Vuzix (VUZI) 10-Q 9 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 09, 2020
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	001-35955
Entity Registrant Name	Vuzix Corp
Entity Incorporation, State or Country Code	DE
Entity Central Index Key	0001463972
Entity Tax Identification Number	04-3392453
Entity Address, Address Line One	25 Hendrix Road, Suite A
Entity Address, City or Town	West Henrietta
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14586
City Area Code	585
Local Phone Number	359-5900
Title of 12(b) Security	Common Stock
Trading Symbol	VUZI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,718,665
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current Assets
Cash and Cash Equivalents	$ 24,938,858	$ 10,606,091
Accounts Receivable, Net	831,377	1,371,913
Accrued Project Revenue	81,714
Note Receivable	250,000	250,000
Inventories, Net	6,563,480	5,707,867
Licenses	380,249
Manufacturing Vendor Prepayments	171,003	242,539
Prepaid Expenses and Other Assets	1,000,784	895,098
Total Current Assets	34,217,465	19,073,508
Long-Term Assets
Fixed Assets, Net	3,217,176	4,327,676
Operating Lease Right-of-Use Asset	1,622,003	2,096,190
Patents and Trademarks, Net	1,452,997	1,294,675
Licenses, Net	223,869	314,416
Intangible Asset, Net	671,183	990,000
Other Assets, Net	650,000	350,000
Total Assets	42,054,693	28,446,465
Current Liabilities
Accounts Payable	909,103	1,062,785
Unearned Revenue	52,248	142,463
Accrued Expenses	874,107	885,897
Taxes Payable	32,830	18,687
Operating Lease Right-of-Use Liability	444,495	524,825
Current Portion of Debt	945,009
Total Current Liabilities	3,257,792	2,634,657
Long-Term Liabilities
Operating Lease Right-of-Use Liability	1,177,508	1,571,365
Long-Term Portion of Debt	610,891
Total Long-Term Liabilities	1,788,399	1,571,365
Total Liabilities	5,046,191	4,206,022
Stockholders' Equity
Preferred Stock - $0.001 Par Value, 5,000,000 Shares Authorized; 49,626 Shares Issued and Outstanding as of September 30, 2020 and December 31, 2019.	50	50
Common Stock - $0.001 Par Value, 100,000,000 Shares Authorized; 42,718,665 and 33,128,620 Shares Issued and Outstanding as of September 30, 2020 and December 31, 2019.	42,718	33,128
Additional Paid-in Capital	196,069,645	168,950,076
Accumulated Deficit	(159,103,911)	(144,742,811)
Total Stockholders' Equity	37,008,502	24,240,443
Total Liabilities and Stockholders' Equity	$ 42,054,693	$ 28,446,465

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
CONSOLIDATED BALANCE SHEETS
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	49,626	49,626
Preferred Stock, Shares Outstanding	49,626	49,626
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares Issued	42,718,665	33,128,620
Common Stock, Shares Outstanding	42,718,665	33,128,620

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2018	$ 50	$ 27,591	$ 148,695,775	$ (118,266,441)	$ 30,456,975
Balance (in shares) at Dec. 31, 2018	49,626	27,591,670
Stock-Based Compensation Expense		$ 58	1,173,232		1,173,290
Stock-Based Compensation Expense (in shares)		57,496
Proceeds from Common Stock Offerings		$ 5,479	19,994,528		20,000,007
Proceeds from Common Stock Offerings (in shares)		5,479,454
Direct Costs of Common Stock Offerings			(1,145,000)		(1,145,000)
Net Loss				(16,892,385)	(16,892,385)
Balance at Sep. 30, 2019	$ 50	$ 33,128	168,718,535	(135,158,826)	33,592,887
Balance (in shares) at Sep. 30, 2019	49,626	33,128,620
Balance at Jun. 30, 2019	$ 50	$ 27,604	149,444,907	(129,682,136)	19,790,425
Balance (in shares) at Jun. 30, 2019	49,626	27,604,166
Stock-Based Compensation Expense		$ 45	424,100		424,145
Stock-Based Compensation Expense (in shares)		45,000
Proceeds from Common Stock Offerings		$ 5,479	19,994,528		20,000,007
Proceeds from Common Stock Offerings (in shares)		5,479,454
Direct Costs of Common Stock Offerings			(1,145,000)		(1,145,000)
Net Loss				(5,476,690)	(5,476,690)
Balance at Sep. 30, 2019	$ 50	$ 33,128	168,718,535	(135,158,826)	33,592,887
Balance (in shares) at Sep. 30, 2019	49,626	33,128,620
Balance at Dec. 31, 2019	$ 50	$ 33,128	168,950,076	(144,742,811)	24,240,443
Balance (in shares) at Dec. 31, 2019	49,626	33,128,620
Stock-Based Compensation Expense		$ 943	1,928,880		1,929,823
Stock-Based Compensation Expense (in shares)		942,986
Proceeds from Common Stock Offerings		$ 8,647	26,741,355		26,750,002
Proceeds from Common Stock Offerings (in shares)		8,647,059
Direct Costs of Common Stock Offerings			(1,550,666)		(1,550,666)
Net Loss				(14,361,100)	(14,361,100)
Balance at Sep. 30, 2020	$ 50	$ 42,718	196,069,645	(159,103,911)	37,008,502
Balance (in shares) at Sep. 30, 2020	49,626	42,718,665
Balance at Jun. 30, 2020	$ 50	$ 39,004	180,438,200	(154,343,101)	26,134,153
Balance (in shares) at Jun. 30, 2020	49,626	39,004,106
Stock-Based Compensation Expense		$ 67	1,018,065		1,018,132
Stock-Based Compensation Expense (in shares)		67,500
Proceeds from Common Stock Offerings		$ 3,647	15,496,355		15,500,002
Proceeds from Common Stock Offerings (in shares)		3,647,059
Direct Costs of Common Stock Offerings			(882,975)		(882,975)
Net Loss				(4,760,810)	(4,760,810)
Balance at Sep. 30, 2020	$ 50	$ 42,718	$ 196,069,645	$ (159,103,911)	$ 37,008,502
Balance (in shares) at Sep. 30, 2020	49,626	42,718,665

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Sales:
Total Sales	$ 2,778,721	$ 1,158,882	$ 7,347,280	$ 4,718,115
Cost of Sales:
Total Cost of Sales	2,430,751	1,390,339	6,122,873	4,757,643
Gross Profit (Loss) (exclusive of depreciation shown separately below)	347,970	(231,457)	1,224,407	(39,528)
Operating Expenses:
Research and Development	1,874,243	2,336,778	5,693,569	6,840,006
Selling and Marketing	936,206	775,975	2,885,872	3,016,689
General and Administrative	1,635,076	1,548,927	4,972,854	5,248,919
Depreciation and Amortization	634,669	628,728	1,923,922	1,795,782
Impairment of Patents and Trademarks	16,000		73,532
Total Operating Expenses	5,096,194	5,290,408	15,549,749	16,901,396
Loss from Operations	(4,748,224)	(5,521,865)	(14,325,342)	(16,940,924)
Other Income (Expense):
Investment Income	4,662	92,004	33,908	183,056
Other Taxes	(16,802)	(26,740)	(43,867)	(89,704)
Foreign Exchange Loss	(446)	(20,089)	(25,799)	(44,813)
Total Other Income (Expense)	(12,586)	45,175	(35,758)	48,539
Loss Before Provision for Income Taxes	(4,760,810)	(5,476,690)	(14,361,100)	(16,892,385)
Net Loss	(4,760,810)	(5,476,690)	(14,361,100)	(16,892,385)
Preferred Stock Dividends	(520,562)	(490,386)	(1,527,716)	(1,434,058)
Loss Attributable to Common Stockholders	$ (5,281,372)	$ (5,967,076)	$ (15,888,816)	$ (18,326,443)
Basic and Diluted Loss per Common Share	$ (0.13)	$ (0.18)	$ (0.44)	$ (0.62)
Weighted-average Shares Outstanding - Basic and Diluted	39,837,321	32,968,952	36,448,266	29,411,545
Products Sold
Sales:
Total Sales	$ 2,686,166	$ 1,059,207	$ 6,392,865	$ 4,267,494
Cost of Sales:
Cost of Sales	2,393,676	1,360,457	5,942,043	4,635,289
Sales of Engineering Services
Sales:
Total Sales	92,555	99,675	954,415	450,621
Cost of Sales:
Cost of Sales	$ 37,075	$ 29,882	$ 180,830	$ 122,354

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities
Net Loss	$ (14,361,100)	$ (16,892,385)
Non-Cash Adjustments
Depreciation and Amortization	1,923,922	1,795,782
Amortization of Software Development Costs in Cost of Sales - Products	137,496	75,000
Stock-Based Compensation	2,019,006	1,201,867
Impairment of Patents and Trademarks	73,532
(Increase) Decrease in Operating Assets
Accounts Receivable	160,287	(193,053)
Accrued Project Revenue	(81,714)	(145,882)
Inventories	(855,613)	(1,526,936)
Vendor Prepayments	71,536	(744,523)
Prepaid Expenses and Other Assets	(105,686)	323,340
Increase (Decrease) in Operating Liabilities
Accounts Payable	(153,682)	(1,815,968)
Accrued Expenses	(11,790)	14,212
Customer Deposits		(152,362)
Unearned Revenue	(90,215)	(29,144)
Income and Other Taxes Payable	14,144	38,557
Net Cash Flows Used in Operating Activities	(11,259,877)	(18,051,495)
Cash Flows from Investing Activities
Purchase of Fixed Assets	(467,595)	(1,436,242)
Investments in Patents and Trademarks	(329,347)	(183,228)
Investments in Licenses and Other Intangible Assets	(365,650)	(807,079)
Net Cash Used in Investing Activities	(1,162,592)	(2,426,549)
Cash Flows from Financing Activities
Net Proceeds from Sale of Equity	25,199,336	18,855,007
Proceeds from Term Note	1,555,900
Net Cash Flows Provided from Financing Activities	26,755,236	18,855,007
Net Increase (Decrease) in Cash and Cash Equivalents	14,332,767	(1,623,037)
Cash and Cash Equivalents - Beginning of Period	10,606,091	17,263,643
Cash and Cash Equivalents - End of Period	24,938,858	15,640,606
Supplemental Disclosures
Unamortized Common Stock Expense included in Prepaid Expenses	277,880	440,193
Non-Cash Investment in Licenses	380,249
Stock-Based Compensation Expense - Expensed less Previously Issued	$ 89,183	$ 28,577

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Basis of Presentation
Basis of Presentation	Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements of Vuzix Corporation (“the Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited consolidated financial statements do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Certain re-classifications may have been made to prior periods to conform with current reporting. The results of the Company’s operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of the Company’s operations for the full fiscal year or any other period. The accompanying interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto of the Company as of December 31, 2019, as reported in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2020. Customer Concentrations For the three months ended September 30, 2020, no one customer represented more than 10% of total product revenue and one customer represented 90% of engineering services revenue. For the three months ended September 30, 2019, no one customer represented more than 10% of total product revenue and one customer represented 100% of engineering services revenue. For the nine months ended September 30, 2020, no one customer represented more than 10% of total product revenue and two customers represented 90% of engineering services revenue. For the nine months ended September 30, 2019, one customer represented 23% of total product revenue and one customer represented 100% of engineering services revenue. As of September 30, 2020, two customers represented 25% and 23% of accounts receivable and one customer represented 100% of accrued project revenue. As of December 31, 2019, three customers represented 32%, 26% and 13%, respectively, of accounts receivable. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 provides for a new impairment model which requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to accounts receivable. ASU 2016-13 will become effective for the Company on January 1, 2023 and early adoption is permitted. The Company does not anticipate that the adoption of this standard will have a material impact on our consolidated financial statements.

Revenue Recognition and Contrac

Revenue Recognition and Contracts with Customers	9 Months Ended
	Sep. 30, 2020
Revenue Recognition and Contracts with Customers
Revenue Recognition and Contracts with Customers	Note 2 – Revenue Recognition and Contracts with Customers Disaggregated Revenue The Company’s total revenue was comprised of four major product lines: Smart Glasses Sales, OEM Product Sales, Waveguide and Display Engine Sales, and Engineering Services. The following table summarizes the revenue recognized by major product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Revenues ​ ​ ​ ​ Smart Glasses Sales ​ $ 2,686,166 ​ $ 1,049,207 ​ $ 6,392,865 ​ $ 3,163,425 OEM Product Sales ​ — ​ — ​ — ​ 951,570 Waveguide and Display Engine Sales ​ — ​ 10,000 ​ — ​ 152,499 Engineering Services ​ 92,555 ​ 99,675 ​ 954,415 ​ 450,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Revenue ​ $ 2,778,721 ​ $ 1,158,882 ​ $ 7,347,280 ​ $ 4,718,115 ​ Significant Judgments Under Topic 606 “Revenue from Contracts with Customers”, we use judgments used could potentially impact both the timing of our satisfaction of performance obligations and our determination of transaction prices used in determining revenue recognized by major product line. Such judgments include considerations in determining our transaction prices and when our performance obligations are satisfied for our standard product sales that include an end-user 30-day right to return if not satisfied with product and include general payment terms that are between Net 30 and 60 days. For our Engineering Services, performance obligations are recognized over time using the input method and the estimated costs to complete each project are considered significant judgments. Performance Obligations Revenues from our performance obligations are typically satisfied at a point in time for Smart Glasses, Waveguides and Display Engines, and our OEM Products, which are recognized when the customer obtains control and ownership, which is generally upon shipment. The Company also records revenue for performance obligations relating to our Engineering Services over time by using the input method measuring progress toward satisfying the performance obligations. Satisfaction of our performance obligations related to our Engineering Services is measured by the Company’s costs incurred as a percentage of total expected costs to project completion as the inputs of actual costs incurred by the Company are directly correlated with progress of completing the contract. As such, the Company believes that our methodologies for recognizing revenue over time for our Engineering Services correlate directly with the transfer of control of the underlying assets to our customers. Our standard product sales include a twelve 12 eighteen 18 twelve 12 twelve 12 The following table presents a summary of the Company’s net sales by revenue recognition method as a percentage of total net sales for the nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ % of Total Net Sales Point-in-Time 87 % Over Time – Input Method 13 % ​ ​ ​ ​ Total 100 % ​ Remaining Performance Obligations As of September 30, 2020, the Company had approximately $120,000 of remaining performance obligations under a current waveguide development project with a rapidly developing micro-display organization, which represents the remainder of the total transaction price of these development agreements of $200,000, less revenue recognized under percentage of completion in the nine months ended September 30, 2020. The Company currently expects to recognize the remaining revenue relating to this existing performance obligation of $120,000 in the fourth quarter of 2020. Revenues earned less amounts invoiced at September 30, 2020 in the amount of $81,714 are reflected as Accrued Project Revenue in the accompanying Consolidated Balance Sheets.

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2020
Loss Per Share
Loss Per Share	Note 3 – Loss Per Share Basic loss per share is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution from the assumed exercise of stock options and warrants, and the conversion of convertible preferred shares. During periods of net loss, all common stock equivalents are excluded from the diluted EPS calculation because they are anti-dilutive. Since the Company reported a net loss for the three and nine months ended September 30, 2020 and 2019, the calculation for basic and diluted earnings per share is considered to be the same, as the impact of potential common shares is anti-dilutive. At September 30, 2020 and 2019, there were 17,775,890 and 12,852,207 common stock share equivalents, respectively, potentially issuable under conversion of preferred shares, options, and warrants that could dilute basic earnings per share in the future.

Inventories, Net

Inventories, Net	9 Months Ended
	Sep. 30, 2020
Inventories, Net
Inventories, Net	Note 4 – Inventories, Net Inventories are stated at the lower of cost and net realizable value, and consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ Purchased Parts and Components ​ $ 6,029,814 ​ $ 5,985,214 Work-in-Process ​ 1,505,403 ​ 2,414,142 Finished Goods ​ 3,102,953 ​ 2,096,744 Less: Reserve for Obsolescence ​ (4,074,690) ​ (4,788,233) ​ ​ ​ ​ ​ ​ ​ Inventories, Net ​ $ 6,563,480 ​ $ 5,707,867 ​

Licenses, Net

Licenses, Net	9 Months Ended
	Sep. 30, 2020
Licenses, Net
Licenses, Net	Note 5 – Licenses, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 493,717 ​ $ 493,717 Less: Accumulated Amortization / Expensed ​ (434,488) ​ (179,301) Additions ​ 544,889 ​ — ​ ​ ​ 604,118 ​ ​ 314,416 Less: Current Portion ​ ​ (380,249) ​ ​ — ​ ​ ​ ​ ​ ​ ​ Licenses, Net ​ $ 223,869 ​ $ 314,416 ​ In January 2020, the Company entered into a global non-exclusive master reseller agreement for certain smart glasses software under which it committed to sell a minimum number of software licenses in 2020. The amount capitalized, included in current assets on the Consolidated Balance Sheets, will be expensed to cost of sales - products sold during the period based upon actual software licenses sold, with any of the remaining prepaid licenses expensed at the end of the term of the master reseller agreement.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt
Debt	Note 6 – Debt Long-term debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ Unsecured Term Note - Two-year term beginning on April 22, 2020. The note bears an annual interest rate of six (6) ​ $ 1,555,900 ​ $ — ​ Less: Amount Due Within One Year ​ (945,009) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Due After One Year ​ $ 610,891 ​ $ — ​ ​ On April 21, 2020, the Company entered into a Paycheck Protection Program (“PPP”) Term Note (“PPP Note”) under the Paycheck Protection Program of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the U.S. Small Business Administration (the “US SBA”). The Company received total proceeds of $1,555,900 from the PPP Note. The PPP Note bears interest at the annual rate of 1%, with the first six months of interest deferred, has a term of two years , and is unsecured and guaranteed by the US SBA. The Company has applied for forgiveness of the PPP Note in its entirety.

Intangible Asset, Net

Intangible Asset, Net	9 Months Ended
	Sep. 30, 2020
Intangible Asset, Net
Intangible Asset, Net	Note 7 – Intangible Asset, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ Intangible Asset ​ $ 1,500,000 ​ $ 1,500,000 Less: Accumulated Amortization ​ (828,817) ​ (510,000) ​ ​ ​ ​ ​ ​ ​ Intangible Asset, Net ​ $ 671,183 ​ $ 990,000 ​ On October 4, 2018, the Company entered into amendment No. 1 to agreements (the “TDG Amendment”) with TDG Acquisition Company, LLC (“TDG”), aka Six15 Technologies, LLC. The TDG Amendment amends certain provisions of prior agreements between Vuzix and TDG, including an asset purchase agreement dated June 15, 2012, and an authorized reseller agreement dated June 15, 2012. Pursuant to the TDG Amendment, the Company is permitted to engage in sales of heads-up display components or subsystems (and any services to support such sale) for incorporation into a finished good or system for sale to military organizations, subject to certain conditions. The Company is also permitted to sell its products to defense and security organizations that include business customers and governmental entity customers that primarily provide security and defense services, including police, fire fighters, EMTs, other first responders, and homeland and border security. The Company will owe TDG commissions with respect to all such sales until June 15, 2022, when the amendment and original non-compete agreements expire, after which the Company will be free to sell any product to any customer world-wide with no commission liability to TDG. Total commissions expense under this agreement for the three months ended September 30, 2020 and 2019 was Total amortization expense for this intangible asset for the three months ended September 30, 2020 and 2019 was $104,727 and $102,000. Total amortization expense for this intangible asset for the nine months ended September 30, 2020 and 2019 was $318,817 and $306,000. Future monthly amortization expense for the next 20 months is approximately $34,000 per month or $408,000 per year.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2020
Accrued Expenses
Accrued Expenses	Note 8 – Accrued Expenses Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ Accrued Wages and Related Costs ​ $ 409,320 ​ $ 394,669 Accrued Professional Services ​ 164,282 ​ 217,721 Accrued Warranty Obligations ​ 146,623 ​ 98,893 Other Accrued Expenses ​ 153,882 ​ 174,614 ​ ​ ​ ​ ​ ​ ​ Total ​ $ 874,107 ​ $ 885,897 ​ The Company has warranty obligations in connection with the sale of certain of its products. The warranty period for its products is generally twelve 12 The changes in the Company’s accrued warranty obligations for the nine months ended September 30, 2020 and the balance as of December 31, 2019 were as follows: ​ ​ ​ ​ ​ Accrued Warranty Obligation at December 31, 2019 ​ $ 98,893 Reductions for Settling Warranties ​ (77,586) Warranties Issued During Period ​ 125,316 ​ ​ ​ ​ Accrued Warranty Obligations at September 30, 2020 ​ $ 146,623 ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Taxes
Income Taxes	Note 9 – Income Taxes The Company’s effective income tax rate is a combination of federal, state and foreign tax rates and differs from the U.S. statutory rate due to taxes on foreign income, permanent differences including tax-exempt interest, and the resolution of tax uncertainties, offset by a valuation allowance against U.S. deferred income tax assets.

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2020
Capital Stock
Capital Stock	Note 10 – Capital Stock Preferred stock The Board of Directors is authorized to establish and designate different series of preferred stock and to fix and determine their voting powers and other special rights and terms. A total of 5,000,000 shares of preferred stock with a par value of $0.001 are authorized as of September 30, 2020 and December 31, 2019, 49,626 of which are designated as Series A Preferred Stock. There were 49,626 shares of Series A Preferred Stock issued and outstanding on September 30, 2020 and December 31, 2019. On January 2, 2015, the Company closed a sale of Series A Preferred Stock to Intel Corporation (the "Series A Purchaser"), pursuant to which we issued and sold an aggregate of 49,626 shares of the Company's Series A Preferred Stock, at a purchase price of $500 per share, for an aggregate purchase price of $24,813,000. Each share of Series A Preferred Stock is convertible, at the option of the Series A holder, into 100 shares of the Company's common stock (determined by dividing the Series A Original Issue Price of $500 by the Series A Conversion Price, which is equal to $5.00). Each share of Series A Preferred Stock is entitled to receive dividends at a rate of 6% per year, compounded quarterly and payable in cash or in kind, at the Company’s sole discretion. As of September 30, 2020, total accumulated and unpaid preferred dividends were $10,128,808. As of December 31, 2019, total accumulated and unpaid preferred dividends were $8,601,092. There were no declared preferred dividends owed as of September 30, 2020 or December 31, 2019. The Series A Purchaser has the right, but not the obligation, to participate in any proposed issuance by the Company of its securities, subject to certain exceptions and in such amount as is sufficient to maintain the Series A Purchaser’s ownership percentage in the Company, calculated immediately prior to such applicable financing, at a purchase price equal to the per share price of the Company’s securities in such applicable financing. Common Stock The Company’s authorized common stock consists of 100,000,000 shares, par value of $0.001. There were 42,718,665 and 33,128,620 shares of common stock issued outstanding ​ Historically, the Company has met its cash needs primarily by the sale of equity securities. On September 4, 2020, the Company entered into a securities purchase agreement with certain purchasers for the sale of an aggregate of 3,647,059 shares of the Company’s common stock along with warrants to purchase an aggregate of up to 3,647,059 additional shares of common stock, in a registered direct offering at a combined purchase price of $4.25 per share and warrant for aggregate gross proceeds of $15,500,002. The purchase agreement closed on September 9, 2020. The Company received net proceeds after issuance costs and expenses of $14,617,027. The warrants sold in the offering are exercisable for a period commencing upon issuance and expiring March 19, 2021 at an exercise price of $5.25 per share. ​ On May 11, 2020, the Company entered into a securities purchase agreement with certain purchasers for the sale of an aggregate of 5,000,000 shares of the Company’s common stock in a registered direct offering at a purchase price of $2.25 per share for aggregate gross proceeds of $11,250,000. The purchase agreement closed on May 13, 2020. The Company received net proceeds after issuance costs and expenses of $10,582,309. ​ On May 4, 2020, the Company implemented a Company-wide voluntary payroll reduction program for all employees, pursuant to which they could take salary reductions between of 5% to 50% for the period from May to December 2020 in exchange for shares of common stock at a value of 150% of the net cash wage reduction. The cash savings under this program will be approximately $888,000 and resulted in the issuance of stock awards under the Company’s 2014 Stock Incentive Plan of 830,486 shares.

Stock Warrants

Stock Warrants	9 Months Ended
	Sep. 30, 2020
Stock Warrants
Stock Warrants	Note 11 – Stock Warrants A summary of the various changes in warrants during the nine months ended September 30, 2020 is as follows: ​ ​ ​ ​ ​ ​ Number of ​ ​ Warrants Warrants Outstanding at December 31, 2019 6,512,516 Exercised During the Period — Issued During the Period 3,647,059 Expired During the Period — ​ ​ ​ Warrants Outstanding at September 30, 2020 10,159,575 ​ Of the outstanding warrants as of September 30, 2020, 3,647,059 expire on March 19, 2021, 1,033,062 expire on June 18, 2021 and the remaining 5,479,454 expire on January 2, 2022. The weighted average remaining term of the warrants was 0.9 years. The weighted average exercise price was $4.81 per share.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Stock-Based Compensation
Stock-Based Compensation	Note 12 – Stock-Based Compensation A summary of stock option activity for the nine months ended September 30, 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Options Exercise Price Outstanding at December 31, 2019 1,383,591 ​ $ 4.77 Granted 1,400,000 ​ 1.42 Exercised — ​ — Expired or Forfeited (129,876) ​ 3.66 ​ ​ ​ ​ ​ ​ Outstanding at September 30, 2020 2,653,715 ​ $ 3.06 ​ The weighted average remaining contractual term for all options as of September 30, 2020 and December 31, 2019 was 7.5 years and 6.3 years, respectively. As of September 30, 2020, there were 1,225,654 options that were fully vested and exercisable at a weighted average exercise price of $4.29 per share. The weighted average remaining contractual term on the vested options is 5.5 years. As of September 30, 2020, there were 1,428,061 unvested options exercisable at a weighted average exercise price of $2.00 per share. The weighted average remaining contractual term on the unvested options is 9.3 years. The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At September 30, 2020, the Company had approximately $2,030,568 of unrecognized stock compensation expense, which will be recognized over a weighted average period of approximately 2.7 years. For the three months ended September 30, 2020 and 2019, the Company recorded total stock-based compensation expense, including stock awards, of $1,077,073 and $330,000, respectively. For the nine months ended September 30, 2020 and 2019, the Company recorded total stock-based compensation expense, including stock awards, of $2,019,006 and $1,201,867, respectively. ​ During the three months ended September 30, 2020, the Company awarded 67,500 shares of common stock to its Board of Directors, including members of management. The fair market value of each share awarded was $4.10 on the date of grant, September 28, 2020, for an aggregate fair market value of $276,750. This award vested upon issuance and was included in stock-based compensation expense for the three months ended September 30, 2020.

Litigation

Litigation	9 Months Ended
	Sep. 30, 2020
Litigation
Litigation	Note 13 – Litigation We are not currently involved in any actual or pending legal proceeding or litigation and we are not aware of any such proceedings contemplated by or against us or involving our property, except as follows: On or about December 16, 2019, Throop, LLC ("Throop") filed a

Right-of-Use Assets and Liabili

Right-of-Use Assets and Liabilities	9 Months Ended
	Sep. 30, 2020
Right-of-Use Assets and Liabilities
Right-of-Use Assets and Liabilities	Note 14 – Right-of-Use Assets and Liabilities Future lease payments under operating leases as of September 30, 2020 were as follows: ​ ​ ​ ​ ​ Remainder of 2020 ​ $ 79,379 2021 ​ 512,285 2022 ​ 536,270 2023 ​ 536,270 2024 ​ 44,689 Total Future Lease Payments ​ 1,708,893 Less: Imputed Interest ​ (86,890) Total Lease Liability Balance ​ $ 1,622,003 ​ Operating lease costs under the operating leases totaled $162,119 and $132,141 for the three months ended September 30, 2020 and 2019, respectively. Operating lease costs under the operating leases totaled $468,725 and $422,218 for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, the weighted average discount rate was 4.5% and the weighted average remaining lease term was 3.3 years.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events
Subsequent Events	Note 15 - Subsequent Events ​ On November 2, 2020, the US SBA approved the Company’s application for loan forgiveness of our PPP Note, described in Note 6 above. A total amount of

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Basis of Presentation
Basis of Presentation	The accompanying unaudited consolidated financial statements of Vuzix Corporation (“the Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited consolidated financial statements do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Certain re-classifications may have been made to prior periods to conform with current reporting. The results of the Company’s operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the results of the Company’s operations for the full fiscal year or any other period. The accompanying interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto of the Company as of December 31, 2019, as reported in the Company’s Annual Report on Form 10-K filed with the SEC on March 16, 2020.
Customer Concentrations	Customer Concentrations For the three months ended September 30, 2020, no one customer represented more than 10% of total product revenue and one customer represented 90% of engineering services revenue. For the three months ended September 30, 2019, no one customer represented more than 10% of total product revenue and one customer represented 100% of engineering services revenue. For the nine months ended September 30, 2020, no one customer represented more than 10% of total product revenue and two customers represented 90% of engineering services revenue. For the nine months ended September 30, 2019, one customer represented 23% of total product revenue and one customer represented 100% of engineering services revenue. As of September 30, 2020, two customers represented 25% and 23% of accounts receivable and one customer represented 100% of accrued project revenue. As of December 31, 2019, three customers represented 32%, 26% and 13%, respectively, of accounts receivable.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 provides for a new impairment model which requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to accounts receivable. ASU 2016-13 will become effective for the Company on January 1, 2023 and early adoption is permitted. The Company does not anticipate that the adoption of this standard will have a material impact on our consolidated financial statements.

Revenue Recognition and Contr_2

Revenue Recognition and Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue Recognition and Contracts with Customers
Schedule of company's total revenue by major product lines	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2020 2019 2020 2019 Revenues ​ ​ ​ ​ Smart Glasses Sales ​ $ 2,686,166 ​ $ 1,049,207 ​ $ 6,392,865 ​ $ 3,163,425 OEM Product Sales ​ — ​ — ​ — ​ 951,570 Waveguide and Display Engine Sales ​ — ​ 10,000 ​ — ​ 152,499 Engineering Services ​ 92,555 ​ 99,675 ​ 954,415 ​ 450,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Revenue ​ $ 2,778,721 ​ $ 1,158,882 ​ $ 7,347,280 ​ $ 4,718,115 ​
Schedule of company's net sales by revenue recognition method as a percentage of total net sales	The following table presents a summary of the Company’s net sales by revenue recognition method as a percentage of total net sales for the nine months ended September 30, 2020: ​ ​ ​ ​ ​ ​ % of Total Net Sales Point-in-Time 87 % Over Time – Input Method 13 % ​ ​ ​ ​ Total 100 % ​

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Inventories, Net
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ Purchased Parts and Components ​ $ 6,029,814 ​ $ 5,985,214 Work-in-Process ​ 1,505,403 ​ 2,414,142 Finished Goods ​ 3,102,953 ​ 2,096,744 Less: Reserve for Obsolescence ​ (4,074,690) ​ (4,788,233) ​ ​ ​ ​ ​ ​ ​ Inventories, Net ​ $ 6,563,480 ​ $ 5,707,867

Licenses, Net (Tables)

Licenses, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Schedule of Finite-Lived Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ Intangible Asset ​ $ 1,500,000 ​ $ 1,500,000 Less: Accumulated Amortization ​ (828,817) ​ (510,000) ​ ​ ​ ​ ​ ​ ​ Intangible Asset, Net ​ $ 671,183 ​ $ 990,000 ​
Licenses [Member]
Schedule of Finite-Lived Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 493,717 ​ $ 493,717 Less: Accumulated Amortization / Expensed ​ (434,488) ​ (179,301) Additions ​ 544,889 ​ — ​ ​ ​ 604,118 ​ ​ 314,416 Less: Current Portion ​ ​ (380,249) ​ ​ — ​ ​ ​ ​ ​ ​ ​ Licenses, Net ​ $ 223,869 ​ $ 314,416

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ Unsecured Term Note - Two-year term beginning on April 22, 2020. The note bears an annual interest rate of six (6) ​ $ 1,555,900 ​ $ — ​ Less: Amount Due Within One Year ​ (945,009) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount Due After One Year ​ $ 610,891 ​ $ — ​

Intangible Asset, Net (Tables)

Intangible Asset, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Intangible Asset, Net
Schedule of Finite-Lived Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ Intangible Asset ​ $ 1,500,000 ​ $ 1,500,000 Less: Accumulated Amortization ​ (828,817) ​ (510,000) ​ ​ ​ ​ ​ ​ ​ Intangible Asset, Net ​ $ 671,183 ​ $ 990,000 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2020
Accrued Expenses
Schedule of Accrued Expenses	Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2020 2019 ​ ​ ​ ​ ​ ​ ​ Accrued Wages and Related Costs ​ $ 409,320 ​ $ 394,669 Accrued Professional Services ​ 164,282 ​ 217,721 Accrued Warranty Obligations ​ 146,623 ​ 98,893 Other Accrued Expenses ​ 153,882 ​ 174,614 ​ ​ ​ ​ ​ ​ ​ Total ​ $ 874,107 ​ $ 885,897 ​
Schedule of changes in accrued warranty obligations	The changes in the Company’s accrued warranty obligations for the nine months ended September 30, 2020 and the balance as of December 31, 2019 were as follows: ​ ​ ​ ​ ​ Accrued Warranty Obligation at December 31, 2019 ​ $ 98,893 Reductions for Settling Warranties ​ (77,586) Warranties Issued During Period ​ 125,316 ​ ​ ​ ​ Accrued Warranty Obligations at September 30, 2020 ​ $ 146,623

Stock Warrants (Tables)

Stock Warrants (Tables)	9 Months Ended
	Sep. 30, 2020
Stock Warrants
Schedule of changes in warrants	A summary of the various changes in warrants during the nine months ended September 30, 2020 is as follows: ​ ​ ​ ​ ​ ​ Number of ​ ​ Warrants Warrants Outstanding at December 31, 2019 6,512,516 Exercised During the Period — Issued During the Period 3,647,059 Expired During the Period — ​ ​ ​ Warrants Outstanding at September 30, 2020 10,159,575 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Stock-Based Compensation
Schedule of Summary of Stock Option Activity	A summary of stock option activity for the nine months ended September 30, 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Options Exercise Price Outstanding at December 31, 2019 1,383,591 ​ $ 4.77 Granted 1,400,000 ​ 1.42 Exercised — ​ — Expired or Forfeited (129,876) ​ 3.66 ​ ​ ​ ​ ​ ​ Outstanding at September 30, 2020 2,653,715 ​ $ 3.06 ​

Right-of-Use Assets and Liabi_2

Right-of-Use Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Right-of-Use Assets and Liabilities
Schedule of Future lease payments under operating leases	Future lease payments under operating leases as of September 30, 2020 were as follows: ​ ​ ​ ​ ​ Remainder of 2020 ​ $ 79,379 2021 ​ 512,285 2022 ​ 536,270 2023 ​ 536,270 2024 ​ 44,689 Total Future Lease Payments ​ 1,708,893 Less: Imputed Interest ​ (86,890) Total Lease Liability Balance ​ $ 1,622,003 ​

Basis of Presentation - (Detail

Basis of Presentation - (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Sales of Engineering Services
Concentration Risk, Percentage		100.00%		100.00%
Accrued Project Revenue [Member]
Concentration Risk, Percentage			100.00%
Maximum [Member] | Total revenues [Member]
Concentration Risk, Percentage	10.00%	10.00%	10.00%
One customer | Sales of Engineering Services
Concentration Risk, Percentage	90.00%
One customer | Total revenues [Member]
Concentration Risk, Percentage				23.00%
One customer | Accounts Receivable [Member]
Concentration Risk, Percentage			25.00%		32.00%
Two customers | Sales of Engineering Services
Concentration Risk, Percentage			90.00%
Two customers | Accounts Receivable [Member]
Concentration Risk, Percentage			23.00%		26.00%
Three Customers | Accounts Receivable [Member]
Concentration Risk, Percentage					13.00%

Revenue Recognition and Contr_3

Revenue Recognition and Contracts with Customers - Company's total revenue by major product lines (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 2,778,721	$ 1,158,882	$ 7,347,280	$ 4,718,115
Smart Glasses Sales [Member]
Revenue	2,686,166	1,049,207	6,392,865	3,163,425
OEM Product Sales [Member]
Revenue				951,570
Waveguide and Display Engine Sales [Member]
Revenue		10,000		152,499
Engineering Services [Member]
Revenue	$ 92,555	$ 99,675	$ 954,415	$ 450,621

Revenue Recognition and Contr_4

Revenue Recognition and Contracts with Customers - Company's net sales as a percentage (Details)	9 Months Ended
	Sep. 30, 2020
Revenue Performance Obligation Percentage	100.00%
Point-in-Time - Output Method [Member]
Revenue Performance Obligation Percentage	87.00%
Over Time - Input Method [Member]
Revenue Performance Obligation Percentage	13.00%

Revenue Recognition and Contr_5

Revenue Recognition and Contracts with Customers - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Standard Product Warranty Term	12 months
Revenue, Remaining Performance Obligation	$ 120,000
Revenue, Performance Obligation, Total Transaction Price	200,000
Expects to Recognize Sales in Existing Remaining Performance Obligation	120,000
Accrued Project Revenue	$ 81,714
Extended Warranties [Member]
Standard Product Warranty Term	12 months
OEM Product and Waveguide Sales [Member]
Standard Product Warranty Term	18 months

Loss Per Share - Additional Inf

Loss Per Share - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Loss Per Share
Earnings Per Share, Potentially Dilutive Securities	17,775,890	12,852,207

Inventories, Net - Components o

Inventories, Net - Components of Inventories (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Inventories, Net
Purchased Parts and Components	$ 6,029,814	$ 5,985,214
Work in Process	1,505,403	2,414,142
Finished Goods	3,102,953	2,096,744
Less: Reserve for Obsolescence	(4,074,690)	(4,788,233)
Inventories, Net	$ 6,563,480	$ 5,707,867

Licenses, Net (Details)

Licenses, Net (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Licenses Net [Line Items]
Less: Current Portion	$ (380,249)
Licenses, Net	223,869	$ 314,416
Licensing Agreements [Member]
Licenses Net [Line Items]
Licenses	493,717	493,717
Less: Accumulated Amortization / Expensed	(434,488)	(179,301)
Additions	544,889
Licenses, Net	604,118	314,416
Less: Current Portion	(380,249)
Licenses, Net	$ 223,869	$ 314,416

Debt (Details)

Debt (Details) - USD ($)	Apr. 22, 2020	Apr. 21, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Less: Amount Due Within One Year			$ (945,009)
Amount Due After One Year			610,891
Unsecured Term	2 years
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unsecured Term Note - Two year term beginning on April 22, 2020. The note bears an annual interest rate of 1%, with no principal or interest payments for six (6) months			1,555,900
Less: Amount Due Within One Year			(945,009)
Amount Due After One Year			$ 610,891
Unsecured Term		6 months
Interest rate (as a percent)	1.00%
Period of principal or interest payments	6 months
Paycheck Protection Program [Member]
Debt Instrument [Line Items]
Unsecured Term		2 years
Interest rate (as a percent)		1.00%
Proceeds from Issuance of Other Long-term Debt		$ 1,555,900

Intangible Asset, Net - Schedul

Intangible Asset, Net - Schedule of Finite-Lived Intangible Assets (Details) - Intangible Assets [Member] - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Intangible Asset	$ 1,500,000	$ 1,500,000
Less: Accumulated Amortization	(828,817)	(510,000)
Intangible Asset, Net	$ 671,183	$ 990,000

Intangible Asset, Net - Additio

Intangible Asset, Net - Additional Information (Details) - TDG Acquisition Company LLC [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Amortization of Intangible Assets	$ 104,727	$ 102,000	$ 318,817	$ 306,000
Finite-Lived Intangible Assets, Remaining Amortization Period			20 months
Future monthly amortization expense	34,000		$ 34,000
Future per annum amortization expense	408,000		408,000
Selling and Marketing Expense
Total commission expense	$ 0	$ 76,453	$ 176,944	$ 76,453

Accrued Expenses - Components o

Accrued Expenses - Components of Accrued Expenses (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Accrued Expenses
Accrued Wages and Related Costs	$ 409,320	$ 394,669
Accrued Professional Services	164,282	217,721
Accrued Warranty Obligations	146,623	98,893
Other Accrued Expenses	153,882	174,614
Total	$ 874,107	$ 885,897

Accrued Expenses - Changes in A

Accrued Expenses - Changes in Accrued Warranty Obligations (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Accrued Expenses
Accrued Warranty Obligations, beginning of period	$ 98,893
Reductions for Settling Warranties	(77,586)
Warranties Issued During Period	125,316
Accrued Warranty Obligations, end of period	$ 146,623

Accrued Expenses - Additional I

Accrued Expenses - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020
Accrued Expenses
Standard Product Warranty Term	12 months

Capital Stock - Additional Info

Capital Stock - Additional Information (Details) - USD ($)	Sep. 04, 2020	May 13, 2020	May 04, 2020	Jan. 02, 2015	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Preferred Stock, Shares Authorized					5,000,000		5,000,000		5,000,000
Preferred Stock, Par Value					$ 0.001		$ 0.001		$ 0.001
Preferred Stock, Shares Issued					49,626		49,626		49,626
Preferred Stock, Shares Outstanding					49,626		49,626		49,626
Shares Issued, Price Per Share	$ 4.25	$ 2.25
Stock Issued During Period, Value, New Issues					$ 15,500,002	$ 20,000,007	$ 26,750,002	$ 20,000,007
Conversion of Stock, Description				Each share of Series A Preferred Stock is convertible, at the option of the Series A holder, into 100 shares of the Company's common stock (determined by dividing the Series A Original Issue Price of $500 by the Series A Conversion Price, which is equal to $5.00)
Dividends Payable					10,128,808		10,128,808		$ 8,601,092
Preferred Stock, Dividends, Declared					$ 0		$ 0		$ 0
Common Stock, Shares Authorized					100,000,000		100,000,000		100,000,000
Common Stock, Shares, Issued					42,718,665		42,718,665		33,128,620
Common Stock, Par or Stated Value Per Share					$ 0.001		$ 0.001		$ 0.001
Common Stock, Shares, Outstanding					42,718,665		42,718,665		33,128,620
Sale of Stock, Number of Shares Issued in Transaction	3,647,059	5,000,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	3,647,059
Proceeds From Issuance Or Sale Of Equity Gross	$ 15,500,002	$ 11,250,000
Proceeds from Issuance or Sale of Equity, Net	$ 14,617,027	$ 10,582,309
Weighted average exercise price of warrants per share	$ 5.25
Common Stock Value As Percentage Of Wage Reduction Value, Percentage			150
Cash Savings Under Payroll Reduction Program			$ 888,000
Stock Incentive Plan 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			830,486
Minimum [Member]
Salary Reduction Percentage			5.00%
Maximum [Member]
Salary Reduction Percentage			50.00%
Series A Preferred Stock [Member]
Preferred Stock, Shares Issued					49,626		49,626		49,626
Preferred Stock, Shares Outstanding					49,626		49,626		49,626
Share Price				$ 500
Conversion price of convertible Preferred Stock				$ 5
Preferred Stock, Dividend Rate, Percentage							6.00%
Number of shares for convertible preferred stock				100
Series A Preferred Stock [Member] | Corporation [Member]
Stock Issued During Period, Shares, New Issues				49,626
Shares Issued, Price Per Share				$ 500
Stock Issued During Period, Value, New Issues				$ 24,813,000

Stock Warrants - Changes in War

Stock Warrants - Changes in Warrants (Details)	9 Months Ended
	Sep. 30, 2020shares
Stock Warrants
Warrants Outstanding, Beginning of Year	6,512,516
Exercised During the Year	0
Issued During the Year	3,647,059
Expired During the Year	0
Warrants Outstanding, End of Year	10,159,575

Stock Warrants - Additional Inf

Stock Warrants - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Class of Warrant or Right [Line Items]
Warrants outstanding	10,159,575	6,512,516
Weighted average term of warrants	10 months 24 days
Class of Warrant or Right Weighted Average Exercise Price of Warrants or Rights	$ 4.81
Warrants Expiring On March 2021
Class of Warrant or Right [Line Items]
Warrants outstanding	3,647,059
Warrants Expiring On June 2021
Class of Warrant or Right [Line Items]
Warrants outstanding	1,033,062
Warrants Expiring On January 2022
Class of Warrant or Right [Line Items]
Warrants outstanding	5,479,454

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Options
Outstanding, Beginning Balance | shares	1,383,591
Granted | shares	1,400,000
Exercised | shares	0
Expired or Forfeited | shares	(129,876)
Outstanding, Ending Balance | shares	2,653,715
Weighted Average Exercise Price
Outstanding, Beginning Balance | $ / shares	$ 4.77
Granted | $ / shares	1.42
Exercised | $ / shares	0
Expired or Forfeited | $ / shares	3.66
Outstanding, Ending Balance | $ / shares	$ 3.06

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	Sep. 28, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Stock-Based Compensation Plans
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				7 years 6 months		6 years 3 months 18 days
Exercisable Options Outstanding Shares		1,225,654		1,225,654
Weighted average exercise price per share, Exercisable		$ 4.29		$ 4.29
Weighted average remaining contractual term on vested options				5 years 6 months
Unvested Options Outstanding, Shares		1,428,061		1,428,061
Unvested Options Outstanding, Weighted average exercise price				$ 2
Unvested Options Outstanding Weighted average remaining life (years)				9 years 3 months 18 days
Unrecognized stock compensation expense		$ 2,030,568		$ 2,030,568
Weighted average recognition period				2 years 8 months 12 days
Share-based Compensation		$ 1,077,073	$ 330,000	$ 2,019,006	$ 1,201,867
Board of directors and management members
Stock-Based Compensation Plans
Number of shares awarded		67,500
Weighted average fair value per share	$ 4.10
Fair value of options granted during the period	$ 276,750

Litigation - Additional Informa

Litigation - Additional Information (Details)	Dec. 16, 2019lawsuit
Litigation
Number of lawsuits	1

Right-of-Use Assets and Liabi_3

Right-of-Use Assets and Liabilities - Operating Leases (Details)	Sep. 30, 2020USD ($)
Right-of-Use Assets and Liabilities
Remainder of 2020	$ 79,379
2021	512,285
2022	536,270
2023	536,270
2024	44,689
Total Future Lease Payments	1,708,893
Less: Imputed Interest	(86,890)
Total Lease Liability Balance	$ 1,622,003

Right-of-Use Assets and Liabi_4

Right-of-Use Assets and Liabilities - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Right-of-Use Assets and Liabilities
Operating Leases, Rent Expense	$ 162,119	$ 132,141	$ 468,725	$ 422,218
Operating Lease, Weighted Average Discount Rate, Percent	4.50%		4.50%
Operating Lease, Weighted Average Remaining Lease Term	3 years 3 months 18 days		3 years 3 months 18 days

Subsequent Events (Details)

Subsequent Events (Details) - Paycheck Protection Program [Member] - Subsequent Event	Nov. 02, 2020USD ($)
Subsequent Event [Line Items]
Granted forgiven	$ 1,564,155
Principal amount	1,555,900
Accrued interest	$ 8,255