AquaBounty (AQB) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 05, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-36426
Entity Registrant Name	AquaBounty Technologies, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3156167
Entity Address, Address Line One	2 Mill & Main Place
Entity Address, Address Line Two	Suite 395
Entity Address, City or Town	Maynard
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01754
City Area Code	978
Local Phone Number	648-6000
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AQB
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,125,184
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001603978
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 10,021,394	$ 2,798,744
Other receivables	57,369	55,198
Inventory	2,489,773	1,232,049
Prepaid expenses and other current assets	696,455	391,162
Total current assets	13,264,991	4,477,153
Property, plant and equipment, net	24,562,409	25,065,836
Right of use assets, net	371,292	399,477
Definite-lived intangible assets, net	150,736	157,588
Indefinite-lived intangible assets	101,661	101,661
Other assets	44,306	32,024
Total assets	38,495,395	30,233,739
Current liabilities:
Accounts payable and accrued liabilities	1,764,124	1,462,809
Current lease liabilities and other	63,836	62,286
Current debt	140,288	163,155
Total current liabilities	1,968,248	1,688,250
Lease liability, long-term leases	321,728	352,808
Long-term debt	4,423,028	4,432,052
Total liabilities	6,713,004	6,473,110
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value, 50,000,000 shares authorized; 32,085,684 (2018: 21,635,365) shares outstanding	32,106	21,635
Additional paid-in capital	171,102,440	156,241,363
Accumulated other comprehensive loss	(576,644)	(360,160)
Accumulated deficit	(138,775,511)	(132,142,209)
Total stockholders’ equity	31,782,391	23,760,629
Total liabilities and stockholders’ equity	$ 38,495,395	$ 30,233,739
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	32,105,684	21,635,365

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, share authorized (in shares)	50,000,000	50,000,000
Common stock, shares outstanding (in shares)	32,105,684	21,635,365

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Product revenues	$ 2,950	$ 42,486	$ 9,703	$ 140,371
Costs and expenses
Production costs	1,041,316	941,113	1,882,750	1,803,368
Sales and marketing	137,434	103,390	188,222	175,381
Research and development	635,655	813,449	1,204,417	1,476,930
General and administrative	1,693,544	2,204,253	3,330,734	3,460,105
Total costs and expenses	3,507,949	4,062,205	6,606,123	6,915,784
Operating loss	(3,504,999)	(4,019,719)	(6,596,420)	(6,775,413)
Other income (expense)
Interest expense	(18,147)	(14,212)	(35,192)	(27,550)
Other income (expense), net	(538)	7,200	(1,690)	12,300
Total other income (expense)	(18,685)	(7,012)	(36,882)	(15,250)
Net loss	(3,523,684)	(4,026,731)	(6,633,302)	(6,790,663)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	165,501	84,788	(216,484)	172,340
Total other comprehensive income (loss)	165,501	84,788	(216,484)	172,340
Comprehensive loss	$ (3,358,183)	$ (3,941,943)	$ (6,849,786)	$ (6,618,323)
Basic and diluted net loss per share (in dollars per share)	$ (0.11)	$ (0.19)	$ (0.22)	$ (0.37)
Weighted average number of Common Shares -
Basic and diluted (in shares)	32,097,992	21,313,055	29,607,373	18,515,907

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Accumulated deficit
Beginning Balance, issued and outstanding (in shares) at Dec. 31, 2018		15,098,837
Beginning Balance at Dec. 31, 2018	$ 23,234,303	$ 15,099	$ 142,707,957	$ (574,186)	$ (118,914,567)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,763,932)				(2,763,932)
Other comprehensive income (loss)	87,552			87,552
Issuance of common stock, net (in shares)		3,345,282
Issuance of common stock, net	6,609,655	$ 3,345	6,606,310
Exercise of warrants (in shares)		76,797
Exercise of warrants	250,424	$ 77	250,347
Share based compensation (in shares)		176,561
Share based compensation	138,498	$ 176	138,322
Ending Balance, issued and outstanding (in shares) at Mar. 31, 2019		18,697,477
Ending Balance at Mar. 31, 2019	27,556,500	$ 18,697	149,702,936	(486,634)	(121,678,499)
Beginning Balance, issued and outstanding (in shares) at Dec. 31, 2018		15,098,837
Beginning Balance at Dec. 31, 2018	23,234,303	$ 15,099	142,707,957	(574,186)	(118,914,567)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(6,790,663)
Other comprehensive income (loss)	172,340
Ending Balance, issued and outstanding (in shares) at Jun. 30, 2019		21,598,555
Ending Balance at Jun. 30, 2019	29,718,468	$ 21,598	155,803,946	(401,846)	(125,705,230)
Beginning Balance, issued and outstanding (in shares) at Mar. 31, 2019		18,697,477
Beginning Balance at Mar. 31, 2019	27,556,500	$ 18,697	149,702,936	(486,634)	(121,678,499)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,026,731)				(4,026,731)
Other comprehensive income (loss)	84,788			84,788
Issuance of common stock, net (in shares)		2,901,078
Issuance of common stock, net	5,785,693	$ 2,901	5,782,792
Share based compensation	318,218		318,218
Ending Balance, issued and outstanding (in shares) at Jun. 30, 2019		21,598,555
Ending Balance at Jun. 30, 2019	29,718,468	$ 21,598	155,803,946	(401,846)	(125,705,230)
Beginning Balance, issued and outstanding (in shares) at Dec. 31, 2019		21,635,365
Beginning Balance at Dec. 31, 2019	23,760,629	$ 21,635	156,241,363	(360,160)	(132,142,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,109,618)				(3,109,618)
Other comprehensive income (loss)	(381,985)			(381,985)
Issuance of common stock, net (in shares)		10,350,000
Issuance of common stock, net	14,521,704	$ 10,350	14,511,354
Share based compensation (in shares)		100,319
Share based compensation	205,353	$ 101	205,252
Ending Balance, issued and outstanding (in shares) at Mar. 31, 2020		32,085,684
Ending Balance at Mar. 31, 2020	34,996,083	$ 32,086	170,957,969	(742,145)	(135,251,827)
Beginning Balance, issued and outstanding (in shares) at Dec. 31, 2019		21,635,365
Beginning Balance at Dec. 31, 2019	23,760,629	$ 21,635	156,241,363	(360,160)	(132,142,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(6,633,302)
Other comprehensive income (loss)	(216,484)
Ending Balance, issued and outstanding (in shares) at Jun. 30, 2020		32,105,684
Ending Balance at Jun. 30, 2020	31,782,391	$ 32,106	171,102,440	(576,644)	(138,775,511)
Beginning Balance, issued and outstanding (in shares) at Mar. 31, 2020		32,085,684
Beginning Balance at Mar. 31, 2020	34,996,083	$ 32,086	170,957,969	(742,145)	(135,251,827)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,523,684)				(3,523,684)
Other comprehensive income (loss)	165,501			165,501
Issuance of common stock, net (in shares)		20,000
Issuance of common stock, net	40,600	$ 20	40,580
Share based compensation	103,891		103,891
Ending Balance, issued and outstanding (in shares) at Jun. 30, 2020		32,105,684
Ending Balance at Jun. 30, 2020	$ 31,782,391	$ 32,106	$ 171,102,440	$ (576,644)	$ (138,775,511)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net loss	$ (6,633,302)	$ (6,790,663)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	701,593	576,596
Share-based compensation	309,244	456,716
Gain on disposal of equipment	0	(8,548)
Other non-cash charge	40,600	0
Changes in operating assets and liabilities:
Other receivables	(4,704)	10,454
Inventory	(1,261,930)	(134,137)
Prepaid expenses and other assets	(404,931)	(238,820)
Accounts payable and accrued liabilities	280,142	922,237
Net cash used in operating activities	(6,973,288)	(5,206,165)
Investing activities
Purchase of property, plant and equipment	(1,588,497)	(925,617)
Proceeds from sale of equipment	98,000	8,548
Proceeds from legal settlement, net	1,014,008	0
Other investing activities	(12,460)	0
Net cash used in investing activities	(488,949)	(917,069)
Financing activities
Proceeds from issuance of debt	221,130	900,767
Repayment of term debt	(41,262)	(27,837)
Proceeds from the issuance of common stock, net	14,521,704	12,395,348
Proceeds from the exercise of stock options and warrants, net	0	250,424
Net cash provided by financing activities	14,701,572	13,518,702
Effect of exchange rate changes on cash and cash equivalents	(16,685)	15,636
Net change in cash and cash equivalents	7,222,650	7,411,104
Cash and cash equivalents at beginning of period	2,798,744	3,002,557
Cash and cash equivalents at the end of period	10,021,394	10,413,661
Supplemental disclosure of cash flow information and non-cash transactions:
Interest paid in cash	17,058	27,550
Property and equipment included in accounts payable and accrued liabilities	$ 238,235	$ 422,808

Nature of business and organiza

Nature of business and organization	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of business and organization	Nature of business and organization AquaBounty Technologies, Inc. (the “Parent” and, together with its subsidiaries, the “Company”) was incorporated in December 1991 in the State of Delaware for the purpose of conducting research and development of the commercial viability of a group of proteins commonly known as antifreeze proteins. In 1996, the Parent obtained the exclusive licensing rights for a gene construct (transgene) used to create a breed of farm-raised Atlantic salmon that exhibit growth rates that are substantially faster than traditional salmon. In 2015, the Parent obtained approval from the US Food and Drug Administration (the “FDA”) for the production, sale, and consumption of its AquAdvantage salmon product in the United States. In 2016, the Parent obtained approval from Health Canada for the sale and consumption of its AquAdvantage salmon product in Canada. Previously, in 2013, the Parent obtained approval from Environment Canada for the production of the product. AQUA Bounty Canada Inc. (the “Canadian Subsidiary”) was incorporated in January 1994 for the purpose of establishing a commercial biotechnology laboratory to conduct research and development programs related to the Parent’s technologies and to commercialize the Parent’s products in Canada. AquaBounty Panama, S. de R.L. (the “Panama Subsidiary”) was incorporated in May 2008 in Panama for the purpose of conducting commercial trials of the Parent’s products. With the regulatory approval of the Company’s farms in Indiana and Rollo Bay, the site in Panama was no longer needed for commercial trials. Operations at the site ceased in May 2019. AquaBounty Farms, Inc. (the “U.S. Subsidiary”) was incorporated in December 2014 in the State of Delaware for the purpose of conducting field trials and commercializing the Parent’s products in the United States. AquaBounty Farms Indiana LLC (the “Indiana Subsidiary”), which is wholly owned by the U.S. Subsidiary, was formed in June 2017 in the State of Delaware for the purpose of operating its aquaculture facility in Albany, Indiana. AquaBounty Brasil Participações Ltda. (the “Brazil Subsidiary”) was incorporated in May 2015 for the purpose of conducting field trials and commercializing the Parent’s products in Brazil.

Basis of presentation

Basis of presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation The unaudited interim consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries, AQUA Bounty Canada Inc.; AquaBounty Panama, S. de R.L.; AquaBounty Farms, Inc.; AquaBounty Farms Indiana LLC; and AquaBounty Brasil Participações Ltda. The entities are collectively referred to herein as the “Company.” All intercompany transactions and balances have been eliminated upon consolidation. The unaudited interim consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related footnotes for the year ended December 31, 2019. The unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of June 30, 2020, and its results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. The unaudited interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements, as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. Certain balances in the 2019 financial statements have been reclassified to conform with the presentation of the 2020 unaudited interim consolidated financial statements. Liquidity Matters The Company has experienced net losses and negative cash flows from operations since its inception and has cumulative losses attributable to common stockholders of $138.8 million as of June 30, 2020. At June 30, 2020, the Company’s cash balance totaled $10.0 million. Subsequent to quarter end, the Company received proceeds of $4.0 million under a loan agreement (see Note 11). Management has evaluated its cash resources in view of its planned spending for on-going operations, capital expenditures, and working capital and believes that its current cash balance, along with the loan proceeds and expected revenues from its Indiana farm, will meet the Company’s cash requirements for at least the next twelve months from the filing date, taking into consideration the foreseeable financial impact of delays or other events associated with the COVID-19 pandemic. Until such time, if ever, as the Company can generate positive operating cash flows, it may finance its cash needs through a combination of equity offerings, debt financings, government or other third-party funding, strategic alliances, and licensing arrangements. The current COVID-19 pandemic has introduced uncertainty into the financial markets and, as a result, future funding sources may be more difficult to obtain, if at all. Inventories Inventories are mainly comprised of feed, eggs, fish in process and packaging materials. Inventories are measured at the lower of cost or net realizable value (“NRV”), where NRV is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion and transportation. Fish in process inventory is a biological asset that is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. Net loss per share Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of Common Shares outstanding during the period. Basic net loss is based solely on the number of Common Shares outstanding during the period. Fully diluted net loss per share includes the number of Common Shares potentially issuable upon the exercise of warrants and options with an exercise price less than the fair value of the Common Shares. Since the Company is reporting a net loss for all periods presented, all potential Common Shares are considered anti-dilutive and are excluded from the calculation of diluted net loss per share. At June 30, 2020, the Company had 2,325,852 potentially dilutive securities outstanding, consisting of 1,662,304 warrants and 663,548 stock options. Accounting Pronouncements Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition.

Risks and uncertainties

Risks and uncertainties	6 Months Ended
	Jun. 30, 2020
Risks and Uncertainties [Abstract]
Risks and uncertainties	Risks and uncertainties In addition to the risks inherent in the Company’s industry and its stage of commercialization, the impact of the COVID-19 pandemic introduces a novel risk that is difficult to assess or predict. To date, the Company’s farm operations have not been adversely affected by the pandemic, although the Company has made modifications to its biosecurity procedures and its farm sites to adapt to local requirements and to provide a safe work environment. The Company has experienced delays in capital projects due to the pandemic, including a delay in the completion of its processing facility at the Indiana farm. The delay in the completion of this project is expected to continue into the third quarter of 2020 and the Company is therefore considering third party alternatives for fish processing in the interim. The Company has also seen a reduction in the market price for Atlantic salmon due to the pandemic’s impact on demand in the food service sector. If sustained, this could impact the Company’s forecast in the near-term. Concentration of credit risk Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents. This risk is minimized by the Company’s policy of investing in financial instruments with short-term maturities issued by highly rated financial institutions. The Company’s cash balances may at times exceed insurance limitations. The Company holds cash balances in bank accounts located in Canada to fund its local operations. These amounts are subject to foreign currency exchange risk, which is mitigated by the Company’s policy to limit the balances held in these accounts. Balances in Canadian bank accounts totaled $241 thousand at June 30, 2020.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventory	Inventory Major classifications of inventory are summarized as follows: June 30, December 31, 2020 2019 Feed $ 263,483 $ 251,778 Eggs and fry 62,781 55,887 Packaging 2,581 — Fish in process 2,160,928 924,384 Total inventory $ 2,489,773 $ 1,232,049

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Property, plant and equipment	Property, plant and equipment Major classifications of property, plant and equipment are summarized as follows: June 30, December 31, 2020 2019 Land $ 705,363 $ 718,586 Building and improvements 13,567,702 13,297,489 Construction in process 2,542,044 2,105,873 Equipment 11,684,991 12,275,619 Office furniture and equipment 200,140 201,813 Vehicles 26,810 28,097 Total property and equipment $ 28,727,050 $ 28,627,477 Less accumulated depreciation and amortization (4,164,641) (3,561,641) Property, plant and equipment, net $ 24,562,409 $ 25,065,836 Included in construction in process is $1.8 million for construction related to the Rollo Bay farm site. An additional $307 thousand has been committed. In December 2019, the Company reclassified certain feed mill equipment at the Indiana farm as held for sale, a component of prepaid expenses and other current assets, and adjusted the the carrying value to fair value less estimated selling costs. During the first quarter of 2020, the equipment was sold, resulting in proceeds of $98 thousand. No gain or loss was recognized upon the sales of the equipment. In March 2020, the Company settled an outstanding legal claim against a third party resulting in net proceeds of $1.0 million. The proceeds received reduced the carrying value of the acquired equipment. Depreciation on these items is being recalculated prospectively over their remaining useful lives.

Accounts payable and accrued li

Accounts payable and accrued liabilities	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accounts payable and accrued liabilities	Accounts payable and accrued liabilities Accounts payable and accrued liabilities include the following: June 30, December 31, 2020 2019 Accounts payable $ 917,229 $ 809,444 Accrued payroll including vacation 358,113 236,489 Accrued professional fees and contract services 403,248 346,349 Accrued taxes and other 85,534 70,527 Accounts payable and accrued liabilities $ 1,764,124 $ 1,462,809

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt The current material terms and conditions of debt outstanding are as follows: Original loan amount Interest Monthly Maturity June 30, 2020 December 31, 2019 ACOA AIF grant (C$2,871,919) 0% Royalties - $ 2,105,117 $ 2,206,208 ACOA term loan (C$337,000) 0% $3,120 June 2026 169,264 184,583 ACOA term loan (C$500,000) 0% $4,630 November 2028 356,319 384,100 Kubota Canada Ltd. (C$95,961) 0% $1,142 January 2025 46,056 53,533 Finance PEI term loan (C$2,717,093) 4% $16,313 November 2023 1,886,560 1,766,783 Total debt $ 4,563,316 $ 4,595,207 less: current portion (140,288) (163,155) Long-term debt $ 4,423,028 $ 4,432,052 Estimated principal payments remaining on loan debt are as follows: Year AIF ACOA FPEI Kubota Total 2020 $ — $ 17,042 $ 39,118 $ 5,024 $ 61,184 2021 — 68,169 80,622 10,048 158,839 2022 — 68,169 83,907 10,048 162,124 2023 — 68,169 1,682,913 10,048 1,761,130 2024 — 68,169 — 10,048 78,217 Thereafter 2,105,117 235,865 — 840 2,341,822 Total $ 2,105,117 $ 525,583 $ 1,886,560 $ 46,056 $ 4,563,316 In response to the COVID-19 pandemic, the Company was informed by Atlantic Canada Opportunities Agency (ACOA) on March 19, 2020, that all payments to the Canadian government would be deferred for three months, commencing April 1, 2020. On June 15, 2020, the Company was informed that payments would be deferred an additional three months, recommencing October 1, 2020. A revised loan amortization schedule has not yet been received from ACOA. In 2018, the Canadian Subsidiary obtained a new loan from Finance PEI (FPEI) in the amount of C$2.0 million ($1.5 million). The loan has an interest rate of 4% and is collateralized by a mortgage executed by the Canadian Subsidiary, which conveys a first security interest in all of its current and acquired assets. On March 24, 2020, the Company was informed by FPEI that all payments would be deferred for three months due to the pandemic. On April 23, 2020, the Canadian Subsidiary received the final C$300 thousand ($221 thousand) of funds available under the loan. A revised loan amortization schedule has not yet been received from FPEI. The Company recognized interest expense of $35 thousand and $27 thousand for the six months ended June 30, 2020 and 2019, respectively, on its interest-bearing debt.

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	Leases Lease expense for the six months ended June 30, 2020 and 2019, amounted to $40 thousand and $100 thousand, respectively. The weighted average remaining lease term of the Company’s operating leases was 23 years as of June 30, 2020. Lease payments included in operating cash flows totaled $42 thousand and $101 thousand for the six months ended June 30, 2020 and 2019, respectively. The table below summarizes the Company’s lease obligations and remaining payments at June 30, 2020: June 30, 2020 December 31, 2019 Lease Type End Date Remaining Years Remaining Payments Lease Liability Remaining Payments Lease Liability Maynard Office Lease Operating Mar 2023 2.8 $ 183,534 $ 160,720 $ 215,556 $ 186,323 Indiana Auto Lease Operating Feb 2021 0.7 3,578 3,223 5,999 5,533 Indiana Well Lease Operating Dec 2048 28.5 694,575 220,564 702,341 223,238 Total leases $ 881,687 $ 384,507 $ 923,896 $ 415,094 Less: current portion (84,870) (62,779) (85,011) (62,286) Long-term leases $ 796,817 $ 321,728 $ 838,885 $ 352,808 Remaining payments under leases are as follows at June 30, 2020: Year Office Auto Well Amount 2020 $ 32,615 $ 2,421 $ 7,766 $ 42,802 2021 66,416 1,157 15,998 83,571 2022 67,602 — 16,478 84,080 2023 16,901 — 16,972 33,873 2024 — — 17,481 17,481 Thereafter — — 619,880 619,880 Total Lease Payments $ 183,534 $ 3,578 $ 694,575 $ 881,687

Stockholders' equity

Stockholders' equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Stockholders' equity	Stockholders’ equity Recent issuances On February 12, 2020, the Company completed a public offering of 10,350,000 Common Shares. Net proceeds to the Company were $14.5 million after deducting discounts, fees, and expenses. TS Biotechnology Holdings, which is managed by Third Security and is controlled by Randal J. Kirk, our largest shareholder, participated in this offer, purchasing 5,175,000 shares of our common stock for a total of approximately $7.8 million in gross proceeds. On May 6, 2020, the Company issued 20,000 restricted common shares to a consultant. The Company recorded a charge of $41 thousand in conjunction with the share issuance. Warrants The following table summarizes information about outstanding warrants at June 30, 2020: Number of Weighted average Outstanding at December 31, 2019 1,662,304 $3.25 Outstanding at June 30, 2020 1,662,304 $3.25 Exercisable at June 30, 2020 1,662,304 $3.25 Share-based compensation At June 30, 2020, the Company has reserved 1,658,315 shares of common stock issuable upon the exercise of outstanding stock options and future issuances under its 2006 and 2016 Equity Incentive Plans. Restricted stock A summary of the Company’s shares of restricted stock as of June 30, 2020, is as follows: Shares Weighted Balance at December 31, 2019 39,900 $2.31 Granted 100,319 1.88 Vested (51,201) 2.07 Balance at June 30, 2020 89,018 $1.97 During the six months ended June 30, 2020 and 2019, the Company expensed $122 thousand and $184 thousand, respectively, related to the restricted stock awards. At June 30, 2020, the balance of unearned share-based compensation to be expensed in future periods related to the restricted stock awards is $159 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 2.9 years. Stock options The Company’s option activity is summarized as follows: Number of Weighted average Outstanding at December 31, 2019 573,925 $4.94 Issued 104,458 1.99 Expired (14,835) 11.62 Outstanding at June 30, 2020 663,548 $4.33 Exercisable at June 30, 2020 565,350 $4.73 Unless otherwise indicated, options issued to employees, members of the Board of Directors, and non-employees are vested daily over one The fair values of stock option grants to employees and members of the Board of Directors during 2020 were measured on the date of grant using Black-Scholes, with the following weighted average assumptions: May 2020 March 2020 January 2020 Expected volatility 104% 102% 101% Risk free interest rate 0.31% 0.66% 1.67% Expected dividend yield 0% 0% 0% Expected life (in years) 5 5 5 The weighted average fair value of stock options granted during the six months ended June 30, 2020, was $1.49. The total intrinsic value of all options outstanding was $521 thousand and $1 thousand at June 30, 2020, and December 31, 2019, respectively. The total intrinsic value of exercisable options was $402 thousand at June 30, 2020, and $1 thousand at December 31, 2019, respectively. The following table summarizes information about options outstanding and exercisable at June 30, 2020: Weighted average exercise price of outstanding options Number of options outstanding Weighted average remaining estimated life (in years) Number of options exercisable Weighted average exercise price of outstanding and exercisable options $1.88 - $2.50 531,519 8.8 433,321 $3.30 - $6.90 37,139 2.1 37,139 $7.50 - $10.80 21,303 3.9 21,303 $14.20 - $23.40 73,587 5.8 73,587 663,548 565,350 $4.73 Total share-based compensation on stock options amounted to $187 thousand and $272 thousand for the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020, the balance of unearned share-based compensation to be expensed in future periods related to unvested share-based awards was $148 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 3.0 years.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies The Company recognizes and discloses commitments when it enters into executed contractual obligations with other parties. The Company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. See Note 5 for commitments related to our renovation and construction costs. There have been no other material changes to the commitments and contingencies disclosed in our Annual Report on Form 10-K as of and for the year ended December 31, 2019.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn July 31, 2020, the Company’s Indiana Subsidiary received $4.0 million in proceeds from a loan from First Farmers Bank and Trust. The loan bears interest at a rate of 5.3% for the first five years. On July 31, 2025 the interest rate resets to the then US Treasury 5-year maturities rate plus 5% and remains fixed at that rate through maturity on October 1, 2028. The note requires interest only payments for the first 15 months, followed by monthly principal and interest payments of approximately $57 thousand through maturity. Proceeds from the loan may be used for the purpose of performing equipment upgrades, purchasing equipment and other improvements to the Indiana subsidiary. The Company must comply with certain financial and non-financial covenants. The loan is also subject to certain prepayment penalties and is secured by the assets of the Indiana subsidiary and a guarantee by the Parent. The loan agreement requires the Company to maintain a $500 thousand minimum cash balance with the bank throughout the loan term.

Basis of presentation (Policies

Basis of presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The unaudited interim consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries, AQUA Bounty Canada Inc.; AquaBounty Panama, S. de R.L.; AquaBounty Farms, Inc.; AquaBounty Farms Indiana LLC; and AquaBounty Brasil Participações Ltda. The entities are collectively referred to herein as the “Company.” All intercompany transactions and balances have been eliminated upon consolidation.
Basis of presentation	The unaudited interim consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) consistent with those applied in, and should be read in conjunction with, the Company’s audited financial statements and related footnotes for the year ended December 31, 2019. The unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of June 30, 2020, and its results of operations and cash flows for the interim periods presented and are not necessarily indicative of results for subsequent interim periods or for the full year. The unaudited interim consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements, as allowed by the relevant SEC rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading.
Inventories	Inventories are mainly comprised of feed, eggs, fish in process and packaging materials. Inventories are measured at the lower of cost or net realizable value (“NRV”), where NRV is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion and transportation. Fish in process inventory is a biological asset that is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques.
Net loss per share	Basic and diluted net loss per share available to common stockholders has been calculated by dividing net loss by the weighted average number of Common Shares outstanding during the period. Basic net loss is based solely on the number of Common Shares outstanding during the period. Fully diluted net loss per share includes the number of Common Shares potentially issuable upon the exercise of warrants and options with an exercise price less than the fair value of the Common Shares. Since the Company is reporting a net loss for all periods presented, all potential Common Shares are considered anti-dilutive and are excluded from the calculation of diluted net loss per share.
Accounting Pronouncements	Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial condition.

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Major classifications of inventory	Major classifications of inventory are summarized as follows: June 30, December 31, 2020 2019 Feed $ 263,483 $ 251,778 Eggs and fry 62,781 55,887 Packaging 2,581 — Fish in process 2,160,928 924,384 Total inventory $ 2,489,773 $ 1,232,049

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Major classifications of property, plant and equipment	Major classifications of property, plant and equipment are summarized as follows: June 30, December 31, 2020 2019 Land $ 705,363 $ 718,586 Building and improvements 13,567,702 13,297,489 Construction in process 2,542,044 2,105,873 Equipment 11,684,991 12,275,619 Office furniture and equipment 200,140 201,813 Vehicles 26,810 28,097 Total property and equipment $ 28,727,050 $ 28,627,477 Less accumulated depreciation and amortization (4,164,641) (3,561,641) Property, plant and equipment, net $ 24,562,409 $ 25,065,836

Accounts payable and accrued _2

Accounts payable and accrued liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued liabilities	Accounts payable and accrued liabilities include the following: June 30, December 31, 2020 2019 Accounts payable $ 917,229 $ 809,444 Accrued payroll including vacation 358,113 236,489 Accrued professional fees and contract services 403,248 346,349 Accrued taxes and other 85,534 70,527 Accounts payable and accrued liabilities $ 1,764,124 $ 1,462,809

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Material terms and conditions of outstanding debt	The current material terms and conditions of debt outstanding are as follows: Original loan amount Interest Monthly Maturity June 30, 2020 December 31, 2019 ACOA AIF grant (C$2,871,919) 0% Royalties - $ 2,105,117 $ 2,206,208 ACOA term loan (C$337,000) 0% $3,120 June 2026 169,264 184,583 ACOA term loan (C$500,000) 0% $4,630 November 2028 356,319 384,100 Kubota Canada Ltd. (C$95,961) 0% $1,142 January 2025 46,056 53,533 Finance PEI term loan (C$2,717,093) 4% $16,313 November 2023 1,886,560 1,766,783 Total debt $ 4,563,316 $ 4,595,207 less: current portion (140,288) (163,155) Long-term debt $ 4,423,028 $ 4,432,052
Estimated principal payments on loan debt	Estimated principal payments remaining on loan debt are as follows: Year AIF ACOA FPEI Kubota Total 2020 $ — $ 17,042 $ 39,118 $ 5,024 $ 61,184 2021 — 68,169 80,622 10,048 158,839 2022 — 68,169 83,907 10,048 162,124 2023 — 68,169 1,682,913 10,048 1,761,130 2024 — 68,169 — 10,048 78,217 Thereafter 2,105,117 235,865 — 840 2,341,822 Total $ 2,105,117 $ 525,583 $ 1,886,560 $ 46,056 $ 4,563,316

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Operating lease obligations and remaining payments	The table below summarizes the Company’s lease obligations and remaining payments at June 30, 2020: June 30, 2020 December 31, 2019 Lease Type End Date Remaining Years Remaining Payments Lease Liability Remaining Payments Lease Liability Maynard Office Lease Operating Mar 2023 2.8 $ 183,534 $ 160,720 $ 215,556 $ 186,323 Indiana Auto Lease Operating Feb 2021 0.7 3,578 3,223 5,999 5,533 Indiana Well Lease Operating Dec 2048 28.5 694,575 220,564 702,341 223,238 Total leases $ 881,687 $ 384,507 $ 923,896 $ 415,094 Less: current portion (84,870) (62,779) (85,011) (62,286) Long-term leases $ 796,817 $ 321,728 $ 838,885 $ 352,808
Remaining payments under leases	Remaining payments under leases are as follows at June 30, 2020: Year Office Auto Well Amount 2020 $ 32,615 $ 2,421 $ 7,766 $ 42,802 2021 66,416 1,157 15,998 83,571 2022 67,602 — 16,478 84,080 2023 16,901 — 16,972 33,873 2024 — — 17,481 17,481 Thereafter — — 619,880 619,880 Total Lease Payments $ 183,534 $ 3,578 $ 694,575 $ 881,687

Stockholders' equity (Tables)

Stockholders' equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of outstanding warrants	The following table summarizes information about outstanding warrants at June 30, 2020: Number of Weighted average Outstanding at December 31, 2019 1,662,304 $3.25 Outstanding at June 30, 2020 1,662,304 $3.25 Exercisable at June 30, 2020 1,662,304 $3.25
Schedule of restricted stock activity	A summary of the Company’s shares of restricted stock as of June 30, 2020, is as follows: Shares Weighted Balance at December 31, 2019 39,900 $2.31 Granted 100,319 1.88 Vested (51,201) 2.07 Balance at June 30, 2020 89,018 $1.97
Schedule of stock option activity	The Company’s option activity is summarized as follows: Number of Weighted average Outstanding at December 31, 2019 573,925 $4.94 Issued 104,458 1.99 Expired (14,835) 11.62 Outstanding at June 30, 2020 663,548 $4.33 Exercisable at June 30, 2020 565,350 $4.73
Fair value of stock option grants	The fair values of stock option grants to employees and members of the Board of Directors during 2020 were measured on the date of grant using Black-Scholes, with the following weighted average assumptions: May 2020 March 2020 January 2020 Expected volatility 104% 102% 101% Risk free interest rate 0.31% 0.66% 1.67% Expected dividend yield 0% 0% 0% Expected life (in years) 5 5 5
Summary of options outstanding and exercisable	The following table summarizes information about options outstanding and exercisable at June 30, 2020: Weighted average exercise price of outstanding options Number of options outstanding Weighted average remaining estimated life (in years) Number of options exercisable Weighted average exercise price of outstanding and exercisable options $1.88 - $2.50 531,519 8.8 433,321 $3.30 - $6.90 37,139 2.1 37,139 $7.50 - $10.80 21,303 3.9 21,303 $14.20 - $23.40 73,587 5.8 73,587 663,548 565,350 $4.73

Basis of presentation (Details)

Basis of presentation (Details) - USD ($)	Jul. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit		$ 138,775,511		$ 132,142,209
Cash balance		10,021,394		$ 2,798,744
Debt Instrument [Line Items]
Proceeds from issuance of debt		$ 221,130	$ 900,767
Potentially dilutive securities outstanding (in shares)		2,325,852
Warrant
Debt Instrument [Line Items]
Potentially dilutive securities outstanding (in shares)		1,662,304
Stock options
Debt Instrument [Line Items]
Potentially dilutive securities outstanding (in shares)		663,548
First Farmers Bank and Trust Loan | Subsequent Event
Debt Instrument [Line Items]
Proceeds from issuance of debt	$ 4,000,000

Risks and uncertainties (Detail

Risks and uncertainties (Details) $ in Thousands	Jun. 30, 2020USD ($)
Concentration of credit risk | Cash | Canada
Concentration Risk [Line Items]
Balance in Canadian bank accounts	$ 241

Inventory (Details)

Inventory (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Inventory [Line Items]
Inventory	$ 2,489,773	$ 1,232,049
Feed
Inventory [Line Items]
Inventory	263,483	251,778
Eggs and fry
Inventory [Line Items]
Inventory	62,781	55,887
Packaging
Inventory [Line Items]
Inventory	2,581	0
Fish in process
Inventory [Line Items]
Inventory	$ 2,160,928	$ 924,384

Property, plant and equipment -

Property, plant and equipment - Schedule of property, plant and equipment (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 28,727,050	$ 28,627,477
Less accumulated depreciation and amortization	(4,164,641)	(3,561,641)
Property, plant and equipment, net	24,562,409	25,065,836
Land
Property, Plant and Equipment [Line Items]
Total property and equipment	705,363	718,586
Building and improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	13,567,702	13,297,489
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment	2,542,044	2,105,873
Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	11,684,991	12,275,619
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	200,140	201,813
Vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 26,810	$ 28,097

Property, plant and equipment_2

Property, plant and equipment - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Construction in process		$ 28,727,050		$ 28,627,477
Gain on disposal of equipment		0	$ 8,548
Proceeds from legal settlement, net	$ 1,000,000	1,014,008	$ 0
Capital Additions | Rollo Bay farm site
Property, Plant and Equipment [Line Items]
Property, plant, and equipment cost commitment		307,000
Construction in process
Property, Plant and Equipment [Line Items]
Construction in process		2,542,044		2,105,873
Construction in process | Rollo Bay farm site
Property, Plant and Equipment [Line Items]
Construction in process		1,800,000
Equipment
Property, Plant and Equipment [Line Items]
Construction in process		$ 11,684,991		$ 12,275,619
Proceeds from sale of equipment	98,000
Gain on disposal of equipment	$ 0

Accounts payable and accrued _3

Accounts payable and accrued liabilities (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts payable	$ 917,229	$ 809,444
Accrued payroll including vacation	358,113	236,489
Accrued professional fees and contract services	403,248	346,349
Accrued taxes and other	85,534	70,527
Accounts payable and accrued liabilities	$ 1,764,124	$ 1,462,809

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details)	6 Months Ended
	Jun. 30, 2020CAD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020CAD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Total		$ 4,563,316		$ 4,595,207
less: current portion		(140,288)		(163,155)
Long-term debt		4,423,028		4,432,052
ACOA AIF grant (C$2,871,919)
Debt Instrument [Line Items]
Total		2,105,117
Kubota Canada Ltd. (C$95,961)
Debt Instrument [Line Items]
Total		46,056
Finance PEI term loan (C$2,717,093)
Debt Instrument [Line Items]
Total		$ 1,886,560
Government grant | ACOA AIF grant (C$2,871,919)
Debt Instrument [Line Items]
Original loan amount			$ 2,871,919
Interest rate		0.00%	0.00%
Total		$ 2,105,117		2,206,208
Term loan | ACOA term loan (C$337,000)
Debt Instrument [Line Items]
Original loan amount			$ 337,000
Interest rate		0.00%	0.00%
Monthly repayment	$ 3,120
Total		$ 169,264		184,583
Term loan | ACOA term loan (C$500,000)
Debt Instrument [Line Items]
Original loan amount			$ 500,000
Interest rate		0.00%	0.00%
Monthly repayment	4,630
Total		$ 356,319		384,100
Term loan | Kubota Canada Ltd. (C$95,961)
Debt Instrument [Line Items]
Original loan amount			$ 95,961
Interest rate		0.00%	0.00%
Monthly repayment	1,142
Total		$ 46,056		53,533
Term loan | Finance PEI term loan (C$2,717,093)
Debt Instrument [Line Items]
Original loan amount			$ 2,717,093
Interest rate		4.00%	4.00%
Monthly repayment	$ 16,313
Total		$ 1,886,560		$ 1,766,783

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Year
2020	$ 61,184
2021	158,839
2022	162,124
2023	1,761,130
2024	78,217
Thereafter	2,341,822
Total	4,563,316	$ 4,595,207
Atlantic Canada Opportunities Agency AIF Grant
Year
2020	0
2021	0
2022	0
2023	0
2024	0
Thereafter	2,105,117
Total	2,105,117
Atlantic Canada Opportunities Agency Term Loan
Year
2020	17,042
2021	68,169
2022	68,169
2023	68,169
2024	68,169
Thereafter	235,865
Total	525,583
PEI Finance Term Loan
Year
2020	39,118
2021	80,622
2022	83,907
2023	1,682,913
2024	0
Thereafter	0
Total	1,886,560
Kubota Canada Ltd
Year
2020	5,024
2021	10,048
2022	10,048
2023	10,048
2024	10,048
Thereafter	840
Total	$ 46,056

Debt - Additional Information (

Debt - Additional Information (Details) $ in Thousands	Apr. 23, 2020USD ($)	Apr. 23, 2020CAD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2018CAD ($)
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 221,130	$ 900,767
Interest expense on debt			$ 35,000	$ 27,000
PEI Finance Term Loan October 2018 | Term loan
Debt Instrument [Line Items]
Original loan amount					$ 1,500,000	$ 2,000
Interest rate					4.00%	4.00%
Proceeds from issuance of debt	$ 221,000	$ 300

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Lease expense	$ 40	$ 100
Weighted average remaining lease term, all operating leases	23 years
Lease payments	$ 42	$ 101

Leases - Lease Obligations (Det

Leases - Lease Obligations (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Remaining Years	23 years
Remaining Payments	$ 881,687	$ 923,896
Less: remaining payments, current portion	(84,870)	(85,011)
Remaining payments, long-term leases	796,817	838,885
Lease Liability	384,507	415,094
Less: lease liability, current portion	(62,779)	(62,286)
Lease liability, long-term leases	$ 321,728	352,808
Office
Property, Plant and Equipment [Line Items]
Remaining Years	2 years 9 months 18 days
Remaining Payments	$ 183,534	215,556
Lease Liability	$ 160,720	186,323
Auto
Property, Plant and Equipment [Line Items]
Remaining Years	8 months 12 days
Remaining Payments	$ 3,578	5,999
Lease Liability	$ 3,223	5,533
Well
Property, Plant and Equipment [Line Items]
Remaining Years	28 years 6 months
Remaining Payments	$ 694,575	702,341
Lease Liability	$ 220,564	$ 223,238

Leases - Remaining Lease Paymen

Leases - Remaining Lease Payments (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
2020	$ 42,802
2021	83,571
2022	84,080
2023	33,873
2024	17,481
Thereafter	619,880
Remaining Payments	881,687	$ 923,896
Office
Property, Plant and Equipment [Line Items]
2020	32,615
2021	66,416
2022	67,602
2023	16,901
2024	0
Thereafter	0
Remaining Payments	183,534	215,556
Auto
Property, Plant and Equipment [Line Items]
2020	2,421
2021	1,157
2022	0
2023	0
2024	0
Thereafter	0
Remaining Payments	3,578	5,999
Well
Property, Plant and Equipment [Line Items]
2020	7,766
2021	15,998
2022	16,478
2023	16,972
2024	17,481
Thereafter	619,880
Remaining Payments	$ 694,575	$ 702,341

Stockholders' equity - Recent I

Stockholders' equity - Recent Issuances (Details) - USD ($)	May 06, 2020	Feb. 12, 2020	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charge in conjunction with share issuance			$ 40,600	$ 14,521,704	$ 5,785,693	$ 6,609,655
Common Stock | February 2020 Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)		10,350,000
Proceeds from common shares offering		$ 14,500,000
Common Stock | February 2020 Public Offering | Affiliated entity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)		5,175,000
Proceeds from common shares offering		$ 7,800,000
Common Stock | May 2020 Common Shares Issuance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issued (in shares)	20,000
Charge in conjunction with share issuance	$ 41,000

Stockholders' equity - Warrants

Stockholders' equity - Warrants (Details) - Warrant - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Number of options
Outstanding (in shares)	1,662,304	1,662,304
Exercisable (in shares)	1,662,304
Weighted average exercise price
Outstanding (in dollars per share)	$ 3.25	$ 3.25
Exercisable (in dollars per share)	$ 3.25

Stockholders' equity - Addition

Stockholders' equity - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuances (in shares)	1,658,315
Intrinsic value of options outstanding	$ 521,000		$ 1,000
Intrinsic value of options exercisable	402,000		$ 1,000
Share-based compensation	$ 309,244	$ 456,716
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of stock options granted (in dollars per share)	$ 1.49
Share-based compensation	$ 187,000	$ 272,000
Unearned share-based compensation expense	$ 148,000
Period of recognition	3 years

Stockholders' equity - Restrict

Stockholders' equity - Restricted stock activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Shares
Beginning balance (in shares)	39,900
Granted (in shares)	100,319
Vested (in shares)	(51,201)
Ending balance (in shares)	89,018
Weighted average grant date fair value
Beginning balance (in dollars per share)	$ 2.31
Granted (in dollars per share)	1.88
Vested (in dollars per share)	2.07
Ending balance (in dollars per share)	$ 1.97
Expense related to restricted stock awards	$ 122	$ 184
Future expected expense related to restricted stock awards	$ 159
Period of recognition	2 years 10 months 24 days

Stockholders' equity - Stock op

Stockholders' equity - Stock option activity (Details) - Employee Stock Option	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Number of options
Outstanding, beginning balance (in shares) | shares	573,925
Issued (in shares) | shares	104,458
Expired (in shares) | shares	(14,835)
Outstanding, ending balance (in shares) | shares	663,548
Exercisable (in shares) | shares	565,350
Weighted average exercise price
Outstanding, beginning balance (in dollars per share) | $ / shares	$ 4.94
Issued (in dollars per share) | $ / shares	1.99
Expired (in dollars per share) | $ / shares	11.62
Outstanding, ending balance (in dollars per share) | $ / shares	4.33
Exercisable (in dollars per share) | $ / shares	$ 4.73
Stock options, exercisable term (in years)	10 years
Minimum
Weighted average exercise price
Stock options, vesting period (in years)	1 year
Maximum
Weighted average exercise price
Stock options, vesting period (in years)	3 years

Stockholders' equity - Weighted

Stockholders' equity - Weighted Average Assumptions (Details) - Employee Stock Option	1 Months Ended
	May 31, 2020	Mar. 31, 2020	Jan. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	104.00%	102.00%	101.00%
Risk free interest rate	0.31%	0.66%	1.67%
Expected dividend yield	0.00%	0.00%	0.00%
Expected life (in years)	5 years	5 years	5 years

Stockholders' equity - Summary

Stockholders' equity - Summary of options outstanding and exercisable (Details)	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	663,548
Number of options exercisable (in shares)	565,350
Weighted average exercise price of outstanding and exercisable options (in dollars per share) | $ / shares	$ 4.73
$1.88 - $2.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	531,519
Weighted average remaining estimated life (in years)	8 years 9 months 18 days
Number of options exercisable (in shares)	433,321
$3.30 - $6.90
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	37,139
Weighted average remaining estimated life (in years)	2 years 1 month 6 days
Number of options exercisable (in shares)	37,139
$7.50 - $10.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	21,303
Weighted average remaining estimated life (in years)	3 years 10 months 24 days
Number of options exercisable (in shares)	21,303
$14.20 - $23.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of options outstanding (in shares)	73,587
Weighted average remaining estimated life (in years)	5 years 9 months 18 days
Number of options exercisable (in shares)	73,587
Minimum | $1.88 - $2.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) | $ / shares	$ 1.88
Minimum | $3.30 - $6.90
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) | $ / shares	3.30
Minimum | $7.50 - $10.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) | $ / shares	7.50
Minimum | $14.20 - $23.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) | $ / shares	14.20
Maximum | $1.88 - $2.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) | $ / shares	2.50
Maximum | $3.30 - $6.90
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) | $ / shares	6.90
Maximum | $7.50 - $10.80
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) | $ / shares	10.80
Maximum | $14.20 - $23.40
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted average price of outstanding options (in dollars per share) | $ / shares	$ 23.40

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Jul. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Oct. 01, 2028	Oct. 01, 2028
Subsequent Event [Line Items]
Proceeds from issuance of debt		$ 221,130	$ 900,767
First Farmers Bank and Trust Loan | Subsequent Event
Subsequent Event [Line Items]
Proceeds from issuance of debt	$ 4,000,000
Interest rate	5.30%
Interest rate, period	5 years
Interest only payment period	15 months
Covenant, minimum cash balance	$ 500,000
First Farmers Bank and Trust Loan | Subsequent Event | Forecast
Subsequent Event [Line Items]
Monthly repayment					$ 57,000
First Farmers Bank and Trust Loan | Subsequent Event | US Treasury 5-year maturities rate | Forecast
Subsequent Event [Line Items]
Basis spread on variable rate				5.00%