Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 26, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | BIO KEY INTERNATIONAL INC | ||
Entity Central Index Key | 0001019034 | ||
Trading Symbol | bkyi | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,817,475 | ||
Entity Public Float | $ 15.7 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 16,993,096 | $ 79,013 |
Accounts receivable, net | 548,049 | 126,000 |
Due from factor | 60,453 | 110,941 |
Note receivable | 295,000 | |
Inventory | 330,947 | 429,119 |
Prepaid expenses and other | 201,507 | 108,397 |
Investment – debt security | 512,821 | 512,821 |
Total current assets | 18,941,873 | 1,366,291 |
Resalable software license rights | 58,882 | 73,802 |
Equipment and leasehold improvements, net | 81,793 | 95,509 |
Capitalized contract costs, net | 165,315 | 231,519 |
Deposits and other assets | 8,712 | 8,712 |
Operating lease right-of-use assets | 487,325 | 566,479 |
Intangible assets, net | 1,514,146 | 154,386 |
Goodwill | 1,262,526 | |
Total non-current assets | 3,578,699 | 1,130,407 |
TOTAL ASSETS | 22,520,572 | 2,496,698 |
LIABILITIES | ||
Accounts payable | 244,158 | 844,557 |
Loans payable – related parties | 188,737 | |
Accrued liabilities | 508,487 | 572,885 |
Convertible notes payable, net of debt discount and debt issuance costs | 2,255,454 | |
Note payable – PistolStar acquisition, net of debt discount | 232,000 | |
Deferred revenue - current | 657,349 | 359,212 |
Operating lease liabilities, current portion | 234,309 | 170,560 |
Total current liabilities | 1,876,303 | 4,391,405 |
Deferred revenue – long term | 44,987 | |
Operating lease liabilities, net of current portion | 264,163 | 390,466 |
Total non-current liabilities | 309,150 | 390,466 |
TOTAL LIABILITIES | 2,185,453 | 4,781,871 |
Commitments | ||
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Common stock — authorized, 170,000,000 shares; issued and outstanding; 7,814,572 and 1,812,483 of $.0001 par value at December 31, 2020 and December 31, 2019, respectively | 782 | 182 |
Additional paid-in capital | 119,844,026 | 87,437,661 |
Accumulated deficit | (99,509,689) | (89,723,016) |
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT) | 20,335,119 | (2,285,173) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ 22,520,572 | $ 2,496,698 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock, shares authorized (in shares) | 170,000,000 | 170,000,000 |
Common stock, shares issued (in shares) | 7,814,572 | 1,812,483 |
Common stock, shares outstanding (in shares) | 7,814,572 | 1,812,483 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues | $ 2,836,782 | $ 2,267,528 |
Costs and other expenses | 794,826 | 2,461,245 |
Gross Profit (Loss) | 2,041,956 | (193,717) |
Operating expenses | ||
Selling, general and administrative | 5,848,687 | 5,036,820 |
Research, development and engineering | 1,396,436 | 1,331,667 |
Total operating expenses before impairment | 7,245,123 | 6,368,487 |
Impairment of resalable software license rights | (6,957,516) | |
Operating loss | (5,203,167) | (13,519,720) |
Other income (expense) | ||
Interest income | 30,649 | 154 |
Government grant – Paycheck Protection Program | 340,819 | |
Interest expense | (4,343,212) | (1,069,134) |
Loss on extinguishment of debt | (499,076) | |
Total other income (expense) | (4,470,820) | (1,068,980) |
Net loss | (9,673,987) | (14,588,700) |
Deemed dividend from trigger of anti-dilution provision feature | (112,686) | |
Net loss available to common stockholders | $ (9,786,673) | $ (14,588,700) |
Basic and Diluted Loss per Common Share (in dollars per share) | $ (2.08) | $ (8.21) |
Basic and Diluted (in shares) | 4,700,787 | 1,777,961 |
Service [Member] | ||
Revenues | $ 1,432,228 | $ 925,245 |
Costs and other expenses | 502,214 | 272,318 |
License [Member] | ||
Revenues | 962,038 | 442,649 |
Costs and other expenses | 49,891 | 916,112 |
Hardware [Member] | ||
Revenues | 442,516 | 899,634 |
Costs and other expenses | $ 242,721 | $ 1,272,815 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Public Offering [Member]Common Stock [Member] | Public Offering [Member]Additional Paid-in Capital [Member] | Public Offering [Member]Retained Earnings [Member] | Public Offering [Member] | Warrants Issued in Connection with Convertible Notes [Member]Common Stock [Member] | Warrants Issued in Connection with Convertible Notes [Member]Additional Paid-in Capital [Member] | Warrants Issued in Connection with Convertible Notes [Member]Retained Earnings [Member] | Warrants Issued in Connection with Convertible Notes [Member] | Warrants Issued for Consulting Fees [Member]Common Stock [Member] | Warrants Issued for Consulting Fees [Member]Additional Paid-in Capital [Member] | Warrants Issued for Consulting Fees [Member]Retained Earnings [Member] | Warrants Issued for Consulting Fees [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 1,758,288 | |||||||||||||||
Balance at Dec. 31, 2018 | $ 176 | $ 85,600,362 | $ (75,134,316) | $ 10,466,222 | ||||||||||||
Issuance of common stock for directors’ fees (in shares) | 4,612 | |||||||||||||||
Issuance of common stock for directors’ fees | $ 1 | 35,012 | 35,013 | |||||||||||||
Issuance of common stock for commitment fees net of adjustments (in shares) | 49,583 | |||||||||||||||
Issuance of common stock for commitment fees net of adjustments | $ 5 | 594,995 | 595,000 | |||||||||||||
Warrant debt discount valuation | 595,662 | 595,662 | ||||||||||||||
Legal and commitment fees | (301,077) | (301,077) | ||||||||||||||
Share-based compensation | 912,707 | 912,707 | ||||||||||||||
Net loss | (14,588,700) | (14,588,700) | ||||||||||||||
Balance (in shares) at Dec. 31, 2019 | 1,812,483 | |||||||||||||||
Balance at Dec. 31, 2019 | $ 182 | 87,437,661 | (89,723,016) | (2,285,173) | ||||||||||||
Issuance of common stock for directors’ fees (in shares) | 5,270 | |||||||||||||||
Issuance of common stock for directors’ fees | 28,511 | 28,511 | ||||||||||||||
Legal and commitment fees | (2,371,223) | (2,371,223) | ||||||||||||||
Share-based compensation | 656,008 | 656,008 | ||||||||||||||
Net loss | (9,673,987) | (9,673,987) | ||||||||||||||
Issuance of common stock pursuant to securities purchase agreements (in shares) | 4,264,313 | 43,939 | ||||||||||||||
Issuance of common stock pursuant to securities purchase agreements | $ 426 | $ 22,173,999 | $ 22,174,425 | $ 5 | 277,828 | 277,833 | ||||||||||
Issuance of common stock pursuant to public offering (in shares) | 4,264,313 | 43,939 | ||||||||||||||
Issuance of common stock pursuant to public offering | $ 426 | $ 22,173,999 | $ 22,174,425 | $ 5 | 277,828 | 277,833 | ||||||||||
Issuance of common stock pursuant to warrant exercises (in shares) | 918,538 | |||||||||||||||
Issuance of common stock pursuant to warrant exercises | $ 92 | 5,602,503 | 5,602,595 | |||||||||||||
Issuance of common stock for conversion of convertible note payable (in shares) | 728,654 | |||||||||||||||
Issuance of common stock for conversion of convertible note payable | $ 73 | 3,788,927 | 3,789,000 | |||||||||||||
Issuance of restricted common stock to employees (in shares) | 41,375 | |||||||||||||||
Issuance of restricted common stock to employees | $ 4 | (4) | ||||||||||||||
Warrants issued | $ 1,388,339 | $ 1,388,339 | $ 107,576 | $ 107,576 | ||||||||||||
Warrants issued | $ 1,388,339 | $ 1,388,339 | $ 107,576 | $ 107,576 | ||||||||||||
Beneficial conversion feature | 641,215 | 641,215 | ||||||||||||||
Deemed dividends related to down-round features | 112,686 | (112,686) | ||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 7,814,572 | |||||||||||||||
Balance at Dec. 31, 2020 | $ 782 | $ 119,844,026 | $ (99,509,689) | $ 20,335,119 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net loss | $ (9,673,987) | $ (14,588,700) |
Adjustments to reconcile net loss to cash used for operating activities: | ||
Bad debt expense | 564,361 | |
Depreciation | 85,751 | 81,852 |
Amortization of intangible assets and write-off | 120,240 | 43,256 |
Amortization of resalable software license rights | 843,287 | |
Impairment of resalable software license rights | 6,957,516 | |
Amortization of debt discount | 1,425,040 | 571,332 |
Amortization of capitalized contract costs | 152,714 | 138,679 |
Amortization of debt issuance costs | 2,166,650 | 424,980 |
Loss on extinguishment of debt | 499,076 | |
Amortization of beneficial conversion feature | 641,215 | |
Share based and warrant compensation for employees and consultants | 763,584 | 912,707 |
Stock based fees to directors | 28,511 | 35,013 |
Amortization of operating lease right-of-use assets | 220,915 | 36,458 |
Change in assets and liabilities: | ||
Accounts receivable | (237,257) | 883,671 |
Due from factor | 50,488 | (54,259) |
Capitalized contract costs | (86,510) | (50,999) |
Inventory | 98,172 | 569,710 |
Resalable software license rights | 14,920 | 41,005 |
Prepaid expenses and other | (83,625) | 29,819 |
Accounts payable | (600,399) | 438,025 |
Accrued liabilities | (84,415) | 138,653 |
Deferred revenue | (246,876) | 162,603 |
Operating lease liabilities | (204,315) | (29,316) |
Net cash used for operating activities | (4,950,108) | (1,850,347) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Issuance of note receivable | (295,000) | |
Purchase of PistolStar | (2,000,000) | |
Cash acquired from purchase of PistolStar | 100,747 | |
Proceeds from maturity of debt security | 512,821 | |
Purchase of debt security | (512,821) | (512,821) |
Cash paid for patents | (1,736) | |
Capital expenditures | (35,568) | (28,753) |
Net cash used for investing activities | (2,229,821) | (543,310) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from public offering | 22,174,425 | |
Proceeds from issuance of convertible notes | 3,958,000 | 3,217,000 |
Repayment of convertible notes | (4,509,250) | (707,000) |
Proceeds from the exercise of warrants | 5,602,595 | |
Costs to issue notes and common stock | (2,693,021) | (361,273) |
Repayment of note payable - PistolStar | (250,000) | |
Net repayments of loans payable to related parties | (188,737) | |
Net cash provided by financing activities | 24,094,012 | 2,148,727 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 16,914,083 | (244,930) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 79,013 | 323,943 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 16,993,096 | 79,013 |
Cash paid for: | ||
Interest | 109,426 | 72,822 |
Income taxes | ||
Noncash investing and financing activities: | ||
Accounts receivable acquired from PistolStar | 184,792 | |
Prepaid expenses acquired from PistolStar | 9,485 | |
Equipment acquired from PistolStar | 36,467 | |
Intangible assets acquired from PistolStar | 1,480,000 | |
Goodwill related to PistolStar acquisition | 1,262,526 | |
Issuance of note payable for PistolStar acquisition, net of discount | 464,000 | |
Accrued expenses acquired from PistolStar | 20,017 | |
Deferred revenue acquired from PistolStar | 590,000 | |
Operating lease liabilities under ASC 842 | 141,761 | 707,217 |
Issuance of common stock for conversion of note payable | 3,789,000 | |
Issuance of common stock pursuant to securities purchase agreements | 277,833 | 595,000 |
Warrants issued with convertible notes | 1,388,339 | 595,662 |
Beneficial conversion feature | 641,215 | |
Deemed dividends related to down-round features | 112,686 | |
Debt issuance cost allocated to equity | 152,000 | |
Debt discount issued with convertible note | 550,000 | |
Accounting Standards Update 2016-02 [Member] | ||
Noncash investing and financing activities: | ||
Right-of-use asset addition under ASC 842 | $ 141,761 | $ 719,812 |
Note A - The Company and Summar
Note A - The Company and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | NOTE A THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business The Company, founded in 1993, Going Concern and Basis of Presentation We have historically financed our operations through access to the capital markets by issuing secured and convertible debt securities, convertible preferred stock, common stock, and through factoring receivables. We currently require approximately $735,000 2020, $2,837,000 2020, $24,000,000 December 31, 2020 $17,000,000 twelve eighteen no Effective November 20, 2020, 1 8. Summary of Significant Accounting Policies A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: 1. Principles of Consolidation The accompanying consolidated financial statements include the accounts of BIO-key International, Inc. and its wholly-owned subsidiaries (collectively, the “Company”). Intercompany accounts and transactions have been eliminated in consolidation. 2. Use of Estimates Our consolidated financial statements are prepared in accordance with GAAP as set forth in the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) and consider the various staff accounting bulletins and other applicable guidance issued by the U.S. Securities and Exchange Commission (SEC). These accounting principles require us to make certain estimates, judgments and assumptions. The Company believes that the estimates, judgments and assumptions upon which it relies are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, accounts receivable, inventory, intangible assets and long-lived assets, and income taxes. To the extent there are material differences between these estimates, judgments or assumptions and actual results, its consolidated financial statements will be affected. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not not 3. Revenue Recognition In accordance with ASC 606, five ● Identify the contract with a customer ● Identify the performance obligations in the contract ● Determine the transaction price ● Allocate the transaction price to performance obligations in the contract ● Recognize revenue when or as the Company satisfies a performance obligation All of the Company's performance obligations, and associated revenues, are generally transferred to customers at a point in time, with the exception of support and maintenance, and professional services, which are generally transferred to the customer over time. Software licenses Software license revenue consist of fees for perpetual and subscription licenses for one Hardware Hardware revenue consists of fees for associated equipment sold with or without a software license arrangement, such as servers, locks and fingerprint readers. Customers are not third may Support and Maintenance Support and maintenance revenue consists of fees for unspecified upgrades, telephone assistance and bug fixes. The Company satisfies its support and maintenance performance obligation by providing “stand-ready” assistance as required over the contract period. The Company records deferred revenue (contract liability) at time of prepayment until the contracts term occurs. Revenue is recognized over time on a ratable basis over the contract term. Support and maintenance contracts are up to one five 18% Professional Services Professional services revenues consist primarily of fees for deployment and optimization services, as well as training. The majority of the Company's consulting contracts are billed on a time and materials basis, and revenue is recognized based on the amount billable to the customer in accordance with practical expedient ASC 606 10 55 18. Contracts with Multiple Performance Obligations Some contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The standalone selling prices are determined based on overall pricing objectives, taking into consideration market conditions and other factors, including the value of the contracts, the cloud applications sold, customer demographics, geographic locations, and the number and types of users within the contracts. The Company considered several factors in determining that control transfers to the customer upon shipment of hardware and availability of download of software. These factors include that legal title transfers to the customer, the Company has a present right to payment, and the customer has assumed the risks and rewards of ownership. Accounts receivable from customers are typically due within 30 not Costs to Obtain and Fulfill a Contract Costs to obtain and fulfill a contract are predominantly sales commissions earned by the sales force and are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit determined to be four Deferred Revenue Deferred revenue includes customer advances and amounts that have been paid by customer for which the contractual maintenance terms have not 12 60 12 December 31, 2020 2019, $702,000 $359,000, 4. Business Combinations In accordance with ASC 805, Business Combinations 805 The Company recognizes identifiable assets acquired and liabilities assumed at their acquisition date fair value. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net acquisition date fair value of the assets acquired and the liabilities assumed and represents the expected future economic benefits arising from other assets acquired that are not may may may may one 5. Goodwill and acquired intangible assets Goodwill is not may not December 31st not Intangible assets acquired in a business combination are recorded at their estimated fair values at the date of acquisition. The Company amortizes acquired definite-lived intangible assets over their estimated useful lives based on the pattern of consumption of the economic benefits or, if that pattern cannot be readily determined, on a straight-line basis. 6. Cash Equivalents Cash equivalents consist of liquid investments with original maturities of three December 31, 2020 2019, 7. Accounts Receivable Accounts receivable are carried at original amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful receivables by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history, and current economic conditions. Accounts receivable are written off when deemed uncollectible. As a result of the payment delays for a large customer, the Company has reserved $1,720,000 December 31, 2020 2019, 100% December 2018. 606 $1.1 2018. December 31, 2019, second $555,555 $555,555 March 2019, not Accounts receivable at December 31, 2020 2019 December 31, 2020 2019 Accounts receivable - current $ 561,834 $ 139,785 Accounts receivable - non current 1,720,000 1,720,000 2,281,834 1,859,785 Allowance for doubtful accounts - current (13,785 ) (13,785 ) Allowance for doubtful accounts - non current (1,720,000 ) (1,720,000 ) (1,733,785 ) (1,733,785 ) Accounts receivable, net of allowances for doubtful accounts $ 548,049 $ 126,000 The allowance for doubtful accounts for the years ended December 31, 2020 2019 Balance at Beginning of Year Charged to Costs and Expenses Deductions From Reserves Balance at End of Year Year Ended December 31, 2020 Allowance for Doubtful Accounts $ 1,733,785 $ - $ - $ 1,733,785 Year Ended December 31, 2019 Allowance for Doubtful Accounts $ 1,733,785 $ - $ - $ 1,733,785 Bad debt expenses (if any) are recorded in selling, general, and administrative expense. 8. Equipment and Leasehold Improvements, Intangible Assets and Depreciation and Amortization Equipment and leasehold improvements are stated at cost. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to operations over the estimated service lives, principally using straight-line methods. Leasehold improvements are amortized over the shorter of the life of the improvement or the lease term, using the straight-line method. The estimated useful lives used to compute depreciation and amortization for financial reporting purposes are as follows: Years Equipment and leasehold improvements Equipment (years) 3 - 5 Furniture and fixtures (years) 3 - 5 Software (years) 3 Leasehold improvements life or lease term Intangible assets other than goodwill consist of patents, trade name, proprietary software, and customer relationships. Patent costs are capitalized until patents are awarded. Upon award, such costs are amortized using the straight-line method over their respective economic lives. If a patent is denied, all costs are charged to operations in that year. Trade names, proprietary software, and customer relationships are amortized over the economic useful life. 9. Impairment or Disposal of Long Lived Assets, including Intangible Assets The Company reviews long-lived assets, including intangible assets subject to amortization, whenever events or changes in circumstances indicate that the carrying amount of such an asset may not may 2019 10. Advertising Expense The Company expenses the costs of advertising as incurred. Advertising expenses for 2020 2019 $494,000 $317,000, 11. Research and Development Expenditures Research and development expenses include costs directly attributable to the conduct of research and development programs primarily related to the development of our software products and improving the efficiency and capabilities of our existing software. Such costs include salaries, payroll taxes, employee benefit costs, materials, supplies, depreciation on research equipment, services provided by outside contractors, and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation and general support services. All costs associated with research and development are expensed as incurred. 12. Earnings Per Share of Common Stock ( EPS ) The Company's EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuances of common stock, such as stock issuable pursuant to the conversion of preferred stock, exercise of stock options and warrants, when the effect of their inclusion is dilutive. 13. Accounting for Stock-Based Compensation The Company accounts for share based compensation in accordance with the provisions of ASC 718 10, three four not may 718. The following table presents share-based compensation expenses included in the Company's consolidated statements of operations: Year ended December 31, 2020 2019 Selling, general and administrative $ 705,971 $ 828,981 Research, development and engineering 86,124 118,739 $ 792,095 $ 947,720 Valuation Assumptions for Stock Options For 2020 2019, 28,440 30,167 Year ended December 31, 2020 2019 Weighted average Risk free interest rate 0.30 % 2.33 % Expected life of options (in years) 4.50 4.50 Expected dividends 0 % 0 % Weighted average Volatility of stock price 115 % 84 % The stock volatility for each grant is determined based on the review of the experience of the weighted average of historical daily price changes of the Company's common stock over the expected option term. The expected term was determined using the simplified method for estimating expected option life, which qualify as “plain-vanilla” options; and the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. 14. Derivative Liabilities In connection with the issuances of equity instruments or debt, the Company may may may may July 2017, 2017 11, 260 480 815 2017 11, not no 15. Income Taxes The provision for, or benefit from, income taxes includes deferred taxes resulting from the temporary differences in income for financial and tax purposes using the liability method. Such temporary differences result primarily from the differences in the carrying value of assets and liabilities. Future realization of deferred income tax assets requires sufficient taxable income within the carryback, carryforward period available under tax law. The Company evaluates, on a quarterly basis whether, based on all available evidence, if it is probable that the deferred income tax assets are realizable. Valuation allowances are established when it is more likely than not not 740 10, may The Company accounts for uncertain tax provisions in accordance with ASC 740 10 05, 16 . Leases In accordance with ASC 842, Lease 842 12 At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present and the classification of the lease including whether the contract involves the use of a distinct identified asset, whether the Company obtains the right to substantially all the economic benefit from the use of the asset, and whether the Company has the right to direct the use of the asset. Leases with a term greater than one not one 842 20 25 2. not Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The implicit rate within our operating leases are generally not An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. An option to terminate is considered unless it is reasonably certain we will not 17. Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments-Credit Losses 326 2016 13, not 2016 13 2016 13 no not may not 2016 13. 2016 13 December 15, 2022 2016 13 Management does not not |
Note B - Revenue From Contracts
Note B - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE B REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following table summarizes revenue from contracts with customers for the years ended: North America South America EMEA* Asia December 31, 2020 License fees $ 842,307 $ - $ 46,922 $ 72,809 $ 962,038 Hardware 267,996 - 144,647 29,873 442,516 Services 1,296,696 18,300 94,124 23,108 1,432,228 Total Revenues $ 2,406,999 $ 18,300 $ 285,693 $ 125,790 $ 2,836,782 North America South America EMEA* Asia December 31, 2019 License fees $ 208,827 $ 46,717 $ 117,401 $ 69,704 $ 442,649 Hardware 388,938 12,636 342,304 155,756 899,634 Services 794,318 8,514 99,911 22,502 925,245 Total Revenues $ 1,392,083 $ 67,867 $ 559,616 $ 247,962 $ 2,267,528 * EMEA – Europe, Middle East, Africa Revenue recognized during the year ended December 31, 2020 $290,000. not $702,336 $359,212 December 31, 2020 2019, Transaction Price Allocated to the Remaining Performance Obligations ASC 606 not December 31, 2020. ● The performance obligation is part of a contract that has an original expected duration of one 606 10 50 14. At December 31, 2020, one five |
Note C - PistolStar, Inc. Acqui
Note C - PistolStar, Inc. Acquisition | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE C PISTOLSTAR, INC. ACQUISITION On June 30, 2020, From April 10, 2020 The total purchase price of $2.5 $2.0 $500,000 The acquisition of PistolStar has been accounted for as a business combination and, in accordance with ASC 805, Purchase consideration: Total cash paid, net of acquired cash $ 2,000,000 Present value of 4% Promissory note 464,000 Total purchase price consideration $ 2,464,000 Fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 100,747 Accounts receivable 184,792 Prepaid expenses and other current assets 9,485 Fixed assets 36,467 Intangible assets 1,480,000 Goodwill 1,262,526 Total assets acquired 3,074,017 Accrued expenses and other current liabilities 738 Accrued payroll 19,279 Deferred revenue 590,000 Total fair value of assets acquired and liabilities assumed $ 2,464,000 The promissory note, which was issued to the previous owner of PistolStar, carries interest at 4% four 12 December 31, 2020 $232,000, January 21, 2021, $250,000 In the year ended December 31, 2020, July 1, 2020. July 1, 2020 December 31, 2020 $1,064,384. July 1, 2020 December 31, 2020 $202,558. The significant intangible assets identified in the purchase price allocation discussed above include the trade name, proprietary software, and customer relationships. To value the trade name and proprietary software, the Company utilized the Relief from Royalty Method, which quantifies the cost savings associated with asset ownership via a discounted cashflow analysis. To value the customer relationships, the Company utilized the Excess Earnings Method, which isolates the value of the specific intangible asset by discounting its income stream to present value. The fair value of the assets acquired and liabilities assumed reflected in the tables above is less than the purchase price, resulting in the recognition of goodwill. The goodwill reflects the value of the synergies the Company expects to realize and the assembled workforce. The following table presents the final fair values and useful lives of the identifiable intangible assets acquired: Amount Estimated useful life (in years) Trade Name $ 130,000 15 Proprietary Software 420,000 5 Customer relationships 930,000 8 - 10 Total identifiable intangible assets $ 1,480,000 |
Note D - Factoring
Note D - Factoring | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Factoring [Text Block] | NOTE D FACTORING Due from factor consisted of the following as of December 31: Original Invoice Value Factored Amount Factored Balance due Year Ended December 31, 2020 Factored accounts receivable $ 241,715 $ 181,262 $ 60,453 Year Ended December 31, 2019 Factored accounts receivable $ 233,005 $ 122,064 $ 110,941 The Company entered into an accounts receivable factoring arrangement with a financial institution (the “Factor”) which has been extended to October 31, 2021. $150,000 35% 75% 2.75% 15% Years Ended December 31, 2020 2019 Factoring fees $ 98,748 $ 203,950 |
Note E - Fair Values of Financi
Note E - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE E FAIR VALUES OF FINANCIAL INSTRUMENTS Cash and cash equivalents, accounts receivable, due from factor, accounts payable and accrued liabilities are carried at, or approximate, fair value because of their short-term nature. The carrying value of the Company's notes and loan payables approximated fair value as the interest rates related to the financial instruments approximated market. |
Note F - Concentration of Risk
Note F - Concentration of Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE F CONCENTRATION OF RISK Financial instruments which potentially subject the Company to risk primarily consist of cash, and cash equivalents, investment in debt security, and accounts receivables. The Company maintains its cash and cash equivalents with various financial institutions, which, at times may $16,020,000 $0 December 31, 2020 2019, not The Company extends credit to customers on an unsecured basis in the normal course of business. The Company's policy is to perform an analysis of the recoverability of its receivables at the end of each reporting period and to establish allowances where appropriate. The Company analyzes historical bad debts and contract losses, customer concentrations, and customer credit-worthiness when evaluating the adequacy of the allowances. During the year ended December 31, 2020, one 18% December 31, 2019, two 22% 14% One 31% December 31, 2020. Three 18%, 16% 14% December 31, 2019. |
Note G - Note Receivable
Note G - Note Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Notes Receivable [Text Block] | NOTE G NOTE RECEIVABLE During the third 2020, $295,000 not nine 9 December 31, 2020. 5%. |
Note H - Inventory
Note H - Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE H INVENTORY Inventory is stated at the lower of cost, determined on a first first December 31: 2020 2019 Finished goods $ 221,130 $ 287,761 Fabricated assemblies 109,817 141,358 Total inventory $ 330,947 $ 429,119 |
Note I - Resalable Software Lic
Note I - Resalable Software Licenses Rights | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Research, Development, and Computer Software Disclosure [Text Block] | NOTE I RESALABLE SOFTWARE LICENSES RIGHTS On November 11, 2015, $12,000,000. The Company initially determined the software license rights to be a finite lived intangible asset and estimated that the software license rights shall be economically used over a 10 During the fourth 2019, no $6,957,516 fourth 2019, $843,888 2019. On December 31, 2015, third $180,000 two $14,920 $40,404 December 31, 2020 2019, $121,118 $58,882 $73,802 December 31, 2020 2019, The Company has classified the balance as non-current until a larger deployment occurs. Estimated minimum amortization expense based on straight line amortization of the software license rights for each of the next five Years ending December 31 2021 $ 18,000 2022 18,000 2023 18,000 2024 4,882 Total $ 58,882 |
Note J - Investments in Debt Se
Note J - Investments in Debt Security | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE J INVESTMENT IN DEBT SECURITY During 2019, 4,000,000 $512,821 June 2019 one June 2020, 5% $25,800. The Company then purchased a new 4,000,000 June 2020. $512,821 20,000,000 5% |
Note K - Equipment and Leasehol
Note K - Equipment and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE K EQUIPMENT AND LEASEHOLD IMPROVEMENTS Equipment and leasehold improvements consisted of the following as of December 31: 2020 2019 Equipment $ 789,760 $ 648,286 Furniture and fixtures 164,079 164,079 Software 32,045 32,045 Leasehold improvements 25,135 23,403 1,011,019 867,813 Less accumulated depreciation and amortization (929,226 ) (772,304 ) Total $ 81,793 $ 95,509 Depreciation was $85,751 $81,852 2020 2019, |
Note L - Intangible Assets
Note L - Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE L INTANGIBLE ASSETS Intangible assets consisted of the following as of December 31: 2020 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Write- offs Net Carrying Amount Trade name $ 130,000 $ (4,333 ) $ 125,667 $ - $ - $ - $ - Proprietary software 420,000 (42,000 ) 378,000 - - - - Customer relationships 930,000 (51,667 ) 878,333 - - - - Patents and patents pending 365,080 (232,934 ) 132,146 380,080 (210,694 ) (15,000 ) 154,386 Total $ 1,845,080 $ (330,934 ) $ 1,514,146 $ 380,080 $ (210,694 ) $ (15,000 ) $ 154,386 Aggregate amortization expense for 2020 2019 $120,240 $28,256, five Years ending December 31 2021 $ 216,000 2022 215,000 2023 213,000 2024 209,000 2025 165,000 Thereafter 496,146 Total $ 1,514,146 |
Note M - Accrued Liabilities
Note M - Accrued Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE M ACCRUED LIABILITIES Accrued liabilities consisted of the following as of December 31: 2020 2019 Compensation $ 87,015 $ 193,823 Compensated absences 227,147 155,962 Accrued legal and accounting fees 83,738 105,933 Sales tax payable 17,544 17,248 Factoring fees 5,495 31,458 Other 87,548 68,461 Total $ 508,487 $ 572,885 |
Note N - Related Party Transact
Note N - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE N RELATED PARTY TRANSACTIONS Licensing Agreement with Subsidiaries of GSFG. On November 11, 2015, one $12,000,000 August 6, 2020. October 2016 fourth 2019, $7 Non-Interest-Bearing Advances During the 2019 December 31, 2019 $74,737 $114,000, 2020. |
Note O - Convertible Notes Paya
Note O - Convertible Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE O CONVERTIBLE NOTES PAYABLE Convertible notes payable as of December 31, 2020 December 31, 2019 December 31, December 31, 2020 2019 Securities Purchase Agreement dated July 10, 2019 $ - $ 2,255,454 January 2020 Note - - February 2020 Note - - May 2020 Note - - June 2020 Note - - Convertible notes payable, net $ - $ 2,255,454 Securities Purchase Agreement dated July 10, 2019 On July 10, 2019, $3,060,000 $2,550,000 $510,000. $918,000 180 $1,071,000 270 12 The Original Note was secured by a lien on substantially all of the Company's assets and properties and was convertible at the option of the Investor in shares of common stock at a fixed conversion price of $12.00 In connection with the closing of the Original Note, the Company issued a five 250,000 $12.00 $50,000 33,334 $400,000 $193,500 $71,330. $595,662 On March 12, 2020, $3,789,000 $729,000 April 13, 2020. $5.20 $6.08, $0.88 $641,215 On April 12, 2020, May 6, 2020, June 12, 2020 $5.20 June 12, 2020. Until the second 20% On June 10, 2020, $0. $3,789,000 728,654 Secured convertible note payable, net of unamortized debt discount and debt issuance costs was: December 31, December 31, 2020 2019 Principal amount $ 3,789,000 $ 3,060,000 Less: conversion of principal into shares of common stock (3,789,000 ) - Net Principal amount - 3,060,000 Less: unamortized debt discount and beneficial conversion feature - (574,330 ) Less: unamortized debt issuance costs - (230,216 ) Notes payable, net of unamortized debt discount and debt issuance costs $ - $ 2,255,454 January 2020 On January 13, 2020, $157,000 10% “January 2020 June 13, 2020 $12.00 January 2020 10% 30%. 81,250 $75,000 6,250 January 2020 $7,000 January 2020 On June 12, 2020, January 2020 $211,984. 75,000 July 2020. February 2020 On February 13, 2020, $126,000 10% “February 2020 July 13, 2020 $9.20 March 12, 2020, $5.20 February $5.20 $70,998. February 2020 10% 30%. 6,250 $57,500 $6,000 February 2020 The February 2020 July 10, 2020 $170,442. May 2020 On May 6, 2020, $2,415,000 “May 2020 $2,100,000 five $268,333 seven twelfth May 2020 $9.28 May 2020 $133,333 14,368 $9.28 7% May 2020 five 237,500 $9.28 $876,937 May 2020 Following the completion of the underwritten offering in July 2020, $2,415,000 third 2020. $1,218,163 July 2020. June 2020 On June 29, 2020, $1,811,250 “June 2020 $1,575,000 nine $201,250 four twelfth June 2020 $9.28 June 2020 $100,000 17,071 $5.86 7% In connection with the closing of the June 2020 five 178,125 $9.28 $511,402 June 2020 Following the completion of the underwritten offering in July 2020, $1,811,250 third 2020. $957,919 July 2020. |
Note P - Leases
Note P - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE P LEASES The Company's leases office space in New Jersey, Hong Kong, Minnesota, and New Hampshire with lease termination dates of 2023, 2022, 2022, 2022, Year ended December 31, 2020 Year ended December 31, 2019 Lease cost Operating lease cost $ 239,192 $ 186,246 Short-term lease cost - 41,535 Total lease cost $ 239,192 $ 227,781 Balance sheet information Operating right-of-use assets $ 487,325 $ 566,479 Operating lease liabilities, current portion $ 234,309 $ 170,560 Operating lease liabilities, non-current portion 264,163 390,466 Total operating lease liabilities $ 498,472 $ 561,026 Weighted average remaining lease term (in years) – operating leases 2.26 3.33 Weighted average discount rate – operating leases 5.50 % 5.50 % Supplemental cash flow information related to leases were as follows: Cash paid for amounts included in the measurement of operating lease liabilities $ 235,186 $ 179,105 Maturities of operating lease liabilities were as follows as of December 31, 2020: 2021 $ 256,977 2022 187,594 2023 89,225 Total future lease payments $ 533,796 Less: imputed interest (35,324 ) Total $ 498,472 |
Note Q - Commitments and Contin
Note Q - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | NOTE Q COMMITMENTS AND CONTINGENCIES Sales Incentive Agreement with TTI On March 25, 2020, 1. The term of the agreement is one one 2. For each $5,000,000 $20,000,000 first 20% $500,000 62,500 3. In the event that TTI generates revenue in excess of $20,000,000 first five 12,500 $12.00 $1,000,000 $20,000,000 $25,000,000 In no 250,000 62,500 There has been no December 31, 2020. Litigation From time to time, we may December 31, 2020, not |
Note R - Equity
Note R - Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE R EQUITY 1. Within the limits and restrictions provided in the Company's Certificate of Incorporation, the Board of Directors has the authority, without further action by the shareholders, to issue up to 5,000,000 $.0001 one 2. Effective November 20, 2020, 1 8. not November 20, 2020. Holders of common stock have equal rights to receive dividends when, as and if declared by the Board of Directors, out of funds legally available therefor. Holders of common stock have one not Holders of common stock are entitled, upon liquidation of the Company, to share ratably in the net assets available for distribution, subject to the rights, if any, of holders of any preferred stock then outstanding. Shares of common stock are not no Issuances of Common Stock On July 23, 2020, $22.7 4,264,313 797,038 512,500 284,538 On March 30, 2020, 121,500 $12.00 $1,458,000 See Note O Convertible Notes Payable for common stock issuances related to conversion of convertible notes payable and shares of common stock issued for fees in connection with the agreements during fiscal 2020 2019. Issuances of Nonvested Stock Nonvested stock consists of shares of common stock that are subject to restrictions on transfer and risk of forfeiture until the fulfillment of specified conditions. The fair value of nonvested shares is determined based on the market price of the Company's common stock on the grant date. Nonvested stock is expensed ratably over the term of the restriction period. The Company issued 38,250 3,125 August November 2020, three $198,900, $11,250, December 31, 2020 $23,764. Issuances to Directors, Executive Officers & Consultants During the year ended December 31, 2020, 5,270 $28,511. December 31, 2019, 4,612 $35,013. Employees ' exercise options During 2020 2019, no 3. Securities Purchase Agreement dated November 13, 2014: As part of a Securities Purchase Agreement, dated November 13, 2014, 124,610 November 2019. Securities Purchase Agreement dated September 23, 2015: On September 23, 2015, “2015 8,681 $28.80 five 2015 September 2020. The 2015 $28.80 not Anti-dilution features were triggered as follows: On February 14, 2020, February 2020 $9.20 2015 $5.20 2015 2015 48,078, $5.20 $41,688. Warrants Issued for Services: During the second 2020, 15,625 $94,655. During the third 2020, 3,125 $12,921. Warrants Issued with Convertible Notes: In 2020, 415,625 May 2020 June 2020 2019, 250,000 July 10, 2019. Valuation Assumptions for Warrants: The Company records the warrants at their fair value which is determined using the Black-Scholes valuation model on the date of the grant. The fair value of each warrant was estimated with the following assumptions: Year ended December 31, 2020 2019 Weighted average Risk free interest rate 0.33 % 1.82 % Weighted average price $ 9.25 $ 12.00 Weighted average exercise period 5 5 Weighted average Volatility of stock price 110 % 83 % The warrant volatility for each issuance is determined based on the review of the experience of the weighted average of historical daily price changes of the Company's common stock over the expected exercise period. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the years to maturity. A summary of warrant activity is as follows: Total Warrants Weighted average exercise price Weighted average remaining life (in years) Aggregate intrinsic value Outstanding, as of December 31, 2018 472,622 12.72 2.05 Granted 250,000 12.00 Exercised — — Forfeited — — Expired (299,063 ) 12.00 Outstanding, as of December 31, 2019 423,559 12.80 3.94 — Granted – public offering 4,264,313 5.20 Granted – prefunded warrants from the public offering 512,500 0.08 Granted – other 434,375 9.25 Increase due to trigger of anti-dilution provision feature 27,244 5.20 Exercised – public offering (284,538 ) 5.20 Exercised – prefunded warranted from the public offering (512,500 ) 0.08 Exercised – other (121,500 ) 12.00 Forfeited — — Expired (54,066 ) 6.86 Outstanding, as of December 31, 2020 4,689,387 6.04 4.48 — |
Note S - Stock Options
Note S - Stock Options | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE S STOCK OPTIONS 2004 Stock Option Plan On October 12, 2004, 2004 “2004 2004 not not 20,834 may not 85% may not ten 2004 2004 October 2014. 2015 Stock Option Plan On January 27, 2016, 2015 “2015 187,500 may not 100 110% 2019, 2015 2015 83,334 187,500 2017 162 1986, may not ten 2015 may may 2015 December 2025. Non-Plan Stock Options Periodically, the Company has granted options outside of the 2004 2015 Stock Option Activity Information summarizing option activity is as follows: Number of Options Weighted average Weighted average remaining Aggregate 2004 Plan 2015 Plan Non Plan Total exercise price life (in years) intrinsic value Outstanding, as of December 31, 2018 4,167 47,740 146,596 198,503 $ 21.76 Granted — 30,167 — 30,167 9.36 Exercised — — — — — Forfeited — (5,077 ) (521 ) (5,598 ) 18.16 Expired (261 ) (1,839 ) (2,005 ) (4,105 ) 24.64 Outstanding, as of December 31, 2019 3,906 70,991 144,070 218,967 $ 20.08 5.00 $ 0 Granted — 28,440 — 28,440 5.04 Exercised — — — — — Forfeited — (4,545 ) — (4,545 ) 17.34 Expired (3,906 ) (703 ) (10,979 ) (15,588 ) 29.17 Outstanding, as of December 31, 2020 — 94,183 133,091 227,274 $ 17.61 3.87 $ 0 Vested or expected to vest at December 31, 2020 209,427 $ 18.51 3.68 $ 0 Exercisable at December 31, 2020 167,980 $ 20.77 3.21 $ 0 The options outstanding and exercisable at December 31, 2020 Options Outstanding Options Exercisable Range of exercise prices Number of shares Weighted average exercise price Weighted average remaining life (in years) Number exercisable Weighted average exercise price $ 3.60 - 5.20 28,065 $ 5.01 6.67 84 $ 4.08 $ 5.21 - 15.68 49,919 12.16 4.82 23,814 13.30 $ 15.69 - 39.36 149,290 21.80 3.06 144,082 22.01 $ 3.60 - 39.36 227,274 167,980 The aggregate intrinsic value in the table above represents the total intrinsic value, based on the Company's closing stock price of $3.52 December 31, 2020, December 31, 2020 0. The weighted average fair value of options granted during the years ended December 31, 2020 2019 $3.16 $8.24 December 31, 2020 2019 $0 December 31, 2020 2019 $899,750 $891,760, As of December 31, 2020, $232,547 1.21 |
Note T - Income Taxes
Note T - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE T INCOME TAXES There was no December 31, 2020 2019. The Company has deferred taxes due to income tax credits, net operating loss carryforwards, and the effect of temporary differences between the carrying values of certain assets and liabilities for financial reporting and income tax purposes. Significant components of deferred taxes are as follows at December 31: 2020 2019 Accrued compensation $ 81,000 $ 84,000 Accounts receivable allowance 474,000 474,000 Stock-based compensation 1,073,000 894,000 Basis differences in fixed assets (14,000 ) (5,000 ) Basis differences in intangible assets 65,000 62,000 Net operating loss and credit carryforwards 13,337,000 15,002,000 Valuation allowances (15,016,000 ) (16,511,000 ) $ — $ — The Company has a valuation allowance against the full amount of its net deferred taxes due to the uncertainty of realization of the deferred tax assets due to operating loss history of the Company. The Company currently provides a valuation allowance against deferred taxes when it is more likely than not not not As of December 31, 2020, $63 $52 2020 2037, $11 no 382 A reconciliation of the effective income tax rate on operations reflected in the Statements of Operations to the US Federal statutory income tax rate is presented below. 2020 2019 Federal statutory income tax rate 21 % 21 % Permanent differences (9 ) (2 ) Effect of net operating loss (12 ) (19 ) Effective tax rate — % — % The Company has not 2017 2020 not not December 31, 2020 2019. |
Note U - Profit Sharing Plan
Note U - Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE U PROFIT SHARING PLAN The Company has established a savings plan under section 401 one 401 may not may no December 31, 2020 2019. |
Note V - Earnings Per Share (EP
Note V - Earnings Per Share (EPS) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE V EARNINGS PER SHARE (EPS) The Company's basic EPS is calculated using net income (loss) available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuance of common stock, such as stock issuable pursuant to the exercise of stock options and warrants and the assumed conversion of preferred stock. The reconciliation of the numerator of the basic and diluted EPS calculations for the following fiscal years ended December 31: 2020 2019 Basic Numerator: Net Loss $ (9,673,987 ) $ (14,588,700 ) Deemed dividend from trigger of anti-dilution provision feature (112,686 ) - Net loss available to common stockholders (basic and diluted EPS) $ (9,786,673 ) $ (14,588,700 ) The following table summarizes the weighted average securities that were excluded from the diluted per share calculation because the effect of including these potential shares was antidilutive due to net losses. Years ended December 31, 2020 2019 Stock options 1,002 118 Restricted stock 3,098 - Convertible notes - 182,343 Potentially dilutive securities 4,100 182,461 Items excluded from the diluted per share calculation because the exercise price was greater than the average market price of the common shares: Years ended December 31, 2020 2019 Stock options 223,899 218,716 Warrants 4,689,387 423,559 Total 4,913,286 642,275 |
Note W - Subsequent Events
Note W - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE W SUBSEQUENT EVENTS On March 4, 2021, 1,375 1,250 two three On March 9, 2021, 278 The Company has reviewed subsequent events through the date of this filing. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Going Concern and Basis of Presentation We have historically financed our operations through access to the capital markets by issuing secured and convertible debt securities, convertible preferred stock, common stock, and through factoring receivables. We currently require approximately $735,000 2020, $2,837,000 2020, $24,000,000 December 31, 2020 $17,000,000 twelve eighteen no Effective November 20, 2020, 1 8. |
Consolidation, Policy [Policy Text Block] | 1. Principles of Consolidation The accompanying consolidated financial statements include the accounts of BIO-key International, Inc. and its wholly-owned subsidiaries (collectively, the “Company”). Intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | 2. Use of Estimates Our consolidated financial statements are prepared in accordance with GAAP as set forth in the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) and consider the various staff accounting bulletins and other applicable guidance issued by the U.S. Securities and Exchange Commission (SEC). These accounting principles require us to make certain estimates, judgments and assumptions. The Company believes that the estimates, judgments and assumptions upon which it relies are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, accounts receivable, inventory, intangible assets and long-lived assets, and income taxes. To the extent there are material differences between these estimates, judgments or assumptions and actual results, its consolidated financial statements will be affected. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not not |
Revenue from Contract with Customer [Policy Text Block] | 3. Revenue Recognition In accordance with ASC 606, five ● Identify the contract with a customer ● Identify the performance obligations in the contract ● Determine the transaction price ● Allocate the transaction price to performance obligations in the contract ● Recognize revenue when or as the Company satisfies a performance obligation All of the Company's performance obligations, and associated revenues, are generally transferred to customers at a point in time, with the exception of support and maintenance, and professional services, which are generally transferred to the customer over time. Software licenses Software license revenue consist of fees for perpetual and subscription licenses for one Hardware Hardware revenue consists of fees for associated equipment sold with or without a software license arrangement, such as servers, locks and fingerprint readers. Customers are not third may Support and Maintenance Support and maintenance revenue consists of fees for unspecified upgrades, telephone assistance and bug fixes. The Company satisfies its support and maintenance performance obligation by providing “stand-ready” assistance as required over the contract period. The Company records deferred revenue (contract liability) at time of prepayment until the contracts term occurs. Revenue is recognized over time on a ratable basis over the contract term. Support and maintenance contracts are up to one five 18% Professional Services Professional services revenues consist primarily of fees for deployment and optimization services, as well as training. The majority of the Company's consulting contracts are billed on a time and materials basis, and revenue is recognized based on the amount billable to the customer in accordance with practical expedient ASC 606 10 55 18. Contracts with Multiple Performance Obligations Some contracts with customers contain multiple performance obligations. For these contracts, the Company accounts for individual performance obligations separately if they are distinct. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The standalone selling prices are determined based on overall pricing objectives, taking into consideration market conditions and other factors, including the value of the contracts, the cloud applications sold, customer demographics, geographic locations, and the number and types of users within the contracts. The Company considered several factors in determining that control transfers to the customer upon shipment of hardware and availability of download of software. These factors include that legal title transfers to the customer, the Company has a present right to payment, and the customer has assumed the risks and rewards of ownership. Accounts receivable from customers are typically due within 30 not Costs to Obtain and Fulfill a Contract Costs to obtain and fulfill a contract are predominantly sales commissions earned by the sales force and are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and then amortized over a period of benefit determined to be four Deferred Revenue Deferred revenue includes customer advances and amounts that have been paid by customer for which the contractual maintenance terms have not 12 60 12 December 31, 2020 2019, $702,000 $359,000, |
Business Combinations Policy [Policy Text Block] | 4. Business Combinations In accordance with ASC 805, Business Combinations 805 The Company recognizes identifiable assets acquired and liabilities assumed at their acquisition date fair value. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net acquisition date fair value of the assets acquired and the liabilities assumed and represents the expected future economic benefits arising from other assets acquired that are not may may may may one |
Goodwill and Intangible Assets, Policy [Policy Text Block] | 5. Goodwill and acquired intangible assets Goodwill is not may not December 31st not Intangible assets acquired in a business combination are recorded at their estimated fair values at the date of acquisition. The Company amortizes acquired definite-lived intangible assets over their estimated useful lives based on the pattern of consumption of the economic benefits or, if that pattern cannot be readily determined, on a straight-line basis. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 6. Cash Equivalents Cash equivalents consist of liquid investments with original maturities of three December 31, 2020 2019, |
Receivable [Policy Text Block] | 7. Accounts Receivable Accounts receivable are carried at original amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful receivables by regularly evaluating individual customer receivables and considering a customer's financial condition, credit history, and current economic conditions. Accounts receivable are written off when deemed uncollectible. As a result of the payment delays for a large customer, the Company has reserved $1,720,000 December 31, 2020 2019, 100% December 2018. 606 $1.1 2018. December 31, 2019, second $555,555 $555,555 March 2019, not Accounts receivable at December 31, 2020 2019 December 31, 2020 2019 Accounts receivable - current $ 561,834 $ 139,785 Accounts receivable - non current 1,720,000 1,720,000 2,281,834 1,859,785 Allowance for doubtful accounts - current (13,785 ) (13,785 ) Allowance for doubtful accounts - non current (1,720,000 ) (1,720,000 ) (1,733,785 ) (1,733,785 ) Accounts receivable, net of allowances for doubtful accounts $ 548,049 $ 126,000 The allowance for doubtful accounts for the years ended December 31, 2020 2019 Balance at Beginning of Year Charged to Costs and Expenses Deductions From Reserves Balance at End of Year Year Ended December 31, 2020 Allowance for Doubtful Accounts $ 1,733,785 $ - $ - $ 1,733,785 Year Ended December 31, 2019 Allowance for Doubtful Accounts $ 1,733,785 $ - $ - $ 1,733,785 Bad debt expenses (if any) are recorded in selling, general, and administrative expense. |
Property, Plant and Equipment, Policy [Policy Text Block] | 8. Equipment and Leasehold Improvements, Intangible Assets and Depreciation and Amortization Equipment and leasehold improvements are stated at cost. Depreciation is provided for in amounts sufficient to relate the cost of depreciable assets to operations over the estimated service lives, principally using straight-line methods. Leasehold improvements are amortized over the shorter of the life of the improvement or the lease term, using the straight-line method. The estimated useful lives used to compute depreciation and amortization for financial reporting purposes are as follows: Years Equipment and leasehold improvements Equipment (years) 3 - 5 Furniture and fixtures (years) 3 - 5 Software (years) 3 Leasehold improvements life or lease term Intangible assets other than goodwill consist of patents, trade name, proprietary software, and customer relationships. Patent costs are capitalized until patents are awarded. Upon award, such costs are amortized using the straight-line method over their respective economic lives. If a patent is denied, all costs are charged to operations in that year. Trade names, proprietary software, and customer relationships are amortized over the economic useful life. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | 9. Impairment or Disposal of Long Lived Assets, including Intangible Assets The Company reviews long-lived assets, including intangible assets subject to amortization, whenever events or changes in circumstances indicate that the carrying amount of such an asset may not may 2019 |
Advertising Cost [Policy Text Block] | 10. Advertising Expense The Company expenses the costs of advertising as incurred. Advertising expenses for 2020 2019 $494,000 $317,000, |
Research and Development Expense, Policy [Policy Text Block] | 11. Research and Development Expenditures Research and development expenses include costs directly attributable to the conduct of research and development programs primarily related to the development of our software products and improving the efficiency and capabilities of our existing software. Such costs include salaries, payroll taxes, employee benefit costs, materials, supplies, depreciation on research equipment, services provided by outside contractors, and the allocable portions of facility costs, such as rent, utilities, insurance, repairs and maintenance, depreciation and general support services. All costs associated with research and development are expensed as incurred. |
Earnings Per Share, Policy [Policy Text Block] | 12. Earnings Per Share of Common Stock ( EPS ) The Company's EPS is calculated by dividing net income (loss) applicable to common stockholders by the weighted-average number of common shares outstanding during the reporting period. Diluted EPS includes the effect from potential issuances of common stock, such as stock issuable pursuant to the conversion of preferred stock, exercise of stock options and warrants, when the effect of their inclusion is dilutive. |
Share-based Payment Arrangement [Policy Text Block] | 13. Accounting for Stock-Based Compensation The Company accounts for share based compensation in accordance with the provisions of ASC 718 10, three four not may 718. The following table presents share-based compensation expenses included in the Company's consolidated statements of operations: Year ended December 31, 2020 2019 Selling, general and administrative $ 705,971 $ 828,981 Research, development and engineering 86,124 118,739 $ 792,095 $ 947,720 Valuation Assumptions for Stock Options For 2020 2019, 28,440 30,167 Year ended December 31, 2020 2019 Weighted average Risk free interest rate 0.30 % 2.33 % Expected life of options (in years) 4.50 4.50 Expected dividends 0 % 0 % Weighted average Volatility of stock price 115 % 84 % The stock volatility for each grant is determined based on the review of the experience of the weighted average of historical daily price changes of the Company's common stock over the expected option term. The expected term was determined using the simplified method for estimating expected option life, which qualify as “plain-vanilla” options; and the risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. |
Derivatives, Policy [Policy Text Block] | 14. Derivative Liabilities In connection with the issuances of equity instruments or debt, the Company may may may may July 2017, 2017 11, 260 480 815 2017 11, not no |
Income Tax, Policy [Policy Text Block] | 15. Income Taxes The provision for, or benefit from, income taxes includes deferred taxes resulting from the temporary differences in income for financial and tax purposes using the liability method. Such temporary differences result primarily from the differences in the carrying value of assets and liabilities. Future realization of deferred income tax assets requires sufficient taxable income within the carryback, carryforward period available under tax law. The Company evaluates, on a quarterly basis whether, based on all available evidence, if it is probable that the deferred income tax assets are realizable. Valuation allowances are established when it is more likely than not not 740 10, may The Company accounts for uncertain tax provisions in accordance with ASC 740 10 05, |
Lessee, Leases [Policy Text Block] | 16 . Leases In accordance with ASC 842, Lease 842 12 At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present and the classification of the lease including whether the contract involves the use of a distinct identified asset, whether the Company obtains the right to substantially all the economic benefit from the use of the asset, and whether the Company has the right to direct the use of the asset. Leases with a term greater than one not one 842 20 25 2. not Lease liabilities and their corresponding ROU assets are recorded based on the present value of lease payments over the expected lease term. The implicit rate within our operating leases are generally not An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain we will exercise that option. An option to terminate is considered unless it is reasonably certain we will not |
New Accounting Pronouncements, Policy [Policy Text Block] | 17. Recent Accounting Pronouncements In June 2016, 2016 13, Financial Instruments-Credit Losses 326 2016 13, not 2016 13 2016 13 no not may not 2016 13. 2016 13 December 15, 2022 2016 13 Management does not not |
Note A - The Company and Summ_2
Note A - The Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 2019 Accounts receivable - current $ 561,834 $ 139,785 Accounts receivable - non current 1,720,000 1,720,000 2,281,834 1,859,785 Allowance for doubtful accounts - current (13,785 ) (13,785 ) Allowance for doubtful accounts - non current (1,720,000 ) (1,720,000 ) (1,733,785 ) (1,733,785 ) Accounts receivable, net of allowances for doubtful accounts $ 548,049 $ 126,000 |
Summary of Valuation Allowance [Table Text Block] | Balance at Beginning of Year Charged to Costs and Expenses Deductions From Reserves Balance at End of Year Year Ended December 31, 2020 Allowance for Doubtful Accounts $ 1,733,785 $ - $ - $ 1,733,785 Year Ended December 31, 2019 Allowance for Doubtful Accounts $ 1,733,785 $ - $ - $ 1,733,785 |
Useful Lives of Property Plan and Equipment [Table Text Block] | Years Equipment and leasehold improvements Equipment (years) 3 - 5 Furniture and fixtures (years) 3 - 5 Software (years) 3 Leasehold improvements life or lease term |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year ended December 31, 2020 2019 Selling, general and administrative $ 705,971 $ 828,981 Research, development and engineering 86,124 118,739 $ 792,095 $ 947,720 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year ended December 31, 2020 2019 Weighted average Risk free interest rate 0.30 % 2.33 % Expected life of options (in years) 4.50 4.50 Expected dividends 0 % 0 % Weighted average Volatility of stock price 115 % 84 % |
Note B - Revenue From Contrac_2
Note B - Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | North America South America EMEA* Asia December 31, 2020 License fees $ 842,307 $ - $ 46,922 $ 72,809 $ 962,038 Hardware 267,996 - 144,647 29,873 442,516 Services 1,296,696 18,300 94,124 23,108 1,432,228 Total Revenues $ 2,406,999 $ 18,300 $ 285,693 $ 125,790 $ 2,836,782 North America South America EMEA* Asia December 31, 2019 License fees $ 208,827 $ 46,717 $ 117,401 $ 69,704 $ 442,649 Hardware 388,938 12,636 342,304 155,756 899,634 Services 794,318 8,514 99,911 22,502 925,245 Total Revenues $ 1,392,083 $ 67,867 $ 559,616 $ 247,962 $ 2,267,528 |
Note C - PistolStar, Inc. Acq_2
Note C - PistolStar, Inc. Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase consideration: Total cash paid, net of acquired cash $ 2,000,000 Present value of 4% Promissory note 464,000 Total purchase price consideration $ 2,464,000 Fair value of assets acquired and liabilities assumed: Cash and cash equivalents $ 100,747 Accounts receivable 184,792 Prepaid expenses and other current assets 9,485 Fixed assets 36,467 Intangible assets 1,480,000 Goodwill 1,262,526 Total assets acquired 3,074,017 Accrued expenses and other current liabilities 738 Accrued payroll 19,279 Deferred revenue 590,000 Total fair value of assets acquired and liabilities assumed $ 2,464,000 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Amount Estimated useful life (in years) Trade Name $ 130,000 15 Proprietary Software 420,000 5 Customer relationships 930,000 8 - 10 Total identifiable intangible assets $ 1,480,000 |
Note D - Factoring (Tables)
Note D - Factoring (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 2019 Accounts receivable - current $ 561,834 $ 139,785 Accounts receivable - non current 1,720,000 1,720,000 2,281,834 1,859,785 Allowance for doubtful accounts - current (13,785 ) (13,785 ) Allowance for doubtful accounts - non current (1,720,000 ) (1,720,000 ) (1,733,785 ) (1,733,785 ) Accounts receivable, net of allowances for doubtful accounts $ 548,049 $ 126,000 |
Factoring Fees [Table Text Block] | Years Ended December 31, 2020 2019 Factoring fees $ 98,748 $ 203,950 |
Factored Accounts Receivable [Member] | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Original Invoice Value Factored Amount Factored Balance due Year Ended December 31, 2020 Factored accounts receivable $ 241,715 $ 181,262 $ 60,453 Year Ended December 31, 2019 Factored accounts receivable $ 233,005 $ 122,064 $ 110,941 |
Note H - Inventory (Tables)
Note H - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2020 2019 Finished goods $ 221,130 $ 287,761 Fabricated assemblies 109,817 141,358 Total inventory $ 330,947 $ 429,119 |
Note I - Resalable Software L_2
Note I - Resalable Software Licenses Rights (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31 2021 $ 216,000 2022 215,000 2023 213,000 2024 209,000 2025 165,000 Thereafter 496,146 Total $ 1,514,146 |
Software License Rights [Member] | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31 2021 $ 18,000 2022 18,000 2023 18,000 2024 4,882 Total $ 58,882 |
Note K - Equipment and Leaseh_2
Note K - Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2020 2019 Equipment $ 789,760 $ 648,286 Furniture and fixtures 164,079 164,079 Software 32,045 32,045 Leasehold improvements 25,135 23,403 1,011,019 867,813 Less accumulated depreciation and amortization (929,226 ) (772,304 ) Total $ 81,793 $ 95,509 |
Note L - Intangible Assets (Tab
Note L - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2020 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Write- offs Net Carrying Amount Trade name $ 130,000 $ (4,333 ) $ 125,667 $ - $ - $ - $ - Proprietary software 420,000 (42,000 ) 378,000 - - - - Customer relationships 930,000 (51,667 ) 878,333 - - - - Patents and patents pending 365,080 (232,934 ) 132,146 380,080 (210,694 ) (15,000 ) 154,386 Total $ 1,845,080 $ (330,934 ) $ 1,514,146 $ 380,080 $ (210,694 ) $ (15,000 ) $ 154,386 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Years ending December 31 2021 $ 216,000 2022 215,000 2023 213,000 2024 209,000 2025 165,000 Thereafter 496,146 Total $ 1,514,146 |
Note M - Accrued Liabilities (T
Note M - Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2020 2019 Compensation $ 87,015 $ 193,823 Compensated absences 227,147 155,962 Accrued legal and accounting fees 83,738 105,933 Sales tax payable 17,544 17,248 Factoring fees 5,495 31,458 Other 87,548 68,461 Total $ 508,487 $ 572,885 |
Note O - Convertible Notes Pa_2
Note O - Convertible Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Convertible Debt [Table Text Block] | December 31, December 31, 2020 2019 Securities Purchase Agreement dated July 10, 2019 $ - $ 2,255,454 January 2020 Note - - February 2020 Note - - May 2020 Note - - June 2020 Note - - Convertible notes payable, net $ - $ 2,255,454 December 31, December 31, 2020 2019 Principal amount $ 3,789,000 $ 3,060,000 Less: conversion of principal into shares of common stock (3,789,000 ) - Net Principal amount - 3,060,000 Less: unamortized debt discount and beneficial conversion feature - (574,330 ) Less: unamortized debt issuance costs - (230,216 ) Notes payable, net of unamortized debt discount and debt issuance costs $ - $ 2,255,454 |
Note P - Leases (Tables)
Note P - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lessee, Operating Lease, Costs, Assets and Liabilities [Table Text Block] | Year ended December 31, 2020 Year ended December 31, 2019 Lease cost Operating lease cost $ 239,192 $ 186,246 Short-term lease cost - 41,535 Total lease cost $ 239,192 $ 227,781 Balance sheet information Operating right-of-use assets $ 487,325 $ 566,479 Operating lease liabilities, current portion $ 234,309 $ 170,560 Operating lease liabilities, non-current portion 264,163 390,466 Total operating lease liabilities $ 498,472 $ 561,026 Weighted average remaining lease term (in years) – operating leases 2.26 3.33 Weighted average discount rate – operating leases 5.50 % 5.50 % |
Lessee, Operating Lease, Supplemental Cash Flow Information [Table Text Block] | Cash paid for amounts included in the measurement of operating lease liabilities $ 235,186 $ 179,105 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2021 $ 256,977 2022 187,594 2023 89,225 Total future lease payments $ 533,796 Less: imputed interest (35,324 ) Total $ 498,472 |
Note R - Equity (Tables)
Note R - Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Warrants Valuation Assumptions [Table Text Block] | Year ended December 31, 2020 2019 Weighted average Risk free interest rate 0.33 % 1.82 % Weighted average price $ 9.25 $ 12.00 Weighted average exercise period 5 5 Weighted average Volatility of stock price 110 % 83 % |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Total Warrants Weighted average exercise price Weighted average remaining life (in years) Aggregate intrinsic value Outstanding, as of December 31, 2018 472,622 12.72 2.05 Granted 250,000 12.00 Exercised — — Forfeited — — Expired (299,063 ) 12.00 Outstanding, as of December 31, 2019 423,559 12.80 3.94 — Granted – public offering 4,264,313 5.20 Granted – prefunded warrants from the public offering 512,500 0.08 Granted – other 434,375 9.25 Increase due to trigger of anti-dilution provision feature 27,244 5.20 Exercised – public offering (284,538 ) 5.20 Exercised – prefunded warranted from the public offering (512,500 ) 0.08 Exercised – other (121,500 ) 12.00 Forfeited — — Expired (54,066 ) 6.86 Outstanding, as of December 31, 2020 4,689,387 6.04 4.48 — |
Note S - Stock Options (Tables)
Note S - Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted average Weighted average remaining Aggregate 2004 Plan 2015 Plan Non Plan Total exercise price life (in years) intrinsic value Outstanding, as of December 31, 2018 4,167 47,740 146,596 198,503 $ 21.76 Granted — 30,167 — 30,167 9.36 Exercised — — — — — Forfeited — (5,077 ) (521 ) (5,598 ) 18.16 Expired (261 ) (1,839 ) (2,005 ) (4,105 ) 24.64 Outstanding, as of December 31, 2019 3,906 70,991 144,070 218,967 $ 20.08 5.00 $ 0 Granted — 28,440 — 28,440 5.04 Exercised — — — — — Forfeited — (4,545 ) — (4,545 ) 17.34 Expired (3,906 ) (703 ) (10,979 ) (15,588 ) 29.17 Outstanding, as of December 31, 2020 — 94,183 133,091 227,274 $ 17.61 3.87 $ 0 Vested or expected to vest at December 31, 2020 209,427 $ 18.51 3.68 $ 0 Exercisable at December 31, 2020 167,980 $ 20.77 3.21 $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Options Outstanding Options Exercisable Range of exercise prices Number of shares Weighted average exercise price Weighted average remaining life (in years) Number exercisable Weighted average exercise price $ 3.60 - 5.20 28,065 $ 5.01 6.67 84 $ 4.08 $ 5.21 - 15.68 49,919 12.16 4.82 23,814 13.30 $ 15.69 - 39.36 149,290 21.80 3.06 144,082 22.01 $ 3.60 - 39.36 227,274 167,980 |
Note T - Income Taxes (Tables)
Note T - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2020 2019 Accrued compensation $ 81,000 $ 84,000 Accounts receivable allowance 474,000 474,000 Stock-based compensation 1,073,000 894,000 Basis differences in fixed assets (14,000 ) (5,000 ) Basis differences in intangible assets 65,000 62,000 Net operating loss and credit carryforwards 13,337,000 15,002,000 Valuation allowances (15,016,000 ) (16,511,000 ) $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2020 2019 Federal statutory income tax rate 21 % 21 % Permanent differences (9 ) (2 ) Effect of net operating loss (12 ) (19 ) Effective tax rate — % — % |
Note V - Earnings Per Share (_2
Note V - Earnings Per Share (EPS) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2020 2019 Basic Numerator: Net Loss $ (9,673,987 ) $ (14,588,700 ) Deemed dividend from trigger of anti-dilution provision feature (112,686 ) - Net loss available to common stockholders (basic and diluted EPS) $ (9,786,673 ) $ (14,588,700 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Years ended December 31, 2020 2019 Stock options 1,002 118 Restricted stock 3,098 - Convertible notes - 182,343 Potentially dilutive securities 4,100 182,461 Years ended December 31, 2020 2019 Stock options 223,899 218,716 Warrants 4,689,387 423,559 Total 4,913,286 642,275 |
Note A - The Company and Summ_3
Note A - The Company and Summary of Significant Accounting Policies (Details Textual) | Nov. 20, 2020 | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)shares |
Operational Costs Per Month | $ 735,000 | ||||
Revenue from Contract with Customer, Including Assessed Tax | 2,836,782 | $ 2,267,528 | |||
Net Cash Provided by (Used in) Financing Activities, Total | 24,094,012 | 2,148,727 | |||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 16,993,096 | 79,013 | $ 16,993,096 | ||
Percentage of Support and Maintenance Revenue to License Cost | 18.00% | ||||
Capitalized Contract Cost, Amortization Period (Year) | 4 years | 4 years | |||
Contract with Customer, Liability, Total | $ 702,336 | 359,212 | $ 702,336 | ||
Goodwill, Impairment Loss | 0 | ||||
Accounts Receivable, Allowance for Credit Loss, Noncurrent | $ 1,720,000 | 1,720,000 | $ 1,720,000 | ||
Percentage of Remaining Balance Owned Reserved | 100.00% | ||||
Advertising Expense | $ 494,000 | $ 317,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | shares | 28,440 | 30,167 | 28,440 | ||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
License [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 962,038 | $ 442,649 | |||
License [Member] | CHINA | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,100,000 | ||||
Receivables, Net, Current, Total | 555,555 | ||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 555,555 | ||||
Reverse Stock Split [Member] | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 8 |
Note A - The Company and Summ_4
Note A - The Company and Summary of Significant Accounting Policies - Summary of Accounts Receivable (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable - current | $ 561,834 | $ 139,785 |
Accounts receivable - non current | 1,720,000 | 1,720,000 |
Accounts Receivable, before Allowance for Credit Loss | 2,281,834 | 1,859,785 |
Allowance for doubtful accounts - current | (13,785) | (13,785) |
Allowance for doubtful accounts - non current | (1,720,000) | (1,720,000) |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | (1,733,785) | (1,733,785) |
Accounts receivable, net of allowances for doubtful accounts | $ 548,049 | $ 126,000 |
Note A - The Company and Summ_5
Note A - The Company and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of year | $ 1,733,785 | $ 1,733,785 |
Charges to costs and expenses | ||
Deductions from reserves | ||
Balance at end of year | $ 1,733,785 | $ 1,733,785 |
Note A - The Company and Summ_6
Note A - The Company and Summary of Significant Accounting Policies - Estimated Useful Lives for Depreciation and Amortization (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Equipment [Member] | Minimum [Member] | |
Property, Plant, and Equipment (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant, and Equipment (Year) | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, Plant, and Equipment (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, Plant, and Equipment (Year) | 5 years |
Software Development [Member] | |
Property, Plant, and Equipment (Year) | 3 years |
Leasehold Improvements [Member] | |
Property, Plant, and Equipment, useful life | life or lease term |
Note A - The Company and Summ_7
Note A - The Company and Summary of Significant Accounting Policies - Share-based Compensation Expenses for Continuing Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based compensation expense | $ 792,095 | $ 947,720 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | 705,971 | 828,981 |
Research and Development Expense [Member] | ||
Share-based compensation expense | $ 86,124 | $ 118,739 |
Note A - The Company and Summ_8
Note A - The Company and Summary of Significant Accounting Policies - Valuation Assumptions for Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average Risk free interest rate | 0.30% | 2.33% |
Expected life of options (Year) | 4 years 182 days | 4 years 182 days |
Expected dividends | 0.00% | 0.00% |
Weighted average Volatility of stock price | 115.00% | 84.00% |
Note B - Revenue From Contrac_3
Note B - Revenue From Contracts With Customers (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Contract with Customer, Liability, Revenue Recognized | $ 290,000 | |
Contract with Customer, Liability, Total | $ 702,336 | $ 359,212 |
Note B - Revenue From Contrac_4
Note B - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,836,782 | $ 2,267,528 | |
North America [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 2,406,999 | 1,392,083 | |
South America [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 18,300 | 67,867 | |
EMEA [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 285,693 | 559,616 |
Asia [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 125,790 | 247,962 | |
License [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 962,038 | 442,649 | |
License [Member] | North America [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 842,307 | 208,827 | |
License [Member] | South America [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 46,717 | ||
License [Member] | EMEA [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 46,922 | 117,401 |
License [Member] | Asia [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 72,809 | 69,704 | |
Hardware [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 442,516 | 899,634 | |
Hardware [Member] | North America [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 267,996 | 388,938 | |
Hardware [Member] | South America [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 12,636 | ||
Hardware [Member] | EMEA [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | [1] | 144,647 | 342,304 |
Hardware [Member] | Asia [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 29,873 | 155,756 | |
Service [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 1,432,228 | 925,245 | |
Service [Member] | North America [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 1,296,696 | 794,318 | |
Service [Member] | South America [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 18,300 | 8,514 | |
Service [Member] | EMEA [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 94,124 | 99,911 | |
Service [Member] | Asia [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 23,108 | $ 22,502 | |
[1] | EMEA - Europe, Middle East, Africa |
Note C - PistolStar, Inc. Acq_3
Note C - PistolStar, Inc. Acquisition (Details Textual) | Jan. 21, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Repayments of Notes Payable | $ 250,000 | ||||
PistolStar [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 2,464,000 | ||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | 2,000,000 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 464,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 202,558 | ||||
PistolStar [Member] | Promissory Note [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||
Debt Instrument, Number of Installments | 4 | ||||
Debt Instrument, Term (Month) | 1 year | ||||
Notes Payable, Total | $ 232,000 | $ 232,000 | |||
PistolStar [Member] | Promissory Note [Member] | Subsequent Event [Member] | |||||
Repayments of Notes Payable | $ 250,000 |
Note C - PistolStar, Inc. Acq_4
Note C - PistolStar, Inc. Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill | $ 1,262,526 | ||
PistolStar [Member] | |||
Total cash paid, net of acquired cash | $ 2,000,000 | ||
Present value of 4% Promissory note | 464,000 | ||
Total purchase price consideration | 2,464,000 | ||
Cash and cash equivalents | 100,747 | ||
Accounts receivable | 184,792 | ||
Prepaid expenses and other current assets | 9,485 | ||
Fixed assets | 36,467 | ||
Intangible assets | 1,480,000 | ||
Goodwill | 1,262,526 | ||
Total assets acquired | 3,074,017 | ||
Accrued expenses and other current liabilities | 738 | ||
Accrued payroll | 19,279 | ||
Deferred revenue | 590,000 | ||
Total fair value of assets acquired and liabilities assumed | $ 2,464,000 |
Note C - PistolStar, Inc. Acq_5
Note C - PistolStar, Inc. Acquisition - Assets Acquired and Liabilities Assumed (Details) (Parentheticals) | Jun. 30, 2020 |
PistolStar [Member] | |
Debt Instrument, Interest Rate | 4.00% |
Note C - PistolStar, Inc. Acq_6
Note C - PistolStar, Inc. Acquisition - Finite-lived Intangible Assets Acquired (Details) - PistolStar [Member] | Jun. 30, 2020USD ($) |
Intangible assets | $ 1,480,000 |
Trade Names [Member] | |
Intangible assets | $ 130,000 |
Estimated (Year) | 15 years |
Proprietary Software [Member] | |
Intangible assets | $ 420,000 |
Estimated (Year) | 5 years |
Customer Relationships [Member] | |
Intangible assets | $ 930,000 |
Customer Relationships [Member] | Minimum [Member] | |
Estimated (Year) | 8 years |
Customer Relationships [Member] | Maximum [Member] | |
Estimated (Year) | 10 years |
Note D - Factoring (Details Tex
Note D - Factoring (Details Textual) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Factoring Arrangement, Minimum Amount of Accounts Receivable Per Quarter | $ 150,000 |
Minimum [Member] | |
Factoring Fees Percent | 2.75% |
Maximum [Member] | |
Factoring Fees Percent | 15.00% |
Geographic Distribution, Foreign [Member] | |
Percentage Of Accounts Receivable Remitted By Factor | 35.00% |
Geographic Distribution, Domestic [Member] | |
Percentage Of Accounts Receivable Remitted By Factor | 75.00% |
Note D - Factoring - Due From F
Note D - Factoring - Due From Factor (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Original Invoice Value | $ 241,715 | $ 233,005 |
Factored amount | 181,262 | 122,064 |
Balance due from factor | $ 60,453 | $ 110,941 |
Note D - Factoring - Fees (Deta
Note D - Factoring - Fees (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Factoring fees | $ 98,748 | $ 203,950 |
Note F - Concentration of Risk
Note F - Concentration of Risk (Details Textual) | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Cash, Uninsured Amount | $ 16,020,000 | $ 0 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Concentration Risk, Number of Major Customers | 1 | 2 |
Concentration Risk, Percentage | 18.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer A [Member] | ||
Concentration Risk, Percentage | 22.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer B [Member] | ||
Concentration Risk, Percentage | 14.00% | |
Customer Concentration Risk [Member] | Non-current Accounts Receivable [Member] | ||
Concentration Risk, Number of Major Customers | 1 | 3 |
Concentration Risk, Percentage | 31.00% | |
Customer Concentration Risk [Member] | Non-current Accounts Receivable [Member] | Customer A [Member] | ||
Concentration Risk, Percentage | 18.00% | |
Customer Concentration Risk [Member] | Non-current Accounts Receivable [Member] | Customer B [Member] | ||
Concentration Risk, Percentage | 16.00% | |
Customer Concentration Risk [Member] | Non-current Accounts Receivable [Member] | Customer C [Member] | ||
Concentration Risk, Percentage | 14.00% |
Note G - Note Receivable (Detai
Note G - Note Receivable (Details Textual) - USD ($) | 3 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, after Allowance for Credit Loss, Current, Total | $ 295,000 | $ 295,000 | |
Receivable with Imputed Interest, Effective Yield (Interest Rate) | 5.00% |
Note H - Inventory - Components
Note H - Inventory - Components of Inventory (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Finished goods | $ 221,130 | $ 287,761 |
Fabricated assemblies | 109,817 | 141,358 |
Total inventory | $ 330,947 | $ 429,119 |
Note I - Resalable Software L_3
Note I - Resalable Software Licenses Rights (Details Textual) - USD ($) | Dec. 31, 2015 | Nov. 11, 2015 | Dec. 31, 2019 | Mar. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 |
Payments to Acquire Intangible Assets | $ 1,736 | |||||
Asset Impairment Charges, Total | $ 6,957,516 | |||||
Amortization of Intangible Assets, Total | 120,240 | 43,256 | ||||
Software License Rights [Member] | ||||||
Payments to Acquire Intangible Assets | $ 12,000,000 | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||
Amortization of Intangible Assets, Total | 843,888 | |||||
The 2015 Software License [Member] | ||||||
Amortization of Intangible Assets, Total | 14,920 | 40,404 | ||||
Payments to Acquire Software | $ 180,000 | |||||
Cumulative Amount of Amortization Expense, Net of Credits | 121,118 | |||||
Software License Rights | $ 73,802 | $ 58,882 | $ 73,802 |
Note I - Resalable Software L_4
Note I - Resalable Software Licenses Rights - Amortization Expense (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Total | $ 1,514,146 | $ 154,386 |
Software License Rights [Member] | ||
2021 | 18,000 | |
2022 | 18,000 | |
2023 | 18,000 | |
2024 | 4,882 | |
Total | $ 58,882 |
Note J - Investments in Debt _2
Note J - Investments in Debt Security (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020HKD ($) | Dec. 31, 2019HKD ($) | |
Debt Securities, Held-to-maturity, Current | $ 512,821 | $ 512,821 | |||
Investment Income, Interest | $ 30,649 | 154 | |||
Debt Security, Corporate, Non-US [Member] | |||||
Debt Securities, Held-to-maturity, Current | $ 512,821 | $ 512,821 | $ 4,000,000 | $ 4,000,000 | |
Investment in Held-to-maturity Debt Securities, Term (Year) | 1 year | ||||
Investment in Held-to-maturity Debt Securities, Interest Rate | 5.00% | 5.00% | 5.00% | 5.00% | |
Investment Income, Interest | $ 25,800 | ||||
Limit of Bond | $ 20,000,000 |
Note K - Equipment and Leaseh_3
Note K - Equipment and Leasehold Improvements (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Selling, General and Administrative Expenses [Member] | ||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 85,751 | $ 81,852 |
Note K - Equipment and Leaseh_4
Note K - Equipment and Leasehold Improvements - Summary of Equipment and Leasehold Improvements (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant, and equipment, gross | $ 1,011,019 | $ 867,813 |
Less accumulated depreciation and amortization | (929,226) | (772,304) |
Total | 81,793 | 95,509 |
Equipment [Member] | ||
Property, plant, and equipment, gross | 789,760 | 648,286 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment, gross | 164,079 | 164,079 |
Software Development [Member] | ||
Property, plant, and equipment, gross | 32,045 | 32,045 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | $ 25,135 | $ 23,403 |
Note L - Intangible Assets (Det
Note L - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 120,240 | $ 43,256 |
Research, Development, and Engineering Expense [Member] | ||
Amortization of Intangible Assets, Total | $ 120,240 | $ 28,256 |
Note L - Intangible Assets - Su
Note L - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Gross carrying amount | $ 1,845,080 | $ 380,080 |
Accumulated amortization | (330,934) | (210,694) |
Net carrying amount | 1,514,146 | 154,386 |
Write-offs | (15,000) | |
Trade Names [Member] | ||
Gross carrying amount | 130,000 | |
Accumulated amortization | (4,333) | |
Net carrying amount | 125,667 | |
Write-offs | ||
Proprietary Software [Member] | ||
Gross carrying amount | 420,000 | |
Accumulated amortization | (42,000) | |
Net carrying amount | 378,000 | |
Write-offs | ||
Customer Relationships [Member] | ||
Gross carrying amount | 930,000 | |
Accumulated amortization | (51,667) | |
Net carrying amount | 878,333 | |
Write-offs | ||
Patents [Member] | ||
Gross carrying amount | 365,080 | 380,080 |
Accumulated amortization | (232,934) | (210,694) |
Net carrying amount | $ 132,146 | 154,386 |
Write-offs | $ (15,000) |
Note L - Intangible Assets - Am
Note L - Intangible Assets - Amortization Expense (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Total | $ 1,514,146 | $ 154,386 |
Licensing Agreements [Member] | ||
2021 | 216,000 | |
2022 | 215,000 | |
2023 | 213,000 | |
2024 | 209,000 | |
2025 | 165,000 | |
Thereafter | 496,146 | |
Total | $ 1,514,146 |
Note M - Accrued Liabilities -
Note M - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Compensation | $ 87,015 | $ 193,823 |
Compensated absences | 227,147 | 155,962 |
Accrued legal and accounting fees | 83,738 | 105,933 |
Sales tax payable | 17,544 | 17,248 |
Factoring fees | 5,495 | 31,458 |
Other | 87,548 | 68,461 |
Total | $ 508,487 | $ 572,885 |
Note N - Related Party Transa_2
Note N - Related Party Transactions (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2019 | Nov. 11, 2015 | |
Asset Impairment Charges, Total | $ 6,957,516 | |
Director [Member] | ||
Software License, Total | $ 12,000,000 | |
Mr. Wong Kwok Fong [Member] | Accounts Payable [Member] | ||
Due to Related Parties, Current, Total | 74,737 | |
Mr. Michael DePasquale [Member] | Accrued Liabilities (Other) [Member] | ||
Due to Related Parties, Current, Total | $ 114,000 |
Note O - Convertible Notes Pa_3
Note O - Convertible Notes Payable (Details Textual) - USD ($) | Jul. 10, 2020 | Jun. 29, 2020 | Jun. 12, 2020 | Jun. 10, 2020 | May 06, 2020 | Mar. 12, 2020 | Feb. 13, 2020 | Jan. 13, 2020 | Jul. 10, 2019 | Jul. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 30, 2020 | Feb. 14, 2020 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 12 | $ 5.20 | |||||||||||||
Payments of Stock Issuance Costs, Commitment Fees | $ 50,000 | ||||||||||||||
Stock Issued During Period, Shares, Issued for Due Diligence Fee (in shares) | 17,071 | 14,368 | 33,334 | ||||||||||||
Stock Issued During Period, Value, Issued for Due Diligence Fee | $ 100,000 | $ 133,333 | $ 400,000 | ||||||||||||
Payments of Stock Issuance Costs, Banker Fees | 193,500 | ||||||||||||||
Payments of Stock Issuance Costs, Legal Fees | 71,330 | ||||||||||||||
Class of Warrant or Right, Recorded as Debt Discount | $ 595,662 | ||||||||||||||
Share Price (in dollars per share) | $ 5.20 | $ 6.08 | $ 3.52 | ||||||||||||
Repayments of Convertible Debt | $ 4,509,250 | $ 707,000 | |||||||||||||
Stock Returned During the Period, Shares, Commitment Fee (in shares) | 75,000 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 5.86 | $ 9.28 | |||||||||||||
Conversion of Senior Secured Convertible Note to Common Stock [Member] | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 3,789,000 | ||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 728,654 | ||||||||||||||
Investor Warrant [Member] | |||||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | 5 years | 5 years | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 178,125 | 237,500 | 250,000 | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 9.28 | $ 9.28 | $ 12 | ||||||||||||
Repayments of Convertible Debt | $ 2,415,000 | ||||||||||||||
Warrants and Rights Outstanding | $ 511,402 | $ 876,937 | |||||||||||||
Payments of Debt Issuance Costs | 1,218,163 | ||||||||||||||
Secured Redeemable Convertible Note [Member] | February 2020 Note [Member] | |||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 5.20 | $ 9.20 | |||||||||||||
The Note [Member] | Senior Secured Convertible Note [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 3,060,000 | ||||||||||||||
Proceeds from Debt, Net of Issuance Costs | 2,550,000 | ||||||||||||||
Debt Instrument, Unamortized Discount, Total | 510,000 | ||||||||||||||
Debt Instrument, Periodic Payment, Principal due in 180 Days | 918,000 | ||||||||||||||
Debt Instrument, Periodic Payment, Principal due in 270 Days | $ 1,071,000 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 12 | ||||||||||||||
Amended Note [Member] | Senior Secured Convertible Note [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 3,789,000 | ||||||||||||||
Debt Instrument, Unamortized Discount, Total | $ 641,215 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 5.20 | $ 5.20 | |||||||||||||
Interest Expense, Debt, Total | $ 729,000 | ||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature, Per Share (in dollars per share) | $ 0.88 | ||||||||||||||
Long-term Debt, Total | $ 0 | ||||||||||||||
January 2020 Note [Member] | Secured Redeemable Convertible Note [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 157,000 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 12 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||||||
Stock Issued During Period, Shares, Commitment Fees (in shares) | 81,250 | ||||||||||||||
Debt Instrument, Fee Amount | $ 75,000 | ||||||||||||||
Debt Instrument, Covenant, Shares to be Paid, Commitment Fee, Repaid Prior to Maturity (in shares) | 6,250 | ||||||||||||||
Legal Fees | $ 7,000 | ||||||||||||||
Repayments of Convertible Debt | $ 211,984 | ||||||||||||||
January 2020 Note [Member] | Secured Redeemable Convertible Note [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument, Convertible, Premium Payment Percentage | 10.00% | ||||||||||||||
January 2020 Note [Member] | Secured Redeemable Convertible Note [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument, Convertible, Premium Payment Percentage | 30.00% | ||||||||||||||
February 2020 Note [Member] | Secured Redeemable Convertible Note [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ 126,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||||||
Stock Issued During Period, Shares, Commitment Fees (in shares) | 6,250 | ||||||||||||||
Debt Instrument, Fee Amount | $ 57,500 | ||||||||||||||
Legal Fees | $ 6,000 | ||||||||||||||
Repayments of Convertible Debt | $ 170,442 | ||||||||||||||
Debt Instrument, Deemed Dividend Expense | $ 70,998 | ||||||||||||||
February 2020 Note [Member] | Secured Redeemable Convertible Note [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument, Convertible, Premium Payment Percentage | 10.00% | ||||||||||||||
February 2020 Note [Member] | Secured Redeemable Convertible Note [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument, Convertible, Premium Payment Percentage | 30.00% | ||||||||||||||
May 2020 Note [Member] | Secured Redeemable Convertible Note [Member] | |||||||||||||||
Debt Instrument, Face Amount | 2,415,000 | ||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 2,100,000 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 9.28 | ||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 268,333 | ||||||||||||||
Placement Fee, Percent of Aggregate Gross Proceeds | 7.00% | ||||||||||||||
June 2020 Note [Member] | Secured Redeemable Convertible Note [Member] | |||||||||||||||
Debt Instrument, Face Amount | 1,811,250 | ||||||||||||||
Proceeds from Debt, Net of Issuance Costs | $ 1,575,000 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 9.28 | ||||||||||||||
Repayments of Convertible Debt | $ 1,811,250 | ||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 201,250 | ||||||||||||||
Placement Fee, Percent of Aggregate Gross Proceeds | 7.00% | ||||||||||||||
Amortization of Debt Issuance Costs and Discounts, Total | $ 957,919 |
Note O - Convertible Notes Pa_4
Note O - Convertible Notes Payable - Convertible Notes Payable (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Senior Secured Convertible Note [Member] | The Amended and Original Notes [Member] | ||
Securities Purchase Agreement dated July 10, 2019 | $ 2,255,454 | |
Principal amount | 3,789,000 | 3,060,000 |
Less: conversion of principal into shares of common stock | (3,789,000) | |
Net Principal amount | 3,060,000 | |
Less: unamortized debt discount and beneficial conversion feature | (574,330) | |
Less: unamortized debt issuance costs | (230,216) | |
Notes payable, net of unamortized debt discount and debt issuance costs | 2,255,454 | |
Secured Redeemable Convertible Note [Member] | ||
Securities Purchase Agreement dated July 10, 2019 | ||
Notes payable, net of unamortized debt discount and debt issuance costs | ||
Secured Redeemable Convertible Note [Member] | January 2020 Note [Member] | ||
Securities Purchase Agreement dated July 10, 2019 | ||
Notes payable, net of unamortized debt discount and debt issuance costs | ||
Secured Redeemable Convertible Note [Member] | February 2020 Note [Member] | ||
Securities Purchase Agreement dated July 10, 2019 | ||
Notes payable, net of unamortized debt discount and debt issuance costs | ||
Secured Redeemable Convertible Note [Member] | May 2020 Note [Member] | ||
Securities Purchase Agreement dated July 10, 2019 | ||
Notes payable, net of unamortized debt discount and debt issuance costs | ||
Secured Redeemable Convertible Note [Member] | June 2020 Note [Member] | ||
Securities Purchase Agreement dated July 10, 2019 | ||
Notes payable, net of unamortized debt discount and debt issuance costs | ||
Convertible Debt [Member] | ||
Securities Purchase Agreement dated July 10, 2019 | 2,255,454 | |
Notes payable, net of unamortized debt discount and debt issuance costs | $ 2,255,454 |
Note P - Leases - Operating Lea
Note P - Leases - Operating Lease Balance Sheet Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease cost | $ 239,192 | $ 186,246 |
Short-term lease cost | 41,535 | |
Total lease cost | 239,192 | 227,781 |
Operating right-of-use assets | 487,325 | 566,479 |
Operating lease liabilities, current portion | 234,309 | 170,560 |
Operating lease liabilities, non-current portion | 264,163 | 390,466 |
Total | $ 498,472 | $ 561,026 |
Weighted average remaining lease term (in years) – operating leases (Year) | 2 years 94 days | 3 years 120 days |
Weighted average discount rate – operating leases | 5.50% | 5.50% |
Note P - Leases - Supplemental
Note P - Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 235,186 | $ 179,105 |
Note P - Leases - Operating L_2
Note P - Leases - Operating Lease Liability Maturity (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 256,977 | |
2022 | 187,594 | |
2023 | 89,225 | |
Total future lease payments | 533,796 | |
Less: imputed interest | (35,324) | |
Total | $ 498,472 | $ 561,026 |
Note Q - Commitments and Cont_2
Note Q - Commitments and Contingencies (Details Textual) - USD ($) | Mar. 25, 2020 | Dec. 31, 2020 | Mar. 30, 2020 | Feb. 14, 2020 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 12 | $ 5.20 | ||
Technology Transfer Institute [Member] | Sales Incentive Agreement With TTI [Member] | ||||
Related Party Agreement, Term (Year) | 1 year | |||
Related Party Transaction, Revenue Needed to Trigger Payment of Sales Incentive Fee | $ 5,000,000 | |||
Related Party Transaction, Revenue to Trigger Payment of Sales Incentive Fee, Percent of Net Income, Minimum | 20.00% | |||
Related Party Transaction, Sales Incentive Fee For Each 5 Million Revenue | $ 500,000 | |||
Stock Issuable for Sales Incentive Fee Per Each 5 Million Revenue (in shares) | 62,500 | |||
Related Party Transaction, Maximum Revenue, Warrants Issuable | $ 25,000,000 | |||
Revenue from Related Parties | $ 0 | |||
Technology Transfer Institute [Member] | Sales Incentive Agreement With TTI [Member] | Warrants Issuable for Each 1 Million Revenue in Excess of 20 Million [Member] | ||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 12,500 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 12 | |||
Technology Transfer Institute [Member] | Sales Incentive Agreement With TTI [Member] | Maximum [Member] | ||||
Related Party Transaction, Maximum Revenue to Trigger Payment of Sales Incentive Fee | $ 20,000,000 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 62,500 | |||
Stock Issuable for Sales Incentive Agreement (in shares) | 250,000 |
Note R - Equity (Details Textua
Note R - Equity (Details Textual) | Nov. 20, 2020 | Jul. 23, 2020USD ($)shares | Mar. 30, 2020USD ($)$ / sharesshares | Feb. 14, 2020USD ($)$ / sharesshares | Nov. 30, 2020USD ($)shares | Aug. 31, 2020USD ($)shares | Nov. 30, 2020 | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2020$ / sharesshares | Sep. 30, 2020USD ($)shares | Jun. 30, 2020USD ($)shares | Mar. 12, 2020$ / shares | Sep. 23, 2015$ / sharesshares | Nov. 13, 2014shares |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | |||||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||||||||
Stock Issued During Period, Shares, Warrants Exercises (in shares) | 121,500 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 12 | $ 5.20 | |||||||||||||
Proceeds from Warrant Exercises | $ | $ 1,458,000 | $ 5,602,595 | |||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 3,125 | 38,250 | |||||||||||||
Share-based Payment Arrangement, Expense | $ | 792,095 | 947,720 | |||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ | $ 28,511 | $ 35,013 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 0 | 0 | |||||||||||||
Dividends, Paid-in-kind, Total | $ | $ 41,688 | $ 112,686 | |||||||||||||
Convertible Note Due in July 13, 2020 [Member] | |||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 9.20 | ||||||||||||||
Senior Secured Convertible Note [Member] | Amended Note [Member] | |||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 5.20 | $ 5.20 | |||||||||||||
Common Stock [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 43,939 | ||||||||||||||
Stock Issued During Period, Shares, Conversion of Warrant (in shares) | 918,538 | ||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 41,375 | ||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 5,270 | 4,612 | |||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ | $ 1 | ||||||||||||||
Director [Member] | Common Stock [Member] | |||||||||||||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 5,270 | 4,612 | |||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ | $ 28,511 | $ 35,013 | |||||||||||||
Restricted Stock [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Fair Value | $ | $ 11,250 | $ 198,900 | |||||||||||||
Share-based Payment Arrangement, Expense | $ | $ 23,764 | ||||||||||||||
Pre-Funded Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 512,500 | ||||||||||||||
Equity Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 284,538 | ||||||||||||||
September 2015 Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 28.80 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 48,078 | 8,681 | |||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||
Referral Fee Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,125 | 15,625 | |||||||||||||
Warrants and Rights Outstanding | $ | $ 12,921 | $ 94,655 | |||||||||||||
Warrants in Connection With May 2020 and June 2020 Notes [Member] | |||||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 415,625 | ||||||||||||||
Warrants in Connection With the Securities Purchase Agreement [Member] | |||||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 250,000 | ||||||||||||||
Public Offering [Member] | |||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 22,700,000 | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,264,313 | ||||||||||||||
Stock Issued During Period, Shares, Conversion of Warrant (in shares) | 797,038 | ||||||||||||||
Public Offering [Member] | Common Stock [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 4,264,313 | ||||||||||||||
Private Investor SPA [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 124,610 | ||||||||||||||
Reverse Stock Split [Member] | |||||||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 8 |
Note R - Equity - Valuation Ass
Note R - Equity - Valuation Assumptions for Warrants (Details) - Referral Fee Warrants [Member] | Dec. 31, 2020 | Dec. 31, 2019 |
Measurement Input, Risk Free Interest Rate [Member] | ||
Warrant measurement input | 0.0033 | 0.0182 |
Measurement Input, Share Price [Member] | ||
Warrant measurement input | 9.25 | 12 |
Measurement Input, Expected Term [Member] | ||
Warrant measurement input | 5 | 5 |
Measurement Input, Price Volatility [Member] | ||
Warrant measurement input | 1.1 | 0.83 |
Note R - Equity - Summary of Wa
Note R - Equity - Summary of Warrant Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, warrants (in shares) | 423,559 | 472,622 | |
Outstanding, weighted average exercise price, warrants (in dollars per share) | $ 12.80 | $ 12.72 | |
Outstanding, weighted average remaining contractual life, warrants (Year) | 4 years 175 days | 3 years 343 days | 2 years 18 days |
Granted, warrants (in shares) | 250,000 | ||
Granted, weighted average exercise price, warrants (in dollars per share) | $ 12 | ||
Exercised, warrants (in shares) | |||
Exercised, weighted average exercise price, warrants (in dollars per share) | |||
Forfeited, warrants (in shares) | |||
Forfeited, weighted average exercise price, warrants (in dollars per share) | |||
Expired, warrants (in shares) | (54,066) | (299,063) | |
Expired, weighted average exercise price, warrants (in dollars per share) | $ 6.86 | $ 12 | |
Granted, warrants (in shares) | 250,000 | ||
Granted, weighted average exercise price, warrants (in dollars per share) | $ 12 | ||
Increase due to trigger of anti-dilution provision feature, warrants (in shares) | 27,244 | ||
Increase due to trigger of anti-dilution provision feature, weighted average exercise price, warrants (in dollars per share) | $ 5.20 | ||
Exercised, warrants (in shares) | |||
Exercised, weighted average exercise price, warrants (in dollars per share) | |||
Outstanding, warrants (in shares) | 4,689,387 | 423,559 | 472,622 |
Outstanding, weighted average exercise price, warrants (in dollars per share) | $ 6.04 | $ 12.80 | $ 12.72 |
Public Offering Warrants [Member] | |||
Granted, warrants (in shares) | 4,264,313 | ||
Granted, weighted average exercise price, warrants (in dollars per share) | $ 5.20 | ||
Exercised, warrants (in shares) | 284,538 | ||
Exercised, weighted average exercise price, warrants (in dollars per share) | $ 5.20 | ||
Granted, warrants (in shares) | 4,264,313 | ||
Granted, weighted average exercise price, warrants (in dollars per share) | $ 5.20 | ||
Exercised, warrants (in shares) | (284,538) | ||
Exercised, weighted average exercise price, warrants (in dollars per share) | $ 5.20 | ||
Pre-Funded Warrants [Member] | |||
Granted, warrants (in shares) | 512,500 | ||
Granted, weighted average exercise price, warrants (in dollars per share) | $ 0.08 | ||
Exercised, warrants (in shares) | 512,500 | ||
Exercised, weighted average exercise price, warrants (in dollars per share) | $ 0.08 | ||
Granted, warrants (in shares) | 512,500 | ||
Granted, weighted average exercise price, warrants (in dollars per share) | $ 0.08 | ||
Exercised, warrants (in shares) | (512,500) | ||
Exercised, weighted average exercise price, warrants (in dollars per share) | $ 0.08 | ||
Other Warrants [Member] | |||
Granted, warrants (in shares) | 434,375 | ||
Granted, weighted average exercise price, warrants (in dollars per share) | $ 9.25 | ||
Exercised, warrants (in shares) | 121,500 | ||
Exercised, weighted average exercise price, warrants (in dollars per share) | $ 12 | ||
Granted, warrants (in shares) | 434,375 | ||
Granted, weighted average exercise price, warrants (in dollars per share) | $ 9.25 | ||
Exercised, warrants (in shares) | (121,500) | ||
Exercised, weighted average exercise price, warrants (in dollars per share) | $ 12 |
Note S - Stock Options (Details
Note S - Stock Options (Details Textual) - USD ($) | Jan. 27, 2016 | Oct. 12, 2004 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 12, 2020 | Mar. 12, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 3 years 317 days | 5 years | ||||
Share Price (in dollars per share) | $ 3.52 | $ 5.20 | $ 6.08 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 167,980 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.16 | $ 8.24 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0 | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 899,750 | $ 891,760 | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 232,547 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 76 days | |||||
In The Money Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 0 | |||||
The2004 Stock Option Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 20,834 | |||||
The2004 Stock Option Plan [Member] | Nonstatutory Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 10 years | |||||
The2004 Stock Option Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||
The 2015 Equity Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 83,334 | 187,500 | 187,500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
The 2015 Equity Incentive Plan [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | |||||
The 2015 Equity Incentive Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% |
Note S - Stock Options - Option
Note S - Stock Options - Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 24 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Outstanding (in shares) | 218,967 | 198,503 | 198,503 |
Outstanding, weighted average exercise price (in dollars per share) | $ 20.08 | $ 21.76 | $ 21.76 |
Granted (in shares) | 28,440 | 30,167 | 28,440 |
Granted, weighted average exercise price (in dollars per share) | $ 5.04 | $ 9.36 | |
Exercised (in shares) | 0 | 0 | |
Exercised, weighted average exercise price (in dollars per share) | |||
Forfeited (in shares) | (5,598) | (4,545) | |
Forfeited, weighted average exercise price (in dollars per share) | 17.34 | $ 18.16 | |
Expired (in shares) | (4,105) | (15,588) | |
Expired, weighted average exercise price (in dollars per share) | $ 29.17 | $ 24.64 | |
Outstanding, weighted average remaining life (Year) | 3 years 317 days | 5 years | |
Outstanding, aggregate intrinsic value | $ 0 | $ 0 | $ 0 |
Outstanding (in shares) | 227,274 | 218,967 | 227,274 |
Outstanding, weighted average exercise price (in dollars per share) | $ 17.61 | $ 20.08 | $ 17.61 |
Vested or expected to vest (in shares) | 209,427 | 209,427 | |
Vested or expected, weighted average exercise price (in dollars per share) | $ 18.51 | $ 18.51 | |
Vested or expected to vest, weighted average remaining life (Year) | 3 years 248 days | ||
Vested or expected to vest, aggregate intrinsic value | $ 0 | $ 0 | |
Exercisable (in shares) | 167,980 | 167,980 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 20.77 | ||
Exercisable, weighted average remaining life (Year) | 3 years 76 days | ||
Exercisable, aggregate intrinsic value | $ 0 | $ 0 | |
The2004 Stock Option Plan [Member] | |||
Outstanding (in shares) | 3,906 | 4,167 | 4,167 |
Granted (in shares) | |||
Exercised (in shares) | |||
Forfeited (in shares) | |||
Expired (in shares) | (261) | (3,906) | |
Outstanding (in shares) | 3,906 | ||
The 2015 Equity Incentive Plan [Member] | |||
Outstanding (in shares) | 70,991 | 47,740 | 47,740 |
Granted (in shares) | 30,167 | 28,440 | |
Exercised (in shares) | |||
Forfeited (in shares) | (5,077) | (4,545) | |
Expired (in shares) | (1,839) | (703) | |
Outstanding (in shares) | 94,183 | 70,991 | 94,183 |
Non Plan [Member] | |||
Outstanding (in shares) | 144,070 | 146,596 | 146,596 |
Granted (in shares) | |||
Exercised (in shares) | |||
Forfeited (in shares) | (521) | ||
Expired (in shares) | (2,005) | (10,979) | |
Outstanding (in shares) | 133,091 | 144,070 | 133,091 |
Note S - Stock Options - Opti_2
Note S - Stock Options - Options Outstanding and Exercisable (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Range of exercise prices, lower range (in dollars per share) | $ 3.60 | |
Range of exercise prices, upper range (in dollars per share) | $ 39.36 | |
Options outstanding (in shares) | 227,274 | |
Options exercisable (in shares) | 167,980 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 20.77 | |
Exercise Price Range 1 [Member] | ||
Range of exercise prices, lower range (in dollars per share) | $ 3.60 | |
Range of exercise prices, upper range (in dollars per share) | $ 5.20 | |
Options outstanding (in shares) | 28,065 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 5.01 | |
Options outstanding, weighted average remaining remaining life (Year) | 6 years 244 days | |
Options exercisable (in shares) | 84 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 4.08 | |
Exercise Price Range 2 [Member] | ||
Range of exercise prices, lower range (in dollars per share) | 5.21 | |
Range of exercise prices, upper range (in dollars per share) | $ 15.68 | |
Options outstanding (in shares) | 49,919 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 12.16 | |
Options outstanding, weighted average remaining remaining life (Year) | 4 years 299 days | |
Options exercisable (in shares) | 23,814 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 13.30 | |
Exercise Price Range 3 [Member] | ||
Range of exercise prices, lower range (in dollars per share) | 15.69 | |
Range of exercise prices, upper range (in dollars per share) | $ 39.36 | |
Options outstanding (in shares) | 149,290 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 21.80 | |
Options outstanding, weighted average remaining remaining life (Year) | 3 years 21 days | |
Options exercisable (in shares) | 144,082 | |
Options exercisable, weighted average exercise price (in dollars per share) | $ 22.01 |
Note T - Income Taxes (Details
Note T - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 0 | $ 0 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards, Total | 63,000 | |
Operating Loss Carryforwards, Subject to Expiration | 52,000 | |
Operating Loss Carryforwards, Not Subject to Expiration | $ 11,000 | |
Open Tax Year | 2017 2018 2019 2020 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 64,000 | |
Open Tax Year | 2017 2018 2019 2020 |
Note T - Income Taxes - Compone
Note T - Income Taxes - Components of Deferred Taxes (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued compensation | $ 81,000 | $ 84,000 |
Accounts receivable allowance | 474,000 | 474,000 |
Stock-based compensation | 1,073,000 | 894,000 |
Basis differences in fixed assets | (14,000) | (5,000) |
Basis differences in intangible assets | 65,000 | 62,000 |
Net operating loss and credit carryforwards | 13,337,000 | 15,002,000 |
Valuation allowances | $ (15,016,000) | $ (16,511,000) |
Note T - Income Taxes - Reconci
Note T - Income Taxes - Reconciliation of the Effective Income Tax Rate to US Federal Statutory Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal statutory income tax rate | 21.00% | 21.00% |
Permanent differences | (9.00%) | (2.00%) |
Effect of net operating loss | (12.00%) | (19.00%) |
Effective tax rate |
Note U - Profit Sharing Plan (D
Note U - Profit Sharing Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 |
Note V - Earnings Per Share (_3
Note V - Earnings Per Share (EPS) - Reconciliation of Numerator of Basic and Diluted EPS Calculations (Details) - USD ($) | Feb. 14, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Net Loss | $ (9,673,987) | $ (14,588,700) | |
Deemed dividend from trigger of anti-dilution provision feature | $ (41,688) | (112,686) | |
Net loss available to common stockholders (basic and diluted EPS) | $ (9,786,673) | $ (14,588,700) |
Note V - Earnings Per Share (_4
Note V - Earnings Per Share (EPS) - Securities Excluded from the Diluted Per Share Calculation (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Exercise Price Less Than Average Market Price Of Common Shares [Member] | ||
Antidilutive securities (in shares) | 4,100 | 182,461 |
Exercise Price Greater Than Average Market Price Of Common Shares [Member] | ||
Antidilutive securities (in shares) | 4,913,286 | 642,275 |
Share-based Payment Arrangement, Option [Member] | Exercise Price Less Than Average Market Price Of Common Shares [Member] | ||
Antidilutive securities (in shares) | 1,002 | 118 |
Share-based Payment Arrangement, Option [Member] | Exercise Price Greater Than Average Market Price Of Common Shares [Member] | ||
Antidilutive securities (in shares) | 223,899 | 218,716 |
Restricted Stock [Member] | Exercise Price Less Than Average Market Price Of Common Shares [Member] | ||
Antidilutive securities (in shares) | 3,098 | |
Warrant [Member] | Exercise Price Greater Than Average Market Price Of Common Shares [Member] | ||
Antidilutive securities (in shares) | 4,689,387 | 423,559 |
Convertible Debt Securities [Member] | Exercise Price Less Than Average Market Price Of Common Shares [Member] | ||
Antidilutive securities (in shares) | 182,343 |
Note W - Subsequent Events (Det
Note W - Subsequent Events (Details Textual) - shares | Mar. 09, 2021 | Mar. 04, 2021 | Nov. 30, 2020 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Subsequent Event [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Employee [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 1,250 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Director [Member] | Common Stock [Member] | Subsequent Event [Member] | |||
Shares Issued, Shares, Share-based Payment Arrangement, before Forfeiture (in shares) | 278 | 1,375 |