Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 04, 2021 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-53204 | |
Entity Registrant Name | Beam Global | |
Entity Central Index Key | 0001398805 | |
Entity Tax Identification Number | 26-1342810 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 5660 Eastgate Dr. | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92121 | |
City Area Code | (858) | |
Local Phone Number | 799-4583 | |
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 Common Stock, Shares Outstanding | 8,949,339 | |
Common stock, $0.001 par value | ||
Title of 12(b) Security | Common stock, $0.001 par value | |
Trading Symbol | BEEM | |
Security Exchange Name | NASDAQ | |
Warrants | ||
Title of 12(b) Security | Warrants | |
Trading Symbol | BEEMW | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 23,078,452 | $ 26,702,804 |
Accounts receivable | 2,475,824 | 1,786,471 |
Prepaid and other current assets | 231,730 | 321,393 |
Inventory, net | 2,126,640 | 1,092,763 |
Total current assets | 27,912,646 | 29,903,431 |
Property and equipment, net | 642,444 | 235,036 |
Operating lease right of use asset | 2,143,208 | 2,418,503 |
Patents, net | 341,314 | 293,789 |
Deposits | 52,000 | 52,000 |
Total assets | 31,091,612 | 32,902,759 |
Current liabilities | ||
Accounts payable | 790,468 | 727,919 |
Accrued expenses | 428,765 | 391,567 |
Sales tax payable | 73,439 | 92,130 |
Deferred revenue | 43,281 | 37,778 |
Operating lease liabilities, current | 451,605 | 521,006 |
Total current liabilities | 1,787,558 | 1,770,400 |
Deferred revenue, noncurrent | 116,315 | 69,711 |
Operating lease liabilities, noncurrent | 1,731,837 | 1,910,357 |
Total liabilities | 3,635,710 | 3,750,468 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value, 10,000,000 authorized, none outstanding as of September 30, 2021 and December 31, 2020, respectively. | 0 | 0 |
Common stock, $0.001 par value, 350,000,000 shares authorized, 8,948,248 and 8,482,387 shares issued or issuable and outstanding as of September 30, 2021 and December 31, 2020, respectively. | 8,950 | 8,482 |
Additional paid-in-capital | 83,050,786 | 80,166,415 |
Accumulated deficit | (55,603,834) | (51,022,606) |
Total stockholders' equity | 27,455,902 | 29,152,291 |
Total liabilities and stockholders' equity | $ 31,091,612 | $ 32,902,759 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common Stock shares authorized | 350,000,000 | 350,000,000 |
Common Stock shares issued | 8,948,248 | 8,482,387 |
Common Stock shares outstanding | 8,948,248 | 8,482,387 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 2,020,612 | $ 1,237,434 | $ 5,514,102 | $ 4,009,644 |
Cost of revenues | 2,228,635 | 1,426,166 | 6,145,122 | 4,182,681 |
Gross loss | (208,023) | (188,732) | (631,020) | (173,037) |
Operating expenses | 1,481,306 | 906,962 | 3,952,991 | 2,697,418 |
Loss from operations | (1,689,329) | (1,095,695) | (4,584,011) | (2,870,455) |
Other income (expense) | ||||
Interest income | 748 | 761 | 3,658 | 10,280 |
Interest expense | (50) | (920) | (50) | (11,357) |
Total other income (expense), net | 698 | (159) | 3,608 | (1,077) |
Loss before income tax expense | (1,688,631) | (1,095,854) | (4,580,403) | (2,871,532) |
Income tax expense | 0 | 4,169 | 825 | 4,969 |
Net loss | $ (1,688,631) | $ (1,100,023) | $ (4,581,228) | $ (2,876,501) |
Net loss per share - basic and diluted | $ (0.19) | $ (0.17) | $ (0.52) | $ (0.50) |
Weighted average shares outstanding - basic and diluted | 8,919,824 | 6,615,893 | 8,856,269 | 5,702,262 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 5,207 | $ 51,628,536 | $ (45,809,581) | $ 5,824,162 |
Beginning balance, shares at Dec. 31, 2019 | 5,208,170 | |||
Stock issued for director services - vested | $ 15 | 78,432 | 78,447 | |
Stock issued for director services, shares | 14,813 | |||
Stock issued to escrow account - unvested | $ (15) | 15 | ||
Stock issued to escrow account - unvested, shares | (14,813) | |||
Stock option expense | 27,068 | 27,068 | ||
Warrants exercised for cash | $ 44 | 282,306 | 282,350 | |
Warrants exercised for cash, shares | 43,993 | |||
Net loss | (942,521) | (942,521) | ||
Ending balance, value at Mar. 31, 2020 | $ 5,251 | 52,016,357 | (46,752,102) | 5,269,506 |
Ending balance, shares at Mar. 31, 2020 | 5,252,163 | |||
Beginning balance, value at Dec. 31, 2019 | $ 5,207 | 51,628,536 | (45,809,581) | 5,824,162 |
Beginning balance, shares at Dec. 31, 2019 | 5,208,170 | |||
Net loss | (2,876,501) | |||
Ending balance, value at Sep. 30, 2020 | $ 6,778 | 63,571,748 | (48,686,082) | 14,892,444 |
Ending balance, shares at Sep. 30, 2020 | 6,778,827 | |||
Beginning balance, value at Mar. 31, 2020 | $ 5,251 | 52,016,357 | (46,752,102) | 5,269,506 |
Beginning balance, shares at Mar. 31, 2020 | 5,252,163 | |||
Stock issued for director services - vested | $ 15 | 89,674 | 89,689 | |
Stock issued for director services, shares | 15,073 | |||
Stock issued to escrow account - unvested | $ 6 | (6) | ||
Stock issued to escrow account - unvested, shares | 5,335 | |||
Stock option expense | 27,068 | 27,068 | ||
Warrants exercised for cash | $ 5 | 34,830 | 34,835 | |
Warrants exercised for cash, shares | 5,278 | |||
Net loss | (833,957) | (833,957) | ||
Ending balance, value at Jun. 30, 2020 | $ 5,277 | 52,167,923 | (47,586,059) | 4,587,141 |
Ending balance, shares at Jun. 30, 2020 | 5,277,849 | |||
Stock issued for director services - vested | $ 15 | 89,674 | 89,689 | |
Stock issued for director services, shares | 15,073 | |||
Stock issued to escrow account - unvested | $ (15) | 15 | ||
Stock issued to escrow account - unvested, shares | (15,073) | |||
Stock option expense | 27,068 | 27,068 | ||
Proceeds from issuance of common stock, pursuant to public offering | $ 1,394 | 11,498,281 | 11,499,675 | |
Proceeds from issuance of common stock, pursuant to public offering, shares | 1,393,900 | |||
Warrants exercised for cash | $ 102 | 749,625 | 749,727 | |
Warrants exercised for cash, shares | 102,179 | |||
Stock option exercise (cashless) | $ 2 | (2) | ||
Stock option exercise (cashless), shares | 2,199 | |||
Stock issued for services | $ 3 | (3) | ||
Stock issued for services, shares | 2,700 | |||
Cash fees related to stock offering | (960,833) | (960,833) | ||
Net loss | (1,100,023) | |||
Net loss | (1,100,023) | (1,100,023) | ||
Ending balance, value at Sep. 30, 2020 | $ 6,778 | 63,571,748 | (48,686,082) | 14,892,444 |
Ending balance, shares at Sep. 30, 2020 | 6,778,827 | |||
Beginning balance, value at Dec. 31, 2020 | $ 8,482 | 80,166,415 | (51,022,606) | 29,152,291 |
Beginning balance, shares at Dec. 31, 2020 | 8,482,387 | |||
Stock issued for director services - vested | $ 11 | 122,435 | 122,446 | |
Stock issued for director services, shares | 10,548 | |||
Stock issued to escrow account - unvested | $ (12) | 12 | ||
Stock issued to escrow account - unvested, shares | (24,253) | |||
Stock option expense | 68,944 | 68,944 | ||
Warrants exercised for cash | $ 389 | 2,469,155 | 2,469,544 | |
Warrants exercised for cash, shares | 388,638 | |||
Stock option exercise (cashless) | $ 1 | (46,963) | (46,962) | |
Stock option exercise (cashless), shares | 1,063 | |||
Net loss | (1,250,809) | (1,250,809) | ||
Ending balance, value at Mar. 31, 2021 | $ 8,871 | 82,779,998 | (52,273,415) | 30,515,454 |
Ending balance, shares at Mar. 31, 2021 | 8,858,383 | |||
Beginning balance, value at Dec. 31, 2020 | $ 8,482 | 80,166,415 | (51,022,606) | 29,152,291 |
Beginning balance, shares at Dec. 31, 2020 | 8,482,387 | |||
Net loss | (4,581,228) | |||
Ending balance, value at Sep. 30, 2021 | $ 8,950 | 83,050,786 | (55,603,834) | 27,455,902 |
Ending balance, shares at Sep. 30, 2021 | 8,948,248 | |||
Beginning balance, value at Mar. 31, 2021 | $ 8,871 | 82,779,998 | (52,273,415) | 30,515,454 |
Beginning balance, shares at Mar. 31, 2021 | 8,858,383 | |||
Stock issued for director services - vested | $ 12 | 246,322 | 246,334 | |
Stock issued for director services, shares | 12,156 | |||
Stock issued to escrow account - unvested | $ (14) | 14 | ||
Stock issued to escrow account - unvested, shares | (1,512) | |||
Stock option expense | 57,644 | 57,644 | ||
Warrants exercised for cash | $ 28 | 173,922 | 173,950 | |
Warrants exercised for cash, shares | 27,611 | |||
Stock option exercise (cashless) | $ 1 | (34,078) | (34,077) | |
Stock option exercise (cashless), shares | 1,317 | |||
Net loss | (1,641,788) | (1,641,788) | ||
Ending balance, value at Jun. 30, 2021 | $ 8,898 | 83,223,822 | (53,915,203) | 29,317,517 |
Ending balance, shares at Jun. 30, 2021 | 8,897,955 | |||
Stock issued for director services - vested | $ 13 | 270,071 | 270,084 | |
Stock issued for director services, shares | 12,868 | |||
Stock issued to escrow account - unvested | $ (3) | 3 | ||
Stock issued to escrow account - unvested, shares | (3,068) | |||
Stock option expense | 49,136 | 49,136 | ||
Warrants exercised for cash | $ 7 | 41,019 | 41,026 | |
Warrants exercised for cash, shares | 6,512 | |||
Stock option exercise (cashless) | $ 34 | (543,970) | (543,936) | |
Stock option exercise (cashless), shares | 33,142 | |||
Net loss | (1,688,631) | |||
Net loss | (1,688,631) | (1,688,631) | ||
Ending balance, value at Sep. 30, 2021 | $ 8,950 | 83,050,786 | (55,603,834) | 27,455,902 |
Ending balance, shares at Sep. 30, 2021 | 8,948,248 | |||
Stock option exercise (for cash) | $ 1 | $ 10,705 | $ 10,706 | |
Stock option exercise (for cash), shares | 839 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Activities: | ||
Net loss | $ (4,581,228) | $ (2,876,501) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 57,160 | 30,434 |
Common stock issued for services | 638,864 | 257,825 |
Compensation expense related to grant of stock options | 175,724 | 81,204 |
Amortization of debt discount | 0 | 5,990 |
Amortization of operating lease right of use asset | 27,374 | (29,554) |
Increase (decrease) in: | ||
Accounts receivable | (689,353) | (545,619) |
Prepaid expenses and other current assets | 89,663 | (113,763) |
Inventory | (1,011,971) | 17,124 |
Deposits | 0 | 4,869 |
Accounts payable | 62,549 | (114,228) |
Accrued expenses | 37,198 | 177,640 |
Convertible note payable repaid in lieu of salary - related party | 0 | (220,417) |
Sales tax payable | (18,691) | 74,703 |
Deferred revenue | 52,107 | 18,968 |
Net cash used in operating activities | (5,160,604) | (3,231,325) |
Investing Activities: | ||
Purchases of equipment | (473,318) | (153,097) |
Funding of patent costs | (60,681) | (69,551) |
Net cash used in investing activities | (533,999) | (222,648) |
Financing Activities: | ||
Repayments of auto loan | 0 | (8,275) |
Borrowings on note payable - Paycheck Protection Program | 0 | 339,262 |
Withhold shares to cover taxes for cashless stock option exercise | (614,269) | 0 |
Proceeds from warrant exercises | 2,684,520 | 1,066,912 |
Payments of equity offering costs | 0 | (960,833) |
Proceeds from issuance of common stock and warrants, pursuant to public offering | 0 | 11,499,675 |
Net cash provided by financing activities | 2,070,251 | 11,936,741 |
Net (decrease) increase in cash | (3,624,352) | 8,482,768 |
Cash at beginning of period | 26,702,804 | 3,849,456 |
Cash at end of period | 23,078,452 | 12,332,224 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid for interest | 0 | 54,156 |
Cash paid for taxes | 825 | 4,969 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||
Recording of right of use asset and corresponding liability | 0 | 2,605,032 |
Reclassification of deferred equity offering costs into APIC | 0 | 960,833 |
Transfer of fixed asset to inventory | $ 0 | $ 76,946 |
NATURE OF OPERATIONS, BASIS OF
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations Beam Global, a Nevada corporation (hereinafter the “Company,” “us,” “we,” “our” or “Beam”) is a cleantech innovation company based in San Diego, California. Beam develops, designs, engineers, manufactures and sells high-quality, renewably energized infrastructure products for electric vehicle charging, outdoor media and energy security and disaster preparedness. Beam’s products enable vital and highly valuable energy production in locations where it is either too expensive or too impactful to connect to the utility grid, or where the requirements for electrical power are so important that grid failures, like blackouts, are intolerable. When competing with utilities or typical solar companies, we rely on our products’ ease of deployment, reliability, accessibility, and total cost of ownership, rather than producing the cheapest kilowatt hour with the help of subsidies. Basis of Presentation The interim unaudited condensed financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In management’s opinion, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to present fairly our results of operations and cash flows for the nine months ended September 30, 2021 and 2020, and our financial position as of September 30, 2021, have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year. Certain information and disclosures normally included in the notes to the annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, these interim unaudited condensed financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2020. The December 31, 2020 balance sheet is derived from those statements. Risks and Uncertainties The ongoing novel coronavirus (COVID-19) pandemic has resulted in travel restrictions, quarantines, “stay-at-home” and “shelter-in-place” orders as well as the shutdown of many businesses around the world. These shutdowns have resulted in product shortages and longer delivery lead-times, global shipping disruptions and higher costs due to increasing demands for these goods and services. While we have been impacted by supplier cost increases and other supply chain issues, the COVID-19 pandemic did not have a material adverse effect on our financial position or results of operations for the nine months ended September 30, 2021. With the rollout of a COVID-19 vaccine and booster shots, businesses and governments are beginning to return to pre-pandemic status. However, it is difficult to predict what governmental actions may be enacted in the future or what impact the widespread economic disruption arising from the pandemic could have on our business. The extent and duration of the pandemic is unknown, and the future effects on our business are uncertain. The Company is continuing to monitor the events and circumstances surrounding the COVID-19 pandemic, which may require adjustments to the Company’s estimates and assumptions in the future. Use of Estimates The preparation of financial statements in conformity with 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. Significant estimates in the accompanying financial statements include the allowance for doubtful accounts receivable, valuation of inventory and standard cost allocations, depreciable lives of property and equipment, valuation of intangible assets, estimates of loss contingencies, estimates of the valuation of lease liabilities and the related right of use assets, valuation of share-based costs, and the valuation allowance on deferred tax assets. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity The ASU is effective for smaller reporting companies in fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, although early adoption is permitted, as early as fiscal years beginning after December 15, 2020. As such, the Company adopted ASU 2020-06 effective January 1, 2021, on a full retrospective basis, which will allow the Company to continue to classify the warrants as equity, and as a result, had no effect on its condensed financial statements and related disclosures. If the Company had recorded the warrants as a liability in prior periods, with the full retrospective adoption on January 1, 2021, the liability would have been recast as equity and retained earnings adjusted to reverse the effect of the liability entries and as a result, there would be no impact on the financial statements for any periods presented. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses Concentrations Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash and accounts receivable. The Company maintains its cash in banks and financial institution deposits that at times may exceed federally insured limits. The Company has not experienced any losses in such accounts from inception through September 30, 2021. As of September 30, 2021, $ 23,184,771 Major Customers For the three months ended September 30, 2021, revenues from one customer accounted for 74 36 52 16 For the three months ended September 30, 2020, revenues from four customers accounted for 41 27 14 11 14 13 42 29 14 10 For the nine months ended September 30, 2021 and 2020, we had a heavy concentration of sales to federal, state and local governments which represented 71 60 Cash and Cash Equivalents For the purposes of the unaudited condensed statements of cash flows, the Company considers all liquid investments with an original maturity of three months or less when purchased to be cash equivalents. There were no Fair Value of Financial Instruments The Company’s financial instruments, including accounts receivable, accounts payable, accrued expenses, and short-term loans, are carried at historical cost basis. At September 30, 2021, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments. Accounts Receivable Accounts receivable are customer obligations due under normal trade terms. Management reviews accounts receivable on a periodic basis to determine if any receivables may become uncollectible. Management’s evaluation includes several factors including the aging of the accounts receivable balances, a review of significant past due accounts, dialogue with the customer, the financial profile of a customer, our historical write-off experience, net of recoveries, and economic conditions. The Company includes any accounts receivable balances that are determined to be uncollectible in its overall allowance for doubtful accounts. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. Inventory Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method of accounting. Inventory costs primarily relate to purchased raw materials and components used in the manufacturing of our products, work in process for products being manufactured, and finished goods. Included in these costs are direct labor and certain manufacturing overhead costs associated with the manufacturing process. The Company regularly reviews inventory components and quantities on hand and performs annual physical inventory counts. A reserve is established if this review process determines the net realizable value of such inventory may be below the carrying value. Patents The Company believes it will achieve future economic value benefits for its patents. All administrative costs for obtaining patents are accumulated on the balance sheet as a patent asset until such time as a patent is issued. The costs of these intangible assets are classified as a long-term asset and amortized on a straight-line basis over the legal life of such asset, which is typically 20 years. In the event a patent is denied or abandoned, all accumulated administrative costs will be expensed in the period in which the patent was denied or abandoned. Patent amortization expense was $ 13,156 3,273 Leases In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-02: “Leases (Topic 842)” whereby lessees need to recognize almost all leases on the balance sheet as a right of use asset and a corresponding lease liability. The Company adopted this standard as of January 1, 2019 using the effective date method and applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected not to reassess the following: (i) whether any expired or existing contracts contain leases, and (ii) initial direct costs for any existing leases. For contracts entered into after the effective date, at the inception of a contract the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company allocates the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. The Company has elected to not recognize right of use assets and lease liabilities for short term leases that have a term of 12 months or less. Revenue Recognition Beam follows the revenue standards of Financial Accounting Standards Board Update No. 2014-09: “Revenue from Contracts with Customers (Topic 606).” The core principle of this Topic is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized in accordance with that core principle by applying the following five steps: 1) identify the contracts with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations; and 5) recognize revenue when (or as) we satisfy a performance obligation. Revenues are primarily derived from the direct sales of manufactured products. Revenues may also consist of maintenance fees for the maintenance of previously sold products and revenues from sales of professional services. Revenues from inventoried product are recognized upon the final delivery of such product to the customer or when legal transfer of ownership takes place. Revenue values are fixed price arrangements determined at the time an order is placed or a contract is entered into. The customer is typically obligated to make payment for such products within a 30-45 day period after delivery. Revenues from maintenance fees for services provided by the Company are recognized equally over the period of the maintenance term. Revenue values are fixed price arrangements determined at the time an order is placed or a contract is entered into. The customer is typically obligated to make payment for the service in advance of the maintenance period. Extended maintenance or warranty services, where the customer has the option to purchase this extension as a separate purchase option, are considered a separate performance obligation. If the Company does not control the extended services, in terms of having the responsibility for fulfillment of the obligation or the option to choose who will perform the services, the Company is acting as an agent and would report the revenues on a net basis. Revenues from professional services are recognized when services are performed. Revenue values are based upon fixed fee arrangements or hourly fee-based arrangements with agreed to hourly rates of service categories in line with expertise requirements. These services are billed to a customer as such services are provided and the customer will be obligated to make payments for such services typically within a 30-45 day period. Revenues on a bill-and-hold arrangement are recognized when control of the product is transferred to the customer, but physical possession of the product transfers at a point in time in the future. To determine this, the reason for the arrangement must be substantive, the product must be separately identified and ready for physical transfer, the customer has the ability to direct the use of the product and the product cannot be directed to another customer. The Company has a policy of recording sales incentives as a contra revenue. The Company includes shipping and handling fees billed to customers as revenues. Any deposits received from a customer prior to delivery of the purchased product or monies paid prior to the period for which a service is provided are accounted for as deferred revenue on the balance sheet. Sales tax is recorded on a net basis and excluded from revenue. The Company generally provides a standard one-year warranty on its products for materials and workmanship but may provide multiple year warranties as negotiated, and it will pass on the warranties from its vendors, if any, which generally covers this one-year period. In accordance with ASC 450-20-25, the Company accrues for product warranties when the loss is probable and can be reasonably estimated. At September 30, 2021, the Company has no product warranty accrual given the Company’s historical financial warranty expense. Cost of Revenues The Company records direct material and component costs, direct labor and associated benefits, and manufacturing overhead costs such as supervision, manufacturing equipment depreciation, rent, and utility costs, all of which are included in inventory prior to a sale, as costs of revenues. The Company further includes shipping and handling costs as cost of revenues. Stock-Based Compensation The Company follows ASC 718, “Compensation – Stock Compensation.” ASC 718 requires companies to estimate and recognize the fair value of stock-based awards to employees and directors. The fair value of the portion of an award that is ultimately expected to vest is recognized as an expense over the shorter of the service periods or vesting periods using the straight-line attribution method. The Company adopted ASU 2018-07 and accounts for non-employee share-based awards in accordance with the measurement criteria of ASC 718 and recognizes the fair value of such awards over the service period. The Company used the modified prospective method of adoption. The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option pricing model. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the periods presented. Diluted net loss per common share is computed using the weighted average number of common stock outstanding for the period, and, if dilutive, potential common stock outstanding during the period. Potential common stock consists of the incremental shares of common stock issuable upon the exercise of stock options, stock warrants, convertible debt instruments or other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. Options to purchase 222,383 542,823 Reclassifications Where necessary, the prior year’s information has been reclassified to conform to the current period’s statement presentation. On the Condensed Statements of Cash Flows, the prepaid inventory of $126,100 that was converted to inventory at September 30, 2020 was reclassified from inventory to conform to the September 30, 2021 presentation and $69,711 of deferred revenue was reclassed to deferred revenue, noncurrent on the Condensed Balance Sheets. Segments The Company follows ASC 280-10 "Disclosures about Segments of an Enterprise and Related Information." During the nine months ended September 30, 2021 and 2020, the Company only operated in one segment; therefore, segment information has not been presented. |
LIQUIDITY
LIQUIDITY | 9 Months Ended |
Sep. 30, 2021 | |
Liquidity | |
LIQUIDITY | 2. LIQUIDITY As reflected in the accompanying unaudited condensed financial statements for the nine months ended September 30, 2021, the Company had a net loss and net cash used in operating activities of $ 4,581,228 814,588 5,160,604 55,603,834 In April 2019, the Company issued shares of its common stock in a public offering that generated gross proceeds of $ 13,201,000 11,499,675 7,500,000 12,611,377 542,823 3,424,385 At September 30, 2021, our cash balance was $ 23,078,452 26,125,088 |
INVENTORY
INVENTORY | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | 3. INVENTORY Inventory consists of the following: Schedule of Inventory September 30, December 31, 2021 2020 Finished goods $ – $ – Work in process 409,640 559,582 Raw materials 1,717,000 533,181 Total net inventory $ 2,126,640 $ 1,092,763 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 4. PROPERTY AND EQUIPMENT Schedule Of Property and equipment September 30, December 31, 2021 2020 Office furniture and equipment $ 132,114 $ 88,372 Computer equipment 90,828 87,303 Leasehold improvements 27,928 13,918 Autos 337,394 84,796 Machinery and equipment 582,261 422,818 Total property and equipment 1,170,525 697,207 Less accumulated depreciation (528,081 ) (462,170 ) Property and Equipment, net $ 642,444 $ 235,036 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | 5. ACCRUED EXPENSES The major components of accrued expenses are summarized as follows: Accrued expense schedule September 30, December 31, 2021 2020 Accrued vacation $ 225,851 $ 205,809 Accrued salaries and bonus 169,539 178,449 Other accrued expense 33,375 7,309 Total accrued expenses $ 428,765 $ 391,567 |
CONVERTIBLE NOTE PAYABLE - RELA
CONVERTIBLE NOTE PAYABLE - RELATED PARTY AND NOTE PAYABLE | 9 Months Ended |
Sep. 30, 2021 | |
Convertible Note Payable - Related Party And Note Payable | |
CONVERTIBLE NOTE PAYABLE - RELATED PARTY AND NOTE PAYABLE | 6. CONVERTIBLE NOTE PAYABLE - RELATED PARTY AND NOTE PAYABLE On October 18, 2016, the Company entered into a five-year employment agreement, effective as of January 1, 2016, with Mr. Desmond Wheatley, the Chief Executive Officer, President, and Chairman of the Company (the “Agreement”). Pursuant to the Agreement, Mr. Wheatley received an annual deferred salary of $50,000 which Mr. Wheatley deferred until such time as Mr. Wheatley and the Board of Directors agreed that payment of the deferred salary and/or cessation of the deferral was appropriate. In August 2018, the Agreement was amended to provide that his salary shall defer until the earliest to occur of the following: (i) a permissible event specified in Section 409A of the Code, (ii) December 31, 2020, (iii) a change of control as defined in the Agreement, or (iv) a sale of all or substantially all of the assets of the Company. All deferred amounts were evidenced by an unsecured convertible promissory note payable by the Company to Mr. Wheatley bearing simple interest at the rate of 10% per annum, accruing until paid, convertible into shares of the Company’s common stock at $7.50 per share at any time in whole or in part at Mr. Wheatley’s discretion. As the conversion price was equivalent to the fair value of the common stock at various salary deferral dates prior to June 30, 2018, there was no beneficial conversion feature to this note through such date. Subsequent to June 30, 2018 through December 31, 2018 and based on the average daily closing price of our common stock, the Company recorded $ 8,672 3,967 On September 17, 2019, the Board of Directors adopted a resolution to pay off the convertible promissory note issued to Mr. Wheatley for his deferred compensation in the near future (subject to a recommendation on timing from Mr. Wheatley), and no additional salary was deferred after September 15, 2019. In February 2020, the remaining debt discount of $ 5,990 3,442 220,417 52,326 On May 1, 2020, the Company received a U.S. Small Business Administration Paycheck Protection Program loan of $ 339,262 1 1,847 |
AUTO LOAN
AUTO LOAN | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
AUTO LOAN | 7. AUTO LOAN In October 2015, the Company purchased a new vehicle and financed the purchase through a dealer auto loan. The loan has a term of 60 months, requires minimum monthly payments of approximately $950, and bears interest at a rate of 5.99 percent. The final payment was made on this loan in October 31, 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 8. COMMITMENTS AND CONTINGENCIES Legal Matters: From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of September 30, 2021, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations. Leases: In August 2016, the Company entered into a sublease for its current corporate headquarters and manufacturing facility. The sublease expired in August 2020 $52,000 to $58,526 per month over the term of the lease. Other Commitments: The Company enters into various contracts or agreements in the normal course of business whereby such contracts or agreements may contain commitments. Since inception, the Company entered into agreements to act as a reseller for certain vendors; joint development contracts with third parties; referral agreements where the Company would pay a referral fee to the referrer for business generated; sales agent agreements whereby sales agents would receive a fee equal to a percentage of revenues generated by the agent; business development agreements and strategic alliance agreements where both parties agree to cooperate and provide business opportunities to each other and in some instances, provide for a right of first refusal with respect to certain projects of the other parties; agreements with vendors where the vendor may provide marketing, investor relations, public relations, technical consulting or subcontractor services, vendor arrangements with non-binding minimum purchasing provisions, and financial advisory agreements where the financial advisor would receive a fee and/or commission for raising capital for the Company. All expenses and liabilities relating to such contracts were recorded in accordance with GAAP during the periods. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
LEASES | 9. LEASES The Company evaluates new leases at inception based on the criteria defined in Leases (Topic 842). On September 1, 2020, the Company entered into a new five year operating lease with payments ranging from $52,000 to $58,526. The lease has two one-year options to extend the term of the lease. At this time, it is not reasonably certain that we will extend the term of the lease and therefore the renewal periods have been excluded from the right-of-use (“ROU”) asset. We calculated the present value of the lease payment stream using our effective borrowing rate of 10 2,605,032 The tables below show the operating ROU assets and liabilities as of December 31, 2020 and the balance as of September 30, 2021, including the changes during the periods. Schedule of Operating right-of use asset Operating right-of use asset Operating lease ROU asset as of December 31, 2020 $ 2,418,503 Less amortization of operating lease ROU assets (275,295 ) Operating lease ROU asset as of September 30, 2021 $ 2,143,208 As of September 30, 2021 and December 31, 2020, the current and non-current portions of the lease liability were recorded to the Balance Sheet as follows: Schedule of lease liability September 30, December 31, 2021 2020 Operating lease liabilities, current $ 451,605 $ 521,006 Operating lease liabilities, noncurrent 1,731,837 1,910,357 Total lease liability $ 2,183,442 $ 2,431,363 The future minimum rental commitments for our operating leases reconciled to the lease liability as of September 30, 2021 is as follows: Schedule of future minimum rental commitments September 30, 2021 2021 $ 160,680 2022 649,147 2023 668,622 2024 688,680 2025 468,211 Total undiscounted future minimum payments 2,635,340 Less imputed interest (451,898 ) Total lease liability $ 2,183,442 |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 10. INCOME TAXES There was no Federal income tax expense for the nine months ended September 30, 2021 or 2020 due to the Company’s net losses. Income tax expense represents minimum state taxes due. As a result of the Company’s history of incurring operating losses, a full valuation allowance has been established to offset all deferred tax assets as of September 30, 2021 and no benefit has been provided for the year to date loss. On a quarterly basis, the company evaluates the positive and negative evidence to assess whether the more likely than not criteria have been satisfied in determining whether there will be further adjustments to the valuation allowance. |
ANNUAL RESTRICTED STOCK GRANTS
ANNUAL RESTRICTED STOCK GRANTS TO DIRECTORS | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
ANNUAL RESTRICTED STOCK GRANTS TO DIRECTORS | 11. ANNUAL RESTRICTED STOCK GRANTS TO DIRECTORS On September 30, 2021 the company granted each of our two non-employee directors annual restricted stock grants of 2,900 shares of our common stock and our lead independent director an annual restricted stock grant of 4,000 shares of common stock, which vest quarterly in four (4) equal installments beginning on December 31, 2021. On the grant date, these shares had a per share fair value of $27.37 based on the closing trading price of our common stock, or $268,234. There was no expense recognized in the quarter ended September 30, 2021. On April 1, 2021, the Board approved two restricted stock grants to Mr. Wheatley under the 2011 Stock Incentive Plan. The total number of shares granted was determined based on an award of $ 112,500 40.10 2,806 1,192 47,728 64,772 On April 16, 2021, the Board appointed Nancy Floyd to the Company’s board of directors. Concurrent with her appointment, the Company, upon recommendation of the Compensation Committee, granted Ms. Floyd 5,592 33.34 5,592 186,426 On April 16, 2021, the Board appointed Mr. Posawatz as the Lead Independent Director. With this appointment, the Company, upon recommendation of the Compensation Committee, granted Mr. Posawatz 2,246 33.34 2,246 74,876 On October 20, 2020, the Company granted each of our two non-employee directors annual restricted stock grants of 12,200 17,100 14.95 620,425 12,825 18,300 273,584 On June 17, 2020, the Board approved two restricted stock grants to Mr. Wheatley under the 2011 Stock Incentive Plan. The total number of shares granted was determined based on an award of $150,000 divided by the per share quoted trading price on June 17, 2020. On the grant date, the shares had a per share fair value of $ 7.35 20,408 5,101 3,141 56,250 7,196 50,000 |
STOCK OPTIONS AND WARRANTS
STOCK OPTIONS AND WARRANTS | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK OPTIONS AND WARRANTS | 12. STOCK OPTIONS AND WARRANTS Stock Options During the three months ended September 30, 2021 and 2020, the Company recorded non-cash stock option based compensation expense of $ 49,136 27,068 175,724 81,204 435,461 3 During the three months ended September 30, 2021, there were no 89,800 33,142 13.27 543,937 839 10,706 During the nine months ended September 30, 2021, there were no 95,753 35,522 13.34 624,976 839 10,706 There were stock options outstanding to purchase 222,383 9.30 22,833 Warrants During the nine months ended September 30, 2021, warrants to purchase 422,761 2,684,520 542,823 6.34 |
REVENUES
REVENUES | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | 13. REVENUES For each of the identified periods, revenues can be categorized into the following: Schedule of revenues For the Nine Months Ended September 30, 2021 2020 Product sales $ 5,206,875 $ 3,857,228 Maintenance fees 33,451 18,877 Professional services 74,440 47,031 Shipping and handling 214,110 91,573 Discounts and allowances (14,774 ) (5,065 ) Total revenues $ 5,514,102 $ 4,009,644 At September 30, 2021 and December 31, 2020, deferred revenue was $ 159,596 107,489 156,296 3,300 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS In October 2021, an option was granted to an employee to purchase up to 20,000 shares of the Company’s common stock. This option will vest over 4 years and has an exercise price of $26.80 per share. |
NATURE OF OPERATIONS, BASIS O_2
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Beam Global, a Nevada corporation (hereinafter the “Company,” “us,” “we,” “our” or “Beam”) is a cleantech innovation company based in San Diego, California. Beam develops, designs, engineers, manufactures and sells high-quality, renewably energized infrastructure products for electric vehicle charging, outdoor media and energy security and disaster preparedness. Beam’s products enable vital and highly valuable energy production in locations where it is either too expensive or too impactful to connect to the utility grid, or where the requirements for electrical power are so important that grid failures, like blackouts, are intolerable. When competing with utilities or typical solar companies, we rely on our products’ ease of deployment, reliability, accessibility, and total cost of ownership, rather than producing the cheapest kilowatt hour with the help of subsidies. |
Basis of Presentation | Basis of Presentation The interim unaudited condensed financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In management’s opinion, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to present fairly our results of operations and cash flows for the nine months ended September 30, 2021 and 2020, and our financial position as of September 30, 2021, have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year. Certain information and disclosures normally included in the notes to the annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, these interim unaudited condensed financial statements should be read in conjunction with the financial statements and notes thereto for the year ended December 31, 2020. The December 31, 2020 balance sheet is derived from those statements. |
Risks and Uncertainties | Risks and Uncertainties The ongoing novel coronavirus (COVID-19) pandemic has resulted in travel restrictions, quarantines, “stay-at-home” and “shelter-in-place” orders as well as the shutdown of many businesses around the world. These shutdowns have resulted in product shortages and longer delivery lead-times, global shipping disruptions and higher costs due to increasing demands for these goods and services. While we have been impacted by supplier cost increases and other supply chain issues, the COVID-19 pandemic did not have a material adverse effect on our financial position or results of operations for the nine months ended September 30, 2021. With the rollout of a COVID-19 vaccine and booster shots, businesses and governments are beginning to return to pre-pandemic status. However, it is difficult to predict what governmental actions may be enacted in the future or what impact the widespread economic disruption arising from the pandemic could have on our business. The extent and duration of the pandemic is unknown, and the future effects on our business are uncertain. The Company is continuing to monitor the events and circumstances surrounding the COVID-19 pandemic, which may require adjustments to the Company’s estimates and assumptions in the future. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with 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. Significant estimates in the accompanying financial statements include the allowance for doubtful accounts receivable, valuation of inventory and standard cost allocations, depreciable lives of property and equipment, valuation of intangible assets, estimates of loss contingencies, estimates of the valuation of lease liabilities and the related right of use assets, valuation of share-based costs, and the valuation allowance on deferred tax assets. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity The ASU is effective for smaller reporting companies in fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, although early adoption is permitted, as early as fiscal years beginning after December 15, 2020. As such, the Company adopted ASU 2020-06 effective January 1, 2021, on a full retrospective basis, which will allow the Company to continue to classify the warrants as equity, and as a result, had no effect on its condensed financial statements and related disclosures. If the Company had recorded the warrants as a liability in prior periods, with the full retrospective adoption on January 1, 2021, the liability would have been recast as equity and retained earnings adjusted to reverse the effect of the liability entries and as a result, there would be no impact on the financial statements for any periods presented. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses |
Concentrations | Concentrations Credit Risk Financial instruments that potentially subject us to concentrations of credit risk consist of cash and accounts receivable. The Company maintains its cash in banks and financial institution deposits that at times may exceed federally insured limits. The Company has not experienced any losses in such accounts from inception through September 30, 2021. As of September 30, 2021, $ 23,184,771 Major Customers For the three months ended September 30, 2021, revenues from one customer accounted for 74 36 52 16 For the three months ended September 30, 2020, revenues from four customers accounted for 41 27 14 11 14 13 42 29 14 10 For the nine months ended September 30, 2021 and 2020, we had a heavy concentration of sales to federal, state and local governments which represented 71 60 |
Cash and Cash Equivalents | Cash and Cash Equivalents For the purposes of the unaudited condensed statements of cash flows, the Company considers all liquid investments with an original maturity of three months or less when purchased to be cash equivalents. There were no |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments, including accounts receivable, accounts payable, accrued expenses, and short-term loans, are carried at historical cost basis. At September 30, 2021, the carrying amounts of these instruments approximated their fair values because of the short-term nature of these instruments. |
Accounts Receivable | Accounts Receivable Accounts receivable are customer obligations due under normal trade terms. Management reviews accounts receivable on a periodic basis to determine if any receivables may become uncollectible. Management’s evaluation includes several factors including the aging of the accounts receivable balances, a review of significant past due accounts, dialogue with the customer, the financial profile of a customer, our historical write-off experience, net of recoveries, and economic conditions. The Company includes any accounts receivable balances that are determined to be uncollectible in its overall allowance for doubtful accounts. After all attempts to collect a receivable have failed, the receivable is written off against the allowance. |
Inventory | Inventory Inventory is stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method of accounting. Inventory costs primarily relate to purchased raw materials and components used in the manufacturing of our products, work in process for products being manufactured, and finished goods. Included in these costs are direct labor and certain manufacturing overhead costs associated with the manufacturing process. The Company regularly reviews inventory components and quantities on hand and performs annual physical inventory counts. A reserve is established if this review process determines the net realizable value of such inventory may be below the carrying value. |
Patents | Patents The Company believes it will achieve future economic value benefits for its patents. All administrative costs for obtaining patents are accumulated on the balance sheet as a patent asset until such time as a patent is issued. The costs of these intangible assets are classified as a long-term asset and amortized on a straight-line basis over the legal life of such asset, which is typically 20 years. In the event a patent is denied or abandoned, all accumulated administrative costs will be expensed in the period in which the patent was denied or abandoned. Patent amortization expense was $ 13,156 3,273 |
Leases | Leases In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update No. 2016-02: “Leases (Topic 842)” whereby lessees need to recognize almost all leases on the balance sheet as a right of use asset and a corresponding lease liability. The Company adopted this standard as of January 1, 2019 using the effective date method and applying the package of practical expedients to leases that commenced before the effective date whereby the Company elected not to reassess the following: (i) whether any expired or existing contracts contain leases, and (ii) initial direct costs for any existing leases. For contracts entered into after the effective date, at the inception of a contract the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether we obtain the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether it has the right to direct the use of the asset. The Company allocates the consideration in the contract to each lease component based on its relative stand-alone price to determine the lease payments. The Company has elected to not recognize right of use assets and lease liabilities for short term leases that have a term of 12 months or less. |
Revenue Recognition | Revenue Recognition Beam follows the revenue standards of Financial Accounting Standards Board Update No. 2014-09: “Revenue from Contracts with Customers (Topic 606).” The core principle of this Topic is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized in accordance with that core principle by applying the following five steps: 1) identify the contracts with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations; and 5) recognize revenue when (or as) we satisfy a performance obligation. Revenues are primarily derived from the direct sales of manufactured products. Revenues may also consist of maintenance fees for the maintenance of previously sold products and revenues from sales of professional services. Revenues from inventoried product are recognized upon the final delivery of such product to the customer or when legal transfer of ownership takes place. Revenue values are fixed price arrangements determined at the time an order is placed or a contract is entered into. The customer is typically obligated to make payment for such products within a 30-45 day period after delivery. Revenues from maintenance fees for services provided by the Company are recognized equally over the period of the maintenance term. Revenue values are fixed price arrangements determined at the time an order is placed or a contract is entered into. The customer is typically obligated to make payment for the service in advance of the maintenance period. Extended maintenance or warranty services, where the customer has the option to purchase this extension as a separate purchase option, are considered a separate performance obligation. If the Company does not control the extended services, in terms of having the responsibility for fulfillment of the obligation or the option to choose who will perform the services, the Company is acting as an agent and would report the revenues on a net basis. Revenues from professional services are recognized when services are performed. Revenue values are based upon fixed fee arrangements or hourly fee-based arrangements with agreed to hourly rates of service categories in line with expertise requirements. These services are billed to a customer as such services are provided and the customer will be obligated to make payments for such services typically within a 30-45 day period. Revenues on a bill-and-hold arrangement are recognized when control of the product is transferred to the customer, but physical possession of the product transfers at a point in time in the future. To determine this, the reason for the arrangement must be substantive, the product must be separately identified and ready for physical transfer, the customer has the ability to direct the use of the product and the product cannot be directed to another customer. The Company has a policy of recording sales incentives as a contra revenue. The Company includes shipping and handling fees billed to customers as revenues. Any deposits received from a customer prior to delivery of the purchased product or monies paid prior to the period for which a service is provided are accounted for as deferred revenue on the balance sheet. Sales tax is recorded on a net basis and excluded from revenue. The Company generally provides a standard one-year warranty on its products for materials and workmanship but may provide multiple year warranties as negotiated, and it will pass on the warranties from its vendors, if any, which generally covers this one-year period. In accordance with ASC 450-20-25, the Company accrues for product warranties when the loss is probable and can be reasonably estimated. At September 30, 2021, the Company has no product warranty accrual given the Company’s historical financial warranty expense. |
Cost of Revenues | Cost of Revenues The Company records direct material and component costs, direct labor and associated benefits, and manufacturing overhead costs such as supervision, manufacturing equipment depreciation, rent, and utility costs, all of which are included in inventory prior to a sale, as costs of revenues. The Company further includes shipping and handling costs as cost of revenues. |
Stock-Based Compensation | Stock-Based Compensation The Company follows ASC 718, “Compensation – Stock Compensation.” ASC 718 requires companies to estimate and recognize the fair value of stock-based awards to employees and directors. The fair value of the portion of an award that is ultimately expected to vest is recognized as an expense over the shorter of the service periods or vesting periods using the straight-line attribution method. The Company adopted ASU 2018-07 and accounts for non-employee share-based awards in accordance with the measurement criteria of ASC 718 and recognizes the fair value of such awards over the service period. The Company used the modified prospective method of adoption. The Company estimates the fair value of each stock option at the grant date by using the Black-Scholes option pricing model. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the periods presented. Diluted net loss per common share is computed using the weighted average number of common stock outstanding for the period, and, if dilutive, potential common stock outstanding during the period. Potential common stock consists of the incremental shares of common stock issuable upon the exercise of stock options, stock warrants, convertible debt instruments or other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. Options to purchase 222,383 542,823 |
Reclassifications | Reclassifications Where necessary, the prior year’s information has been reclassified to conform to the current period’s statement presentation. On the Condensed Statements of Cash Flows, the prepaid inventory of $126,100 that was converted to inventory at September 30, 2020 was reclassified from inventory to conform to the September 30, 2021 presentation and $69,711 of deferred revenue was reclassed to deferred revenue, noncurrent on the Condensed Balance Sheets. |
Segments | Segments The Company follows ASC 280-10 "Disclosures about Segments of an Enterprise and Related Information." During the nine months ended September 30, 2021 and 2020, the Company only operated in one segment; therefore, segment information has not been presented. |
INVENTORY (Tables)
INVENTORY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Schedule of Inventory September 30, December 31, 2021 2020 Finished goods $ – $ – Work in process 409,640 559,582 Raw materials 1,717,000 533,181 Total net inventory $ 2,126,640 $ 1,092,763 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property and equipment | Schedule Of Property and equipment September 30, December 31, 2021 2020 Office furniture and equipment $ 132,114 $ 88,372 Computer equipment 90,828 87,303 Leasehold improvements 27,928 13,918 Autos 337,394 84,796 Machinery and equipment 582,261 422,818 Total property and equipment 1,170,525 697,207 Less accumulated depreciation (528,081 ) (462,170 ) Property and Equipment, net $ 642,444 $ 235,036 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued expense schedule | Accrued expense schedule September 30, December 31, 2021 2020 Accrued vacation $ 225,851 $ 205,809 Accrued salaries and bonus 169,539 178,449 Other accrued expense 33,375 7,309 Total accrued expenses $ 428,765 $ 391,567 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases | |
Schedule of Operating right-of use asset | Schedule of Operating right-of use asset Operating right-of use asset Operating lease ROU asset as of December 31, 2020 $ 2,418,503 Less amortization of operating lease ROU assets (275,295 ) Operating lease ROU asset as of September 30, 2021 $ 2,143,208 |
Schedule of lease liability | Schedule of lease liability September 30, December 31, 2021 2020 Operating lease liabilities, current $ 451,605 $ 521,006 Operating lease liabilities, noncurrent 1,731,837 1,910,357 Total lease liability $ 2,183,442 $ 2,431,363 |
Schedule of future minimum rental commitments | Schedule of future minimum rental commitments September 30, 2021 2021 $ 160,680 2022 649,147 2023 668,622 2024 688,680 2025 468,211 Total undiscounted future minimum payments 2,635,340 Less imputed interest (451,898 ) Total lease liability $ 2,183,442 |
REVENUES (Tables)
REVENUES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues | Schedule of revenues For the Nine Months Ended September 30, 2021 2020 Product sales $ 5,206,875 $ 3,857,228 Maintenance fees 33,451 18,877 Professional services 74,440 47,031 Shipping and handling 214,110 91,573 Discounts and allowances (14,774 ) (5,065 ) Total revenues $ 5,514,102 $ 4,009,644 |
NATURE OF OPERATIONS, BASIS O_3
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Product Information [Line Items] | |||||
Uninsured cash | $ 23,184,771 | $ 23,184,771 | |||
Cash equivalents | $ 0 | 0 | $ 0 | ||
Amortization of intangible asset | $ 13,156 | $ 3,273 | |||
Equity Option [Member] | |||||
Product Information [Line Items] | |||||
Potentially dilutive stock equivalents outstanding | 222,383 | ||||
Warrant [Member] | |||||
Product Information [Line Items] | |||||
Potentially dilutive stock equivalents outstanding | 542,823 | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 1 [Member] | |||||
Product Information [Line Items] | |||||
Concentration percentage | 74.00% | 41.00% | 36.00% | 14.00% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 2 [Member] | |||||
Product Information [Line Items] | |||||
Concentration percentage | 27.00% | 13.00% | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 3 [Member] | |||||
Product Information [Line Items] | |||||
Concentration percentage | 14.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 4 [Member] | |||||
Product Information [Line Items] | |||||
Concentration percentage | 11.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 1 [Member] | |||||
Product Information [Line Items] | |||||
Concentration percentage | 52.00% | 42.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 2 [Member] | |||||
Product Information [Line Items] | |||||
Concentration percentage | 16.00% | 29.00% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 3 [Member] | |||||
Product Information [Line Items] | |||||
Concentration percentage | 14.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 4 [Member] | |||||
Product Information [Line Items] | |||||
Concentration percentage | 10.00% | ||||
Customer Concentration Risk [Member] | Sales [Member] | Fed State Local Govt [Member] | |||||
Product Information [Line Items] | |||||
Concentration percentage | 71.00% | 60.00% |
LIQUIDITY (Details Narrative)
LIQUIDITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 21 Months Ended | |||||||
Nov. 30, 2020 | Jul. 31, 2020 | Apr. 30, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
LiquidityLineItems [Line Items] | |||||||||||
Net losses | $ 1,688,631 | $ 1,100,023 | $ 942,521 | $ 4,581,228 | $ 2,876,501 | ||||||
Stock based compensation expense | 814,588 | ||||||||||
Net cash used in operations | 5,160,604 | 3,231,325 | |||||||||
Accumulated deficit | 55,603,834 | 55,603,834 | $ 55,603,834 | $ 51,022,606 | |||||||
Cash | 23,078,452 | $ 12,332,224 | 23,078,452 | $ 12,332,224 | 23,078,452 | $ 26,702,804 | $ 3,849,456 | ||||
Working capital | 26,125,088 | 26,125,088 | 26,125,088 | ||||||||
Public Offering [Member] | |||||||||||
LiquidityLineItems [Line Items] | |||||||||||
Net proceeds from sale of equity | $ 7,500,000 | $ 11,499,675 | $ 13,201,000 | ||||||||
Exercise Of Warrants | $ 3,424,385 | $ 3,424,385 | 3,424,385 | ||||||||
Public Offering [Member] | Warrants | |||||||||||
LiquidityLineItems [Line Items] | |||||||||||
Net proceeds from sale of equity | $ 12,611,377 | ||||||||||
Warrants outstanding | 542,823 | 542,823 | 542,823 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | ||
Work in process | 409,640 | 559,582 |
Raw materials | 1,717,000 | 533,181 |
Total net inventory | $ 2,126,640 | $ 1,092,763 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,170,525 | $ 697,207 |
Less accumulated depreciation | (528,081) | (462,170) |
Property, Plant and Equipment, Net | 642,444 | 235,036 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 132,114 | 88,372 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 90,828 | 87,303 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 27,928 | 13,918 |
Autos [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 337,394 | 84,796 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 582,261 | $ 422,818 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued vacation | $ 225,851 | $ 205,809 |
Accrued salaries and bonus | 169,539 | 178,449 |
Other accrued expense | 33,375 | 7,309 |
Total accrued expenses | $ 428,765 | $ 391,567 |
CONVERTIBLE NOTE PAYABLE - RE_2
CONVERTIBLE NOTE PAYABLE - RELATED PARTY AND NOTE PAYABLE (Details Narrative) - USD ($) | 2 Months Ended | 4 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended |
Feb. 28, 2020 | May 01, 2020 | Sep. 30, 2019 | Nov. 13, 2020 | Dec. 31, 2018 | |
Conv Note Related Party [Member] | Wheatley [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt discount for beneficial conversion feature | $ 3,967 | $ 8,672 | |||
Interest expense debt | $ 5,990 | ||||
Accrued interest | 3,442 | ||||
Repayment of note payable | 220,417 | ||||
Payment of interest | $ 52,326 | ||||
PPP Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Payment of interest | $ 1,847 | ||||
Note payable | $ 339,262 | ||||
Interest rate | 1.00% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - Corporate Headquarters [Member] | 9 Months Ended |
Sep. 30, 2021 | |
Lease expiration date | August 2020 |
Monthly lease payments | $52,000 to $58,526 per month over the term of the lease. |
LEASES (Details - Operating rig
LEASES (Details - Operating right-of use asset) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Leases | |
Operating lease ROU asset, beginning | $ 2,418,503 |
Less amortization of operating lease | (275,295) |
Operating lease ROU asset, end | $ 2,143,208 |
LEASES (Details - Lease liabili
LEASES (Details - Lease liability) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 02, 2020 |
Leases | |||
Operating lease liabilities, current | $ 451,605 | $ 521,006 | |
Operating lease liabilities, noncurrent | 1,731,837 | 1,910,357 | |
Total lease liability | $ 2,183,442 | $ 2,431,363 | $ 2,605,032 |
LEASES (Details - Minimum renta
LEASES (Details - Minimum rental commitments for our operating leases) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 02, 2020 |
Leases | |||
2021 | $ 160,680 | ||
2022 | 649,147 | ||
2023 | 668,622 | ||
2024 | 688,680 | ||
2025 | 468,211 | ||
Total undiscounted future minimum payments | 2,635,340 | ||
Less imputed interest | (451,898) | ||
Total lease liability | $ 2,183,442 | $ 2,431,363 | $ 2,605,032 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 02, 2020 |
Leases | |||
Borrowing rate | 10.00% | ||
Right to use asset | $ 2,143,208 | $ 2,418,503 | $ 2,605,032 |
Lease liability | $ 2,183,442 | $ 2,431,363 | $ 2,605,032 |
ANNUAL RESTRICTED STOCK GRANT_2
ANNUAL RESTRICTED STOCK GRANTS TO DIRECTORS (Details Narrative) - USD ($) | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 9 Months Ended | 10 Months Ended | |
Sep. 30, 2021 | Apr. 02, 2021 | Apr. 16, 2021 | Sep. 30, 2021 | Jun. 17, 2020 | Sep. 30, 2021 | Oct. 20, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation expense | $ 814,588 | ||||||
Posawatz [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock forfeited | 2,246 | ||||||
Stock Grants [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock granted for compensation, value | $ 620,425 | ||||||
Restricted stock forfeited | 12,825 | ||||||
Restricted stock vested | 18,300 | ||||||
Share-based compensation expense | $ 273,584 | ||||||
Stock Grants [Member] | Wheatley [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock granted for compensation, value | $ 112,500 | ||||||
Other than options, grant date per share fair value | $ 40.10 | ||||||
Restricted stock forfeited | 2,806 | ||||||
Restricted stock vested | 1,192 | ||||||
Share-based compensation expense | $ 47,728 | ||||||
Stock Grants [Member] | Floyd [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Other than options, grant date per share fair value | $ 33.34 | ||||||
Restricted stock forfeited | 5,592 | ||||||
Restricted stock vested | 5,592 | ||||||
Share-based compensation expense | 186,426 | ||||||
Stock Grants [Member] | Posawatz [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Other than options, grant date per share fair value | $ 33.34 | ||||||
Restricted stock vested | 2,246 | ||||||
Share-based compensation expense | 74,876 | ||||||
Stock Grants [Member] | One Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock granted | 12,200 | ||||||
Stock Grants [Member] | Lead Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Other than options, grant date per share fair value | $ 14.95 | ||||||
Restricted stock granted | 17,100 | ||||||
Restricted Stock [Member] | Wheatley [Member] | 2011 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Cost Not yet Recognized, Amount | 64,772 | $ 64,772 | $ 64,772 | ||||
Restricted Stock [Member] | Wheatley [Member] | 2011 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Other than options, grant date per share fair value | $ 7.35 | ||||||
Restricted stock vested | 5,101 | ||||||
Share-based compensation expense | $ 56,250 | ||||||
Cost Not yet Recognized, Amount | $ 50,000 | $ 50,000 | $ 50,000 | ||||
Restricted stock granted | 20,408 | ||||||
Options, Nonvested Number | 7,196 | 7,196 | 7,196 | ||||
Restricted Stock [Member] | Wheatley [Member] | 2011 Stock Incentive Plan [Member] | Oct 2019 Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock vested | 3,141 |
STOCK OPTIONS AND WARRANTS (Det
STOCK OPTIONS AND WARRANTS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option exercised, value | $ (543,936) | $ (34,077) | $ (46,962) | |||
Proceeds from Warrant Exercises | $ 2,684,520 | $ 1,066,912 | ||||
Equity Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option compensation expense | 49,136 | $ 27,068 | 175,724 | $ 81,204 | ||
Unrecognized compensation | $ 435,461 | $ 435,461 | ||||
Unrecognized compensation cost period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | 0 | ||||
Options outstanding | 222,383 | 222,383 | ||||
Weighted average exercise price | $ 9.30 | $ 9.30 | ||||
Options forfeited | 22,833 | |||||
Equity Option [Member] | Cashless Basis [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity Instruments Exercised | 89,800 | 95,753 | ||||
Stock options exercised, shares | 33,142 | 35,522 | ||||
Weighted Average Exercise Price | $ 13.27 | $ 13.34 | ||||
Value of shares withheld for taxes | $ 543,937 | $ 624,976 | ||||
Equity Option [Member] | Cash Basis [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options exercised, shares | 839 | 839 | ||||
Stock option exercised, value | $ 10,706 | $ 10,706 | ||||
Warrant [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-Option Equity Instruments, Exercised | 422,761 | |||||
Proceeds from Warrant Exercises | $ 2,684,520 | |||||
Class of Warrant or Right, Outstanding | 542,823 | 542,823 | ||||
Exercise Price of Warrants or Rights | $ 6.34 | $ 6.34 |
REVENUES (Details)
REVENUES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 2,020,612 | $ 1,237,434 | $ 5,514,102 | $ 4,009,644 |
Discounts and allowances | (14,774) | (5,065) | ||
Product [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 5,206,875 | 3,857,228 | ||
Maintenance [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 33,451 | 18,877 | ||
Service, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 74,440 | 47,031 | ||
Shipping and Handling [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 214,110 | $ 91,573 |
REVENUES (Details Narrative)
REVENUES (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred revenue | $ 159,596 | $ 107,489 |
Maintenance Fees [Member] | ||
Deferred revenue | 156,296 | |
Product Deposits [Member] | ||
Deferred revenue | $ 3,300 |