Quarterly report pursuant to Section 13 or 15(d)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Schedule of inventory
    September 30,
2020		     December 31,
2019		  
Raw Material   $ 784,297     $ 372,101  
Work in Process     116,709       -  
Finished Goods     73,994       55,415  
TOTAL INVENTORY   $ 975,000     $ 427,516  

 
Schedule of changes in fair value associated with level 3 liabilities
    Fair Value Measurements Using Significant  Unobservable Inputs
(Level 3)		  
    Nine Months Ended September 30,
2020		     Year ended December 31,
2019		  
             
Balance, beginning of period   $
-
     $
            -
  
Issuances of derivative liability     (32,906 )    
-
  
Change in fair value of derivative liability     (136,323 )    
-
  
Balance, end of period   $ (169,229 )   $
-
  

  
Schedule of disaggregation of revenue
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2020     2019     2020     2019  
Type of Revenue                        
Product revenue   $ 245,075     $ 61,182     $ 1,043,585     $ 212,905  
Service revenue     16,410       26,950       53,500       100,459  
Development revenue     351,248       -       866,119       -  
Other revenue     1,293       -       6,394       219  
Total revenue   $ 614,026     $ 88,132     $ 1,969,598     $ 313,583  

 

    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2020     2019     2020     2019  
Timing of Revenue                        
Revenue recognized point in time   $ 331,528     $ 79,166     $ 1,170,409     $ 281,333  
Revenue recognized over time     282,498       8,966       799,189       32,250  
Total revenue   $ 614,026     $ 88,132     $ 1,969,598     $ 313,583  

 
Schedule of deferred warranty activity
    Nine Months Ended
September 30,
2020		     Year Ended
December 31,
2019		  
Balance at beginning of period   $ 378,850     $ 20,631  
Additions     1,046,250       397,269  
Transfer to revenue     (1,115,882 )     (39,050 )
Balance at end of period   $ 309,218     $ 378,850  

  
Schedule of lease costs
    Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
    2020     2019     2020     2019  
Components of total lease costs:                        
Operating lease expense   $ 80,725     $ 148,922     $ 246,680     $ 445,148  
Short-term lease costs (1)     2,100       11,122       7,650       38,626  
Sublease rental income     (20,245 )    
-
       (70,858 )    
-
  
Total lease costs   $ 62,580     $ 160,044     $ 183,472     $ 483,774  

 

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

 
Schedule of ROU lease assets and lease liabilities
    As of
September 30, 2020		     As of
December 31, 2019		  
Assets:                
Operating lease assets   $ 125,258     $ 331,419  
Total lease assets   $ 125,258     $ 331,419  
                 
Liabilities:                
Operating lease liabilities, current   $ 183,995     $ 489,407  
Operating lease liabilities, net of current    
-
       52,449  
Total lease liabilities   $ 183,995     $ 541,856  

 
Schedule of operating leases
    Nine Months Ended
September 30,		  
    2020     2019  
Operating cash flows for operating leases   $ 398,374     $ 340,044  
Weighted average remaining lease term (in years) – operating lease     0.4       2.3  
Weighted average discount rate – operating lease     14 %     14 %

 
Schedule of future minimum lease payments
Years ending December 31,      
2020 (3 months)   $ 132,791  
2021     57,153  
Total future minimum lease payments     189,944  
Lease imputed interest     (5,949 )
Total   $ 183,995  

 
Schedule of EPS computations
    Three Months Ended September 30,     Nine Months ended September 30,  
NUMERATOR:   2020     2019     2020     2019  
Basic and diluted - net   $ (3,325,880 )   $ (5,225,314 )   $ (9,353,706 )   $ (16,135,767 )
                                 
DEMOMINATOR:                                
Weighted average number of shares of common stock outstanding     59,269,390       50,731,929       59,268,523       50,554,113  
Weighted average number of shares of common stock underlying vested restricted stock units     722,588       151,186       424,251       103,458  
Weighted average number of shares of common stock underlying shares issuable for warrants with minimal consideration     140,678       4,587       140,678       1,546  
Basic EPS – weighted average number of shares outstanding     60,132,656       50,887,702       59,833,452       50,659,117  
Effect of dilutive securities outstanding    
-
      
-
      
-
      
-
  
Diluted EPS – weighted average number of shares outstanding     60,132,656       50,887,702       59,833,452       50,659,117  

 
Schedule of EPS computations
    Nine months ended
September 30,		  
    2020     2019  
Warrants to purchase common stock     5,498,489      
-
  
Options to purchase common stock     1,499,000      
-
  
Restricted stock units     2,250,000       189,238  
Convertible debt    
-
       140,678  
Total potentially dilutive securities     7,898,389       329,916  

 
Schedule of concentration of customers
      Three Months Ended
September 30,		     Nine Months Ended
September 30,		  
Customer     2020     2019     2020     2019  
  A       29 %    
-
 %     51 %     - %
  B       58 %     - %     44 %     - %
  C       13 %     - %    
-
 %     - %
  D      
-
 %     - %    
-
 %     44 %
  E      
-
 %     85 %    
-
 %     36 %
  F      
-
 %    
-
 %    
-
 %     18 %