Vuzix (VUZI) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 09, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 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, par value $0.001
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		63,739,650
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current Assets
Cash and Cash Equivalents	$ 90,374,403	$ 120,203,873
Accounts Receivable	3,118,036	2,242,429
Accrued Revenues in Excess of Billings	393,250
Inventories, Net	12,229,472	12,151,982
Manufacturing Vendor Prepayments	430,721	504,051
Prepaid Expenses and Other Assets	2,465,117	2,047,819
Total Current Assets	109,010,999	137,150,154
Long-Term Assets
Fixed Assets, Net	9,524,178	5,190,438
Operating Lease Right-of-Use Asset	707,574	1,117,022
Patents and Trademarks, Net	2,141,157	1,988,370
Technology Licenses, Net	15,657,333	1,389,936
Intangible Asset, Net		147,548
Other Assets, Net	1,716,810	1,483,589
Total Assets	138,758,051	148,467,057
Current Liabilities
Accounts Payable	2,196,590	2,054,762
Unearned Revenue	24,370	27,797
Accrued Expenses	1,174,372	1,419,308
Licensing Fees Commitment	4,250,000
Income and Other Taxes Payable	46,604	120,242
Operating Lease Right-of-Use Liability	525,882	534,146
Total Current Liabilities	8,217,818	4,156,255
Long-Term Liabilities
Operating Lease Right-of-Use Liability	181,692	582,876
Licensing Fees Commitment	4,750,000
Total Long-Term Liabilities	4,931,692	582,876
Total Liabilities	13,149,510	4,739,131
Stockholders' Equity
Common Stock - $0.001 Par Value, 100,000,000 shares authorized; 63,776,335 shares issued and 63,739,650 shares outstanding as of September 30, 2022 and 63,672,268 shares issued and outstanding as of December 31, 2021.	63,777	63,672
Additional Paid-in Capital	358,872,631	346,736,397
Accumulated Deficit	(233,076,810)	(203,072,143)
Treasury Stock, at cost, 36,685 shares as of September 30, 2022 and 0 shares as of December 31, 2021	(251,057)
Total Stockholders' Equity	125,608,541	143,727,926
Total Liabilities and Stockholders' Equity	$ 138,758,051	$ 148,467,057

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares Issued	63,776,335	63,672,268
Common Stock, Shares Outstanding	63,739,650	63,672,268
Common shares held in treasury	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	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		$ 368	14,377,950			14,378,318
Stock-Based Compensation Expense (in shares)		368,047
Stock Option Exercises		$ 621	713,083			713,704
Stock Option Exercises (in shares)		620,784
Stock Warrant Exercises		$ 7,274	34,697,794			34,705,068
Stock Warrant Exercises (in shares)		7,274,328
Proceeds from Common Stock Offering		$ 4,768	97,784,270			97,789,038
Proceeds from Common Stock Offering (in shares)		4,768,293
Direct Costs of Common Stock Offering			(6,136,420)			(6,136,420)
Shares Redeemed to Cover Employee Tax Withholdings		$ (83)	(1,144,282)			(1,144,365)
Shares Redeemed to Cover Employee Tax Withholdings (in shares)		(83,164)
Stock Issued for Technology License Purchase		$ 75	1,404,675			1,404,750
Stock Issued for Technology License Purchase (in shares)		75,000
Preferred Stock Converted & Preferred Dividend Settlement	$ (50)	$ 4,963	(10,004,913)			(10,000,000)
Preferred Stock Converted & Preferred Dividend Settlement (in shares)	(49,626)	4,962,600
Net Loss				(28,884,390)		(28,884,390)
Balance at Sep. 30, 2021		$ 63,631	342,644,630	(191,579,373)		151,128,888
Balance (in shares) at Sep. 30, 2021		63,631,054
Balance at Jun. 30, 2021		$ 63,278	336,770,866	(181,091,825)		155,742,319
Balance (in shares) at Jun. 30, 2021		63,278,096
Stock-Based Compensation Expense		$ 300	5,833,873			5,834,173
Stock-Based Compensation Expense (in shares)		300,000
Stock Option Exercises		$ 53	39,891			39,944
Stock Option Exercises (in shares)		52,958
Net Loss				(10,487,548)		(10,487,548)
Balance at Sep. 30, 2021		$ 63,631	342,644,630	(191,579,373)		151,128,888
Balance (in shares) at Sep. 30, 2021		63,631,054
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		$ (2)	12,087,836			12,087,834
Stock-Based Compensation Expense (in shares)		(3,017)
Stock Option Exercises		$ 107	48,398			48,505
Stock Option Exercises (in shares)		107,084
Purchases of Treasury Stock					$ (251,057)	$ (251,057)
Purchases of Treasury Stock (in Shares)					(36,685)	36,685
Net Loss				(30,004,667)		$ (30,004,667)
Balance at Sep. 30, 2022		$ 63,777	358,872,631	(233,076,810)	$ (251,057)	125,608,541
Balance (in shares) at Sep. 30, 2022		63,776,335			(36,685)
Balance at Jun. 30, 2022		$ 64,026	355,322,990	(223,599,811)	$ (251,057)	131,536,148
Balance (in shares) at Jun. 30, 2022		64,025,640			(36,685)
Stock-Based Compensation Expense		$ (291)	3,549,683			3,549,392
Stock-Based Compensation Expense (in shares)		(291,667)
Stock Option Exercises		$ 42	(42)
Stock Option Exercises (in shares)		42,362
Net Loss				(9,476,999)		(9,476,999)
Balance at Sep. 30, 2022		$ 63,777	$ 358,872,631	$ (233,076,810)	$ (251,057)	$ 125,608,541
Balance (in shares) at Sep. 30, 2022		63,776,335			(36,685)

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Sales:
Total Sales	$ 3,426,823	$ 3,018,774	$ 8,937,633	$ 9,850,702
Cost of Sales:
Cost of Sales - Depreciation and Amortization	221,772	252,759	676,720	953,614
Total Cost of Sales	2,558,602	2,622,812	7,328,335	8,330,733
Gross Profit	868,221	395,962	1,609,298	1,519,969
Operating Expenses:
Research and Development	3,440,685	3,397,118	9,540,272	8,326,431
Selling and Marketing	1,980,748	1,653,013	5,895,332	4,305,632
General and Administrative	4,854,014	5,463,247	15,307,242	16,672,046
Depreciation and Amortization	510,099	246,902	1,149,046	731,035
Loss on Fixed Asset Disposal				83,908
Impairment of Patents and Trademarks	48,075	7,544	97,676	66,040
Total Operating Expenses	10,833,621	10,767,824	31,989,568	30,185,092
Loss From Operations	(9,965,400)	(10,371,862)	(30,380,270)	(28,665,123)
Other Income (Expense):
Investment Income	572,721	29,843	690,028	45,448
Income and Other Taxes	(19,768)	(105,526)	(98,727)	(138,034)
Foreign Exchange Loss	(64,552)	(40,003)	(215,698)	(126,681)
Total Other Income (Expense), Net	488,401	(115,686)	375,603	(219,267)
Loss Before Provision for Income Taxes	(9,476,999)	(10,487,548)	(30,004,667)	(28,884,390)
Net Loss	$ (9,476,999)	$ (10,487,548)	$ (30,004,667)	$ (28,884,390)
Basic Loss per Common Share	$ (0.15)	$ (0.17)	$ (0.47)	$ (0.48)
Diluted Loss per Common Share	$ (0.15)	$ (0.17)	$ (0.47)	$ (0.48)
Weighted-average Shares Outstanding - Basic	63,776,154	63,520,878	63,724,982	60,278,923
Weighted-average Shares Outstanding - Diluted	63,776,154	63,520,878	63,724,982	60,278,923
Sales of Products
Sales:
Total Sales	$ 2,537,539	$ 3,018,774	$ 7,939,483	$ 9,657,589
Cost of Sales:
Cost of Sales	2,034,123	$ 2,370,053	6,289,612	7,347,450
Sales of Engineering Services
Sales:
Total Sales	889,284		998,150	193,113
Cost of Sales:
Cost of Sales	$ 302,707		$ 362,003	$ 29,669

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows from Operating Activities
Net Loss	$ (30,004,667)	$ (28,884,390)
Non-Cash Adjustments
Depreciation and Amortization	1,700,766	1,453,367
Amortization of Software Development Costs and Prepaid Licenses in Cost of Sales	125,000	180,296
Stock-Based Compensation	12,016,334	12,830,782
Impairment of Patents and Trademarks	97,676	66,040
Loss on Fixed Asset Disposal		83,908
(Increase) Decrease in Operating Assets
Accounts Receivable	(875,607)	330,092
Accrued Revenues in Excess of Billings	(393,250)
Inventories, Net	(77,490)	(3,779,513)
Manufacturing Vendor Prepayments	73,330	(1,417,100)
Prepaid Expenses and Other Assets	(417,298)	(238,066)
Increase (Decrease) in Operating Liabilities
Accounts Payable	141,828	(34,346)
Accrued Expenses	(244,935)	602,293
Unearned Revenue	(3,425)	(26,901)
Income and Other Taxes Payable	(73,637)	(75,890)
Net Cash Flows Used in Operating Activities	(17,935,375)	(18,909,428)
Cash Flows from Investing Activities
Purchases of Fixed Assets	(5,203,562)	(3,592,703)
Investments in Patents and Trademarks	(362,981)	(442,582)
Investments in Licenses, Intangibles and Other Assets	(6,125,000)	(305,158)
Net Cash Flows Used in Investing Activities	(11,691,543)	(4,340,443)
Cash Flows from Financing Activities
Proceeds from Exercise of Warrants		34,705,068
Proceeds from Exercise of Stock Options	48,505	713,703
Proceeds from Common Stock Offering, Net		91,652,617
Purchases of Treasury Stock	(251,057)
Preferred Dividend Settlement Payment		(10,000,000)
Employee Tax Withholdings Payment		(1,144,364)
Net Cash Flows (Used in) Provided from Financing Activities	(202,552)	115,927,024
Net (Decrease) Increase in Cash and Cash Equivalents	(29,829,470)	92,677,153
Cash and Cash Equivalents - Beginning of Period	120,203,873	36,069,508
Cash and Cash Equivalents - End of Period	90,374,403	128,746,661
Supplemental Disclosures
Unamortized Common Stock Expense included in Prepaid Expenses and Other Assets	1,204,942	1,729,646
Non-Cash Investment in Licenses	9,000,000	1,341,614
Stock-Based Compensation Expense - Expensed less Previously Issued	$ (71,502)	$ (1,547,536)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Basis of Presentation
Basis of Presentation	Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements of Vuzix Corporation (“the Company” or “Vuzix”) 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 impacting Costs of Sales, Gross Profit and Depreciation and Amortization. The results of the Company’s operations for the three and nine months ended September 30, 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 and for the year ended December 31, 2021, as reported in the Company’s Annual Report on Form 10-K/A filed with the SEC on October 25, 2022. Restatement As described in additional detail in Note 2 to the financial statements included in its 2021 Form 10-K/A, 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 and should no longer be relied upon. See Note 2, Restatement of Previously Issued 2021 Unaudited Quarterly Financial Statements Quarterly Financial Information (Unaudited) The impact of the restatement on the unaudited quarterly financial statements is presented below. ​ The impact of the restatement to the Consolidated Balance Sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ Balance Sheet Reported Adjustment As Restated Additional paid-in capital ​ $ 337,125,126 ​ $ 5,519,504 ​ $ 342,644,630 Accumulated deficit ​ $ (186,059,869) ​ $ (5,519,504) ​ $ (191,579,373) ​ The impact of the restatement to the Consolidated Statements of Operation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, 2021 (Unaudited) ​ For the Nine Months Ended September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ As Previously ​ ​ ​ ​ ​ ​ Condensed Statement of Operations Reported Adjustment As Restated Reported Adjustment As Restated Total Sales ​ $ 3,018,774 ​ $ — ​ $ 3,018,774 ​ $ 9,850,702 ​ $ — ​ $ 9,850,702 Total Cost of Sales ​ ​ 2,435,437 ​ ​ — ​ ​ 2,435,437 ​ ​ 7,608,401 ​ ​ — ​ ​ 7,608,401 Gross Profit ​ ​ 583,337 ​ ​ — ​ ​ 583,337 ​ ​ 2,242,301 ​ ​ — ​ ​ 2,242,301 Operating Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and Development ​ ​ 3,270,255 ​ ​ 126,863 ​ ​ 3,397,118 ​ ​ 8,050,915 ​ ​ 275,516 ​ ​ 8,326,431 Selling and Marketing ​ 1,589,582 ​ ​ 63,431 ​ ​ 1,653,013 ​ 4,167,874 ​ ​ 137,758 ​ ​ 4,305,632 General and Administrative ​ ​ 3,112,059 ​ ​ 2,351,188 ​ ​ 5,463,247 ​ ​ 11,565,816 ​ ​ 5,106,230 ​ ​ 16,672,046 Depreciation and Amortization ​ ​ 434,277 ​ ​ — ​ ​ 434,277 ​ ​ 1,453,367 ​ ​ — ​ ​ 1,453,367 Loss on Fixed Asset Disposal ​ ​ — ​ ​ — ​ ​ — ​ ​ 83,908 ​ ​ — ​ ​ 83,908 Impairment of Patents and Trademarks ​ 7,544 ​ ​ — ​ ​ 7,544 ​ 66,040 ​ ​ — ​ ​ 66,040 Total Operating Expenses ​ ​ 8,413,717 ​ ​ 2,541,482 ​ ​ 10,955,199 ​ ​ 25,387,920 ​ ​ 5,519,504 ​ ​ 30,907,424 Loss From Operations ​ ​ (7,830,380) ​ ​ (2,541,482) ​ ​ (10,371,862) ​ ​ (23,145,619) ​ ​ (5,519,504) ​ ​ (28,665,123) Total Other Expense, Net ​ ​ (115,686) ​ ​ — ​ ​ (115,686) ​ ​ (219,267) ​ ​ — ​ ​ (219,267) Net Loss ​ $ (7,946,066) ​ $ (2,541,482) ​ $ (10,487,548) ​ $ (23,364,886) ​ $ (5,519,504) ​ $ (28,884,390) Basic and Diluted Loss per Common Share ​ $ (0.13) ​ $ (0.04) ​ $ (0.17) ​ $ (0.39) ​ $ (0.10) ​ $ (0.48) ​ The impact of the restatement to the Statement of Changes in Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ Condensed Statement of Changes in Stockholders' Equity Reported Adjustment As Restated Stock-Based Compensation Expense ​ $ 8,858,814 ​ $ 5,519,504 ​ $ 14,378,318 Additional Paid-In Capital ​ ​ 337,125,126 ​ ​ 5,519,504 ​ ​ 342,644,630 Net Loss ​ ​ (23,364,886) ​ ​ (5,519,504) ​ ​ (28,884,390) Accumulated Deficit ​ $ (186,059,869) ​ $ (5,519,504) ​ $ (191,579,373) ​ The impact of the restatement to the Statement of Cash Flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ Condensed Statement of Cash Flows Reported Adjustment As Restated Net Loss ​ $ (23,364,886) ​ $ (5,519,504) ​ $ (28,884,390) Stock-Based Compensation ​ ​ 7,311,278 ​ ​ 5,519,504 ​ ​ 12,830,782 Net Cash Flows Used in Operating Activities ​ $ (18,909,428) ​ $ — ​ $ (18,909,428) ​ Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year’s presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Consolidated Statements of Operations for the three and nine months ended September 30, 2021, to reclassify depreciation expense related to our manufacturing operations from the amounts of reported depreciation and amortization expenses originally included in Operating Expenses. This change in classification does not affect previously reported Net Loss or reported Cash Flows Used in Operating Activities in the Consolidated Statements of Cash Flows or Consolidated Balance Sheets. The below table is a summary of the impact to these reclassifications: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, 2021 (Unaudited) ​ For the Nine Months Ended September 30, 2021 (Unaudited) Condensed Statement of Operations As Restated Reclassification Revised As Restated Reclassification Revised Total Sales ​ $ 3,018,774 ​ $ — ​ $ 3,018,774 ​ $ 9,850,702 ​ $ — ​ $ 9,850,702 Total Cost of Sales ​ ​ 2,435,437 ​ ​ 187,375 ​ ​ 2,622,812 ​ ​ 7,608,401 ​ ​ 722,332 ​ ​ 8,330,733 Gross Profit ​ ​ 583,337 ​ ​ (187,375) ​ ​ 395,962 ​ ​ 2,242,301 ​ ​ (722,332) ​ ​ 1,519,969 Operating Expenses: ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and Development ​ ​ 3,397,118 ​ ​ — ​ ​ 3,397,118 ​ ​ 8,326,431 ​ ​ — ​ ​ 8,326,431 Selling and Marketing ​ 1,653,013 ​ ​ — ​ ​ 1,653,013 ​ 4,305,632 ​ ​ — ​ ​ 4,305,632 General and Administrative ​ ​ 5,463,247 ​ ​ — ​ ​ 5,463,247 ​ ​ 16,672,046 ​ ​ — ​ ​ 16,672,046 Depreciation and Amortization ​ ​ 434,277 ​ ​ (187,375) ​ ​ 246,902 ​ ​ 1,453,367 ​ ​ (722,332) ​ ​ 731,035 Loss on Fixed Asset Disposal ​ ​ — ​ ​ — ​ ​ — ​ ​ 83,908 ​ ​ — ​ ​ 83,908 Impairment of Patents and Trademarks ​ 7,544 ​ ​ — ​ ​ 7,544 ​ 66,040 ​ ​ — ​ ​ 66,040 Total Operating Expenses ​ ​ 10,955,199 ​ ​ (187,375) ​ ​ 10,767,824 ​ ​ 30,907,424 ​ ​ (722,332) ​ ​ 30,185,092 Loss From Operations ​ ​ (10,371,862) ​ ​ — ​ ​ (10,371,862) ​ ​ (28,665,123) ​ ​ — ​ ​ (28,665,123) Total Other Expense, Net ​ ​ (115,686) ​ ​ — ​ ​ (115,686) ​ ​ (219,267) ​ ​ — ​ ​ (219,267) Net Loss ​ $ (10,487,548) ​ $ — ​ $ (10,487,548) ​ $ (28,884,390) ​ $ — ​ $ (28,884,390) ​ Customer Concentrations For the three months ended September 30, 2022, one customer represented 21% of total product revenue and two customers represented 100% of engineering services revenue. For the three months ended September 30, 2021, two customers represented 12% and 10% of total product revenue. For the nine months ended September 30, 2022, one customer represented 20% of total product revenue and two customers represented 100% of engineering services revenue. For the nine months ended September 30, 2021, no one customer represented more than 10% of total product revenue and two customers represented 100% of engineering services revenue. As of September 30, 2022, three customers represented 30%, 13% and 11% of accounts receivable, respectively. As of December 31, 2021, three customers represented 27%, 20% and 10% of accounts receivable, respectively. 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 re-issuance 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	9 Months Ended
	Sep. 30, 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Revenues ​ ​ ​ ​ Smart Glasses Sales ​ $ 2,537,539 ​ $ 3,018,774 ​ $ 7,939,483 ​ $ 9,657,589 Engineering Services ​ 889,284 ​ — ​ 998,150 ​ 193,113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Revenue ​ $ 3,426,823 ​ $ 3,018,774 ​ $ 8,937,633 ​ $ 9,850,702 ​ 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 to measure the 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, using percentage-of-completion, 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 nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ % of Total Net Sales ​ ​ 2022 2021 Point-in-Time 89 % 98 % Over Time – Input Method 11 % 2 % ​ ​ ​ ​ ​ ​ Total 100 % 100 % ​ Remaining Performance Obligations As of September 30, 2022, the Company had approximately $320,000 of remaining performance obligations under two current waveguide development projects, which represents the remainder of the total transaction prices totaling $1,318,000 under these development agreements, less revenue recognized under percentage of completion to date. The Company currently expects to recognize the remaining revenue relating to these existing performance obligations of $320,000 in the fourth quarter of 2022 The Company had no material outstanding performance obligations related to product sales, other than its standard product warranty.

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 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. 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, 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 September 30, 2022 and 2021, there were 8,532,349 and 8,612,869 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	9 Months Ended
	Sep. 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Purchased Parts and Components ​ $ 10,811,529 ​ $ 11,580,766 Work-in-Process ​ 320,152 ​ 226,126 Finished Goods ​ 2,249,105 ​ 1,472,534 Less: Reserve for Obsolescence ​ (1,151,314) ​ (1,127,444) ​ ​ ​ ​ ​ ​ ​ Inventories, Net ​ $ 12,229,472 ​ $ 12,151,982 ​

Fixed Assets

Fixed Assets	9 Months Ended
	Sep. 30, 2022
Fixed Assets
Fixed Assets	Note 5 – Fixed Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 Tooling and Manufacturing Equipment ​ $ 11,639,721 ​ $ 6,612,811 Leaseholds ​ 826,329 ​ 797,059 Computers and Purchased Software ​ 1,054,127 ​ 980,561 Furniture and Equipment ​ 2,673,787 ​ 2,661,346 ​ ​ 16,193,964 ​ 11,051,777 Less: Accumulated Depreciation ​ (6,669,786) ​ (5,861,339) Fixed Assets, Net ​ $ 9,524,178 ​ $ 5,190,438 ​ On April 27, 2022, the Company signed a purchase order for new manufacturing equipment upgrades to further our waveguide production capabilities. The purchase order totaled ​ On May 12, 2022, the Company signed a series of agreements with Atomistic SAS, which provided for an exclusive license by the Company of key m all of which is custom to the Company. ​ During the three months ended September 30, 2022, the Company made an additional progress payment of $1,500,000 towards this custom chip tooling asset, in addition to the $4,029,120 progress payments made to-date. These payments, totaling $5,529,120 are included in construction-in-progress in Tooling and Manufacturing Equipment until the asset is placed into service in the next 18 to 21 months . The remaining $9,470,880 commitment towards this custom backplane is expected to be paid over the same period as referenced above.

Technology Licenses, Net

Technology Licenses, Net	9 Months Ended
	Sep. 30, 2022
Technology Licenses, Net
Technology Licenses, Net	Note 6 – Technology Licenses, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 2,443,356 ​ $ 1,038,606 Additions ​ 15,000,000 ​ 1,404,750 Less: Accumulated Amortization ​ (1,786,023) ​ (1,053,420) Licenses, Net ​ $ 15,657,333 ​ $ 1,389,936 ​ As noted above in Note 5, on May 12, 2022, the Company signed a series of agreements with Atomistic SAS (the “Atomistic Agreements”), which provided for an exclusive license of key m m ​ As of the effective date of the Atomistic Agreements, the Company recorded an intangible technology license asset of $15,000,000 and an accrued liability (short-term and long-term) defined as a Licensing Fees Commitment, of $15,000,000 . This intangible asset is to be amortized over a towards this commitment and recorded a total of $375,000 and $562,500, in the three and nine months ended Spetember 30, 2022, respectively, in amortization relating to this intangible asset. The remaining balance of $9,000,000 associated with this contractual obligation is to be paid over the next 15 months.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2022
Other Assets
Other Assets	Note 7 - Other Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 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 ​ ​ (333,333) ​ ​ (208,334) Software Development Costs, Net ​ ​ 541,667 ​ ​ 541,666 ​ ​ ​ ​ ​ ​ ​ Unamortized Common Stock Expense included in Long-Term Prepaid Expenses ​ ​ 725,143 ​ ​ 491,923 ​ ​ ​ ​ ​ ​ ​ Total Other Assets ​ $ 1,716,810 ​ $ 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 basis over its expected product life cycle of thirty-six

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2022
Accrued Expenses
Accrued Expenses	Note 8 – Accrued Expenses Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Accrued Wages and Related Costs ​ $ 350,409 ​ $ 683,044 Accrued Professional Services ​ 245,660 ​ 551,220 Accrued Warranty Obligations ​ 170,934 ​ 185,044 Other Accrued Expenses ​ 407,369 ​ — ​ ​ ​ ​ ​ ​ ​ Total ​ $ 1,174,372 ​ $ 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 nine months ended September 30, 2022 were as follows: ​ ​ ​ ​ ​ Accrued Warranty Obligations at December 31, 2021 ​ $ 185,044 Reductions for Settling Warranties ​ (252,294) Warranties Issued During Year ​ 238,184 ​ ​ ​ ​ Accrued Warranty Obligations at September 30, 2022 ​ $ 170,934 ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 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 63,776,335 shares issued and 63,739,650 shares outstanding as of September 30, 2022 and 63,672,268 shares issued ​ In connection with the Atomistic Agreements, the Company will, upon the achievement or waiver of performance milestones contained in the Atomistic Agreements, be committed to pay $2,500,000 and to issue a minimum of 1,750,000 common shares of Vuzix to the stockholders of Atomistic (as a portion of the consideration for certain shares of Atomistic) which would result in Vuzix obtaining Series A Convertible Preferred shares in Atomistic that could ultimately be converted into common shares of Atomistic, with Atomistic becoming a subsidiary of the Company, and Vuzix ultimately owning 100% of Atomistic. The share issuances by the Company may not commence any earlier than April 2023 and are expected to be issued over the next 15 ​ Treasury Stock may be suspended or discontinued at any time at the Company’s sole discretion.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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) – Note 12) for the nine months ended September 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Options Exercise Price Outstanding at December 31, 2021 2,823,634 ​ $ 7.67 Granted 183,500 ​ 5.92 Exercised (137,866) ​ 2.62 Expired or Forfeited (120,919) ​ 8.27 ​ ​ ​ ​ ​ ​ Outstanding at September 30, 2022 2,748,349 ​ $ 7.37 ​ The weighted average remaining contractual term for all options as of September 30, 2022 and December 31, 2021 was 7.37 years and 7.95 years, respectively. As of September 30, 2022, there were 1,409,352 options that were fully-vested and exercisable at a weighted average exercise price of $6.91 per share. The weighted average remaining contractual term of the vested options is 6.5 years. As of September 30, 2022, there were 1,338,997 unvested options exercisable at a weighted average exercise price of $9.75 per share. The weighted average remaining contractual term of the unvested options is 8.3 years. The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At September 30, 2022, the Company had $9,293,768 of unrecognized stock compensation expense, which will be recognized over a weighted average period of 2.6 years. For the three months ended September 30, 2022 and 2021, the Company recorded total stock-based compensation expense, including stock awards but excluding awards under the Company’s LTIP, of $1,157,556 and $1,137,862, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded total stock-based compensation expense, including stock awards but excluding awards under the Company’s LTIP, of $3,730,899 and $2,606,700, respectively

Long-term Incentive Plan

Long-term Incentive Plan	9 Months Ended
	Sep. 30, 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 September 30, 2022 and 2021, the Company recorded non-cash stock-based compensation expense of $2,658,294 and $3,031,307, respectively, for options that vested or are probable to vest. For the nine months ended September 30, 2022 and 2021, the Company recorded non-cash stock-based compensation expense of $8,285,435 and $10,224,082, respectively, for options that vested or are probable to vest. These expenses are presented in the same financial statement line items in the Statements of Operations as the cash-based compensation expenses for the same employees. ​ 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 September 30, 2022, we had $20,054,731 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 September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 2022
Litigation
Litigation	Note 13 – Litigation We are not currently involved in any actual or pending legal proceedings or litigation that we consider to be material, 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	9 Months Ended
	Sep. 30, 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 September 30, 2022 were as follows: ​ ​ ​ ​ ​ 2022 ​ $ 137,812 2023 ​ 546,916 2024 ​ 45,576 Total Future Lease Payments ​ 730,304 Less: Imputed Interest ​ (22,730) Total Lease Liability Balance ​ $ 707,574 ​ Operating lease costs under the operating leases totaled $160,767 and $172,014 for the three months ended September 30, 2022 and 2021, respectively. Operating lease costs under the operating leases totaled $486,409 and $460,434 for the nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the weighted average discount rate was 4.5% and the weighted average remaining lease term was 1.3 years.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events
Subsequent Events	Note 15 – Subsequent Events ​ On October 20, 2022 the Company purchased Moviynt®, a US-based SAP Certified ERP platform software solution provider, to support handheld mobile phones and scanners used in logistics, warehousing and manufacturing applications. Starting in Q4-2022 its operations will be presented on a consolidated basis. ​ The purchase price allocation has not been finalized, due to the timing of the acquisition and the filing date of this Quarterly Report on Form 10-Q. Therefore, the allocation of the purchase price to the assets acquired and liabilities assumed, including values to be recognized for goodwill and other intangible assets, will be disclosed in the Annual Report on Form 10-K for the year ending December 31, 2022.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
Basis of Presentation
Basis of Presentation	The accompanying unaudited consolidated financial statements of Vuzix Corporation (“the Company” or “Vuzix”) 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 impacting Costs of Sales, Gross Profit and Depreciation and Amortization. The results of the Company’s operations for the three and nine months ended September 30, 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 and for the year ended December 31, 2021, as reported in the Company’s Annual Report on Form 10-K/A filed with the SEC on October 25, 2022.
Restatement	Restatement As described in additional detail in Note 2 to the financial statements included in its 2021 Form 10-K/A, 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 and should no longer be relied upon. See Note 2, Restatement of Previously Issued 2021 Unaudited Quarterly Financial Statements Quarterly Financial Information (Unaudited) The impact of the restatement on the unaudited quarterly financial statements is presented below. ​ The impact of the restatement to the Consolidated Balance Sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ Balance Sheet Reported Adjustment As Restated Additional paid-in capital ​ $ 337,125,126 ​ $ 5,519,504 ​ $ 342,644,630 Accumulated deficit ​ $ (186,059,869) ​ $ (5,519,504) ​ $ (191,579,373) ​ The impact of the restatement to the Consolidated Statements of Operation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, 2021 (Unaudited) ​ For the Nine Months Ended September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ As Previously ​ ​ ​ ​ ​ ​ Condensed Statement of Operations Reported Adjustment As Restated Reported Adjustment As Restated Total Sales ​ $ 3,018,774 ​ $ — ​ $ 3,018,774 ​ $ 9,850,702 ​ $ — ​ $ 9,850,702 Total Cost of Sales ​ ​ 2,435,437 ​ ​ — ​ ​ 2,435,437 ​ ​ 7,608,401 ​ ​ — ​ ​ 7,608,401 Gross Profit ​ ​ 583,337 ​ ​ — ​ ​ 583,337 ​ ​ 2,242,301 ​ ​ — ​ ​ 2,242,301 Operating Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and Development ​ ​ 3,270,255 ​ ​ 126,863 ​ ​ 3,397,118 ​ ​ 8,050,915 ​ ​ 275,516 ​ ​ 8,326,431 Selling and Marketing ​ 1,589,582 ​ ​ 63,431 ​ ​ 1,653,013 ​ 4,167,874 ​ ​ 137,758 ​ ​ 4,305,632 General and Administrative ​ ​ 3,112,059 ​ ​ 2,351,188 ​ ​ 5,463,247 ​ ​ 11,565,816 ​ ​ 5,106,230 ​ ​ 16,672,046 Depreciation and Amortization ​ ​ 434,277 ​ ​ — ​ ​ 434,277 ​ ​ 1,453,367 ​ ​ — ​ ​ 1,453,367 Loss on Fixed Asset Disposal ​ ​ — ​ ​ — ​ ​ — ​ ​ 83,908 ​ ​ — ​ ​ 83,908 Impairment of Patents and Trademarks ​ 7,544 ​ ​ — ​ ​ 7,544 ​ 66,040 ​ ​ — ​ ​ 66,040 Total Operating Expenses ​ ​ 8,413,717 ​ ​ 2,541,482 ​ ​ 10,955,199 ​ ​ 25,387,920 ​ ​ 5,519,504 ​ ​ 30,907,424 Loss From Operations ​ ​ (7,830,380) ​ ​ (2,541,482) ​ ​ (10,371,862) ​ ​ (23,145,619) ​ ​ (5,519,504) ​ ​ (28,665,123) Total Other Expense, Net ​ ​ (115,686) ​ ​ — ​ ​ (115,686) ​ ​ (219,267) ​ ​ — ​ ​ (219,267) Net Loss ​ $ (7,946,066) ​ $ (2,541,482) ​ $ (10,487,548) ​ $ (23,364,886) ​ $ (5,519,504) ​ $ (28,884,390) Basic and Diluted Loss per Common Share ​ $ (0.13) ​ $ (0.04) ​ $ (0.17) ​ $ (0.39) ​ $ (0.10) ​ $ (0.48) ​ The impact of the restatement to the Statement of Changes in Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ Condensed Statement of Changes in Stockholders' Equity Reported Adjustment As Restated Stock-Based Compensation Expense ​ $ 8,858,814 ​ $ 5,519,504 ​ $ 14,378,318 Additional Paid-In Capital ​ ​ 337,125,126 ​ ​ 5,519,504 ​ ​ 342,644,630 Net Loss ​ ​ (23,364,886) ​ ​ (5,519,504) ​ ​ (28,884,390) Accumulated Deficit ​ $ (186,059,869) ​ $ (5,519,504) ​ $ (191,579,373) ​ The impact of the restatement to the Statement of Cash Flows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ Condensed Statement of Cash Flows Reported Adjustment As Restated Net Loss ​ $ (23,364,886) ​ $ (5,519,504) ​ $ (28,884,390) Stock-Based Compensation ​ ​ 7,311,278 ​ ​ 5,519,504 ​ ​ 12,830,782 Net Cash Flows Used in Operating Activities ​ $ (18,909,428) ​ $ — ​ $ (18,909,428) ​
Reclassification of Prior Year Presentation	Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year’s presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the Consolidated Statements of Operations for the three and nine months ended September 30, 2021, to reclassify depreciation expense related to our manufacturing operations from the amounts of reported depreciation and amortization expenses originally included in Operating Expenses. This change in classification does not affect previously reported Net Loss or reported Cash Flows Used in Operating Activities in the Consolidated Statements of Cash Flows or Consolidated Balance Sheets. The below table is a summary of the impact to these reclassifications: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, 2021 (Unaudited) ​ For the Nine Months Ended September 30, 2021 (Unaudited) Condensed Statement of Operations As Restated Reclassification Revised As Restated Reclassification Revised Total Sales ​ $ 3,018,774 ​ $ — ​ $ 3,018,774 ​ $ 9,850,702 ​ $ — ​ $ 9,850,702 Total Cost of Sales ​ ​ 2,435,437 ​ ​ 187,375 ​ ​ 2,622,812 ​ ​ 7,608,401 ​ ​ 722,332 ​ ​ 8,330,733 Gross Profit ​ ​ 583,337 ​ ​ (187,375) ​ ​ 395,962 ​ ​ 2,242,301 ​ ​ (722,332) ​ ​ 1,519,969 Operating Expenses: ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and Development ​ ​ 3,397,118 ​ ​ — ​ ​ 3,397,118 ​ ​ 8,326,431 ​ ​ — ​ ​ 8,326,431 Selling and Marketing ​ 1,653,013 ​ ​ — ​ ​ 1,653,013 ​ 4,305,632 ​ ​ — ​ ​ 4,305,632 General and Administrative ​ ​ 5,463,247 ​ ​ — ​ ​ 5,463,247 ​ ​ 16,672,046 ​ ​ — ​ ​ 16,672,046 Depreciation and Amortization ​ ​ 434,277 ​ ​ (187,375) ​ ​ 246,902 ​ ​ 1,453,367 ​ ​ (722,332) ​ ​ 731,035 Loss on Fixed Asset Disposal ​ ​ — ​ ​ — ​ ​ — ​ ​ 83,908 ​ ​ — ​ ​ 83,908 Impairment of Patents and Trademarks ​ 7,544 ​ ​ — ​ ​ 7,544 ​ 66,040 ​ ​ — ​ ​ 66,040 Total Operating Expenses ​ ​ 10,955,199 ​ ​ (187,375) ​ ​ 10,767,824 ​ ​ 30,907,424 ​ ​ (722,332) ​ ​ 30,185,092 Loss From Operations ​ ​ (10,371,862) ​ ​ — ​ ​ (10,371,862) ​ ​ (28,665,123) ​ ​ — ​ ​ (28,665,123) Total Other Expense, Net ​ ​ (115,686) ​ ​ — ​ ​ (115,686) ​ ​ (219,267) ​ ​ — ​ ​ (219,267) Net Loss ​ $ (10,487,548) ​ $ — ​ $ (10,487,548) ​ $ (28,884,390) ​ $ — ​ $ (28,884,390)
Customer Concentrations	Customer Concentrations For the three months ended September 30, 2022, one customer represented 21% of total product revenue and two customers represented 100% of engineering services revenue. For the three months ended September 30, 2021, two customers represented 12% and 10% of total product revenue. For the nine months ended September 30, 2022, one customer represented 20% of total product revenue and two customers represented 100% of engineering services revenue. For the nine months ended September 30, 2021, no one customer represented more than 10% of total product revenue and two customers represented 100% of engineering services revenue. As of September 30, 2022, three customers represented 30%, 13% and 11% of accounts receivable, respectively. As of December 31, 2021, three customers represented 27%, 20% and 10% of accounts receivable, respectively.
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 re-issuance 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)	9 Months Ended
	Sep. 30, 2022
Basis of Presentation
Impact of the restatement on the unaudited consolidated balance sheets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ Balance Sheet Reported Adjustment As Restated Additional paid-in capital ​ $ 337,125,126 ​ $ 5,519,504 ​ $ 342,644,630 Accumulated deficit ​ $ (186,059,869) ​ $ (5,519,504) ​ $ (191,579,373)
Impact of the restatement on consolidated statements of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, 2021 (Unaudited) ​ For the Nine Months Ended September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ As Previously ​ ​ ​ ​ ​ ​ Condensed Statement of Operations Reported Adjustment As Restated Reported Adjustment As Restated Total Sales ​ $ 3,018,774 ​ $ — ​ $ 3,018,774 ​ $ 9,850,702 ​ $ — ​ $ 9,850,702 Total Cost of Sales ​ ​ 2,435,437 ​ ​ — ​ ​ 2,435,437 ​ ​ 7,608,401 ​ ​ — ​ ​ 7,608,401 Gross Profit ​ ​ 583,337 ​ ​ — ​ ​ 583,337 ​ ​ 2,242,301 ​ ​ — ​ ​ 2,242,301 Operating Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and Development ​ ​ 3,270,255 ​ ​ 126,863 ​ ​ 3,397,118 ​ ​ 8,050,915 ​ ​ 275,516 ​ ​ 8,326,431 Selling and Marketing ​ 1,589,582 ​ ​ 63,431 ​ ​ 1,653,013 ​ 4,167,874 ​ ​ 137,758 ​ ​ 4,305,632 General and Administrative ​ ​ 3,112,059 ​ ​ 2,351,188 ​ ​ 5,463,247 ​ ​ 11,565,816 ​ ​ 5,106,230 ​ ​ 16,672,046 Depreciation and Amortization ​ ​ 434,277 ​ ​ — ​ ​ 434,277 ​ ​ 1,453,367 ​ ​ — ​ ​ 1,453,367 Loss on Fixed Asset Disposal ​ ​ — ​ ​ — ​ ​ — ​ ​ 83,908 ​ ​ — ​ ​ 83,908 Impairment of Patents and Trademarks ​ 7,544 ​ ​ — ​ ​ 7,544 ​ 66,040 ​ ​ — ​ ​ 66,040 Total Operating Expenses ​ ​ 8,413,717 ​ ​ 2,541,482 ​ ​ 10,955,199 ​ ​ 25,387,920 ​ ​ 5,519,504 ​ ​ 30,907,424 Loss From Operations ​ ​ (7,830,380) ​ ​ (2,541,482) ​ ​ (10,371,862) ​ ​ (23,145,619) ​ ​ (5,519,504) ​ ​ (28,665,123) Total Other Expense, Net ​ ​ (115,686) ​ ​ — ​ ​ (115,686) ​ ​ (219,267) ​ ​ — ​ ​ (219,267) Net Loss ​ $ (7,946,066) ​ $ (2,541,482) ​ $ (10,487,548) ​ $ (23,364,886) ​ $ (5,519,504) ​ $ (28,884,390) Basic and Diluted Loss per Common Share ​ $ (0.13) ​ $ (0.04) ​ $ (0.17) ​ $ (0.39) ​ $ (0.10) ​ $ (0.48)
Impact of the restatement on statement of stockholders' equity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ Condensed Statement of Changes in Stockholders' Equity Reported Adjustment As Restated Stock-Based Compensation Expense ​ $ 8,858,814 ​ $ 5,519,504 ​ $ 14,378,318 Additional Paid-In Capital ​ ​ 337,125,126 ​ ​ 5,519,504 ​ ​ 342,644,630 Net Loss ​ ​ (23,364,886) ​ ​ (5,519,504) ​ ​ (28,884,390) Accumulated Deficit ​ $ (186,059,869) ​ $ (5,519,504) ​ $ (191,579,373)
Impact of the restatement on consolidated statements of cash flow	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended September 30, 2021 (Unaudited) ​ ​ As Previously ​ ​ ​ ​ ​ ​ Condensed Statement of Cash Flows Reported Adjustment As Restated Net Loss ​ $ (23,364,886) ​ $ (5,519,504) ​ $ (28,884,390) Stock-Based Compensation ​ ​ 7,311,278 ​ ​ 5,519,504 ​ ​ 12,830,782 Net Cash Flows Used in Operating Activities ​ $ (18,909,428) ​ $ — ​ $ (18,909,428)
Reclassification of prior year presentation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended September 30, 2021 (Unaudited) ​ For the Nine Months Ended September 30, 2021 (Unaudited) Condensed Statement of Operations As Restated Reclassification Revised As Restated Reclassification Revised Total Sales ​ $ 3,018,774 ​ $ — ​ $ 3,018,774 ​ $ 9,850,702 ​ $ — ​ $ 9,850,702 Total Cost of Sales ​ ​ 2,435,437 ​ ​ 187,375 ​ ​ 2,622,812 ​ ​ 7,608,401 ​ ​ 722,332 ​ ​ 8,330,733 Gross Profit ​ ​ 583,337 ​ ​ (187,375) ​ ​ 395,962 ​ ​ 2,242,301 ​ ​ (722,332) ​ ​ 1,519,969 Operating Expenses: ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and Development ​ ​ 3,397,118 ​ ​ — ​ ​ 3,397,118 ​ ​ 8,326,431 ​ ​ — ​ ​ 8,326,431 Selling and Marketing ​ 1,653,013 ​ ​ — ​ ​ 1,653,013 ​ 4,305,632 ​ ​ — ​ ​ 4,305,632 General and Administrative ​ ​ 5,463,247 ​ ​ — ​ ​ 5,463,247 ​ ​ 16,672,046 ​ ​ — ​ ​ 16,672,046 Depreciation and Amortization ​ ​ 434,277 ​ ​ (187,375) ​ ​ 246,902 ​ ​ 1,453,367 ​ ​ (722,332) ​ ​ 731,035 Loss on Fixed Asset Disposal ​ ​ — ​ ​ — ​ ​ — ​ ​ 83,908 ​ ​ — ​ ​ 83,908 Impairment of Patents and Trademarks ​ 7,544 ​ ​ — ​ ​ 7,544 ​ 66,040 ​ ​ — ​ ​ 66,040 Total Operating Expenses ​ ​ 10,955,199 ​ ​ (187,375) ​ ​ 10,767,824 ​ ​ 30,907,424 ​ ​ (722,332) ​ ​ 30,185,092 Loss From Operations ​ ​ (10,371,862) ​ ​ — ​ ​ (10,371,862) ​ ​ (28,665,123) ​ ​ — ​ ​ (28,665,123) Total Other Expense, Net ​ ​ (115,686) ​ ​ — ​ ​ (115,686) ​ ​ (219,267) ​ ​ — ​ ​ (219,267) Net Loss ​ $ (10,487,548) ​ $ — ​ $ (10,487,548) ​ $ (28,884,390) ​ $ — ​ $ (28,884,390)

Revenue Recognition and Contr_2

Revenue Recognition and Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2022
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, ​ 2022 2021 2022 2021 Revenues ​ ​ ​ ​ Smart Glasses Sales ​ $ 2,537,539 ​ $ 3,018,774 ​ $ 7,939,483 ​ $ 9,657,589 Engineering Services ​ 889,284 ​ — ​ 998,150 ​ 193,113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Revenue ​ $ 3,426,823 ​ $ 3,018,774 ​ $ 8,937,633 ​ $ 9,850,702
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 nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ % of Total Net Sales ​ ​ 2022 2021 Point-in-Time 89 % 98 % Over Time – Input Method 11 % 2 % ​ ​ ​ ​ ​ ​ Total 100 % 100 %

Inventories, Net (Tables)

Inventories, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Inventories, Net
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Purchased Parts and Components ​ $ 10,811,529 ​ $ 11,580,766 Work-in-Process ​ 320,152 ​ 226,126 Finished Goods ​ 2,249,105 ​ 1,472,534 Less: Reserve for Obsolescence ​ (1,151,314) ​ (1,127,444) ​ ​ ​ ​ ​ ​ ​ Inventories, Net ​ $ 12,229,472 ​ $ 12,151,982

Fixed Assets (Tables)

Fixed Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Fixed Assets
Fixed Assets, Net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 Tooling and Manufacturing Equipment ​ $ 11,639,721 ​ $ 6,612,811 Leaseholds ​ 826,329 ​ 797,059 Computers and Purchased Software ​ 1,054,127 ​ 980,561 Furniture and Equipment ​ 2,673,787 ​ 2,661,346 ​ ​ 16,193,964 ​ 11,051,777 Less: Accumulated Depreciation ​ (6,669,786) ​ (5,861,339) Fixed Assets, Net ​ $ 9,524,178 ​ $ 5,190,438

Technology Licenses, Net (Table

Technology Licenses, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Licenses [Member]
Schedule of Finite-Lived Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Licenses ​ $ 2,443,356 ​ $ 1,038,606 Additions ​ 15,000,000 ​ 1,404,750 Less: Accumulated Amortization ​ (1,786,023) ​ (1,053,420) Licenses, Net ​ $ 15,657,333 ​ $ 1,389,936

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Other Assets
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 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 ​ ​ (333,333) ​ ​ (208,334) Software Development Costs, Net ​ ​ 541,667 ​ ​ 541,666 ​ ​ ​ ​ ​ ​ ​ Unamortized Common Stock Expense included in Long-Term Prepaid Expenses ​ ​ 725,143 ​ ​ 491,923 ​ ​ ​ ​ ​ ​ ​ Total Other Assets ​ $ 1,716,810 ​ $ 1,483,589

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Expenses
Schedule of Accrued Expenses	Accrued expenses consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Accrued Wages and Related Costs ​ $ 350,409 ​ $ 683,044 Accrued Professional Services ​ 245,660 ​ 551,220 Accrued Warranty Obligations ​ 170,934 ​ 185,044 Other Accrued Expenses ​ 407,369 ​ — ​ ​ ​ ​ ​ ​ ​ Total ​ $ 1,174,372 ​ $ 1,419,308
Schedule of changes in accrued warranty obligations	The changes in the Company’s accrued warranty obligations for the nine months ended September 30, 2022 were as follows: ​ ​ ​ ​ ​ Accrued Warranty Obligations at December 31, 2021 ​ $ 185,044 Reductions for Settling Warranties ​ (252,294) Warranties Issued During Year ​ 238,184 ​ ​ ​ ​ Accrued Warranty Obligations at September 30, 2022 ​ $ 170,934

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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) – Note 12) for the nine months ended September 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Options Exercise Price Outstanding at December 31, 2021 2,823,634 ​ $ 7.67 Granted 183,500 ​ 5.92 Exercised (137,866) ​ 2.62 Expired or Forfeited (120,919) ​ 8.27 ​ ​ ​ ​ ​ ​ Outstanding at September 30, 2022 2,748,349 ​ $ 7.37

Long-term Incentive Plan (Table

Long-term Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2022
Long-term Incentive Plan
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)	9 Months Ended
	Sep. 30, 2022
Right-of-Use Assets and Liabilities
Schedule of Future lease payments under operating leases	Future lease payments under operating leases as of September 30, 2022 were as follows: ​ ​ ​ ​ ​ 2022 ​ $ 137,812 2023 ​ 546,916 2024 ​ 45,576 Total Future Lease Payments ​ 730,304 Less: Imputed Interest ​ (22,730) Total Lease Liability Balance ​ $ 707,574

Basis of Presentation (Details)

Basis of Presentation (Details) - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Total revenues | Sales of Engineering Services
Number of customers	2		2	2
Total revenues | Sales of Products
Number of customers	1	2	1	0
Accounts Receivable
Number of customers			3		3
One customer | Total revenues | Customer Concentration Risk
Concentration Risk, Percentage				10%
One customer | Total revenues | Sales of Products | Customer Concentration Risk
Concentration Risk, Percentage	21%	12%	20%
One customer | Accounts Receivable | Customer Concentration Risk
Concentration Risk, Percentage			30%		27%
Two customers | Total revenues | Sales of Engineering Services | Customer Concentration Risk
Concentration Risk, Percentage	100%		100%	100%
Two customers | Total revenues | Sales of Products | Customer Concentration Risk
Concentration Risk, Percentage		10%
Two customers | Accounts Receivable | Customer Concentration Risk
Concentration Risk, Percentage			13%		20%
Three customers | Accounts Receivable | Customer Concentration Risk
Concentration Risk, Percentage			11%		10%

Basis of Presentation - Restate

Basis of Presentation - Restatement to the Consolidated Balance Sheets (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Additional Paid-in Capital	$ 342,644,630
Accumulated Deficit	(191,579,373)	$ (233,076,810)	$ (203,072,143)
Previously Reported [Member]
Additional Paid-in Capital	337,125,126
Accumulated Deficit	(186,059,869)
Revision of Prior Period, Error Correction, Adjustment [Member]
Additional Paid-in Capital	5,519,504
Accumulated Deficit	$ (5,519,504)

Basis of Presentation - Changes

Basis of Presentation - Changes to Impacted Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total Sales	$ 3,426,823	$ 3,018,774	$ 8,937,633	$ 9,850,702
Total Cost of Sales	2,558,602	2,622,812	7,328,335	8,330,733
Gross Profit (exclusive of depreciation shown separately below)	868,221	395,962	1,609,298	1,519,969
Operating Expenses:
Research and Development	3,440,685	3,397,118	9,540,272	8,326,431
Selling and Marketing	1,980,748	1,653,013	5,895,332	4,305,632
General and Administrative	4,854,014	5,463,247	15,307,242	16,672,046
Depreciation and Amortization	510,099	246,902	1,149,046	731,035
Loss on Fixed Asset Disposal				83,908
Impairment of Patents and Trademarks	48,075	7,544	97,676	66,040
Total Operating Expenses	10,833,621	10,767,824	31,989,568	30,185,092
Loss From Operations	(9,965,400)	(10,371,862)	(30,380,270)	(28,665,123)
Total Other Expense	488,401	(115,686)	375,603	(219,267)
Net Loss	$ (9,476,999)	$ (10,487,548)	$ (30,004,667)	$ (28,884,390)
Basic Loss per Common Share	$ (0.15)	$ (0.17)	$ (0.47)	$ (0.48)
Diluted Loss per Common Share	$ (0.15)	$ (0.17)	$ (0.47)	$ (0.48)
Previously Reported [Member]
Total Sales		$ 3,018,774		$ 9,850,702
Total Cost of Sales		2,435,437		7,608,401
Gross Profit (exclusive of depreciation shown separately below)		583,337		2,242,301
Operating Expenses:
Research and Development		3,270,255		8,050,915
Selling and Marketing		1,589,582		4,167,874
General and Administrative		3,112,059		11,565,816
Depreciation and Amortization		434,277		1,453,367
Loss on Fixed Asset Disposal				83,908
Impairment of Patents and Trademarks		7,544		66,040
Total Operating Expenses		8,413,717		25,387,920
Loss From Operations		(7,830,380)		(23,145,619)
Total Other Expense		(115,686)		(219,267)
Net Loss		$ (7,946,066)		$ (23,364,886)
Basic Loss per Common Share		$ (0.13)		$ (0.39)
Diluted Loss per Common Share		$ (0.13)		$ (0.39)
Revision of Prior Period, Error Correction, Adjustment [Member]
Operating Expenses:
Research and Development		$ 126,863		$ 275,516
Selling and Marketing		63,431		137,758
General and Administrative		2,351,188		5,106,230
Total Operating Expenses		2,541,482		5,519,504
Loss From Operations		(2,541,482)		(5,519,504)
Net Loss		$ (2,541,482)		$ (5,519,504)
Basic Loss per Common Share		$ (0.04)		$ (0.10)
Diluted Loss per Common Share		$ (0.04)		$ (0.10)
Revision of Prior Period, As Restated [Member]
Total Sales		$ 3,018,774		$ 9,850,702
Total Cost of Sales		2,435,437		7,608,401
Gross Profit (exclusive of depreciation shown separately below)		583,337		2,242,301
Operating Expenses:
Research and Development		3,397,118		8,326,431
Selling and Marketing		1,653,013		4,305,632
General and Administrative		5,463,247		16,672,046
Depreciation and Amortization		434,277		1,453,367
Loss on Fixed Asset Disposal				83,908
Impairment of Patents and Trademarks		7,544		66,040
Total Operating Expenses		10,955,199		30,907,424
Loss From Operations		(10,371,862)		(28,665,123)
Total Other Expense		(115,686)		(219,267)
Net Loss		$ (10,487,548)		$ (28,884,390)
Basic Loss per Common Share		$ (0.17)		$ (0.48)
Diluted Loss per Common Share		$ (0.17)		$ (0.48)

Basis of Presentation - Chang_2

Basis of Presentation - Changes to Impacted Stockholders Equity Accounts (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Stock-Based Compensation Expense	$ 3,549,392	$ 5,834,173	$ 12,087,834	$ 14,378,318
Additional Paid-in Capital	358,872,631	342,644,630	358,872,631	342,644,630	$ 346,736,397
Net Loss	(9,476,999)	(10,487,548)	(30,004,667)	(28,884,390)
Accumulated Deficit	$ (233,076,810)	(191,579,373)	$ (233,076,810)	(191,579,373)	$ (203,072,143)
Previously Reported [Member]
Stock-Based Compensation Expense				8,858,814
Additional Paid-in Capital		337,125,126		337,125,126
Net Loss		(7,946,066)		(23,364,886)
Accumulated Deficit		(186,059,869)		(186,059,869)
Revision of Prior Period, Error Correction, Adjustment [Member]
Stock-Based Compensation Expense				5,519,504
Additional Paid-in Capital		5,519,504		5,519,504
Net Loss		(2,541,482)		(5,519,504)
Accumulated Deficit		$ (5,519,504)		$ (5,519,504)

Basis of Presentation - Chang_3

Basis of Presentation - Changes to Impacted Consolidated Statements of Cash Flows (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Loss	$ (9,476,999)	$ (10,487,548)	$ (30,004,667)	$ (28,884,390)
Stock-Based Compensation			12,016,334	12,830,782
Net Cash Flows Used in Operating Activities			$ (17,935,375)	(18,909,428)
Previously Reported [Member]
Net Loss		(7,946,066)		(23,364,886)
Stock-Based Compensation				7,311,278
Net Cash Flows Used in Operating Activities				(18,909,428)
Revision of Prior Period, Error Correction, Adjustment [Member]
Net Loss		$ (2,541,482)		(5,519,504)
Stock-Based Compensation				$ 5,519,504

Basis of Presentation - Reclass

Basis of Presentation - Reclassification of results of operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total Sales	$ 3,426,823	$ 3,018,774	$ 8,937,633	$ 9,850,702
Total Cost of Sales	2,558,602	2,622,812	7,328,335	8,330,733
Gross Profit (exclusive of depreciation shown separately below)	868,221	395,962	1,609,298	1,519,969
Operating Expenses:
Research and Development	3,440,685	3,397,118	9,540,272	8,326,431
Selling and Marketing	1,980,748	1,653,013	5,895,332	4,305,632
General and Administrative	4,854,014	5,463,247	15,307,242	16,672,046
Depreciation and Amortization	510,099	246,902	1,149,046	731,035
Loss on Fixed Asset Disposal				83,908
Impairment of Patents and Trademarks	48,075	7,544	97,676	66,040
Total Operating Expenses	10,833,621	10,767,824	31,989,568	30,185,092
Loss From Operations	(9,965,400)	(10,371,862)	(30,380,270)	(28,665,123)
Total Other Expense	488,401	(115,686)	375,603	(219,267)
Net loss	$ (9,476,999)	(10,487,548)	$ (30,004,667)	(28,884,390)
Revision of Prior Period, As Restated [Member]
Total Sales		3,018,774		9,850,702
Total Cost of Sales		2,435,437		7,608,401
Gross Profit (exclusive of depreciation shown separately below)		583,337		2,242,301
Operating Expenses:
Research and Development		3,397,118		8,326,431
Selling and Marketing		1,653,013		4,305,632
General and Administrative		5,463,247		16,672,046
Depreciation and Amortization		434,277		1,453,367
Loss on Fixed Asset Disposal				83,908
Impairment of Patents and Trademarks		7,544		66,040
Total Operating Expenses		10,955,199		30,907,424
Loss From Operations		(10,371,862)		(28,665,123)
Total Other Expense		(115,686)		(219,267)
Net loss		(10,487,548)		(28,884,390)
Revision of Prior Period, Reclassification, Adjustment [Member]
Total Cost of Sales		187,375		722,332
Gross Profit (exclusive of depreciation shown separately below)		(187,375)		(722,332)
Operating Expenses:
Depreciation and Amortization		(187,375)		(722,332)
Total Operating Expenses		$ (187,375)		$ (722,332)

Revenue Recognition and Contr_3

Revenue Recognition and Contracts with Customers - Company's total revenue by major product lines (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) product	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) product	Sep. 30, 2021 USD ($)
Revenue	$ 3,426,823	$ 3,018,774	$ 8,937,633	$ 9,850,702
Number of major product lines | product	2		2
Smart Glasses Sales
Revenue	$ 2,537,539	$ 3,018,774	$ 7,939,483	9,657,589
Engineering Services
Revenue	$ 889,284		$ 998,150	$ 193,113

Revenue Recognition and Contr_4

Revenue Recognition and Contracts with Customers - Company's net sales as a percentage (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Revenue Performance Obligation Percentage	100%	100%
Point-in-Time - Output Method
Revenue Performance Obligation Percentage	89%	98%
Over Time - Input Method
Revenue Performance Obligation Percentage	11%	2%

Revenue Recognition and Contr_5

Revenue Recognition and Contracts with Customers - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 USD ($) project	Sep. 30, 2021 item
Standard Product Warranty Term	12 months
Revenue, Remaining Performance Obligation	$ 320,000
Number of development projects | project	2
Revenue, Performance Obligation, Total Transaction Price	$ 1,318,000
Accrued Revenues in Excess of Billings	$ 393,250
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 months
Extended warranties
Standard Product Warranty Term	12 months
Number of additional 12 months period | item		2
OEM products and waveguide sales
Standard Product Warranty Term	18 months

Loss Per Share - Additional Inf

Loss Per Share - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Loss Per Share
Anti-dilutive shares	8,532,349	8,612,869

Inventories, Net - Components o

Inventories, Net - Components of Inventories (Detail) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Inventories, Net
Purchased Parts and Components	$ 10,811,529	$ 11,580,766
Work-in-Process	320,152	226,126
Finished Goods	2,249,105	1,472,534
Less: Reserve for Obsolescence	(1,151,314)	(1,127,444)
Inventories, Net	$ 12,229,472	$ 12,151,982

Fixed Assets - Schedule Of Fixe

Fixed Assets - Schedule Of Fixed Assets (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Fixed Assets, Gross	$ 16,193,964	$ 11,051,777
Less: Accumulated Depreciation	(6,669,786)	(5,861,339)
Fixed Assets, Net	9,524,178	5,190,438
Tooling and Manufacturing Equipment
Property, Plant and Equipment [Line Items]
Fixed Assets, Gross	11,639,721	6,612,811
Leaseholds
Property, Plant and Equipment [Line Items]
Fixed Assets, Gross	826,329	797,059
Computers and Purchased Software
Property, Plant and Equipment [Line Items]
Fixed Assets, Gross	1,054,127	980,561
Furniture and Equipment
Property, Plant and Equipment [Line Items]
Fixed Assets, Gross	$ 2,673,787	$ 2,661,346

Fixed Assets - Additional Infor

Fixed Assets - Additional Information (Details) - USD ($)		3 Months Ended	9 Months Ended
	Apr. 27, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	May 12, 2022
Property, Plant and Equipment [Line Items]
Payments to Acquire Property			$ 5,203,562	$ 3,592,703
Commitment Fee		$ 9,470,880	$ 9,470,880
Atomistic SAS
Property, Plant and Equipment [Line Items]
Exclusive license agreement, total value					$ 30,000,000
Amount allocated to technology license					$ 15,000,000
Tooling and Manufacturing Equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment, purchase order placed	$ 2,162,481
Property, plant And equipment, down payment made	$ 1,050,748
Payments to Acquire Property		$ 5,529,120
Tooling and Manufacturing Equipment | Minimum
Property, Plant and Equipment [Line Items]
Period in which the fixed asset is to be placed in service		18 months
Tooling and Manufacturing Equipment | Maximum
Property, Plant and Equipment [Line Items]
Period in which the fixed asset is to be placed in service		21 months
Custom Chip Tooling Asset
Property, Plant and Equipment [Line Items]
Property, plant And equipment, down payment made		$ 4,029,120
Additional progress payments towards custom chip tooling asse		$ 1,500,000

Technology Licenses, Net (Detai

Technology Licenses, Net (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Licenses Net [Line Items]
Technology Licenses, Net	$ 15,657,333	$ 1,389,936
Licensing agreements
Licenses Net [Line Items]
Licenses	2,443,356	1,038,606
Additions	15,000,000	1,404,750
Less: Accumulated Amortization	(1,786,023)	(1,053,420)
Technology Licenses, Net	$ 15,657,333	$ 1,389,936

Technology Licenses, Net - Addi

Technology Licenses, Net - Additional Information (Details) - USD ($)		3 Months Ended	9 Months Ended	57 Months Ended
	May 12, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Licenses Net [Line Items]
Licensing fees commitment		$ 9,000,000	$ 9,000,000	$ 9,000,000
Payment of licensing fee commitment		1,500,000	$ 4,500,000
Amortization expense		375,000		562,500
Atomistic SAS
Licenses Net [Line Items]
Exclusive license agreement, total value	$ 30,000,000
Amount allocated to technology license	15,000,000
Licensing fees commitment	$ 15,000,000
Finite-Lived Intangible Asset, Useful Life	10 years
Atomistic SAS | Minimum
Licenses Net [Line Items]
Contractual obligation period			15 months
Licensing agreements
Licenses Net [Line Items]
Value of shares development milestones		$ 15,000,000	$ 15,000,000	$ 15,000,000	$ 1,404,750
Licensing agreements | Atomistic SAS
Licenses Net [Line Items]
Value of shares development milestones	$ 15,000,000

Other Assets (Details)

Other Assets (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Mar. 31, 2022	Oct. 31, 2021	Dec. 31, 2020
Private Corporation Investments (at cost)	$ 450,000	$ 450,000
Additions	9,524,178	5,190,438
Unamortized Common Stock Expense included in Long-Term Prepaid Expenses	725,143	491,923
Total Other Assets	1,716,810	1,483,589
Software Development
Software Development Costs	750,000	500,000
Additions	125,000	250,000	$ 125,000	$ 250,000	$ 500,000
Less: Accumulated Amortization	(333,333)	(208,334)
Software Development Costs, Net	$ 541,667	$ 541,666

Other Assets - Additional Infor

Other Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Oct. 31, 2021
Other assets [Line Items]
Additions		$ 9,524,178		$ 5,190,438
Software Development
Other assets [Line Items]
Additions	$ 500,000	$ 125,000	$ 125,000	$ 250,000	$ 250,000
Useful life	36 months

Accrued Expenses - Components o

Accrued Expenses - Components of Accrued Expenses (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accrued Expenses
Accrued Wages and Related Costs	$ 350,409	$ 683,044
Accrued Professional Services	245,660	551,220
Accrued Warranty Obligations	170,934	185,044
Other Accrued Expenses	407,369
Total	$ 1,174,372	$ 1,419,308

Accrued Expenses - Changes in A

Accrued Expenses - Changes in Accrued Warranty Obligations (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Accrued Expenses
Accrued Warranty Obligations, beginning of period	$ 185,044
Reductions for Settling Warranties	(252,294)
Warranties Issued During Period	238,184
Accrued Warranty Obligations, end of period	$ 170,934

Accrued Expenses - Additional I

Accrued Expenses - Additional Information (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Standard Product Warranty Term	12 months
Other Accrued Expenses	$ 407,369
Next Generation Smart Glasses
Other Accrued Expenses	$ 268,000

Capital Stock (Details)

Capital Stock (Details) - USD ($)		9 Months Ended
	Mar. 02, 2022	Sep. 30, 2022	Dec. 31, 2021
Preferred Stock, Shares Authorized		5,000,000	5,000,000
Preferred Stock, Par Value		$ 0.001	$ 0.001
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		63,776,335	63,672,268
Common Stock, Shares, Outstanding		63,739,650	63,672,268
Aggregate value of shares authorized	$ 25
Share repurchase program term	1 year
Purchases of Treasury Stock (in Shares)		36,685
Average cost		$ 6.84
Common shares held in treasury		36,685	0
Atomistic agreement
Amount committed to pay upon the achievement or waiver of performance milestones		$ 2,500,000
Period for equity bonus		5 years
Threshold percentage of market capital from developed technology		50%
Share commitments issued to date		0
Atomistic agreement | Atomistic SAS
Ownership percent		100%
Minimum
Fair market value		$ 8
Minimum | Atomistic agreement
Issuance of shares, performance milestones (in shares)		1,750,000
Period of time to issue per agreement		15 months
Threshold market valuation		$ 3,500,000,000
Issuance of shares on exceeding valuation target (in shares)		262,500
Maximum
Fair market value		$ 13
Maximum | Atomistic agreement
Period of time to issue per agreement		24 months
Issuance of shares on fair valuation shortfall (in shares)		1,093,750
Equity bonus (as a percent)		15%
Issuance of shares on exceeding valuation target (in shares)		426,563
Series A Preferred Stock
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	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Number of Options
Outstanding, Beginning Balance | shares	2,823,634
Granted | shares	183,500
Exercised | shares	(137,866)
Expired or Forfeited | shares	(120,919)
Outstanding, Ending Balance | shares	2,748,349
Weighted Average Exercise Price
Outstanding, Beginning Balance | $ / shares	$ 7.67
Granted | $ / shares	5.92
Exercised | $ / shares	2.62
Expired or Forfeited | $ / shares	8.27
Outstanding, Ending Balance | $ / shares	$ 7.37

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Stock-Based Compensation Plans
Options Outstanding, Weighted Average Remaining Life (Years)			7 years 4 months 13 days		7 years 11 months 12 days
Exercisable Options Outstanding Shares	1,409,352		1,409,352
Weighted average exercise price per share, Exercisable	$ 6.91		$ 6.91
Weighted average remaining contractual term on vested options			6 years 6 months
Unvested Options Outstanding, Shares	1,338,997		1,338,997
Unvested Options Outstanding, Weighted average exercise price			$ 9.75
Unvested Options Outstanding Weighted average remaining life (years)			8 years 3 months 18 days
Unrecognized stock compensation expense	$ 9,293,768		$ 9,293,768
Weighted average recognition period			2 years 7 months 6 days
Share-Based compensation excludes the long term incentive plan expense	$ 1,157,556	$ 1,137,862	$ 3,730,899	$ 2,606,700

Long-term Incentive Plan (Detai

Long-term Incentive Plan (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 17, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Long-term Incentive Plan
Exercise price		$ 6.91		$ 6.91
Share-based Compensation				$ 12,016,334	$ 12,830,782
Unrecognized stock-based compensation expense		$ 9,293,768		$ 9,293,768
Recognition period				2 years 7 months 6 days
Options available in equity market and operational milestone				5,409,000		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		2,658,294	$ 3,031,307	$ 8,285,435	$ 10,224,082
Stock options | Vest immediately | Long-term Incentive Plan 2021
Long-term Incentive Plan
Shares vesting	375,000
Stock options tied to equity market capitalization milestone
Long-term Incentive Plan
Unrecognized stock-based compensation expense		20,054,731		20,054,731
Amount of threshold additional stock based compensation expense		$ 34,100,000		$ 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) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Long-term Incentive Plan
Percentage of weightage for equity market capitalization target	50%
Percentage of weightage for last twelve months revenue target	35%
Percentage of weightage for last twelve months EBITDA margin before non-cash charges	15%
Options available in equity market and operational milestone	5,409,000	5,409,000
Stock option tied to equity market and operational milestones
Long-term Incentive Plan
Options available in equity market and operational milestone	5,409,000
Equity market and operational milestone one
Long-term Incentive Plan
Options available in equity market and operational milestone	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%
Equity market and operational milestone two
Long-term Incentive Plan
Options available in equity market and operational milestone	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%
Equity market and operational milestone three
Long-term Incentive Plan
Options available in equity market and operational milestone	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%
Equity market and operational milestone four
Long-term Incentive Plan
Options available in equity market and operational milestone	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%
Equity market and operational milestone five
Long-term Incentive Plan
Options available in equity market and operational milestone	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%
Equity market and operational milestone six
Long-term Incentive Plan
Options available in equity market and operational milestone	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%
Equity market and operational milestone seven
Long-term Incentive Plan
Options available in equity market and operational milestone	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%
Equity market and operational milestone eight
Long-term Incentive Plan
Options available in equity market and operational milestone	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%
Equity market and operational milestone nine
Long-term Incentive Plan
Options available in equity market and operational milestone	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%

Right-of-Use Assets and Liabi_3

Right-of-Use Assets and Liabilities - Operating Leases (Details)	Sep. 30, 2022 USD ($)
Right-of-Use Assets and Liabilities
2022	$ 137,812
2023	546,916
2024	45,576
Total Future Lease Payments	730,304
Less: Imputed Interest	(22,730)
Total Lease Liability Balance	$ 707,574

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, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Right-of-Use Assets and Liabilities
Operating lease costs	$ 160,767	$ 172,014	$ 486,409	$ 460,434
Weighted average discount rate	4.50%		4.50%
Weighted average remaining term	1 year 3 months 18 days		1 year 3 months 18 days