Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-36159 | ||
Entity Registrant Name | STEREOTAXIS, INC. | ||
Entity Central Index Key | 0001289340 | ||
Entity Tax Identification Number | 94-3120386 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 710 North Tucker Boulevard | ||
Entity Address, Address Line Two | Suite 110 | ||
Entity Address, City or Town | St. Louis | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 63101 | ||
City Area Code | (314) | ||
Local Phone Number | 678-6100 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | STXS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 577.9 | ||
Entity Common Stock, Shares Outstanding | 74,638,306 | ||
Documents incorporated by reference | Portions of the Proxy Statement for the registrant’s 2022 Annual Meeting of Shareholders are incorporated by reference in Part III, Items 10, 11, 12, 13 and 14 | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | St. Louis, Missouri |
Balance Sheet
Balance Sheet - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 38,738,591 | $ 43,939,512 |
Restricted cash - current | 454,268 | |
Compensating cash arrangement | 250,620 | |
Accounts receivable, net of allowance of $179,913 and $123,614 at 2021 and 2020, respectively | 5,405,860 | 3,515,136 |
Inventories, net | 4,433,394 | 3,295,457 |
Prepaid expenses and other current assets | 2,356,190 | 1,716,014 |
Total current assets | 51,388,303 | 52,716,739 |
Property and equipment, net | 2,631,891 | 195,129 |
Restricted cash | 951,563 | |
Operating lease right-of-use assets | 5,734,775 | 2,235,442 |
Other assets | 278,154 | 308,515 |
Total assets | 60,984,686 | 55,455,825 |
Current liabilities: | ||
Short-term debt | 1,185,058 | |
Accounts payable | 4,188,471 | 1,608,636 |
Accrued liabilities | 2,528,189 | 3,209,235 |
Deferred revenue | 6,276,781 | 5,282,770 |
Current portion of operating lease liabilities | 268,121 | 2,287,487 |
Total current liabilities | 13,261,562 | 13,573,186 |
Long-term debt | 973,252 | |
Long-term deferred revenue | 2,238,150 | 548,915 |
Operating lease liabilities | 5,842,456 | |
Other liabilities | 218,582 | 131,231 |
Total liabilities | 21,560,750 | 15,226,584 |
Series A - Convertible preferred stock: | ||
Convertible preferred stock, Series A, par value $0.001; 22,387 and 22,513 shares outstanding at 2021 and 2020, respectively | 5,583,768 | 5,605,323 |
Stockholders’ equity: | ||
Convertible preferred stock, Series B, par value $0.001; 10,000,000 shares authorized, 5,610,121 shares outstanding at 2021 and 2020 | 5,610 | 5,610 |
Common stock, par value $0.001; 300,000,000 shares authorized, 74,618,240 and 73,694,203 shares issued at 2021 and 2020, respectively | 74,618 | 73,694 |
Additional paid in capital | 532,640,795 | 522,709,846 |
Treasury stock, 4,015 shares at 2021 and 2020 | (205,999) | (205,999) |
Accumulated deficit | (498,674,856) | (487,959,233) |
Total stockholders’ equity | 33,840,168 | 34,623,918 |
Total liabilities and stockholders’ equity | $ 60,984,686 | $ 55,455,825 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 179,913 | $ 123,614 |
Series A Convertible Preferred Stock, par value | $ 0.001 | $ 0.001 |
Series A Convertible Preferred Stock, shares outstanding | 22,387 | 22,513 |
Series B Convertible Preferred Stock, par value | $ 0.001 | $ 0.001 |
Series B Convertible Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Series B Convertible Preferred Stock, shares outstanding | 5,610,121 | 5,610,121 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 74,618,240 | 73,694,203 |
Treasury stock, shares | 4,015 | 4,015 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | ||
Total revenue | $ 35,020,862 | $ 26,630,035 |
Cost of revenue: | ||
Total cost of revenue | 11,789,186 | 7,664,246 |
Gross margin | 23,231,676 | 18,965,789 |
Operating expenses: | ||
Research and development | 10,198,553 | 8,136,914 |
Sales and marketing | 11,948,068 | 11,178,325 |
General and administrative | 13,973,498 | 6,364,365 |
Total operating expenses | 36,120,119 | 25,679,604 |
Operating loss | (12,888,443) | (6,713,815) |
Interest (expense) income, net | (10,071) | 67,356 |
Gain on extinguishment of debt | 2,182,891 | |
Net loss | (10,715,623) | (6,646,459) |
Cumulative dividend on Series A convertible preferred stock | (1,345,031) | (1,369,421) |
Loss attributable to common stockholders | $ (12,060,654) | $ (8,015,880) |
Net loss per share attributable to common stockholders: | ||
Basic | $ (0.16) | $ (0.11) |
Diluted | $ (0.16) | $ (0.11) |
Weighted average number of common shares and equivalents: | ||
Basic | 75,558,233 | 72,746,268 |
Diluted | 75,558,233 | 72,746,268 |
Systems [Member] | ||
Revenue: | ||
Total revenue | $ 11,167,676 | $ 3,626,284 |
Cost of revenue: | ||
Total cost of revenue | 7,526,575 | 3,715,416 |
Disposables Service and Accessories [Member] | ||
Revenue: | ||
Total revenue | 22,867,066 | 22,017,631 |
Cost of revenue: | ||
Total cost of revenue | 3,276,491 | 2,962,710 |
Sublease [Member] | ||
Revenue: | ||
Total revenue | 986,120 | 986,120 |
Cost of revenue: | ||
Total cost of revenue | $ 986,120 | $ 986,120 |
Statements of Convertible Prefe
Statements of Convertible Preferred Stock and Stockholders' Equity - USD ($) | Convertible Preferred Stock Series A [Member] | Convertible Preferred Stock Series B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 5,758,190 | $ 5,610 | $ 68,530 | $ 504,211,040 | $ (205,999) | $ (481,312,774) | $ 22,766,407 |
Beginning balance, shares at Dec. 31, 2019 | 23,110 | 5,610,121 | 68,529,623 | ||||
Issuance of common stock | $ 3,863 | 15,057,950 | 15,061,813 | ||||
Issuance of common stock, shares | 3,863,314 | ||||||
Share-based compensation | $ 149 | 3,169,199 | 3,169,348 | ||||
Share-based compensation, shares | 147,989 | ||||||
Components of net loss | (6,646,459) | (6,646,459) | |||||
Employee stock purchase plan | $ 32 | 119,910 | 119,942 | ||||
Employee stock purchase plan, shares | 32,467 | ||||||
Preferred stock conversion | $ (152,867) | $ 1,120 | 151,747 | 152,867 | |||
Preferred stock conversion, shares | (597) | 1,120,810 | |||||
Ending balance, value at Dec. 31, 2020 | $ 5,605,323 | $ 5,610 | $ 73,694 | 522,709,846 | (205,999) | (487,959,233) | 34,623,918 |
Ending balance, shares at Dec. 31, 2020 | 22,513 | 5,610,121 | 73,694,203 | ||||
Issuance of common stock | $ 333 | 429,473 | 429,806 | ||||
Issuance of common stock, shares | 332,232 | ||||||
Share-based compensation | $ 325 | 9,362,582 | 9,362,907 | ||||
Share-based compensation, shares | 325,954 | ||||||
Components of net loss | (10,715,623) | (10,715,623) | |||||
Employee stock purchase plan | $ 20 | 117,585 | 117,605 | ||||
Employee stock purchase plan, shares | 19,699 | ||||||
Preferred stock conversion | $ (21,555) | $ 246 | 21,309 | 21,555 | |||
Preferred stock conversion, shares | (126) | 246,152 | |||||
Ending balance, value at Dec. 31, 2021 | $ 5,583,768 | $ 5,610 | $ 74,618 | $ 532,640,795 | $ (205,999) | $ (498,674,856) | $ 33,840,168 |
Ending balance, shares at Dec. 31, 2021 | 22,387 | 5,610,121 | 74,618,240 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (10,715,623) | $ (6,646,459) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 105,653 | 126,211 |
Non-cash lease expense | 2,706,651 | 2,340,428 |
Share-based compensation | 9,362,907 | 3,169,348 |
Loss on asset disposal | 170 | |
Gain on debt extinguishment | (2,182,891) | |
Non-cash interest | 24,581 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,890,724) | 1,814,441 |
Inventories | (1,137,937) | (1,447,927) |
Prepaid expenses and other current assets | (640,176) | (245,092) |
Compensating cash arrangement | 250,620 | (250,620) |
Other assets | 30,361 | (90,412) |
Accounts payable | 1,433,840 | (490,461) |
Accrued liabilities | (681,046) | 488,131 |
Deferred revenue | 2,683,246 | 184,972 |
Operating lease liability | (2,382,894) | (2,340,046) |
Other liabilities | 87,351 | (124,286) |
Net cash used in operating activities | (2,945,911) | (3,511,772) |
Cash flows from investing activities | ||
Purchase of property and equipment | (1,396,590) | (70,896) |
Net cash used in investing activities | (1,396,590) | (70,896) |
Cash flows from financing activities | ||
Proceeds from Paycheck Protection Program loan | 2,158,310 | |
Proceeds from issuance of stock, net of issuance costs | 547,411 | 15,181,755 |
Net cash provided by financing activities | 547,411 | 17,340,065 |
Net (decrease) increase in cash and cash equivalents | (3,795,090) | 13,757,397 |
Cash and cash equivalents at beginning of period | 43,939,512 | 30,182,115 |
Cash and cash equivalents at end of period | 40,144,422 | 43,939,512 |
Supplemental disclosure of cash flow information: | ||
Interest paid | ||
Purchases of property and equipment included in accounts payable | 1,145,995 | |
Reconciliation of cash, cash equivalents, and restricted cash to balance sheet as of December 31st: | ||
Cash and cash equivalents | 38,738,591 | 43,939,512 |
Restricted cash - current | 454,268 | |
Restricted cash | 951,563 | |
Total cash, cash equivalents, and restricted cash | $ 40,144,422 | $ 43,939,512 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. Description of Business Stereotaxis designs, manufactures and markets robotic systems, instruments and information systems for the interventional laboratory. Our proprietary robotic technology, Robotic Magnetic Navigation, fundamentally transforms endovascular interventions using precise computer-controlled magnetic fields to directly control the tip of flexible interventional catheters or devices. Direct control of the tip of an interventional device, in contrast to all manual hand-held devices that are controlled from their handle, can improve the precision, stability, reach and safety of these devices during procedures. Our primary clinical focus has been electrophysiology, specifically cardiac ablation procedures for the treatment of arrhythmias. Cardiac ablation has become a well-accepted therapy for arrhythmias and a multi-billion-dollar medical device market with expectations for substantial long-term growth. We have shared our aspiration and a product strategy to expand the clinical focus of our technology to several additional endovascular indications including coronary, neuro, and peripheral interventions. There is substantial real-world evidence and clinical literature for Robotic Magnetic Navigation in electrophysiology. Hundreds of electrophysiologists at over one hundred hospitals globally have treated over 100,000 arrhythmia patients with our robotic technology. Clinical use of our technology has been documented in over 400 clinical publications. Robotic Magnetic Navigation is designed to enable physicians to complete more complex interventional procedures with greater success and safety by providing image-guided delivery of catheters through the blood vessels and chambers of the heart to treatment sites. This is achieved using externally applied computer-controlled magnetic fields that govern the motion of the working tip of the catheter, resulting in improved navigation. The more flexible atraumatic design of catheters driven using magnetic fields may reduce the risk of patient harm and other adverse events. Performing the procedure from a control cockpit enables physicians to complete procedures in a safe location protected from x-ray exposure, with greater ergonomics, and improved efficiency. We believe these benefits can be applicable in other endovascular indications where navigation through complex vasculature is often challenging or unsuccessful and generates significant x-ray exposure. Our primary products include the Genesis RMN Odyssey The Genesis RMN System The Odyssey Solution Odyssey Cinema, We promote our full suite of products in a typical hospital implementation, subject to regulatory approvals or clearances. This implementation requires a hospital to agree to an upfront capital payment and recurring payments. The upfront capital payment typically includes equipment and installation charges. The recurring payments typically include disposable costs for each procedure, equipment service costs beyond warranty period, and ongoing software updates. In hospitals where our full suite of products has not been implemented, equipment upgrade or expansion can be implemented upon purchasing of the necessary upgrade or expansion. We have received regulatory clearances and registration approvals necessary for us to market the Genesis RMN Niobe Odyssey Cardiodrive Vdrive Vdrive Duo V-CAS V-Loop V-Sono x-ray System We have strategic relationships with technology leaders and innovators in the global interventional market. Through these strategic relationships we provide compatibility between our robotic magnetic navigation system and digital imaging and 3D catheter location sensing technology, as well as disposable interventional devices. The maintenance of these strategic relationships, or the establishment of equivalent alternatives, is critical to our commercialization efforts. There are no guarantees that any existing strategic relationships will continue, and efforts are ongoing to ensure the availability of integrated systems and devices and/or equivalent alternatives. We cannot provide assurance as to the timeline of the ongoing availability of such compatible systems or our ability to obtain equivalent alternatives on competitive terms or at all. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Cash and Cash Equivalents The Company considers all short-term investments purchased with original maturities of three months or less to be cash equivalents. The Company places its cash with high-credit-quality financial institutions and invests primarily in money market accounts. Restricted Cash Restricted cash primarily consists of cash that the Company is obligated to maintain in accordance with contractual obligations. The Company’s restricted cash was $ 1.4 No Compensating Cash Arrangement In July 2020, the Company entered into a letter of credit to support a commitment of less than $ 0.3 0.3 Accounts Receivable and Allowance for Uncollectible Accounts Accounts receivable primarily include amounts due from hospitals and distributors for acquisition of magnetic systems, associated disposable device sales and service contracts. Credit is granted on a limited basis, with balances due generally within 30 days of billing. The provision for bad debts is based upon management’s assessment of historical and expected net collections considering business and economic conditions and other collection indicators. Financial Instruments Financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and debt. The carrying value of such amounts reported at the applicable balance sheet dates approximates fair value. The Company measures certain financial assets and liabilities at fair value on a recurring basis. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). The Company’s financial assets consist of restricted cash and cash equivalents invested in money market funds which totaled $ 1.4 Inventory The Company values its inventory at the lower of cost, as determined using the first-in, first-out (FIFO) method, or net realizable value. The Company periodically reviews its physical inventory and provides a reserve upon identification of potential excess or obsolete items. Excess manufacturing overhead costs attributable to idle facility expenses or abnormally low production volumes are excluded from inventory and recorded as an expense in the period incurred. Property and Equipment Property and equipment consist primarily of leasehold improvements, construction in process, computer, office, research and demonstration equipment, and equipment held for lease and are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives or life of the base lease term, ranging from three ten years Long-Lived Assets If facts and circumstances suggest that a long-lived asset may be impaired, the carrying value is reviewed. If this review indicates that the carrying value of the asset will not be recovered, as determined based on projected undiscounted cash flows related to the asset over its remaining life, the carrying value of the asset is reduced to its estimated fair value, which in most cases is estimated based upon Level 3 inputs. Intangible Assets Intangible assets consist of purchased technology and intellectual property rights valued at cost on the acquisition date and amortized over their estimated useful lives of 10 15 Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and loss during the reporting period. Actual results could differ from those estimates. Revenue and Costs of Revenue Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers We generate revenue from initial capital sales of systems as well as recurring revenue from the sale of our proprietary disposable devices, from royalties paid to the Company on the sale by Biosense Webster of co-developed catheters, and from revenue including ongoing software updates and service contracts. We account for a contract with a customer when there is a legally enforceable contract between the Company and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. We record our revenue based on consideration specified in the contract with each customer, net of any taxes collected from customers that are remitted to government authorities. For contracts containing multiple products and services the Company accounts for individual products and services as separate performance obligations if they are distinct, which is if a product or service is separately identifiable from other items in the bundled package, and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The Company recognizes revenues as the performance obligations are satisfied by transferring control of the product or service to a customer. For arrangements with multiple performance obligations, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors including, but not limited to, features and functionality of the products and services and market conditions. The Company regularly reviews standalone selling prices and updates these estimates if necessary. Our revenue recognition policy affects the following revenue streams in our business as follows: Systems: Contracts related to the sale of systems typically contain separate obligations for the delivery of system(s), installation and an implied obligation to provide software enhancements if and when available for one year following installation. Revenue is recognized when the Company transfers control to the customer, which is generally at the point when acceptance occurs that indicates customer acknowledgment of delivery or installation, depending on the terms of the arrangement. Revenue from the implied obligation to deliver software enhancements if and when available is recognized ratably over the first year following installation of the system as the customer receives the right to software updates throughout the period and is included in Other Recurring Revenue. The Company’s system contracts generally do not provide a right of return. Systems are generally covered by a one-year assurance type warranty; warranty costs were approximately $ 0.2 million and less than $ 0.1 million for the years ended December 31, 2021 and 2020, 32 % and 14 % of revenue for the years ended December 31, 2021 and 2020, Disposables: Revenue from sales of disposable products is recognized when control is transferred to the customers, which generally occurs at the time of shipment, but can also occur at the time of delivery depending on the customer arrangement. Disposable products are covered by an assurance type warranty that provides for the return of defective products. Warranty costs were not material for the periods presented. Disposable revenue represented 24 28 Royalty: The Company is entitled to royalty payments from Biosense Webster, payable quarterly based on net revenues from sales of the co-developed catheters. Royalty revenue from the co-developed catheters represented 7 8 Other Recurring Revenue: Other recurring revenue includes revenue from product maintenance plans, other post warranty maintenance, and the implied obligation to provide software enhancements if and when available for a specified period, typically one year following installation of our systems. Revenue from services and software enhancements is deferred and amortized over the service or update period, which is typically one year. Revenue related to services performed on a time-and-materials basis is recognized when performed. Other recurring revenue represented 34 46 Sublease Revenue: A portion of our principal executive office was subleased to a third party through 2021. In accordance with Accounting Standards Update (ASU) 2016-02, “Leases” (Topic 842), the Company recorded sublease income as revenue. Sublease revenue represented 3 4 Schedule of Revenue Disaggregated by Type 2021 2020 Year Ended December 31, 2021 2020 Systems $ 11,167,676 $ 3,626,284 Disposables, service and accessories 22,867,066 22,017,631 Sublease 986,120 986,120 Total revenue $ 35,020,862 $ 26,630,035 Transaction price allocated to remaining performance obligations relates to amounts allocated to products and services for which the revenue has not yet been recognized. A significant portion of this amount relates to the Company’s systems contracts and obligations that will be recognized as revenue in future periods. These obligations are generally satisfied within two years after contract inception but may occasionally extend longer. Transaction price representing revenue to be earned on remaining performance obligations on system contracts was approximately $ 10.1 The following information summarizes the Company’s contract assets and liabilities: Summary of Contract Assets and Liabilities December 31, 2021 December 31, 2020 Contract Assets - unbilled receivables $ 178,354 $ 284,415 Customer deposits $ 925,050 $ - Product shipped, revenue deferred 1,794,374 645,200 Deferred service and license fees 5,795,507 5,186,485 Total deferred revenue $ 8,514,931 $ 5,831,685 Less: Long-term deferred revenue (2,238,150 ) (548,915 ) Total current deferred revenue $ 6,276,781 $ 5,282,770 The Company invoices its customers based on the billing schedules in its sales arrangements. Contract assets primarily represent the difference between the revenue that was earned but not billed on service contracts and revenue from system contracts that was recognized based on the relative selling price of the related performance obligations and the contractual billing terms in the arrangements. Customer deposits primarily relate to future system sales but can also include deposits on disposable sales. Deferred revenue is primarily related to service contracts, for which the service fees are billed up-front, generally quarterly or annually, and for amounts billed in advance for system contracts for which some performance obligations remain outstanding. For service contracts, the associated deferred revenue is generally recognized ratably over the service period. For system contracts, the associated deferred revenue is recognized when the remaining performance obligations are satisfied. The Company did not have any impairment losses on its contract assets for the periods presented. Revenue recognized for the years ended December 31, 2021 and 2020, that was included in the deferred revenue balance at the beginning of each reporting period was $ 5.1 5.0 The Company has determined that sales incentive programs for the Company’s sales team meet the requirements to be capitalized as the Company expects to generate future economic benefits from the related revenue generating contracts after the initial capital sales transaction. The costs capitalized as contract acquisition costs included in prepaid expenses and other assets in the Company’s balance sheets were $ 0.2 0.3 Costs of systems revenue include direct product costs, installation labor and other costs, estimated warranty costs, and initial training and product maintenance costs. These costs are recorded at the time of sale. Costs of disposable revenue include direct product costs and estimated warranty costs and are recorded at the time of sale. Cost of revenue from services and license fees are recorded when incurred. Research and Development Costs Internal research and development costs are expensed in the period incurred. Amounts receivable from strategic relationships under research reimbursement agreements are recorded as a contra-research and development expense in the period reimbursable costs are incurred. There were no material receivables as of December 31, 2021 or 2020 under these types of agreements. Advance receipts or other unearned reimbursements are included in accrued liabilities on the accompanying balance sheet until earned. Stock-Based Compensation The Company accounts for its grants of stock options, stock appreciation rights, restricted shares, and restricted stock units and for its employee stock purchase plan in accordance with the provisions of general accounting principles for share-based payments. These accounting principles require the determination of the fair value of the share-based compensation at the grant date and the recognition of the related expense over the period in which the share-based compensation vests. For time-based awards, the Company utilizes the Black-Scholes valuation model to determine the fair value of stock options and stock appreciation rights at the date of grant. The resulting compensation expense is recognized over the requisite service period, which is generally four years. Restricted shares and units granted to employees are valued at the fair market value at the date of grant. The Company amortizes the fair market value to expense over the service period. If the shares are subject to performance objectives, the resulting compensation expense is amortized over the anticipated vesting period and is subject to adjustment based on the actual achievement of objectives. For market-based awards, stock-based compensation expense is recognized over the minimum service period regardless of whether or not the market target is probable of being achieved. The fair value of such awards is estimated on the grant date using Monte Carlo simulations. Shares purchased by employees under the 2009 Employee Stock Purchase Plan are considered to be non-compensatory. Net Loss per Common Share Basic earnings (loss) per common share is computed by dividing the net earnings (loss) for the period by the weighted average number of common shares outstanding during the period. In periods where there is net income, we apply the two-class method to calculate basic and diluted net income (loss) per share of common stock, as our convertible preferred stock is a participating security. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. In periods where there is a net loss, the two-class method of computing earnings per share does not apply as our convertible preferred stock does not contractually participate in our losses. We compute diluted net income (loss) per common share using net income (loss) as the “control number” in determining whether potential common shares are dilutive, after giving consideration to all potentially dilutive common shares, including stock options, warrants, unvested restricted stock units outstanding during the period and potential issuance of stock upon the conversion of our convertible preferred stock issued and outstanding during the period, except where the effect of such securities would be antidilutive. The Company did not include any portion of unearned restricted shares, outstanding options, stock appreciation rights, warrants or convertible preferred stock in the calculation of diluted loss per common share because all such securities are anti-dilutive for all periods presented. The application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable during these periods because those securities do not contractually participate in its losses. As of December 31, 2021, the Company had 2,818,012 4.10 45,306,189 5,610,121 1,164,723 Income Taxes In accordance with general accounting principles for income taxes , Product Warranty Provisions The Company’s standard policy is to warrant all systems against defects in material or workmanship for one year following installation. The Company’s estimate of costs to service the warranty obligations is based on historical experience and current product performance trends. A regular review of warranty obligations is performed to determine the adequacy of the reserve and adjustments are made to the estimated warranty liability (included in other accrued liabilities) as appropriate. Patent Costs Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. Concentrations of Risk The majority of the Company’s cash, cash equivalents and investments are deposited with one major financial institution in the U.S. Deposits in this institution exceed the amount of government provided insurance on such deposits. No single customer accounted for more than 10% of total revenue for the years ended December 31, 2021 and 2020. Revenue from customers in China accounted for $ 3.7 10 2.7 10 Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” as part of its effort to reduce the complexity of accounting standards. The ASU is effective for fiscal years beginning after December 15, 2020. The Company adopted with no impact to the Company’s financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05. The standard modifies the measurement approach for credit losses on financial instruments, including trade receivables, from an incurred loss method to a current expected credit loss method, otherwise known as “CECL.” The standard requires the measurement of expected credit losses to be based on relevant information, including historical experience, current conditions and a forecast that is supportable. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years; early adoption is permitted. The standard must be adopted by applying a cumulative adjustment to retained earnings. The Company anticipates adopting the standard in the first quarter of 2023, although it does not expect a significant impact to the Company’s financial results. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | 3. Inventory Inventory consists of the following: Schedule of Inventories December 31, 2021 December 31, 2020 Raw materials $ 3,641,785 $ 2,950,912 Work in process 133,576 433,026 Finished goods 2,822,808 2,987,039 Reserve for excess and obsolescence (2,164,775 ) (3,075,520 ) Total inventory $ 4,433,394 $ 3,295,457 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 4. Prepaid Expenses and Other Current Assets Prepaid expenses and other assets consist of the following: Schedule of Prepaid Expenses and Other Assets December 31, 2021 December 31, 2020 Prepaid expenses $ 1,011,647 $ 754,062 Prepaid commissions 229,150 271,174 Deposits 1,276,080 855,970 Other assets 117,467 143,323 Total prepaid expenses and other assets 2,634,344 2,024,529 Less: Noncurrent prepaid expenses and other assets (278,154 ) (308,515 ) Total current prepaid expenses and other assets $ 2,356,190 $ 1,716,014 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consist of the following: Schedule of Property and Equipment December 31, 2021 December 31, 2020 Equipment $ 3,670,081 $ 6,488,984 Leasehold improvements 17,653 2,338,441 Construction in process 2,155,740 - Property, Plant and Equipment, Gross 5,843,474 8,827,425 Less: Accumulated depreciation (3,211,583 ) (8,632,296 ) Net property and equipment $ 2,631,891 $ 195,129 The Company retired approximately $ 5.5 2.5 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Leases | 6. Leases A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company accounts for leases in accordance with Accounting Standards Update No. 2016-02 “Leases” (Topic 842) and all subsequent ASUs that modified Topic 842 (“ASC 842”). The Company determines if an arrangement contains a lease at inception. The Company leases its facilities under operating leases. In accordance with ASC 842, operating lease agreements are recognized on the balance sheet as a right-of-use (“ROU”) asset and a corresponding lease liability. These leases generally do not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. Further, the leases do not contain contingent rent provisions. Many of our leases include both lease (i.e., fixed payments including rent, taxes, and insurance costs) and non-lease components (i.e., common-area or other maintenance costs) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. A portion of our existing principal executive office was subleased to a third party through 2021. The sublease did not have significant rent escalation holidays, concessions, leasehold improvement incentives, or other build-out clauses. In addition, the sublease did not contain contingent rent provisions nor were there options to extend or terminate the sublease. The sublease ended December 31, 2021. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception, the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the ROU asset and lease liability. The Company elected not to include short-term leases (i.e., leases with initial terms of twelve months or less) on the balance sheet. On March 1, 2021, the Company entered into an office lease agreement (the “Lease”) with Globe Building Company (the “Landlord”), under which the Company will lease executive office space and manufacturing facilities of approximately 43,100 ten years two five years 0.8 1.0 5.9 In the fourth quarter of 2021, the Company received an occupancy permit and relocated its operations to the new leased space. The calculated amounts of the ROU assets and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of the minimum lease payments. ASC 842 requires the use of the discount rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception. At December 31, 2021, the weighted average discount rate for operating leases was 9 10.0 The following table represents lease costs and other lease information: Schedule of Lease Costs and Other Lease Information 2021 2020 Year Ended December 31, 2021 2020 Operating lease cost $ 2,706,651 $ 2,340,428 Short-term lease cost 57,350 66,865 Sublease income (986,120 ) (986,120 ) Total net lease cost $ 1,777,881 $ 1,421,173 Cash paid within operating cash flows $ 2,223,111 $ 2,486,309 Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for our leased facilities and equipment which are paid based on actual costs incurred. Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2021, were as follows: Schedule of Future Minimum Operating Lease Payments December 31, 2021 2022 $ 801,183 2023 870,782 2024 891,596 2025 912,410 2026 933,224 2027 and thereafter 4,985,873 Total lease payments $ 9,395,068 Less: Interest (3,284,491 ) Present value of lease liabilities $ 6,110,577 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 7. Accrued Liabilities Accrued liabilities consist of the following: Schedule of Accrued Liabilities December 31, 2021 December 31, 2020 Accrued salaries, bonus, and benefits $ 1,515,553 $ 2,044,826 Accrued licenses and maintenance fees 483,879 483,879 Accrued warranties 241,451 157,615 Accrued taxes 177,399 172,744 Accrued professional services 73,000 138,359 Accrued lease deposit payable 124,286 124,286 Other 131,203 218,757 Total accrued liabilities 2,746,771 3,340,466 Less: Long term accrued liabilities (218,582 ) (131,231 ) Total current accrued liabilities $ 2,528,189 $ 3,209,235 |
Debt and Credit Facilities
Debt and Credit Facilities | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt and Credit Facilities | 8. Debt and Credit Facilities The Company had a working capital line of credit with its primary lender, Silicon Valley Bank that matured on June 30, 2020 and was not renewed. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. Among the provisions contained in the CARES Act was the creation of the Paycheck Protection Program that provides for Small Business Administration (“SBA”) Section 7(a) loans for qualified small businesses. In general, the loan could be forgiven as long as the funds were used for payroll related expenses as well as rent and utilities paid during the twenty-four-week period from the date of the loan and as long as certain headcount and salary/wage levels were maintained. On April 10, 2020, the Company was informed by its lender, Midwest BankCentre (the “Bank”), that the Bank received approval from the SBA to fund the Company’s request for a loan under the SBA’s Paycheck Protection Program (“PPP Loan”). Per the terms of the PPP Loan, the Company received total proceeds of approximately $ 2.2 2.2 In accordance with general accounting principles for fair value measurement, the Company’s debt was measured at fair value (Level 2), which approximated the carrying value of the debt as of December 31, 2020. |
Convertible Preferred Stock and
Convertible Preferred Stock and Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Convertible Preferred Stock and Stockholders’ Equity | 9. Convertible Preferred Stock and Stockholders’ Equity The holders of common stock are entitled to one vote for each share held No 2020 Equity Financing On May 25, 2020, the Company entered into a Securities Purchase Agreement with certain accredited investors, whereby it, in a direct registered offering, agreed to issue and sell to the investors an aggregate of 3,658,537 0.001 4.10 15.0 Series B Convertible Preferred Stock On August 7, 2019, the Company entered into a Securities Purchase Agreement with certain institutional and other accredited investors, whereby it, as part of a private placement, agreed to issue and sell to the investors 5,610,121 0.001 2.05 Series A Convertible Preferred Stock and Warrants In September 2016, the Company issued (i) 24,000 0.001 1,000 0.65 36,923,078 6 50 The SPA Warrants were modified on February 28, 2018 to allow for a reduction in the exercise price from $ 0.70 0.28 15,385 2021 CEO Performance Award Unit Grant On February 23, 2021, the Company`s Board of Directors, upon recommendation of the Compensation Committee, approved the grant of the CEO Performance Award to the Company’s Chief Executive Officer. The CEO Performance award is a 10 13,000,000 As detailed in the table below, the CEO Performance Award consists of ten vesting tranches. The first market capitalization milestone is $ 1.0 500 5.5 Summary of Performance Award And Market Capitalization Milestones Tranche # No. of Shares Subject to PSU Market Capitalization Milestones 1 1,000,000 $ 1,000,000,000 2 1,500,000 $ 1,500,000,000 3 1,500,000 $ 2,000,000,000 4 2,000,000 $ 2,500,000,000 5 1,000,000 $ 3,000,000,000 6 1,000,000 $ 3,500,000,000 7 1,000,000 $ 4,000,000,000 8 2,000,000 $ 4,500,000,000 9 1,000,000 $ 5,000,000,000 10 1,000,000 $ 5,500,000,000 Total: 13,000,000 Each tranche represents a portion of the PSUs covering the number of shares outlined in the table above. Each tranche vests upon (i) satisfaction of the market capitalization milestones and (ii) continued employment as CEO of the Company from the grant date through December 31, 2030. Absent an earlier termination, the PSUs will expire on December 31, 2030. If our CEO ceases employment as CEO of the Company for any reason including death, disability, termination for cause or without cause (as defined in the award agreement), or if he voluntary terminates after service as CEO for at least five years, the remaining service period will be waived and he will retain any PSUs that have vested through the date of termination. The Company received Shareholder approval at its annual meeting on May 20, 2021 for shares to be issued under the award. The market capitalization requirement is considered a market condition under FASB Accounting Standards Codification Topic 718 “Compensation – Stock Compensation” and is estimated on the grant date using Monte Carlo simulations. Recognition of stock-based compensation expense of all the tranches commenced on February 23, 2021, the date of grant, as the probability of meeting the ten market capitalization milestones is not considered in determining the timing of expense recognition. The expense will be recognized on an accelerated basis through 2030. Key assumptions for estimating the performance-based awards fair value at the date of grant included share price on grant date, volatility of the Company’s common stock price, risk free interest rate, and grant term. Total stock-based compensation recorded as operating expense for the CEO Performance Award was $ 6.1 51.3 Stock Award Plans The Company has various stock plans that permit the Company to provide incentives to employees, directors, and third-party consultants of the Company in the form of equity compensation. In July 2012, the Compensation Committee of the Board of Directors adopted the 2012 Stock Incentive Plan (the “Plan”) which was subsequently approved by the Company’s shareholders. This plan replaced the 2002 Stock Incentive Plan which expired on March 25, 2012 On May 20, 2021, the shareholders approved an amendment to the Plan, which was previously approved and adopted by the Compensation Committee of the Board of Directors of the Company. Under the amendment on May 20, 2021, the number of shares authorized for issuance under the Plan was increased by four million shares. As of December 31, 2021, the Company had 4,909,848 The 2012 Stock Incentive Plan allows for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares and restricted share units to employees, directors, and third-party consultants. Options granted under the 2012 Stock Incentive Plan expire no later than ten years 100 25 three years 25 three years ten years Restricted stock unit grants are time-based and generally vest over a period of four years ten years The exercise price of options to non-employee directors shall not be less than 100 one five years As of December 31, 2021, the total compensation cost related to options, stock appreciation rights, and non-vested stock granted to employees and non-employees under the Company’s stock award plans but not yet recognized was approximately $ 5.1 four years A summary of the option and stock appreciation rights activity for the year ended December 31, 2021 is as follows: Summary of Option and Stock Appreciation Rights Activity Number of Options/SARs Range of Exercise Price Weighted Average Exercise Price per Share Outstanding, December 31, 2020 2,456,979 $ 0.74 35.20 $ 2.90 Granted 942,000 $ 6.09 9.87 7.10 Exercised (358,613 ) $ 0.74 4.52 1.93 Forfeited (222,354 ) $ 0.74 35.20 6.99 Outstanding, December 31, 2021 2,818,012 $ 0.74 9.87 $ 4.10 As of December 31, 2021, the weighted average remaining contractual life of the options and stock appreciation rights outstanding was 7.77 2,818,012 1,229,610 2.33 6.7 A summary of the options and stock appreciation rights outstanding by range of exercise price is as follows: Summary of Option and Stock Appreciation Rights Outstanding by Range of Exercise Price Year Ended December 31, 2021 Number of Weighted Weighted Weighted Options Average Exercise Options Average Average Currently Price Per Vested Range of Exercise Prices Outstanding Remaining Life Exercise Price Exercisable Share $ 0.00 1.00 397,306 6.17 $ 0.74 371,534 $ 0.74 $ 1.01 2.00 60,037 3.52 $ 1.76 57,312 $ 1.79 $ 2.01 4.00 698,237 6.99 $ 2.10 458,847 $ 2.08 $ 4.01 10.00 1,662,432 8.63 $ 5.83 341,917 $ 4.48 2,818,012 7.77 $ 4.10 1,229,610 $ 2.33 The intrinsic value of options and stock appreciation rights is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options and stock appreciation rights that were in-the-money at December 31, 2021. The intrinsic value of the options and stock appreciation rights outstanding at December 31, 2021 was approximately $ 6.6 6.20 1,229,610 1.9 The intrinsic value of the options and stock appreciation rights outstanding at December 31, 2020 was approximately $ 5.9 5.09 884,654 0.4 The weighted average grant date fair value of options and stock appreciation rights granted during the years ended December 31, 2021 and 2020 was $ 7.10 4.49 A summary of the restricted stock unit activity for the year ended December 31, 2021 is as follows: Summary of Restricted Stock Unit Activity Number of Restricted Stock Units Weighted Average Grant Date Fair Value per Unit Outstanding, December 31, 2020 1,112,473 $ 2.46 Granted 378,204 $ 7.18 Vested (325,954 ) $ 3.97 Forfeited - - Outstanding, December 31, 2021 1,164,723 $ 3.57 The intrinsic value of restricted stock units outstanding at December 31, 2021 was $ 7.2 6.20 2.4 2009 Employee Stock Purchase Plan In 2009, the Company adopted its 2009 Employee Stock Purchase Plan (“ESPP”). In June 2014 and again in May 2019, the Company’s stockholders approved an amendment of the ESPP to increase the number of shares authorized for issuance under the ESPP by 250,000 3 15 25,000 95 209,437 The Company has reserved shares of common stock for conversion of convertible preferred stock, exercise of warrants, and the issuance of options granted under the Company’s stock option plan and its stock purchase plan as follows: Summary of Reserved Shares of Common Stock for Conversion December 31, 2021 December 31, 2020 Warrants - 15,385 Series A Convertible Preferred Stock 45,031,944 45,278,096 Series B Convertible Preferred Stock 5,610,121 5,610,121 Performance Share Unit Plan 13,000,000 - Stock award plans 4,909,848 2,054,941 Employee Stock Purchase Plan 209,437 229,136 Reserved shares of common stock 68,761,350 53,187,679 The remaining unexercised 15,385 no |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including certain cash equivalents. Generally accepted accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). The three levels of the fair value hierarchy are described below: Level 1: Values are based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Values are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or other model-based valuation techniques for which all significant assumptions are observable in the market. Level 3: Values are generated from model-based techniques that use significant assumptions not observable in the market. The following table sets forth the Company’s assets measured at fair value on a recurring basis by level within the fair value hierarchy. As required by the Fair Value Measurements and Disclosures topic of the Accounting Standards Codification, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Schedule of Assets Measured at Fair Value on a Recurring Basis by Level Within Fair Value Hierarchy Fair Value Measurement Using Total Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at December 31, 2021: Cash invested in money market accounts $ 1,405,831 $ — $ 1,405,831 $ — Total assets at fair value $ 1,405,831 $ — $ 1,405,831 $ — Assets at December 31, 2020: Cash invested in money market accounts $ 1,429,331 $ — $ 1,429,331 $ — Total assets at fair value $ 1,429,331 $ — $ 1,429,331 $ — The Company did not have any financial liabilities valued at fair value on a recurring basis as of December 31, 2021 or December 31, 2020. Level 1 The Company does not have any financial assets or liabilities classified as Level 1. Level 2 The Company’s financial assets consist of restricted cash and cash equivalents invested in money market funds in the amount of $ 1,405,831 1,429,331 Level 3 The Company does not have any financial assets or liabilities classified as Level 3. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The provision for income taxes consists of the following: Schedule of Provision For Income Taxes 2021 2020 Year Ended December 31, 2021 2020 Deferred: Federal $ (1,723,223 ) $ (1,172,382 ) State and local 1,266 22,240 Total deferred income tax expense (benefit) (1,721,957 ) (1,150,142 ) Valuation allowance 1,721,957 1,150,142 Income tax benefit $ — $ — The provision for income taxes varies from the amount determined by applying the U.S. federal statutory rate to income before income taxes as a result of the following: Schedule of Reconciliation of Federal Income Tax Rate 2021 2020 Year Ended December 31, 2021 2020 U.S. statutory income tax rate 21.0 % 21.0 % State and local taxes, net of federal tax benefit 1.4 % 1.8 % Stock compensation permanent differences between book and tax (10.1 )% - % Other permanent differences between book and tax 5.3 % (3.5 )% State rate adjustments (1.5 )% (2.2 )% Prior year return-to-provision adjustment 0.0 % 0.2 % Valuation allowance (16.1 )% (17.3 )% Effective income tax rate — % — % The stock compensation permanent difference relates to the February 23, 2021 Board approved grant of the Performance Share Unit Award pursuant to the CEO Performance Share Unit Award Agreement (the “PSU Agreement”) to David L. Fischel, the Company’s Chief Executive Officer. Total stock-based compensation attributed to the PSU Agreement was $ 6.1 The components of the deferred tax asset are as follows: Schedule of Components of Deferred Tax Asset 2021 2020 Year Ended December 31, 2021 2020 Current accruals $ 1,068,263 $ 1,329,681 Operating lease liabilities 1,421,910 536,307 Deferred revenue 145,724 9,412 Depreciation and amortization 521,993 952,208 Deferred compensation 1,111,150 874,403 Net operating loss carryovers 27,219,641 25,264,611 Deferred tax assets 31,488,681 28,966,622 Valuation allowance (30,100,904 ) (28,378,947 ) Net deferred tax assets before deferred tax liabilities 1,387,777 587,675 Operating lease right-of-use assets (1,334,462 ) (524,105 ) Capitalized compensation costs (53,315 ) (63,570 ) Net deferred tax assets $ — $ — Under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change tax attributes, such as research tax credits, to offset its post-change income may be limited. In general, an “ownership change” will occur if there is a cumulative In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable losses, and projections for future periods over which the deferred tax assets are deductible, the Company determined that a 100% valuation allowance of net deferred tax assets was appropriate. On December 21, 2020, Congress approved the Consolidations Appropriations Act, 2021 (the “Appropriations Act”), which was signed into law by the President on December 27, 2020. The Appropriations Act funds the federal government to the end of the fiscal year and provides further COVID-19 economic relief. One of the business provisions included in the Appropriations Act is clarification of the income tax deductibility of business expenses that were paid for with the Paycheck Protection Program funds. The Company will continue to monitor for additional legislation related to COVID-19 and its impact on our results of operations. As of December 31, 2021, we had gross federal net operating loss carryforwards of approximately $ 120.1 million. The federal net operating loss carryforwards reflect accumulated book losses reduced for the 2013 IRC Section 382 ownership change limitation of $ 255.6 million and approximately $ 123.3 million of book/tax differences and expiration of unused carryforwards. The federal net operating loss carryforwards generated prior to the 2018 tax year will expire between 2030 and 2037. The federal net operating loss generated during and beyond 2018 will be carried forward indefinitely as a result of changes in the tax law following the Tax Cuts and Jobs Act. As of December 31, 2021, we had gross state net operating loss carryforward of approximately $ 37.6 million which will expire at various dates between 2022 and 2041 if not utilized. The Company files income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. As the Company has a federal net operating loss carryforward from the year ended December 31, 2000 forward, all tax years from 2000 forward are subject to examination. As states have varying carryforward periods, and the Company has recently entered into additional states, the states are generally subject to examination for the previous 10 At December 31, 2021 and 2020, the Company had approximately $ 0.1 0.1 |
Net Loss per Share
Net Loss per Share | 12 Months Ended |
Dec. 31, 2021 | |
Net loss per share attributable to common stockholders: | |
Net Loss per Share | 12. Net Loss per Share The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted earnings per share calculations: Schedule of Computation of Basic and Diluted Earnings Per Share 2021 2020 Year Ended December 31, 2021 2020 Net loss $ (10,715,623 ) $ (6,646,459 ) Cumulative dividend on Series A Convertible Preferred Stock (1,345,031 ) (1,369,421 ) Net loss attributable to common stockholders $ (12,060,654 ) $ (8,015,880 ) Weighted average number of common shares and equivalents: 75,558,233 72,746,268 Basic EPS $ (0.16 ) $ (0.11 ) Diluted EPS $ (0.16 ) $ (0.11 ) The following table sets forth the number of common shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive as follows: Schedule of Anti-Dilutive Securities Excluded From Computation of Diluted Earnings Per Share December 31, 2021 2020 Shares issuable upon vesting/exercise of: Options to purchase common stock 2,818,012 2,456,979 Series A Convertible Preferred Stock and Accumulated Dividends 45,306,189 43,483,062 Series B Convertible Preferred Stock 5,610,121 5,610,121 Restricted stock units 1,164,723 1,112,473 Warrants - 15,385 54,899,045 52,678,020 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 13. Employee Benefit Plan The Company offers employees the opportunity to participate in a 401(k) plan and matches employee contributions up to 3 % of each participating employee’s compensation. The Company recognized expense of approximately $ 0.3 million for the years ended December 31, 2021 and 2020. |
Product Warranty Provisions
Product Warranty Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranty Provisions | 14. Product Warranty Provisions The Company’s standard policy is to warrant all capital systems against defects in material or workmanship for one year Accrued warranty, which is included in other accrued liabilities, consists of the following: Schedule of Accrued Warranty December 31, 2021 December 31, 2020 Warranty accrual, beginning of the fiscal period $ 157,615 $ 141,697 Accrual adjustment for product warranty 198,595 49,974 Payments made (114,759 ) (34,056 ) Warranty accrual, end of the fiscal period $ 241,451 $ 157,615 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies The Company at times becomes a party to claims in the ordinary course of business. Management believes that the ultimate resolution of pending or threatened proceedings will not have a material effect on the financial position, results of operations or liquidity of the Company. In April 2021, the Company entered into a letter of credit pursuant to the Lease agreement totaling approximately $ 1.8 0.4 As discussed further in Part I, Item 3, in response to an April 29, 2021 punitive class action complaint, in August 2021, the Company agreed to pay $ 675,000 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 16. Segment Information The Company considers reporting segments in accordance with general accounting principles for disclosures about segments of an enterprise and related information. The Company’s system and disposable devices are developed and marketed to a broad base of hospitals in the United States and internationally. The Company considers all such sales to be part of a single operating segment. Geographic revenues for the years ended December 31, 2021 and 2020 were as follows: Schedule of Geographic Revenues Year Ended December 31, 2021 2020 United States $ 20,359,558 $ 17,442,883 International 14,661,304 9,187,152 Total $ 35,020,862 $ 26,630,035 All of the Company’s long-lived assets are located in the United States. Revenues are attributed to countries based on the location of the customer. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events None. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS | VALUATION AND QUALIFYING ACCOUNTS FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 Balance at Beginning of Year Additions Charged to Cost and Expenses Deductions Balance at End of Year Additions Balance at Charged to Beginning of Cost and Balance at the Year Expenses Deductions End of Year Allowance for doubtful accounts and returns: Year ended December 31, 2021 $ 123,614 96,212 (39,913 ) $ 179,913 Year ended December 31, 2020 $ 380,212 (29,411 ) (227,187 ) $ 123,614 Allowance for inventories valuation: Year ended December 31, 2021 $ 3,075,520 49,267 (960,012 ) $ 2,164,775 Year ended December 31, 2020 $ 3,895,451 126,616 (946,547 ) $ 3,075,520 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments purchased with original maturities of three months or less to be cash equivalents. The Company places its cash with high-credit-quality financial institutions and invests primarily in money market accounts. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of cash that the Company is obligated to maintain in accordance with contractual obligations. The Company’s restricted cash was $ 1.4 No |
Compensating Cash Arrangement | Compensating Cash Arrangement In July 2020, the Company entered into a letter of credit to support a commitment of less than $ 0.3 0.3 |
Accounts Receivable and Allowance for Uncollectible Accounts | Accounts Receivable and Allowance for Uncollectible Accounts Accounts receivable primarily include amounts due from hospitals and distributors for acquisition of magnetic systems, associated disposable device sales and service contracts. Credit is granted on a limited basis, with balances due generally within 30 days of billing. The provision for bad debts is based upon management’s assessment of historical and expected net collections considering business and economic conditions and other collection indicators. |
Financial Instruments | Financial Instruments Financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and debt. The carrying value of such amounts reported at the applicable balance sheet dates approximates fair value. The Company measures certain financial assets and liabilities at fair value on a recurring basis. General accounting principles for fair value measurement established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (“Level 1”) and the lowest priority to unobservable inputs (“Level 3”). The Company’s financial assets consist of restricted cash and cash equivalents invested in money market funds which totaled $ 1.4 |
Inventory | Inventory The Company values its inventory at the lower of cost, as determined using the first-in, first-out (FIFO) method, or net realizable value. The Company periodically reviews its physical inventory and provides a reserve upon identification of potential excess or obsolete items. Excess manufacturing overhead costs attributable to idle facility expenses or abnormally low production volumes are excluded from inventory and recorded as an expense in the period incurred. |
Property and Equipment | Property and Equipment Property and equipment consist primarily of leasehold improvements, construction in process, computer, office, research and demonstration equipment, and equipment held for lease and are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives or life of the base lease term, ranging from three ten years |
Long-Lived Assets | Long-Lived Assets If facts and circumstances suggest that a long-lived asset may be impaired, the carrying value is reviewed. If this review indicates that the carrying value of the asset will not be recovered, as determined based on projected undiscounted cash flows related to the asset over its remaining life, the carrying value of the asset is reduced to its estimated fair value, which in most cases is estimated based upon Level 3 inputs. |
Intangible Assets | Intangible Assets Intangible assets consist of purchased technology and intellectual property rights valued at cost on the acquisition date and amortized over their estimated useful lives of 10 15 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and loss during the reporting period. Actual results could differ from those estimates. |
Revenue and Costs of Revenue | Revenue and Costs of Revenue Revenue Recognition The Company accounts for revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers We generate revenue from initial capital sales of systems as well as recurring revenue from the sale of our proprietary disposable devices, from royalties paid to the Company on the sale by Biosense Webster of co-developed catheters, and from revenue including ongoing software updates and service contracts. We account for a contract with a customer when there is a legally enforceable contract between the Company and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. We record our revenue based on consideration specified in the contract with each customer, net of any taxes collected from customers that are remitted to government authorities. For contracts containing multiple products and services the Company accounts for individual products and services as separate performance obligations if they are distinct, which is if a product or service is separately identifiable from other items in the bundled package, and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The Company recognizes revenues as the performance obligations are satisfied by transferring control of the product or service to a customer. For arrangements with multiple performance obligations, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. If a standalone selling price is not directly observable, then the Company estimates the standalone selling price considering market conditions and entity-specific factors including, but not limited to, features and functionality of the products and services and market conditions. The Company regularly reviews standalone selling prices and updates these estimates if necessary. Our revenue recognition policy affects the following revenue streams in our business as follows: Systems: Contracts related to the sale of systems typically contain separate obligations for the delivery of system(s), installation and an implied obligation to provide software enhancements if and when available for one year following installation. Revenue is recognized when the Company transfers control to the customer, which is generally at the point when acceptance occurs that indicates customer acknowledgment of delivery or installation, depending on the terms of the arrangement. Revenue from the implied obligation to deliver software enhancements if and when available is recognized ratably over the first year following installation of the system as the customer receives the right to software updates throughout the period and is included in Other Recurring Revenue. The Company’s system contracts generally do not provide a right of return. Systems are generally covered by a one-year assurance type warranty; warranty costs were approximately $ 0.2 million and less than $ 0.1 million for the years ended December 31, 2021 and 2020, 32 % and 14 % of revenue for the years ended December 31, 2021 and 2020, Disposables: Revenue from sales of disposable products is recognized when control is transferred to the customers, which generally occurs at the time of shipment, but can also occur at the time of delivery depending on the customer arrangement. Disposable products are covered by an assurance type warranty that provides for the return of defective products. Warranty costs were not material for the periods presented. Disposable revenue represented 24 28 Royalty: The Company is entitled to royalty payments from Biosense Webster, payable quarterly based on net revenues from sales of the co-developed catheters. Royalty revenue from the co-developed catheters represented 7 8 Other Recurring Revenue: Other recurring revenue includes revenue from product maintenance plans, other post warranty maintenance, and the implied obligation to provide software enhancements if and when available for a specified period, typically one year following installation of our systems. Revenue from services and software enhancements is deferred and amortized over the service or update period, which is typically one year. Revenue related to services performed on a time-and-materials basis is recognized when performed. Other recurring revenue represented 34 46 Sublease Revenue: A portion of our principal executive office was subleased to a third party through 2021. In accordance with Accounting Standards Update (ASU) 2016-02, “Leases” (Topic 842), the Company recorded sublease income as revenue. Sublease revenue represented 3 4 Schedule of Revenue Disaggregated by Type 2021 2020 Year Ended December 31, 2021 2020 Systems $ 11,167,676 $ 3,626,284 Disposables, service and accessories 22,867,066 22,017,631 Sublease 986,120 986,120 Total revenue $ 35,020,862 $ 26,630,035 Transaction price allocated to remaining performance obligations relates to amounts allocated to products and services for which the revenue has not yet been recognized. A significant portion of this amount relates to the Company’s systems contracts and obligations that will be recognized as revenue in future periods. These obligations are generally satisfied within two years after contract inception but may occasionally extend longer. Transaction price representing revenue to be earned on remaining performance obligations on system contracts was approximately $ 10.1 The following information summarizes the Company’s contract assets and liabilities: Summary of Contract Assets and Liabilities December 31, 2021 December 31, 2020 Contract Assets - unbilled receivables $ 178,354 $ 284,415 Customer deposits $ 925,050 $ - Product shipped, revenue deferred 1,794,374 645,200 Deferred service and license fees 5,795,507 5,186,485 Total deferred revenue $ 8,514,931 $ 5,831,685 Less: Long-term deferred revenue (2,238,150 ) (548,915 ) Total current deferred revenue $ 6,276,781 $ 5,282,770 The Company invoices its customers based on the billing schedules in its sales arrangements. Contract assets primarily represent the difference between the revenue that was earned but not billed on service contracts and revenue from system contracts that was recognized based on the relative selling price of the related performance obligations and the contractual billing terms in the arrangements. Customer deposits primarily relate to future system sales but can also include deposits on disposable sales. Deferred revenue is primarily related to service contracts, for which the service fees are billed up-front, generally quarterly or annually, and for amounts billed in advance for system contracts for which some performance obligations remain outstanding. For service contracts, the associated deferred revenue is generally recognized ratably over the service period. For system contracts, the associated deferred revenue is recognized when the remaining performance obligations are satisfied. The Company did not have any impairment losses on its contract assets for the periods presented. Revenue recognized for the years ended December 31, 2021 and 2020, that was included in the deferred revenue balance at the beginning of each reporting period was $ 5.1 5.0 The Company has determined that sales incentive programs for the Company’s sales team meet the requirements to be capitalized as the Company expects to generate future economic benefits from the related revenue generating contracts after the initial capital sales transaction. The costs capitalized as contract acquisition costs included in prepaid expenses and other assets in the Company’s balance sheets were $ 0.2 0.3 Costs of systems revenue include direct product costs, installation labor and other costs, estimated warranty costs, and initial training and product maintenance costs. These costs are recorded at the time of sale. Costs of disposable revenue include direct product costs and estimated warranty costs and are recorded at the time of sale. Cost of revenue from services and license fees are recorded when incurred. |
Research and Development Costs | Research and Development Costs Internal research and development costs are expensed in the period incurred. Amounts receivable from strategic relationships under research reimbursement agreements are recorded as a contra-research and development expense in the period reimbursable costs are incurred. There were no material receivables as of December 31, 2021 or 2020 under these types of agreements. Advance receipts or other unearned reimbursements are included in accrued liabilities on the accompanying balance sheet until earned. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for its grants of stock options, stock appreciation rights, restricted shares, and restricted stock units and for its employee stock purchase plan in accordance with the provisions of general accounting principles for share-based payments. These accounting principles require the determination of the fair value of the share-based compensation at the grant date and the recognition of the related expense over the period in which the share-based compensation vests. For time-based awards, the Company utilizes the Black-Scholes valuation model to determine the fair value of stock options and stock appreciation rights at the date of grant. The resulting compensation expense is recognized over the requisite service period, which is generally four years. Restricted shares and units granted to employees are valued at the fair market value at the date of grant. The Company amortizes the fair market value to expense over the service period. If the shares are subject to performance objectives, the resulting compensation expense is amortized over the anticipated vesting period and is subject to adjustment based on the actual achievement of objectives. For market-based awards, stock-based compensation expense is recognized over the minimum service period regardless of whether or not the market target is probable of being achieved. The fair value of such awards is estimated on the grant date using Monte Carlo simulations. Shares purchased by employees under the 2009 Employee Stock Purchase Plan are considered to be non-compensatory. |
Net Loss per Common Share | Net Loss per Common Share Basic earnings (loss) per common share is computed by dividing the net earnings (loss) for the period by the weighted average number of common shares outstanding during the period. In periods where there is net income, we apply the two-class method to calculate basic and diluted net income (loss) per share of common stock, as our convertible preferred stock is a participating security. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. In periods where there is a net loss, the two-class method of computing earnings per share does not apply as our convertible preferred stock does not contractually participate in our losses. We compute diluted net income (loss) per common share using net income (loss) as the “control number” in determining whether potential common shares are dilutive, after giving consideration to all potentially dilutive common shares, including stock options, warrants, unvested restricted stock units outstanding during the period and potential issuance of stock upon the conversion of our convertible preferred stock issued and outstanding during the period, except where the effect of such securities would be antidilutive. The Company did not include any portion of unearned restricted shares, outstanding options, stock appreciation rights, warrants or convertible preferred stock in the calculation of diluted loss per common share because all such securities are anti-dilutive for all periods presented. The application of the two-class method of computing earnings per share under general accounting principles for participating securities is not applicable during these periods because those securities do not contractually participate in its losses. As of December 31, 2021, the Company had 2,818,012 4.10 45,306,189 5,610,121 1,164,723 |
Income Taxes | Income Taxes In accordance with general accounting principles for income taxes , |
Product Warranty Provisions | Product Warranty Provisions The Company’s standard policy is to warrant all systems against defects in material or workmanship for one year following installation. The Company’s estimate of costs to service the warranty obligations is based on historical experience and current product performance trends. A regular review of warranty obligations is performed to determine the adequacy of the reserve and adjustments are made to the estimated warranty liability (included in other accrued liabilities) as appropriate. |
Patent Costs | Patent Costs Costs related to filing and pursuing patent applications are expensed as incurred, as recoverability of such expenditures is uncertain. |
Concentrations of Risk | Concentrations of Risk The majority of the Company’s cash, cash equivalents and investments are deposited with one major financial institution in the U.S. Deposits in this institution exceed the amount of government provided insurance on such deposits. No single customer accounted for more than 10% of total revenue for the years ended December 31, 2021 and 2020. Revenue from customers in China accounted for $ 3.7 10 2.7 10 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” as part of its effort to reduce the complexity of accounting standards. The ASU is effective for fiscal years beginning after December 15, 2020. The Company adopted with no impact to the Company’s financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments” and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05. The standard modifies the measurement approach for credit losses on financial instruments, including trade receivables, from an incurred loss method to a current expected credit loss method, otherwise known as “CECL.” The standard requires the measurement of expected credit losses to be based on relevant information, including historical experience, current conditions and a forecast that is supportable. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years; early adoption is permitted. The standard must be adopted by applying a cumulative adjustment to retained earnings. The Company anticipates adopting the standard in the first quarter of 2023, although it does not expect a significant impact to the Company’s financial results. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Revenue Disaggregated by Type | Schedule of Revenue Disaggregated by Type 2021 2020 Year Ended December 31, 2021 2020 Systems $ 11,167,676 $ 3,626,284 Disposables, service and accessories 22,867,066 22,017,631 Sublease 986,120 986,120 Total revenue $ 35,020,862 $ 26,630,035 |
Summary of Contract Assets and Liabilities | The following information summarizes the Company’s contract assets and liabilities: Summary of Contract Assets and Liabilities December 31, 2021 December 31, 2020 Contract Assets - unbilled receivables $ 178,354 $ 284,415 Customer deposits $ 925,050 $ - Product shipped, revenue deferred 1,794,374 645,200 Deferred service and license fees 5,795,507 5,186,485 Total deferred revenue $ 8,514,931 $ 5,831,685 Less: Long-term deferred revenue (2,238,150 ) (548,915 ) Total current deferred revenue $ 6,276,781 $ 5,282,770 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventory consists of the following: Schedule of Inventories December 31, 2021 December 31, 2020 Raw materials $ 3,641,785 $ 2,950,912 Work in process 133,576 433,026 Finished goods 2,822,808 2,987,039 Reserve for excess and obsolescence (2,164,775 ) (3,075,520 ) Total inventory $ 4,433,394 $ 3,295,457 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Assets | Prepaid expenses and other assets consist of the following: Schedule of Prepaid Expenses and Other Assets December 31, 2021 December 31, 2020 Prepaid expenses $ 1,011,647 $ 754,062 Prepaid commissions 229,150 271,174 Deposits 1,276,080 855,970 Other assets 117,467 143,323 Total prepaid expenses and other assets 2,634,344 2,024,529 Less: Noncurrent prepaid expenses and other assets (278,154 ) (308,515 ) Total current prepaid expenses and other assets $ 2,356,190 $ 1,716,014 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following: Schedule of Property and Equipment December 31, 2021 December 31, 2020 Equipment $ 3,670,081 $ 6,488,984 Leasehold improvements 17,653 2,338,441 Construction in process 2,155,740 - Property, Plant and Equipment, Gross 5,843,474 8,827,425 Less: Accumulated depreciation (3,211,583 ) (8,632,296 ) Net property and equipment $ 2,631,891 $ 195,129 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of Lease Costs and Other Lease Information | The following table represents lease costs and other lease information: Schedule of Lease Costs and Other Lease Information 2021 2020 Year Ended December 31, 2021 2020 Operating lease cost $ 2,706,651 $ 2,340,428 Short-term lease cost 57,350 66,865 Sublease income (986,120 ) (986,120 ) Total net lease cost $ 1,777,881 $ 1,421,173 Cash paid within operating cash flows $ 2,223,111 $ 2,486,309 |
Schedule of Future Minimum Operating Lease Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of December 31, 2021, were as follows: Schedule of Future Minimum Operating Lease Payments December 31, 2021 2022 $ 801,183 2023 870,782 2024 891,596 2025 912,410 2026 933,224 2027 and thereafter 4,985,873 Total lease payments $ 9,395,068 Less: Interest (3,284,491 ) Present value of lease liabilities $ 6,110,577 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following: Schedule of Accrued Liabilities December 31, 2021 December 31, 2020 Accrued salaries, bonus, and benefits $ 1,515,553 $ 2,044,826 Accrued licenses and maintenance fees 483,879 483,879 Accrued warranties 241,451 157,615 Accrued taxes 177,399 172,744 Accrued professional services 73,000 138,359 Accrued lease deposit payable 124,286 124,286 Other 131,203 218,757 Total accrued liabilities 2,746,771 3,340,466 Less: Long term accrued liabilities (218,582 ) (131,231 ) Total current accrued liabilities $ 2,528,189 $ 3,209,235 |
Convertible Preferred Stock a_2
Convertible Preferred Stock and Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary of Performance Award And Market Capitalization Milestones | Summary of Performance Award And Market Capitalization Milestones Tranche # No. of Shares Subject to PSU Market Capitalization Milestones 1 1,000,000 $ 1,000,000,000 2 1,500,000 $ 1,500,000,000 3 1,500,000 $ 2,000,000,000 4 2,000,000 $ 2,500,000,000 5 1,000,000 $ 3,000,000,000 6 1,000,000 $ 3,500,000,000 7 1,000,000 $ 4,000,000,000 8 2,000,000 $ 4,500,000,000 9 1,000,000 $ 5,000,000,000 10 1,000,000 $ 5,500,000,000 Total: 13,000,000 |
Summary of Option and Stock Appreciation Rights Activity | A summary of the option and stock appreciation rights activity for the year ended December 31, 2021 is as follows: Summary of Option and Stock Appreciation Rights Activity Number of Options/SARs Range of Exercise Price Weighted Average Exercise Price per Share Outstanding, December 31, 2020 2,456,979 $ 0.74 35.20 $ 2.90 Granted 942,000 $ 6.09 9.87 7.10 Exercised (358,613 ) $ 0.74 4.52 1.93 Forfeited (222,354 ) $ 0.74 35.20 6.99 Outstanding, December 31, 2021 2,818,012 $ 0.74 9.87 $ 4.10 |
Summary of Option and Stock Appreciation Rights Outstanding by Range of Exercise Price | A summary of the options and stock appreciation rights outstanding by range of exercise price is as follows: Summary of Option and Stock Appreciation Rights Outstanding by Range of Exercise Price Year Ended December 31, 2021 Number of Weighted Weighted Weighted Options Average Exercise Options Average Average Currently Price Per Vested Range of Exercise Prices Outstanding Remaining Life Exercise Price Exercisable Share $ 0.00 1.00 397,306 6.17 $ 0.74 371,534 $ 0.74 $ 1.01 2.00 60,037 3.52 $ 1.76 57,312 $ 1.79 $ 2.01 4.00 698,237 6.99 $ 2.10 458,847 $ 2.08 $ 4.01 10.00 1,662,432 8.63 $ 5.83 341,917 $ 4.48 2,818,012 7.77 $ 4.10 1,229,610 $ 2.33 |
Summary of Restricted Stock Unit Activity | A summary of the restricted stock unit activity for the year ended December 31, 2021 is as follows: Summary of Restricted Stock Unit Activity Number of Restricted Stock Units Weighted Average Grant Date Fair Value per Unit Outstanding, December 31, 2020 1,112,473 $ 2.46 Granted 378,204 $ 7.18 Vested (325,954 ) $ 3.97 Forfeited - - Outstanding, December 31, 2021 1,164,723 $ 3.57 |
Summary of Reserved Shares of Common Stock for Conversion | The Company has reserved shares of common stock for conversion of convertible preferred stock, exercise of warrants, and the issuance of options granted under the Company’s stock option plan and its stock purchase plan as follows: Summary of Reserved Shares of Common Stock for Conversion December 31, 2021 December 31, 2020 Warrants - 15,385 Series A Convertible Preferred Stock 45,031,944 45,278,096 Series B Convertible Preferred Stock 5,610,121 5,610,121 Performance Share Unit Plan 13,000,000 - Stock award plans 4,909,848 2,054,941 Employee Stock Purchase Plan 209,437 229,136 Reserved shares of common stock 68,761,350 53,187,679 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on a Recurring Basis by Level Within Fair Value Hierarchy | The following table sets forth the Company’s assets measured at fair value on a recurring basis by level within the fair value hierarchy. As required by the Fair Value Measurements and Disclosures topic of the Accounting Standards Codification, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Schedule of Assets Measured at Fair Value on a Recurring Basis by Level Within Fair Value Hierarchy Fair Value Measurement Using Total Quoted Prices in Active Markets for Identical Instruments (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets at December 31, 2021: Cash invested in money market accounts $ 1,405,831 $ — $ 1,405,831 $ — Total assets at fair value $ 1,405,831 $ — $ 1,405,831 $ — Assets at December 31, 2020: Cash invested in money market accounts $ 1,429,331 $ — $ 1,429,331 $ — Total assets at fair value $ 1,429,331 $ — $ 1,429,331 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision For Income Taxes | The provision for income taxes consists of the following: Schedule of Provision For Income Taxes 2021 2020 Year Ended December 31, 2021 2020 Deferred: Federal $ (1,723,223 ) $ (1,172,382 ) State and local 1,266 22,240 Total deferred income tax expense (benefit) (1,721,957 ) (1,150,142 ) Valuation allowance 1,721,957 1,150,142 Income tax benefit $ — $ — |
Schedule of Reconciliation of Federal Income Tax Rate | The provision for income taxes varies from the amount determined by applying the U.S. federal statutory rate to income before income taxes as a result of the following: Schedule of Reconciliation of Federal Income Tax Rate 2021 2020 Year Ended December 31, 2021 2020 U.S. statutory income tax rate 21.0 % 21.0 % State and local taxes, net of federal tax benefit 1.4 % 1.8 % Stock compensation permanent differences between book and tax (10.1 )% - % Other permanent differences between book and tax 5.3 % (3.5 )% State rate adjustments (1.5 )% (2.2 )% Prior year return-to-provision adjustment 0.0 % 0.2 % Valuation allowance (16.1 )% (17.3 )% Effective income tax rate — % — % |
Schedule of Components of Deferred Tax Asset | The components of the deferred tax asset are as follows: Schedule of Components of Deferred Tax Asset 2021 2020 Year Ended December 31, 2021 2020 Current accruals $ 1,068,263 $ 1,329,681 Operating lease liabilities 1,421,910 536,307 Deferred revenue 145,724 9,412 Depreciation and amortization 521,993 952,208 Deferred compensation 1,111,150 874,403 Net operating loss carryovers 27,219,641 25,264,611 Deferred tax assets 31,488,681 28,966,622 Valuation allowance (30,100,904 ) (28,378,947 ) Net deferred tax assets before deferred tax liabilities 1,387,777 587,675 Operating lease right-of-use assets (1,334,462 ) (524,105 ) Capitalized compensation costs (53,315 ) (63,570 ) Net deferred tax assets $ — $ — |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Net loss per share attributable to common stockholders: | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following is a reconciliation of the numerator (net loss) and the denominator (number of shares) used in the basic and diluted earnings per share calculations: Schedule of Computation of Basic and Diluted Earnings Per Share 2021 2020 Year Ended December 31, 2021 2020 Net loss $ (10,715,623 ) $ (6,646,459 ) Cumulative dividend on Series A Convertible Preferred Stock (1,345,031 ) (1,369,421 ) Net loss attributable to common stockholders $ (12,060,654 ) $ (8,015,880 ) Weighted average number of common shares and equivalents: 75,558,233 72,746,268 Basic EPS $ (0.16 ) $ (0.11 ) Diluted EPS $ (0.16 ) $ (0.11 ) |
Schedule of Anti-Dilutive Securities Excluded From Computation of Diluted Earnings Per Share | The following table sets forth the number of common shares that were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive as follows: Schedule of Anti-Dilutive Securities Excluded From Computation of Diluted Earnings Per Share December 31, 2021 2020 Shares issuable upon vesting/exercise of: Options to purchase common stock 2,818,012 2,456,979 Series A Convertible Preferred Stock and Accumulated Dividends 45,306,189 43,483,062 Series B Convertible Preferred Stock 5,610,121 5,610,121 Restricted stock units 1,164,723 1,112,473 Warrants - 15,385 54,899,045 52,678,020 |
Product Warranty Provisions (Ta
Product Warranty Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Accrued Warranty | Accrued warranty, which is included in other accrued liabilities, consists of the following: Schedule of Accrued Warranty December 31, 2021 December 31, 2020 Warranty accrual, beginning of the fiscal period $ 157,615 $ 141,697 Accrual adjustment for product warranty 198,595 49,974 Payments made (114,759 ) (34,056 ) Warranty accrual, end of the fiscal period $ 241,451 $ 157,615 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Geographic Revenues | Schedule of Geographic Revenues Year Ended December 31, 2021 2020 United States $ 20,359,558 $ 17,442,883 International 14,661,304 9,187,152 Total $ 35,020,862 $ 26,630,035 |
Schedule of Revenue Disaggregat
Schedule of Revenue Disaggregated by Type (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Product Information [Line Items] | ||
Total revenue | $ 35,020,862 | $ 26,630,035 |
Systems [Member] | ||
Product Information [Line Items] | ||
Total revenue | 11,167,676 | 3,626,284 |
Disposables Service and Accessories [Member] | ||
Product Information [Line Items] | ||
Total revenue | 22,867,066 | 22,017,631 |
Sublease [Member] | ||
Product Information [Line Items] | ||
Total revenue | $ 986,120 | $ 986,120 |
Summary of Contract Assets and
Summary of Contract Assets and Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Product Information [Line Items] | ||
Contract Assets - unbilled receivables | $ 178,354 | $ 284,415 |
Total deferred revenue | 8,514,931 | 5,831,685 |
Less: Long-term deferred revenue | (2,238,150) | (548,915) |
Total current deferred revenue | 6,276,781 | 5,282,770 |
Customer Deposits [Member] | ||
Product Information [Line Items] | ||
Total deferred revenue | 925,050 | |
Product Shipped, Revenue Deferred [Member] | ||
Product Information [Line Items] | ||
Total deferred revenue | 1,794,374 | 645,200 |
Deferred Service and License Fees [Member] | ||
Product Information [Line Items] | ||
Total deferred revenue | $ 5,795,507 | $ 5,186,485 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jul. 31, 2020 | |
Product Information [Line Items] | |||
Restricted cash | $ 1,400,000 | $ 0 | |
Compensating balance, amount | 250,620 | ||
Money market funds | 1,400,000 | 1,400,000 | |
Remaining performance obligation | 10,100,000 | ||
Contract with Customer, Liability, Revenue Recognized | 5,100,000 | 5,000,000 | |
Capitalized contract cost | $ 200,000 | $ 300,000 | |
Potential common shares excluded from diluted earnings per share | 54,899,045 | 52,678,020 | |
Weighted average exercise price | $ 4.10 | $ 2.90 | |
Total revenue | $ 35,020,862 | $ 26,630,035 | |
Series B Convertible Preferred Stock [Member] | |||
Product Information [Line Items] | |||
Potential common shares excluded from diluted earnings per share | 5,610,121 | ||
Series A Convertible Preferred Stock [Member] | |||
Product Information [Line Items] | |||
Potential common shares excluded from diluted earnings per share | 45,306,189 | ||
Stock Options and Stock Appreciation Rights [Member] | |||
Product Information [Line Items] | |||
Potential common shares excluded from diluted earnings per share | 2,818,012 | ||
Weighted average exercise price | $ 4.10 | ||
Restricted Stock [Member] | |||
Product Information [Line Items] | |||
Number of unvested restricted share units | 1,164,723 | ||
Revenue From System Delivery and Installation [Member] | Product Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 32.00% | 14.00% | |
Disposable Revenue [Member] | Product Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 24.00% | 28.00% | |
Royalty Revenue [Member] | Product Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 7.00% | 8.00% | |
Other Recurring Revenue [Member] | Product Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 34.00% | 46.00% | |
Sublease Revenue [Member] | Product Concentration Risk [Member] | |||
Product Information [Line Items] | |||
Concentration risk percentage | 3.00% | 4.00% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | China Customer [Member] | |||
Product Information [Line Items] | |||
Total revenue | $ 3,700,000 | ||
Concentration risk percentage | 10.00% | ||
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Finland Accounted [Member] | |||
Product Information [Line Items] | |||
Total revenue | $ 2,700,000 | ||
Concentration risk percentage | 10.00% | ||
Systems [Member] | |||
Product Information [Line Items] | |||
Product Warranty Expense | $ 200,000 | ||
Total revenue | $ 11,167,676 | $ 3,626,284 | |
Maximum [Member] | |||
Product Information [Line Items] | |||
Property and equipment, useful life | 10 years | ||
Intangible assets, estimated useful lives | 15 years | ||
Maximum [Member] | Systems [Member] | |||
Product Information [Line Items] | |||
Product Warranty Expense | $ 100,000 | ||
Minimum [Member] | |||
Product Information [Line Items] | |||
Property and equipment, useful life | 3 years | ||
Intangible assets, estimated useful lives | 10 years | ||
Letter of Credit [Member] | |||
Product Information [Line Items] | |||
Compensating balance, amount | $ 300,000 | ||
Letter of Credit [Member] | Maximum [Member] | |||
Product Information [Line Items] | |||
Line of Credit, Current | $ 300,000 |
Schedule of Inventories (Detail
Schedule of Inventories (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,641,785 | $ 2,950,912 |
Work in process | 133,576 | 433,026 |
Finished goods | 2,822,808 | 2,987,039 |
Reserve for excess and obsolescence | (2,164,775) | (3,075,520) |
Total inventory | $ 4,433,394 | $ 3,295,457 |
Schedule of Prepaid Expenses an
Schedule of Prepaid Expenses and Other Assets (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 1,011,647 | $ 754,062 |
Prepaid commissions | 229,150 | 271,174 |
Deposits | 1,276,080 | 855,970 |
Other assets | 117,467 | 143,323 |
Total prepaid expenses and other assets | 2,634,344 | 2,024,529 |
Less: Noncurrent prepaid expenses and other assets | (278,154) | (308,515) |
Total current prepaid expenses and other assets | $ 2,356,190 | $ 1,716,014 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 5,843,474 | $ 8,827,425 |
Less: Accumulated depreciation | (3,211,583) | (8,632,296) |
Net property and equipment | 2,631,891 | 195,129 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 3,670,081 | 6,488,984 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 17,653 | 2,338,441 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,155,740 |
Property and Equipment (Details
Property and Equipment (Details Narrative) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Property, Plant and Equipment [Abstract] | |
Disposals of fixed assets | $ 5.5 |
Property and equipment additions | $ 2.5 |
Schedule of Lease Costs and Oth
Schedule of Lease Costs and Other Lease Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases | ||
Operating lease cost | $ 2,706,651 | $ 2,340,428 |
Short-term lease cost | 57,350 | 66,865 |
Sublease income | (986,120) | (986,120) |
Total net lease cost | 1,777,881 | 1,421,173 |
Cash paid within operating cash flows | $ 2,223,111 | $ 2,486,309 |
Schedule of Future Minimum Oper
Schedule of Future Minimum Operating Lease Payments (Details) | Dec. 31, 2021USD ($) |
Leases | |
2022 | $ 801,183 |
2023 | 870,782 |
2024 | 891,596 |
2025 | 912,410 |
2026 | 933,224 |
2027 and thereafter | 4,985,873 |
Total lease payments | 9,395,068 |
Less: Interest | (3,284,491) |
Present value of lease liabilities | $ 6,110,577 |
Leases (Details Narrative)
Leases (Details Narrative) | Mar. 01, 2021USD ($)ft² | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2021USD ($) |
Operating lease cost | $ 2,706,651 | $ 2,340,428 | ||
Operating Lease, Right-of-Use Asset | 5,734,775 | 2,235,442 | ||
Operating lease liability | $ 5,842,456 | |||
Operating lease, weighted average discount rate | 9.00% | |||
Weighted average remaining lease term for operating lease term | 10 years | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 5,900,000 | |||
Operating lease liability | $ 5,900,000 | |||
Office Space and Manufacturing Facilities [Member] | Office Lease Agreement [Member] | Globe Building Company [Member] | ||||
Area of Land | ft² | 43,100 | |||
Lessee, Operating Lease, Term of Contract | 10 years | |||
Operating lease, option to extend | two | |||
Operating lease, renewal term | 5 years | |||
Office Space and Manufacturing Facilities [Member] | Office Lease Agreement [Member] | Globe Building Company [Member] | Minimum Annual Rent in 2022 [Member] | ||||
Operating lease cost | $ 800,000 | |||
Office Space and Manufacturing Facilities [Member] | Office Lease Agreement [Member] | Globe Building Company [Member] | Minimum Annual Rent in 2031 [Member] | ||||
Operating lease cost | $ 1,000,000 |
Schedule of Accrued Liabilities
Schedule of Accrued Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued salaries, bonus, and benefits | $ 1,515,553 | $ 2,044,826 |
Accrued licenses and maintenance fees | 483,879 | 483,879 |
Accrued warranties | 241,451 | 157,615 |
Accrued taxes | 177,399 | 172,744 |
Accrued professional services | 73,000 | 138,359 |
Accrued lease deposit payable | 124,286 | 124,286 |
Other | 131,203 | 218,757 |
Total accrued liabilities | 2,746,771 | 3,340,466 |
Less: Long term accrued liabilities | (218,582) | (131,231) |
Total current accrued liabilities | $ 2,528,189 | $ 3,209,235 |
Debt and Credit Facilities (Det
Debt and Credit Facilities (Details Narrative) - USD ($) | Apr. 20, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceed from bank loan | $ 2,158,310 | ||
Gain on extinguishment of debt | 2,182,891 | ||
Paycheck Protection Program [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceed from bank loan | $ 2,200,000 | ||
Gain on extinguishment of debt | $ 2,200,000 |
Summary of Performance Award An
Summary of Performance Award And Market Capitalization Milestones (Details) - PSU Agreement [Member] - Mr. Fischel [Member] | Feb. 23, 2021USD ($)shares |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 13,000,000 |
Market capitalization milestone, amount | $ | $ 1,000,000,000 |
Share-based Payment Arrangement, Tranche One [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 1,000,000 |
Market capitalization milestone, amount | $ | $ 1,000,000,000 |
Share-based Payment Arrangement, Tranche Two [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 1,500,000 |
Market capitalization milestone, amount | $ | $ 1,500,000,000 |
Share-based Payment Arrangement, Tranche Three [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 1,500,000 |
Market capitalization milestone, amount | $ | $ 2,000,000,000 |
ShareBased Compensation Award Tranche Four [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 2,000,000 |
Market capitalization milestone, amount | $ | $ 2,500,000,000 |
ShareBased Compensation Award Tranche Five [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 1,000,000 |
Market capitalization milestone, amount | $ | $ 3,000,000,000 |
ShareBased Compensation Award Tranche Six [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 1,000,000 |
Market capitalization milestone, amount | $ | $ 3,500,000,000 |
ShareBased Compensation Award Tranche Seven [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 1,000,000 |
Market capitalization milestone, amount | $ | $ 4,000,000,000 |
ShareBased Compensation Award Tranche Eight [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 2,000,000 |
Market capitalization milestone, amount | $ | $ 4,500,000,000 |
ShareBased Compensation Award Tranche Nine [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 1,000,000 |
Market capitalization milestone, amount | $ | $ 5,000,000,000 |
Share Based Compensation Award Tranche Ten [Member] | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Number of shares subject to PSU | shares | 1,000,000 |
Market capitalization milestone, amount | $ | $ 5,500,000,000 |
Summary of Option and Stock App
Summary of Option and Stock Appreciation Rights Activity (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Number of Options/SARs, Outstanding, Beginning | shares | 2,456,979 |
Weighted Average Exercise Price per Share, Outstanding, Beginning | $ 2.90 |
Number of Options/SARs, Granted | shares | 942,000 |
Weighted Average Exercise Price per Share, Granted | $ 7.10 |
Number of Options/SARs, Exercised | shares | (358,613) |
Weighted Average Exercise Price per Share, Exercised | $ 1.93 |
Number of Options/SARs, Forfeited | shares | (222,354) |
Weighted Average Exercise Price per Share, Forfeited | $ 6.99 |
Number of Options/SARs, Outstanding, Ending | shares | 2,818,012 |
Weighted Average Exercise Price per Share, Outstanding, Ending | $ 4.10 |
Minimum [Member] | |
Range of Exercise Price, Outstanding, Beginning | 0.74 |
Range of Exercise Price, Granted | 6.09 |
Range of Exercise Price, Exercised | 0.74 |
Range of Exercise Price, Forfeited | 0.74 |
Range of Exercise Price, Outstanding, Ending | 0.74 |
Maximum [Member] | |
Range of Exercise Price, Outstanding, Beginning | 35.20 |
Range of Exercise Price, Granted | 9.87 |
Range of Exercise Price, Exercised | 4.52 |
Range of Exercise Price, Forfeited | 35.20 |
Range of Exercise Price, Outstanding, Ending | $ 9.87 |
Summary of Option and Stock A_2
Summary of Option and Stock Appreciation Rights Outstanding by Range of Exercise Price (Details) - Stock Option and Stock Appreciation Rights (SARs) [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options Outstanding | shares | 2,818,012 |
Weighted Average Remaining Life | 7 years 9 months 7 days |
Weighted Average Exercise Price | $ 4.10 |
Number of Options Currently Exercisable | shares | 1,229,610 |
Weighted Average Exercise Price per Vested Share | $ 2.33 |
Range of Exercise Prices One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower Limit | 0 |
Range of Exercise Prices, Upper Limit | $ 1 |
Options Outstanding | shares | 397,306 |
Weighted Average Remaining Life | 6 years 2 months 1 day |
Weighted Average Exercise Price | $ 0.74 |
Number of Options Currently Exercisable | shares | 371,534 |
Weighted Average Exercise Price per Vested Share | $ 0.74 |
Range of Exercise Prices Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower Limit | 1.01 |
Range of Exercise Prices, Upper Limit | $ 2 |
Options Outstanding | shares | 60,037 |
Weighted Average Remaining Life | 3 years 6 months 7 days |
Weighted Average Exercise Price | $ 1.76 |
Number of Options Currently Exercisable | shares | 57,312 |
Weighted Average Exercise Price per Vested Share | $ 1.79 |
Range of Exercise Prices Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower Limit | 2.01 |
Range of Exercise Prices, Upper Limit | $ 4 |
Options Outstanding | shares | 698,237 |
Weighted Average Remaining Life | 6 years 11 months 26 days |
Weighted Average Exercise Price | $ 2.10 |
Number of Options Currently Exercisable | shares | 458,847 |
Weighted Average Exercise Price per Vested Share | $ 2.08 |
Range of Exercise Prices Four [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower Limit | 4.01 |
Range of Exercise Prices, Upper Limit | $ 10 |
Options Outstanding | shares | 1,662,432 |
Weighted Average Remaining Life | 8 years 7 months 17 days |
Weighted Average Exercise Price | $ 5.83 |
Number of Options Currently Exercisable | shares | 341,917 |
Weighted Average Exercise Price per Vested Share | $ 4.48 |
Summary of Restricted Stock Uni
Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Restricted Stock Units, Outstanding, Beginning | shares | 1,112,473 |
Weighted Average Grant Date Fair Value per Unit, Outstanding, Beginning | $ / shares | $ 2.46 |
Number of Restricted Stock Units, Outstanding, Granted | shares | 378,204 |
Weighted Average Grant Date Fair Value per Unit, Granted | $ / shares | $ 7.18 |
Number of Restricted Stock Units, Outstanding, Vested | shares | (325,954) |
Weighted Average Grant Date Fair Value per Unit, Vested | $ / shares | $ 3.97 |
Number of Restricted Stock Units, Outstanding, Forfeited | shares | |
Weighted Average Grant Date Fair Value per Unit, Forfeited | $ / shares | |
Number of Restricted Stock Units, Outstanding, Ending | shares | 1,164,723 |
Weighted Average Grant Date Fair Value per Unit, Outstanding, Ending | $ / shares | $ 3.57 |
Summary of Reserved Shares of C
Summary of Reserved Shares of Common Stock for Conversion (Details) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Reserved shares of common stock | 68,761,350 | 53,187,679 |
Performance Share Unit Plan [Member] | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 13,000,000 | |
Stock Award Plans [Member] | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 4,909,848 | 2,054,941 |
Employee Stock Purchase Plan [Member] | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 209,437 | 229,136 |
Series A Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 45,031,944 | 45,278,096 |
Series B Convertible Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 5,610,121 | 5,610,121 |
Warrant [Member] | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 15,385 |
Convertible Preferred Stock a_3
Convertible Preferred Stock and Stockholders’ Equity (Details Narrative) - USD ($) | Feb. 23, 2021 | May 25, 2020 | Aug. 07, 2019 | May 31, 2019 | Sep. 30, 2016 | Jun. 30, 2014 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 29, 2021 | Mar. 05, 2018 | Feb. 28, 2018 |
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Common stock, voting rights | The holders of common stock are entitled to one vote for each share held | ||||||||||
Payments of dividends common stock | $ 0 | ||||||||||
Common stock, par or stated value per share | $ 0.001 | $ 0.001 | |||||||||
Convertible preferred stock, par value | $ 0.001 | $ 0.001 | |||||||||
Stock-based compensation expenses | $ 9,362,907 | $ 3,169,348 | |||||||||
Unrecognized stock-based compensation expense | $ 5,100,000 | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 68,761,350 | 53,187,679 | |||||||||
Weighted average amortization period of total compensation cost not yet recognized | four years | ||||||||||
Number of options and stock appreciation rights outstanding | 2,818,012 | 2,456,979 | |||||||||
Warrants outstanding | 0 | 15,385 | |||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Number of shares granted | 378,204 | ||||||||||
2012 Stock Incentive Plan [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Stock plan expiration date | Mar. 25, 2012 | ||||||||||
2012 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Share vesting percentage | 25.00% | ||||||||||
Stock vesting period | 3 years | ||||||||||
2012 Stock Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Share expiration period | 10 years | ||||||||||
Share vesting percentage | 25.00% | ||||||||||
Stock vesting period | 3 years | ||||||||||
2012 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Stock vesting period | 4 years | ||||||||||
Aggregate intrinsic value, outstanding | $ 7,200,000 | ||||||||||
Aggregate intrinsic value, vested | $ 2,400,000 | ||||||||||
2012 Stock Incentive Plan [Member] | Stock Options and Stock Appreciation Rights (SARs) [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Contractual term | 7 years 9 months 7 days | ||||||||||
Number of options and stock appreciation rights outstanding | 2,818,012 | ||||||||||
Number of options and stock appreciation rights, Exercisable, Number | 1,229,610 | ||||||||||
Number of options and stock appreciation rights, weighted average exercise price | $ 2.33 | ||||||||||
Number of options and stock appreciation rights remaining contractual term | 6 years 8 months 12 days | ||||||||||
Outstanding, intrinsic value | $ 6,600,000 | $ 5,900,000 | |||||||||
Share Price | $ 6.20 | $ 5.09 | |||||||||
Options number of shares vested | 1,229,610 | 884,654 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,900,000 | $ 400,000 | |||||||||
Options grants weighted average grant date fair value | $ 7.10 | $ 4.49 | |||||||||
Stock Award Plans [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 4,909,848 | 2,054,941 | |||||||||
2009 Employee Stock Purchase Plan ("ESPP") [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 209,437 | ||||||||||
Number of additional shares authorized | 250,000 | 250,000 | |||||||||
Eligible employees term | 3 months | ||||||||||
Maximum purchase percentage of employees compensation | 15.00% | ||||||||||
Maximum fair value of shares subject to repurchase obligation | $ 25,000 | ||||||||||
Maximum fair value percentage of shares subject to repurchase obligation | 95.00% | ||||||||||
Non-employee Directors [Member] | 2012 Stock Incentive Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Share expiration period | 10 years | ||||||||||
Purchase Price of common stock, percent | 100.00% | ||||||||||
Director [Member] | 2012 Stock Incentive Plan [Member] | Minimum [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Stock vesting period | 1 year | ||||||||||
Director [Member] | 2012 Stock Incentive Plan [Member] | Maximum [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Stock vesting period | 5 years | ||||||||||
PSU Agreement [Member] | Mr. Fischel [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Performance award term | 10 years | ||||||||||
Number of shares granted | 13,000,000 | ||||||||||
Maximum market capitalization milestone, amount | $ 1,000,000,000 | ||||||||||
Increase in market capitalization milestone, amount | $ 500,000,000 | ||||||||||
Award vesting rights, description | Each tranche represents a portion of the PSUs covering the number of shares outlined in the table above. Each tranche vests upon (i) satisfaction of the market capitalization milestones and (ii) continued employment as CEO of the Company from the grant date through December 31, 2030. Absent an earlier termination, the PSUs will expire on December 31, 2030. If our CEO ceases employment as CEO of the Company for any reason including death, disability, termination for cause or without cause (as defined in the award agreement), or if he voluntary terminates after service as CEO for at least five years, the remaining service period will be waived and he will retain any PSUs that have vested through the date of termination. | ||||||||||
Stock-based compensation expenses | $ 6,100,000 | ||||||||||
Unrecognized stock-based compensation expense | $ 51,300,000 | ||||||||||
PSU Agreement [Member] | Mr. Fischel [Member] | Share Based Compensation Award Tranche Ten [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Number of shares granted | 1,000,000 | ||||||||||
Maximum market capitalization milestone, amount | $ 5,500,000,000 | ||||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Sale of stock, number of shares sold | 24,000 | ||||||||||
Convertible preferred stock, par value | $ 1,000 | ||||||||||
Preferred stock, par value | 0.001 | ||||||||||
Redemption price per share | $ 0.65 | $ 0.28 | $ 0.70 | ||||||||
Common stock issuable from warrants | 36,923,078 | ||||||||||
Preferred stock dividend rate | 6.00% | ||||||||||
Preferred stock redemption, triggering event, percent of common stock sold threshold | 50.00% | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 45,031,944 | 45,278,096 | |||||||||
Warrant [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Unexercised warrants | 15,385 | ||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 15,385 | ||||||||||
Direct Registered Offering [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Sale of stock, consideration received on transaction | $ 15,000,000 | ||||||||||
Direct Registered Offering [Member] | Common Stock [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Sale of stock, number of shares sold | 3,658,537 | ||||||||||
Common stock, par or stated value per share | $ 0.001 | ||||||||||
Sale of stock, price per share | $ 4.10 | ||||||||||
Private Placement [Member] | Series B Convertible Preferred Stock [Member] | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Sale of stock, number of shares sold | 5,610,121 | ||||||||||
Convertible preferred stock, par value | $ 0.001 | ||||||||||
Convertible securities, conversion price per share | $ 2.05 |
Schedule of Assets Measured at
Schedule of Assets Measured at Fair Value on a Recurring Basis by Level Within Fair Value Hierarchy (Details) - Fair Value, Recurring [Member] - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 1,405,831 | $ 1,429,331 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,405,831 | 1,429,331 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | ||
Cash invested in Money Market Accounts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,405,831 | 1,429,331 |
Cash invested in Money Market Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | ||
Cash invested in Money Market Accounts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,405,831 | 1,429,331 |
Cash invested in Money Market Accounts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Inputs, Level 2 [Member] | Restricted Cash and Cash Invested In Money Market Accounts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of asset | $ 1,405,831 | $ 1,429,331 |
Schedule of Provision For Incom
Schedule of Provision For Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal | $ (1,723,223) | $ (1,172,382) |
State and local | 1,266 | 22,240 |
Total deferred income tax expense (benefit) | (1,721,957) | (1,150,142) |
Valuation allowance | 1,721,957 | 1,150,142 |
Income tax benefit |
Schedule of Reconciliation of F
Schedule of Reconciliation of Federal Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
U.S. statutory income tax rate | 21.00% | 21.00% |
State and local taxes, net of federal tax benefit | 1.40% | 1.80% |
Stock compensation permanent differences between book and tax | (10.10%) | |
Other permanent differences between book and tax | 5.30% | (3.50%) |
State rate adjustments | (1.50%) | (2.20%) |
Prior year return-to-provision adjustment | 0.00% | 0.20% |
Valuation allowance | (16.10%) | (17.30%) |
Effective income tax rate |
Schedule of Components of Defer
Schedule of Components of Deferred Tax Asset (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Current accruals | $ 1,068,263 | $ 1,329,681 |
Operating lease liabilities | 1,421,910 | 536,307 |
Deferred revenue | 145,724 | 9,412 |
Depreciation and amortization | 521,993 | 952,208 |
Deferred compensation | 1,111,150 | 874,403 |
Net operating loss carryovers | 27,219,641 | 25,264,611 |
Deferred tax assets | 31,488,681 | 28,966,622 |
Valuation allowance | (30,100,904) | (28,378,947) |
Net deferred tax assets before deferred tax liabilities | 1,387,777 | 587,675 |
Operating lease right-of-use assets | (1,334,462) | (524,105) |
Capitalized compensation costs | (53,315) | (63,570) |
Net deferred tax assets |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | ||
Employee Benefits and Share-based Compensation | $ 6.1 | |
Operating Loss Carryforwards | 120.1 | |
[custom:OperatingLossCarryforwardsLimitationsOnUseAmount-0] | 123.3 | |
Liability for Uncertainty in Income Taxes, Noncurrent | 0.1 | $ 0.1 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0.1 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
[custom:OperatingLossCarryforwardsLimitationsOnUseAmount-0] | $ 255.6 | |
Operating Loss Carryforwards, Limitations on Use | The federal net operating loss carryforwards generated prior to the 2018 tax year will expire between 2030 and 2037. | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
[custom:OperatingLossCarryforwardsLimitationsOnUseAmount-0] | $ 37.6 | |
Operating Loss Carryforwards, Limitations on Use | expire at various dates between 2022 and 2041 if not utilized. | |
Number of prior years subject to examination | 10 years |
Schedule of Computation of Basi
Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net loss per share attributable to common stockholders: | ||
Net loss | $ (10,715,623) | $ (6,646,459) |
Cumulative dividend on Series A Convertible Preferred Stock | (1,345,031) | (1,369,421) |
Loss attributable to common stockholders | $ (12,060,654) | $ (8,015,880) |
Weighted average number of common shares and equivalents: | 75,558,233 | 72,746,268 |
Basic EPS | $ (0.16) | $ (0.11) |
Diluted EPS | $ (0.16) | $ (0.11) |
Schedule of Anti-Dilutive Secur
Schedule of Anti-Dilutive Securities Excluded From Computation of Diluted Earnings Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares excluded from the computation of diluted earnings per share | 54,899,045 | 52,678,020 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares excluded from the computation of diluted earnings per share | 2,818,012 | 2,456,979 |
Series A Convertible Preferred Stock and Accumulated Dividends [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares excluded from the computation of diluted earnings per share | 45,306,189 | 43,483,062 |
Series B Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares excluded from the computation of diluted earnings per share | 5,610,121 | 5,610,121 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares excluded from the computation of diluted earnings per share | 1,164,723 | 1,112,473 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive common shares excluded from the computation of diluted earnings per share | 15,385 |
Employee Benefit Plan (Details
Employee Benefit Plan (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined contribution plan, cost | $ 0.3 | $ 0.3 |
Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of employee contributions participating employee's compensation | 3.00% |
Schedule of Accrued Warranty (D
Schedule of Accrued Warranty (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Guarantees and Product Warranties [Abstract] | ||
Warranty accrual, beginning of the fiscal period | $ 157,615 | $ 141,697 |
Accrual adjustment for product warranty | 198,595 | 49,974 |
Payments made | (114,759) | (34,056) |
Warranty accrual, end of the fiscal period | $ 241,451 | $ 157,615 |
Product Warranty Provisions (De
Product Warranty Provisions (Details Narrative) | 12 Months Ended |
Dec. 31, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Standard product warranty coverage term | one year |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | Aug. 31, 2021 | Oct. 31, 2021 | Jul. 31, 2021 | Apr. 30, 2021 |
Line of Credit Facility [Line Items] | ||||
Payment of plaintiff | $ 675,000 | |||
Letter of Credit [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term line of credit | $ 1,800,000 | |||
Letter of Credit [Member] | First Installment [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term line of credit | $ 400,000 | |||
Letter of Credit [Member] | Second Installment [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term line of credit | $ 400,000 | |||
Letter of Credit [Member] | Third Installment [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Long-term line of credit | $ 400,000 |
Schedule of Geographic Revenues
Schedule of Geographic Revenues (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total | $ 35,020,862 | $ 26,630,035 |
Operating Segments [Member] | UNITED STATES | ||
Segment Reporting Information [Line Items] | ||
Total | 20,359,558 | 17,442,883 |
Operating Segments [Member] | Non-US [Member] | ||
Segment Reporting Information [Line Items] | ||
Total | $ 14,661,304 | $ 9,187,152 |
Schedule of Valuation and Quali
Schedule of Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | $ 123,614 | $ 380,212 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 96,212 | (29,411) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (39,913) | (227,187) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | 179,913 | 123,614 |
SEC Schedule, 12-09, Reserve, Inventory [Member] | ||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Beginning Balance | 3,075,520 | 3,895,451 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 49,267 | 126,616 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (960,012) | (946,547) |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount, Ending Balance | $ 2,164,775 | $ 3,075,520 |