Vuzix (VUZI) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		63,667,941
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and Cash Equivalents	$ 113,329,734	$ 120,203,873
Accounts Receivable	1,551,654	2,242,429
Inventories, Net	12,559,066	12,151,982
Manufacturing Vendor Prepayments	586,564	504,051
Prepaid Expenses and Other Assets	1,470,415	2,047,819
Total Current Assets	129,497,433	137,150,154
Long-Term Assets
Fixed Assets, Net	5,042,421	5,190,438
Operating Lease Right-of-Use Asset	968,269	1,117,022
Patents and Trademarks, Net	2,020,099	1,988,370
Licenses, Net	1,333,236	1,389,936
Intangible Asset, Net	42,821	147,548
Other Assets, Net	1,445,897	1,483,589
Total Assets	140,350,176	148,467,057
Current Liabilities
Accounts Payable	1,223,741	2,054,762
Unearned Revenue	29,623	27,797
Accrued Expenses	1,127,021	1,419,308
Income and Other Taxes Payable	45,692	120,242
Operating Lease Right-of-Use Liability	514,204	534,146
Total Current Liabilities	2,940,281	4,156,255
Long-Term Liabilities
Operating Lease Right-of-Use Liability	454,065	582,876
Total Liabilities	3,394,346	4,739,131
Stockholders' Equity
Common Stock - $0.001 Par Value, 100,000,000 Shares Authorized; 63,704,626 shares issued and 63,667,941 share outstanding as of March 31, 2022 and 63,672,268 Shares Issued and Outstanding as of December 31, 2021	63,705	63,672
Additional Paid-in Capital	350,721,326	346,736,397
Accumulated Deficit	(213,578,144)	(203,072,143)
Treasury Stock, at cost, 36,685 shares as of March 31, 2022 and 0 shares as of December 31, 2021	(251,057)
Total Stockholders' Equity	136,955,830	143,727,926
Total Liabilities and Stockholders' Equity	$ 140,350,176	$ 148,467,057

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares Issued	63,704,626	63,672,268
Common Stock, Shares Outstanding	63,667,941	63,672,268
Treasury Stock, Shares	36,685	0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Treasury Stock, at Cost	Total
Balance at Dec. 31, 2020	$ 50	$ 45,645	$ 210,952,473	$ (162,694,983)		$ 48,303,185
Balance (in shares) at Dec. 31, 2020	49,626	45,645,166
Stock-Based Compensation Expense			2,047,378			2,047,378
Stock Option Exercises		$ 231	196,597			196,828
Stock Option Exercises (in shares)		230,968
Stock Warrant Exercises		$ 7,241	34,561,297			34,568,538
Stock Warrant Exercises (in shares)		7,241,028
Proceeds from Common Stock Offerings		$ 4,146	84,995,865			85,000,011
Proceeds from Common Stock Offerings (in shares)		4,146,342
Direct Costs of Common Stock Offerings			(5,396,139)			(5,396,139)
Shares Redeemed to Cover Employee Tax Withholdings		$ (83)	(1,144,283)			(1,144,366)
Shares Redeemed to Cover Employee Tax Withholdings (in shares)		(83,164)
Preferred Stock Converted & Preferred Dividend Settlement	$ (50)	$ 4,962	(10,004,912)			(10,000,000)
Net Loss				(9,151,370)		(9,151,370)
Balance at Mar. 31, 2021		$ 62,142	316,208,276	(171,846,353)		144,424,065
Balance (in shares) at Mar. 31, 2021		62,142,940
Preferred Stock Converted & Preferred Dividend Settlement (in shares)	(49,626)	4,962,600
Balance at Dec. 31, 2021		$ 63,672	346,736,397	(203,072,143)		143,727,926
Balance (in shares) at Dec. 31, 2021		63,672,268
Stock-Based Compensation Expense			3,955,738			3,955,738
Stock Option Exercises		$ 33	29,191			29,224
Stock Option Exercises (in shares)		32,358
Purchases of Treasury Stock					$ (251,057)	$ (251,057)
Purchases of Treasury Stock (in Shares)					(36,685)	(36,685)
Net Loss				(10,506,001)		$ (10,506,001)
Balance at Mar. 31, 2022		$ 63,705	$ 350,721,326	$ (213,578,144)	$ 251,057	$ 136,955,830
Balance (in shares) at Mar. 31, 2022		63,704,626			36,685

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Sales:
Total Sales	$ 2,503,051	$ 3,915,389
Cost of Sales:
Total Cost of Sales	1,863,697	2,835,798
Gross Profit (exclusive of depreciation shown separately below)	639,354	1,079,591
Operating Expenses:
Research and Development	3,103,444	2,205,318
Selling and Marketing	2,023,435	1,303,430
General and Administrative	5,453,833	6,027,757
Depreciation and Amortization	422,931	517,412
Loss on Fixed Asset Disposal		83,908
Impairment of Patents and Trademarks	49,603	27,731
Total Operating Expenses	11,053,246	10,165,556
Loss From Operations	(10,413,892)	(9,085,965)
Other Income (Expense):
Investment Income	6,280	7,838
Income and Other Taxes	(47,632)	(19,725)
Foreign Exchange Loss	(50,757)	(53,518)
Total Other Expense, Net	(92,109)	(65,405)
Loss Before Provision for Income Taxes	(10,506,001)	(9,151,370)
Net Loss	$ (10,506,001)	$ (9,151,370)
Basic Loss per Common Share	$ (0.16)	$ (0.17)
Diluted Loss per Common Share	$ (0.16)	$ (0.17)
Weighted-average Shares Outstanding - Basic	63,695,127	54,141,761
Weighted-average Shares Outstanding - Diluted	63,695,127	54,141,761
Sales of Products
Sales:
Total Sales	$ 2,503,051	$ 3,805,170
Cost of Sales:
Cost of Sales	$ 1,863,697	2,819,971
Sales of Engineering Services
Sales:
Total Sales		110,219
Cost of Sales:
Cost of Sales		$ 15,827

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from Operating Activities
Net Loss	$ (10,506,001)	$ (9,151,370)
Non-Cash Adjustments
Depreciation and Amortization	422,931	517,412
Amortization of Software Development Costs and Prepaid Licenses in Cost of Sales - Products	60,099	60,099
Stock-Based Compensation	4,319,748	4,618,213
Impairment of Patents and Trademarks	49,603	27,731
Loss on Fixed Asset Disposal		83,908
(Increase) Decrease in Operating Assets
Accounts Receivable	690,775	91,973
Revenues in Excess of Billings		(40,856)
Inventories	(407,084)	(857,695)
Manufacturing Vendor Prepayments	(82,513)	(1,785,763)
Prepaid Expenses and Other Assets	213,394	142,685
Increase (Decrease) in Operating Liabilities
Accounts Payable	(831,021)	(191,028)
Accrued Expenses	(292,286)	646,048
Unearned Revenue	1,825	(17,698)
Income and Other Taxes	(74,549)	(65,288)
Net Cash Flows Used in Operating Activities	(6,435,079)	(5,921,629)
Cash Flows from Investing Activities
Purchases of Fixed Assets	(57,758)	(314,981)
Investments in Patents and Trademarks	(34,469)	(135,674)
Investments in Licenses, Intangible and Other Assets	(125,000)	(200,000)
Net Cash Flows Used in Investing Activities	(217,227)	(650,655)
Cash Flows from Financing Activities
Proceeds from Exercise of Warrants		34,568,538
Proceeds from Exercise of Stock Options	29,224	196,828
Proceeds from Common Stock Offering, Net		79,603,872
Preferred Dividend Settlement Payment		(10,000,000)
Employee Tax Withholdings Payment		(1,144,366)
Purchases of Treasury Stock	(251,057)
Net Cash Flows Provided from Financing Activities	(221,833)	103,224,872
Net Increase in Cash and Cash Equivalents	(6,874,139)	96,652,588
Cash and Cash Equivalents - Beginning of Period	120,203,873	36,069,508
Cash and Cash Equivalents - End of Period	113,329,734	132,722,096
Supplemental Disclosures
Unamortized Common Stock Expense included in Prepaid Expenses and Other Assets	1,001,232	160,222
Stock-Based Compensation Expense - Expensed less Previously Issued	$ 364,010	$ 58,828

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 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, 2021, as reported in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2022. Restatement As described in additional detail in Note 14 to the financial statements included in its 2021 Form 10-K, the Company restated its previous unaudited quarterly results in the Form 10-K for the year ended December 31, 2021. Previously filed 2021 quarterly reports on Form 10-Q for the periods affected by the restatement were not amended. See Note 14, Long-Term Incentive Plan Quarterly Financial Information (Unaudited) The effect of these changes on non-cash stock-based compensation expense included in 2021 unaudited quarterly operating results was as follows: ​ Q1-2021 Additional Paid-in Capital Increase of $2,512,007 Research and Development Expense Increase of $125,391 Sales and Marketing Increase of $62,696 General and Administrative Increase of $2,323,920 Net Loss Increase of $2,512,007 Loss per Share Increase of $0.05 ​ Customer Concentrations For the three months ended March 31, 2022, one customer represented 11% of total product revenue. For the three months ended March 31, 2021, one customer represented 11% of total product revenue and one customer represented 100% of engineering services revenue. As of March 31, 2022, three customers represented 22%, 14% and 13% of accounts receivable. As of December 31, 2021, three customers represented 27%, 20% and 10% of accounts receivable. Treasury Stock Treasury stock purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Gains and losses on the subsequent reissuance of shares will be credited or charged to paid-in capital in excess of par value using the average-cost method. 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	3 Months Ended
	Mar. 31, 2022
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 two major product lines: Smart Glasses Sales and Engineering Services. The following table summarizes the revenue recognized by major product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Revenues ​ ​ Smart Glasses Sales ​ $ 2,503,051 ​ $ 3,805,170 Engineering Services ​ — ​ 110,219 ​ ​ ​ ​ ​ ​ ​ Total Revenue ​ $ 2,503,051 ​ $ 3,915,389 ​ Significant Judgments Under Topic 606 “Revenue from Contracts with Customers”, we use judgments that 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 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 toward 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 eighteen twelve twelve The following table presents a summary of the Company’s sales by revenue recognition method as a percentage of total net sales for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ % of Total Net Sales ​ ​ 2022 2021 Point-in-Time 100 % 97 % Over Time – Input Method - % 3 % ​ ​ ​ ​ ​ ​ Total 100 % 100 % ​ Remaining Performance Obligations As of March 31, 2022, the Company had no outstanding performance obligations for its engineering services and waveguide development projects. In addition, the Company had no material outstanding performance obligations related to product sales, other than its standard product warranty.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021, 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 March 31, 2022 and 2021, there were 8,611,365 and 8,983,727 common stock share equivalents, respectively, potentially exercisable or issuable under conversion or exercise of stock options that could dilute basic earnings per share in the future.

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2022
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Purchased Parts and Components ​ $ 11,461,309 ​ $ 11,580,766 Work-in-Process ​ 265,757 ​ 226,126 Finished Goods ​ 1,959,141 ​ 1,472,534 Less: Reserve for Obsolescence ​ (1,127,141) ​ (1,127,444) ​ ​ ​ ​ ​ ​ ​ Inventories, Net ​ $ 12,559,066 ​ $ 12,151,982 ​

Licenses, Net

Licenses, Net	3 Months Ended
	Mar. 31, 2022
Licenses, Net
Licenses, Net	Note 5 – Licenses, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 2,443,356 ​ $ 1,038,606 Additions ​ — ​ 1,404,750 Less: Accumulated Amortization ​ (1,110,120) ​ (1,053,420) Licenses, Net ​ $ 1,333,236 ​ $ 1,389,936 ​ The Company acquired two licenses in 2017. The first related to the renegotiation of an existing license at a cost of $114,967, which resulted in lower royalty rates being paid by the Company over the next ten years . This license went into effect as of January 1, 2018. The second license was a result of the Company entering into a Technology Purchase and Royalty Agreement where it acquired all the seller’s right, title and interest in certain Transferred Intellectual Property (IP). Pursuant to the agreement, the Company paid approximately $75,702 as reimbursement of related patent application costs incurred by the seller to date, which are included in Patents and Trademarks. The Company also issued 25,000 shares of common stock, valued at $128,750, upon the original closing in October 2017 and agreed to certain further share issuances of 75,000 shares based upon the achievement of certain development milestones as well as per unit royalties once the technology was commercialized for the life of the related patents. In June 2021, the Company assumed or purchased outright the obligations for ongoing royalties under the original license agreement and certain other intellectual property rights in connection with consulting services by the original seller in exchange for the issuance of 75,000 shares with an assigned market value of $18.73 per share, or a total of $1,404,750. The underlying technology is not yet ready for commercialization, but the Company intends to proceed with further research and development work relating to such underlying technology.

Intangible Asset, Net

Intangible Asset, Net	3 Months Ended
	Mar. 31, 2022
Intangible Asset, Net
Intangible Asset, Net	Note 6 – Intangible Asset, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Intangible Asset ​ $ 1,500,000 ​ $ 1,500,000 Less: Accumulated Amortization ​ (1,457,179) ​ (1,352,452) ​ ​ ​ ​ ​ ​ ​ Intangible Asset, Net ​ $ 42,821 ​ $ 147,548 ​ 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 permitted to sell any product to any customer world-wide without owing any commission to TDG. Total commissions expense under this agreement for the three months ended March 31, 2022 and 2021 was $25,794 and $52,655. All commissions expense related to this agreement is included in Selling and Marketing expense. Total amortization expense for this intangible asset for the three months ended March 31, 2022 and 2021 was $104,727 and $104,727, respectively. $42,821 of remaining amortization expense will be recognized in the second quarter of 2022, as the non-compete agreement with TDG expires on June 15, 2022.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2022
Other Assets
Other Assets	Note 7 - Other Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Private Corporation Investments (at cost) ​ $ 450,000 ​ $ 450,000 ​ ​ ​ ​ ​ ​ ​ Software Development Costs ​ ​ 750,000 ​ ​ 500,000 Additions ​ ​ 125,000 ​ ​ 250,000 Less: Accumulated Amortization ​ ​ (250,000) ​ ​ (208,334) Software Development Costs, Net ​ ​ 625,000 ​ ​ 541,666 ​ ​ ​ ​ ​ ​ ​ Unamortized Common Stock Expense included in Long-Term Prepaid Expenses ​ ​ 370,897 ​ ​ 491,923 ​ ​ ​ ​ ​ ​ ​ Total Other Assets ​ $ 1,445,897 ​ $ 1,483,589 ​ During 2020, the Company invested $500,000 in Android operating systems upgrades for its CPU platform used on its M400 and M4000 products. This upgrade was finished and placed into service in the beginning of the fourth quarter of 2020. This capitalized asset is being amortized on a straight-line over its expected product life cycle of 36 months, which began on October 1, 2020. In October 2021, the Company invested $250,000 and in the first quarter of 2022 the Company invested an additional $125,000 for further Android operating systems version upgrades to the CPU platform it uses on its M400 and M4000 products. This development work has not yet been completed and will ultimately be amortized once placed into service which the Company expects to occur by early 2023.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2022
Accrued Expenses
Accrued Expenses	Note 8 – Accrued Expenses Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Accrued Wages and Related Costs ​ $ 484,980 ​ $ 683,044 Accrued Professional Services ​ 318,231 ​ 551,220 Accrued Warranty Obligations ​ 156,192 ​ 185,044 Other Accrued Expenses ​ 167,618 ​ — ​ ​ ​ ​ ​ ​ ​ Total ​ $ 1,127,021 ​ $ 1,419,308 ​ The Company has warranty obligations in connection with the sale of certain of its products. The warranty period for its products is generally twelve The changes in the Company’s accrued warranty obligations for the three months ended March 31, 2022 and the balance as of December 31, 2021 were as follows: ​ ​ ​ ​ ​ Accrued Warranty Obligations at December 31, 2021 ​ $ 185,044 Reductions for Settling Warranties ​ (103,943) Warranties Issued During Year ​ 75,091 ​ ​ ​ ​ Accrued Warranty Obligations at March 31, 2022 ​ $ 156,192 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
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 rights and terms. A total of 5,000,000 shares of preferred stock with a par value of $0.001 are authorized as of March 31, 2022 and December 31, 2021. Of this total, 49,626 shares are designated as Series A Preferred Stock. There were nil shares of Series A Preferred Stock issued and outstanding on March 31, 2022 and December 31, 2021, respectively. Common Stock The Company’s authorized common stock consists of 100,000,000 shares, par value of $0.001. There were 63,704,626 shares issued and 63,667,941 shares outstanding as of March 31, 2022 and 63,672,268 shares issued ​ Treasury Stock

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	Note 11 – Stock-Based Compensation A summary of stock option activity related to the Company’s standard employee incentive plan, excluding options awarded under the Long-Term Incentive Plan (LTIP), for the three months ended March 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Options Exercise Price Outstanding at December 31, 2021 2,823,634 ​ $ 7.67 Granted 98,500 ​ 5.78 Exercised (43,040) ​ 3.94 Expired or Forfeited (51,729) ​ 8.60 ​ ​ ​ ​ ​ ​ Outstanding at March 31, 2022 2,827,365 ​ $ 7.74 ​ The weighted average remaining contractual term for all options as of March 31, 2022 and December 31, 2021 was 7.74 years and 7.95 years, respectively. As of March 31, 2022, there were 1,183,727 options that were fully-vested and exercisable at a weighted average exercise price of $6.04 per share. The weighted average remaining contractual term of the vested options is 6.6 years. As of March 31, 2022, there were 1,643,638 unvested options exercisable at a weighted average exercise price of $9.83 per share. The weighted average remaining contractual term of the unvested options is 8.6 years. The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At March 31, 2022, the Company had $8,353,781 of unrecognized stock compensation expense, which will be recognized over a weighted average period of 3.0 For the three months ended March 31, 2022 and 2021, the Company recorded total stock-based compensation expense, including stock awards but excluding awards under the Company’s LTIP, of $1,350,610 and $456,745, respectively.

Long-term Incentive Plan

Long-term Incentive Plan	3 Months Ended
	Mar. 31, 2022
Long-term Incentive Plan
Long-term Incentive Plan	Note 12 – Long-Term Incentive Plan On March 17, 2021, the Company granted options to purchase a total of 5,784,000 shares of common stock to its officers and certain other members of its management team. The options were granted under the Company’s existing 2014 Incentive Stock Plan. The options have an exercise price of $19.00, with 375,000 options vesting immediately and the remaining portion vesting upon the achievement of certain equity market capitalization milestones, and revenue and EBITDA operational milestones. For the three months ended March 31, 2022 and 2021, the Company recorded non-cash stock-based compensation expense of $2,969,138 and $4,161,468, respectively, for options that vested or are probable to vest. ​ The fair value of option grants was calculated using a Monte Carlo simulation on the equity market capitalization tranches and the Black-Scholes-Merton option pricing method on the operational milestone tranches. As of March 31, 2022, we had $25,371,320 of total unrecognized stock-based compensation expense for the portion of options tied to equity market capitalization milestones and the portion of options tied to operational milestones that were considered probable of achievement, all of which will be recognized over a service period of up to six years. The probabilities of the milestone achievements are subject to catch-adjustments in each instance where an equity market capitalization milestone is achieved or when an operational milestone becomes probable to be achieved or is achieved. Compensation costs could be reversed in subsequent periods if an awardee leaves the Company prior to the expiration of the option life for market capitalization milestone or the performance awards are no longer determined to be probable. If such milestones are achieved earlier in their expected service periods, the remaining unrecognized compensation expense related to that particular milestone would be accelerated and recognized in full during the period where that achievement is affirmed by the Board of Directors. As of March 31, 2022, and going forward, should all of the operational milestones which are currently not yet deemed probable of achievement become probable of achievement or are achieved, then the Company could ultimately recognize up to an additional $34.1 million in non-cash stock-based compensation expense at such time. ​ The unvested remaining equity market capitalization and operational milestones under the LTIP with their total related option grants and criteria achievement weightings of the options available for meeting a target are shown in the following table. Of the total 5,409,000 unvested options outstanding as of March 31, 2022 and December 31, 2021, there are 2,704,500 options unvested for the achievement of equity market capitalization targets, 1,893,150 unvested options for the achievement of annual revenue targets, and 811,350 unvested options for the achievement of annual EBITDA margins before non-cash charges targets. ​ ​ ​ ​ ​ Award Potential Criteria Achievement Weighting ​ 50% of Options Available 35% of Options Available 15% of Options Available Options Available Equity Market Last Twelve Months Revenue Last Twelve Months EBITDA ​ ​ ​ ​ ​ ​ ​ ​ 686,000 $ 2,000,000,000 $ 25,000,000 0.0% 686,000 3,000,000,000 50,000,000 2.0% 686,000 4,000,000,000 100,000,000 4.0% 686,000 5,000,000,000 200,000,000 6.0% 586,000 6,000,000,000 300,000,000 8.0% 586,000 7,000,000,000 450,000,000 10.0% 561,000 8,000,000,000 675,000,000 12.0% 491,000 9,000,000,000 1,000,000,000 14.0% 441,000 10,000,000,000 1,500,000,000 16.0% 5,409,000 ​ ​ ​ ​

Litigation

Litigation	3 Months Ended
	Mar. 31, 2022
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 material proceedings contemplated by or against us or involving our property.

Right-of-Use Assets and Liabili

Right-of-Use Assets and Liabilities	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 were as follows: ​ ​ ​ ​ ​ 2022 ​ $ 417,750 2023 ​ 546,916 2024 ​ 45,576 Total Future Lease Payments ​ 1,010,242 Less: Imputed Interest ​ (41,973) Total Lease Liability Balance ​ $ 968,269 ​ Operating lease costs under the operating leases totaled $162,365 and $124,215 for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the weighted average discount rate was 4.5% and the weighted average remaining lease term was 1.8 years.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 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, 2021, as reported in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2022.
Restatement	Restatement As described in additional detail in Note 14 to the financial statements included in its 2021 Form 10-K, the Company restated its previous unaudited quarterly results in the Form 10-K for the year ended December 31, 2021. Previously filed 2021 quarterly reports on Form 10-Q for the periods affected by the restatement were not amended. See Note 14, Long-Term Incentive Plan Quarterly Financial Information (Unaudited) The effect of these changes on non-cash stock-based compensation expense included in 2021 unaudited quarterly operating results was as follows: ​ Q1-2021 Additional Paid-in Capital Increase of $2,512,007 Research and Development Expense Increase of $125,391 Sales and Marketing Increase of $62,696 General and Administrative Increase of $2,323,920 Net Loss Increase of $2,512,007 Loss per Share Increase of $0.05
Customer Concentrations	Customer Concentrations For the three months ended March 31, 2022, one customer represented 11% of total product revenue. For the three months ended March 31, 2021, one customer represented 11% of total product revenue and one customer represented 100% of engineering services revenue. As of March 31, 2022, three customers represented 22%, 14% and 13% of accounts receivable. As of December 31, 2021, three customers represented 27%, 20% and 10% of accounts receivable.
Treasury Stock	Treasury Stock Treasury stock purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Gains and losses on the subsequent reissuance of shares will be credited or charged to paid-in capital in excess of par value using the average-cost method.
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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2022
Basis of Presentation
Schedule of effect of changes on actual stock-based compensation expense	​ Q1-2021 Additional Paid-in Capital Increase of $2,512,007 Research and Development Expense Increase of $125,391 Sales and Marketing Increase of $62,696 General and Administrative Increase of $2,323,920 Net Loss Increase of $2,512,007 Loss per Share Increase of $0.05

Revenue Recognition and Contr_2

Revenue Recognition and Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition and Contracts with Customers
Schedule of company's total revenue by major product lines	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2022 2021 Revenues ​ ​ Smart Glasses Sales ​ $ 2,503,051 ​ $ 3,805,170 Engineering Services ​ — ​ 110,219 ​ ​ ​ ​ ​ ​ ​ Total Revenue ​ $ 2,503,051 ​ $ 3,915,389
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 sales by revenue recognition method as a percentage of total net sales for the three months ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ % of Total Net Sales ​ ​ 2022 2021 Point-in-Time 100 % 97 % Over Time – Input Method - % 3 % ​ ​ ​ ​ ​ ​ Total 100 % 100 %

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Inventories, Net
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Purchased Parts and Components ​ $ 11,461,309 ​ $ 11,580,766 Work-in-Process ​ 265,757 ​ 226,126 Finished Goods ​ 1,959,141 ​ 1,472,534 Less: Reserve for Obsolescence ​ (1,127,141) ​ (1,127,444) ​ ​ ​ ​ ​ ​ ​ Inventories, Net ​ $ 12,559,066 ​ $ 12,151,982

Licenses, Net (Tables)

Licenses, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Schedule of Finite-Lived Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Intangible Asset ​ $ 1,500,000 ​ $ 1,500,000 Less: Accumulated Amortization ​ (1,457,179) ​ (1,352,452) ​ ​ ​ ​ ​ ​ ​ Intangible Asset, Net ​ $ 42,821 ​ $ 147,548
Licenses [Member]
Schedule of Finite-Lived Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 2,443,356 ​ $ 1,038,606 Additions ​ — ​ 1,404,750 Less: Accumulated Amortization ​ (1,110,120) ​ (1,053,420) Licenses, Net ​ $ 1,333,236 ​ $ 1,389,936

Intangible Asset, Net (Tables)

Intangible Asset, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Intangible Asset, Net
Schedule of Finite-Lived Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Intangible Asset ​ $ 1,500,000 ​ $ 1,500,000 Less: Accumulated Amortization ​ (1,457,179) ​ (1,352,452) ​ ​ ​ ​ ​ ​ ​ Intangible Asset, Net ​ $ 42,821 ​ $ 147,548

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Other Assets
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 Private Corporation Investments (at cost) ​ $ 450,000 ​ $ 450,000 ​ ​ ​ ​ ​ ​ ​ Software Development Costs ​ ​ 750,000 ​ ​ 500,000 Additions ​ ​ 125,000 ​ ​ 250,000 Less: Accumulated Amortization ​ ​ (250,000) ​ ​ (208,334) Software Development Costs, Net ​ ​ 625,000 ​ ​ 541,666 ​ ​ ​ ​ ​ ​ ​ Unamortized Common Stock Expense included in Long-Term Prepaid Expenses ​ ​ 370,897 ​ ​ 491,923 ​ ​ ​ ​ ​ ​ ​ Total Other Assets ​ $ 1,445,897 ​ $ 1,483,589

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Expenses
Schedule of Accrued Expenses	Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Accrued Wages and Related Costs ​ $ 484,980 ​ $ 683,044 Accrued Professional Services ​ 318,231 ​ 551,220 Accrued Warranty Obligations ​ 156,192 ​ 185,044 Other Accrued Expenses ​ 167,618 ​ — ​ ​ ​ ​ ​ ​ ​ Total ​ $ 1,127,021 ​ $ 1,419,308
Schedule of changes in accrued warranty obligations	The changes in the Company’s accrued warranty obligations for the three months ended March 31, 2022 and the balance as of December 31, 2021 were as follows: ​ ​ ​ ​ ​ Accrued Warranty Obligations at December 31, 2021 ​ $ 185,044 Reductions for Settling Warranties ​ (103,943) Warranties Issued During Year ​ 75,091 ​ ​ ​ ​ Accrued Warranty Obligations at March 31, 2022 ​ $ 156,192

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Stock-Based Compensation
Schedule of Summary of Stock Option Activity	A summary of stock option activity related to the Company’s standard employee incentive plan, excluding options awarded under the Long-Term Incentive Plan (LTIP), for the three months ended March 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Options Exercise Price Outstanding at December 31, 2021 2,823,634 ​ $ 7.67 Granted 98,500 ​ 5.78 Exercised (43,040) ​ 3.94 Expired or Forfeited (51,729) ​ 8.60 ​ ​ ​ ​ ​ ​ Outstanding at March 31, 2022 2,827,365 ​ $ 7.74

Long-term Incentive Plan (Table

Long-term Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2022
Long-term Incentive Plan
Schedule of effect of changes on actual stock-based compensation expense	​ Q1-2021 Additional Paid-in Capital Increase of $2,512,007 Research and Development Expense Increase of $125,391 Sales and Marketing Increase of $62,696 General and Administrative Increase of $2,323,920 Net Loss Increase of $2,512,007 Loss per Share Increase of $0.05
Schedule of equity market and operational milestone under the long term	​ ​ ​ ​ ​ Award Potential Criteria Achievement Weighting ​ 50% of Options Available 35% of Options Available 15% of Options Available Options Available Equity Market Last Twelve Months Revenue Last Twelve Months EBITDA ​ ​ ​ ​ ​ ​ ​ ​ 686,000 $ 2,000,000,000 $ 25,000,000 0.0% 686,000 3,000,000,000 50,000,000 2.0% 686,000 4,000,000,000 100,000,000 4.0% 686,000 5,000,000,000 200,000,000 6.0% 586,000 6,000,000,000 300,000,000 8.0% 586,000 7,000,000,000 450,000,000 10.0% 561,000 8,000,000,000 675,000,000 12.0% 491,000 9,000,000,000 1,000,000,000 14.0% 441,000 10,000,000,000 1,500,000,000 16.0% 5,409,000 ​ ​ ​

Right-of-Use Assets and Liabi_2

Right-of-Use Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Right-of-Use Assets and Liabilities
Schedule of Future lease payments under operating leases	Future lease payments under operating leases as of March 31, 2022 were as follows: ​ ​ ​ ​ ​ 2022 ​ $ 417,750 2023 ​ 546,916 2024 ​ 45,576 Total Future Lease Payments ​ 1,010,242 Less: Imputed Interest ​ (41,973) Total Lease Liability Balance ​ $ 968,269

Basis of Presentation (Details)

Basis of Presentation (Details) - customer	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Total revenues [Member]
Number of customers	1	1
Accounts Receivable [Member]
Number of customers	3		3
One customer | Sales of Engineering Services
Number of customers		1
One customer | Total revenues [Member] | Customer Concentration Risk
Concentration Risk, Percentage	11.00%	11.00%
One customer | Total revenues [Member] | Sales of Engineering Services | Customer Concentration Risk
Concentration Risk, Percentage		100.00%
One customer | Accounts Receivable [Member] | Customer Concentration Risk
Concentration Risk, Percentage	22.00%		27.00%
Two customers | Accounts Receivable [Member] | Customer Concentration Risk
Concentration Risk, Percentage	14.00%		20.00%
Three customers | Accounts Receivable [Member] | Customer Concentration Risk
Concentration Risk, Percentage	13.00%		10.00%

Basis of Presentation - Restate

Basis of Presentation - Restatement (Details) - Equity Market Capitalization Targets [Member] - Long-term Incentive Plan 2021	3 Months Ended
	Mar. 31, 2021USD ($)$ / shares
Additional Paid-in Capital	$ 2,512,007
Research and Development Expense	125,391
Sales and Marketing	62,696
General and Administrative	2,323,920
Net Loss	$ 2,512,007
Loss per Share | $ / shares	$ 0.05

Revenue Recognition and Contr_3

Revenue Recognition and Contracts with Customers - Company's total revenue by major product lines (Details)	3 Months Ended
	Mar. 31, 2022USD ($)product	Mar. 31, 2021USD ($)
Revenue	$ 2,503,051	$ 3,915,389
Number of major product lines | product	2
Smart Glasses Sales
Revenue	$ 2,503,051	3,805,170
Engineering Services
Revenue		$ 110,219

Revenue Recognition and Contr_4

Revenue Recognition and Contracts with Customers - Company's net sales as a percentage (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue Performance Obligation Percentage	100.00%	100.00%
Point-in-Time - Output Method [Member]
Revenue Performance Obligation Percentage	100.00%	97.00%
Over Time - Input Method [Member]
Revenue Performance Obligation Percentage		3.00%

Revenue Recognition and Contr_5

Revenue Recognition and Contracts with Customers - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Standard Product Warranty Term	12 months
Revenue, Remaining Performance Obligation	$ 0
Extended warranties
Standard Product Warranty Term	12 months
OEM products and waveguide sales
Standard Product Warranty Term	18 months

Loss Per Share - Additional Inf

Loss Per Share - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Loss Per Share
Earnings Per Share, Potentially Dilutive Securities	8,611,365	8,983,727

Inventories, Net - Components o

Inventories, Net - Components of Inventories (Detail) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Inventories, Net
Purchased Parts and Components	$ 11,461,309	$ 11,580,766
Work in Process	265,757	226,126
Finished Goods	1,959,141	1,472,534
Less: Reserve for Obsolescence	(1,127,141)	(1,127,444)
Inventories, Net	$ 12,559,066	$ 12,151,982

Licenses, Net (Details)

Licenses, Net (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Licenses Net [Line Items]
Licenses, Net	$ 1,333,236	$ 1,389,936
Licensing agreements
Licenses Net [Line Items]
Licenses	2,443,356	1,038,606
Additions		1,404,750
Less: Accumulated Amortization / Expensed	(1,110,120)	(1,053,420)
Licenses, Net	$ 1,333,236	$ 1,389,936

Licenses, Net - Additional Info

Licenses, Net - Additional Information (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2017USD ($)itemshares	Dec. 31, 2021USD ($)
Licenses Net [Line Items]
Purchase price		$ 34,469	$ 135,674
Shares issued value			85,000,011
Research and Development		$ 3,103,444	$ 2,205,318
Licensing agreements
Licenses Net [Line Items]
Number of license acquired | item				2
Value of shares development milestones					$ 1,404,750
First license agreements
Licenses Net [Line Items]
Licenses, Net				$ 114,967
Amortization period (in years)				10 years
Second license agreements
Licenses Net [Line Items]
Patent application costs				$ 75,702
Company awarded shares | shares				25,000
Shares issued value				$ 128,750
Issuance of shares development milestones | shares	75,000			75,000
Market value per share | $ / shares	$ 18.73
Value of shares development milestones	$ 1,404,750

Intangible Asset, Net - Schedul

Intangible Asset, Net - Schedule of Finite-Lived Intangible Assets (Details) - Intangible Assets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Intangible Asset	$ 1,500,000	$ 1,500,000
Less: Accumulated Amortization	(1,457,179)	(1,352,452)
Intangible Asset, Net	$ 42,821	$ 147,548

Intangible Asset, Net - Additio

Intangible Asset, Net - Additional Information (Details) - TDG Acquisition Company LLC [Member] - USD ($)	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021
Amortization of intangible assets	$ 42,821	$ 104,727	$ 104,727
Selling and Marketing Expense.
Total commission expense		$ 25,794	$ 52,655

Other Assets (Details)

Other Assets (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Oct. 31, 2021	Dec. 31, 2020
Private Corporation Investment	$ 450,000	$ 450,000
Additions	5,042,421	5,190,438
Unamortized Common Stock Expense included in Long-Term Prepaid Expenses	370,897	491,923
Total Other Assets	1,445,897	1,483,589
Software Development
Software development costs	750,000	500,000
Additions	125,000	250,000	$ 250,000	$ 500,000
Less: Accumulated Amortization	(250,000)	(208,334)
Software Development Costs, Net	$ 625,000	$ 541,666

Other Assets - Additional Infor

Other Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 31, 2022	Dec. 31, 2021	Oct. 31, 2021
Other assets [Line Items]
Additions		$ 5,042,421	$ 5,190,438
Software Development
Other assets [Line Items]
Additions	$ 500,000	$ 125,000	$ 250,000	$ 250,000
Useful life	36 months

Accrued Expenses - Components o

Accrued Expenses - Components of Accrued Expenses (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Accrued Expenses
Accrued Wages and Related Costs	$ 484,980	$ 683,044
Accrued Professional Services	318,231	551,220
Accrued Warranty Obligations	156,192	185,044
Other Accrued Expenses	167,618
Total	$ 1,127,021	$ 1,419,308

Accrued Expenses - Changes in A

Accrued Expenses - Changes in Accrued Warranty Obligations (Details)	3 Months Ended
	Mar. 31, 2022USD ($)
Accrued Expenses
Accrued Warranty Obligations, beginning of period	$ 185,044
Reductions for Settling Warranties	(103,943)
Warranties Issued During Period	75,091
Accrued Warranty Obligations, end of period	$ 156,192

Accrued Expenses - Additional I

Accrued Expenses - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022
Accrued Expenses
Standard Product Warranty Term	12 months

Capital Stock - Additional Info

Capital Stock - Additional Information (Details) - USD ($)	Mar. 02, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Preferred Stock, Shares Authorized		5,000,000		5,000,000
Preferred Stock, Par Value		$ 0.001		$ 0.001
Shares issued value			$ 85,000,011
Common Stock, Shares Authorized		100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share		$ 0.001		$ 0.001
Common Stock, Shares, Issued		63,704,626		63,672,268
Common Stock, Shares, Outstanding		63,667,941		63,672,268
Aggregate value of shares authorized	$ 25
Share repurchase program term	1 year
Shares repurchased		36,685
Average cost		$ 6.84
Common shares held in treasury		36,685
Common Stock
Company awarded shares			4,146,342
Shares issued value			$ 4,146
Preferred Stock Converted & Preferred Dividend Settlement (in shares)			4,962,600
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized		49,626		49,626
Preferred Stock, Shares Issued		0		0
Preferred Stock, Shares Outstanding		0		0

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock options	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Options
Outstanding, Beginning Balance | shares	2,823,634
Granted | shares	98,500
Exercised | shares	(43,040)
Expired or Forfeited | shares	(51,729)
Outstanding, Ending Balance | shares	2,827,365
Weighted Average Exercise Price
Outstanding, Beginning Balance | $ / shares	$ 7.67
Granted | $ / shares	5.78
Exercised | $ / shares	3.94
Expired or Forfeited | $ / shares	8.60
Outstanding, Ending Balance | $ / shares	$ 7.74

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Stock-Based Compensation Plans
Options Outstanding, Weighted Average Remaining Life (Years)	7 years 8 months 26 days		7 years 11 months 12 days
Exercisable Options Outstanding Shares	1,183,727
Weighted average exercise price per share, Exercisable	$ 6.04
Weighted average remaining contractual term on vested options	6 years 7 months 6 days
Unvested Options Outstanding, Shares	1,643,638
Unvested Options Outstanding, Weighted average exercise price	$ 9.83
Unvested Options Outstanding Weighted average remaining life (years)	8 years 7 months 6 days
Unrecognized stock compensation expense	$ 8,353,781
Weighted average recognition period	3 years
Share-Based compensation excludes the long term incentive plan expense	$ 1,350,610	$ 456,745

Long-term Incentive Plan (Detai

Long-term Incentive Plan (Details) - USD ($)	Mar. 17, 2021	Mar. 31, 2022	Mar. 31, 2021
Long-term Incentive Plan
Exercise price		$ 6.04
Share-based Compensation		$ 4,319,748	$ 4,618,213
Unrecognized stock-based compensation expense		$ 8,353,781
Recognition period		3 years
Options available in equity market and operational milestone		5,409,000
Equity Market Capitalization Targets
Long-term Incentive Plan
Options available in equity market and operational milestone		2,704,500
Annual Revenue Targets
Long-term Incentive Plan
Options available in equity market and operational milestone		1,893,150
Annual EBITDA Margins Before Non-Cash Charges Targets
Long-term Incentive Plan
Options available in equity market and operational milestone		811,350
Stock options | Long-term Incentive Plan 2021
Long-term Incentive Plan
Granted	5,784,000
Exercise price	$ 19
Share-based Compensation		$ 2,969,138	$ 4,161,468
Stock options | Vest immediately | Long-term Incentive Plan 2021
Long-term Incentive Plan
Options vested	$ 375,000
Stock options tied to equity market capitalization milestone
Long-term Incentive Plan
Unrecognized stock-based compensation expense		25,371,320
Amount of threshold additional stock based compensation expense		$ 34,100,000
Stock options tied to equity market capitalization milestone | Maximum
Long-term Incentive Plan
Recognition period		6 years

Long-term Incentive Plan - LTIP

Long-term Incentive Plan - LTIP (Details)	3 Months Ended
	Mar. 31, 2022USD ($)shares
Long-term Incentive Plan
Percentage of weightage for equity market capitalization target	50.00%
Percentage of weightage for last twelve months revenue target	35.00%
Percentage of weightage for last twelve months EBITDA margin before non-cash charges	15.00%
Options available in equity market and operational milestone | shares	5,409,000
Stock option tied to equity market and operational milestones
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	5,409,000
Equity market and operational milestone one
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	686,000
Amount of equity market capitalization target	$ 2,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 25,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	0.00%
Equity market and operational milestone two
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	686,000
Amount of equity market capitalization target	$ 3,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 50,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	2.00%
Equity market and operational milestone three
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	686,000
Amount of equity market capitalization target	$ 4,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 100,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	4.00%
Equity market and operational milestone four
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	686,000
Amount of equity market capitalization target	$ 5,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 200,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	6.00%
Equity market and operational milestone five
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	586,000
Amount of equity market capitalization target	$ 6,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 300,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	8.00%
Equity market and operational milestone six
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	586,000
Amount of equity market capitalization target	$ 7,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 450,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	10.00%
Equity market and operational milestone seven
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	561,000
Amount of equity market capitalization target	$ 8,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 675,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	12.00%
Equity market and operational milestone eight
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	491,000
Amount of equity market capitalization target	$ 9,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 1,000,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	14.00%
Equity market and operational milestone nine
Long-term Incentive Plan
Options available in equity market and operational milestone | shares	441,000
Amount of equity market capitalization target	$ 10,000,000,000
Amount of last twelve months revenue target under the equity market and operational milestone under LTIP	$ 1,500,000,000
Percentage of last twelve months EBITDA margin before non-cash charges target	16.00%

Right-of-Use Assets and Liabi_3

Right-of-Use Assets and Liabilities - Operating Leases (Details)	Mar. 31, 2022USD ($)
Right-of-Use Assets and Liabilities
2022	$ 417,750
2023	546,916
2024	45,576
Total Future Lease Payments	1,010,242
Less: Imputed Interest	(41,973)
Total Lease Liability Balance	$ 968,269

Right-of-Use Assets and Liabi_4

Right-of-Use Assets and Liabilities - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Right-of-Use Assets and Liabilities
Operating lease costs	$ 162,365	$ 124,215
Weighted average discount rate	4.50%
Weighted average remaining term	1 year 9 months 18 days