Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38420 | |
Entity Registrant Name | VIRTRA, INC. | |
Entity Central Index Key | 0001085243 | |
Entity Tax Identification Number | 93-1207631 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 7970 S. | |
Entity Address, Address Line Two | Kyrene Rd. | |
Entity Address, City or Town | Tempe | |
Entity Address, State or Province | AZ | |
Entity Address, Postal Zip Code | 85284 | |
City Area Code | 480 | |
Local Phone Number | 968-1488 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,780,030 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 23,786,065 | $ 6,841,984 |
Restricted cash | 100,000 | |
Accounts receivable, net | 5,514,605 | 1,378,270 |
Inventory, net | 5,209,595 | 3,515,997 |
Unbilled revenue | 4,033,931 | 5,408,598 |
Prepaid expenses and other current assets | 736,210 | 382,445 |
Total current assets | 39,380,406 | 17,527,294 |
Long-term assets: | ||
Property and equipment, net | 1,787,042 | 1,381,744 |
Operating lease right-of-use asset, net | 941,228 | 1,094,527 |
Intangible assets, net | 359,489 | 271,048 |
Security deposits, long-term | 19,712 | 86,500 |
Other assets, long-term | 478,966 | 500,114 |
Deferred tax asset, net | 1,597,887 | 1,892,000 |
Total long-term assets | 5,184,324 | 5,225,933 |
Total assets | 44,564,730 | 22,753,227 |
Current liabilities: | ||
Accounts payable | 1,212,468 | 345,573 |
Accrued compensation and related costs | 1,041,876 | 843,101 |
Accrued expenses and other current liabilities | 649,620 | 772,884 |
Note payable, current | 531,541 | 266,037 |
Operating lease liability, short-term | 334,550 | 321,727 |
Deferred revenue, short-term | 7,875,289 | 4,708,575 |
Total current liabilities | 11,645,344 | 7,257,897 |
Long-term liabilities: | ||
Deferred revenue, long-term | 1,803,416 | 1,920,346 |
Note payable, long-term | 789,173 | 1,063,243 |
Operating lease liability, long-term | 682,619 | 853,155 |
Total long-term liabilities | 3,275,208 | 3,836,744 |
Total liabilities | 14,920,552 | 11,094,641 |
Commitments and contingencies (See Note 9) | ||
Stockholders’ equity: | ||
Preferred stock $0.0001 par value; 2,500,000 authorized; no shares issued or outstanding | ||
Common stock value | 1,078 | 778 |
Additional paid-in capital | 30,694,430 | 13,893,660 |
Accumulated deficit | (1,051,330) | (2,235,852) |
Total stockholders’ equity | 29,644,178 | 11,658,586 |
Total liabilities and stockholders’ equity | 44,564,730 | 22,753,227 |
Common Class A [Member] | ||
Stockholders’ equity: | ||
Common stock value | ||
Common Class B [Member] | ||
Stockholders’ equity: | ||
Common stock value |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 2,500,000 | 2,500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares outstanding | 10,780,030 | 7,775,030 |
Common stock, shares issued | 10,780,030 | 7,775,030 |
Common Class A [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 2,500,000 | 2,500,000 |
Common stock, shares outstanding | 0 | 0 |
Common stock, shares issued | 0 | 0 |
Common Class B [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 7,500,000 | 7,500,000 |
Common stock, shares outstanding | 0 | 0 |
Common stock, shares issued | 0 | 0 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues: | ||||
Total revenue | $ 5,255,192 | $ 2,769,779 | $ 9,697,101 | $ 6,107,942 |
Cost of sales | 2,120,492 | 1,192,012 | 3,993,896 | 2,934,948 |
Gross profit | 3,134,700 | 1,577,767 | 5,703,205 | 3,172,994 |
Operating expenses: | ||||
General and administrative | 2,002,612 | 2,023,074 | 3,712,845 | 3,800,450 |
Research and development | 311,320 | 376,611 | 605,537 | 706,366 |
Net operating expense | 2,313,932 | 2,399,685 | 4,318,382 | 4,506,816 |
Income (loss) from operations | 820,768 | (821,918) | 1,384,823 | (1,333,822) |
Other income (expense): | ||||
Other income | 34,379 | 18,797 | 50,758 | 38,292 |
Other expense | (32,608) | (9,613) | (35,042) | (9,614) |
Net other income (expense) | 1,771 | 9,184 | 15,716 | 28,678 |
Income (Loss) before provision for income taxes | 822,539 | (812,734) | 1,400,539 | (1,305,144) |
Provision (Benefit) for income taxes | 293,180 | (211,474) | 216,017 | (314,474) |
Net income (loss) | $ 529,359 | $ (601,260) | $ 1,184,522 | $ (990,670) |
Net income (loss) per common share: | ||||
Basic | $ 0.05 | $ (0.08) | $ 0.13 | $ (0.13) |
Diluted | $ 0.05 | $ (0.08) | $ 0.13 | $ (0.13) |
Weighted average shares outstanding: | ||||
Basic | 10,644,363 | 7,752,780 | 9,209,808 | 7,749,091 |
Diluted | 10,693,238 | 7,752,780 | 9,209,509 | 7,749,091 |
Net Sales [Member] | ||||
Revenues: | ||||
Total revenue | $ 5,255,192 | $ 2,756,737 | $ 9,697,101 | $ 6,076,750 |
Eatertainment Royaltie Licensing Fees Former Related Party [Member] | ||||
Revenues: | ||||
Total revenue | 12,502 | 29,242 | ||
Other Royalties Licensing Fees [Member] | ||||
Revenues: | ||||
Total revenue | $ 540 | $ 1,950 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 775 | $ 13,894,680 | $ (3,714,255) | $ 10,181,200 | ||
Beginning balance, shares at Dec. 31, 2019 | 7,745,030 | |||||
Stock options exercised | $ 2 | 13,213 | 13,215 | |||
Stock options exercised, shares | 15,000 | |||||
Stock options repurchased | (5,846) | (5,846) | ||||
Stock issued for cash in offering, net | ||||||
Net loss | (990,670) | (990,670) | ||||
Ending balance, value at Jun. 30, 2020 | $ 777 | 13,902,047 | (4,704,925) | 9,197,899 | ||
Ending balance, shares at Jun. 30, 2020 | 7,760,030 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 776 | 13,898,201 | (4,103,665) | 9,795,312 | ||
Beginning balance, shares at Mar. 31, 2020 | 7,752,530 | |||||
Stock options exercised | $ 1 | 6,914 | 6,915 | |||
Stock options exercised, shares | 7,500 | |||||
Stock options repurchased | (3,068) | (3,068) | ||||
Net loss | (601,260) | (601,260) | ||||
Ending balance, value at Jun. 30, 2020 | $ 777 | 13,902,047 | (4,704,925) | 9,197,899 | ||
Ending balance, shares at Jun. 30, 2020 | 7,760,030 | |||||
Beginning balance, value at Dec. 31, 2020 | $ 778 | 13,893,660 | (2,235,852) | 11,658,586 | ||
Beginning balance, shares at Dec. 31, 2020 | 7,775,030 | |||||
Stock options exercised | 6,070 | 6,070 | ||||
Stock options exercised, shares | 5,000 | |||||
Stock issued for cash in offering, net | $ 300 | 16,794,700 | 16,795,000 | |||
Stock issued for cash in offering, net, shares | 3,000,000 | |||||
Net loss | 1,184,522 | 1,184,522 | ||||
Ending balance, value at Jun. 30, 2021 | $ 1,078 | 30,694,430 | (1,051,330) | 29,644,178 | ||
Ending balance, shares at Jun. 30, 2021 | 10,780,030 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 778 | 13,897,280 | (1,580,689) | 12,317,369 | ||
Beginning balance, shares at Mar. 31, 2021 | 7,777,530 | |||||
Stock options exercised | 2,450 | 2,450 | ||||
Stock options exercised, shares | 2,500 | |||||
Stock issued for cash in offering, net | $ 300 | 16,794,700 | 16,795,000 | |||
Stock issued for cash in offering, net, shares | 3,000,000 | |||||
Net loss | 529,359 | 529,359 | ||||
Ending balance, value at Jun. 30, 2021 | $ 1,078 | $ 30,694,430 | $ (1,051,330) | $ 29,644,178 | ||
Ending balance, shares at Jun. 30, 2021 | 10,780,030 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,184,522 | $ (990,670) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 201,156 | 179,607 |
Right of use amortization | 153,299 | 146,500 |
Reserve for note receivable | 3,639 | |
Deferred taxes | 294,113 | (270,000) |
Impairment of investment in That’s Eatertainment, former related party | 140,000 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (4,136,335) | (433,219) |
That’s Eatertainment note receivable, net, related party | (3,639) | |
Interest receivable | 3,934 | |
Inventory, net | (1,693,598) | (979,389) |
Unbilled revenue | 1,374,667 | 1,481,822 |
Prepaid expenses and other current assets | (353,765) | (80,211) |
Other assets | 21,148 | 508 |
Security deposits, long-term | 66,788 | (1,571) |
Accounts payable and other accrued expenses | 933,840 | 248,232 |
Payments on operating lease liability | (157,713) | (145,663) |
Deferred revenue | 3,049,784 | 409,745 |
Net cash provided by (used in) operating activities | 937,906 | (290,375) |
Cash flows from investing activities: | ||
Redemption of certificates of deposit | 1,675,000 | |
Purchase of intangible assets | (92,886) | (43,240) |
Purchase of property and equipment | (602,009) | (304,739) |
Net cash (used in) provided by investing activities | (694,895) | 1,327,021 |
Cash flows from financing activities: | ||
Repurchase of stock options | (5,846) | |
Stock issued for cash in offering, net | 16,795,000 | |
Stock options exercised | 6,070 | 13,215 |
Note payable-PPP Loan | 1,320,714 | |
Net cash provided by (used in) financing activities | 16,801,070 | 1,328,083 |
Net increase (decrease) in cash and restricted cash | 17,044,081 | 2,364,729 |
Cash and restricted cash, beginning of period | 6,841,984 | 1,415,091 |
Cash and restricted cash, end of period | 23,886,065 | 3,779,820 |
Supplemental disclosure of cash flow information: | ||
Taxes refunded | (78,096) | (44,474) |
Interest paid | $ 5,763 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Significant Accounting Policies | Note 1. Organization and Significant Accounting Policies Organization and Business Operations VirTra, Inc. (the “Company,” “VirTra,” “we,” “us” or “our”), located in Tempe, Arizona, is a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement, military, educational and commercial markets. The Company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly-effective virtual reality and simulator technology. The Company sells its products worldwide through a direct sales force and international distribution partners. The original business started in 1993 as Ferris Productions, Inc. In September 2001, Ferris Productions, Inc. merged with GameCom, Inc. to ultimately become VirTra, Inc., a Nevada corporation. During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). The pandemic has significantly impacted the economic conditions in the U.S., accelerating during half of March and April as federal, state and local governments react to the public health crisis, creating significant uncertainties in the U.S. economy. On March 30, 2020, the Governor for the State of Arizona issued a stay-at-home order which expired on May 15, 2020, upon which Arizona entered Phase I of reopening. The Company carefully reviewed all rules and regulations of the government orders and determined it met the requirements of an essential business to remain open. The Company had the majority of its staff begin working remotely in mid-March, with only essential personnel continue working at the manufacturing and production facilities and currently remains in Arizona’s Phase I of reopening. This situation is rapidly changing and additional impacts to the business may arise that we are not aware of currently. While the disruption is currently expected to be temporary, there is uncertainty around the duration. The ultimate impact of the pandemic on the Company’s results of operations, financial position, liquidity or capital resources cannot be reasonably estimated at this time. To date, the COVID-19 restrictions have resulted in reduced customer shipments and customer system installations. These recent developments are expected to result in lower recognized revenue and possibly lower gross margin when they occur. To date, there have been no order cancellations; rather, there have only been delays in when orders ship or installations occur and all delayed orders remain in backlog. Any future impact cannot be reasonably estimated at this time. The Company is no longer investing in Certificates of Deposits as a precautionary measure to increase its liquid cash position and preserve financial flexibility considering uncertainty in the U.S. and global markets resulting from COVID-19. Additionally, the Company’s stock repurchase program was suspended as a result of interim rulings for public-company recipients of a PPP loan under the CARES Act. The stock repurchase suspension will remain in effect for the duration of the outstanding PPP loan. Basis of Presentation The unaudited financial statements included herein have been prepared by us without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with our audited financial statements for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC on March 29, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted as permitted by the SEC, although we believe the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying unaudited financial statements reflect, in our opinion, all normal recurring adjustments necessary to present fairly our financial position at June 30, 2021 and the results of our operations and cash flows for the periods presented. We derived the December 31, 2020 balance sheet data from audited financial statements; however, we did not include all disclosures required by GAAP. Interim results are subject to seasonal variations, and the results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Significant accounting estimates in these financial statements include valuation assumptions for share-based payments, allowance for doubtful accounts and notes receivable, inventory reserves, accrual for warranty reserves, the carrying value of long-lived assets and intangible assets, income tax valuation allowances, the carrying value of cost basis investments, and the allocation of the transaction price to the performance obligations in our contracts with customers. Revenue Recognition The Company adopted the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customer (Topic 606) (“ASC 606”) on January 1, 2018 and the Company elected to use the modified retrospective transition method which requires application of ASC 606 to uncompleted contracts at the date of adoption. The adoption of ASC 606 did not have a material impact on the financial statements. Under ASC 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. Significant judgment is necessary when making these determinations. The Company’s primary sources of revenue are derived from simulator and accessories sales, training and installation, the sale of customizable software and the sale of extended service-type warranties. The Company’s policy is to typically invoice upon completion of installation and/or training until such time the performance obligations that have been satisfied are included in unbilled. Sales discounts are presented in the financial statements as reductions in determining net revenues. Credit sales are recorded as current assets (accounts receivable and unbilled revenue). Prepaid deposits received at the time of sale and extended warranties purchased are recorded as current and long-term liabilities (deferred revenue) until earned. The following briefly summarizes the nature of our performance obligations and method of revenue recognition: Performance Obligation Method of Recognition Simulator and accessories Upon transfer of control Installation and training Upon completion or over the period of services being rendered Extended service-type warranty Deferred and recognized over the life of the extended warranty Customized software and content Upon transfer of control or over the period services are performed depending on the terms of the contract Customized content scenario As performance obligation is transferred over time (input method using time and materials expanded) Sales-based royalty exchanged for license of intellectual property Recognized as the performance obligation is satisfied over time – which is as the sales occur. The Company recognizes revenue upon transfer of control or upon completion of the services for the simulator and accessories; for the installation and training and customized software performance obligations as the customer has the right and ability to direct the use of these products and services and the customer obtains substantially all of the remaining benefit from these products and services at that time. Revenue from certain customized content contracts may be recognized over the period the services are performed based on the terms of the contract. For the sales-based royalty exchanged for license of intellectual property, the Company recognized revenue as the sales occur over time. The Company recognizes revenue on a straight-line basis over the period of services being rendered for the extended service-type warranties as these warranties represent a performance obligation to “stand ready to perform” over the duration of the warranties. As such, the warranty service is performed continuously over the warranty period. Each contract states the transaction price. The contracts do not include variable consideration, significant financing components or noncash consideration. The Company has elected to exclude sales and similar taxes from the measurement of the transaction price. The contract’s transaction price is allocated to the performance obligations based upon their stand-alone selling prices. Discounts to the stand-alone selling prices, if any, are allocated proportionately to each performance obligation. Disaggregation of Revenue Under ASC 606, disaggregated revenue from contracts with customers depicts the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors. The Company has evaluated revenues recognized and the following table illustrates the disaggregation disclosure by customer’s location and performance obligation. Disaggregation of Revenue Schedule of Disaggregation of Revenues Three Months Ended June 30, 2021 June 30, 2020 Commercial Government International Total Commercial Government International Total Simulators and accessories $ 543,890 $ 3,503,592 $ 106,933 $ 4,154,415 $ 251,584 $ 1,352,196 $ 12,383 $ 1,616,163 Extended service-type warranties 25,547 673,970 28,965 728,482 16,917 589,048 41,548 647,513 Customized software and content - 146,543 21,170 167,713 - 424,605 - 424,605 Installation and training 15,043 186,909 - 201,952 6,775 61,681 - 68,456 Licensing and royalties 2,630 - - 2,630 13,042 - - 13,042 Total Revenue $ 587,110 $ 4,511,014 $ 157,068 $ 5,255,192 $ 288,318 $ 2,427,530 $ 53,931 $ 2,769,779 Six Months ended June 30, 2021 June 30, 2020 Commercial Government International Total Commercial Government International Total Simulators and accessories $ 815,528 $ 5,181,515 $ 1,184,118 $ 7,181,161 $ 266,710 $ 3,333,343 $ 291,940 $ 3,891,993 Extended service-type warranties 47,621 1,344,554 49,015 1,441,190 35,358 1,157,126 104,148 1,296,632 Customized software and content - 613,956 73,443 687,399 17,957 650,369 - 668,326 Installation and training 49,864 306,707 26,350 382,921 9,451 205,384 4,964 219,799 Licensing and royalties 4,430 - - 4,430 31,192 - - 31,192 Total Revenue $ 917,443 $ 7,446,732 $ 1,332,926 $ 9,697,101 $ 360,668 $ 5,346,222 $ 401,052 $ 6,107,942 For the six months ended June 30, 2021, governmental customers comprised $ 7,446,732 77 917,443 9 1,332,926 14 5,346,222 87 360,668 6 401,052 7 Customer Deposits Customer deposits consist of prepaid deposits received for equipment purchase orders and for Subscription Training Equipment Partnership (“STEP”) operating agreements that expire annually. Customer deposits are considered a deferred liability until the completion of the customer’s contract performance obligation. When revenue is recognized, the deposit is applied to customer’s receivable balance. Customer deposits are recorded as a current liability under deferred revenue on the accompanying balance sheet and totaled $ 5,217,146 2,517,175 Warranty The Company warranties its products from manufacturing defects on a limited basis for a period of one year after purchase, but also sells separately priced extended service-type warranties for periods of up to four years after the expiration of the standard one-year warranty. During the term of the initial one-year warranty, if the device fails to operate properly from defects in materials and workmanship, the Company will fix or replace the defective product. Deferred revenue for separately priced extended warranties one year or less totaled $ 1,464,867 2,191,400 1,803,416 1,920,346 352,000 352,000 682,842 647,513 Concentration of Credit Risk and Major Customers and Suppliers Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, certificates of deposit, accounts receivable and notes receivable. The Company’s cash, cash equivalents and certificates of deposit are maintained with financial institutions with high credit standings and are FDIC insured deposits. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard deposit insurance coverage limit is $ 250,000 23,283,606 6,338,896 Most sales are to governments that are typically made on credit and the Company generally does not require collateral. Management performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for estimated losses. Historically, the Company has experienced minimal charges relative to doubtful accounts. Management performs ongoing evaluations of the collectability of its notes receivable and maintains an allowance for estimated losses. Historically, the Company primarily sells its products to United States federal and state agencies. For the six months ended June 30, 2021, one foreign agency comprised 10 16 11 As of June 30, 2021, two federal agencies comprised 18.7 17.6 8.5 31 |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 2. Inventory Inventory consisted of the following as of: Schedule of Inventory, Net June 30, 2021 December 31, 2020 Raw materials and work in process $ 5,542,625 $ 3,636,649 Reserve (333,030 ) (120,652 ) Total inventory $ 5,209,595 $ 3,515,997 The Company regularly evaluates the useful life of its spare parts inventory and as a result, the Company classified $ 478,966 500,114 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 3. Property and Equipment Property and equipment consisted of the following as of: Schedule of Property and Equipment, Net June 30, 2021 December 31, 2020 Computer equipment $ 1,159,993 $ 1,115,326 Furniture and office equipment 223,925 223,925 Machinery and equipment 1,553,973 1,096,898 STEP equipment 1,295,222 1,206,757 Leasehold improvements 346,736 334,934 Total property and equipment 4,579,849 3,977,840 Less: Accumulated depreciation (2,792,807 ) (2,596,096 ) Property and equipment, net $ 1,787,042 $ 1,381,744 Depreciation expense, including STEP depreciation, was $ 196,711 179,607 |
Intangible Asset
Intangible Asset | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Asset | Note 4. Intangible Asset Intangible asset consisted of the following as of: Schedule of Intangible Asset June 30, 2021 December 31, 2020 Patents $ 160,000 $ 160,000 Capitalized media content 220,970 128,085 Total intangible asset 380,970 288,085 Less: Accumulated amortization (21,481 ) (17,037 ) Intangible asset, net $ 359,489 $ 271,048 Amortization expense was $ 4,445 4,445 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 5. Leases The Company leases approximately 37,729 5,131 April 2024 In addition to base rent, the Company’s lease generally provides for additional payments for other charges, such as rental tax. The lease includes fixed rent escalations. The Company’s lease does not include an option to renew. The Company determines if an arrangement is a lease at inception. Operating leases are recorded in operating lease right of use assets, net, operating lease liability – short term, and operating lease liability – long-term on its condensed balance sheet. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used at adoption was 4.5 Effective January 1, 2019, the Company obtained a right-of-use asset in exchange for a new operating lease liability in the amount of $ 1,721,380 46,523 1,674,857 The balance sheet classification of lease assets and liabilities as of June 30, 2021 was as follows: Schedule of Balance Sheet Classification of Lease Assets and Liabilities Balance Sheet Classification June 30, 2021 Assets Operating lease right-of-use assets, January 1, 2021 $ 1,094,527 Amortization for the six months ended June 30, 2021 (153,299 ) Total operating lease right-of-use asset, June 30, 2021 $ 941,228 Liabilities Current Operating lease liability, short-term $ 334,550 Non-current Operating lease liability, long-term 682,619 Total lease liabilities $ 1,017,169 Future minimum lease payments as of June 30, 2021 under non-cancelable operating leases are as follows: Schedule of Future Minimum Lease Payments 2021 $ 185,369 2022 379,097 2023 390,562 2024 131,152 Total lease payments 1,086,180 Less: imputed interest (69,011 ) Operating lease liability $ 1,017,169 The balance sheet classification of lease assets and liabilities as of December 31, 2020 was as follows: Schedule of Balance Sheet Classification of Lease Assets and Liabilities Balance Sheet Classification December 31, 2020 Assets Operating lease right-of-use assets, January 1, 2020 $ 1,390,873 Amortization for the year ended December 31, 2020 (296,346 ) Total operating lease right-of-use asset, December 31, 2020 $ 1,094,527 Liabilities Current Operating lease liability, short-term $ 321,727 Non-current Operating lease liability, long-term 853,155 Total lease liabilities $ 1,174,882 Future minimum lease payments as of December 31, 2020 under non-cancelable operating leases are as follows: 2021 $ 368,060 2022 379,097 2023 390,562 2024 131,152 Total lease payments 1,268,871 Less: imputed interest (93,989 ) Operating lease liability $ 1,174,882 Rent expense for the three months ended June 30, 2021 and 2020 was $ 115,140 135,079 258,897 268,080 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 6. Accrued Expenses Accrued compensation and related costs consisted of the following as of: Schedule of Accrued Compensation and Related Costs June 30, 2021 December 31, 2020 Salaries and wages payable $ 311,244 $ 278,331 Employee benefits payable 12,305 634 Accrued paid time off (PTO) 474,451 366,827 Profit sharing payable 243,876 197,309 Total accrued compensation and related costs $ 1,041,876 $ 843,101 Accrued expenses and other current liabilities consisted of the following as of: Schedule of Accrued Expenses and Other Current Liabilities June 30, 2021 December 31, 2020 Manufacturer’s warranties $ 352,000 $ 352,000 Taxes payable 244,491 316,076 Miscellaneous payable 53,129 104,808 Total accrued expenses and other current liabilities $ 649,620 $ 772,884 |
Note Payable
Note Payable | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Note Payable | Note 7. Note Payable On May 8, 2020, VirTra received a Promissory Note (the “PPP Note”) in the amount of $ 1,320,714 Under this approach, the Company will initially account for the PPP Note as a debt instrument and apply the interest method considering the six-month payment deferral allowed for the loan. The PPP Note is payable over two years at a fixed interest rate of 1 55,604 May 8, 2022 1,320,714 18,720 1,339,434 The entire PPP Note amount is recorded as a financial liability on the entity’s balance sheet with the next twelve months of principal plus accrued interest recorded as short-term liabilities and the remaining principal note balance recorded as a long-term liability. The note payable amounts consist of the following: Schedule of Notes payable June 30, 2021 December 31, 2020 Short-term liabilities: Note payable, principal $ 517,212 $ 257,471 Accrued interest on note 14,329 8,566 Note payable, short-term $ 531,541 $ 266,037 Long-term liabilities: Note payable, long term $ 789,173 $ 1,063,243 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8. Related Party Transactions During the six months ended June 30, 2021, the Company redeemed 17,500 116,717 5,000 0.0001 6,070 During the six months ended June 30, 2020, the Company redeemed 7,500 12,864 15,000 0.0001 13,215 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies General or Threatened Litigation From time to time, the Company is notified of threatened litigation or that a claim is being made against it. The Company evaluates contingencies on an on-going basis and has established loss provisions for matters in which losses are probable and the amount of loss can be reasonably estimated. There is no threatened litigation at this time. Employment Agreements On April 2, 2012, the Company entered into three-year Employment Agreements with its Chief Executive Officer and Chief Operating Officer that provide for annual base salaries of $ 195,000 175,000 Profit Sharing VirTra provides a discretionary profit-sharing program that pays out a percentage of Company profits each year as a cash bonus to eligible employees. The cash payment is typically split into two equal payments and distributed pro-rata in April and October of the following year to only active employees. For the six months ended June 30, 2021, $ 150,000 no |
Stockholders_ Equity
Stockholders’ Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | Note 10. Stockholders’ Equity Authorized Capital Common Stock Authorized Shares 60,000,000 50,000,000 2,500,000 0.0001 7,500,000 0.0001 Rights and Preferences (i) Each holder of Common Stock is entitled to one (1) vote for each share of Common Stock held of record by such holder. The holders of shares of Common Stock do not have cumulative voting rights. (ii) Each holder of Class A Common Stock is entitled to ten (10) votes for each share of Class A Common Stock held of record by such holder. The holders of shares of Class A Common Stock do not have cumulative voting rights. (iii) The holders of Common Stock and Class A Common Stock vote together as a single class on all matters on which stockholders are generally entitled to vote. (iv) The holders of Class B Common Stock are not be entitled to vote on any matter, except that the holders of Class B Common Stock are entitled to vote separately as a class with respect to amendments to the Articles of Incorporation that increase or decrease the aggregate number of authorized shares of such class, increase or decrease the par value of the shares of such class, or alter or change the powers, preferences, or special rights of the shares of such class so as to affect them adversely. Preferred Stock Authorized Shares 2,500,000 0.0001 Rights and Preferences Stock Repurchase On October 25, 2016, the Company’s Board of Directors authorized the repurchase of up to $ 1 1 Treasury Stock During the six months ended June 30, 2021 and 2020, the Company purchased no additional treasury shares. As of June 30, 2021, all treasury shares previously purchased had been cancelled and returned to shares authorized. Non-qualified Stock Options The Company has periodically issued non-qualified stock options to key employees, officers and directors under a stock option compensation plan approved by the Board of Directors in 2009. Terms of option grants are at the discretion of the Board of Directors and are generally seven years. Upon the exercise of these options, the Company expects to issue new authorized shares of its common stock. The following table summarizes all non-qualified stock options as of: Schedule of Non-qualified Stock Options June 30, 2021 June 30, 2020 Number of Stock Weighted Exercise Number of Stock Weighted Exercise Options Price Options Price Options outstanding, beginning of year 164,167 $ 3.13 234,167 $ 2.47 Granted - - - - Redeemed (17,500 ) 1.21 (7,500 ) 0.88 Exercised (5,000 ) 1.21 (15,000 ) 0.88 Expired / terminated - - - - Options outstanding, end of period 141,667 $ 3.43 211,667 $ 2.64 Options exercisable, end of period 141,667 $ 3.43 211,667 $ 2.64 The Company did not have any non-vested stock options outstanding as of June 30, 2021 and December 31, 2020. The weighted average contractual term for options outstanding and exercisable at June 30, 2021 and 2020 was 7 557,707 300,162 27,315 30,087 2,450 6,915 2017 Equity Incentive Plan On August 23, 2017, our board approved, subject to stockholder approval at the annual meeting of stockholders on October 6, 2017, the 2017 Equity Incentive Plan (the “Equity Plan”). The Equity Plan is intended to make available incentives that will assist us to attract, retain and motivate employees, including officers, consultants and directors. We may provide these incentives through the grant of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and units and other cash-based or stock-based awards. A total of 1,187,500 3 Awards may be granted under the Equity Plan to our employees, including officers, directors or consultants or those of any present or future parent or subsidiary corporation or other affiliated entity. All awards will be evidenced by a written agreement between us and the holder of the award and may include any of the following: stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance units and cash-based awards and other stock-based awards. Through June 30, 2021, no awards have been granted under the Equity Plan. Common stock activity On March 31, 2021, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors (the “Purchasers”), pursuant to which the Company agreed to sell to the Purchasers an aggregate of 3,000,000 0.0001 6.00 The Company also entered into a placement agent agreement (the “Placement Agency Agreement”) on March 31, 2021 with Roth Capital Partners, LLC (“Roth”), pursuant to which Roth agreed to serve as placement agent for the issuance and sale of the RDO Shares. The Company agreed to pay Roth an aggregate fee equal to 6.5 35,000 Roth acted as the lead placement agent in the Offering. Lake Street Capital Markets acted as co-placement agent for the Offering. Maxim Group LLC acted as a financial advisor to the Company in connection with the Offering. A prospectus supplement and the accompanying prospectus relating to and describing the terms of the Offering, dated March 31, 2021, was filed with the SEC on April 2, 2021. On April 5, 2021, the Company closed the Offering. The total gross proceeds of the Offering were $ 18.0 1,205,000 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events PPP Loan Forgiveness Under the terms of the CARES Act and the Company’s PPP loan, up to the entire amount of principal of the PPP loan and accrued interest may be forgiven to the extent PPP loan proceeds are used for qualifying expenses as described in the CARES Act and applicable implementing guidance issued by the SBA. The Company used all of the PPP loan proceeds for designated qualifying expenses. On June 16, 2021, the Company applied for forgiveness of the PPP loan in accordance with the terms of the CARES Act and the PPP loan. On July 20, 2021, the Company received notification from the Lender that the SBA had approved the Company’s PPP loan forgiveness application for the entire amount of the PPP loan. The forgiveness of the PPP loan will be recognized during the quarter ending September 30, 2021. |
Organization and Significant _2
Organization and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Organization and Business Operations | Organization and Business Operations VirTra, Inc. (the “Company,” “VirTra,” “we,” “us” or “our”), located in Tempe, Arizona, is a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement, military, educational and commercial markets. The Company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly-effective virtual reality and simulator technology. The Company sells its products worldwide through a direct sales force and international distribution partners. The original business started in 1993 as Ferris Productions, Inc. In September 2001, Ferris Productions, Inc. merged with GameCom, Inc. to ultimately become VirTra, Inc., a Nevada corporation. During March 2020, a global pandemic was declared by the World Health Organization related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). The pandemic has significantly impacted the economic conditions in the U.S., accelerating during half of March and April as federal, state and local governments react to the public health crisis, creating significant uncertainties in the U.S. economy. On March 30, 2020, the Governor for the State of Arizona issued a stay-at-home order which expired on May 15, 2020, upon which Arizona entered Phase I of reopening. The Company carefully reviewed all rules and regulations of the government orders and determined it met the requirements of an essential business to remain open. The Company had the majority of its staff begin working remotely in mid-March, with only essential personnel continue working at the manufacturing and production facilities and currently remains in Arizona’s Phase I of reopening. This situation is rapidly changing and additional impacts to the business may arise that we are not aware of currently. While the disruption is currently expected to be temporary, there is uncertainty around the duration. The ultimate impact of the pandemic on the Company’s results of operations, financial position, liquidity or capital resources cannot be reasonably estimated at this time. To date, the COVID-19 restrictions have resulted in reduced customer shipments and customer system installations. These recent developments are expected to result in lower recognized revenue and possibly lower gross margin when they occur. To date, there have been no order cancellations; rather, there have only been delays in when orders ship or installations occur and all delayed orders remain in backlog. Any future impact cannot be reasonably estimated at this time. The Company is no longer investing in Certificates of Deposits as a precautionary measure to increase its liquid cash position and preserve financial flexibility considering uncertainty in the U.S. and global markets resulting from COVID-19. Additionally, the Company’s stock repurchase program was suspended as a result of interim rulings for public-company recipients of a PPP loan under the CARES Act. The stock repurchase suspension will remain in effect for the duration of the outstanding PPP loan. |
Basis of Presentation | Basis of Presentation The unaudited financial statements included herein have been prepared by us without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with our audited financial statements for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 filed with the SEC on March 29, 2021. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted as permitted by the SEC, although we believe the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying unaudited financial statements reflect, in our opinion, all normal recurring adjustments necessary to present fairly our financial position at June 30, 2021 and the results of our operations and cash flows for the periods presented. We derived the December 31, 2020 balance sheet data from audited financial statements; however, we did not include all disclosures required by GAAP. Interim results are subject to seasonal variations, and the results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Significant accounting estimates in these financial statements include valuation assumptions for share-based payments, allowance for doubtful accounts and notes receivable, inventory reserves, accrual for warranty reserves, the carrying value of long-lived assets and intangible assets, income tax valuation allowances, the carrying value of cost basis investments, and the allocation of the transaction price to the performance obligations in our contracts with customers. |
Revenue Recognition | Revenue Recognition The Company adopted the Financial Accounting Standards Board’s (the “FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customer (Topic 606) (“ASC 606”) on January 1, 2018 and the Company elected to use the modified retrospective transition method which requires application of ASC 606 to uncompleted contracts at the date of adoption. The adoption of ASC 606 did not have a material impact on the financial statements. Under ASC 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. Significant judgment is necessary when making these determinations. The Company’s primary sources of revenue are derived from simulator and accessories sales, training and installation, the sale of customizable software and the sale of extended service-type warranties. The Company’s policy is to typically invoice upon completion of installation and/or training until such time the performance obligations that have been satisfied are included in unbilled. Sales discounts are presented in the financial statements as reductions in determining net revenues. Credit sales are recorded as current assets (accounts receivable and unbilled revenue). Prepaid deposits received at the time of sale and extended warranties purchased are recorded as current and long-term liabilities (deferred revenue) until earned. The following briefly summarizes the nature of our performance obligations and method of revenue recognition: Performance Obligation Method of Recognition Simulator and accessories Upon transfer of control Installation and training Upon completion or over the period of services being rendered Extended service-type warranty Deferred and recognized over the life of the extended warranty Customized software and content Upon transfer of control or over the period services are performed depending on the terms of the contract Customized content scenario As performance obligation is transferred over time (input method using time and materials expanded) Sales-based royalty exchanged for license of intellectual property Recognized as the performance obligation is satisfied over time – which is as the sales occur. The Company recognizes revenue upon transfer of control or upon completion of the services for the simulator and accessories; for the installation and training and customized software performance obligations as the customer has the right and ability to direct the use of these products and services and the customer obtains substantially all of the remaining benefit from these products and services at that time. Revenue from certain customized content contracts may be recognized over the period the services are performed based on the terms of the contract. For the sales-based royalty exchanged for license of intellectual property, the Company recognized revenue as the sales occur over time. The Company recognizes revenue on a straight-line basis over the period of services being rendered for the extended service-type warranties as these warranties represent a performance obligation to “stand ready to perform” over the duration of the warranties. As such, the warranty service is performed continuously over the warranty period. Each contract states the transaction price. The contracts do not include variable consideration, significant financing components or noncash consideration. The Company has elected to exclude sales and similar taxes from the measurement of the transaction price. The contract’s transaction price is allocated to the performance obligations based upon their stand-alone selling prices. Discounts to the stand-alone selling prices, if any, are allocated proportionately to each performance obligation. Disaggregation of Revenue Under ASC 606, disaggregated revenue from contracts with customers depicts the nature, amount, timing, and uncertainty of revenue and cash flows affected by economic factors. The Company has evaluated revenues recognized and the following table illustrates the disaggregation disclosure by customer’s location and performance obligation. Disaggregation of Revenue Schedule of Disaggregation of Revenues Three Months Ended June 30, 2021 June 30, 2020 Commercial Government International Total Commercial Government International Total Simulators and accessories $ 543,890 $ 3,503,592 $ 106,933 $ 4,154,415 $ 251,584 $ 1,352,196 $ 12,383 $ 1,616,163 Extended service-type warranties 25,547 673,970 28,965 728,482 16,917 589,048 41,548 647,513 Customized software and content - 146,543 21,170 167,713 - 424,605 - 424,605 Installation and training 15,043 186,909 - 201,952 6,775 61,681 - 68,456 Licensing and royalties 2,630 - - 2,630 13,042 - - 13,042 Total Revenue $ 587,110 $ 4,511,014 $ 157,068 $ 5,255,192 $ 288,318 $ 2,427,530 $ 53,931 $ 2,769,779 Six Months ended June 30, 2021 June 30, 2020 Commercial Government International Total Commercial Government International Total Simulators and accessories $ 815,528 $ 5,181,515 $ 1,184,118 $ 7,181,161 $ 266,710 $ 3,333,343 $ 291,940 $ 3,891,993 Extended service-type warranties 47,621 1,344,554 49,015 1,441,190 35,358 1,157,126 104,148 1,296,632 Customized software and content - 613,956 73,443 687,399 17,957 650,369 - 668,326 Installation and training 49,864 306,707 26,350 382,921 9,451 205,384 4,964 219,799 Licensing and royalties 4,430 - - 4,430 31,192 - - 31,192 Total Revenue $ 917,443 $ 7,446,732 $ 1,332,926 $ 9,697,101 $ 360,668 $ 5,346,222 $ 401,052 $ 6,107,942 For the six months ended June 30, 2021, governmental customers comprised $ 7,446,732 77 917,443 9 1,332,926 14 5,346,222 87 360,668 6 401,052 7 |
Customer Deposits | Customer Deposits Customer deposits consist of prepaid deposits received for equipment purchase orders and for Subscription Training Equipment Partnership (“STEP”) operating agreements that expire annually. Customer deposits are considered a deferred liability until the completion of the customer’s contract performance obligation. When revenue is recognized, the deposit is applied to customer’s receivable balance. Customer deposits are recorded as a current liability under deferred revenue on the accompanying balance sheet and totaled $ 5,217,146 2,517,175 |
Warranty | Warranty The Company warranties its products from manufacturing defects on a limited basis for a period of one year after purchase, but also sells separately priced extended service-type warranties for periods of up to four years after the expiration of the standard one-year warranty. During the term of the initial one-year warranty, if the device fails to operate properly from defects in materials and workmanship, the Company will fix or replace the defective product. Deferred revenue for separately priced extended warranties one year or less totaled $ 1,464,867 2,191,400 1,803,416 1,920,346 352,000 352,000 682,842 647,513 |
Concentration of Credit Risk and Major Customers and Suppliers | Concentration of Credit Risk and Major Customers and Suppliers Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, certificates of deposit, accounts receivable and notes receivable. The Company’s cash, cash equivalents and certificates of deposit are maintained with financial institutions with high credit standings and are FDIC insured deposits. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard deposit insurance coverage limit is $ 250,000 23,283,606 6,338,896 Most sales are to governments that are typically made on credit and the Company generally does not require collateral. Management performs ongoing credit evaluations of its customers’ financial condition and maintains an allowance for estimated losses. Historically, the Company has experienced minimal charges relative to doubtful accounts. Management performs ongoing evaluations of the collectability of its notes receivable and maintains an allowance for estimated losses. Historically, the Company primarily sells its products to United States federal and state agencies. For the six months ended June 30, 2021, one foreign agency comprised 10 16 11 As of June 30, 2021, two federal agencies comprised 18.7 17.6 8.5 31 |
Organization and Significant _3
Organization and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Disaggregation of Revenues | Schedule of Disaggregation of Revenues Three Months Ended June 30, 2021 June 30, 2020 Commercial Government International Total Commercial Government International Total Simulators and accessories $ 543,890 $ 3,503,592 $ 106,933 $ 4,154,415 $ 251,584 $ 1,352,196 $ 12,383 $ 1,616,163 Extended service-type warranties 25,547 673,970 28,965 728,482 16,917 589,048 41,548 647,513 Customized software and content - 146,543 21,170 167,713 - 424,605 - 424,605 Installation and training 15,043 186,909 - 201,952 6,775 61,681 - 68,456 Licensing and royalties 2,630 - - 2,630 13,042 - - 13,042 Total Revenue $ 587,110 $ 4,511,014 $ 157,068 $ 5,255,192 $ 288,318 $ 2,427,530 $ 53,931 $ 2,769,779 Six Months ended June 30, 2021 June 30, 2020 Commercial Government International Total Commercial Government International Total Simulators and accessories $ 815,528 $ 5,181,515 $ 1,184,118 $ 7,181,161 $ 266,710 $ 3,333,343 $ 291,940 $ 3,891,993 Extended service-type warranties 47,621 1,344,554 49,015 1,441,190 35,358 1,157,126 104,148 1,296,632 Customized software and content - 613,956 73,443 687,399 17,957 650,369 - 668,326 Installation and training 49,864 306,707 26,350 382,921 9,451 205,384 4,964 219,799 Licensing and royalties 4,430 - - 4,430 31,192 - - 31,192 Total Revenue $ 917,443 $ 7,446,732 $ 1,332,926 $ 9,697,101 $ 360,668 $ 5,346,222 $ 401,052 $ 6,107,942 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Net | Inventory consisted of the following as of: Schedule of Inventory, Net June 30, 2021 December 31, 2020 Raw materials and work in process $ 5,542,625 $ 3,636,649 Reserve (333,030 ) (120,652 ) Total inventory $ 5,209,595 $ 3,515,997 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment consisted of the following as of: Schedule of Property and Equipment, Net June 30, 2021 December 31, 2020 Computer equipment $ 1,159,993 $ 1,115,326 Furniture and office equipment 223,925 223,925 Machinery and equipment 1,553,973 1,096,898 STEP equipment 1,295,222 1,206,757 Leasehold improvements 346,736 334,934 Total property and equipment 4,579,849 3,977,840 Less: Accumulated depreciation (2,792,807 ) (2,596,096 ) Property and equipment, net $ 1,787,042 $ 1,381,744 |
Intangible Asset (Tables)
Intangible Asset (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Asset | Intangible asset consisted of the following as of: Schedule of Intangible Asset June 30, 2021 December 31, 2020 Patents $ 160,000 $ 160,000 Capitalized media content 220,970 128,085 Total intangible asset 380,970 288,085 Less: Accumulated amortization (21,481 ) (17,037 ) Intangible asset, net $ 359,489 $ 271,048 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Balance Sheet Classification of Lease Assets and Liabilities | The balance sheet classification of lease assets and liabilities as of June 30, 2021 was as follows: Schedule of Balance Sheet Classification of Lease Assets and Liabilities Balance Sheet Classification June 30, 2021 Assets Operating lease right-of-use assets, January 1, 2021 $ 1,094,527 Amortization for the six months ended June 30, 2021 (153,299 ) Total operating lease right-of-use asset, June 30, 2021 $ 941,228 Liabilities Current Operating lease liability, short-term $ 334,550 Non-current Operating lease liability, long-term 682,619 Total lease liabilities $ 1,017,169 Balance Sheet Classification December 31, 2020 Assets Operating lease right-of-use assets, January 1, 2020 $ 1,390,873 Amortization for the year ended December 31, 2020 (296,346 ) Total operating lease right-of-use asset, December 31, 2020 $ 1,094,527 Liabilities Current Operating lease liability, short-term $ 321,727 Non-current Operating lease liability, long-term 853,155 Total lease liabilities $ 1,174,882 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of June 30, 2021 under non-cancelable operating leases are as follows: Schedule of Future Minimum Lease Payments 2021 $ 185,369 2022 379,097 2023 390,562 2024 131,152 Total lease payments 1,086,180 Less: imputed interest (69,011 ) Operating lease liability $ 1,017,169 Future minimum lease payments as of December 31, 2020 under non-cancelable operating leases are as follows: 2021 $ 368,060 2022 379,097 2023 390,562 2024 131,152 Total lease payments 1,268,871 Less: imputed interest (93,989 ) Operating lease liability $ 1,174,882 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Compensation and Related Costs | Accrued compensation and related costs consisted of the following as of: Schedule of Accrued Compensation and Related Costs June 30, 2021 December 31, 2020 Salaries and wages payable $ 311,244 $ 278,331 Employee benefits payable 12,305 634 Accrued paid time off (PTO) 474,451 366,827 Profit sharing payable 243,876 197,309 Total accrued compensation and related costs $ 1,041,876 $ 843,101 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following as of: Schedule of Accrued Expenses and Other Current Liabilities June 30, 2021 December 31, 2020 Manufacturer’s warranties $ 352,000 $ 352,000 Taxes payable 244,491 316,076 Miscellaneous payable 53,129 104,808 Total accrued expenses and other current liabilities $ 649,620 $ 772,884 |
Note Payable (Tables)
Note Payable (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Notes payable | Schedule of Notes payable June 30, 2021 December 31, 2020 Short-term liabilities: Note payable, principal $ 517,212 $ 257,471 Accrued interest on note 14,329 8,566 Note payable, short-term $ 531,541 $ 266,037 Long-term liabilities: Note payable, long term $ 789,173 $ 1,063,243 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Non-qualified Stock Options | Schedule of Non-qualified Stock Options June 30, 2021 June 30, 2020 Number of Stock Weighted Exercise Number of Stock Weighted Exercise Options Price Options Price Options outstanding, beginning of year 164,167 $ 3.13 234,167 $ 2.47 Granted - - - - Redeemed (17,500 ) 1.21 (7,500 ) 0.88 Exercised (5,000 ) 1.21 (15,000 ) 0.88 Expired / terminated - - - - Options outstanding, end of period 141,667 $ 3.43 211,667 $ 2.64 Options exercisable, end of period 141,667 $ 3.43 211,667 $ 2.64 |
Schedule of Disaggregation of R
Schedule of Disaggregation of Revenues (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Simulators and accessories | $ 4,154,415 | $ 1,616,163 | $ 7,181,161 | $ 3,891,993 |
Extended service-type warranties | 728,482 | 647,513 | 1,441,190 | 1,296,632 |
Customized software and content | 167,713 | 424,605 | 687,399 | 668,326 |
Installation and training | 201,952 | 68,456 | 382,921 | 219,799 |
Licensing and royalties | 2,630 | 13,042 | 4,430 | 31,192 |
Total Revenue | 5,255,192 | 2,769,779 | 9,697,101 | 6,107,942 |
Commercial [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Simulators and accessories | 543,890 | 251,584 | 815,528 | 266,710 |
Extended service-type warranties | 25,547 | 16,917 | 47,621 | 35,358 |
Customized software and content | 17,957 | |||
Installation and training | 15,043 | 6,775 | 49,864 | 9,451 |
Licensing and royalties | 2,630 | 13,042 | 4,430 | 31,192 |
Total Revenue | 587,110 | 288,318 | 917,443 | 360,668 |
Government [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Simulators and accessories | 3,503,592 | 1,352,196 | 5,181,515 | 3,333,343 |
Extended service-type warranties | 673,970 | 589,048 | 1,344,554 | 1,157,126 |
Customized software and content | 146,543 | 424,605 | 613,956 | 650,369 |
Installation and training | 186,909 | 61,681 | 306,707 | 205,384 |
Licensing and royalties | ||||
Total Revenue | 4,511,014 | 2,427,530 | 7,446,732 | 5,346,222 |
Geographic Distribution, Foreign [Member] | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Simulators and accessories | 106,933 | 12,383 | 1,184,118 | 291,940 |
Extended service-type warranties | 28,965 | 41,548 | 49,015 | 104,148 |
Customized software and content | 21,170 | 73,443 | ||
Installation and training | 26,350 | 4,964 | ||
Licensing and royalties | ||||
Total Revenue | $ 157,068 | $ 53,931 | $ 1,332,926 | $ 401,052 |
Organization and Significant _4
Organization and Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Product Information [Line Items] | |||||
Revenue | $ 5,255,192 | $ 2,769,779 | $ 9,697,101 | $ 6,107,942 | |
Deferred revenue liability current | 7,875,289 | 7,875,289 | $ 4,708,575 | ||
Revenue recognized | 682,842 | 682,842 | 647,513 | ||
Deposit insurance coverage limit | 250,000 | 250,000 | |||
Uninsured cash and cash equivalents | 23,283,606 | 23,283,606 | 6,338,896 | ||
Warranty [Member] | One Year or Less [Member] | |||||
Product Information [Line Items] | |||||
Extended warranties | 1,464,867 | 1,464,867 | 2,191,400 | ||
Warranty [Member] | Longer Than One Year [Member] | |||||
Product Information [Line Items] | |||||
Extended warranties | 1,803,416 | 1,803,416 | 1,920,346 | ||
Warranty [Member] | One Year [Member] | |||||
Product Information [Line Items] | |||||
Extended warranties | 352,000 | 352,000 | 352,000 | ||
Customer Deposits [Member] | |||||
Product Information [Line Items] | |||||
Deferred revenue liability current | $ 5,217,146 | $ 5,217,146 | $ 2,517,175 | ||
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | One Federal Agency [Member] | |||||
Product Information [Line Items] | |||||
Concentration of credit risk | 10.00% | 16.00% | |||
Revenue from Contract with Customer, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | One State Agency [Member] | |||||
Product Information [Line Items] | |||||
Concentration of credit risk | 11.00% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One State Agency [Member] | |||||
Product Information [Line Items] | |||||
Concentration of credit risk | 8.50% | 31.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two State Agency [Member] | Minimum [Member] | |||||
Product Information [Line Items] | |||||
Concentration of credit risk | 18.70% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two State Agency [Member] | Maximum [Member] | |||||
Product Information [Line Items] | |||||
Concentration of credit risk | 17.60% | ||||
Government Customers [Member] | |||||
Product Information [Line Items] | |||||
Revenue | $ 7,446,732 | $ 5,346,222 | |||
Government Customers [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration of credit risk | 77.00% | 87.00% | |||
Commercial Customers [Member] | |||||
Product Information [Line Items] | |||||
Revenue | $ 917,443 | $ 360,668 | |||
Commercial Customers [Member] | Revenue, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration of credit risk | 9.00% | 6.00% | |||
Internationall Customers [Member] | |||||
Product Information [Line Items] | |||||
Revenue | $ 1,332,926 | $ 401,052 | |||
Internationall Customers [Member] | Revenue from Contract with Customer, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] | |||||
Product Information [Line Items] | |||||
Concentration of credit risk | 14.00% | 7.00% |
Schedule of Inventory, Net (Det
Schedule of Inventory, Net (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials and work in process | $ 5,542,625 | $ 3,636,649 |
Reserve | (333,030) | (120,652) |
Total inventory | $ 5,209,595 | $ 3,515,997 |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Spare parts as other assets, long-term | $ 478,966 | $ 500,114 |
Schedule of Property and Equipm
Schedule of Property and Equipment, Net (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 4,579,849 | $ 3,977,840 |
Less: Accumulated depreciation | (2,792,807) | (2,596,096) |
Property and equipment, net | 1,787,042 | 1,381,744 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,159,993 | 1,115,326 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 223,925 | 223,925 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,553,973 | 1,096,898 |
STEP Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,295,222 | 1,206,757 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 346,736 | $ 334,934 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
STEP Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 196,711 | $ 179,607 |
Schedule of Intangible Asset (D
Schedule of Intangible Asset (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible asset | $ 380,970 | $ 288,085 |
Less: Accumulated amortization | (21,481) | (17,037) |
Intangible asset, net | 359,489 | 271,048 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible asset | 160,000 | 160,000 |
Capitalized Media Content [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total intangible asset | $ 220,970 | $ 128,085 |
Intangible Asset (Details Narra
Intangible Asset (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 4,445 | $ 4,445 |
Schedule of Balance Sheet Class
Schedule of Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Jan. 02, 2019 | |
Leases [Abstract] | |||
Operating lease right-of-use assets | $ 1,094,527 | $ 1,390,873 | |
Amortization | (153,299) | (296,346) | |
Operating lease right-of-use assets | 941,228 | 1,094,527 | |
Operating lease liability, short-term | 334,550 | 321,727 | |
Operating lease liability, long-term | 682,619 | 853,155 | |
Total lease liabilities | $ 1,017,169 | $ 1,174,882 | $ 1,721,380 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Jan. 02, 2019 |
Leases [Abstract] | |||
2021 | $ 185,369 | $ 368,060 | |
2022 | 379,097 | 379,097 | |
2023 | 390,562 | 390,562 | |
2024 | 131,152 | 131,152 | |
Total lease payments | 1,086,180 | 1,268,871 | |
Less: imputed interest | (69,011) | (93,989) | |
Operating lease liability | $ 1,017,169 | $ 1,174,882 | $ 1,721,380 |
Leases (Details Narrative)
Leases (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Apr. 30, 2019ft² | Jun. 30, 2021USD ($)ft² | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)ft² | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 02, 2019USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Incremental in borrowing rate | 4.50% | |||||||
Operating lease liability | $ 1,017,169 | $ 1,017,169 | $ 1,174,882 | $ 1,721,380 | ||||
Deferred rent | 46,523 | |||||||
Operating lease right of use asset | 941,228 | 941,228 | $ 1,094,527 | $ 1,390,873 | $ 1,674,857 | |||
Rent expenses | $ 115,140 | $ 135,079 | $ 258,897 | $ 268,080 | ||||
Lease Amendment [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Rentable square feet | ft² | 5,131 | |||||||
Lease expires, description | April 2024 | |||||||
Office and Warehouse Space [Member] | Unaffiliated Third Party [Member] | ||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||||
Rentable square feet | ft² | 37,729 | 37,729 |
Schedule of Accrued Compensatio
Schedule of Accrued Compensation and Related Costs (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Salaries and wages payable | $ 311,244 | $ 278,331 |
Employee benefits payable | 12,305 | 634 |
Accrued paid time off (PTO) | 474,451 | 366,827 |
Profit sharing payable | 243,876 | 197,309 |
Total accrued compensation and related costs | $ 1,041,876 | $ 843,101 |
Schedule of Accrued Expenses an
Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Manufacturer’s warranties | $ 352,000 | $ 352,000 |
Taxes payable | 244,491 | 316,076 |
Miscellaneous payable | 53,129 | 104,808 |
Total accrued expenses and other current liabilities | $ 649,620 | $ 772,884 |
Schedule of Notes payable (Deta
Schedule of Notes payable (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Note payable, principal | $ 517,212 | $ 257,471 |
Accrued interest on note | 14,329 | 8,566 |
Note payable, short-term | 531,541 | 266,037 |
Note payable, long term | $ 789,173 | $ 1,063,243 |
Note Payable (Details Narrative
Note Payable (Details Narrative) - USD ($) | May 08, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | |||
Debt instrument principal amount | $ 517,212 | $ 257,471 | |
Paycheck Protection Program Loan [Member] | Convertible Promissory Note [Member] | |||
Short-term Debt [Line Items] | |||
Debt instrument principal amount | $ 1,320,714 | ||
Debt interest rate | 1.00% | ||
Debt instrument periodic payment | $ 55,604 | ||
Debt instrument maturity date | May 8, 2022 | ||
Repayment of loan amount | $ 1,320,714 | ||
Debt instrument interest amount | 18,720 | ||
Repayment of notes payable | $ 1,339,434 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Common stock, shares value | 10,780,030 | 10,780,030 | 7,775,030 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Exercise price amount | $ 2,450 | $ 6,915 | $ 6,070 | $ 13,215 | |
Chief Executive Officer and Chief Operating Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Number of previously awarded options redeemed | 17,500 | ||||
Compensation expenses | $ 116,717 | ||||
Board Of Directors [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Common stock, shares value | 5,000 | 5,000 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||
Chief Operating Officer [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Number of previously awarded options redeemed | 7,500 | ||||
Compensation expenses | $ 12,864 | ||||
Chief Executive Officer And Board Of Director [Member] | |||||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
Common stock, shares value | 15,000 | 15,000 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | Apr. 02, 2012 | Jun. 30, 2021 | Jun. 30, 2020 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Labor and Related Expense | $ 150,000 | $ 0 | |
Three Year Employment Agreements [Member] | Chief Executive Officer [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Annual salaries | $ 195,000 | ||
Three Year Employment Agreements [Member] | Chief Operating Officer [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Annual salaries | $ 175,000 |
Schedule of Non-qualified Stock
Schedule of Non-qualified Stock Options (Details) - Non-Qualified Stock Option [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Summary of Investment Holdings [Line Items] | ||
Number of Stock Options, Options outstanding, beginning of year | 164,167 | 234,167 |
Weighted Exercise Price, Option outstanding, beginning of year | $ 3.13 | $ 2.47 |
Number of Stock Options, Granted | ||
Weighted Exercise Price, Granted | ||
Number of Stock Options, Redeemed | (17,500) | (7,500) |
Weighted Exercise Price, Redeemed | $ 1.21 | $ 0.88 |
Number of Stock Options, Exercised | (5,000) | (15,000) |
Weighted Exercise Price, Exercised | $ 1.21 | $ 0.88 |
Number of Stock Options, Expired / terminated | ||
Weighted Exercise Price, Expired / terminated | ||
Number of Stock Options, Options outstanding, end of period | 141,667 | 211,667 |
Weighted Exercise Price, Option outstanding end of period | $ 3.43 | $ 2.64 |
Number of Stock Options, Options exercisable, end of period | 141,667 | 211,667 |
Weighted Exercise Price, Options exercisable, end of period | $ 3.43 | $ 2.64 |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | Apr. 05, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Jan. 09, 2019 | Aug. 23, 2017 | Oct. 25, 2016 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Common stock shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Preferred stock shares authorized | 2,500,000 | 2,500,000 | 2,500,000 | ||||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Options outstanding and exercisable, term | 7 years | ||||||||||
Aggregate intrinsic value of options outstanding and exercisable | $ 557,707 | $ 300,162 | $ 557,707 | $ 300,162 | |||||||
Intrinsic value of options exercised | 27,315 | 30,087 | |||||||||
Stock related to exercise of options | 2,450 | 6,915 | 6,070 | 13,215 | |||||||
Gross proceeds from public offering | $ 16,795,000 | $ 16,795,000 | |||||||||
Securities Purchase Agreement [Member] | Offering [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Gross proceeds from public offering | $ 18,000,000 | ||||||||||
Noninterest Expense Offering Cost | $ 1,205,000 | ||||||||||
Placement Agency Agreement [Member] | Roth Capital Partners, LLC [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Gross proceeds, aggregate percentage | 6.50% | ||||||||||
Placement Agency Agreement [Member] | Roth Capital Partners, LLC [Member] | Maximum [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Reimbursement legal fees and expenses | $ 35,000 | ||||||||||
2017 Equity Incentive Plan [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Number of common stock capital shares reserved for future issuance | 1,187,500 | ||||||||||
Percentage of common stock shares issued and outstanding | 3.00% | ||||||||||
Board of Directors Chairman [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Common stock shares authorized to repurchase | 1,000,000 | 1,000,000 | |||||||||
Certain Institutional Investors [Member] | Securities Purchase Agreement [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||||
Sale of stock, shares | 3,000,000 | ||||||||||
Sale of stock, price per share | $ 6 | $ 6 | |||||||||
Common Class A [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Common stock shares authorized | 2,500,000 | 2,500,000 | 2,500,000 | ||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Common stock voting rights | Each holder of Class A Common Stock is entitled to ten (10) votes for each share of Class A Common Stock held of record by such holder. The holders of shares of Class A Common Stock do not have cumulative voting rights. | ||||||||||
Common Class B [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Common stock shares authorized | 7,500,000 | 7,500,000 | 7,500,000 | ||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Common Stocks [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Common stock shares authorized | 60,000,000 | 60,000,000 | |||||||||
Common Stock [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Common stock shares authorized | 50,000,000 | 50,000,000 | |||||||||
Common stock voting rights | Each holder of Common Stock is entitled to one (1) vote for each share of Common Stock held of record by such holder. The holders of shares of Common Stock do not have cumulative voting rights. | ||||||||||
Stock related to exercise of options | $ 1 | $ 2 | |||||||||
Gross proceeds from public offering | $ 300 | $ 300 |