Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 09, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | Ascent Solar Technologies, Inc. | |
Entity Central Index Key | 0001350102 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity File Number | 001-32919 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,735,501 | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-3672603 | |
Entity Address, Address Line One | 12300 Grant Street | |
Entity Address, City or Town | Thornton | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80241 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
City Area Code | 720 | |
Local Phone Number | 872-5000 | |
Title of 12(b) Security | Common | |
Trading Symbol | ASTI |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 187,474 | $ 1,048,733 |
Trade receivables, net of allowance of $0 and $0, respectively | 0 | 0 |
Inventories, net | 448,756 | 447,496 |
Prepaid and other current assets | 246,706 | 39,279 |
Total current assets | 882,936 | 1,535,508 |
Property, Plant and Equipment: | 19,901,016 | 21,177,892 |
Accumulated depreciation | (19,395,659) | (20,131,008) |
Property, Plant and Equipment, net | 505,357 | 1,046,884 |
Other Assets: | ||
Operating lease right-of-use assets, net | 2,249,042 | 2,364,672 |
Patents, net of accumulated amortization of $177,099 and $173,387 respectively | 50,266 | 53,978 |
Equity method investment | 67,179 | 68,867 |
Other non-current assets | 1,228,399 | 1,228,797 |
Total other assets | 3,594,886 | 3,716,314 |
Total Assets | 4,983,179 | 6,298,706 |
Current Liabilities: | ||
Accounts payable | 1,214,116 | 579,237 |
Related party payables | 33,846 | 4,231 |
Accrued expenses | 1,215,560 | 1,354,159 |
Accrued payroll | 234,914 | 160,477 |
Accrued professional services fees | 933,872 | 849,282 |
Accrued interest | 653,199 | 628,145 |
Current portion of operating lease liability | 512,158 | 491,440 |
Conversions payable | 1,089,160 | |
Cash payable | 199,997 | |
Current portion of convertible notes, net | 6,270 | 354,936 |
Bridge loan | 353,269 | |
Other payable | 250,000 | 250,000 |
Total current liabilities | 5,607,201 | 5,761,067 |
Long-Term Liabilities: | ||
Non-current operating lease liabilities | 1,904,892 | 2,043,025 |
Accrued warranty liability | 21,225 | 21,225 |
Total liabilities | 7,533,318 | 7,825,317 |
Commitments and contingencies (Note 16) | ||
Stockholders’ Equity (Deficit): | ||
Series A preferred stock, $.0001 par value; 750,000 shares authorized; 48,100 and 48,100 shares issued and outstanding, respectively ($911,228 and $899,069 Liquidation Preference, respectively) | 5 | 5 |
Common stock, $0.0001 par value, 500,000,000 authorized; 6,710,745 and 3,583,846 shares issued and outstanding, respectively | 671 | 358 |
Additional paid in capital | 482,458,139 | 480,942,526 |
Accumulated deficit | (485,016,178) | (482,478,436) |
Accumulated other comprehensive income (loss) | 7,224 | 8,936 |
Total stockholders’ equity (deficit) | (2,550,139) | (1,526,611) |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 4,983,179 | $ 6,298,706 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for doubtful accounts | $ 0 | $ 0 |
Patents, amortization | $ 177,099 | $ 173,387 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | |
Preferred stock, shares authorized (in shares) | 25,000,000 | |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 6,710,745 | 3,583,846 |
Common stock, shares outstanding (in shares) | 6,710,745 | 3,583,846 |
Series A Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 750,000 | 750,000 |
Preferred stock, shares issued (in shares) | 48,100 | 48,100 |
Preferred stock, shares outstanding (in shares) | 48,100 | 48,100 |
Preferred stock, liquidation preference | $ 911,228 | $ 899,069 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total Revenues | $ 5,600 | $ 124,225 |
Costs and Expenses | ||
Costs of revenue | 9,388 | 461,795 |
Research, development and manufacturing operations | 607,233 | 1,665,694 |
Selling, general and administrative | 1,060,041 | 1,591,821 |
Share-based compensation | 259,234 | 1,404,450 |
Depreciation and amortization | 20,757 | 25,781 |
Impairment loss | 524,481 | |
Total Costs and Expenses | 2,481,134 | 5,149,541 |
Loss from Operations | (2,475,534) | (5,025,316) |
Other Income/(Expense) | ||
Other income/(expense), net | 64,323 | 10,000 |
Interest expense | (126,555) | (1,068,036) |
Total Other Income/(Expense) | (62,232) | (1,058,036) |
Income/(Loss) on Equity Method Investments | 24 | |
Net Income/(Loss) | $ (2,537,742) | $ (6,083,352) |
Net Income/(Loss) Per Share (Basic) | $ (0.53) | $ (34.21) |
Net Income/(Loss) Per Share (Diluted) | $ (0.53) | $ (34.21) |
Weighted Average Common Shares Outstanding (Basic) | 4,758,077 | 177,850 |
Weighted Average Common Shares Outstanding (Diluted) | 4,758,077 | 177,850 |
Other Comprehensive Income/(Loss) | ||
Foreign currency translation gain/(loss) | $ (1,712) | $ 6,706 |
Net Comprehensive Income/(Loss) | (2,539,454) | (6,076,646) |
Products | ||
Total Revenues | $ 5,600 | 99,225 |
Milestone and Engineering | ||
Total Revenues | $ 25,000 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Total | L1 Convertible Note | Sabby Note | Preferred Stock Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Preferred Stock Series A Preferred Stock | Common Stock | Common Stock L1 Convertible Note | Common Stock Sabby Note | Additional Paid-In Capital | Additional Paid-In Capital L1 Convertible Note | Additional Paid-In Capital Sabby Note | Accumulated Deficit | Other Accumulated Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2022 | $ 899,298 | $ 5 | $ 26 | $ 448,343,153 | $ (447,427,862) | $ (16,024) | |||||||
Beginning balance (in shares) at Dec. 31, 2022 | 48,100 | 259,323 | |||||||||||
Conversion of shares | $ 508,740 | $ 1,083,718 | $ 1 | $ 1 | $ 508,739 | $ 1,083,717 | |||||||
Conversion of shares (in shares) | 7,200 | 10,255 | |||||||||||
Share-based compensation | 1,404,450 | 1,404,450 | |||||||||||
Net Income (Loss) | (6,083,352) | (6,083,352) | |||||||||||
Foreign Currency Translation Loss | 6,706 | 6,706 | |||||||||||
Ending balance at Mar. 31, 2023 | (2,180,440) | $ 5 | $ 28 | 451,340,059 | (453,511,214) | (9,318) | |||||||
Ending balance (in shares) at Mar. 31, 2023 | 48,100 | 276,778 | |||||||||||
Beginning balance at Dec. 31, 2023 | $ (1,526,611) | $ 5 | $ 358 | 480,942,526 | (482,478,436) | 8,936 | |||||||
Beginning balance (in shares) at Dec. 31, 2023 | 48,100 | 3,583,846 | |||||||||||
Conversion of shares | $ 1,256,692 | $ 241 | $ 1,256,451 | ||||||||||
Conversion of shares (in shares) | 2,411,788 | ||||||||||||
Conversion of prefunded warrants Amount | $ 72 | (72) | |||||||||||
Exercise of prefunded warrants (in shares) | 715,111 | 715,111 | |||||||||||
Share-based compensation | $ 259,234 | 259,234 | |||||||||||
Net Income (Loss) | (2,537,742) | (2,537,742) | |||||||||||
Foreign Currency Translation Loss | (1,712) | (1,712) | |||||||||||
Ending balance at Mar. 31, 2024 | $ (2,550,139) | $ 5 | $ 671 | $ 482,458,139 | $ (485,016,178) | $ 7,224 | |||||||
Ending balance (in shares) at Mar. 31, 2024 | 48,100 | 6,710,745 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating Activities: | |||
Net income/(loss) | $ (2,537,742) | $ (6,083,352) | |
Adjustments to reconcile net income (loss) to cash used in operating activities: | |||
Depreciation and amortization | 20,758 | 25,781 | |
Share-based compensation | 259,234 | 1,404,450 | |
Operating lease asset amortization | 115,630 | 182,556 | |
Accretion of debt discount | 35,530 | 901,649 | |
Impairment loss | 524,481 | ||
Loss on equity method investment | (24) | ||
Inventory reserve expense | (23,355) | 97,465 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | (93,106) | ||
Inventories | 22,095 | 4,755 | |
Prepaid expenses and other current assets | (207,029) | (1,182,239) | |
Accounts payable | 634,879 | (14,016) | |
Related party payable | 29,615 | (61,827) | |
Operating lease liabilities | (117,415) | (178,622) | |
Accrued interest | 25,054 | 166,386 | |
Accrued expenses | 20,428 | (107,507) | |
Net cash used in operating activities | (1,197,861) | (4,937,627) | |
Investing Activities: | |||
Payments on purchase of assets | (48,650) | ||
Patent activity costs | (5,884) | ||
Net cash used in investing activities | (54,534) | ||
Financing Activities: | |||
Proceeds from Bridge Loan | 350,000 | ||
Payment of bridge loan | (13,398) | ||
Payment of convertible notes | (147,170) | ||
Net cash provided by/(used in) financing activities | 336,602 | (147,170) | |
Net change in cash and cash equivalents | (861,259) | (5,139,331) | |
Cash and cash equivalents at beginning of period | 1,048,733 | 11,483,018 | $ 11,483,018 |
Cash and cash equivalents at end of period | 187,474 | 6,343,687 | $ 1,048,733 |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest | 63,562 | ||
Non-Cash Transactions: | |||
Conversions of preferred stock, convertible notes, and conversions payable to equity | 1,256,692 | $ 1,592,458 | |
Exercise of Pre-funded warrants | $ 72 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (2,537,742) | $ (6,083,352) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2024 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
ORGANIZATION | NOTE 1. ORGANIZATION Ascent Solar Technologies, Inc. (the “Company") is focusing on integrating its photovoltaic ("PV") products into scalable and high value markets such as agrivoltaics, aerospace, satellites, near earth orbiting vehicles, and fixed wing unmanned aerial vehicles (“UAV”). The value proposition of Ascent’s proprietary solar technology not only aligns with the needs of customers in these industries, but also overcomes many of the obstacles other solar technologies face in these unique markets. Ascent has the capability to design and develop finished products for end users in these areas as well as collaborate with strategic partners to design and develop custom integrated solutions for products like fixed-wing UAVs. Ascent sees significant overlap of the needs of end users across some of these industries and can achieve economies of scale in sourcing, development, and production in commercializing products for these customers. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | NOTE 2. BASIS OF PRESENTATION The accompanying, unaudited, condensed financial statements have been derived from the accounting records of the Company as of March 31, 2024 and December 31, 2023, and the results of operations for the three months ended March 31, 2024 and 2023. The accompanying, unaudited, condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, these interim financial statements do not include all of the information and footnotes typically found in U.S. GAAP audited annual financial statements. In the opinion of management, all adjustments considered necessary for a fair statement have been included. The Condensed Balance Sheet at December 31, 2023 has been derived from the audited financial statements as of that date but does not include all of the information and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. These unaudited condensed financial statements and notes should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The preparation of financial statements in conformity with U.S. GAAP 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies were described in Note 2 to the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes to our accounting policies as of March 31, 2024. Revenue Recognition: Product revenue. The Company recognizes revenue for the sale of PV modules and other equipment sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For module and other equipment sales contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognizes the related revenue as control of each individual product is transferred to the customer. During the three months ended March 31, 2024 and 2023, the Company recognized product revenue of $ 5,600 and $ 99,225 , respectively. Milestone and engineering revenue. Each milestone and engineering arrangement is a separate performance obligation. The transaction price is estimated using the most likely amount method and revenue is recognized as the performance obligation is satisfied through achieving manufacturing, cost, or engineering targets. During the three months ended March 31, 2024 and 2023, the Company recognized total milestone and engineering revenue of $ 0 and $ 25,000 , respectively.- Government contracts revenue. Revenue from government research and development contracts is generated under terms that are cost plus fee or firm fixed price. The Company generally recognizes this revenue over time using cost-based input methods, which recognizes revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract. In applying cost-based input methods of revenue recognition, the Company uses the actual costs incurred relative to the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize. Cost based input methods of revenue recognition are considered a faithful depiction of the Company’s efforts to satisfy long-term government research and development contracts and therefore reflect the performance obligations under such contracts. Costs incurred that do not contribute to satisfying the Company’s performance obligations are excluded from the input methods of revenue recognition as the amounts are not reflective of transferring control under the contract. Costs incurred towards contract completion may include direct costs plus allowable indirect costs and an allocable portion of the fixed fee. If actual and estimated costs to complete a contract indicate a loss, provision is made currently for the loss anticipated on the contract. No government contract revenue was recognized during the three months ended March 31, 2024 and 2023. Accounts Receivable. As of March 31, 2024 and December 31, 2023, the Company had an accounts receivable, net balance of $ 0 and $ 0 , respectively. As of March 31, 2024 and December 31, 2023, the Company had an allowance for doubtful accounts of $ 0 and $ 0 , respectively. Deferred revenue for the three months ended March 31, 2024 was as follows: Balance as of January 1, 2024 $ 935 Additions 7,700 Recognized as revenue ( 3,425 ) Balance as of March 31, 2024 $ 5,210 Other Assets: Other assets is comprised of the following: March 31, December 31, 2024 2023 Lease security deposit $ 625,000 $ 625,000 Spare machine parts 603,399 603,797 Total Other Assets $ 1,228,399 $ 1,228,797 Earnings per Share: Earnings per share (“EPS”) are the amount of earnings attributable to each share of common stock. Basic EPS has been computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Income available to common stockholders has been computed by deducting dividends accumulated for the period on cumulative preferred stock (whether or not earned) from net income. Diluted earnings per share has been computed by dividing net income adjusted on an if-converted basis for the period by the weighted average number of common shares and potentially dilutive common share outstanding (which consist of warrants, options, restricted stock units and convertible securities using the if-converted method to the extent they are dilutive). Approximately 7.9 million and 0.09 million shares of dilutive shares were excluded from the three months period ended March 31, 2024 and 2023 , respectively, EPS calculation as their impact is antidilutive. Recently Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvement to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 improves segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in ASU 2023-07 are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is evaluating the impact of this ASU on the Company's financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 improves income tax disclosures by requiring public entities annually to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for public entities for annual periods beginning after December 15, 2024. Entities are permitted to early adopt the standard for annual financial statements that have not yet been issued or made available for issuance. Management is evaluating the impact of this ASU on the Company's financial statements. |
LIQUIDITY, CONTINUED OPERATIONS
LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN | 3 Months Ended |
Mar. 31, 2024 | |
Liquidity And Continued Operations [Abstract] | |
LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN | NOTE 4. LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN During the year ended December 31, 2023, the Company sold Series 1B preferred stock and completed a public offering to fund operations. Further discussion of these transactions can be found in Notes 13 and 14 in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The Company currently has limited production capabilities in its Thornton facility and continues to focus on restarting production at industrial scale while continuing its research and development activities to improve its PV products. The Company does not expect that sales revenue and cash flows will be sufficient to support operations and cash requirements until it has fully implemented this strategy. During the three months ended March 31, 2024 the Company used $ 1,197,861 in cash for operations. Additional projected product revenues are not anticipated to result in a positive cash flow position for the next twelve months overall and as of March 31, 2024, the Company has a working deficit of $ 4,724,265 , Management does not believe cash liquidity is sufficient for the next twelve months and will require additional financing. The Company continues to look for ways to expand its production of PV films at industrial scale and to secure long-term contracts for the sale of such output. The Company also continues activities related to securing additional financing through strategic or financial investors, but there is no assurance the Company will be able to raise additional capital on acceptable terms or at all. If the Company's revenues do not increase rapidly, and/or additional financing is not obtained, the Company will be required to significantly curtail operations to reduce costs and/or sell assets. Such actions would likely have an adverse impact on the Company's future operations. As a result of the Company’s recurring losses from operations and the need for additional financing to fund its operating and capital requirements, there is uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises doubt as to the Company’s ability to continue as a going concern. Management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These condensed financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS In September 2021, the Company and TubeSolar AG ("TubeSolar"), a former significant stakeholder in the Company, entered into a Long-Term and Joint Development Agreement ("JDA") where the Company would provide PV foils for use in TubeSolar's solar modules for agricultural photovoltaic applications. Additionally, the Company and TubeSolar jointly established Ascent Solar Technologies Germany GmbH (“Ascent Germany”), in which TubeSolar holds of 30 % of the entity. Ascent Germany was established to operate a PV manufacturing facility in Germany that will produce and deliver PV Foils exclusively to TubeSolar. There were no Company contributions to Ascent Germany during the three months ended March 31, 2024 and 2023. In June, 2023, TubeSolar filed an application for insolvency proceedings with the insolvency court. Since then, there has been no activity under the JDA and minimal activity in Ascent Germany. Management continues to monitor this situation. |
SWITZERLAND ASSETS
SWITZERLAND ASSETS | 3 Months Ended |
Mar. 31, 2024 | |
Asset Acquisition [Abstract] | |
SWITZERLAND ASSETS | NOTE 6. SWITZERLAND ASSETS On April 17, 2023 , the Company entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”) with Flisom AG (“Seller”), pursuant to which, among other things, the Company purchased certain assets relating to thin-film photovoltaic manufacture and production from Seller (collectively, the “Assets”). The purchase price paid by the Company was $ 4,083,926 (including $ 1,283,926 of transaction costs). The Company also entered into a sublease agreement allowing the Company to use the manufacturing facility where the Assets are located. During the year ended December 31, 2023, Management concluded that these assets were impaired and recognized an impairment loss of $ 3,283,715 . The remaining carrying value of the Assets, as of December 31, 2023, was $ 786,000 . On April 1, 2024, the Company entered into an agreement with the manufacturing facility landlord (“Landlord”) where the Company would sell all but one equipment from the Assets to the Landlord for 1 CHF and forgiveness of $ 221,519 in payables and any potential future claims the manufacturing facility landlord may have. The carrying value of the Assets sold was $ 746,000 . The Company recorded the Assets as assets held for sale at March 31, 2024 as all of the following criteria have been met: (i) a formal commitment to a plan to sell a property has been made and exercised; (ii) the property is available for sale in its present condition; (iii) actions required to complete the sale of the property have been initiated; (iv) sale of the property is probable and we expect the sale will occur within one year; and (v) the property is being actively marketed for sale at a price that is reasonable given its current market value. Assets held for sale are recorded in Property, Plant and Equipment, net in the unaudited condensed balance sheets. Upon designation as an asset held for sale, the Company recorded the carrying value of the property at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and depreciation of the property ceases. As the estimated fair value of $ 221,519 , the price the Company sold the Assets for is less than their carrying value, the Company recorded an impairment loss of $ 524,481 . |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2024 | |
Property Plant And Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 7. PROPERTY, PLANT AND EQUIPMENT The following table summarizes property, plant and equipment as of March 31, 2024 and December 31, 2023: As of As of 2024 2023 Furniture, fixtures, computer hardware and $ 468,589 $ 468,588 Manufacturing machinery and equipment 19,384,346 20,661,222 Leasehold improvements 15,994 15,995 Manufacturing machinery and equipment, 32,087 32,087 Depreciable property, plant and equipment 19,901,016 21,177,892 Less: Accumulated depreciation and amortization ( 19,395,659 ) ( 20,131,008 ) Net property, plant and equipment $ 505,357 $ 1,046,884 Depreciation expense for the three months ended March 31, 2024 and 2023 was $ 17,045 and $ 20,989 , respectively. Depreciation expense is recorded under “Depreciation and amortization expense” in the unaudited Condensed Statements of Operations. |
OPERATING LEASE
OPERATING LEASE | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
OPERATING LEASE | NOTE 8. OPERATING LEASE The Company’s operating leases are comprised of approximately 100,000 rentable square feet for its manufacturing and operations and a Company car. These leases are classified and accounted for as operating leases. The building lease term is for 88 months commencing on September 21, 2020 at a rent of $ 50,000 per month including taxes, insurance and common area maintenance until December 31, 2020. Beginning January 1, 2021, the rent adjusted to $ 80,000 per month on a triple net basis and shall increase at an annual rate of 3 % per annum until December 31, 2027. Effective September 1, 2023, the lease was amended to reduce the rentable square feet from 100,000 to approximately 75,000 square feet and the rent and tenant share of expenses were decreased in proportion to the reduction in rentable square feet. The Company recorded this as a lease modification in accordance with ASC 842, Leases, and recorded a reduction to the right of use asset and lease liability of $ 1,292,316 and $ 1,376,994 , respectively. The Company recognized a gain on the lease modification of $ 84,678 , which was recorded as other income in the Statement of Operations. As of March 31, 2024 and December 31, 2023, assets and liabilities related to the Company’s leases were as follows: As of As of 2024 2023 Operating lease right-of-use assets, net $ 2,249,042 $ 2,364,672 Current portion of operating lease liability 512,158 491,440 Non-current portion of operating lease liability 1,904,892 2,043,025 During the three months ended March 31, 2024 and 2023, the Company recorded operating lease expense included in selling, general and administrative expenses of $ 190,497 and $ 261,343 , respectively. Future maturities of the operating lease liability are as follows: Remainder of 2024 $ 576,847 2025 792,203 2026 815,969 2027 840,449 Total lease payments 3,025,468 Less amounts representing interest ( 608,418 ) Present value of lease liability $ 2,417,050 The remaining weighted average lease term and discount rate of the operating leases is 45.00 months and 7.0 % , respectively. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 9. INVENTORIES Inventories, net of reserves, consisted of the following at March 31, 2024 and December 31, 2023: As of As of 2024 2023 Raw materials $ 448,367 $ 445,721 Work in process 389 1,775 Finished goods - - Total $ 448,756 $ 447,496 |
BRIDGE LOAN
BRIDGE LOAN | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
BRIDGE LOAN | NOTE 10. BRIDGE LOAN On February 27, 2024, the Company entered into a loan agreement ("Loan 1") with a lender ("Lender") for an aggregate principal amount of $ 375,000 . The Company paid origination fees of $ 25,000 for net proceeds of $ 350,000 . The discount is recorded as interest expense ratably over the term of the loan. Under Loan 1, the Company will make weekly payments of $ 19,420 for 28 weeks for a total repayment of $ 543,750 . The Company also has an early repayment option where the Company would repay an aggregate of $ 478,125 if repaid by April 15, 2024. This note is recorded as Bridge loan in the unaudited Condensed Balance Sheets. On April 17, 2024, the Company entered into a new loan agreement ("Loan 2") with the Lender. Under Loan 2, the Company borrowed an aggregate principal amount of $ 685,000 , incurred origination fees of $ 34,250 , and repaid the outstanding balance of Loan 1 of $ 428,310 for net proceeds of $ 222,440 . Under Loan 2, the Company will make weekly payments of $ 31,000 for 32 weeks for a total repayment of $ 993,250 . These loans are not convertible into equity shares of the Company and are secured by a second lien on the Company's assets. The carrying amount of this bridge loan approximates fair value because the Company's current borrowing rate does not materially differ from market rates for similar bank borrowings and due to its short maturity and is considered to be Level 2. |
OTHER PAYABLE
OTHER PAYABLE | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
OTHER PAYABLE | NOTE 11. OTHER PAYABLE On June 30, 2017, the Company entered into an agreement with a vendor (“Vendor”) to convert the balance of their account into a note payable in the amount of $ 250,000 . The note bears interest of 5 % per annum and matured on February 28, 2018. As of March 31, 2024, the Company had not made any payments on this note, the accrued interest was $ 84,452 , and the note is due upon demand. This note is recorded as Other payable in the unaudited Condensed Balance Sheets. |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES | NOTE 12. CONVERTIBLE NOTES The following table provides a summary of the activity of the Company's secured, convertible, promissory notes: Principal Notes converted Principal Less: Net Principal L1 Capital Global Opportunities Master Fund, Ltd $ 406,667 $ ( 400,000 ) $ 6,667 $ ( 397 ) $ 6,270 During the three months ended March 31, 2024 , $ 400,000 of principal was converted for 618,384 shares of common stock. During the three months ended March 31, 2024 and 2023, the Company had interest expense of $ 21,989 and $ 1,052,928 , respectively, of which, $ 18,863 and $ 901,649 , respectively was due to accretion of discount on the note. Interest payable was $ 33,064 as of March 31, 2024. Conversions Payable represents the economic difference between the applicable conversion price of the notes payable and floor price of $ 0.65 . This amount is payable either in shares valued as the VWAP on the conversion day or in cash. If the VWAP on the conversion day is less than the floor price, then the economic different between the conversion day VWAP and the floor price becomes payable in cash and is recorded as Cash payable on the unaudited Condensed Balance Sheet. During the three months ended March 31, 2024 , conversions payable increased by $ 190,622 , and the aggregate $ 1,279,782 conversions payable was converted into 1,793,404 shares of common stock and $ 199,997 of Cash payable. The Cash payable was paid in April 2024 with the close of the Company's public offering (see Note 17). |
SERIES A PREFERRED STOCK
SERIES A PREFERRED STOCK | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Series A Preferred Stock | NOTE 13. SERIES A PREFERRED STOCK As of January 1, 2024 , there were 48,100 shares of Series A Preferred Stock outstanding. Holders of Series A Preferred Stock are entitled to cumulative dividends at a rate of 8 % per annum when and if declared by the Board of Directors at its sole discretion. The dividends may be paid in cash or in the form of common stock (valued at 10 % below market price, but not to exceed the lowest closing price during the applicable measurement period), at the discretion of the Board of Directors. The dividend rate on the Series A Preferred Stock is indexed to the Company's stock price and subject to adjustment. The Series A Preferred Stock may be converted into shares of common stock at the option of the Company if the closing price of the common stock exceeds $ 232 million, adjusted for reverse stock splits, for twenty consecutive trading days, or by the holder at any time. The Company has the right to redeem the Series A Preferred Stock at a price of $ 8.00 per share, plus any accrued and unpaid dividends, plus the make-whole amount (if applicable). At March 31, 2024 , the preferred shares were not eligible for conversion to common shares at the option of the Company. The holder of the preferred shares may convert to common shares at any time. After making adjustment for the Company’s prior reverse stock splits, all 48,100 outstanding Series A preferred shares are convertible into less than one common share. Upon any conversion (whether at the option of the Company or the holder), the holder is entitled to receive any accrued but unpaid dividends. Except as otherwise required by law (or with respect to approval of certain actions), the Series A Preferred Stock shall have no voting rights. Upon any liquidation, dissolution or winding up of the Company, after payment or provision for payment of debts and other liabilities of the Company, the holders of Series A Preferred Stock shall be entitled to receive, pari passu with any distribution to the holders of common stock of the Company, an amount equal to $8.00 per share of Series A Preferred Stock plus any accrued and unpaid dividends. As of March 31, 2024 , there were 48,100 shares of Series A Preferred Stock outstanding and accrued and unpaid dividends of $ 526,428 . |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY (DEFICIT) | NOTE 14. STOCKHOLDERS’ EQUITY (DEFICIT) Common Stock At March 31, 2024 , the Company had 500 million shares of common stock, $ 0.0001 par value, authorized for issuance. Each share of common stock has the right to one vote. As of March 31, 2024, the Company had 6,710,745 shares of common stock outstanding. The Company has not declared or paid any dividends related to the common stock during the three month ended March 31, 2024 and 2023. During the three months ended March 31, 2024 , $ 400,000 of convertible debt was converted into 618,384 shares of common stock and $ 1,279,782 of conversions payable was converted into 1,793,404 shares of common stock. During the three months ended March 31, 2024 , 715,111 of the pre-funded warrants were exercised into common stock. Preferred Stock At March 31, 2024 , the Company had 25 million shares of preferred stock, $ 0.0001 par value, authorized for issuance. Preferred stock may be issued in classes or series. Designations, powers, preferences, rights, qualifications, limitations and restrictions are determined by the Company’s Board of Directors. The following table summarizes the designations, shares authorized, and shares outstanding for the Company’s Preferred Stock: Preferred Stock Series Designation Shares Shares Series A 750,000 48,100 Series 1A 5,000 — Series B-1 2,000 — Series 1B 900 — Series B-2 1,000 — Series C 1,000 — Series D 3,000 — Series D-1 2,500 — Series E 2,800 — Series F 7,000 — Series G 2,000 — Series H 2,500 — Series I 1,000 — Series J 1,350 — Series J-1 1,000 — Series K 20,000 — Warrants As of March 31, 2024 , there are 9,283,122 outstanding warrants with exercise prices between $ 1.76 and $ 1,060 per share. Series A Preferred Stock Refer to Note 13 for information on Series A Preferred Stock. Series 1A, B-1, B-2, C, D, D-1, E, F, G, H, I, J, J-1, and K Preferred Stock There were no transactions involving the Series 1A, B-1, B-2, C, D, D-1, E, F, G, H, I, J, J-1, or K during the three months ended March 31, 2024 . |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 15. SHARE-BASED COMPENSATION In January 2024, the Company granted 459,000 shares of restricted stock units to employees and directors. One third of these shares vested on March 31, 2024 . The remaining unvested shares will vest prorata on January 1, 2025 and January 1, 2026 . The Company also granted members of our advisory board an aggregate of 20,000 shares of restricted stock units. These unvested shares will vest prorata on January 1, 2025 and January 1, 2026 . The Company had a total of 327,631 unvested units as of March 31, 2024 that are expected to vest in the future. Total unrecognized share-based compensation expense from the remaining unvested restricted stock as of March 31, 2024 was approximately $ 1,220,860 and is expected to be recognized over 1.75 years. The Company recognized share-based compensation expense related to restricted stock grants of $ 259,234 for the three months ended March 31, 2024 . The following table summarizes non-vested restricted stock and the related activity as of March 31, 2024: Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2024 1,867 $ 596.00 Granted 479,000 0.77 Vested ( 153,236 ) 1.68 Non-vested at March 31, 2024 327,631 $ 5.09 The fair values of the respective vesting dates of RSUs were approximately $ 60,400 and $ 237,700 for the three months ended March 31, 2024 and 2023, respectively. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 16. COMMITMENTS AND CONTINGENCIES On August 15, 2023, H.C. Wainwright & Co., LLC (“Wainwright”) filed an action against the Company in the New York State Supreme Court in New York County. The complaint alleges a breach by the Company of an investment banking engagement letter entered into in October 2021. The Wainwright engagement letter expired in April 2022 without any financing transaction having been completed. The complaint claims that Wainright is entitled, under a “tail provision”, to an 8 % fee and 7 % warrant coverage on the Company’s $ 15 million secured convertible note financing. The complaint seeks damages of $ 1.2 million, 2,169.5 common stock warrants with a per share exercise price of $ 605 , and attorney fees. Subsequent to March 31, 2024, the Company and Wainwright reached a proposed settlement agreement. The proposed settlement will not have a material impact on our financial statements. The Company is subject to various legal proceedings, both asserted and unasserted, that arise in the ordinary course of business. The Company cannot predict the ultimate outcome of such legal proceedings or in certain instances provide reasonable ranges of potential losses. However, as of the date of this report, the Company believes that none of these claims will have a material adverse effect on its financial position or results of operations. In the event of unexpected subsequent developments and given the inherent unpredictability of these legal proceedings, there can be no assurance that the Company’s assessment of any claim will reflect the ultimate outcome, and an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s financial position or results of operations in particular quarterly or annual periods. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17. SUBSEQUENT EVENTS As part of the December 19, 2022 Securities Purchase Contract (the “Purchase Contract”) with two institutional investors (the “Investors”), the Company issued to the Investors certain common stock warrants (the “Warrants”). The Warrants have certain “full ratchet” anti-dilution adjustments that are triggered when the Company issues securities with a purchase or conversion, exercise or exchange price that is less than the exercise price of the Warrants then in effect at any time. Under the full ratchet anti-dilution adjustments, if the Company issues new securities at a price lower than the then applicable exercise price, (i) the exercise price is reduced to the lower new issue price and (ii) the number of warrant shares is proportionately increased. The Warrants have been previously adjusted following past issuances of Company securities. As of March 31, 2024, there were 5,596,232 Warrants exercisable at an exercise price of $ 1.765 . On March 6, 2024 and March 7, 2024 , the Company entered into Warrant Repurchase Agreements (the “Repurchase Agreements”), with each of the Investors. Pursuant to the Repurchase Agreements, if the Company closes a new capital raising transaction with gross proceeds in excess of $ 5 million (“Qualified Financing”), the Company will repurchase the Warrants from the Investors for an aggregate purchase price of $ 3.6 million. Following the delivery of the purchase price to the Investors, the Investors will relinquish all rights, title and interest in the Warrants and assign the same to the Company, and the Warrants will be cancelled. On April 12, 2024, the Company entered into Amended and Restated Warrant Repurchase Agreements (the “Amendments”) with each of the Investors. Pursuant to the Amendments, on April 12, 2024, the Company and the Investors agreed to the following: • First Repurchase. On April 12, 2024, the Investors agree to convey, assign and transfer 50 % of the Warrants to the Company in exchange for the payment by the Company for an aggregate purchase price of $ 1.8 million. • Second Repurchase. On or before April 18, 2024, the Investors agree to convey, assign and transfer all remaining Warrants to the Company for an aggregate purchase price of $ 1.8 million. To extend the repurchase deadline, on April 12, 2024 the Company agreed to issue the Investors approximately 7.1 million warrants in aggregate at an exercise price of $ 0.14 per warrant. These warrants will be exercisable at any time, and from time to time, in whole or in part, commencing six months from the closing of the offering and expiring five and a half ( 5.5 ) years from the date of issue, and will be exercisable for cash only unless an effective registration statement is not available at the time of exercise, in which case the warrants could be exercised on a cashless basis. On April 9, 2024 the Company entered into a placement agency agreement (the “Placement Agent Agreement”) with Dawson James Securities Inc. (“Dawson James”) pursuant to which the Company engaged Dawson James as the placement agent for a registered public offering by the Company (the “Offering”), of up to $ 6 million of shares of common stock or, in lieu of common stock, one prefunded warrant to purchase a share of common stock on a best efforts basis. The Company agreed to pay Dawson James a placement agent fee in cash equal to 8.00 % of the gross proceeds from the sale of the shares of common stock; provided, however, that the placement agent fee shall equal 4 % for investors that the Company directs to the Offering . The Company also agreed to reimburse Dawson James for all reasonable travel and other out-of-pocket expenses, including the reasonable fees of legal counsel, not to exceed $ 155,000 . On April 18, 2024, the Company, completed closings under the Offering of common stock. Aggregate gross proceeds from all closings under the offering total $ 5.09 million before deducting offering expenses. In the completed closings, the Company has issued an aggregate of (i) 15,179,460 common shares and (ii) 21,162,277 Pre-Funded Warrants. The Pre-Funded Warrants are immediately exercisable at a price of $ 0.0001 per share of common stock and only expire when such Pre-Funded warrants are fully exercised. The net proceeds from the closings of the Offering were utilized to retire approximately $ 200,000 of cash payable and $ 3.6 million to repurchase and cancel a total of 5,596,232 outstanding common warrants with an exercise price of $ 1.765 per share that were both issued with our secured notes issued in December 2022. The repurchase of these warrants eliminated a substantial potential future issuance of common stock at a substantially reduced price. These warrants would have been adjusted in accordance with their terms to provide for the purchase of 70,554,495 shares of the Company’s common stock at an exercise price of $ 0.14 if they had not been repurchased by the Company. Subsequent to March 31, 2024 , 8,766,000 of the pre-funded warrants were exercised into common stock. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition: Product revenue. The Company recognizes revenue for the sale of PV modules and other equipment sales at a point in time following the transfer of control of such products to the customer, which typically occurs upon shipment or delivery depending on the terms of the underlying contracts. For module and other equipment sales contracts that contain multiple performance obligations, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices, or estimates of such prices, and recognizes the related revenue as control of each individual product is transferred to the customer. During the three months ended March 31, 2024 and 2023, the Company recognized product revenue of $ 5,600 and $ 99,225 , respectively. Milestone and engineering revenue. Each milestone and engineering arrangement is a separate performance obligation. The transaction price is estimated using the most likely amount method and revenue is recognized as the performance obligation is satisfied through achieving manufacturing, cost, or engineering targets. During the three months ended March 31, 2024 and 2023, the Company recognized total milestone and engineering revenue of $ 0 and $ 25,000 , respectively.- Government contracts revenue. Revenue from government research and development contracts is generated under terms that are cost plus fee or firm fixed price. The Company generally recognizes this revenue over time using cost-based input methods, which recognizes revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract. In applying cost-based input methods of revenue recognition, the Company uses the actual costs incurred relative to the total estimated costs to determine our progress towards contract completion and to calculate the corresponding amount of revenue to recognize. Cost based input methods of revenue recognition are considered a faithful depiction of the Company’s efforts to satisfy long-term government research and development contracts and therefore reflect the performance obligations under such contracts. Costs incurred that do not contribute to satisfying the Company’s performance obligations are excluded from the input methods of revenue recognition as the amounts are not reflective of transferring control under the contract. Costs incurred towards contract completion may include direct costs plus allowable indirect costs and an allocable portion of the fixed fee. If actual and estimated costs to complete a contract indicate a loss, provision is made currently for the loss anticipated on the contract. No government contract revenue was recognized during the three months ended March 31, 2024 and 2023. Accounts Receivable. As of March 31, 2024 and December 31, 2023, the Company had an accounts receivable, net balance of $ 0 and $ 0 , respectively. As of March 31, 2024 and December 31, 2023, the Company had an allowance for doubtful accounts of $ 0 and $ 0 , respectively. Deferred revenue for the three months ended March 31, 2024 was as follows: Balance as of January 1, 2024 $ 935 Additions 7,700 Recognized as revenue ( 3,425 ) Balance as of March 31, 2024 $ 5,210 Other Assets: Other assets is comprised of the following: March 31, December 31, 2024 2023 Lease security deposit $ 625,000 $ 625,000 Spare machine parts 603,399 603,797 Total Other Assets $ 1,228,399 $ 1,228,797 |
Earnings Per Share | Earnings per Share: Earnings per share (“EPS”) are the amount of earnings attributable to each share of common stock. Basic EPS has been computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Income available to common stockholders has been computed by deducting dividends accumulated for the period on cumulative preferred stock (whether or not earned) from net income. Diluted earnings per share has been computed by dividing net income adjusted on an if-converted basis for the period by the weighted average number of common shares and potentially dilutive common share outstanding (which consist of warrants, options, restricted stock units and convertible securities using the if-converted method to the extent they are dilutive). Approximately 7.9 million and 0.09 million shares of dilutive shares were excluded from the three months period ended March 31, 2024 and 2023 , respectively, EPS calculation as their impact is antidilutive. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvement to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 improves segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The amendments in ASU 2023-07 are effective for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is evaluating the impact of this ASU on the Company's financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 improves income tax disclosures by requiring public entities annually to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for public entities for annual periods beginning after December 15, 2024. Entities are permitted to early adopt the standard for annual financial statements that have not yet been issued or made available for issuance. Management is evaluating the impact of this ASU on the Company's financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Deferred Revenue | Deferred revenue for the three months ended March 31, 2024 was as follows: Balance as of January 1, 2024 $ 935 Additions 7,700 Recognized as revenue ( 3,425 ) Balance as of March 31, 2024 $ 5,210 |
Other Assets | Other assets is comprised of the following: March 31, December 31, 2024 2023 Lease security deposit $ 625,000 $ 625,000 Spare machine parts 603,399 603,797 Total Other Assets $ 1,228,399 $ 1,228,797 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | The following table summarizes property, plant and equipment as of March 31, 2024 and December 31, 2023: As of As of 2024 2023 Furniture, fixtures, computer hardware and $ 468,589 $ 468,588 Manufacturing machinery and equipment 19,384,346 20,661,222 Leasehold improvements 15,994 15,995 Manufacturing machinery and equipment, 32,087 32,087 Depreciable property, plant and equipment 19,901,016 21,177,892 Less: Accumulated depreciation and amortization ( 19,395,659 ) ( 20,131,008 ) Net property, plant and equipment $ 505,357 $ 1,046,884 |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Assets and Liabilities Related to Company's Leases | As of March 31, 2024 and December 31, 2023, assets and liabilities related to the Company’s leases were as follows: As of As of 2024 2023 Operating lease right-of-use assets, net $ 2,249,042 $ 2,364,672 Current portion of operating lease liability 512,158 491,440 Non-current portion of operating lease liability 1,904,892 2,043,025 |
Schedule Future Maturities of Operating Lease Liability | Future maturities of the operating lease liability are as follows: Remainder of 2024 $ 576,847 2025 792,203 2026 815,969 2027 840,449 Total lease payments 3,025,468 Less amounts representing interest ( 608,418 ) Present value of lease liability $ 2,417,050 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Net of Reserves | Inventories, net of reserves, consisted of the following at March 31, 2024 and December 31, 2023: As of As of 2024 2023 Raw materials $ 448,367 $ 445,721 Work in process 389 1,775 Finished goods - - Total $ 448,756 $ 447,496 |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Debt | The following table provides a summary of the activity of the Company's secured, convertible, promissory notes: Principal Notes converted Principal Less: Net Principal L1 Capital Global Opportunities Master Fund, Ltd $ 406,667 $ ( 400,000 ) $ 6,667 $ ( 397 ) $ 6,270 |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following table summarizes the designations, shares authorized, and shares outstanding for the Company’s Preferred Stock: Preferred Stock Series Designation Shares Shares Series A 750,000 48,100 Series 1A 5,000 — Series B-1 2,000 — Series 1B 900 — Series B-2 1,000 — Series C 1,000 — Series D 3,000 — Series D-1 2,500 — Series E 2,800 — Series F 7,000 — Series G 2,000 — Series H 2,500 — Series I 1,000 — Series J 1,350 — Series J-1 1,000 — Series K 20,000 — |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Non-vested Restricted Stock and Related Activity | The following table summarizes non-vested restricted stock and the related activity as of March 31, 2024: Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2024 1,867 $ 596.00 Granted 479,000 0.77 Vested ( 153,236 ) 1.68 Non-vested at March 31, 2024 327,631 $ 5.09 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) shares in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Finite Lived Intangible Assets [Line Items] | |||
Revenues | $ 5,600 | $ 124,225 | |
Revenue recognized | 3,425 | ||
Accounts receivable, net balance | 0 | $ 0 | |
Allowance for doubtful accounts | $ 0 | $ 0 | |
Shares omitted from loss per share, anti-dilutive | 7,900 | 90 | |
Products | |||
Finite Lived Intangible Assets [Line Items] | |||
Revenues | $ 5,600 | $ 99,225 | |
Milestone and Engineering Arrangement | |||
Finite Lived Intangible Assets [Line Items] | |||
Revenue recognized | 0 | 25,000 | |
Government Research and Development | |||
Finite Lived Intangible Assets [Line Items] | |||
Revenues | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Revenue (Details) | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Accounting Policies [Abstract] | |
Beginning Balance | $ 935 |
Additions | 7,700 |
Recognized as revenue | (3,425) |
Ending Balance | $ 5,210 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Assets (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Accounting Policies [Abstract] | ||
Lease security deposit | $ 625,000 | $ 625,000 |
Spare machine parts | 603,399 | 603,797 |
Total Other Assets | $ 1,228,399 | $ 1,228,797 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Impact Due to Change in Accounting Principle on Net Income and Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net Income (Loss) | $ (2,537,742) | $ (6,083,352) |
Earnings Per Share (Basic) | $ (0.53) | $ (34.21) |
Earnings Per Share (Diluted) | $ (0.53) | $ (34.21) |
LIQUIDITY, CONTINUED OPERATIO_2
LIQUIDITY, CONTINUED OPERATIONS, AND GOING CONCERN - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Liquidity And Continued Operations [Abstract] | ||
Net cash used in operating activities | $ 1,197,861 | $ 4,937,627 |
Working deficit | $ 4,724,265 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Related Party Transaction [Line Items] | ||
Revenue recognized | $ 5,210 | $ 935 |
TubeSolar AG | JV | ||
Related Party Transaction [Line Items] | ||
Minority stake percentage | 30% |
SWITZERLAND ASSETS - Additional
SWITZERLAND ASSETS - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Apr. 01, 2024 | Apr. 17, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Asset Acquisition [Line Items] | ||||
Impairment loss | $ 524,481 | |||
Carrying value of assets | 505,357 | $ 1,046,884 | ||
Estimated fair value | $ 221,519 | |||
Flisom AG | Photovoltaic Thin Film Solar Cells | Asset Purchase Agreement | ||||
Asset Acquisition [Line Items] | ||||
Date of asset acquisition agreement | Apr. 17, 2023 | |||
Purchase price paid | $ 4,083,926 | |||
Purchase price, including transaction costs | $ 1,283,926 | |||
Impairment loss | 3,283,715 | |||
Carrying value of assets | $ 786,000 | |||
Manufacturing Facility Landlord | Subsequent Event | ||||
Asset Acquisition [Line Items] | ||||
Carrying value of assets | $ 746,000 | |||
Asset selling terms | On April 1, 2024, the Company entered into an agreement with the manufacturing facility landlord (“Landlord”) where the Company would sell all but one equipment from the Assets to the Landlord for 1 CHF and forgiveness of $221,519 in payables and any potential future claims the manufacturing facility landlord may have. | |||
Forgiveness of payables | $ 221,519 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Depreciable property, plant and equipment | $ 19,901,016 | $ 21,177,892 |
Less: Accumulated depreciation and amortization | (19,395,659) | (20,131,008) |
Property, Plant and Equipment, net | 505,357 | 1,046,884 |
Furniture, fixtures, computer hardware and computer software | ||
Property Plant And Equipment [Line Items] | ||
Depreciable property, plant and equipment | 468,589 | 468,588 |
Manufacturing machinery and equipment | ||
Property Plant And Equipment [Line Items] | ||
Depreciable property, plant and equipment | 19,384,346 | 20,661,222 |
Leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Depreciable property, plant and equipment | 15,994 | 15,995 |
Manufacturing machinery and equipment, in progress | ||
Property Plant And Equipment [Line Items] | ||
Depreciable property, plant and equipment | $ 32,087 | $ 32,087 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 17,045 | $ 20,989 |
OPERATING LEASE - Additional In
OPERATING LEASE - Additional Information (Details) | 3 Months Ended | 7 Months Ended | |||||
Jan. 01, 2021 USD ($) | Sep. 21, 2020 USD ($) | Mar. 31, 2024 USD ($) SquareFoot | Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) | Sep. 01, 2023 ft² | Aug. 31, 2023 ft² | |
Lessee, Lease, Description [Line Items] | |||||||
Number of rentable square feet of building | SquareFoot | 100,000 | ||||||
Lease term | 88 months | ||||||
Lease commencement date | Sep. 21, 2020 | ||||||
Rent per month | $ 80,000 | $ 50,000 | |||||
Percentage of rent increase in annual rate | 3% | ||||||
Net rentable area | ft² | 100,000 | ||||||
Reduction to lease liability | $ (117,415) | $ (178,622) | |||||
Gain on the lease modification | $ 84,678 | ||||||
Lease terms description | The building lease term is for 88 months commencing on September 21, 2020 at a rent of $50,000 per month including taxes, insurance and common area maintenance until December 31, 2020. Beginning January 1, 2021, the rent adjusted to $80,000 per month on a triple net basis and shall increase at an annual rate of 3% per annum until December 31, 2027. | ||||||
Operating lease costs | $ 190,497 | $ 261,343 | |||||
Remaining lease term | 45 months | 45 months | |||||
Lease discount rate | 7% | 7% | |||||
ASC 842 | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Reduction to right of use asset | $ 1,292,316 | ||||||
Reduction to lease liability | $ 1,376,994 | ||||||
Minimum | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Net rentable area | ft² | 75,000 |
OPERATING LEASE - Schedule of A
OPERATING LEASE - Schedule of Assets and Liabilities Related to Company's Lease (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Operating lease right-of-use assets, net | $ 2,249,042 | $ 2,364,672 |
Current portion of operating lease liability | 512,158 | 491,440 |
Non-current operating lease liabilities | $ 1,904,892 | $ 2,043,025 |
OPERATING LEASE - Schedule Futu
OPERATING LEASE - Schedule Future Maturities of Operating Lease Liability (Details) | Mar. 31, 2024 USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
Remainder of 2024 | $ 576,847 |
2025 | 792,203 |
2026 | 815,969 |
2027 | 840,449 |
Total lease payments | 3,025,468 |
Less amounts representing interest | (608,418) |
Present value of lease liability | $ 2,417,050 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventories (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 448,367 | $ 445,721 |
Work in process | 389 | 1,775 |
Total | $ 448,756 | $ 447,496 |
BRIDGE LOAN - Additional Inform
BRIDGE LOAN - Additional Information (Details) - USD ($) | 3 Months Ended | |||
Apr. 17, 2024 | Feb. 27, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | |
Short Term Debt [Line Items] | ||||
Aggregate principal amount | $ 400,000 | |||
Bridge Loan | Loan 1 | ||||
Short Term Debt [Line Items] | ||||
Aggregate principal amount | $ 375,000 | |||
Origination fees paid | 25,000 | |||
Net proceeds | $ 350,000 | |||
Frequency of periodic payment | weekly | |||
Weekly payments | $ 19,420 | |||
Total repayment | 543,750 | |||
Short-Term Debt, Terms | Under Loan 1, the Company will make weekly payments of $19,420 for 28 weeks for a total repayment of $543,750. The Company also has an early repayment option where the Company would repay an aggregate of $478,125 if repaid by April 15, 2024. | |||
Early repayment option aggregate amount | $ 478,125 | |||
Bridge Loan | Subsequent Event | Loan 1 | ||||
Short Term Debt [Line Items] | ||||
Total repayment | $ 428,310 | |||
Bridge Loan | Subsequent Event | Loan 2 | ||||
Short Term Debt [Line Items] | ||||
Aggregate principal amount | 685,000 | |||
Origination fees paid | 34,250 | |||
Net proceeds | $ 222,440 | |||
Frequency of periodic payment | weekly | |||
Weekly payments | $ 31,000 | |||
Total repayment | $ 993,250 |
OTHER PAYABLE - Additional Info
OTHER PAYABLE - Additional Information (Details) - Unsecured Debt - Note Payable Conversion - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2017 | |
Debt Instrument [Line Items] | ||
Notes payable | $ 250,000 | |
Stated interest rate | 5% | |
Interest accrued on convertible debt | $ 84,452 |
CONVERTIBLE NOTES - Schedule of
CONVERTIBLE NOTES - Schedule of Convertible Notes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument, Principal [Roll Forward] | ||
Notes converted | $ (400,000) | |
Net Principal Balance | 6,270 | $ 354,936 |
L1 Capital Global Opportunities Master Fund, Ltd | ||
Debt Instrument, Principal [Roll Forward] | ||
Principal Balance, beginning | 406,667 | |
Notes converted | (400,000) | |
Principal Balance, ending | 6,667 | |
Less: Discount Balance | (397) | |
Net Principal Balance | $ 6,270 |
CONVERTIBLE NOTES - Additional
CONVERTIBLE NOTES - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Short Term Debt [Line Items] | ||
Aggregate principal amount of notes outstanding | $ 400,000 | |
Debt conversion, converted instrument, shares issued | 1,793,404 | |
Conversion of stock shares | 618,384 | |
Interest expense upon conversion | $ 21,989 | $ 1,052,928 |
Interest payable | $ 33,064 | |
Floor price | $ 0.65 | |
Increase in conversions payable | $ 190,622 | |
Conversions payable | 1,279,782 | |
Cash payble | 199,997 | |
Amortization of debt discount | 35,530 | 901,649 |
Convertible Notes | ||
Short Term Debt [Line Items] | ||
Amortization of debt discount | $ 18,863 | $ 901,649 |
SERIES A PREFERRED STOCK - Addi
SERIES A PREFERRED STOCK - Additional Information (Details) - USD ($) | 3 Months Ended | ||
Jan. 01, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Series A Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares outstanding (in shares) | 48,100 | 48,100 | 48,100 |
Preferred stock, dividend rate | 8% | ||
Preferred stock, dividend, make-whole dividend rate to market value | 10% | ||
Preferred stock, conversion, required common share price (in dollars per share) | $ 232 | ||
Preferred stock, conversion, required common share price, term | 20 days | ||
Preferred stock redemption price per share | $ 8 | ||
Accrued and unpaid dividends | $ 526,428 | ||
Common Stock | Maximum | |||
Class Of Stock [Line Items] | |||
Convertible preferred stock, shares issued upon conversion (in shares) | 1 |
STOCKHOLDERS' EQUITY (DEFICIT_2
STOCKHOLDERS' EQUITY (DEFICIT) - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2024 USD ($) Vote $ / shares shares | Dec. 31, 2023 $ / shares shares | |
Class Of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Common stock, shares outstanding (in shares) | 6,710,745 | 3,583,846 |
Debt conversion, converted instrument, shares issued (in shares) | 1,793,404 | |
Common stock, number of votes per share | Vote | 1 | |
Conversions payable | $ | $ 1,279,782 | |
Conversion of stock shares | 618,384 | |
Pre-funded warrants were exercised into common stock | 715,111 | |
Warrants outstanding | 9,283,122 | |
Notes converted | $ | $ 400,000 | |
Preferred stock, shares authorized (in shares) | 25,000,000 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |
Minimum | ||
Class Of Stock [Line Items] | ||
Warrant exercise price per share | $ / shares | 1.76 | |
Maximum | ||
Class Of Stock [Line Items] | ||
Warrant exercise price per share | $ / shares | $ 1,060 |
STOCKHOLDERS' EQUITY (DEFICIT_3
STOCKHOLDERS' EQUITY (DEFICIT) - Schedule of Stock by Class (Details) - shares | Mar. 31, 2024 | Jan. 01, 2024 | Dec. 31, 2023 |
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 25,000,000 | ||
Series A Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 750,000 | 750,000 | |
Preferred stock, shares outstanding (in shares) | 48,100 | 48,100 | 48,100 |
Series 1A Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 5,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series B-1 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 2,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series 1B Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 900 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series B-2 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series C Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series D Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 3,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series D-1 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 2,500 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series E Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 2,800 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series F Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 7,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series G Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 2,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series H Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 2,500 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series I Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series J Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,350 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series J-1 Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 1,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | ||
Series K Preferred Stock | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized (in shares) | 20,000 | ||
Preferred stock, shares outstanding (in shares) | 0 |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares of restricted stock units granted | 479,000 | |||
Share-based compensation | $ 259,234 | $ 1,404,450 | ||
Number of unvested units | 327,631 | 1,867 | ||
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation | $ 259,234 | |||
Total unrecognized share-based compensation expense | $ 1,220,860 | |||
Number of unvested units | 327,631 | |||
Unrecognized share-based compensation expense, period for recognition | 1 year 9 months | |||
Fair value of shares on vesting dates | $ 60,400 | $ 237,700 | ||
Employees and Directors | Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares of restricted stock units granted | 459,000 | |||
Employees and Directors | Restricted Stock Units | One Third | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting date | Mar. 31, 2024 | |||
Employees and Directors | Restricted Stock Units | Tranche One | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting date | Jan. 01, 2025 | |||
Employees and Directors | Restricted Stock Units | Tranche Two | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting date | Jan. 01, 2026 | |||
Advisory Board | Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares of restricted stock units granted | 20,000 | |||
Advisory Board | Restricted Stock Units | Tranche One | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting date | Jan. 01, 2025 | |||
Advisory Board | Restricted Stock Units | Tranche Two | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting date | Jan. 01, 2026 |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Non-vested Restricted Stock and Related Activity (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning Balance, Non-vested Shares | shares | 1,867 |
Shares granted | shares | 479,000 |
Shares vested | shares | (153,236) |
Ending Balance, Non-vested Shares | shares | 327,631 |
Non-vested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 596 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0.77 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 1.68 |
Non-vested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 5.09 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - Wainwright engagement letter [Member] $ / shares in Units, $ in Millions | Aug. 15, 2023 USD ($) $ / shares shares |
Commitments And Contingencies [Line Items] | |
Percentage of fees payable under tail provision | 8% |
Percentage of warrant coverage on secured convertible note financing | 7% |
Secured convertible note financing | $ 15 |
Damages value | $ 1.2 |
Common stock warrants | shares | 2,169.5 |
Warrant exercise price per share | $ / shares | $ 605 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) | Apr. 18, 2024 USD ($) $ / shares shares | Apr. 12, 2024 USD ($) $ / shares shares | Apr. 09, 2024 USD ($) $ / shares shares | Mar. 07, 2024 USD ($) | Mar. 06, 2024 USD ($) | Apr. 01, 2024 shares | Mar. 31, 2024 $ / shares shares | Dec. 19, 2022 Investor |
Subsequent Event [Line Items] | ||||||||
Outstanding common warrants | 9,283,122 | |||||||
Warrants outstanding | 9,283,122 | |||||||
Maximum | ||||||||
Subsequent Event [Line Items] | ||||||||
Exercise price | $ / shares | $ 1,060 | |||||||
Securities Purchase Contract | ||||||||
Subsequent Event [Line Items] | ||||||||
Warrants exercisable for number shares of common stock | 5,596,232 | |||||||
Exercise price | $ / shares | $ 1.765 | |||||||
Number of institutional investors | Investor | 2 | |||||||
Warrant Repurchase Agreements | ||||||||
Subsequent Event [Line Items] | ||||||||
Agreement entered date | Mar. 07, 2024 | Mar. 06, 2024 | ||||||
Gross proceeds from securities | $ | $ 5,000,000 | $ 5,000,000 | ||||||
Purchase price for repurchase of warrants | $ | $ 3,600,000 | $ 3,600,000 | ||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Warrants expiring term | 5 years 6 months | |||||||
Subsequent Event | Placement Agent Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of gross proceeds from sale of Units | 4% | |||||||
Payment of cash payable | $ | $ 200,000 | |||||||
Outstanding common warrants | 5,596,232 | |||||||
Exercise price | $ / shares | $ 1.765 | |||||||
Adjusted number of warrants | 70,554,495 | |||||||
Adjusted purchase of common stock exercise price | $ / shares | $ 0.14 | |||||||
Warrants outstanding | 5,596,232 | |||||||
Subsequent Event | Placement Agent Agreement [Member] | Common Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 15,179,460 | |||||||
Subsequent Event | Warrant Repurchase Agreements | ||||||||
Subsequent Event [Line Items] | ||||||||
Outstanding common warrants | 7,100,000 | |||||||
Exercise price | $ / shares | $ 0.14 | |||||||
Warrants outstanding | 7,100,000 | |||||||
Subsequent Event | Warrant Repurchase Agreements | First Repurchase | ||||||||
Subsequent Event [Line Items] | ||||||||
Percentage of warrants investors agree to convey, assign and transfer | 50% | |||||||
Aggregate purchase price | $ | $ 1,800,000 | |||||||
Subsequent Event | Warrant Repurchase Agreements | Second Repurchase | ||||||||
Subsequent Event [Line Items] | ||||||||
Aggregate purchase price for remaining warrants | $ | $ 1,800,000 | |||||||
Subsequent Event | Prefunded warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Warrants exercisable for number shares of common stock | 8,766,000 | |||||||
Exercise price | $ / shares | $ 0.0001 | |||||||
Subsequent Event | Prefunded warrants [Member] | Placement Agent Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Prefunded warrants issued | 21,162,277 | |||||||
Subsequent Event | Dawson James [Member] | Placement Agent Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Agreement entered date | Apr. 09, 2024 | |||||||
Aggregate number of common stock shares for private placement | 6,000,000 | |||||||
Percentage of gross proceeds from sale of Units | 8% | |||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 5,090,000 | |||||||
Repurchase and cancel of warrants | $ | $ 3,600,000 | |||||||
Subsequent Event | Dawson James [Member] | Placement Agent Agreement [Member] | Maximum | ||||||||
Subsequent Event [Line Items] | ||||||||
Legal fees | $ | $ 155,000 |