Cover
Cover - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 23, 2022 | Jun. 30, 2021 | |
Document Type | 10-K | ||||
Amendment Flag | false | ||||
Document Annual Report | true | ||||
Document Transition Report | false | ||||
Document Period End Date | Dec. 31, 2021 | ||||
Document Fiscal Period Focus | FY | ||||
Document Fiscal Year Focus | 2021 | ||||
Current Fiscal Year End Date | --12-31 | ||||
Entity File Number | 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 Well-known Seasoned Issuer | No | ||||
Entity Voluntary Filers | No | ||||
Entity Current Reporting Status | Yes | ||||
Entity Interactive Data Current | Yes | ||||
Entity Filer Category | Non-accelerated Filer | ||||
Entity Small Business | true | ||||
Entity Emerging Growth Company | false | ||||
Entity Shell Company | false | ||||
Entity Public Float | $ 272,967,868 | ||||
Entity Common Stock, Shares Outstanding | 10,035,392 | ||||
Auditor Firm ID | 49 | 106 | |||
Auditor Name | RSM US LLP | SALBERG & COMPANY, P.A. | |||
Auditor Location | Boca Raton, Florida | Los Angeles, California | |||
Common stock, $0.001 par value [Member] | |||||
Title of 12(b) Security | Common stock, $0.001 par value | ||||
Trading Symbol | BEEM | ||||
Security Exchange Name | NASDAQ | ||||
Warrants [Member] | |||||
Title of 12(b) Security | Warrants | ||||
Trading Symbol | BEEMW | ||||
Security Exchange Name | NASDAQ |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 21,948,512 | $ 26,702,804 |
Accounts receivable | 3,827,254 | 1,786,471 |
Prepaid expenses and other current assets | 180,194 | 321,393 |
Inventory | 1,610,860 | 1,092,763 |
Total current assets | 27,566,820 | 29,903,431 |
Property and equipment, net | 650,195 | 235,036 |
Operating lease right of use asset | 2,029,912 | 2,418,503 |
Patents, net | 359,060 | 293,789 |
Deposits | 52,000 | 52,000 |
Total assets | 30,657,987 | 32,902,759 |
Current liabilities | ||
Accounts payable | 1,567,069 | 727,919 |
Accrued expenses | 726,688 | 391,567 |
Sales tax payable | 57,561 | 92,130 |
Deferred revenue | 135,801 | 37,778 |
Operating lease liabilities, current | 467,891 | 521,006 |
Total current liabilities | 2,955,010 | 1,770,400 |
Deferred revenue, noncurrent | 117,950 | 69,711 |
Operating lease liabilities, noncurrent | 1,607,221 | 1,910,357 |
Total liabilities | 4,680,181 | 3,750,468 |
Stockholders' equity | ||
Preferred stock, $0.001 par value, 10,000,000 authorized, none outstanding as of December 31, 2021 and 2020, respectively. | 0 | 0 |
Common stock, $0.001 par value, 350,000,000 shares authorized, 8,971,711 and 8,482,387 shares issued or issuable and outstanding as of December 31, 2021 and 2020, respectively. | 8,972 | 8,482 |
Additional paid-in-capital | 83,587,479 | 80,166,415 |
Accumulated deficit | (57,618,645) | (51,022,606) |
Total stockholders' equity | 25,977,806 | 29,152,291 |
Total liabilities and stockholders' equity | $ 30,657,987 | $ 32,902,759 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 8,971,711 | 8,482,387 |
Common Stock shares outstanding | 8,971,711 | 8,482,387 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 9,001,751 | $ 6,210,350 |
Cost of revenues | 9,973,395 | 6,921,324 |
Gross loss | (971,644) | (710,974) |
Operating expenses | 5,627,674 | 4,496,660 |
Loss from operations | (6,599,318) | (5,207,634) |
Other income (expense) | ||
Interest income | 4,602 | 11,446 |
Interest expense | (498) | (11,893) |
Total other income (expense), net | 4,104 | (447) |
Loss before income tax expense | (6,595,214) | (5,208,081) |
Income tax expense | 825 | 4,944 |
Net loss | $ (6,596,039) | $ (5,213,025) |
Net loss per share - basic and diluted | $ (0.74) | $ (0.84) |
Weighted average shares outstanding - basic and diluted | 8,882,440 | 6,170,283 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - 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 | $ 60 | 444,122 | 444,182 | |
Stock issued for director services - vested, shares | 59,782 | |||
Stock issued to escrow account - unvested | $ 3 | (3) | ||
Stock issued to escrow account - unvested, shares | 2,126 | |||
Stock option expense | 722,549 | 722,549 | ||
Proceeds from issuance of common stock, pursuant to public offering | $ 1,644 | 18,998,031 | 18,999,675 | |
Proceeds from issuance of common stock, pursuant to public offering, shares | 1,643,900 | |||
Warrants exercised for cash | $ 1,552 | 9,925,306 | 9,926,858 | |
Warrants exercised for cash, shares | 1,552,206 | |||
Warrants exercised (cashless) | $ 11 | (11) | ||
Warrants exercised (cashless), shares | 11,304 | |||
Stock option exercise (cashless) | $ 2 | (2) | ||
Stock option exercise (cashless), shares | 2,199 | |||
Stock issued for services | $ 3 | 14,739 | 14,742 | |
Stock issued for services, shares | 2,700 | |||
Cash fees related to stock offerings | (1,566,852) | (1,566,852) | ||
Net loss | (5,213,025) | (5,213,025) | ||
Stock option expense | 722,549 | |||
Ending balance, value at Dec. 31, 2020 | $ 8,482 | 80,166,415 | (51,022,606) | 29,152,291 |
Ending balance, shares at Dec. 31, 2020 | 8,482,387 | |||
Stock issued for director services - vested | $ 41 | 742,244 | 742,285 | |
Stock issued for director services - vested, shares | 40,513 | |||
Stock issued to escrow account - unvested | $ (34) | 34 | ||
Stock issued to escrow account - unvested, shares | (33,774) | |||
Warrants exercised for cash | $ 446 | 2,853,777 | 2,854,223 | |
Warrants exercised for cash, shares | 445,926 | |||
Stock option exercise (cashless) | $ 36 | (630,409) | (630,373) | |
Stock option exercise (cashless), shares | 35,820 | |||
Stock option exercise (for cash) | $ 1 | 10,705 | 10,706 | |
Stock option exercise (for cash), shares | 839 | |||
Net loss | (6,596,039) | (6,596,039) | ||
Stock option expense | 444,713 | 444,713 | ||
Ending balance, value at Dec. 31, 2021 | $ 8,972 | $ 83,587,479 | $ (57,618,645) | $ 25,977,806 |
Ending balance, shares at Dec. 31, 2021 | 8,971,711 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities: | ||
Net loss | $ (6,596,039) | $ (5,213,025) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 92,775 | 40,952 |
Common stock issued for services | 742,285 | 458,924 |
Compensation expense related to grant of stock options | 444,713 | 722,549 |
Amortization of operating lease right of use asset | 32,340 | (19,911) |
Amortization of debt discount | 0 | 5,990 |
Increase (decrease) in: | ||
Accounts receivable | (2,040,783) | (1,021,937) |
Prepaid expenses and other current assets | 141,199 | (385,895) |
Inventory | (485,961) | 1,060,614 |
Deposits | 0 | 4,869 |
Accounts payable | 815,950 | 242,900 |
Accrued expenses | 335,121 | 86,452 |
Convertible note payable repaid in lieu of salary - related party | 0 | (220,417) |
Sales tax payable | (34,569) | 85,917 |
Deferred revenue | 146,262 | 13,880 |
Net cash used in operating activities | (6,406,707) | (4,138,138) |
Investing Activities: | ||
Purchases of equipment | (498,270) | (265,764) |
Funding of patent costs | (83,871) | (93,137) |
Net cash used in investing activities | (582,141) | (358,901) |
Financing Activities: | ||
Repayments of auto loan | 0 | (9,294) |
Borrowings on note payable - Paycheck Protection Program | 0 | 339,262 |
Repayment on note payable - Paycheck Protection Program | 0 | (339,262) |
Withhold shares to cover taxes for cashless stock option exercise | (630,373) | |
Proceeds from stock option exercises | 10,706 | 0 |
Proceeds from warrant exercises | 2,854,223 | 9,926,858 |
Payments of equity offering costs | 0 | (1,566,852) |
Proceeds from issuance of common stock and warrants, pursuant to public offering | 0 | 18,999,675 |
Net cash provided by financing activities | 2,234,556 | 27,350,387 |
Net (decrease) increase in cash | (4,754,292) | 22,853,348 |
Cash at beginning of year | 26,702,804 | 3,849,456 |
Cash at end of year | 21,948,512 | 26,702,804 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid for interest | 85 | 54,571 |
Cash paid for taxes | 825 | 4,944 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||
Purchase of property and equipment by incurring current liabilities | 23,200 | 0 |
Depreciation cost capitalized into inventory | 32,136 | 20,363 |
Recording of right of use asset and corresponding liability | 0 | 2,605,032 |
Reclassification of deferred equity offering costs into APIC | 0 | 1,566,852 |
Transfer of prepaid asset to inventory | 0 | 212,188 |
Transfer of fixed asset to inventory | $ 0 | $ 76,946 |
CORPORATE ORGANIZATION, NATURE
CORPORATE ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CORPORATE ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. CORPORATE ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CORPORATE ORGANIZATION Beam Global (formerly Envision Solar International, Inc.) was incorporated in June 2006 as a limited liability company (“LLC”). Through a series of transactions and mergers, including a series of 2010 transactions where the then existing entity was acquired by an inactive publicly held company in a transaction treated as a recapitalization of the company, the resulting entity became Envision Solar International, Inc., a Nevada Corporation. On September 15, 2020, Envision Solar International, Inc. announced its rebranding and changed its corporate name to Beam Global (hereinafter the “Company”, "us", "we", "our" or "Beam") and trading on Nasdaq: BEEM and BEEMW. NATURE OF OPERATIONS Beam is a cleantech innovation company based in San Diego, California. We develop, design, engineer, manufacture and sell high-quality, renewably energized infrastructure products for electric vehicle (“EV”) charging, outdoor media and branding, 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. Beam’s products and proprietary technology solutions target three markets that are experiencing significant growth with annual global spending in the billions of dollars: · electric vehicle (EV) charging infrastructure; · energy security and disaster preparedness; and · outdoor media advertising. RISKS AND UNCERTAINTIES On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. The outbreak of COVID-19 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. To date, while we saw seen some delays and cancellations of opportunities in our pipeline in 2020 as a result of funding issues, priority issues or temporary business closures, the pandemic has not had a material adverse effect on the Company’s financial position or results of operations for the years ended December 31, 2020 and December 31, 2021. However, it is difficult to predict if these governmental actions and the widespread economic disruption arising from the pandemic will impact our business in the future. The Company will continue to monitor its progress and communicate changes in estimates and assumptions with shareholders, as necessary. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. 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 December 31, 2021. As of December 31, 2021, approximately $ 22,070,000 Major Customers The Company continually assesses the financial strength of its customers. For the year ended December 31, 2021, two customers accounted for 33 13 30 30 22 13 10 61 13 For the years ended December 31, 2021 and 2020, the Company had a heavy concentration of sales to federal, state and local governments which represented 86 53 CASH AND CASH EQUIVALENTS For the purposes of the 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 December 31, 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. There were no 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 normal capacity in the manufacturing process. The Company regularly reviews inventory components and quantities on hand and performs annual physical inventory counts. PROPERTY, EQUIPMENT AND DEPRECIATION Property and equipment is recorded at cost. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets of 3 to 7 years 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. Accumulated amortization related to patents was $ 30,175 11,574 18,600 4,502 13,307 LEASES 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. IMPAIRMENT OF LONG-LIVED ASSETS The Company accounts for long-lived assets in accordance with the provisions of Accounting Standards Codification (“ASC”) 360-10-35-15 “Impairment or Disposal of Long-Lived Assets.” This guidance requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. 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. 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. The Company accrues for product warranties when the loss is probable and can be reasonably estimated. At December 31, 2021, the Company has no 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. RESEARCH AND DEVELOPMENT In accordance with ASC 730-10, “Research and Development,” expenditures for research and development of the Company’s products are expensed when incurred and are included in operating expenses. The Company recognized research and development costs of $ 360,586 261,611 ADVERTISING The Company conducts advertising for the promotion of its products and services. In accordance with ASC 720-35, “Advertising Costs,” advertising costs are charged to operations and included in operating expenses when incurred. Such amounts aggregated $ 138,072 122,840 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 estimates the fair value of each stock option at the grant date by using the Black-Scholes option pricing model. Forfeitures are accounted for as incurred, as a reversal of share-based compensation expense related to awards that will not vest. INCOME TAXES The Company accounts for income taxes pursuant to the provisions of ASC Topic 740, “Income Taxes,” which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provisions of ASC 740-10-25-5, “ .” The Company recognizes the benefit of a tax position when it is effectively settled. ASC 740-10-25-10, “Basic Recognition Threshold” provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. ASC 740-10-25-10 clarifies that a tax position can be effectively settled upon the completion of an examination by a taxing authority. For tax positions considered effectively settled, the Company recognizes the full amount of the tax benefit. 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 263,433 519,658 341,808 965,584 CONTINGENCIES Certain conditions may exist as of the date the financial statements are issued which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. Company management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be reasonably estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable would be disclosed. The Company does not include legal costs in its estimates of amounts to accrue. SEGMENTS The Company follows ASC 280-10 for “Disclosures about Segments of an Enterprise and Related Information.” During 2021 and 2020, the Company only operated in one segment; therefore, segment information has not been presented. RECLASSIFICATIONS Where necessary, the prior year’s information has been reclassified to conform to the current year 2021 statement presentation. On the Balance Sheets, $69,711 of deferred revenue was reclassified to deferred revenue, noncurrent. RECENTLY ISSUED 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 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 |
LIQUIDITY
LIQUIDITY | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
LIQUIDITY | 2. LIQUIDITY The Company has a history of net losses, including the accompanying financial statements for the years ended December 31, 2021 and 2020 where the Company had net losses of $ 6,596,039 1,186,998 5,213,025 1,181,473 6,406,707 4,138,138 11,499,675 7,500,000 2,854,223 9,926,858 The Company expects to continue to incur losses for a period of time into the future. In addition, there is no guarantee that the warrants will be exercised or that additional capital or debt financing will be available when and to the extent required, or that if available, it will be on terms acceptable to the Company. The Company continues to invest in sales and marketing resources and seek out sales contracts that should provide additional revenues and, in time, generate operating profits. The cash balance at December 31, 2021 was $ 21,948,512 24,611,810 |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 3. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets are summarized as follows: Prepaid expenses and other current assets December 31, 2021 2020 Prepaid insurance $ 65,653 $ 33,320 Vendor prepayments 87,557 83,049 Related party receivable 26,984 10,574 Cash due for warrant exercises – 194,450 Total prepaid expenses and other current assets $ 180,194 $ 321,393 Related party receivables as of December 31, 2021 and 2020 consisted primarily of payroll related taxes due for an employee option exercise. |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | 4. INVENTORY Inventories are stated at the lower of cost and net realizable value. Costs are determined using the first in-first out (FIFO) method. As of December 31, 2021 and 2020, inventory consists of the following: Schedule of inventory December 31, 2021 2020 Finished goods $ – $ – Work in process 424,761 559,582 Raw materials 1,186,099 533,181 Total inventory $ 1,610,860 $ 1,092,763 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 5. PROPERTY AND EQUIPMENT Property and equipment consist of the following: Schedule of property and equipment December 31, 2021 2020 Furniture and fixtures $ 129,075 $ 85,333 Computer equipment and software 73,517 87,303 Leasehold improvements 27,928 13,918 Autos 337,394 84,796 Machinery and equipment 565,499 425,856 Total property and equipment 1,133,413 697,206 Less accumulated depreciation (483,218 ) (462,170 ) Property and Equipment, net $ 650,195 $ 235,036 Depreciation expense for 2021 and 2020 was $ 71,152 36,450 32,136 20,363 3,023 0 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | 6. ACCRUED EXPENSES The major components of accrued expenses are summarized as follows: Accrued expense schedule December 31, 2021 2020 Accrued vacation $ 238,147 $ 205,809 Accrued salaries and bonus 353,121 178,449 Vendor accruals 35,520 4,400 Other accrued expenses 99,900 2,909 Total accrued expenses $ 726,688 $ 391,567 |
CONVERTIBLE NOTE PAYABLE _ RELA
CONVERTIBLE NOTE PAYABLE – RELATED PARTY AND NOTE PAYABLE | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Note Payable Related Party And Note Payable | |
CONVERTIBLE NOTE PAYABLE – RELATED PARTY AND NOTE PAYABLE | 7. 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 | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
AUTO LOAN | 8. 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 on October 31, 2020. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 9. 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 December 31, 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 which was the same term of the master lease for which the Company was the subtenant. In September 2020, the Company initiated a new five year master lease agreement, with two optional one year renewals. Monthly lease payments will range from $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. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
LEASES | 10. 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 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 the Company will extend the term of the lease and, therefore, the renewal periods have been excluded from the right-of-use (“ROU”) asset. The present value of the lease payment stream was calculated using an effective borrowing rate of 10 2,605,032 The tables below show the ROU assets and liabilities as of December 31, 2021 and December 31, 2020, including the changes during the periods. Schedule of operating right-of use asset Operating right-of use asset Sub-lease Office lease initial measurement January 1, 2019 $ 872,897 Less amortization of operating lease (523,738 ) Straight-line lease expense in excess of cash payments (32,770 ) Operating lease ROU asset December 31, 2019 $ 316,389 Less amortization of operating lease (349,159 ) Straight-line lease expense in excess of cash payments 32,770 Operating lease ROU asset August 31, 2020 - end of sublease $ – New lease Office lease initial measurement September 1, 2020 $ 2,605,032 Less amortization of operating lease (173,669 ) Straight-line lease expense in excess of cash payments (12,860 ) Operating lease ROU asset as of December 31, 2020 2,418,503 Less amortization of operating lease (388,591 ) Operating lease ROU asset as of December 31, 2021 $ 2,029,912 During the twelve months ended December 31, 2021, cash paid for amounts included in the measurement of operating lease liabilities was $ 405,476 As of December 31, 2021 and 2020, the current and non-current portions of the lease liability were recorded to the Balance Sheet as follows: Schedule of lease liability December 31, 2021 2020 Operating lease liabilities, current $ 467,891 $ 521,006 Operating lease liabilities, noncurrent 1,607,221 1,910,357 Total lease liability $ 2,075,112 $ 2,431,363 The future minimum rental commitments for our operating leases reconciled to the lease liability as of December 31, 2021 is as follows: Schedule of operating leases reconciled lease liability December 31, 2021 2022 $ 649,147 2023 668,622 2024 688,680 2025 468,212 Total undiscounted future minimum payments 2,474,661 Less imputed interest (399,549 ) Total lease liability $ 2,075,112 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 11. STOCKHOLDERS’ EQUITY Stock Issued In Cash Sales The Company filed a “shelf” registration statement on Form S-3 and an accompanying prospectus with the Securities and Exchange Commission on May 26, 2020. On July 7, 2020, the Company closed an underwritten public offering issuing 1,393,900 8.25 10.5 250,000 30.00 6.9 Other Securities In July 2020, 3,000 2,199 4.09 In August 2020, a stock grant was issued for 2,700 5.46 14,742 During the year ended December 31, 2020, 1,456,406 95,800 9,926,858 9,732,408 194,450 18,000 11,304 The unregistered securities described above were issued pursuant to the private placement exemption provided by Section 4(a)(2) of the Securities Act of 1933, as amended. Awards Under Stock Incentive Plans On June 9, 2021, the Company’s stockholders approved the Beam Global 2021 Equity Incentive Plan (the “2021 Plan”) under which 2,000,000 630,000 Stock Options Stock options are granted to new and existing employees. New employee option grants generally have a term of ten years and vest ratably over four years. Existing employee option grants generally have a term of ten years and vest immediately upon grant. The Company follows the provisions of ASC Topic 718, “Compensation – Stock Compensation.” ASC Topic 718 establishes standards surrounding the accounting for transactions in which an entity exchanges its equity instruments for goods or services. ASC Topic 718 focuses primarily on accounting for transactions in which an entity obtains employee services in share-based payment transactions, such as options issued under the Company’s Stock Option Plans. During the year ended December 31, 2021, the Company granted 43,300 905,658 105,604 1,374,394 The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model. This model incorporates certain assumptions for inputs including a risk-free market interest rate, expected dividend yield of the underlying common stock, expected option life and expected volatility in the market value of the underlying common stock based on our historical volatility. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company’s stock options and warrants have characteristics different from those of its traded stock, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management’s opinion, the existing models do not necessarily provide a reliable single measure of the fair value of such stock options. We used the following assumptions for options granted in fiscal 2021 and 2020: Assumptions for options granted 2021 2020 Expected volatility 93.03 99.32 74.16 115.78 Expected term 5 - 7 Years 5 - 7 Years Risk-free interest rate 1.25 1.38 0.37 1.79 Weighted average FV $ 19.55 $ 12.38 The Company’s stock option compensation expense was $ 444,713 722,549 1,040,700 4 Option activity for the years ended December 31, 2021 and 2020 is as follows: Schedule of option activity Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Outstanding at December 31, 2019 239,704 $ 9.25 Granted 105,604 15.63 Exercised (3,000 ) 4.09 Forfeited (500 ) 5.27 Outstanding at December 31, 2020 341,808 11.27 Granted 43,300 24.63 Exercised (97,192 ) 13.28 Forfeited (24,483 ) 23.84 Outstanding at December 31, 2021 263,433 $ 11.56 7.24 Exercisable at December 31, 2021 155,402 $ 7.04 6.12 Total intrinsic value of options exercised was $ 1,775,213 33,660 2,391,810 1,796,153 Restricted Stock The Company issues restricted stock to the members of its board of directors as compensation for such members’ services. Such grants generally vest ratably over four quarters. The Company also issues restricted stock to Mr. Wheatley, for which generally 50% of the shares granted vest ratably over four quarters and the remaining 50% vest ratably over twelve quarters. The common stock related to these awards are issued to an escrow account on the date of grant and released to the grantee upon vest. The fair value is determined based on the closing stock price of the Company’s common stock on the date granted and the related expense is recognized ratably over the vesting period. A summary of activity of the restricted stock awards for the years ended December 31, 2021 and 2020 is as follows: Schedule of restricted stock award activity Nonvested Shares Weighted- Average Grant- Date Fair Value Nonvested at December 31, 2019 44,437 $ 5.63 Granted 61,908 12.44 Vested (59,782 ) 7.51 Nonvested at December 31, 2020 46,563 12.28 Granted 20,444 31.41 Vested (40,513 ) 18.32 Forfeited (12,825 ) 14.95 Nonvested at December 31, 2021 13,669 $ 20.45 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 and 20,408 10,203 75,000 On October 20, 2020, upon recommendation of its Compensation Committee, the Board granted two directors annual stock grants of 12,200 17,100 620,425 10,375 155,107 Fair values of restricted stock vested during the year ended December 31, 2021 and 2020 were $ 1,367,138 1,539,637 As of December 31, 2021, there were unreleased shares of common stock representing $ 279,578 Warrants A summary of activity of warrants outstanding for the years ended December 31, 2021 and 2020 is as follows: Warrant activity Number of Warrants Weighted Average Exercise Price Outstanding at December 31, 2019 2,535,790 $ 6.41 Exercised (1,570,206 ) $ 6.47 Outstanding at December 31, 2020 965,584 $ 6.33 Exercised (445,926 ) $ 6.40 Outstanding at December 31, 2021 519,658 $ 6.30 Exercisable at December 31, 2021 519,658 $ 6.30 Exercisable warrants as of December 31, 2021 have a weighted average remaining contractual life of 2.30 6,391,793 1,552,206 9,926,858 18,000 11,304 During the year ended December 31, 2021, 433,937 11,989 2,854,222 |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | 12. REVENUES For each of the identified periods, revenues can be categorized into the following: Schedule of revenues For the Years Ended December 31, 2021 2020 Product sales $ 8,574,096 $ 6,024,274 Maintenance fees 44,068 30,957 Professional services 98,134 57,506 Shipping and handling 319,352 108,173 Discounts and allowances (33,899 ) (10,560 ) Total revenues $ 9,001,751 $ 6,210,350 International revenues were $ 0 84,081 0 1 During the year ended December 31, 2021 and 2020, 62 75 At December 31, 2021 and 2020, deferred revenue was $ 253,751 107,489 91,651 0 162,100 107,489 37,778 19,459 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 13. INCOME TAXES There was no Federal income tax expense for the years ended December 31, 2021 and 2020 due to the Company’s net losses. Income tax expense represents minimum state taxes due. The blended Federal and State tax rate of 28.04 21 Income tax reconciliation Year ended December 31, 2021 2020 Computed “expected” tax expense (benefit) $ (1,384,995 ) $ (1,093,697 ) State taxes, net of federal benefit (568,269 ) (407,798 ) Non-deductible stock options (328,295 ) (6,933 ) Non-deductible items 1,831 611 True-up to tax return (41,173 ) 683,476 Change in deferred tax asset valuation allowance 2,321,726 829,285 Income tax expense $ 825 $ 4,944 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities are as follows: Deferred tax assets and liabilities 2021 2020 Deferred tax assets: Stock options $ 406,703 $ 574,365 Deferred Revenue 71,155 31,070 Other 63,473 86,457 Net operating loss carryforward 12,484,444 10,012,021 Total gross deferred tax assets 13,055,775 10,703,913 Less: Deferred tax asset valuation allowance (12,978,187 ) (10,656,461 ) Total net deferred tax assets 77,588 47,452 Patents (24,393 ) Deferred tax liabilities: Depreciation (53,195 ) (47,452 ) Total deferred tax liabilities (77,588 ) (47,452 ) Total net deferred taxes $ – $ – As a result of the Company’s history of incurring operating losses, a full valuation allowance has been established. The valuation allowance at December 31, 2021 was $12,978,187. The increase in the valuation allowance during 2021 was $ 2,321,726 At December 31, 2021, the Company has a net operating loss carry forward of $ 45,229,370 25,107,807 20,121,563 No liability related to uncertain tax positions is recorded on the financial statements related to uncertain tax positions. There are no unrecognized tax benefits as of December 31, 2021. The Company does not expect that uncertain tax benefits will materially change in the next 12 months. The Company files U.S. federal, California, New York, and Wisconsin State tax returns, and a New York City tax return. All tax returns will remain open for examination by the federal and state taxing authorities for three and four years, respectively, from the date of utilization of any net operating loss carryforwards. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS On March 4, 2022, the Company completed its acquisition of AllCell Technologies, LLC (“AllCell”), a leader in energy storage solutions. This strategic acquisition is expected to increase and diversify our Company’s revenue, gross profitability, manufacturing capabilities, intellectual portfolio and customer base. The Company purchased substantially all of the assets and business of AllCell for 1,055,000 shares of Beam Common Stock (“Closing Consideration”) (on the closing date, based on the closing price of the Beam Common Stock of $13.61, such shares had a value of approximately $14.4 million) plus an additional $911,711 in cash for the net working capital of primarily inventory held by AllCell at closing. In addition, AllCell is eligible to earn an additional number of shares of Beam Common Stock if it meets certain revenue milestones (the “Earnout Consideration”). The Earnout Consideration is: (i) two times the amount of AllCell revenue and contracted backlog that is greater than $7.5 million for 2022, and (ii) two times the amount of AllCell 2023 revenue only which exceeds the greater of either $13.5 million or 135% of the 2022 cumulative revenue, capped at $20.0 million. Revenues exceeding $20.0 million in 2023 will not be eligible for the Earnout Consideration. Earnout Consideration All of the Company’s Common Stock issued to AllCell to satisfy the Closing Consideration and any Earnout Consideration will be issued in a private placement and will be subject to transfer restrictions under the Securities Act of 1933, as amended. Beam has agreed to file a resale registration statement with the SEC to register the resale of up to $10.0 million of the Common Stock issued to AllCell for the Closing Consideration. Pursuant to the terms of the Purchase Agreement, AllCell agreed not to sell shares of Beam Common Stock (i) in an amount greater than four percent (4%) of the average weekly volume of shares of Beam Common Stock during any trading week and (ii) on more than three days in any week and (iii) in an amount greater than ten percent (10%) of the average daily trading volume on any trading day. The acquisition of AllCell will be accounted for as a business combination using the acquisition method of accounting in the first quarter of 2022. Given the recent timing of the transaction close, we are in the process of estimating the fair value of the Earnout Consideration as well as the assets acquired and liabilities assumed in the business combination. As a result, we are currently unable to provide the estimate of the purchase consideration or the preliminary allocation of purchase consideration based on the acquisition date fair values of the assets acquired and liabilities assumed as well as other related information, including pro forma disclosures, determination of segments, reporting units, and the final amount of transaction costs, which will be included in the Quarterly Report on Form 10-Q for the three months ending March 31, 2022. |
CORPORATE ORGANIZATION, NATUR_2
CORPORATE ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CORPORATE ORGANIZATION | CORPORATE ORGANIZATION Beam Global (formerly Envision Solar International, Inc.) was incorporated in June 2006 as a limited liability company (“LLC”). Through a series of transactions and mergers, including a series of 2010 transactions where the then existing entity was acquired by an inactive publicly held company in a transaction treated as a recapitalization of the company, the resulting entity became Envision Solar International, Inc., a Nevada Corporation. On September 15, 2020, Envision Solar International, Inc. announced its rebranding and changed its corporate name to Beam Global (hereinafter the “Company”, "us", "we", "our" or "Beam") and trading on Nasdaq: BEEM and BEEMW. |
NATURE OF OPERATIONS | NATURE OF OPERATIONS Beam is a cleantech innovation company based in San Diego, California. We develop, design, engineer, manufacture and sell high-quality, renewably energized infrastructure products for electric vehicle (“EV”) charging, outdoor media and branding, 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. Beam’s products and proprietary technology solutions target three markets that are experiencing significant growth with annual global spending in the billions of dollars: · electric vehicle (EV) charging infrastructure; · energy security and disaster preparedness; and · outdoor media advertising. |
RISKS AND UNCERTAINTIES | RISKS AND UNCERTAINTIES On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. The outbreak of COVID-19 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. To date, while we saw seen some delays and cancellations of opportunities in our pipeline in 2020 as a result of funding issues, priority issues or temporary business closures, the pandemic has not had a material adverse effect on the Company’s financial position or results of operations for the years ended December 31, 2020 and December 31, 2021. However, it is difficult to predict if these governmental actions and the widespread economic disruption arising from the pandemic will impact our business in the future. The Company will continue to monitor its progress and communicate changes in estimates and assumptions with shareholders, as necessary. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. |
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 December 31, 2021. As of December 31, 2021, approximately $ 22,070,000 Major Customers The Company continually assesses the financial strength of its customers. For the year ended December 31, 2021, two customers accounted for 33 13 30 30 22 13 10 61 13 For the years ended December 31, 2021 and 2020, the Company had a heavy concentration of sales to federal, state and local governments which represented 86 53 |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS For the purposes of the 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 December 31, 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. There were no |
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 normal capacity in the manufacturing process. The Company regularly reviews inventory components and quantities on hand and performs annual physical inventory counts. |
PROPERTY, EQUIPMENT AND DEPRECIATION | PROPERTY, EQUIPMENT AND DEPRECIATION Property and equipment is recorded at cost. Depreciation is computed using the straight-line method based on the estimated useful lives of the related assets of 3 to 7 years |
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. Accumulated amortization related to patents was $ 30,175 11,574 18,600 4,502 13,307 |
LEASES | LEASES 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. |
IMPAIRMENT OF LONG-LIVED ASSETS | IMPAIRMENT OF LONG-LIVED ASSETS The Company accounts for long-lived assets in accordance with the provisions of Accounting Standards Codification (“ASC”) 360-10-35-15 “Impairment or Disposal of Long-Lived Assets.” This guidance requires that long-lived assets and certain identifiable intangibles be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
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. 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. The Company accrues for product warranties when the loss is probable and can be reasonably estimated. At December 31, 2021, the Company has no |
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. |
RESEARCH AND DEVELOPMENT | RESEARCH AND DEVELOPMENT In accordance with ASC 730-10, “Research and Development,” expenditures for research and development of the Company’s products are expensed when incurred and are included in operating expenses. The Company recognized research and development costs of $ 360,586 261,611 |
ADVERTISING | ADVERTISING The Company conducts advertising for the promotion of its products and services. In accordance with ASC 720-35, “Advertising Costs,” advertising costs are charged to operations and included in operating expenses when incurred. Such amounts aggregated $ 138,072 122,840 |
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 estimates the fair value of each stock option at the grant date by using the Black-Scholes option pricing model. Forfeitures are accounted for as incurred, as a reversal of share-based compensation expense related to awards that will not vest. |
INCOME TAXES | INCOME TAXES The Company accounts for income taxes pursuant to the provisions of ASC Topic 740, “Income Taxes,” which requires, among other things, an asset and liability approach to calculating deferred income taxes. The asset and liability approach requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the carrying amounts and the tax bases of assets and liabilities. A valuation allowance is provided to offset any net deferred tax assets for which management believes it is more likely than not that the net deferred asset will not be realized. The Company follows the provisions of ASC 740-10-25-5, “ .” The Company recognizes the benefit of a tax position when it is effectively settled. ASC 740-10-25-10, “Basic Recognition Threshold” provides guidance on how an entity should determine whether a tax position is effectively settled for the purpose of recognizing previously unrecognized tax benefits. ASC 740-10-25-10 clarifies that a tax position can be effectively settled upon the completion of an examination by a taxing authority. For tax positions considered effectively settled, the Company recognizes the full amount of the tax benefit. |
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 263,433 519,658 341,808 965,584 |
CONTINGENCIES | CONTINGENCIES Certain conditions may exist as of the date the financial statements are issued which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. Company management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be reasonably estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable would be disclosed. The Company does not include legal costs in its estimates of amounts to accrue. |
SEGMENTS | SEGMENTS The Company follows ASC 280-10 for “Disclosures about Segments of an Enterprise and Related Information.” During 2021 and 2020, the Company only operated in one segment; therefore, segment information has not been presented. |
RECLASSIFICATIONS | RECLASSIFICATIONS Where necessary, the prior year’s information has been reclassified to conform to the current year 2021 statement presentation. On the Balance Sheets, $69,711 of deferred revenue was reclassified to deferred revenue, noncurrent. |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | RECENTLY ISSUED 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 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 |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid expenses and other current assets | Prepaid expenses and other current assets December 31, 2021 2020 Prepaid insurance $ 65,653 $ 33,320 Vendor prepayments 87,557 83,049 Related party receivable 26,984 10,574 Cash due for warrant exercises – 194,450 Total prepaid expenses and other current assets $ 180,194 $ 321,393 |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Schedule of inventory December 31, 2021 2020 Finished goods $ – $ – Work in process 424,761 559,582 Raw materials 1,186,099 533,181 Total inventory $ 1,610,860 $ 1,092,763 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment December 31, 2021 2020 Furniture and fixtures $ 129,075 $ 85,333 Computer equipment and software 73,517 87,303 Leasehold improvements 27,928 13,918 Autos 337,394 84,796 Machinery and equipment 565,499 425,856 Total property and equipment 1,133,413 697,206 Less accumulated depreciation (483,218 ) (462,170 ) Property and Equipment, net $ 650,195 $ 235,036 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued expense schedule | Accrued expense schedule December 31, 2021 2020 Accrued vacation $ 238,147 $ 205,809 Accrued salaries and bonus 353,121 178,449 Vendor accruals 35,520 4,400 Other accrued expenses 99,900 2,909 Total accrued expenses $ 726,688 $ 391,567 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases | |
Schedule of operating right-of use asset | Schedule of operating right-of use asset Operating right-of use asset Sub-lease Office lease initial measurement January 1, 2019 $ 872,897 Less amortization of operating lease (523,738 ) Straight-line lease expense in excess of cash payments (32,770 ) Operating lease ROU asset December 31, 2019 $ 316,389 Less amortization of operating lease (349,159 ) Straight-line lease expense in excess of cash payments 32,770 Operating lease ROU asset August 31, 2020 - end of sublease $ – New lease Office lease initial measurement September 1, 2020 $ 2,605,032 Less amortization of operating lease (173,669 ) Straight-line lease expense in excess of cash payments (12,860 ) Operating lease ROU asset as of December 31, 2020 2,418,503 Less amortization of operating lease (388,591 ) Operating lease ROU asset as of December 31, 2021 $ 2,029,912 |
Schedule of lease liability | Schedule of lease liability December 31, 2021 2020 Operating lease liabilities, current $ 467,891 $ 521,006 Operating lease liabilities, noncurrent 1,607,221 1,910,357 Total lease liability $ 2,075,112 $ 2,431,363 |
Schedule of operating leases reconciled lease liability | Schedule of operating leases reconciled lease liability December 31, 2021 2022 $ 649,147 2023 668,622 2024 688,680 2025 468,212 Total undiscounted future minimum payments 2,474,661 Less imputed interest (399,549 ) Total lease liability $ 2,075,112 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Assumptions for options granted | Assumptions for options granted 2021 2020 Expected volatility 93.03 99.32 74.16 115.78 Expected term 5 - 7 Years 5 - 7 Years Risk-free interest rate 1.25 1.38 0.37 1.79 Weighted average FV $ 19.55 $ 12.38 |
Schedule of option activity | Schedule of option activity Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Outstanding at December 31, 2019 239,704 $ 9.25 Granted 105,604 15.63 Exercised (3,000 ) 4.09 Forfeited (500 ) 5.27 Outstanding at December 31, 2020 341,808 11.27 Granted 43,300 24.63 Exercised (97,192 ) 13.28 Forfeited (24,483 ) 23.84 Outstanding at December 31, 2021 263,433 $ 11.56 7.24 Exercisable at December 31, 2021 155,402 $ 7.04 6.12 |
Warrant activity | Warrant activity Number of Warrants Weighted Average Exercise Price Outstanding at December 31, 2019 2,535,790 $ 6.41 Exercised (1,570,206 ) $ 6.47 Outstanding at December 31, 2020 965,584 $ 6.33 Exercised (445,926 ) $ 6.40 Outstanding at December 31, 2021 519,658 $ 6.30 Exercisable at December 31, 2021 519,658 $ 6.30 |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of restricted stock award activity | Schedule of restricted stock award activity Nonvested Shares Weighted- Average Grant- Date Fair Value Nonvested at December 31, 2019 44,437 $ 5.63 Granted 61,908 12.44 Vested (59,782 ) 7.51 Nonvested at December 31, 2020 46,563 12.28 Granted 20,444 31.41 Vested (40,513 ) 18.32 Forfeited (12,825 ) 14.95 Nonvested at December 31, 2021 13,669 $ 20.45 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues | Schedule of revenues For the Years Ended December 31, 2021 2020 Product sales $ 8,574,096 $ 6,024,274 Maintenance fees 44,068 30,957 Professional services 98,134 57,506 Shipping and handling 319,352 108,173 Discounts and allowances (33,899 ) (10,560 ) Total revenues $ 9,001,751 $ 6,210,350 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income tax reconciliation | Income tax reconciliation Year ended December 31, 2021 2020 Computed “expected” tax expense (benefit) $ (1,384,995 ) $ (1,093,697 ) State taxes, net of federal benefit (568,269 ) (407,798 ) Non-deductible stock options (328,295 ) (6,933 ) Non-deductible items 1,831 611 True-up to tax return (41,173 ) 683,476 Change in deferred tax asset valuation allowance 2,321,726 829,285 Income tax expense $ 825 $ 4,944 |
Deferred tax assets and liabilities | Deferred tax assets and liabilities 2021 2020 Deferred tax assets: Stock options $ 406,703 $ 574,365 Deferred Revenue 71,155 31,070 Other 63,473 86,457 Net operating loss carryforward 12,484,444 10,012,021 Total gross deferred tax assets 13,055,775 10,703,913 Less: Deferred tax asset valuation allowance (12,978,187 ) (10,656,461 ) Total net deferred tax assets 77,588 47,452 Patents (24,393 ) Deferred tax liabilities: Depreciation (53,195 ) (47,452 ) Total deferred tax liabilities (77,588 ) (47,452 ) Total net deferred taxes $ – $ – |
CORPORATE ORGANIZATION, NATUR_3
CORPORATE ORGANIZATION, NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Product Information [Line Items] | ||
Uninsured cash | $ 22,070,000 | |
Cash equivalents | 0 | $ 0 |
Allowances for doubtful accounts | $ 0 | 0 |
Property and equipment estimated useful lives | 3 to 7 years | |
Accumulated amortization related to patents | $ 30,175 | 11,574 |
Amortization expense | 18,600 | 4,502 |
Amortization expenses for succeeding years | 13,307 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 13,307 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 13,307 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 13,307 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 13,307 | |
Accrued warranty reserve | 0 | |
Research and development costs | 360,586 | 261,611 |
Advertising costs | $ 138,072 | $ 122,840 |
Equity Option [Member] | ||
Product Information [Line Items] | ||
Potentially dilutive stock equivalents outstanding | 263,433 | |
Warrant [Member] | ||
Product Information [Line Items] | ||
Potentially dilutive stock equivalents outstanding | 519,658 | |
Option Shares [Member] | ||
Product Information [Line Items] | ||
Potentially dilutive stock equivalents outstanding | 341,808 | |
Warrant Shares [Member] | ||
Product Information [Line Items] | ||
Potentially dilutive stock equivalents outstanding | 965,584 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 1 [Member] | ||
Product Information [Line Items] | ||
Concentration percentage | 33.00% | 30.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 2 [Member] | ||
Product Information [Line Items] | ||
Concentration percentage | 13.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 1 [Member] | ||
Product Information [Line Items] | ||
Concentration percentage | 30.00% | 61.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 2 [Member] | ||
Product Information [Line Items] | ||
Concentration percentage | 22.00% | 13.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 3 [Member] | ||
Product Information [Line Items] | ||
Concentration percentage | 13.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer 4 [Member] | ||
Product Information [Line Items] | ||
Concentration percentage | 10.00% | |
Customer Concentration Risk [Member] | Sales [Member] | Federal, State, and Local Government [Member] | ||
Product Information [Line Items] | ||
Concentration percentage | 86.00% | 53.00% |
LIQUIDITY (Details Narrative)
LIQUIDITY (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2020 | Jul. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Securities Financing Transaction [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 6,596,039 | $ 5,213,025 | ||
Stock based compensation expense | 1,186,998 | 1,181,473 | ||
Net cash used in operations | 6,406,707 | 4,138,138 | ||
Net proceeds from sale of equity | 2,854,223 | 9,926,858 | ||
Cash | 21,948,512 | $ 26,702,804 | ||
Working capital | $ 24,611,810 | |||
July Offering [Member] | ||||
Securities Financing Transaction [Line Items] | ||||
Net proceeds from sale of equity | $ 11,499,675 | |||
November Offering [Member] | ||||
Securities Financing Transaction [Line Items] | ||||
Net proceeds from sale of equity | $ 7,500,000 |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 65,653 | $ 33,320 |
Vendor prepayments | 87,557 | 83,049 |
Related party receivable | 26,984 | 10,574 |
Cash due for warrant exercises | 0 | 194,450 |
Total prepaid expenses and other current assets | $ 180,194 | $ 321,393 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 0 | $ 0 |
Work in process | 424,761 | 559,582 |
Raw materials | 1,186,099 | 533,181 |
Total inventory | $ 1,610,860 | $ 1,092,763 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 1,133,413 | $ 697,206 |
Less accumulated depreciation | (483,218) | (462,170) |
Property and Equipment, Net | 650,195 | 235,036 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 129,075 | 85,333 |
Computer equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 73,517 | 87,303 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 27,928 | 13,918 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 337,394 | 84,796 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 565,499 | $ 425,856 |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 71,152 | $ 36,450 |
Depreciation expense capitalized | 32,136 | 20,363 |
Disposal of property and equipment | $ 3,023 | $ 0 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued vacation | $ 238,147 | $ 205,809 |
Accrued salaries and bonus | 353,121 | 178,449 |
Vendor accruals | 35,520 | 4,400 |
Other accrued expenses | 99,900 | 2,909 |
Total accrued expenses | $ 726,688 | $ 391,567 |
CONVERTIBLE NOTE PAYABLE _ RE_2
CONVERTIBLE NOTE PAYABLE – RELATED PARTY AND NOTE PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 10 Months Ended | 12 Months Ended |
Feb. 28, 2020 | Mar. 31, 2019 | May 01, 2020 | Nov. 13, 2020 | Dec. 31, 2018 | |
Convertible 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) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Monthly lease payments | $52,000 to $58,526 per month over the term of the lease |
LEASES (Details - Operating rig
LEASES (Details - Operating right-of use asset) - USD ($) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Aug. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2019 | |
Office lease initial measurement, beginning | $ 2,418,503 | |||
Operating lease ROU asset, end | $ 2,418,503 | 2,029,912 | ||
Subliease [Member] | ||||
Office lease initial measurement, beginning | 0 | $ 316,389 | $ 872,897 | |
Less amortization of operating lease | (349,159) | (523,738) | ||
Straight-line lease expense in excess of cash payments | 32,770 | (32,770) | ||
Operating lease ROU asset, end | 0 | $ 316,389 | ||
New Lease [Member] | ||||
Office lease initial measurement, beginning | 2,605,032 | 2,418,503 | ||
Less amortization of operating lease | (173,669) | (388,591) | ||
Straight-line lease expense in excess of cash payments | (12,860) | |||
Operating lease ROU asset, end | $ 2,418,503 | $ 2,605,032 | $ 2,029,912 |
LEASES (Details - Lease liabili
LEASES (Details - Lease liability) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 02, 2020 |
Leases | |||
Operating lease liabilities, current | $ 467,891 | $ 521,006 | |
Operating lease liabilities, noncurrent | 1,607,221 | 1,910,357 | |
Total lease liability | $ 2,075,112 | $ 2,431,363 | $ 2,605,032 |
LEASES (Details - Minimum renta
LEASES (Details - Minimum rental commitments for our operating leases) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 02, 2020 |
Leases | |||
2022 | $ 649,147 | ||
2023 | 668,622 | ||
2024 | 688,680 | ||
2025 | 468,212 | ||
Total undiscounted future minimum payments | 2,474,661 | ||
Less imputed interest | (399,549) | ||
Total lease liability | $ 2,075,112 | $ 2,431,363 | $ 2,605,032 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 02, 2020 | |
Leases | |||
Borrowing rate | 10.00% | ||
Lease liability | $ 2,075,112 | $ 2,431,363 | $ 2,605,032 |
Operating Lease, Payments | $ 405,476 |
Assumptions for options granted
Assumptions for options granted (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected remaining term | 5 - 7 Years | 5 - 7 Years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 19.55 | $ 12.38 |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 93.03% | 74.16% |
Risk-free interest rate | 1.25% | 0.37% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 99.32% | 115.78% |
Risk-free interest rate | 1.38% | 1.79% |
Schedule of option activity (De
Schedule of option activity (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options Outstanding, Beginning | 341,808 | 239,704 |
Weighted Average Exercise Price Outstanding,Beginning | $ 11.27 | $ 9.25 |
Number of Options Granted | 43,300 | 105,604 |
Weighted Average Exercise Price Granted | $ 24.63 | $ 15.63 |
Number of Options Exercised | (97,192) | (3,000) |
Weighted Average Exercise Price Exercised | $ 13.28 | $ 4.09 |
Number of Options Forfeited | (24,483) | (500) |
Weighted Average Exercise Price Forfeited | $ 23.84 | $ 5.27 |
Number of Options Outstanding, Ending | 263,433 | 341,808 |
Weighted Average Exercise Price Outstanding, Ending | $ 11.56 | $ 11.27 |
Weighted Average Remaining Contractual Life | 7 years 2 months 26 days | |
Number of Options Exercisable, Ending | 155,402 | |
Weighted Average Exercise Price Exercisable, Ending | $ 7.04 | |
Weighted Average Remaining Contractual Life, exercisable | 6 years 1 month 13 days |
Schedule of restricted stock aw
Schedule of restricted stock award activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | ||
Number of Nonvested Shares Outstanding, Beginning | 46,563 | 44,437 |
Weighted Average Exercise Price Outstanding, Beginning | $ 12.28 | $ 5.63 |
Number of Nonvested Shares Granted | 20,444 | 61,908 |
Weighted Average Exercise Price Granted | $ 31.41 | $ 12.44 |
Number of Nonvested Shares Vested | (40,513) | (59,782) |
Weighted Average Exercise Price Vested | $ 18.32 | $ 7.51 |
Number of Nonvested Shares Forfeited | (12,825) | |
Weighted Average Exercise Price Forfeited | $ 14.95 | |
Number of Nonvested Shares Outstanding, Ending | 13,669 | 46,563 |
Weighted Average Exercise Price Outstanding, Ending | $ 20.45 | $ 12.28 |
Warrant activity (Details)
Warrant activity (Details) - Warrant [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Warrants Outstanding, Beginning | 965,584 | 2,535,790 |
Weighted Average Exercise Price Outstanding, Beginning | $ 6.33 | $ 6.41 |
Number of Warrants Exercised | (445,926) | (1,570,206) |
Weighted Average Exercise Price Exercised | $ 6.40 | $ 6.47 |
Number of Warrants Outstanding, Ending | 519,658 | 965,584 |
Weighted Average Exercise Price Outstanding, Ending | $ 6.30 | $ 6.33 |
Number of Warrants Exercisable, Ending | 519,658 | |
Weighted Average Exercise Price Exercisable, ending | $ 6.30 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Nov. 27, 2020 | Oct. 20, 2020 | Jul. 07, 2020 | Jun. 17, 2020 | Aug. 31, 2020 | Jul. 31, 2020 | Dec. 31, 2021 | Nov. 27, 2021 | Dec. 31, 2020 | Jul. 06, 2020 |
Class of Stock [Line Items] | ||||||||||
Stock Issued for Services, value | $ 14,742 | |||||||||
Proceeds from warrant exercises | $ 2,854,223 | 9,926,858 | ||||||||
Intrinsic value of options exercised | 1,775,213 | $ 33,660 | ||||||||
Intrinsic value of options outstanding | 2,391,810 | |||||||||
Intrinsic value of options exercised outstanding | $ 1,796,153 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,444 | 61,908 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 40,513 | 59,782 | ||||||||
Common stock exercised | $ (630,373) | |||||||||
Private Placement [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock exercised | $ 2,854,222 | |||||||||
2021 Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares issued | 2,000,000 | |||||||||
2011 Beam Global Stock Incentive Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares issued | 630,000 | |||||||||
All Plans [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 43,300 | 105,604 | ||||||||
Fair value of options granted | $ 905,658 | $ 1,374,394 | ||||||||
Warrants [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Warrants exercised | 1,552,206 | |||||||||
Common stock issued from warrant exercises | 11,304 | |||||||||
Warrants exercised, cashless, shares | 18,000 | |||||||||
Warrants [Member] | Registered Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Warrants exercised | 1,456,406 | |||||||||
Warrants [Member] | Unregistered Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Warrants exercised | 95,800 | |||||||||
Warrant [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Warrants exercised | 445,926 | 1,570,206 | ||||||||
Proceeds from warrant exercises | $ 9,926,858 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 3 months 18 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 6,391,793 | |||||||||
Equity Option [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share based compensation expenses | 444,713 | 722,549 | ||||||||
Stock Options [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Unrecognized compensation Costs | $ 1,040,700 | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 4 years | |||||||||
Restricted Stock Grants [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Unrecognized restricted stock grant expensegrant expense | $ 279,578 | |||||||||
Restricted Stock Grants [Member] | Three Directors [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share based compensation expenses | 155,107 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 10,375 | |||||||||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodValue] | $ 620,425 | |||||||||
Restricted Stock Grants [Member] | 2011 Beam Global Stock Incentive Plan [Member] | Wheatley [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share based compensation expenses | $ 75,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,408 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 10,203 | |||||||||
Restricted Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,367,138 | $ 1,539,637 | ||||||||
Registered Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Warrants purchase | 433,937 | |||||||||
Unregistered Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Warrants purchase | 11,989 | |||||||||
One Director [Member] | Restricted Stock Grants [Member] | 2011 Beam Global Stock Incentive Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 12,200 | |||||||||
Another Director [Member] | Restricted Stock Grants [Member] | 2011 Beam Global Stock Incentive Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 12,200 | |||||||||
Lead Director [Member] | Restricted Stock Grants [Member] | 2011 Beam Global Stock Incentive Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 17,100 | |||||||||
Stock issued for services [Member] | Consultant [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share Price | $ 5.46 | |||||||||
Stock Issued for Services, shares | 2,700 | |||||||||
Stock Issued for Services, value | $ 14,742 | |||||||||
Exercise of Warrants [Member] | Warrants [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cashless warrants exercised | 18,000 | |||||||||
Common stock issued from warrant exercises | 11,304 | |||||||||
Exercise of Warrants [Member] | Warrant [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Proceeds from warrant exercises | $ 9,926,858 | |||||||||
Exercise of Warrants [Member] | Warrant [Member] | Cash [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Proceeds from warrant exercises | 9,732,408 | |||||||||
Exercise of Warrants [Member] | Warrant [Member] | Prepaid Assets [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Proceeds from warrant exercises | $ 194,450 | |||||||||
Options exercised, cashless basis [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock options exercised | 3,000 | |||||||||
Stock exercised, shares issued | 2,199 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.09 | |||||||||
Shelf Registration [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued new, shares | 1,393,900 | |||||||||
Share Price | $ 8.25 | |||||||||
Proceeds from sale of equity | $ 10,500 | |||||||||
Second Public Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued new, shares | 250,000 | |||||||||
Share Price | $ 30 | |||||||||
Proceeds from sale of equity | $ 6,900 |
REVENUES (Details)
REVENUES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 9,001,751 | $ 6,210,350 |
Discounts and allowances | (33,899) | (10,560) |
Product [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 8,574,096 | 6,024,274 |
Maintenance [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 44,068 | 30,957 |
Service, Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 98,134 | 57,506 |
Shipping and Handling [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 319,352 | $ 108,173 |
REVENUES (Details Narrative)
REVENUES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 9,001,751 | $ 6,210,350 |
Deferred revenue | 253,751 | 107,489 |
Deferred revenue recorded in prior year | 37,778 | 19,459 |
Product Deposits [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | 91,651 | 0 |
Maintenance Fees [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 162,100 | $ 107,489 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | California [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Concentration Risk, Percentage | 62.00% | 75.00% |
International Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 0 | $ 84,081 |
International Sales [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Concentration Risk, Percentage | 0.00% | 1.00% |
INCOME TAXES (Details-Tax Expen
INCOME TAXES (Details-Tax Expense) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Computed “expected” tax expense (benefit) | $ (1,384,995) | $ (1,093,697) |
State taxes, net of federal benefit | (568,269) | (407,798) |
Non-deductible stock options | (328,295) | (6,933) |
Non-deductible items | 1,831 | 611 |
True-up to tax return | (41,173) | 683,476 |
Change in deferred tax asset valuation allowance | 2,321,726 | 829,285 |
Income tax expense | $ 825 | $ 4,944 |
INCOME TAXES (Details-Deferred
INCOME TAXES (Details-Deferred tax assets and liabilities) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Stock options | $ 406,703 | $ 574,365 |
Deferred Revenue | 71,155 | 31,070 |
Other | 63,473 | 86,457 |
Net operating loss carryforward | 12,484,444 | 10,012,021 |
Total gross deferred tax assets | 13,055,775 | 10,703,913 |
Less: Deferred tax asset valuation allowance | (12,978,187) | (10,656,461) |
Total net deferred tax assets | 77,588 | 47,452 |
Patents | (24,393) | |
Deferred tax liabilities: | ||
Depreciation | (53,195) | (47,452) |
Total deferred tax liabilities | (77,588) | (47,452) |
Total net deferred taxes | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate Reconciliation, Percent | 28.04% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 2,321,726 |
Net operating loss carryforward | 45,229,370 |
NOL carryforward with expiration | 25,107,807 |
NOL carryforward without expiration | $ 20,121,563 |