
|
|
|
- |
|
|
|
5,235,524 |
|
|
|
- |
|
| Israel |
|
|
112,095 |
|
|
|
- |
|
|
|
179,233 |
|
|
|
- |
|
| Total revenue |
|
$ |
5,468,964 |
|
|
$ |
604,219 |
|
|
$ |
8,064,955 |
|
|
$ |
1,014,417 |
|
|
| Schedule of Contract Assets and Liabilities |
| |
|
Six Months Ended
June 30,
2023 |
|
|
Year Ended
December 31,
2022 |
|
| Balance at beginning of period |
|
$ |
61,508 |
|
|
$ |
512,397 |
|
| Additions, net |
|
|
2,025,739 |
|
|
|
527,268 |
|
| Transfer to revenue |
|
|
(1,944,612 |
) |
|
|
(978,157 |
) |
| Balance at end of period |
|
$ |
142,635 |
|
|
$ |
61,508 |
|
|
| Schedule of Lease Costs |
| |
|
Three months ended
June 30, |
|
|
Six months ended
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Components of total lease costs: |
|
|
|
|
|
|
|
|
|
|
|
|
| Operating lease expense |
|
$ |
224,425 |
|
|
$ |
287,864 |
|
|
$ |
563,707 |
|
|
$ |
492,011 |
|
| Common area maintenance expense |
|
|
47,771 |
|
|
|
37,263 |
|
|
|
91,106 |
|
|
|
59,977 |
|
| Short-term lease costs (1) |
|
|
253,019 |
|
|
|
51,257 |
|
|
|
299,971 |
|
|
|
78,097 |
|
| Total lease costs |
|
$ |
525,215 |
|
|
$ |
376,384 |
|
|
$ |
954,784 |
|
|
$ |
630,085 |
|
| (1) | Represents short-term leases with an initial term of 12 months or less, which are immaterial. |
|
| Schedule of ROU Lease Assets and Lease Liabilities |
| |
|
June 30,
2023 |
|
|
December 31,
2022 |
|
| Assets: |
|
|
|
|
|
|
| Operating lease assets |
|
$ |
2,740,434 |
|
|
$ |
2,930,996 |
|
| Total lease assets |
|
$ |
2,740,434 |
|
|
$ |
2,930,996 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Operating lease liabilities, current |
|
$ |
614,227 |
|
|
$ |
580,593 |
|
| Operating lease liabilities, net of current |
|
|
2,294,323 |
|
|
|
2,456,315 |
|
| Total lease liabilities |
|
$ |
2,908,550 |
|
|
$ |
3,036,908 |
|
|
| Schedule of Future Lease Payments |
| Years ending December 31, |
|
|
|
| 2023(6 months) |
|
$ |
448,574 |
|
| 2024 |
|
|
596,757 |
|
| 2025 |
|
|
513,900 |
|
| 2026 |
|
|
529,320 |
|
| 2027 |
|
|
545,250 |
|
| Thereafter |
|
|
752,490 |
|
| Total future minimum lease payments |
|
$ |
3,386,291 |
|
| Less imputed interest |
|
|
(477,741 |
) |
| Total |
|
$ |
2,908,550 |
|
|
| Schedule of Other Leases Information |
| |
|
Six Months Ended
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
| Operating cash flows for operating leases |
|
$ |
571,209 |
|
|
$ |
362,980 |
|
| Weighted average remaining lease term (in years) – operating lease |
|
|
5.33 |
|
|
|
5.78 |
|
| Weighted average discount rate – operating lease |
|
|
5.53 |
% |
|
|
6.40 |
% |
|
| Schedule of Diluted Net Loss Per Share |
| |
|
Six months ended
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
| Warrants to purchase Common Stock |
|
|
2,366,092 |
|
|
|
3,305,854 |
|
| Options to purchase Common Stock |
|
|
5,095,635 |
|
|
|
2,427,843 |
|
| Potential shares issuable under 2022 Convertible Promissory Notes |
|
|
29,988,136 |
|
|
|
- |
|
| Restricted stock units |
|
|
749,227 |
|
|
|
1,960,622 |
|
| Total potentially dilutive securities |
|
|
38,199,090 |
|
|
|
7,694,319 |
|
|