Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 27, 2024 | Jun. 30, 2023 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-40069 | ||
Entity Registrant Name | AmpliTech Group, Inc. | ||
Entity Central Index Key | 0001518461 | ||
Entity Tax Identification Number | 27-4566352 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 155 Plant Avenue | ||
Entity Address, City or Town | Hauppauge | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11788 | ||
City Area Code | (631) | ||
Local Phone Number | 521-7831 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 14,756,908 | ||
Entity Common Stock, Shares Outstanding | 9,717,113 | ||
Documents Incorporated by Reference [Text Block] | None | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 3627 | ||
Auditor Name | Sadler, Gibb & Associates, LLC | ||
Auditor Location | Draper, UT | ||
Common Stock, $0.001 par value per share | |||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | AMPG | ||
Security Exchange Name | NASDAQ | ||
Warrants to purchase shares of Common Stock, par value $0.001 per share | |||
Title of 12(b) Security | Warrants to purchase shares of Common Stock, par value $0.001 per share | ||
Trading Symbol | AMPGW | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 6,726,013 | $ 13,290,222 |
Accounts receivable | 2,542,710 | 1,801,769 |
Inventories, net | 6,537,578 | 6,632,121 |
Marketable securities | 247,450 | |
Prepaid expenses | 1,342,335 | 194,635 |
Total Current Assets | 17,148,636 | 22,166,197 |
Property and equipment, net | 2,599,448 | 2,023,687 |
Operating lease right of use assets | 3,538,798 | 4,197,324 |
Intangible assets, net | 2,984,133 | 3,134,108 |
Goodwill | 4,696,883 | 4,696,883 |
Cost method investment | 348,250 | 348,250 |
Security deposits | 91,481 | 113,185 |
Total Assets | 31,407,629 | 36,679,634 |
Current Liabilities | ||
Accounts payable and accrued expenses | 846,179 | 860,366 |
Customer deposits | 14,239 | 210,848 |
Current portion of financing lease obligations | 16,799 | 33,480 |
Current portion of operating lease obligations | 541,324 | 586,379 |
Current portion of notes payable | 80,841 | 144,358 |
Revenue earnout | 2,180,826 | |
Total Current Liabilities | 1,499,382 | 4,016,257 |
Long-term Liabilities | ||
Financing lease obligations, net of current portion | 32,537 | 49,336 |
Operating lease obligations, net of current portion | 3,171,979 | 3,768,932 |
Deferred tax liability | 24,000 | |
Notes payable, net of current portion | 89,597 | |
Total Liabilities | 4,727,898 | 7,924,122 |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Common stock, par value $0.001, 500,000,000 shares authorized, 9,714,613 and 9,634,613 shares issued and outstanding, respectively | 9,715 | 9,635 |
Additional paid-in capital | 36,439,739 | 36,050,161 |
Accumulated deficit | (9,769,723) | (7,304,284) |
Total Stockholders’ Equity | 26,679,731 | 28,755,512 |
Total Liabilities and Stockholders’ Equity | $ 31,407,629 | $ 36,679,634 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 9,714,613 | 9,634,613 |
Common stock, shares outstanding | 9,714,613 | 9,634,613 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 15,584,577 | $ 19,394,492 |
Cost of Goods Sold | 8,308,949 | 10,469,628 |
Gross Profit | 7,275,628 | 8,924,864 |
Operating Expenses | ||
Selling, general and administrative | 7,511,319 | 7,629,644 |
Goodwill impairment | 120,136 | |
Research and development | 2,341,845 | 1,024,127 |
Total Operating Expenses | 9,853,164 | 8,773,907 |
Income (Loss) From Operations | (2,577,536) | 150,957 |
Other Income (Expenses) | ||
Loss on contingent revenue earnout | (815,788) | |
Loss on disposal of property and equipment | (16,403) | (1,606) |
Unrealized gain on investments | 1,697 | 2,343 |
Realized gain on investments | 131,522 | |
Interest Income (expense), net | 19,281 | (13,013) |
Total Other Income (Expenses) | 136,097 | (828,064) |
Net Loss Before Income Taxes | (2,441,439) | (677,107) |
Provision For Income Taxes | 24,000 | |
Net Loss | $ (2,465,439) | $ (677,107) |
Net Loss Per Share - Basic | $ (0.26) | $ (0.07) |
Net Loss Per Share - Diluted | $ (0.26) | $ (0.07) |
Weighted Average Common Shares Outstanding - Basic | 9,659,421 | 9,609,208 |
Weighted Average Common Shares Outstanding - Diluted | 9,659,421 | 9,609,208 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 9,582 | $ 35,651,088 | $ (6,627,177) | $ 29,033,493 |
Balance, shares at Dec. 31, 2021 | 9,582,113 | |||
Stock based compensation | 399,126 | 399,126 | ||
Common stock issued for vesting of RSU’s | $ 53 | (53) | ||
Common stock issued for vesting of RSUs, shares | 52,500 | |||
Net loss | (677,107) | (677,107) | ||
Balance at Dec. 31, 2022 | $ 9,635 | 36,050,161 | (7,304,284) | 28,755,512 |
Balance, shares at Dec. 31, 2022 | 9,634,613 | |||
Stock based compensation | 389,658 | 389,658 | ||
Common stock issued for vesting of RSU’s | $ 80 | (80) | ||
Common stock issued for vesting of RSUs, shares | 80,000 | |||
Net loss | (2,465,439) | (2,465,439) | ||
Balance at Dec. 31, 2023 | $ 9,715 | $ 36,439,739 | $ (9,769,723) | $ 26,679,731 |
Balance, shares at Dec. 31, 2023 | 9,714,613 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (2,465,439) | $ (677,107) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 531,160 | 412,006 |
Amortization of prepaid consulting | 42,756 | |
Operating lease costs | 545,065 | 545,249 |
Stock based compensation | 389,658 | 399,126 |
Loss on disposal of property and equipment | 16,403 | 1,606 |
Inventory reserve | 18,000 | |
Change in fair value of marketable securities | (2,278) | |
Gain on termination of right-of-use operating lease | (8,461) | |
Loss on contingent revenue earnout adjustment | 815,788 | |
Deferred tax liability | 24,000 | |
Impairment of goodwill | 120,136 | |
Changes in Operating Assets and Liabilities: | ||
Accounts receivable | (740,941) | (141,891) |
Other receivable | 201,215 | |
Inventories | 76,543 | (2,439,310) |
Prepaid expenses | (1,147,700) | (78,007) |
Security deposits | 21,704 | 9,219 |
Accounts payable and accrued expenses | (14,187) | (2,145,968) |
Operating lease obligations | (196,609) | (444,725) |
Customer deposits | (520,086) | (43,061) |
Net cash used in operating activities | (3,470,890) | (3,425,246) |
Cash Flows from Investing Activities: | ||
Purchase of property and equipment | (973,349) | (735,761) |
Net investment in marketable securities | 247,450 | (245,172) |
Purchase of cost method investment | (98,250) | |
Net cash used in investing activities | (725,899) | (1,079,183) |
Cash Flows from Financing Activities: | ||
Repayment on financing lease liabilities | (153,114) | (45,195) |
Proceeds from notes payable | 441,139 | |
Repayment of notes payable | (33,480) | (620,167) |
Payment of revenue earnout | (2,180,826) | |
Net cash used in financing activities | (2,367,420) | (224,223) |
Net change in cash and cash equivalents | (6,564,209) | (4,728,652) |
Cash and Cash Equivalents, Beginning of the Period | 13,290,222 | 18,018,874 |
Cash and Cash Equivalents, End of the Period | 6,726,013 | 13,290,222 |
Supplemental disclosures: | ||
Cash paid for interest expense | 27,259 | 42,450 |
Cash paid for income taxes | 10,200 | 4,293 |
Non-Cash Investing and Financing Activities: | ||
Common Stock issued on vesting of RSUs | 80 | 53 |
Gain on termination of right-of-use operating lease | 8,461 | |
Loss on disposal of fixed assets | 16,403 | 1,606 |
Equipment received for prepaid assets | 50,644 | |
Financed purchases of property and equipment | 145,630 | |
Operating lease right of use asset and liability initial investment | $ 20,880 | $ 3,626,985 |
Organization and Business Descr
Organization and Business Description | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization and Business Description | (1) Organization and Business Description AmpliTech Group, Inc. (“AmpliTech” or the “Company”) was incorporated under the laws of the State of Nevada on December 30, 2010. On August 13, 2012, the Company acquired AmpliTech, Inc., by issuing 833,750 100 60,000 889,250 AmpliTech designs, engineers and assembles microwave component based low noise amplifiers (“LNA”) that meet individual customer specifications. Application of the Company’s proprietary technology results in maximum frequency gain with minimal background noise distortion as required by each customer. The Company has both domestic and international customers in such industries as aerospace, governmental, defense and commercial satellite. On September 12, 2019, AmpliTech Group, Inc. acquired the assets of Specialty Microwave Corporation (“Specialty”), a privately held company based in Ronkonkoma, NY. The purchase included all inventory, orders, customers, property and equipment, and all intellectual property. The assets also included all eight team members of Specialty. Specialty designs and manufactures passive microwave components and related subsystems that meet individual customer specifications for both domestic and international customers for use in satellite communication ground networks. On February 17, 2021, AmpliTech Group, Inc., common stock and warrants under the symbols “AMPG” and “AMPGW”, respectively, commenced trading on NASDAQ. A reverse split of the outstanding common stock at a 1-for-20 1,371,428 7.00 In 2021, the Company opened AGMDC, a monolithic microwave integrated circuits (“MMIC”) chip design center in Texas and has started to implement several of its proprietary amplifier designs into MMIC components. MMICs are semiconductor chips used in high-frequency communications applications. MMICs are widely desired for power amplification solutions to service emerging technologies, such as phased array antennas and quantum computing. MMICs carry a smaller footprint enabling them to be incorporated into a broader array of systems while reducing costs. AGMDC designs, develops and manufactures state-of-the-art signal processing components for satellite and 5G communications networks, defense, space and other commercial AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 applications, allowing the Company to market its products to a wider base of customers requiring high technology in smaller packages. On November 19, 2021, AmpliTech Group, Inc. entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Spectrum Semiconductor Materials Inc. (the “Seller” or “SSM”), pursuant to which AmpliTech would acquire substantially all the assets of the Company (the “Acquisition”). The Acquisition was completed on December 15, 2021. Spectrum Semiconductor Materials (“SSM”), located in Silicon Valley (San Jose, CA), is a global authorized distributor of integrated circuit (“IC”) packaging and lids for semiconductor device assembly, prototyping, testing, and production requirements. In August 2022, AmpliTech Group’s True G Speed Services (AGTGSS) division was founded to serve and provide complete system integration and ORAN compliant O-RU’s (Radio Units) for telcos, enabling the industry to access ‘True 5G Speeds’. AGTGSS provides Managed Services, Cyber Security, Cloud Services, Data Sciences and Telco Cloud Services. AGTGSS will also be providing full installation of Private 5G Networks (P5G) which includes the deployment of AmpliTech Group developed radio units. AGTGSS will implement AmpliTech’s low noise amplifier devices in these systems to promote greater coverage, longer range and faster speeds. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements have been prepared using the accrual basis of accounting. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results could differ from those estimates. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Reclassifications Certain reclassifications have been made to the prior years’ financial statements to conform to the current year’s presentation. These reclassifications have no effect on previously reported results of operations. Cash and Cash Equivalents The Company considers deposits that can be redeemed on demand and investments and marketable securities that have original maturities of less than three months, when purchased, to be cash equivalents. As of December 31, 2023, the Company’s cash and cash equivalents were deposited in five financial institutions. The Company’s policy is to place its cash and cash equivalents with high-quality, major financial and investment institutions in order to limit the amount of credit exposure. Accounts at each financial institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 500,000 250,000 600 3,170,500 12,040,022 Accounts Receivable Accounts receivable consist of trade receivables arising from credit sales to customers in the normal course of business. These receivables are recorded at the time of sale, net of an allowance for current expected credit losses. In accordance with ASC Topic 326, “ Financial Instruments – Credit Losses An allowance of $ 0 Marketable Securities The Company’s investments in marketable securities are classified based on the nature of the securities and their availability for use in current operations. The Company’s marketable securities are stated at fair value with all realized and unrealized gains and losses on investments in marketable equity securities recognized in other income, net. The realized and unrealized gains and losses on marketable securities are determined using specific identification method. Inventories Inventories, which consists primarily of raw materials, work in progress and finished goods, are stated at the lower of cost (first-in, first-out basis) or market (net realizable value). Inventory quantities and related values are analyzed at the end of each fiscal quarter to determine those items that are slow moving and obsolete. An inventory reserve is recorded for those items determined to be slow moving with a corresponding charge to cost of goods sold. Inventory items that are determined obsolete are written off currently with a corresponding charge to cost of goods sold. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 As of December 31, 2023 and 2022, the reserve for inventory obsolescence was $ 1,146,000 1,128,000 Property and Equipment Property and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method for financial statement purposes. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements. Property and equipment are depreciated as follows: Schedule of property and equipment depreciated Description Useful Life Method Office equipment 3 7 Straight-line Machinery/shop equipment 7 15 Straight-line Computer equipment/software 1 7 Straight-line Vehicles 5 Straight-line Leasehold improvements 7 Straight-line Intangible Assets Definite-lived intangible assets including customer relationships and intellectual property are subject to amortization. Intangible assets are amortized over their estimated useful life on a straight-line basis. Estimated useful lives are determined considering the period the assets are expected to contribute to future cash flows. Indefinite-lived intangible assets are not subject to amortization. Intangible assets are amortized as follows: Schedule of Intangible Assets Description Useful Life Method Trade names Indefinite N/A Customer relationships 15 20 Straight-line Intellectual property 15 Straight-line Long-Lived Assets The Company reviews the carrying value of long-lived assets such property and equipment, right-of-use (“ROU”) assets, and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to; significant decrease in the market price of the asset; significant adverse changes in the business climate or legal factors; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount of fair value less costs to sell and would no longer be depreciated. The depreciable basis of assets that are impaired and continue in use is their respective fair values. During the years ended December 31, 2023 and 2022, there were no impairments of long-lived assets. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Goodwill and Indefinite-Lived Intangible Assets We follow the acquisition method of accounting to record the assets and liabilities of acquired businesses at their estimated fair value at the date of acquisition. We initially record goodwill for the amount the consideration transferred exceeds the acquisition-date fair value of net tangible and identifiable intangible assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are tested for impairment annually on December 31, or more frequently when events or circumstances indicate an impairment may have occurred. When assessing the recoverability of goodwill and indefinite-lived intangible assets, the Company may first assess qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit, including goodwill, or an indefinite-lived intangible asset is less than its carrying amount. The qualitative assessment is based on several factors, including the current operating environment, industry and market conditions, and overall financial performance. The Company may elect to bypass this qualitative assessment for some or all of its reporting units or other indefinite-lived intangible assets and perform a quantitative assessment, based on management's judgment. If we quantitatively test goodwill and indefinite-lived intangible assets for possible impairment, we calculate the fair value for the reporting unit and indefinite-lived assets and compare the amount to their carrying amount. If the fair value of a reporting unit and indefinite-lived asset exceeds their carrying amount, the reporting unit and indefinite-lived assets are not considered impaired. If the carrying amount of the reporting unit and indefinite-lived assets exceeds their fair value, the reporting unit and indefinite-lived assets are considered to be impaired, and an impairment charge is recognized for the difference. We estimate the fair value of our reporting units and indefinite-lived intangible assets based on the present value of estimated future cash flows. Considerable management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate the future cash flows used to measure fair value. Our estimates of future cash flows consider past performance, current and anticipated market conditions and internal projections and operating plans. Additional assumptions include forecasted growth rates, estimated discount rates, and estimated royalty rates for our indefinite-lived intangible assets. During the years ended December 31, 2023 and 2022, we recorded goodwill impairments of $ 0 120,136 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Investment Policy-Cost Method Investments consist of non-controlling equity investments in privately held companies. The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not control or have the ability to exercise considerable influence over operating and financial policies. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, adjusted for observable price changes of similar investments of the same issuer. Fair value is not estimated for these investments if there are no identified events or changes in circumstances that may influence the fair value of the investment. Under this method, the Company’s share of the earnings or losses of such investee companies is not included in the consolidated balance sheet or consolidated statements of operations. The Company held $ 348,250 Leases We lease property and equipment under finance and operating leases. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of lease payments over the lease term. The Company has elected not to separate lease and non-lease components for all property leases for the purpose of calculating ROU assets and lease liabilities. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when appropriate. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis considering such factors as lease term and economic environment risks. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Revenue Recognition We sell our products through a combination of a direct sales force in the United States and independent sales representatives in international markets. Revenue is recognized when a customer obtains control of promised goods based on the consideration we expect to receive in exchange for these goods. This core principle is achieved through the following steps: Identify the contract with the customer Identify the performance obligations in the contract Our performance obligations relate to delivering single-use products to a customer, subject to the shipping terms of the contract. Limited warranties are provided, under which we typically accept returns and provide either replacement parts or refunds. We do not have significant returns. We do not typically offer extended warranty or service plans. Determine the transaction price Allocate the transaction price to performance obligations in the contract Recognize revenue when or as we satisfy a performance obligation. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Cost of Sales We include product costs such material, direct labor, overhead costs, production-related depreciation expense, outside labor and production supplies in cost of sales. Shipping and Handling Shipping and handling charges are generally incurred at the customer’s expense. However, when billed to our customers, shipping and handling charges are included in net sales for the applicable period, and the corresponding shipping and handling expense is reported in cost of sales. Research and Development Research and development expenditures are charged to operations as incurred. The major components of research and development costs include payroll, consultants, outside service, and supplies. Research and development costs for the years ended December 31, 2023 and 2022 were $ 2,341,845 1,024,127 Income Taxes The Company’s deferred tax assets and liabilities for the expected future tax consequences of events have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and tax bases of certain assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. Valuation allowances AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Earnings Per Share Basic earnings per share (“EPS”) are determined by dividing the net earnings by the weighted-average number of shares of common shares outstanding during the period. Diluted EPS is determined by dividing net earnings by the weighted average number of common shares used in the basic EPS calculation plus the number of common shares that would be issued assuming conversion of all potentially dilutive securities outstanding under the treasury stock method. As of December 31, 2023 and 2022, there were 4,545,442 4,235,442 Fair Value Measurements The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined in the following three categories: Level 1: Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. Level 2: Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly. Level 3: Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Cash and cash equivalents, receivables, inventories, prepaid expenses, accounts payable, accrued expenses, and customer deposits approximate fair value, due to their short-term nature. The carrying value of notes payable and short and long-term debt also approximates fair value since these instruments bear market rates of interest. Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to long-lived assets, intangible assets, and goodwill, which are remeasured when the derived fair value is below carrying value in the consolidated balance sheets. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Stock-Based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued and are recognized over the employees required service period, which is generally the vesting period. Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. The Company places its cash and cash equivalents and marketable securities with high-quality, major financial and investment institutions in order to limit the amount of credit exposure. For accounts receivable, the Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. Sales to the Company’s largest customer represented approximately 8.45 25.98 10.60 As of December 31, 2023 and 2022, there were two vendors that accounted for 33.14 17.18 44.15 29.29 Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this update, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. As a smaller reporting company, the guidance was effective for our fiscal years beginning after December 15, 2022. The adoption of this guidance did not have an impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures by requiring; (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. These amendments are to be applied prospectively, with retrospective application permitted. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. These amendments are to be applied retrospectively. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which requires a newly-formed joint venture to apply a new basis of accounting to its contributed net assets, resulting in the joint venture initially measuring its contributed net assets at fair value on the formation date. ASU 2023-05 is effective for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. These amendments are to be applied prospectively, with retrospective application permitted for joint ventures formed before the effective date. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | (3) Revenues The following table presents sales disaggregated based on geographic regions and for the years ended: Schedule of disaggregated revenue December 31, 2023 December 31, 2022 AmpliTech Inc. and Specialty Microwave Domestic sales $ 5,120,694 $ 4,922,237 International sales 1,267,459 947,515 Total sales $ 6,388,153 $ 5,869,752 Spectrum Domestic sales $ 6,234,934 $ 6,798,713 International sales 2,961,490 6,726,027 Total sales $ 9,196,424 $ 13,524,740 Total sales for the year ended December 31, 2023 and 2022, were $ 15,584,577 19,394,492 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | (4) Segment Reporting ASC 280, “Segment Reporting”, establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company’s business segments. The Company has two reportable segments, the manufacturing and engineering segment, which is operated by AmpliTech Inc. and Specialty Microwave: and the distribution segment, which is operated by Spectrum. The manufacturing and engineering segment assembles microwave components, and the distribution segment is a global distributor of integrated circuits packages and lids. The Company provides general corporate services to its segments; however, these services are not considered when making operating decisions and assessing segment performance. These services are reported under “Corporate” below and include costs associated with executive management, financing activities and public company compliance. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 The following table presents summary information by segment for the year ended December 31, 2023: Schedule of Segment Reporting AmpliTech Inc. and Specialty Spectrum Corporate Total Revenue $ 6,388,153 $ 9,196,424 - $ 15,584,577 Cost of Goods Sold 3,565,467 4,743,482 - 8,308,949 Net Income (Loss) (3,619,842 ) 2,060,234 (905,831 ) (2,465,439 ) Total Assets 11,461,268 16,540,789 3,405,572 31,407,629 Depreciation and Amortization 362,663 168,497 - 531,160 Interest Income, net 26,901 - (7,620 ) 19,281 The following table presents summary information by segment for the year December 31, 2022: AmpliTech Inc. and Specialty Spectrum Corporate Total Revenue $ 5,869,752 $ 13,524,740 - $ 19,394,492 Cost of Goods Sold 3,257,367 7,212,261 - 10,469,628 Net Income (Loss) (2,478,429 ) 2,878,476 (1,077,154 ) (677,107 ) Total Assets 17,682,013 16,979,383 2,018,238 36,679,634 Depreciation and Amortization 279,470 132,536 - 412,006 Interest Expense, net (159 ) 1,289 11,883 13,013 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | (5) Marketable Securities The following table is a summary of marketable securities at December 31, 2023: Schedule of Marketable Securities Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 1 (1) Money Market Fund $ 12,079 - - $ 12,079 US Treasury Bills 2,625,260 1,697 - 2,626,957 Total $ 2,637,339 1,697 - $ 2,639,036 The following table is a summary of marketable securities at December 31, 2022: Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 1 (1) Money Market Fund $ 1,759,299 - - $ 1,759,299 US Treasury Bills 245,172 2,278 - 247,450 Total $ 2,004,471 2,278 - $ 2,006,749 Cash and cash equivalents at December 31, 2023 and 2022 was $ 2,639,036 1,759,299 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. When evaluating an investment for impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of December 31, 2023 and 2022, the Company does not consider any of its investments to be impaired. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | (6) Inventories The inventory consists of the following at December 31, 2023 and 2022: Schedule of Inventory December 31, December 31, 2023 2022 Raw Materials $ 959,645 $ 872,184 Work-in Progress 51,140 229,771 Finished Goods 6,672,793 6,658,166 Subtotal $ 7,683,578 $ 7,760,121 Less: Reserve for Obsolescence (1,146,000 ) (1,128,000 ) Less: Reserve for Obsolescence (1,146,000 ) (1,128,000 ) Total $ 6,537,578 $ 6,632,121 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | (7) Property and Equipment Property and Equipment consisted of the following at December 31, 2023 and 2022: Schedule of Property and Equipment December 31, December 31, 2023 2022 Lab Equipment $ 3,400,207 $ 2,455,045 Manufacturing Equipment 129,745 129,745 Automobiles 7,335 7,335 Computer Equipment and Software 194,238 210,240 Leasehold Improvements 84,172 78,042 Furniture and Fixtures 170,643 148,987 Subtotal 3,986,340 3,029,394 Less: Accumulated Depreciation (1,386,892 ) (1,005,707 ) Total $ 2,599,448 $ 2,023,687 Depreciation expense for the years ended December 31, 2023 and 2022 was $ 381,185 262,032 256,248 194,456 Property and equipment purchased in the amount of $ 234,036 49,336 82,816 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (8) Goodwill and Intangible Assets Goodwill Goodwill is related to the acquisition of Specialty Microwave Corporation on September 12, 2019 and the acquisition of Spectrum Semiconductor Materials Inc. on December 15, 2021. Goodwill is primarily related to expected improvements and technology performance and functionality, as well as sales growth from future product and service offerings and new customers, together with certain intangible assets that do not qualify for separate recognition. Goodwill is generally not amortizable for tax and financial statement purposes. As of December 31, 2022, goodwill related to the acquisition of Specialty was deemed impaired in the amount of $ 120,136 4,696,883 Other Intangible Assets Intangible assets with an estimated useful life of fifteen and twenty years consisted of the following at December 31, 2023: Schedule of Intangible Assets Gross Carrying Accumulated Weighted Amount Amortization Net Average Life Trade name $ 584,517 $ - $ 584,517 Indefinite Customer relationships 2,591,491 336,330 2,255,161 16.81 Intellectual Property 202,771 58,316 144,455 10.71 Total $ 3,378,779 $ 394,646 $ 2,984,133 Amortization expense for the years ended December 31, 2023 and 2022 was $ 149,975 149,974 Annual amortization of intangible assets are as follows: Schedule of Amortization of Assets 2023 149,976 2024 149,976 2025 149,976 2026 149,976 2027 149,976 Thereafter 1,649,736 Total $ 2,399,616 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Cost Method Investment
Cost Method Investment | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Cost Method Investment | (9) Cost Method Investment On June 10, 2021, the Company entered into a membership interest purchase agreement with SN2N, LLC for an aggregate purchase price of $ 350,000 Each tranche represents a 5% membership interest, and in aggregate a 20% membership interest 19.9% 1,750 348,250 19.9% |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | (10) Leases The following was included in our balance sheet as of December 31, 2023 and 2022: Schedule of Lease Assets and Liabilities December 31, 2023 December 31, Operating leases Assets ROU operating lease assets $ 3,538,798 $ 4,197,324 Liabilities Current portion of operating lease $ 541,324 $ 586,379 Operating lease, net of current portion $ 3,171,979 $ 3,768,932 Total operating lease liabilities $ 3,713,303 $ 4,355,311 Financing leases Assets Property and equipment, gross $ 234,036 $ 234,036 Accumulated depreciation (151,919 ) (113,621 ) Property and equipment, net $ 82,117 $ 120,415 Liabilities Current portion of financing lease $ 16,799 $ 33,480 Financing lease, net of current portion $ 32,537 $ 49,336 Total financing lease liabilities $ 49,336 $ 82,816 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 The weighted average remaining lease term and weighted average discount rate at December 31, 2023 and 2022 were as follows: Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate Weighted average remaining lease term (years) December 31, 2023 December 31, 2022 Operating leases 9.36 9.40 Financing leases 2.97 2.80 Weighted average discount rate Operating leases 4.45 % 4.49 % Financing leases 4.72 % 4.70 % Financing Lease The Company entered into several 60-month lease agreements to finance certain laboratory and office equipment. The following table reconciles future minimum financing lease payments to the discounted lease liability as of December 31, 2023: Schedule Of Future Minimum Lease Payments For Finance Lease 2024 18,751 2025 18,186 2026 11,976 2027 3,992 Total lease payments 52,905 Less imputed interest (3,569 ) Total lease obligations 49,336 Less current obligations (16,799 ) Long-term lease obligations $ 32,537 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Operating Leases On December 4, 2015, the Company entered into a new operating lease agreement to rent office space in Bohemia, NY. This five-year agreement commenced 50,000 3.75% extended terminated On September 12, 2019, the Company entered into a new operating lease agreement to rent office space in Ronkonkoma, NY. This five- year agreement commenced 90,000 3% The Company has an option to buy the property during the first two years of the lease for $1,200,000 and then at fair market value for the remainder of the lease term. 8,461 On November 27, 2019, the Company entered a 39-month agreement to lease an automobile with a monthly payment of $ 420 On December 15, 2021, the Company assumed the SSM lease agreement for office and warehouse space in San Jose, CA, with the same terms and conditions. Effective February 1, 2020, the lease term will expire on January 31, 2025 with a base rent of $ 24,234 3% On October 15, 2021, the Company entered a new lease for a 20,000 seven years and two months 346,242 2.75% 86,560 On August 9, 2023, the Company entered a 39-month agreement for $ 20,880 605 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 The following table reconciles future minimum operating lease payments to the discounted lease liability as of December 31, 2023: Schedule of Future Minimum Operating Lease Payments 2024 696,362 2025 407,580 2026 389,397 2027 393,899 2028 404,721 Thereafter 2,313,460 Total lease payments 4,605,419 Less imputed interest (892,116 ) Total lease obligations 3,713,303 Less current obligations (541,324 ) Long-term lease obligations $ 3,171,979 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Notes Payable | (11) Notes Payable Promissory Note: On September 12, 2019, AmpliTech Group, Inc. acquired Specialty, a privately held company based in Ronkonkoma, NY. The purchase included all inventory, orders, customers, property and equipment, and all intellectual property. The assets also included all eight team members of Specialty. The total consideration paid was $ 1,143,633 668,633 475,000 6% Beginning November 1, 2019, payment of principal and interest shall be due payable in fifty-nine (59) monthly payments of $9,213 with a final payment due October 1, 2024 of $9,203 80,841 183,014 102,171 96,105 8,391 14,460 Loan Payable: On September 12, 2019, the Company was approved for a $ 250,000 500,000 ● On December 20, 2019, the Company borrowed $ 58,192 1,736 5.26% 0 0 18,630 0 466 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 ● On May 14, 2020, the Company borrowed $ 27,494 815 4.27 0 3,230 3,230 9,402 30 378 ● On June 10, 2020, the Company borrowed $ 41,015 1,216 4.28 0 6,012 6,012 13,975 68 617 ● On May 6, 2022, the Company borrowed $ 441,139 13,341 5.6% 441,139 6,317 As of March 14, 2023, the Company closed the equipment line of credit of $ 500,000 0 In January 2022, the Company purchased machinery for $ 91,795 9,180 82,616 24 payments 1.90% 0 41,700 41,700 40,916 430 1,215 Future principal payments over the term of the loans as of December 31, 2023 are as follows: Schedule of Future Principal and Interest Payments Payments 2024 $ 80,841 Total remaining payments $ 80,841 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) Income Taxes As of December 31, 2023 and 2022, the Company had net operating loss carry forwards of $ 7,010,000 6,700,000 24,000 0 The components for the provision of income taxes include the following: Schedule of Components for the Provision of Income Taxes December 31, 2023 December 31, 2022 Current federal and state $ - $ - Deferred federal and state 24,000 - Total provision for income taxes $ 24,000 $ - A reconciliation of the statutory US federal income tax rate to the Company’s effective income tax rate is as follows: Schedule of Effective Income Tax Rate December 31, 2023 December 31, 2022 Federal tax 21.0 % 21.0 % State tax 0.8 % - % Permanent items (0.4 )% (1.2 )% Change in rate 2.5 % - % Valuation Allowance (24.9 )% (19.8 )% Effective income tax rate (1.0 )% - % AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Deferred income taxes reflect the net tax effect of temporary differences between amounts recorded for financial reporting purposes and amounts used for tax purposes. The Company has a net cumulative current deferred tax asset of $ 0 24,000 Schedule of Components of Deferred Tax Assets and Liabilities December 31, 2023 December 31, 2022 Deferred tax assets Inventory obsolescence $ 250,000 $ 248,000 Allowance for bad debt - 19,000 ROU Assets 31,000 - Stock-based compensation 27,000 - Research and development 426,000 - Loss carryforward 1,723,000 1,198,000 Valuation Allowance (2,150,000 ) (1,323,000 ) Total deferred tax assets $ 307,000 $ 142,000 Deferred tax liabilities Fixed assets $ (149,000 ) $ (123,000 ) Cost method investment (28,000 ) - Intangible assets (154,000 ) (19,000 ) Total deferred tax liabilities $ (331,000 ) $ (142,000 ) Total net deferred income tax liabilities $ (24,000 ) $ - AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders’ Equity | (13) Stockholders’ Equity The total number of shares of stock this Corporation is authorized to issue shall be five hundred one million ( 501,000,000 0.001 500,000,000 1,000,000 Preferred Stock On July 10, 2013, the Board of Directors of the Company approved a certificate of amendment to the articles of incorporation and changed the authorized capital stock of the Company to include and authorize 500,000 0.001 1,000,000 0.001 On October 7, 2020, our Board of Directors and our stockholders approved a resolution to amend and restate the certificate of designation of preferences, rights and limitations of Series A Convertible Preferred Stock to restate that there are 401,000 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Common Stock: The Company originally authorized 50,000,000 0.001 50,000,000 500,000,000 On February 17, 2021, AmpliTech Group Inc., common stock and warrants under the symbols “AMPG” and “AMPGW”, respectively, commenced trading on NASDAQ. On August 18, 2023, the Company granted restricted stock awards under the Company’s 2020 Plan to directors of the Company for an aggregate of 45,000 15,000 82,800 On December 20, 2023, the Company granted 25,000 1.73 On May 20, 2022, 30,000 1.96 2,500 10,000 7,500 On June 17, 2022, the Company granted restricted stock awards under the Company’s 2020 Plan to directors of the Company for an aggregate of 45,000 15,000 88,650 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 2020 Equity Incentive Plan: In October 2020, the Board of Directors and shareholders adopted the Company’s 2020 Equity Incentive Plan (the “2020 Plan”), effective as of December 14, 2020. Under the 2020 Plan, the Company reserved 1,250,000 shares of common stock to grant shares of the Company’s common stock to employees and individuals who perform services for the Company In 2023, the Board and the shareholders adopted the Company’s Amended and Restated 2020 Equity Incentive Plan (the “Amended and Restated Plan”), effective as of December 11, 2023. The Amended and Restated Plan is substantially similar to the 2020 Plan except that it increases the shares of our common stock available for issuance thereunder to 2,250,000 Stock Options: On February 27, 2023, the Company granted one employee ten-year stock options to purchase 2,000 2.59 4,800 7.46 2.59 2.59 126.8% 4.08% On May 1, 2023, the Company granted one employee ten-year stock options to purchase 5,000 3.19 14,800 7.51 3.19 3.19 126.0% 3.62% On June 5, 2023, the Company granted one employee ten-year stock options to purchase 2,000 2.40 4,200 5.50 2.40 2.40 127.3% 3.82% AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 On June 12, 2023, the Company granted one employee ten-year stock options to purchase 3,000 2.49 6,600 5.50 2.49 2.49 127.0% 3.89% On August 18, 2023, the Company granted one employee ten-year stock options to purchase 5,000 1.84 8,500 7.51 1.84 1.84 122.5% 4.34% On September 25, 2023, the Company granted one employee ten-year stock options to purchase 3,000 1.85 5,100 7.51 1.85 1.85 122.5% 4.61% On October 2, 2023, the Company granted one employee ten-year stock options to purchase 5,000 2.01 9,300 7.51 1.85 2.01 122.4% 4.73% On December 20, 2023, the Company granted Mr. Maqbool ten-year stock options to purchase 100,000 50,000 1.73 315,593 7.36 1.73 1.73 120.7% 3.88% AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 On December 20, 2023, the Company granted two employees and one consultant ten-year stock options to purchase 95,000 1.73 149,907 7.36 1.73 1.73 120.7% 3.88% On May 20, 2022, the Company granted four employees five-year stock options to purchase shares of common stock (totaling 45,000 1.96 2,000 1.96 35,000 25,000 1.96 10,000 129,325 2.5 4.9 1.96 1.96 136.2% 141.3% 2.67% 2.80% On June 14, 2022, the Company granted Mr. Maqbool five-year stock options to purchase 100,000 50,000 1.72 304,148 4.9 1.72 1.72 138.3% 3.61% On August 22, 2022, the Company granted Daniel Mazziota five-year stock options to purchase 25,000 2.23 47,787 4.5 2.23 2.23 134.5% 3.17% On December 19, 2022, the Company granted one employee ten-year stock options to purchase 3,000 1.97 5,275 5.5 1.97 1.97 132.2% 3.99% AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 On December 20, 2022, the Company granted Mr. Maqbool ten-year stock options to purchase 100,000 shares of common stock according to the Company’s 2020 Plan. In addition, Ms. Sanfratello and Mr. Flores were each granted stock options to purchase 50,000 shares of common stock. The stock options vest in quarterly installments over a 5-year period with an exercise price of $ 1.92 per share. The Company has calculated these options estimated fair market value at $ 357,425 using the Black-Scholes model, with the following assumptions: expected term of 7.5 years, stock price of $ 1.92 , exercise price of $ 1.92 , volatility of 127.5% , risk-free rate of 3.79% , and no forfeiture rate. On December 20, 2022, the Company granted Matthew Kappers, Andrew Lee and Daniel Mazziota ten-year stock options to purchase 5,000 5,000 7,500 1.92 31,275 7.5 1.92 1.92 127.5% 3.79% On December 20, 2022, the Company granted eleven employees and one Board Advisor ten-year stock options to purchase 85,500 1.92 152,800 7.5 1.92 1.92 127.5% 3.79% Below is a table summarizing the changes in stock options outstanding for the year ended December 31, 2023: Schedule of Stock Options Outstanding Number of Weighted Average Options Exercise Price ($) Outstanding at December 31, 2022 916,000 $ 2.49 Granted 320,000 $ 1.78 Exercised - - Expired - - Outstanding at December 31, 2023 1,236,000 $ 2.30 Exercisable at December 31, 2023 483,344 $ 2.95 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 As of December 31, 2023, all outstanding stock options were issued according to the Company’s 2020 Plan, and there remains 869,000 Stock-based compensation expense related to stock options of $ 248,996 244,631 1,255,294 4.76 5.26 76,540 Warrants: Effective February 19, 2021, AmpliTech Group Inc., common stock and warrants under the symbols “AMPG” and “AMPGW,” respectively, commenced trading on NASDAQ. In connection with the public offering, 1,371,428 7.00 Maxim Group LLC acted as sole book-running manager for the offering and partially exercised its overallotment option to purchase 205,714 warrants at the public offering price. The warrants expire ten years from the date of issuance. Effective April 16, 2021, the Company entered into definitive agreements with certain institutional investors to sell 2,715,000 1,900,500 8.48 On July 20, 2021, in connection with a product development agreement with an unrelated party, the Company issued warrants to purchase 30,000 5.00 88,803 3.0 3.80 5.00 149.8 0.37 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Below is a table summarizing the changes in warrants outstanding for the year ended December 31, 2023: Schedule of Warrants Outstanding Number of Weighted Average Warrants Exercise Price ($) Outstanding at December 31, 2022 3,296,942 $ 7.83 Granted - - Exercised - - Expired - - Outstanding at December 31, 2023 3,296,942 $ 7.83 Exercisable at December 31, 2023 3,296,942 $ 7.83 Stock-based compensation expense related to warrants of $ 0 48,902 0 2.23 0 Restricted Stock Units On August 18, 2023, the Company granted restricted stock awards under the Company’s 2020 Plan to directors of the Company for an aggregate of 45,000 15,000 82,800 On December 20, 2023, 25,000 1.73 On May 20, 2022, 30,000 restricted stock units at an exercise price of $ 1.96 were issued to a board advisor. Vesting will occur in equal quarterly installments of 2,500 shares beginning on May 20, 2022. As of December 31, 2023 and 2022, 10,000 and 7,500 shares of common stock were issued, respectively. On June 17, 2022, the Company granted restricted stock awards under the Company’s 2020 Plan to directors of the Company for an aggregate of 45,000 15,000 88,650 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 Below is a table summarizing the changes in restricted stock units outstanding for the year ended December 31, 2023: Schedule of Changes in Restricted Stock Units Outstanding Number of Weighted Average RSU’s Exercise Price ($) Outstanding at December 31, 2022 22,500 1.96 Granted 70,000 $ 1.80 Exercised (80,000 ) $ 1.82 Expired - - Outstanding at December 31, 2023 12,500 $ 1.96 Exercisable at December 31, 2023 - - Stock-based compensation expense related to restricted stock units of $ 140,662 105,593 27,245 1.14 0 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (14) Commitments and Contingencies On November 19, 2021, AmpliTech Group, Inc. entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Spectrum Semiconductor Materials Inc. (the “Seller” or “SSM”), pursuant to which AmpliTech would acquire substantially all of the assets of the Company (the “Acquisition”). The Acquisition was completed on December 15, 2021. The purchase agreement contained a revenue earnout adjustment. Within forty (40) days after December 31, 2022, AmpliTech prepared and delivered to Seller a statement setting forth its calculation of Two Years Net Revenues of the business, or the “Revenue Statement”. The revenue earnout adjustment was determined to be an amount equal to 25% of two years’ net revenues minus $20,000,000 2,180,826 815,788 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent events | (15) Subsequent events On January 15, 2024, the Company entered a triple net lease agreement for a 1,900 53,675 2.5% 17,999 On January 20,2024, the current Board of Directors renewed their directors’ agreements and shall be issued 15,000 On March 20, 2024, the Company amended the employment agreement with Jorge Flores to extend its term to March 20, 2027. The amendment was effective March 20, 2024. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting The accompanying consolidated financial statements have been prepared using the accrual basis of accounting. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results could differ from those estimates. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Reclassifications | Reclassifications Certain reclassifications have been made to the prior years’ financial statements to conform to the current year’s presentation. These reclassifications have no effect on previously reported results of operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers deposits that can be redeemed on demand and investments and marketable securities that have original maturities of less than three months, when purchased, to be cash equivalents. As of December 31, 2023, the Company’s cash and cash equivalents were deposited in five financial institutions. The Company’s policy is to place its cash and cash equivalents with high-quality, major financial and investment institutions in order to limit the amount of credit exposure. Accounts at each financial institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $ 250,000 500,000 250,000 600 3,170,500 12,040,022 |
Accounts Receivable | Accounts Receivable Accounts receivable consist of trade receivables arising from credit sales to customers in the normal course of business. These receivables are recorded at the time of sale, net of an allowance for current expected credit losses. In accordance with ASC Topic 326, “ Financial Instruments – Credit Losses An allowance of $ 0 |
Marketable Securities | Marketable Securities The Company’s investments in marketable securities are classified based on the nature of the securities and their availability for use in current operations. The Company’s marketable securities are stated at fair value with all realized and unrealized gains and losses on investments in marketable equity securities recognized in other income, net. The realized and unrealized gains and losses on marketable securities are determined using specific identification method. |
Inventories | Inventories Inventories, which consists primarily of raw materials, work in progress and finished goods, are stated at the lower of cost (first-in, first-out basis) or market (net realizable value). Inventory quantities and related values are analyzed at the end of each fiscal quarter to determine those items that are slow moving and obsolete. An inventory reserve is recorded for those items determined to be slow moving with a corresponding charge to cost of goods sold. Inventory items that are determined obsolete are written off currently with a corresponding charge to cost of goods sold. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 As of December 31, 2023 and 2022, the reserve for inventory obsolescence was $ 1,146,000 1,128,000 |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method for financial statement purposes. Amortization of leasehold improvements is computed using the straight-line method over the shorter of the remaining lease term or the estimated useful lives of the improvements. Property and equipment are depreciated as follows: Schedule of property and equipment depreciated Description Useful Life Method Office equipment 3 7 Straight-line Machinery/shop equipment 7 15 Straight-line Computer equipment/software 1 7 Straight-line Vehicles 5 Straight-line Leasehold improvements 7 Straight-line |
Intangible Assets | Intangible Assets Definite-lived intangible assets including customer relationships and intellectual property are subject to amortization. Intangible assets are amortized over their estimated useful life on a straight-line basis. Estimated useful lives are determined considering the period the assets are expected to contribute to future cash flows. Indefinite-lived intangible assets are not subject to amortization. Intangible assets are amortized as follows: Schedule of Intangible Assets Description Useful Life Method Trade names Indefinite N/A Customer relationships 15 20 Straight-line Intellectual property 15 Straight-line |
Long-Lived Assets | Long-Lived Assets The Company reviews the carrying value of long-lived assets such property and equipment, right-of-use (“ROU”) assets, and definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Circumstances which could trigger a review include, but are not limited to; significant decrease in the market price of the asset; significant adverse changes in the business climate or legal factors; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. The recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount of fair value less costs to sell and would no longer be depreciated. The depreciable basis of assets that are impaired and continue in use is their respective fair values. During the years ended December 31, 2023 and 2022, there were no impairments of long-lived assets. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets We follow the acquisition method of accounting to record the assets and liabilities of acquired businesses at their estimated fair value at the date of acquisition. We initially record goodwill for the amount the consideration transferred exceeds the acquisition-date fair value of net tangible and identifiable intangible assets acquired. Goodwill and intangible assets deemed to have indefinite lives are not amortized, but are tested for impairment annually on December 31, or more frequently when events or circumstances indicate an impairment may have occurred. When assessing the recoverability of goodwill and indefinite-lived intangible assets, the Company may first assess qualitative factors in determining whether it is more likely than not that the fair value of a reporting unit, including goodwill, or an indefinite-lived intangible asset is less than its carrying amount. The qualitative assessment is based on several factors, including the current operating environment, industry and market conditions, and overall financial performance. The Company may elect to bypass this qualitative assessment for some or all of its reporting units or other indefinite-lived intangible assets and perform a quantitative assessment, based on management's judgment. If we quantitatively test goodwill and indefinite-lived intangible assets for possible impairment, we calculate the fair value for the reporting unit and indefinite-lived assets and compare the amount to their carrying amount. If the fair value of a reporting unit and indefinite-lived asset exceeds their carrying amount, the reporting unit and indefinite-lived assets are not considered impaired. If the carrying amount of the reporting unit and indefinite-lived assets exceeds their fair value, the reporting unit and indefinite-lived assets are considered to be impaired, and an impairment charge is recognized for the difference. We estimate the fair value of our reporting units and indefinite-lived intangible assets based on the present value of estimated future cash flows. Considerable management judgment is necessary to evaluate the impact of operating and macroeconomic changes and to estimate the future cash flows used to measure fair value. Our estimates of future cash flows consider past performance, current and anticipated market conditions and internal projections and operating plans. Additional assumptions include forecasted growth rates, estimated discount rates, and estimated royalty rates for our indefinite-lived intangible assets. During the years ended December 31, 2023 and 2022, we recorded goodwill impairments of $ 0 120,136 AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Investment Policy-Cost Method | Investment Policy-Cost Method Investments consist of non-controlling equity investments in privately held companies. The Company elected the measurement alternative for these investments without readily determinable fair values and for which the Company does not control or have the ability to exercise considerable influence over operating and financial policies. These investments are accounted for under the cost method of accounting. Under the cost method of accounting, the non-marketable equity securities are carried at cost less any impairment, adjusted for observable price changes of similar investments of the same issuer. Fair value is not estimated for these investments if there are no identified events or changes in circumstances that may influence the fair value of the investment. Under this method, the Company’s share of the earnings or losses of such investee companies is not included in the consolidated balance sheet or consolidated statements of operations. The Company held $ 348,250 |
Leases | Leases We lease property and equipment under finance and operating leases. For leases with terms greater than 12 months, we record the related asset and obligation at the present value of lease payments over the lease term. The Company has elected not to separate lease and non-lease components for all property leases for the purpose of calculating ROU assets and lease liabilities. Many of our leases include rental escalation clauses, renewal options and/or termination options that are factored into our determination of lease payments when appropriate. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis considering such factors as lease term and economic environment risks. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Revenue Recognition | Revenue Recognition We sell our products through a combination of a direct sales force in the United States and independent sales representatives in international markets. Revenue is recognized when a customer obtains control of promised goods based on the consideration we expect to receive in exchange for these goods. This core principle is achieved through the following steps: Identify the contract with the customer Identify the performance obligations in the contract Our performance obligations relate to delivering single-use products to a customer, subject to the shipping terms of the contract. Limited warranties are provided, under which we typically accept returns and provide either replacement parts or refunds. We do not have significant returns. We do not typically offer extended warranty or service plans. Determine the transaction price Allocate the transaction price to performance obligations in the contract Recognize revenue when or as we satisfy a performance obligation. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Cost of Sales | Cost of Sales We include product costs such material, direct labor, overhead costs, production-related depreciation expense, outside labor and production supplies in cost of sales. |
Shipping and Handling | Shipping and Handling Shipping and handling charges are generally incurred at the customer’s expense. However, when billed to our customers, shipping and handling charges are included in net sales for the applicable period, and the corresponding shipping and handling expense is reported in cost of sales. |
Research and Development | Research and Development Research and development expenditures are charged to operations as incurred. The major components of research and development costs include payroll, consultants, outside service, and supplies. Research and development costs for the years ended December 31, 2023 and 2022 were $ 2,341,845 1,024,127 |
Income Taxes | Income Taxes The Company’s deferred tax assets and liabilities for the expected future tax consequences of events have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and tax bases of certain assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. Valuation allowances AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) are determined by dividing the net earnings by the weighted-average number of shares of common shares outstanding during the period. Diluted EPS is determined by dividing net earnings by the weighted average number of common shares used in the basic EPS calculation plus the number of common shares that would be issued assuming conversion of all potentially dilutive securities outstanding under the treasury stock method. As of December 31, 2023 and 2022, there were 4,545,442 4,235,442 |
Fair Value Measurements | Fair Value Measurements The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined in the following three categories: Level 1: Unadjusted quoted prices that are available in active markets for identical assets or liabilities at the measurement date. Level 2: Significant other observable inputs available at the measurement date, other than quoted prices included in Level 1, either directly or indirectly. Level 3: Significant unobservable inputs that cannot be corroborated by observable market data and reflect the use of significant management judgment. Cash and cash equivalents, receivables, inventories, prepaid expenses, accounts payable, accrued expenses, and customer deposits approximate fair value, due to their short-term nature. The carrying value of notes payable and short and long-term debt also approximates fair value since these instruments bear market rates of interest. Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to long-lived assets, intangible assets, and goodwill, which are remeasured when the derived fair value is below carrying value in the consolidated balance sheets. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 |
Stock-Based Compensation | Stock-Based Compensation The Company records stock-based compensation in accordance with ASC 718, Compensation-Stock Compensation. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued and are recognized over the employees required service period, which is generally the vesting period. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents, marketable securities and accounts receivable. The Company places its cash and cash equivalents and marketable securities with high-quality, major financial and investment institutions in order to limit the amount of credit exposure. For accounts receivable, the Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses. Sales to the Company’s largest customer represented approximately 8.45 25.98 10.60 As of December 31, 2023 and 2022, there were two vendors that accounted for 33.14 17.18 44.15 29.29 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The amendments in this update, among other things, require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. As a smaller reporting company, the guidance was effective for our fiscal years beginning after December 15, 2022. The adoption of this guidance did not have an impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures by requiring; (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. These amendments are to be applied prospectively, with retrospective application permitted. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about reportable segment’s profit or loss and assets that are currently required annually. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. These amendments are to be applied retrospectively. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures. AmpliTech Group, Inc. Notes To Consolidated Financial Statements For the Years Ended December 31, 2023 and 2022 In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which requires a newly-formed joint venture to apply a new basis of accounting to its contributed net assets, resulting in the joint venture initially measuring its contributed net assets at fair value on the formation date. ASU 2023-05 is effective for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. These amendments are to be applied prospectively, with retrospective application permitted for joint ventures formed before the effective date. We are currently evaluating the impact this standard will have on our consolidated financial statement disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of property and equipment depreciated | Property and equipment are depreciated as follows: Schedule of property and equipment depreciated Description Useful Life Method Office equipment 3 7 Straight-line Machinery/shop equipment 7 15 Straight-line Computer equipment/software 1 7 Straight-line Vehicles 5 Straight-line Leasehold improvements 7 Straight-line |
Schedule of Intangible Assets | Schedule of Intangible Assets Description Useful Life Method Trade names Indefinite N/A Customer relationships 15 20 Straight-line Intellectual property 15 Straight-line |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregated revenue | The following table presents sales disaggregated based on geographic regions and for the years ended: Schedule of disaggregated revenue December 31, 2023 December 31, 2022 AmpliTech Inc. and Specialty Microwave Domestic sales $ 5,120,694 $ 4,922,237 International sales 1,267,459 947,515 Total sales $ 6,388,153 $ 5,869,752 Spectrum Domestic sales $ 6,234,934 $ 6,798,713 International sales 2,961,490 6,726,027 Total sales $ 9,196,424 $ 13,524,740 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting | The following table presents summary information by segment for the year ended December 31, 2023: Schedule of Segment Reporting AmpliTech Inc. and Specialty Spectrum Corporate Total Revenue $ 6,388,153 $ 9,196,424 - $ 15,584,577 Cost of Goods Sold 3,565,467 4,743,482 - 8,308,949 Net Income (Loss) (3,619,842 ) 2,060,234 (905,831 ) (2,465,439 ) Total Assets 11,461,268 16,540,789 3,405,572 31,407,629 Depreciation and Amortization 362,663 168,497 - 531,160 Interest Income, net 26,901 - (7,620 ) 19,281 The following table presents summary information by segment for the year December 31, 2022: AmpliTech Inc. and Specialty Spectrum Corporate Total Revenue $ 5,869,752 $ 13,524,740 - $ 19,394,492 Cost of Goods Sold 3,257,367 7,212,261 - 10,469,628 Net Income (Loss) (2,478,429 ) 2,878,476 (1,077,154 ) (677,107 ) Total Assets 17,682,013 16,979,383 2,018,238 36,679,634 Depreciation and Amortization 279,470 132,536 - 412,006 Interest Expense, net (159 ) 1,289 11,883 13,013 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table is a summary of marketable securities at December 31, 2023: Schedule of Marketable Securities Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 1 (1) Money Market Fund $ 12,079 - - $ 12,079 US Treasury Bills 2,625,260 1,697 - 2,626,957 Total $ 2,637,339 1,697 - $ 2,639,036 The following table is a summary of marketable securities at December 31, 2022: Adjusted Cost Unrealized Gains Unrealized Losses Fair Value Level 1 (1) Money Market Fund $ 1,759,299 - - $ 1,759,299 US Treasury Bills 245,172 2,278 - 247,450 Total $ 2,004,471 2,278 - $ 2,006,749 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | The inventory consists of the following at December 31, 2023 and 2022: Schedule of Inventory December 31, December 31, 2023 2022 Raw Materials $ 959,645 $ 872,184 Work-in Progress 51,140 229,771 Finished Goods 6,672,793 6,658,166 Subtotal $ 7,683,578 $ 7,760,121 Less: Reserve for Obsolescence (1,146,000 ) (1,128,000 ) Less: Reserve for Obsolescence (1,146,000 ) (1,128,000 ) Total $ 6,537,578 $ 6,632,121 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and Equipment consisted of the following at December 31, 2023 and 2022: Schedule of Property and Equipment December 31, December 31, 2023 2022 Lab Equipment $ 3,400,207 $ 2,455,045 Manufacturing Equipment 129,745 129,745 Automobiles 7,335 7,335 Computer Equipment and Software 194,238 210,240 Leasehold Improvements 84,172 78,042 Furniture and Fixtures 170,643 148,987 Subtotal 3,986,340 3,029,394 Less: Accumulated Depreciation (1,386,892 ) (1,005,707 ) Total $ 2,599,448 $ 2,023,687 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets with an estimated useful life of fifteen and twenty years consisted of the following at December 31, 2023: Schedule of Intangible Assets Gross Carrying Accumulated Weighted Amount Amortization Net Average Life Trade name $ 584,517 $ - $ 584,517 Indefinite Customer relationships 2,591,491 336,330 2,255,161 16.81 Intellectual Property 202,771 58,316 144,455 10.71 Total $ 3,378,779 $ 394,646 $ 2,984,133 |
Schedule of Amortization of Assets | Annual amortization of intangible assets are as follows: Schedule of Amortization of Assets 2023 149,976 2024 149,976 2025 149,976 2026 149,976 2027 149,976 Thereafter 1,649,736 Total $ 2,399,616 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of Lease Assets and Liabilities | The following was included in our balance sheet as of December 31, 2023 and 2022: Schedule of Lease Assets and Liabilities December 31, 2023 December 31, Operating leases Assets ROU operating lease assets $ 3,538,798 $ 4,197,324 Liabilities Current portion of operating lease $ 541,324 $ 586,379 Operating lease, net of current portion $ 3,171,979 $ 3,768,932 Total operating lease liabilities $ 3,713,303 $ 4,355,311 Financing leases Assets Property and equipment, gross $ 234,036 $ 234,036 Accumulated depreciation (151,919 ) (113,621 ) Property and equipment, net $ 82,117 $ 120,415 Liabilities Current portion of financing lease $ 16,799 $ 33,480 Financing lease, net of current portion $ 32,537 $ 49,336 Total financing lease liabilities $ 49,336 $ 82,816 |
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate | The weighted average remaining lease term and weighted average discount rate at December 31, 2023 and 2022 were as follows: Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate Weighted average remaining lease term (years) December 31, 2023 December 31, 2022 Operating leases 9.36 9.40 Financing leases 2.97 2.80 Weighted average discount rate Operating leases 4.45 % 4.49 % Financing leases 4.72 % 4.70 % |
Schedule Of Future Minimum Lease Payments For Finance Lease | The following table reconciles future minimum financing lease payments to the discounted lease liability as of December 31, 2023: Schedule Of Future Minimum Lease Payments For Finance Lease 2024 18,751 2025 18,186 2026 11,976 2027 3,992 Total lease payments 52,905 Less imputed interest (3,569 ) Total lease obligations 49,336 Less current obligations (16,799 ) Long-term lease obligations $ 32,537 |
Schedule of Future Minimum Operating Lease Payments | The following table reconciles future minimum operating lease payments to the discounted lease liability as of December 31, 2023: Schedule of Future Minimum Operating Lease Payments 2024 696,362 2025 407,580 2026 389,397 2027 393,899 2028 404,721 Thereafter 2,313,460 Total lease payments 4,605,419 Less imputed interest (892,116 ) Total lease obligations 3,713,303 Less current obligations (541,324 ) Long-term lease obligations $ 3,171,979 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Future Principal and Interest Payments | Schedule of Future Principal and Interest Payments Payments 2024 $ 80,841 Total remaining payments $ 80,841 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components for the Provision of Income Taxes | The components for the provision of income taxes include the following: Schedule of Components for the Provision of Income Taxes December 31, 2023 December 31, 2022 Current federal and state $ - $ - Deferred federal and state 24,000 - Total provision for income taxes $ 24,000 $ - |
Schedule of Effective Income Tax Rate | A reconciliation of the statutory US federal income tax rate to the Company’s effective income tax rate is as follows: Schedule of Effective Income Tax Rate December 31, 2023 December 31, 2022 Federal tax 21.0 % 21.0 % State tax 0.8 % - % Permanent items (0.4 )% (1.2 )% Change in rate 2.5 % - % Valuation Allowance (24.9 )% (19.8 )% Effective income tax rate (1.0 )% - % |
Schedule of Components of Deferred Tax Assets and Liabilities | Schedule of Components of Deferred Tax Assets and Liabilities December 31, 2023 December 31, 2022 Deferred tax assets Inventory obsolescence $ 250,000 $ 248,000 Allowance for bad debt - 19,000 ROU Assets 31,000 - Stock-based compensation 27,000 - Research and development 426,000 - Loss carryforward 1,723,000 1,198,000 Valuation Allowance (2,150,000 ) (1,323,000 ) Total deferred tax assets $ 307,000 $ 142,000 Deferred tax liabilities Fixed assets $ (149,000 ) $ (123,000 ) Cost method investment (28,000 ) - Intangible assets (154,000 ) (19,000 ) Total deferred tax liabilities $ (331,000 ) $ (142,000 ) Total net deferred income tax liabilities $ (24,000 ) $ - |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Stock Options Outstanding | Schedule of Stock Options Outstanding Number of Weighted Average Options Exercise Price ($) Outstanding at December 31, 2022 916,000 $ 2.49 Granted 320,000 $ 1.78 Exercised - - Expired - - Outstanding at December 31, 2023 1,236,000 $ 2.30 Exercisable at December 31, 2023 483,344 $ 2.95 |
Schedule of Warrants Outstanding | Below is a table summarizing the changes in warrants outstanding for the year ended December 31, 2023: Schedule of Warrants Outstanding Number of Weighted Average Warrants Exercise Price ($) Outstanding at December 31, 2022 3,296,942 $ 7.83 Granted - - Exercised - - Expired - - Outstanding at December 31, 2023 3,296,942 $ 7.83 Exercisable at December 31, 2023 3,296,942 $ 7.83 |
Schedule of Changes in Restricted Stock Units Outstanding | Below is a table summarizing the changes in restricted stock units outstanding for the year ended December 31, 2023: Schedule of Changes in Restricted Stock Units Outstanding Number of Weighted Average RSU’s Exercise Price ($) Outstanding at December 31, 2022 22,500 1.96 Granted 70,000 $ 1.80 Exercised (80,000 ) $ 1.82 Expired - - Outstanding at December 31, 2023 12,500 $ 1.96 Exercisable at December 31, 2023 - - |
Organization and Business Des_2
Organization and Business Description (Details Narrative) - $ / shares | Feb. 17, 2021 | Aug. 13, 2012 | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 12, 2012 |
Restructuring Cost and Reserve [Line Items] | |||||
Common stock, outstanding | 9,714,613 | 9,634,613 | |||
Reverse stock split | 1-for-20 | ||||
IPO [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Public offering shares | 1,371,428 | ||||
Public offering per share | $ 7 | ||||
Amplitech Inc [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Common stock, outstanding | 889,250 | ||||
Amplitech Inc [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Acquisition of entity by issuing of common stock | 833,750 | ||||
Percentage of voting interest acquired | 100% | ||||
Equity interests owned by selling share holders | 60,000 |
Schedule of property and equipm
Schedule of property and equipment depreciated (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Office Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Office Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Depreciation Method | Straight-line |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 15 years |
Depreciation Method | Straight-line |
Computer Equipment Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 1 year |
Computer Equipment Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Depreciation Method | Straight-line |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Depreciation Method | Straight-line |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Depreciation Method | Straight-line |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Net | $ 2,399,616 | |
Gross Carrying Amount | 3,378,779 | |
Accumulated Amortization | 394,646 | |
Net | 2,984,133 | $ 3,134,108 |
Trade Names [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Carrying Amount | 584,517 | |
Net | $ 584,517 | |
Customer Relationships [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation Method | Straight-line | |
Gross Carrying Amount | $ 2,591,491 | |
Accumulated Amortization | 336,330 | |
Net | $ 2,255,161 | |
Weighted Average Life | 16 years 9 months 21 days | |
Customer Relationships [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 15 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 20 years | |
Intellectual Property [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life | 15 years | |
Depreciation Method | Straight-line | |
Gross Carrying Amount | $ 202,771 | |
Accumulated Amortization | 58,316 | |
Net | $ 144,455 | |
Weighted Average Life | 10 years 8 months 15 days |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Product Information [Line Items] | ||
FDIC Maximum amount | $ 3,170,500 | $ 12,040,022 |
Cash | 250,000 | |
Additional coverage | 600,000,000 | |
Allowance for doubtful accounts receivable | 0 | 0 |
Inventory obsolescence reserve | 1,146,000 | 1,128,000 |
Goodwill impairment | 120,136 | |
Cost method investment | 348,250 | 348,250 |
Research and development | $ 2,341,845 | $ 1,024,127 |
Potentially dilutive shares | 4,545,442 | 4,235,442 |
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | Vendor One [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 33.14% | 44.15% |
Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | Vendor Two [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 17.18% | 29.29% |
Customer [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 8.45% | |
Customer One [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 25.98% | |
Customer Two [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 10.60% | |
Securities Investor [Member] | ||
Product Information [Line Items] | ||
FDIC Maximum amount | $ 500,000 | |
Maximum [Member] | ||
Product Information [Line Items] | ||
FDIC Maximum amount | $ 250,000 |
Schedule of disaggregated reven
Schedule of disaggregated revenue (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Amplitech Incand Specialty Microwave [Member] | Domestic Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total sales | $ 5,120,694 | $ 4,922,237 |
Amplitech Incand Specialty Microwave [Member] | International Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total sales | 1,267,459 | 947,515 |
Amplitech Inc [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total sales | 6,388,153 | 5,869,752 |
Spectrum [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total sales | 9,196,424 | 13,524,740 |
Spectrum [Member] | Domestic Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total sales | 6,234,934 | 6,798,713 |
Spectrum [Member] | International Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total sales | $ 2,961,490 | $ 6,726,027 |
Revenues (Details Narrative)
Revenues (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue | $ 15,584,577 | $ 19,394,492 |
Schedule of Segment Reporting (
Schedule of Segment Reporting (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 15,584,577 | $ 19,394,492 |
Cost of Goods Sold | 8,308,949 | 10,469,628 |
Net Income (Loss) | (2,465,439) | (677,107) |
Total Assets | 31,407,629 | 36,679,634 |
Depreciation and Amortization | 531,160 | 412,006 |
Interest Income, net | 19,281 | (13,013) |
Interest Income, net | 13,013 | |
Amplitech Inc And Specialty [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6,388,153 | 5,869,752 |
Cost of Goods Sold | 3,565,467 | 3,257,367 |
Net Income (Loss) | (3,619,842) | (2,478,429) |
Total Assets | 11,461,268 | 17,682,013 |
Depreciation and Amortization | 362,663 | 279,470 |
Interest Income, net | 26,901 | |
Interest Income, net | (159) | |
Spectrum [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 9,196,424 | 13,524,740 |
Cost of Goods Sold | 4,743,482 | 7,212,261 |
Net Income (Loss) | 2,060,234 | 2,878,476 |
Total Assets | 16,540,789 | 16,979,383 |
Depreciation and Amortization | 168,497 | 132,536 |
Interest Income, net | ||
Interest Income, net | 1,289 | |
Corporates [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | ||
Cost of Goods Sold | ||
Net Income (Loss) | (905,831) | (1,077,154) |
Total Assets | 3,405,572 | 2,018,238 |
Depreciation and Amortization | ||
Interest Income, net | $ (7,620) | |
Interest Income, net | $ 11,883 |
Schedule of Marketable Securiti
Schedule of Marketable Securities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Marketable Securities [Line Items] | |||
Adjusted Cost | [1] | $ 2,637,339 | $ 2,004,471 |
Unrealized Gains | [1] | 1,697 | 2,278 |
Unrealized Losses | [1] | ||
Fair Value | [1] | 2,639,036 | 2,006,749 |
Money Market Funds [Member] | |||
Marketable Securities [Line Items] | |||
Adjusted Cost | [1] | 12,079 | 1,759,299 |
Unrealized Gains | [1] | ||
Unrealized Losses | [1] | ||
Fair Value | [1] | 12,079 | 1,759,299 |
US Treasury Securities [Member] | |||
Marketable Securities [Line Items] | |||
Adjusted Cost | [1] | 2,625,260 | 245,172 |
Unrealized Gains | [1] | 1,697 | 2,278 |
Unrealized Losses | [1] | ||
Fair Value | [1] | $ 2,626,957 | $ 247,450 |
[1]Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. |
Marketable Securities (Details
Marketable Securities (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Cash and cash equivalents | $ 6,726,013 | $ 13,290,222 |
Cash and Cash Equivalents [Member] | ||
Schedule of Investments [Line Items] | ||
Cash and cash equivalents | $ 2,639,036 | $ 1,759,299 |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 959,645 | $ 872,184 |
Work-in Progress | 51,140 | 229,771 |
Finished Goods | 6,672,793 | 6,658,166 |
Subtotal | 7,683,578 | 7,760,121 |
Less: Reserve for Obsolescence | (1,146,000) | (1,128,000) |
Total | $ 6,537,578 | $ 6,632,121 |
Schedule of Property and Equi_2
Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Subtotal | $ 3,986,340 | $ 3,029,394 |
Less: Accumulated Depreciation | (1,386,892) | (1,005,707) |
Total | 2,599,448 | 2,023,687 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | 3,400,207 | 2,455,045 |
Manufacturing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | 129,745 | 129,745 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | 7,335 | 7,335 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | 194,238 | 210,240 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | 84,172 | 78,042 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Subtotal | $ 170,643 | $ 148,987 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 381,185 | $ 262,032 |
Cost of goods sold | 256,248 | 194,456 |
Amount paid to purchase Property and equipment under finance lease | 234,036 | 234,036 |
Financing leases outstanding balance | $ 49,336 | $ 82,816 |
Schedule of Amortization of Ass
Schedule of Amortization of Assets (Details) | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 149,976 |
2024 | 149,976 |
2025 | 149,976 |
2026 | 149,976 |
2027 | 149,976 |
Thereafter | 1,649,736 |
Net | $ 2,399,616 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill impairments | $ 120,136 | |
Goodwill | 4,696,883 | 4,696,883 |
Amortization expenses | $ 149,975 | $ 149,974 |
Cost Method Investment (Details
Cost Method Investment (Details Narrative) - SN2NLLC [Member] - USD ($) | Jun. 10, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Jun. 15, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||||
[custom:AggregatePurchasePriceForMembershipInterest-0] | $ 350,000 | |||
Equity method investment additional information | Each tranche represents a 5% membership interest, and in aggregate a 20% membership interest | |||
Cost method investment membership interest percentage | 19.90% | |||
Overpaid for the membership interest | $ 1,750 | |||
Investments | $ 348,250 | $ 348,250 | ||
Cost method investment membership interest percentage | 19.90% | 19.90% |
Schedule of Lease Assets and Li
Schedule of Lease Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
ROU operating lease assets | $ 3,538,798 | $ 4,197,324 |
Current portion of operating lease | 541,324 | 586,379 |
Operating lease, net of current portion | 3,171,979 | 3,768,932 |
Total operating lease liabilities | 3,713,303 | 4,355,311 |
Property and equipment, gross | 234,036 | 234,036 |
Accumulated depreciation | (151,919) | (113,621) |
Property and equipment, net | 82,117 | 120,415 |
Current portion of financing lease | 16,799 | 33,480 |
Financing lease, net of current portion | 32,537 | 49,336 |
Total financing lease liabilities | $ 49,336 | $ 82,816 |
Schedule of Weighted Average Re
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
Operating leases | 9 years 4 months 9 days | 9 years 4 months 24 days |
Financing leases | 2 years 11 months 19 days | 2 years 9 months 18 days |
Operating leases | 4.45% | 4.49% |
Financing leases | 4.72% | 4.70% |
Schedule Of Future Minimum Leas
Schedule Of Future Minimum Lease Payments For Finance Lease (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
2024 | $ 18,751 | |
2025 | 18,186 | |
2026 | 11,976 | |
2027 | 3,992 | |
Total lease payments | 52,905 | |
Less imputed interest | (3,569) | |
Total lease obligations | 49,336 | $ 82,816 |
Less current obligations | (16,799) | |
Long-term lease obligations | $ 32,537 |
Schedule of Future Minimum Oper
Schedule of Future Minimum Operating Lease Payments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
2024 | $ 696,362 | |
2025 | 407,580 | |
2026 | 389,397 | |
2027 | 393,899 | |
2028 | 404,721 | |
Thereafter | 2,313,460 | |
Total lease payments | 4,605,419 | |
Less imputed interest | (892,116) | |
Total operating lease liabilities | 3,713,303 | $ 4,355,311 |
Less current obligations | (541,324) | (586,379) |
Long-term lease obligations | $ 3,171,979 | $ 3,768,932 |
Leases (Details Narrative)
Leases (Details Narrative) | 12 Months Ended | ||||||||||
Aug. 09, 2023 USD ($) | Dec. 15, 2021 USD ($) | Oct. 15, 2021 USD ($) ft² | Jan. 13, 2021 | Nov. 27, 2019 USD ($) | Sep. 12, 2019 | Sep. 12, 2019 USD ($) | Dec. 04, 2015 USD ($) | Dec. 04, 2015 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Finance lease agreement description | The Company entered into several 60-month lease agreements to finance certain laboratory and office equipment. | ||||||||||
Operating lease agreement description | the Company entered into a new operating lease agreement to rent office space in Ronkonkoma, NY. This five- year agreement commenced | the Company entered into a new operating lease agreement to rent office space in Bohemia, NY. This five-year agreement commenced | |||||||||
Annual rent | $ 20,880 | $ 90,000 | $ 50,000 | ||||||||
Operating lease payments increase percentage | 2.75% | 3% | 3.75% | ||||||||
Option to extend | extended | ||||||||||
Option to terminate | terminated | ||||||||||
Purchase option description | The Company has an option to buy the property during the first two years of the lease for $1,200,000 and then at fair market value for the remainder of the lease term. | ||||||||||
Gain loss on termination of lease right of use operating | $ 8,461 | ||||||||||
Monthly payments | $ 605 | $ 346,242 | $ 420 | ||||||||
New lease for facility | ft² | 20,000 | ||||||||||
Lessee operating lease term of contract | 7 years 2 months | ||||||||||
Security deposit | $ 86,560 | $ 91,481 | $ 113,185 | ||||||||
Lessee operating lease description | On August 9, 2023, the Company entered a 39-month agreement for $20,880 to lease an automobile with a monthly payment of $605 | ||||||||||
Lease Agreement [Member] | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Operating lease payments increase percentage | 3% | ||||||||||
Base rent | $ 24,234 |
Schedule of Future Principal an
Schedule of Future Principal and Interest Payments (Details) | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 80,841 |
Total remaining payments | $ 80,841 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 15, 2022 | May 06, 2022 | Jun. 10, 2020 | May 14, 2020 | Dec. 20, 2019 | Sep. 12, 2019 | Sep. 12, 2019 | Jan. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 14, 2023 | |
Short-Term Debt [Line Items] | |||||||||||
Considration paid in promissory note | $ 441,139 | ||||||||||
Interest Expense | 13,013 | ||||||||||
Line of credit facility, periodic payment | $ 250,000 | ||||||||||
Line of credit facility, maximum borrowing capacity | $ 500,000 | $ 500,000 | |||||||||
Line of credit, clousure of equipment | $ 500,000 | ||||||||||
Line of credit equipments | $ 0 | ||||||||||
June Ten Twenty Twenty [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Principal payment | 6,012 | 13,975 | |||||||||
Interest Expense | 68 | 617 | |||||||||
Repayments of debt | 0 | 6,012 | |||||||||
January Two Thousand Twenty Two [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Interest rate percentage | 1.90% | ||||||||||
Principal payment | 41,700 | 40,916 | |||||||||
Interest Expense | 430 | 1,215 | |||||||||
Repayments of debt | 0 | 41,700 | |||||||||
Payments of stock issuance costs | $ 91,795 | ||||||||||
Payments for deposits | 9,180 | ||||||||||
Machinery financed, balance | $ 82,616 | ||||||||||
Number of payments | 24 payments | ||||||||||
Loans Payable [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Interest rate percentage | 5.26% | ||||||||||
Principal payment | 0 | 18,630 | |||||||||
Interest Expense | 0 | 466 | |||||||||
Proceeds from loans | $ 58,192 | ||||||||||
Debt instrument periodic payments interest | $ 1,736 | ||||||||||
Repayments of debt | 0 | 0 | |||||||||
Loans Payable [Member] | May Fourteen Two Thousand And Twenty [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Interest rate percentage | 4.27% | ||||||||||
Principal payment | 3,230 | 9,402 | |||||||||
Interest Expense | 30 | 378 | |||||||||
Proceeds from loans | $ 27,494 | ||||||||||
Debt instrument periodic payments interest | $ 815 | ||||||||||
Repayments of debt | 0 | 3,230 | |||||||||
Loans Payable [Member] | June Ten Twenty Twenty [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Interest rate percentage | 4.28% | ||||||||||
Proceeds from loans | $ 41,015 | ||||||||||
Debt instrument periodic payments interest | $ 1,216 | ||||||||||
Loans Payable [Member] | May Six Two Thousand Twenty Two [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Interest rate percentage | 5.60% | ||||||||||
Interest Expense | $ 6,317 | ||||||||||
Proceeds from loans | $ 441,139 | ||||||||||
Debt instrument periodic payments interest | $ 13,341 | ||||||||||
Refund of equipments againts cancellation order | $ 441,139 | ||||||||||
Promissory Note [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Considration paid in promissory note | $ 475,000 | ||||||||||
Interest rate percentage | 6% | 6% | |||||||||
Notes payable | 80,841 | 183,014 | |||||||||
Promissory Note [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Total consideration paid | $ 1,143,633 | ||||||||||
Cash paid in acquisition, net of cash acquired | $ 668,633 | ||||||||||
Debt instrument, description | Beginning November 1, 2019, payment of principal and interest shall be due payable in fifty-nine (59) monthly payments of $9,213 with a final payment due October 1, 2024 of $9,203 | ||||||||||
Convertible Notes Payable [Member] | |||||||||||
Short-Term Debt [Line Items] | |||||||||||
Principal payment | 102,171 | 96,105 | |||||||||
Interest Expense | $ 8,391 | $ 14,460 |
Schedule of Components for the
Schedule of Components for the Provision of Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Current federal and state | ||
Deferred federal and state | 24,000 | |
Total provision for income taxes | $ 24,000 |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal tax | 21% | 21% |
State tax | 0.80% | |
Permanent items | (0.40%) | (1.20%) |
Change in rate | 2.50% | |
Valuation Allowance | (24.90%) | (19.80%) |
Effective income tax rate | (1.00%) |
Schedule of Components of Defer
Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Inventory obsolescence | $ 250,000 | $ 248,000 |
Allowance for bad debt | 19,000 | |
ROU Assets | 31,000 | |
Stock-based compensation | 27,000 | |
Research and development | 426,000 | |
Loss carryforward | 1,723,000 | 1,198,000 |
Valuation Allowance | (2,150,000) | (1,323,000) |
Total deferred tax assets | 307,000 | 142,000 |
Deferred tax liabilities | ||
Fixed assets | (149,000) | (123,000) |
Cost method investment | (28,000) | |
Intangible assets | (154,000) | (19,000) |
Total deferred tax liabilities | (331,000) | (142,000) |
Total net deferred income tax liabilities | $ (24,000) |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 7,010,000 | $ 6,700,000 |
Long-term deferred tax liability | 24,000 | |
Current deferred tax asset | $ 0 |
Schedule of Stock Options Outst
Schedule of Stock Options Outstanding (Details) - Share-Based Payment Arrangement, Option [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options Outstanding, beginning | shares | 916,000 |
Weighted Average Exercise Price Outstanding, beginning | $ / shares | $ 2.49 |
Number of Options, Granted | shares | 320,000 |
Weighted Average Exercise Price Granted | $ / shares | $ 1.78 |
Number of Options, Exercised | shares | |
Weighted Average Exercise Price Exercised | $ / shares | |
Number of Options, Expired | shares | |
Weighted Average Exercise Price Expired | $ / shares | |
Number of Options Outstanding, ending | shares | 1,236,000 |
Weighted Average Exercise Price Outstanding, ending | $ / shares | $ 2.30 |
Number of Options exercisable | shares | 483,344 |
Weighted Average Exercise Price Exercisable | $ / shares | $ 2.95 |
Schedule of Warrants Outstandin
Schedule of Warrants Outstanding (Details) - Warrant [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options Outstanding, beggining | shares | 3,296,942 |
Weighted Average Exercise Price Outstanding, Beginning | $ / shares | $ 7.83 |
Number of Options Outstanding, Granted | shares | |
Weighted Average Exercise Price Outstanding, Granted | $ / shares | |
Number of Options Outstanding, Exercised | shares | |
Weighted Average Exercise Price Outstanding, Exercised | $ / shares | |
Number of Options Outstanding,Expired | shares | |
Weighted Average Exercise Price Outstanding,Expired | $ / shares | |
Number of Options Outstanding, Ending | shares | 3,296,942 |
Weighted Average Exercise Price Outstanding, Ending | $ / shares | $ 7.83 |
Number of Options exercisable | shares | 3,296,942 |
Weighted Average Exercise Price Exercisable | $ / shares | $ 7.83 |
Schedule of Changes in Restrict
Schedule of Changes in Restricted Stock Units Outstanding (Details) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of RSU's, Outstanding | shares | 22,500 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 1.96 |
Number of RSU's, Granted | shares | 70,000 |
Weighted Average Exercise Price, Granted | $ / shares | $ 1.80 |
Number of RSU's, Exercised | shares | (80,000) |
Weighted Average Exercise Price, Exercised | $ / shares | $ 1.82 |
Number of RSU's, Expired | shares | |
Weighted Average Exercise Price, Expired | $ / shares | |
Number of RSU's, Outstanding | shares | 12,500 |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 1.96 |
Number of RSU's, Exercisable | shares | |
Weighted Average Exercise Price, Exercisable | $ / shares |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) - USD ($) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 20, 2023 | Dec. 20, 2023 | Oct. 20, 2023 | Oct. 02, 2023 | Oct. 02, 2023 | Sep. 25, 2023 | Sep. 25, 2023 | Aug. 18, 2023 | Aug. 18, 2023 | Jun. 12, 2023 | Jun. 12, 2023 | Jun. 05, 2023 | Jun. 05, 2023 | May 01, 2023 | Feb. 27, 2023 | Feb. 27, 2023 | Dec. 20, 2022 | Dec. 19, 2022 | Dec. 19, 2022 | Aug. 22, 2022 | Aug. 22, 2022 | Jun. 17, 2022 | Jun. 17, 2022 | Jun. 14, 2022 | Jun. 14, 2022 | May 20, 2022 | May 20, 2022 | Jul. 20, 2021 | Jul. 20, 2021 | Feb. 19, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 16, 2021 | Oct. 07, 2020 | May 20, 2014 | Jul. 10, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Corporation authorised shares | 501,000,000 | |||||||||||||||||||||||||||||||||||
Common stock, shares par value | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||||
Common stock shares, authorized | 500,000,000 | 500,000,000 | ||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 500,000 | |||||||||||||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||||||||||||||||||
Common stock shares, authorized | 50,000,000 | |||||||||||||||||||||||||||||||||||
Common stock shares issued | 9,714,613 | 9,634,613 | ||||||||||||||||||||||||||||||||||
Exercise price per share | $ 1.92 | |||||||||||||||||||||||||||||||||||
Estimated fair market value | $ 31,275 | |||||||||||||||||||||||||||||||||||
Expected term | 7 years 6 months | |||||||||||||||||||||||||||||||||||
Share price | $ 1.92 | |||||||||||||||||||||||||||||||||||
Exercise price | $ 1.92 | |||||||||||||||||||||||||||||||||||
Volatility | 127.50% | |||||||||||||||||||||||||||||||||||
Risk-free rate | 3.79% | |||||||||||||||||||||||||||||||||||
Ampli Tech Group Inc [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Share price | $ 5 | $ 5 | ||||||||||||||||||||||||||||||||||
Public offering | 1,371,428 | |||||||||||||||||||||||||||||||||||
Two Thousand And Twenty Equity Incentive Plan [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Equity incentive plan, description | In October 2020, the Board of Directors and shareholders adopted the Company’s 2020 Equity Incentive Plan (the “2020 Plan”), effective as of December 14, 2020. Under the 2020 Plan, the Company reserved 1,250,000 shares of common stock to grant shares of the Company’s common stock to employees and individuals who perform services for the Company | |||||||||||||||||||||||||||||||||||
Board Advisor [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of Options, Granted | 30,000 | |||||||||||||||||||||||||||||||||||
Common Stock [Member] | Two Thousand And Twenty Equity Incentive Plan [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Issuance of common stock shares | 2,250,000 | |||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Share based compensation other than option grants | 45,000 | 45,000 | ||||||||||||||||||||||||||||||||||
Stock issued during period, restricted stock award granted | 25,000 | |||||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Share based compensation other than option grants | 15,000 | 15,000 | ||||||||||||||||||||||||||||||||||
Share based compensation, other than option aggregate intrinsic value, vested | $ 82,800 | $ 88,650 | ||||||||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Share based compensation other than option grants | 70,000 | |||||||||||||||||||||||||||||||||||
Option exercise price per share | $ 1.73 | |||||||||||||||||||||||||||||||||||
Issuance of common stock shares | 10,000 | 7,500 | ||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ 140,662 | $ 105,593 | ||||||||||||||||||||||||||||||||||
Weighted average remaining contractual life | 1 year 1 month 20 days | |||||||||||||||||||||||||||||||||||
Unrecognized compensation cost | $ 27,245 | |||||||||||||||||||||||||||||||||||
Number of options, granted | 25,000 | 15,000 | 30,000 | |||||||||||||||||||||||||||||||||
Exercise Price | $ 1.73 | $ 1.96 | ||||||||||||||||||||||||||||||||||
[custom:EqualQuarterlyInstallments] | 2,500 | |||||||||||||||||||||||||||||||||||
Total intrinsic value | $ 0 | |||||||||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Board Advisor [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Option exercise price per share | $ 1.96 | |||||||||||||||||||||||||||||||||||
Number of Options, Granted | 30,000 | |||||||||||||||||||||||||||||||||||
Share-based compensation other than option vested | 2,500 | |||||||||||||||||||||||||||||||||||
Common stock shares issued | 10,000 | 7,500 | ||||||||||||||||||||||||||||||||||
Share based compensation, aggregate value | $ 45,000 | 45,000 | $ 45,000 | 45,000 | ||||||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Share based compensation, other than option aggregate intrinsic value, vested | $ 82,800 | $ 88,650 | ||||||||||||||||||||||||||||||||||
Number of options, granted | 15,000 | |||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Option exercise price per share | $ 1.78 | |||||||||||||||||||||||||||||||||||
Number of Options, Granted | 320,000 | |||||||||||||||||||||||||||||||||||
Exercise price per share | $ 1.73 | $ 1.73 | $ 2.01 | $ 2.01 | $ 1.85 | $ 1.85 | $ 1.84 | $ 1.84 | $ 2.49 | $ 2.49 | $ 2.40 | $ 2.40 | $ 3.19 | $ 2.59 | $ 2.59 | $ 1.92 | $ 1.72 | $ 1.72 | ||||||||||||||||||
Estimated fair market value | $ 315,593 | $ 9,300 | $ 5,100 | $ 8,500 | $ 6,600 | $ 4,200 | $ 14,800 | $ 4,800 | $ 357,425 | $ 5,275 | $ 47,787 | $ 304,148 | $ 129,325 | |||||||||||||||||||||||
Expected term | 7 years 4 months 9 days | 7 years 6 months 3 days | 7 years 6 months 3 days | 7 years 6 months 3 days | 5 years 6 months | 5 years 6 months | 7 years 6 months 3 days | 7 years 5 months 15 days | 7 years 6 months | 5 years 6 months | 4 years 10 months 24 days | |||||||||||||||||||||||||
Share price | $ 1.73 | $ 1.73 | $ 1.85 | $ 1.85 | $ 1.84 | $ 1.84 | $ 2.49 | $ 2.49 | $ 2.40 | $ 2.40 | $ 3.19 | $ 2.59 | $ 2.59 | $ 1.92 | $ 1.97 | $ 1.97 | $ 2.23 | $ 2.23 | $ 1.72 | $ 1.72 | $ 1.96 | $ 1.96 | ||||||||||||||
Exercise price | $ 1.73 | $ 1.73 | $ 2.01 | $ 2.01 | $ 1.85 | $ 1.85 | $ 1.84 | $ 1.84 | $ 2.49 | $ 2.49 | $ 2.40 | $ 2.40 | $ 3.19 | $ 2.59 | $ 2.59 | $ 1.92 | $ 1.97 | 1.97 | $ 2.23 | 2.23 | $ 1.72 | $ 1.72 | $ 1.96 | 1.96 | ||||||||||||
Volatility | 120.70% | 122.40% | 122.50% | 122.50% | 127% | 127.30% | 126% | 126.80% | 127.50% | 132.20% | 134.50% | 138.30% | ||||||||||||||||||||||||
Risk-free rate | 3.88% | 4.73% | 4.61% | 4.34% | 3.89% | 3.82% | 3.62% | 4.08% | 3.79% | 3.99% | 3.17% | 3.61% | ||||||||||||||||||||||||
Share based compensation, expected term minimum | 2 years 6 months | |||||||||||||||||||||||||||||||||||
Share based compensation, expected term maximum | 4 years 10 months 24 days | |||||||||||||||||||||||||||||||||||
Share based compensation, volatility minimum | 136.20% | |||||||||||||||||||||||||||||||||||
Share based compensation, volatility maximum | 141.30% | |||||||||||||||||||||||||||||||||||
Share based compensation, risk-free rate minimum | 2.67% | |||||||||||||||||||||||||||||||||||
Share based compensation, risk-free rate maximum | 2.80% | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ 248,996 | $ 244,631 | ||||||||||||||||||||||||||||||||||
Unrecognized compensation cost | $ 1,255,294 | |||||||||||||||||||||||||||||||||||
Weighted average remaining contractual life | 4 years 9 months 3 days | |||||||||||||||||||||||||||||||||||
Weighted average remaining contractual life | 5 years 3 months 3 days | |||||||||||||||||||||||||||||||||||
Intrinsic value | $ 76,540 | |||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | One Employees [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 5,000 | 3,000 | 5,000 | 3,000 | 5,000 | 3,000 | ||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Fawad Maqbool [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 100,000 | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Sanfratello And Flores [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 50,000 | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Daniel Mazziota [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 25,000 | |||||||||||||||||||||||||||||||||||
Exercise price per share | $ 1.97 | $ 1.97 | $ 2.23 | $ 2.23 | ||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | One Employees [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 2,000 | 2,000 | ||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Two Employees And One Consultant [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 95,000 | |||||||||||||||||||||||||||||||||||
Exercise price per share | $ 1.73 | |||||||||||||||||||||||||||||||||||
Estimated fair market value | $ 149,907 | |||||||||||||||||||||||||||||||||||
Expected term | 7 years 4 months 9 days | 4 years 6 months | ||||||||||||||||||||||||||||||||||
Share price | 1.73 | $ 1.73 | ||||||||||||||||||||||||||||||||||
Exercise price | 1.73 | $ 1.73 | ||||||||||||||||||||||||||||||||||
Volatility | 120.70% | |||||||||||||||||||||||||||||||||||
Risk-free rate | 3.88% | |||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Four Employees [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 45,000 | |||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Two Employees [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Option exercise price per share | $ 1.96 | |||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 2,000 | |||||||||||||||||||||||||||||||||||
Exercise price per share | $ 1.96 | $ 1.96 | ||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Two Advisor [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 35,000 | |||||||||||||||||||||||||||||||||||
Number of options, vested | 25,000 | |||||||||||||||||||||||||||||||||||
Exercise price per share | $ 1.96 | |||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Equal Quarterly Installments [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Number of options, vested | 10,000 | |||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Eleven Employees And One Board Advisor [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 85,500 | |||||||||||||||||||||||||||||||||||
Exercise price per share | $ 1.92 | |||||||||||||||||||||||||||||||||||
Estimated fair market value | $ 152,800 | |||||||||||||||||||||||||||||||||||
Expected term | 7 years 6 months | |||||||||||||||||||||||||||||||||||
Share price | $ 1.92 | |||||||||||||||||||||||||||||||||||
Exercise price | $ 1.92 | |||||||||||||||||||||||||||||||||||
Volatility | 127.50% | |||||||||||||||||||||||||||||||||||
Risk-free rate | 3.79% | |||||||||||||||||||||||||||||||||||
Stock Options [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Share price | $ 1.85 | $ 1.85 | ||||||||||||||||||||||||||||||||||
Common stock shares issuable upon exercise of warrants | 869,000 | |||||||||||||||||||||||||||||||||||
Stock Options [Member] | Matthew Kappers [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 5,000 | |||||||||||||||||||||||||||||||||||
Stock Options [Member] | Andrew Lee [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 5,000 | |||||||||||||||||||||||||||||||||||
Stock Options [Member] | Daniel Mazziotal [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Purchase shares of common stock | 7,500 | |||||||||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common stock shares issued | 2,715,000 | |||||||||||||||||||||||||||||||||||
Expected term | 3 years | |||||||||||||||||||||||||||||||||||
Share price | $ 3.80 | $ 3.80 | ||||||||||||||||||||||||||||||||||
Exercise price | $ 5 | $ 5 | ||||||||||||||||||||||||||||||||||
Volatility | 149.80% | |||||||||||||||||||||||||||||||||||
Risk-free rate | 0.37% | |||||||||||||||||||||||||||||||||||
Stock-based compensation expense | $ 0 | $ 48,902 | ||||||||||||||||||||||||||||||||||
Warrants to purchase an aggregate shares of common stock | 1,900,500 | |||||||||||||||||||||||||||||||||||
Warrants to purchase an aggregate shares of common stock exercise price | $ 8.48 | |||||||||||||||||||||||||||||||||||
Unrecognized compensation cost | $ 0 | |||||||||||||||||||||||||||||||||||
Weighted average remaining contractual life | 2 years 2 months 23 days | |||||||||||||||||||||||||||||||||||
Intrinsic value | $ 0 | |||||||||||||||||||||||||||||||||||
Warrants [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Estimated fair market value | $ 88,803 | $ 88,803 | ||||||||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common stock shares, authorized | 50,000,000 | |||||||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Common stock shares, authorized | 500,000,000 | |||||||||||||||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Preferred stock designated as convertible preferred stock, shares | 401,000 | |||||||||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||||||||||
Share price | $ 7 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Revenues adjustment description | The revenue earnout adjustment was determined to be an amount equal to 25% of two years’ net revenues minus $20,000,000 | ||
Fair value of the revenue adjustment | $ 2,180,826 | $ 815,788 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) | 12 Months Ended | ||||||
Jan. 20, 2024 shares | Jan. 15, 2024 USD ($) ft² | Aug. 09, 2023 USD ($) | Oct. 15, 2021 | Sep. 12, 2019 USD ($) | Dec. 04, 2015 USD ($) | Dec. 31, 2023 shares | |
Subsequent Event [Line Items] | |||||||
Lessee operating lease description | On August 9, 2023, the Company entered a 39-month agreement for $20,880 to lease an automobile with a monthly payment of $605 | ||||||
Annual rent | $ 20,880 | $ 90,000 | $ 50,000 | ||||
Operating lease payments increase percentage | 2.75% | 3% | 3.75% | ||||
Restricted Stock Units (RSUs) [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of units issued | shares | 70,000 | ||||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of units issued | shares | 15,000 | ||||||
Subsequent Event [Member] | Triple Net Lease Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Lessee operating lease description | Company entered a triple net lease agreement for a 1,900 square foot facility in Allen, Texas for a term of five years and one month | ||||||
New lease for facility | ft² | 1,900 | ||||||
Annual rent | $ 53,675 | ||||||
Operating lease payments increase percentage | 2.50% | ||||||
Base rent | $ 17,999 |