Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 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 | 17,769,544 | |
Amendment Flag | false | |
Entity Central Index Key | 0001448431 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
City Area Code | 248 | |
Local Phone Number | 651-6568 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 85,056,578 | $ 10,516,776 |
Accounts receivable, net | 20,747,529 | 17,885,705 |
Prepaid expenses | 2,564,711 | 4,456,611 |
Total Current Assets | 108,368,818 | 32,859,092 |
Property and equipment, net | 130,863 | 148,854 |
Other Assets | ||
Goodwill | 14,740,031 | 14,740,031 |
Technology assets, net | 4,784,771 | 5,251,822 |
Patent rights, net | 2,205,550 | 2,349,570 |
Other intangible assets, net | 4,045,890 | 4,519,552 |
Right of use assets, net | 362,024 | 445,974 |
Other assets and deposits | 12,859 | 12,859 |
Total Other Assets | 26,151,125 | 27,319,808 |
TOTAL ASSETS | 134,650,806 | 60,327,754 |
Current Liabilities | ||
Accounts payable – trade | 771,645 | 618,250 |
Accrued expenses | 2,460,248 | 2,420,361 |
Revenue share payable | 3,891,091 | 4,969,868 |
Current portion of lease obligations | 101,063 | 123,220 |
Current portion of contingent purchase price payable | 1,610,813 | |
Deferred revenue | 348,405 | 285,795 |
Total Current Liabilities | 7,572,452 | 10,028,307 |
Non-current Liabilities | ||
Lease obligations, net of current portion | 260,614 | 325,533 |
Total Non-current Liabilities | 260,614 | 325,533 |
Total Liabilities | 7,833,066 | 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 September 30, 2021 or December 31, 2020 | ||
Common stock, $0.001 par value, 166,666,667 shares authorized, 17,727,769 and 15,223,340 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 17,728 | 15,223 |
Additional paid-in-capital | 162,677,132 | 85,590,428 |
Accumulated deficit | (35,877,120) | (35,631,737) |
Total Stockholders’ Equity | 126,817,740 | 49,973,914 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 134,650,806 | $ 60,327,754 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 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 | 166,666,667 | 166,666,667 |
Common stock, shares issued | 17,727,769 | 15,223,340 |
Common stock, shares outstanding | 17,727,769 | 15,223,340 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
NET REVENUE | $ 16,124,951 | $ 10,519,191 | $ 40,979,801 | $ 26,887,022 |
COST OF REVENUES | 7,047,832 | 4,504,844 | 17,733,400 | 11,385,622 |
GROSS MARGIN | 9,077,119 | 6,014,347 | 23,246,401 | 15,501,400 |
OPERATING EXPENSES | 9,038,929 | 6,191,069 | 23,506,381 | 18,993,187 |
INCOME (LOSS) FROM OPERATIONS | 38,190 | (176,722) | (259,980) | (3,491,787) |
OTHER INCOME (EXPENSE) | ||||
Interest income | 1,704 | 4,218 | 14,597 | 67,884 |
Change in fair value of contingent consideration | (110,390) | (140,390) | ||
TOTAL OTHER INCOME (EXPENSE) | 1,704 | (106,172) | 14,597 | (72,506) |
INCOME(LOSS) BEFORE PROVISION FOR INCOME TAXES | 39,894 | (282,894) | (245,383) | (3,564,293) |
PROVISION FOR INCOME TAXES | ||||
NET INCOME (LOSS) | $ 39,894 | $ (282,894) | $ (245,383) | $ (3,564,293) |
WEIGHTED AVERGE SHARES OUTSTANDING | ||||
BASIC (in Shares) | 17,639,346 | 14,900,971 | 17,028,762 | 14,726,534 |
DILUTED (in Shares) | 18,198,412 | 14,900,971 | 17,028,762 | 14,726,534 |
EARNINGS (LOSS) PER SHARE | ||||
BASIC (in Dollars per share) | $ 0 | $ (0.02) | $ (0.01) | $ (0.24) |
DILUTED (in Dollars per share) | $ 0 | $ (0.02) | $ (0.01) | $ (0.24) |
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 for stock options exercised | $ 35 | 112,117 | 112,152 | |
Shares issued for stock options exercised (in Shares) | 35,032 | |||
Shares issued as board compensation | $ 11 | 99,989 | 100,000 | |
Shares issued as board compensation (in Shares) | 11,136 | |||
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 for stock options exercised | $ 56 | 174,775 | 174,831 | |
Shares issued for stock options exercised (in Shares) | 55,731 | |||
Shares issued as board compensation | $ 8 | 100,019 | 100,027 | |
Shares issued as board compensation (in Shares) | 7,748 | |||
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 | |||
Shares issued for stock options exercised | $ 198 | 1,044,899 | 1,045,097 | |
Shares issued for stock options exercised (in Shares) | 198,024 | |||
Shares issued for contingent purchase price and escrow hold back | $ 94 | 1,657,454 | 1,657,548 | |
Shares issued for contingent purchase price and escrow hold back (in Shares) | 94,501 | |||
Shares issued as board compensation | $ 6 | 124,978 | 124,984 | |
Shares issued as board compensation (in Shares) | 5,915 | |||
Stock-based compensation expense | $ 21 | 631,432 | 631,453 | |
Stock-based compensation expense (in Shares) | 21,186 | |||
Net income (loss) | (282,894) | (282,894) | ||
Balance at Sep. 30, 2020 | $ 15,072 | 83,653,045 | (36,988,903) | 46,679,214 |
Balance (in Shares) at Sep. 30, 2020 | 15,072,226 | |||
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 for stock options exercised | $ 511 | 1,119,500 | 1,120,011 | |
Shares issued for stock options exercised (in Shares) | 510,803 | |||
Shares issued as board compensation | $ 3 | 124,991 | 124,994 | |
Shares issued as board compensation (in Shares) | 2,695 | |||
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 for stock options exercised | $ 232 | 1,590,535 | 1,590,767 | |
Shares issued for stock options exercised (in Shares) | 232,806 | |||
Shares issued as board compensation | $ 2 | 125,089 | 125,091 | |
Shares issued as board compensation (in Shares) | 2,035 | |||
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 | |||
Shares issued for stock options exercised | $ 233 | 1,094,464 | 1,094,697 | |
Shares issued for stock options exercised (in Shares) | 232,340 | |||
Stock-based compensation expense | 1,008,007 | 1,008,007 | ||
Net income (loss) | 39,894 | 39,894 | ||
Balance at Sep. 30, 2021 | $ 17,728 | $ 162,677,132 | $ (35,877,120) | $ 126,817,740 |
Balance (in Shares) at Sep. 30, 2021 | 17,727,769 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (245,383) | $ (3,564,293) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation, amortization, and non-cash lease expense | 1,580,173 | 1,563,883 |
Stock-based compensation | 2,362,113 | 2,066,609 |
Stock issued for board services | 250,085 | 325,011 |
Provision for loss on accounts receivable | 60,000 | 80,000 |
Change in fair value of contingent consideration | 140,390 | |
Changes in: | ||
Accounts receivable | (2,921,824) | (5,994,527) |
Prepaid expenses and other assets | 1,891,900 | (931,833) |
Accounts payable | 153,395 | (12,493) |
Revenue share payable | (1,078,777) | 2,023,650 |
Accrued expenses and other liabilities | (53,710) | 704,559 |
Deferred revenue | 62,610 | (118,737) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,060,582 | (3,717,781) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of equipment | (62,565) | (45,254) |
Purchase of intangible assets | (324,413) | |
NET CASH USED IN INVESTING ACTIVITIES | (386,978) | (45,254) |
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 | 3,805,475 | 1,332,080 |
Payment of contingent consideration | (1,610,813) | (4,389,187) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 72,866,198 | (3,057,107) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 74,539,802 | (6,820,142) |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 10,516,776 | 18,852,680 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 85,056,578 | 12,032,538 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Acquisition liabilities paid in common stock | 1,550,000 | |
Lease liabilities arising from right of use assets |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 9 Months Ended |
Sep. 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 nine months ended September 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 September 30, 2021, and our results of operations, changes in stockholders’ equity for the three and nine months ended September 30, 2021 and 2020 and the statements of cash flows for the nine months ended September 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 nine months ended September 30, 2021, are not necessarily indicative of the results to be expected for the full year. |
New Accounting Standards
New Accounting Standards | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 Nine Months Ended 2021 2020 2021 2020 Revenue from: Life Science Companies $ 15,949,517 $ 10,177,247 $ 40,059,551 $ 25,751,278 Other 175,434 341,944 920,250 1,135,744 Total Revenue $ 16,124,951 $ 10,519,191 $ 40,979,801 $ 26,887,022 |
Leases
Leases | 9 Months Ended |
Sep. 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. For leases that contain renewal options we have only assumed renewal for the headquarters lease. 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. For the three and nine months ended September 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 Ended Nine Months Ended Operating lease cost $ 33,365 $ 100,094 Short-term lease cost (1) 13,652 46,466 Total lease cost $ 47,017 $ 146,560 (1) Short-term lease cost includes any lease with a term of less than 12 months. For the three and nine months ended September 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 Nine Months Operating lease cost $ 32,814 $ 98,441 Short-term lease cost (1) 36,602 116,817 Total lease cost $ 68,816 $ 215,258 (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 September 30, 2021: As of September 30, 2021 2021(a) $ 35,436 2022 104,572 2023 101,414 2024 80,742 2025 70,224 Total 392,388 Less: imputed interest 30,711 Total lease liabilities $ 361,677 (a) For the three-month period beginning October 1, 2021. The weighted average remaining lease term at September 30, 2021 for operating leases was 3.76 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 $31,528 and $33,919 for the three months ended September 30, 2021 and 2020, respectively. Cash paid for amounts included in the measurement of lease liabilities was $93,596 and $105,267 for the nine months ended September 30, 2021 and 2020, respectively. For the three months ended September 30, 2021 and 2020, payments on lease obligations were $35,740 and $28,482, respectively, and amortization on the right of use assets was $30,458 and $28,600, respectively. For the nine months ended September 30, 2021 and 2020, payments on lease obligations were $107,136 and $87,599, respectively, and amortization on the right of use assets was $90,471 and $84,957, respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 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 September 30, 2021, June 30, 2021, and March 31, 2021, we issued 232,340, 232,806 and 510,803 shares of our common stock, respectively, and received proceeds of $1,094,697, $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. No shares were issued in the quarter ended June 30, 2021 in cashless transactions. Of the shares issued in the quarter ended September 30, 2021, a total of 73,501 shares were issued in a cashless transaction related to 78,334 expiring options using the net settled method whereby 4,833 options were used to pay the purchase price. The remaining 158,839 shares issued in connection with the exercise of options were all issued for cash. During the quarters ended September, 30, 2020, June 30, 2020, and March 31, 2020, we issued 198,024, 55,731, and 35,032 shares of our common stock, and received proceeds of $1,045,097, $174,831 and $112,152, respectively, in connection with the exercise of stock options under our 2013 incentive plan. During 2020 and the first two quarters of 2021, each of our non-employee directors received approximately $25,000 of fully vested shares of common stock on a quarterly basis. In 2021, we issued 2,695 shares of common stock valued at $124,994 to our non-employee directors in the quarter ended March 31, 2021 and 2,035 shares valued at $125,091 in the quarter ended June 30, 2021. In the quarter ended September 30, 2021 we changed our non-employee director compensation program and began issuing restricted stock units to our non-employee directors on a quarterly basis which vest at the end of one year. In 2020, we issued 11,136 shares valued at $100,000 in the quarter ended March 31, 2020, 7,748 shares valued at $100,027 in the quarter ended June 30, 2020, and 5,915 shares valued at $124,984 in the quarter ended September 30, 2020. We also issued 63,560 shares of our common stock in the nine months ended September 30, 2020, in connection with restricted stock unit awards as described in more detail in Note 6 – Stock Based Compensation. No shares other than the previously described non-employee director shares were issued in 2021 in connection with restricted stock unit awards. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 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 $1,711,075 and $1,447,826 in compensation expense in the nine months ended September 30, 2021 and 2020, respectively, related to options issued under our equity compensation plans. 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 $8,654,678 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 September 30, 2021 was $51,205,814. In addition to the grants to non-employee directors described in Note 5 – Stockholders’ Equity, we also recorded $651,038 and $618,783 in compensation expense related to restricted stock unit awards that vest over time in the nine months ended September 30, 2021, and 2020, respectively. There is $4,407,269 of remaining expense related to unvested restricted stock unit awards to be recognized in the future over a weighted average period of 3.6 years. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 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 outstanding during the period. The number of shares related to options and restricted stock units 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 units, 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 units, 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 and restricted stock units 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 Nine Months Ended 2021 2020 2021 2020 Numerator Net income (loss) $ 39,894 $ (282,894 ) $ (245,383 ) $ (3,564,293 ) Denominator Weighted average shares outstanding used in computing earnings per share Basic 17,639,346 14,990,971 17,028,762 14,726,534 Effect of dilutive stock options, and unvested restricted stock unit awards 559,066 - - - Diluted 18,198,412 14,900,917 17,028,762 14,726,534 Earnings (loss) per share Basic $ 0.00 $ (0.02 ) $ (0.01 ) $ (0.24 ) Diluted $ 0.00 $ (0.02 ) $ (0.01 ) $ (0.24 ) No calculation of diluted earnings per share is included for either 2020 period or for the nine months ended September 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 unit awards are reflected in the table below. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Weighted average number of shares excluded from calculation Unvested restricted stock unit awards 113,886 111,186 120,509 111,186 Options 445,180 984,084 406,322 802,330 Total 559,066 1,095,270 526,831 913,516 |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE 8 – CONTINGENCIES Litigation The Company is not currently involved in any legal proceedings. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES As discussed in our annual report on Form 10-K for the year ended December 31, 2020, we had net operating losses carryforwards for federal income tax purposes of $19.3 million as of December 31, 2020. Accordingly no federal income tax expense is recorded in the current period. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS In October 2021, we received proceeds of $302,033 and issued 41,775 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 September 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) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of total revenue | Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue from: Life Science Companies $ 15,949,517 $ 10,177,247 $ 40,059,551 $ 25,751,278 Other 175,434 341,944 920,250 1,135,744 Total Revenue $ 16,124,951 $ 10,519,191 $ 40,979,801 $ 26,887,022 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of company’s lease cost | Three Months Ended Nine Months Ended Operating lease cost $ 33,365 $ 100,094 Short-term lease cost (1) 13,652 46,466 Total lease cost $ 47,017 $ 146,560 (1) Short-term lease cost includes any lease with a term of less than 12 months. Three Months Nine Months Operating lease cost $ 32,814 $ 98,441 Short-term lease cost (1) 36,602 116,817 Total lease cost $ 68,816 $ 215,258 |
Schedule of future minimum lease payments | As of September 30, 2021 2021(a) $ 35,436 2022 104,572 2023 101,414 2024 80,742 2025 70,224 Total 392,388 Less: imputed interest 30,711 Total lease liabilities $ 361,677 (a) For the three-month period beginning October 1, 2021. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings (loss) per share | Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator Net income (loss) $ 39,894 $ (282,894 ) $ (245,383 ) $ (3,564,293 ) Denominator Weighted average shares outstanding used in computing earnings per share Basic 17,639,346 14,990,971 17,028,762 14,726,534 Effect of dilutive stock options, and unvested restricted stock unit awards 559,066 - - - Diluted 18,198,412 14,900,917 17,028,762 14,726,534 Earnings (loss) per share Basic $ 0.00 $ (0.02 ) $ (0.01 ) $ (0.24 ) Diluted $ 0.00 $ (0.02 ) $ (0.01 ) $ (0.24 ) |
Schedule of unvested restricted stock awards | Three Months Ended Nine Months Ended 2021 2020 2021 2020 Weighted average number of shares excluded from calculation Unvested restricted stock unit awards 113,886 111,186 120,509 111,186 Options 445,180 984,084 406,322 802,330 Total 559,066 1,095,270 526,831 913,516 |
Revenues (Details)
Revenues (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable | $ 757,218 | $ 77,516 |
Revenues (Details) - Schedule o
Revenues (Details) - Schedule of total revenue - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue, Major Customer [Line Items] | ||||
Total Revenue | $ 16,124,951 | $ 10,519,191 | $ 40,979,801 | $ 26,887,022 |
Life Science Companies [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total Revenue | 15,949,517 | 10,177,247 | 40,059,551 | 25,751,278 |
Other [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total Revenue | $ 175,434 | $ 341,944 | $ 920,250 | $ 1,135,744 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Weighted average remaining lease term | 3 years 9 months 3 days | 3 years 9 months 3 days | ||
Weighted average discount rate | 4.50% | 4.50% | ||
Measurement of lease liabilities | $ 31,528 | $ 33,919 | $ 93,596 | $ 105,267 |
Payments on lease obligations | 35,740 | 28,482 | 107,136 | 87,599 |
Amortization right of use assets | $ 30,458 | $ 28,600 | $ 90,471 | $ 84,957 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of company’s lease cost - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Schedule of company’s lease cost [Abstract] | |||||
Operating lease cost | $ 33,365 | $ 32,814 | $ 100,094 | $ 98,441 | |
Short-term lease cost | [1] | 13,652 | 36,602 | 46,466 | 116,817 |
Total lease cost | $ 47,017 | $ 68,816 | $ 146,560 | $ 215,258 | |
[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 | Sep. 30, 2021USD ($) | |
Schedule of future minimum lease payments [Abstract] | ||
2021 | $ 35,436 | [1] |
2022 | 104,572 | |
2023 | 101,414 | |
2024 | 80,742 | |
2025 | 70,224 | |
Total | 392,388 | |
Less: imputed interest | 30,711 | |
Total lease liabilities | $ 361,677 | |
[1] | For the three-month period beginning October 1, 2021. |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 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 | 232,340 | ||||
Issuance of common stock exercise value (in Dollars) | $ 1,120,011 | $ 1,590,767 | $ 1,094,697 | ||||
Shares issued | 368,329 | 73,501 | |||||
Cashless transaction | 394,739 | 78,334 | |||||
Stock options, shares | 26,410 | 4,833 | |||||
Common stock price (in Dollars) | $ 25,000 | ||||||
Shares issued | 17,727,769 | 63,560 | 15,223,340 | ||||
Legal Fees [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Net proceeds issuance of common stock (in Dollars) | $ 70,671,536 | ||||||
2013 equity incentive plan [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Shares of common stock issued | 35,032 | 55,731 | 198,024 | ||||
Shares issued | 116,064 | 158,839 | |||||
Shares of common stock issued, value (in Dollars) | $ 112,152 | $ 174,831 | $ 1,045,097 | ||||
Director [Member] | |||||||
Stockholders' Equity (Details) [Line Items] | |||||||
Shares issued | 2,695 | 11,136 | 2,035 | 7,748 | 5,915 | ||
Issuance Of shares value (in Dollars) | $ 124,994 | $ 100,000 | $ 125,091 | $ 100,027 | $ 124,984 | ||
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 ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Based Compensation (Details) [Line Items] | ||
Expense remaining to be recognized related to unvested options | $ 8,654,678 | |
Weighted average contractual life | 2 years 6 months | |
Intrinsic value | $ 51,205,814 | |
Stock Compensation Plan [Member] | ||
Stock Based Compensation (Details) [Line Items] | ||
Stock compensation recognized expense | 1,711,075 | $ 1,447,826 |
Restricted Stock Awards [Member] | ||
Stock Based Compensation (Details) [Line Items] | ||
Stock compensation recognized expense | 651,038 | $ 618,783 |
Expense remaining to be recognized related to unvested options | $ 4,407,269 | |
Weighted average contractual life | 3 years 7 months 6 days |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - Schedule of basic and diluted earnings (loss) per share - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator | ||||
Net income (loss) (in Dollars) | $ 39,894 | $ (282,894) | $ (245,383) | $ (3,564,293) |
Weighted average shares outstanding used in computing earnings per share | ||||
Basic | 17,639,346 | 14,990,971 | 17,028,762 | 14,726,534 |
Effect of dilutive stock options, and unvested restricted stock unit awards | 559,066 | |||
Diluted | 18,198,412 | 14,900,917 | 17,028,762 | 14,726,534 |
Earnings (loss) per share | ||||
Basic (in Dollars per share) | $ 0 | $ (0.02) | $ (0.01) | $ (0.24) |
Diluted (in Dollars per share) | $ 0 | $ (0.02) | $ (0.01) | $ (0.24) |
Earnings (Loss) Per Share (De_2
Earnings (Loss) Per Share (Details) - Schedule of unvested restricted stock awards - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted average number of shares excluded from calculation | ||||
Unvested restricted stock unit awards | 113,886 | 111,186 | 120,509 | 111,186 |
Options | 445,180 | 984,084 | 406,322 | 802,330 |
Total | 559,066 | 1,095,270 | 526,831 | 913,516 |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Dec. 31, 2020USD ($) |
Income Tax Disclosure [Abstract] | |
Net operating losses | $ 19.3 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | 1 Months Ended |
Oct. 30, 2021USD ($)shares | |
Subsequent Events (Details) [Line Items] | |
Proceeds | $ | $ 302,033 |
Issued shares | shares | 41,775 |