Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | OptimizeRx Corp | |
Trading Symbol | OPRX | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 17,618,607 | |
Amendment Flag | false | |
Entity Central Index Key | 0001448431 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-38543 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 26-1265381 | |
Entity Address, Address Line One | 400 Water Street | |
Entity Address, Address Line Two | Suite 200 | |
Entity Address, City or Town | Rochester | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48307 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
City Area Code | 248 | |
Local Phone Number | 651-6568 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 83,923,455 | $ 10,516,776 |
Accounts receivable, net | 17,933,926 | 17,885,705 |
Prepaid expenses | 3,124,479 | 4,456,611 |
Total Current Assets | 104,981,860 | 32,859,092 |
Property and equipment, net | 137,813 | 148,854 |
Other Assets | ||
Goodwill | 14,740,031 | 14,740,031 |
Technology assets, net | 4,896,016 | 5,251,822 |
Patent rights, net | 2,258,542 | 2,349,570 |
Other intangible assets, net | 4,203,777 | 4,519,552 |
Right of use assets, net | 392,482 | 445,974 |
Other assets and deposits | 12,859 | 12,859 |
Total Other Assets | 26,503,707 | 27,319,808 |
TOTAL ASSETS | 131,623,380 | 60,327,754 |
Current Liabilities | ||
Accounts payable – trade | 805,461 | 618,250 |
Accrued expenses | 2,088,651 | 2,420,361 |
Revenue share payable | 3,341,312 | 4,969,868 |
Current portion of lease obligations | 110,271 | 123,220 |
Current portion of contingent purchase price payable | 1,610,813 | |
Deferred revenue | 319,609 | 285,795 |
Total Current Liabilities | 6,665,304 | 10,028,307 |
Non-current Liabilities | ||
Lease obligations, net of current portion | 282,934 | 325,533 |
Total Non-current Liabilities | 282,934 | 325,533 |
Total Liabilities | 6,948,238 | 10,353,840 |
Commitments and contingencies (See Note 8) | ||
Stockholders’ Equity | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no issued and outstanding at June 30, 2021 or December 31, 2020 | ||
Common stock, $0.001 par value, 500,000,000 shares authorized, 17,495,429 and 15,223,340 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 17,495 | 15,223 |
Additional paid-in-capital | 160,574,661 | 85,590,428 |
Accumulated deficit | (35,917,014) | (35,631,737) |
Total Stockholders’ Equity | 124,675,142 | 49,973,914 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 131,623,380 | $ 60,327,754 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 17,495,429 | 15,223,340 |
Common stock, shares outstanding | 17,495,429 | 15,223,340 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
NET REVENUE | $ 13,625,639 | $ 8,783,230 | $ 24,854,850 | $ 16,367,832 |
COST OF REVENUES | 5,580,964 | 3,639,016 | 10,685,567 | 6,880,779 |
GROSS MARGIN | 8,044,675 | 5,144,214 | 14,169,283 | 9,487,053 |
OPERATING EXPENSES | 7,704,536 | 6,200,027 | 14,467,452 | 12,802,118 |
INCOME (LOSS) FROM OPERATIONS | 340,139 | (1,055,813) | (298,169) | (3,315,065) |
OTHER INCOME (EXPENSE) | ||||
Interest income | 11,961 | 8,345 | 12,892 | 63,666 |
Change in Fair Value of Contingent Consideration | (30,000) | (30,000) | ||
TOTAL OTHER INCOME (EXPENSE) | 11,961 | (21,655) | 12,892 | 33,666 |
INCOME(LOSS) BEFORE PROVISION FOR INCOME TAXES | 352,100 | (1,077,468) | (285,277) | (3,281,399) |
PROVISION FOR INCOME TAXES | ||||
NET INCOME (LOSS) | $ 352,100 | $ (1,077,468) | $ (285,277) | $ (3,281,399) |
WEIGHTED AVERGE SHARES OUTSTANDING | ||||
BASIC (in Shares) | 17,347,096 | 14,667,216 | 16,720,114 | 14,638,359 |
DILUTED (in Shares) | 18,104,807 | 14,667,216 | 16,720,114 | 14,638,359 |
EARNINGS (LOSS) PER SHARE | ||||
BASIC (in Dollars per share) | $ 0.02 | $ (0.07) | $ (0.02) | $ (0.22) |
DILUTED (in Dollars per share) | $ 0.02 | $ (0.07) | $ (0.02) | $ (0.22) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) | Common Stock | Additional Paid in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2019 | $ 14,601 | $ 78,272,268 | $ (33,424,610) | $ 44,862,259 |
Balance (in Shares) at Dec. 31, 2019 | 14,600,579 | |||
Shares issued as board compensation | $ 11 | 99,989 | 100,000 | |
Shares issued as board compensation (in Shares) | 11,136 | |||
Shares issued for stock options exercised | $ 35 | 112,117 | 112,152 | |
Shares issued for stock options exercised (in Shares) | 35,032 | |||
Stock-based compensation expense | 754,512 | 754,512 | ||
Net income (loss) | (2,203,931) | (2,203,931) | ||
Balance at Mar. 31, 2020 | $ 14,647 | 79,238,886 | (35,628,541) | 43,624,992 |
Balance (in Shares) at Mar. 31, 2020 | 14,646,747 | |||
Shares issued as board compensation | $ 8 | 100,019 | 100,027 | |
Shares issued as board compensation (in Shares) | 7,748 | |||
Shares issued for stock options exercised | $ 56 | 174,775 | 174,831 | |
Shares issued for stock options exercised (in Shares) | 55,731 | |||
Stock-based compensation expense | $ 42 | 680,602 | 680,644 | |
Stock-based compensation expense (in Shares) | 42,374 | |||
Net income (loss) | (1,077,468) | (1,077,468) | ||
Balance at Jun. 30, 2020 | $ 14,753 | 80,194,282 | (36,706,009) | 43,503,026 |
Balance (in Shares) at Jun. 30, 2020 | 14,752,600 | |||
Balance at Dec. 31, 2020 | $ 15,223 | 85,590,428 | (35,631,737) | 49,973,914 |
Balance (in Shares) at Dec. 31, 2020 | 15,223,340 | |||
Public offering of common shares, net of offering costs | $ 1,524 | 70,670,012 | 70,671,536 | |
Public offering of common shares, net of offering costs (in Shares) | 1,523,750 | |||
Shares issued as board compensation | $ 3 | 124,991 | 124,994 | |
Shares issued as board compensation (in Shares) | 2,695 | |||
Shares issued for stock options exercised | $ 511 | 1,119,500 | 1,120,011 | |
Shares issued for stock options exercised (in Shares) | 510,803 | |||
Stock-based compensation expense | 582,159 | 582,159 | ||
Net income (loss) | (637,377) | (637,377) | ||
Balance at Mar. 31, 2021 | $ 17,261 | 158,087,090 | (36,269,114) | 121,835,237 |
Balance (in Shares) at Mar. 31, 2021 | 17,260,588 | |||
Shares issued as board compensation | $ 2 | 125,089 | 125,091 | |
Shares issued as board compensation (in Shares) | 2,035 | |||
Shares issued for stock options exercised | $ 232 | 1,590,535 | 1,590,767 | |
Shares issued for stock options exercised (in Shares) | 232,806 | |||
Stock-based compensation expense | 771,947 | 771,947 | ||
Net income (loss) | 352,100 | 352,100 | ||
Balance at Jun. 30, 2021 | $ 17,495 | $ 160,574,661 | $ (35,917,014) | $ 124,675,142 |
Balance (in Shares) at Jun. 30, 2021 | 17,495,429 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (285,277) | $ (3,281,399) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation, amortization, and non-cash lease expense | 1,054,138 | 1,040,463 |
Stock-based compensation | 1,354,106 | 1,435,156 |
Stock issued for board services | 250,085 | 200,027 |
Provision for loss on accounts receivable | 40,000 | 40,000 |
Change in fair value of contingent consideration | 30,000 | |
Changes in: | ||
Accounts receivable | (88,221) | (3.427166) |
Prepaid expenses and other assets | 1,332,132 | (1,785,422) |
Accounts payable | 187,211 | 3,747 |
Revenue share payable | (1,628,556) | 1,878,051 |
Accrued expenses and other liabilities | (393,778) | 186,682 |
Deferred revenue | 33,814 | 68,678 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,855,654 | (3,611,183) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | (43,654) | (24,998) |
Purchase of intangible assets | (176,822) | |
NET CASH USED IN INVESTING ACTIVITIES | (220,476) | (24,998) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from public offering of common stock, net of commission costs | 70,671,536 | |
Proceeds from the exercise of options | 2,710,778 | 286,983 |
Payment of contingent consideration | (1,610,813) | (1,389,188) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 71,771,501 | (1,102,205) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 73,406,679 | (4,738,386) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 10,516,776 | 18,852,680 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 83,923,455 | 14,114,294 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Lease liabilities arising from right of use assets |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION | NOTE 1 – NATURE OF BUSINESS AND BASIS OF PRESENTATION The accompanying condensed consolidated financial statements include OptimizeRx Corporation and its wholly owned subsidiaries (collectively, the “Company”, “we”, “our”, or “us”). We are a digital health company that provides communications solutions for life science companies, physicians and patients. Connecting over half of healthcare providers in the U.S. and millions of patients through a proprietary network, the OptimizeRx digital health platform helps patients afford and stay on medications. The platform unlocks new patient and physician touchpoints for life science companies along the patient journey, from point-of-care, to retail pharmacy, through mobile patient engagement. The condensed consolidated financial statements for the three and six months ended June 30, 2021 and 2020 are unaudited and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments necessary to present fairly our consolidated financial position as of June 30, 2021, and our results of operations, changes in stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and the statements of cash flows for the six months ended June 30, 2021 and 2020 have been made. Those adjustments consist of normal and recurring adjustments. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated balance sheet as of that date. Certain information and note disclosures, including a detailed discussion about the Company’s significant accounting policies, normally included in our annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These consolidated condensed financial statements should be read in conjunction with a reading of the financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission on March 8, 2021. The results of operations for the three and six months ended June 30, 2021, are not necessarily indicative of the results to be expected for the full year. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING STANDARDS | NOTE 2 – NEW ACCOUNTING STANDARDS In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | NOTE 3 – REVENUES Under ASC 606, Revenue from Contracts with Customers The majority of our revenue is earned from life sciences companies, such as pharmaceutical and biotech companies, or medical device makers. A small portion of our revenue is earned from other sources, such as associations and technology companies. A break down is set forth in the table below. Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenue from: Life Science Companies $ 13,313,044 $ 8,336,298 $ 24,256,404 $ 15,568,032 Other 312,595 446,932 598,446 799,800 Total Revenue $ 13,625,639 $ 8,783,230 $ 24,854,850 $ 16,367,832 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
LEASES | NOTE 4 – LEASES We have operating leases for office space in three multitenant facilities with lease terms greater than 12 months, which are recorded as assets and liabilities on our condensed consolidated balance sheets. These leases include our corporate headquarters, located in Rochester, Michigan, a customer service facility in Cranbury, New Jersey, and a technical facility in Zagreb, Croatia. Certain leases contain renewal options and, for the headquarters lease, we have assumed renewal. Lease-related assets, or right-of-use assets, are recognized at the lease commencement date at amounts equal to the respective lease liabilities, adjusted for prepaid lease payments, initial direct costs, and lease incentives received. Lease-related liabilities are recognized at the present value of the remaining contractual fixed lease payments, discounted using our incremental borrowing rate. Amortization of the right of use assets is recognized as non-cash lease expense on a straight-line basis over the lease term, while variable lease payments are expensed as incurred. Short term lease costs include month to month leases in shared office space facilities, such as WeWork, or similar locations. For the three and six months ended June 30, 2021, the Company’s lease cost consisted of the following components, each of which is included in operating expenses within the Company’s condensed consolidated statements of operations: Three Months Six Months Operating lease cost $ 33,365 $ 66,730 Short-term lease cost (1) 16,890 32,814 Total lease cost $ 50,255 $ 99,544 (1) Short-term lease cost includes any lease with a term of less than 12 months. For the three and six months ended June 30, 2020, the Company’s lease cost consisted of the following components, each of which is included in operating expenses within the Company’s condensed consolidated statements of operations: Three Months Six Months Operating lease cost $ 32,814 $ 65,627 Short-term lease cost (1) 36,186 80,815 Total lease cost $ 69,000 $ 146,442 (1) Short-term lease cost includes any lease with a term of less than 12 months. The table below presents the future minimum lease payments to be made under operating leases as of June 30, 2021: As of June 30, 2021 2021(a) $ 71,176 2022 104,572 2023 101,414 2024 80,742 2025 70,224 Total 428,128 Less: imputed interest 34,923 Total lease liabilities $ 393,205 (a) For the six-month period beginning July 1, 2021. The weighted average remaining lease term at June 30, 2021 for operating leases was 3.93 years and the weighted average discount rate used in calculating the operating lease asset and liability was 4.5%. Cash paid for amounts included in the measurement of lease liabilities was $62,069 and $57,019 for the six months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, payments on lease obligations were $71,397 and $68,900, respectively, and amortization on the right of use assets was $60,013 and $56,357, respectively. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 5 – STOCKHOLDERS’ EQUITY During the quarter ended March 31, 2021, in an underwritten primary offering, we issued 1,523,750 shares of our common stock for gross proceeds of $75,425,625. In connection with this transaction, we incurred equity issuance costs of $4,754,089 related to payments to the underwriter, advisors and legal fees associated with the transaction, resulting in net proceeds to the Company of $70,671,536. During the quarters ended June 30, 2021 and March 31, 2021, we issued 232,806 shares and 510,803 shares of our common stock, respectively, and received proceeds of $1,590,767 and $1,120,011, respectively, in connection with the exercise of stock options under our 2013 equity incentive plan. Of the shares issued in the quarter ended March 31, 2021, a total of 368,329 shares were issued in a cashless transaction related to 394,739 expiring options using the net settled method whereby 26,410 options were used to pay the purchase price. The remaining 116,064 shares issued in connection with the exercise of options were all issued for cash. During the quarters ended June 30, 2020, and March 31, 2020 we issued 55,731 shares and 35,032 shares of our common stock, respectively, and received proceeds of $174,831 and $112,152, respectively, in connection with the exercise of stock options under our 2013 equity compensation plan. We also issued 42,374 shares in the six months ended June 30, 2020 in connection with restricted stock awards as described in more detail in Note 6 – Stock Based Compensation. Our Director Compensation Plan calls for issuance of shares of common stock each quarter to each independent director. In 2021, we issued 2,695 shares valued at $124,994 in the quarter ended March 31, 2021 and 2,035 shares valued at $125,091 in the quarter ended June 30, 2021. In 2020, we issued 11,136 shares valued at $100,000 in the quarter ended March 31, 2020, and 7,748 shares valued at $100,027 in the quarter ended June 30, 2020. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK BASED COMPENSATION | NOTE 6 – STOCK BASED COMPENSATION We use the fair value method to account for stock-based compensation. We recorded $954,434 and $1,021,787 in compensation expense in the six months ended June 30, 2021 and 2020, respectively, related to options issued under our 2013 equity incentive plan. This includes expense related to options issued in prior years for which the requisite service period for those options includes the current period as well as options issued in the current period. The fair value of these instruments was calculated using the Black-Scholes option pricing model. There is $6,183,249 of remaining expense related to unvested options to be recognized in the future over a weighted average remaining period of approximately 2.5 years. The total intrinsic value of outstanding options at June 30, 2021 was $44,669,554. In addition to the grants to independent Directors described in Note 5 – Stockholders’ Equity, we also recorded $399,672 and $413,369 in compensation expense related to restricted stock awards that vest over time in the six months ended June 30, 2021, and 2020, respectively. There is $2,588,851 of remaining expense related to unvested restricted stock awards to be recognized in the future over a weighted average period of 3.4 years. A total of 42,374 shares related to restricted stock awards that vested in the six months ended June 30, 2020 and were issued during that same period. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | NOTE 7 – EARNINGS (LOSS) PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares during the period. The number of shares related to options, restricted stock and other similar instruments included in diluted EPS is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes the theoretical repurchase of shares using proceeds of the respective stock option exercised, and for restricted stock, the amount of compensation cost attributed to future services which have not yet been recognized, and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options, restricted stock and similar instruments is dependent on this average stock price and will increase as the average stock price increases. The following table sets forth the computation of basic and diluted earnings (loss) per share. Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator Net income (loss) $ 352,100 $ (1,077,468 ) $ (285,277 ) $ (3,281,399 ) Denominator Weighted average shares outstanding used in computing earnings per share Basic 17,347,096 14,667,216 16,720,114 14,638,359 Effect of dilutive stock options, warrants, and unvested restricted stock awards 757,711 - - - Diluted 18,104,807 14,667,216 16,720,114 14,638,359 Earnings (loss) per share Basic $ 0.02 $ (0.07 ) $ (0.02 ) $ (0.22 ) Diluted $ 0.02 $ (0.07 ) $ (0.02 ) $ (0.22 ) No calculation of diluted earnings per share is included for either 2020 period or for the six months ended June 30, 2021, as the effect of the calculation would be antidilutive. The number of common shares potentially issuable upon the exercise of certain options or for unvested restricted stock awards are reflected in the table below. Three Months Ended Six Months Ended 2021 2020 2021 2020 Weighted average number of shares excluded from calculation Unvested restricted stock awards 98,011 79,264 94,942 48,027 Options 659,700 826,777 652,103 782,575 Total 757,711 906,041 747,045 830,602 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE 8 – CONTINGENCIES Litigation The Company is not currently involved in any legal proceedings. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS In July 2021, we received proceeds of $300,548 and issued 123,178 shares of common stock in conjunction with the exercise of stock options. In accordance with ASC 855-10, we have analyzed events and transactions that occurred subsequent to June 30, 2021 through the date these financial statements were issued and have determined that we do not have any other material subsequent events to disclose or recognize in these financial statements. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of total revenue | Three Months Ended Six Months Ended 2021 2020 2021 2020 Revenue from: Life Science Companies $ 13,313,044 $ 8,336,298 $ 24,256,404 $ 15,568,032 Other 312,595 446,932 598,446 799,800 Total Revenue $ 13,625,639 $ 8,783,230 $ 24,854,850 $ 16,367,832 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of company’s lease cost | Three Months Six Months Operating lease cost $ 33,365 $ 66,730 Short-term lease cost (1) 16,890 32,814 Total lease cost $ 50,255 $ 99,544 Three Months Six Months Operating lease cost $ 32,814 $ 65,627 Short-term lease cost (1) 36,186 80,815 Total lease cost $ 69,000 $ 146,442 (1) Short-term lease cost includes any lease with a term of less than 12 months. |
Schedule of future minimum lease payments | As of June 30, 2021 2021(a) $ 71,176 2022 104,572 2023 101,414 2024 80,742 2025 70,224 Total 428,128 Less: imputed interest 34,923 Total lease liabilities $ 393,205 (a) For the six-month period beginning July 1, 2021. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings (loss) per share | Three Months Ended Six Months Ended 2021 2020 2021 2020 Numerator Net income (loss) $ 352,100 $ (1,077,468 ) $ (285,277 ) $ (3,281,399 ) Denominator Weighted average shares outstanding used in computing earnings per share Basic 17,347,096 14,667,216 16,720,114 14,638,359 Effect of dilutive stock options, warrants, and unvested restricted stock awards 757,711 - - - Diluted 18,104,807 14,667,216 16,720,114 14,638,359 Earnings (loss) per share Basic $ 0.02 $ (0.07 ) $ (0.02 ) $ (0.22 ) Diluted $ 0.02 $ (0.07 ) $ (0.02 ) $ (0.22 ) |
Schedule of unvested restricted stock awards | Three Months Ended Six Months Ended 2021 2020 2021 2020 Weighted average number of shares excluded from calculation Unvested restricted stock awards 98,011 79,264 94,942 48,027 Options 659,700 826,777 652,103 782,575 Total 757,711 906,041 747,045 830,602 |
Revenues (Details)
Revenues (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable | $ 1,215,703 | $ 77,516 |
Revenues (Details) - Schedule o
Revenues (Details) - Schedule of total revenue - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue, Major Customer [Line Items] | ||||
Total Revenue | $ 13,625,639 | $ 8,783,230 | $ 24,854,850 | $ 16,367,832 |
Life Science Companies [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total Revenue | 13,313,044 | 8,336,298 | 24,256,404 | 15,568,032 |
Other [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total Revenue | $ 312,595 | $ 446,932 | $ 598,446 | $ 799,800 |
Leases (Details)
Leases (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||
Weighted average remaining lease term | 3 years 11 months 4 days | |
Weighted average discount rate | 4.50% | |
Measurement of lease liabilities | $ 62,069 | $ 57,019 |
Payments on lease obligations | 71,397 | 68,900 |
Amortization right of use assets. | $ 60,013 | $ 56,357 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of company’s lease cost - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Schedule of company’s lease cost [Abstract] | |||||
Operating lease cost | $ 33,365 | $ 32,814 | $ 66,730 | $ 65,627 | |
Short-term lease cost | [1] | 16,890 | 36,186 | 32,814 | 80,815 |
Total lease cost | $ 50,255 | $ 69,000 | $ 99,544 | $ 146,442 | |
[1] | Short-term lease cost includes any lease with a term of less than 12 months. |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of future minimum lease payments | Jun. 30, 2021USD ($) | |
Schedule of future minimum lease payments [Abstract] | ||
2021 | $ 71,176 | [1] |
2022 | 104,572 | |
2023 | 101,414 | |
2024 | 80,742 | |
2025 | 70,224 | |
Total | 428,128 | |
Less: imputed interest | 34,923 | |
Total lease liabilities | $ 393,205 | |
[1] | For the six-month period beginning July 1, 2021. |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Stockholders' Equity (Details) [Line Items] | |||||
Payments to advisors and legal fees (in Dollars) | $ 4,754,089 | ||||
Issuance of common share | 510,803 | 232,806 | |||
Issuance of common stock exercise value (in Dollars) | $ 1,120,011 | $ 1,590,767 | |||
Shares issued | 368,329 | ||||
Cashless transaction | 394,739 | ||||
Stock options, shares | 26,410 | ||||
Shares of restricted stock awards (in Dollars) | $ 42,374 | ||||
Shares issued | 17,495,429 | 15,223,340 | |||
RMDY Health, Inc. [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Shares of common stock issued | 35,032 | 55,731 | |||
Shares issued | 116,064 | ||||
Shares of common stock issued, value (in Dollars) | $ 112,152 | $ 174,831 | |||
Legal Fees [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Net proceeds issuance of common stock (in Dollars) | $ 70,671,536 | ||||
Director [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Shares issued | 2,695 | 11,136 | 2,035 | 7,748 | |
Issuance Of shares value (in Dollars) | $ 124,994 | $ 100,000 | $ 125,091 | $ 100,027 | |
Private Transaction [Member] | |||||
Stockholders' Equity (Details) [Line Items] | |||||
Shares of common stock issued | 1,523,750 | ||||
Gross proceeds of common stock amount (in Dollars) | $ 75,425,625 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Stock Based Compensation (Details) [Line Items] | ||
Expense remaining to be recognized related to unvested options | $ 6,183,249 | |
Weighted average contractual life | 2 years 6 months | |
Intrinsic value | $ 44,669,554 | |
Stock Compensation Plan [Member] | ||
Stock Based Compensation (Details) [Line Items] | ||
Stock compensation recognized expense | 954,434 | $ 1,021,787 |
Restricted Stock [Member] | ||
Stock Based Compensation (Details) [Line Items] | ||
Stock compensation recognized expense | $ 399,672 | 413,369 |
Expense remaining to be recognized related to unvested options | $ 2,588,851 | |
Weighted average contractual life | 3 years 4 months 24 days | |
Restricted stock awards (in Shares) | 42,374 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - Schedule of basic and diluted earnings (loss) per share - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator | ||||
Net income (loss) (in Dollars) | $ 352,100 | $ (1,077,468) | $ (285,277) | $ (3,281,399) |
Weighted average shares outstanding used in computing earnings per share | ||||
Basic | 17,347,096 | 14,667,216 | 16,720,114 | 14,638,359 |
Effect of dilutive stock options, warrants, and unvested restricted stock awards | 757,711 | |||
Diluted | 18,104,807 | 14,667,216 | 16,720,114 | 14,638,359 |
Earnings (loss) per share | ||||
Basic (in Dollars per share) | $ 0.02 | $ (0.07) | $ (0.02) | $ (0.22) |
Diluted (in Dollars per share) | $ 0.02 | $ (0.07) | $ (0.02) | $ (0.22) |
Earnings (Loss) Per Share (De_2
Earnings (Loss) Per Share (Details) - Schedule of unvested restricted stock awards - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of unvested restricted stock awards [Abstract] | ||||
Unvested restricted stock awards | 98,011 | 79,264 | 94,942 | 48,027 |
Options | 659,700 | 826,777 | 652,103 | 782,575 |
Total | 757,711 | 906,041 | 747,045 | 830,602 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | 1 Months Ended |
Jul. 30, 2021USD ($)shares | |
Subsequent Events (Details) [Line Items] | |
Issued shares of common stock (in Shares) | shares | 300,548 |
Proceeds from exercise of options | $ | $ 123,178 |