Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 03, 2023 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Fiscal Period Focus | Q1 | |
Document Period End Date | Mar. 31, 2023 | |
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 $0.001 per share | |
Trading Symbol | AQB | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 71,345,649 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Entity Central Index Key | 0001603978 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 72,776,543 | $ 101,638,557 |
Inventory | 2,376,207 | 2,276,592 |
Prepaid expenses and other current assets | 2,290,836 | 2,133,583 |
Total current assets | 77,443,586 | 106,048,732 |
Property, plant and equipment, net | 127,357,662 | 106,286,186 |
Right of use assets, net | 206,734 | 222,856 |
Intangible assets, net | 214,713 | 218,139 |
Restricted cash | 1,000,000 | 1,000,000 |
Other assets | 65,162 | 64,859 |
Total assets | 206,287,857 | 213,840,772 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 10,836,269 | 12,000,592 |
Accrued employee compensation | 704,925 | 1,021,740 |
Current debt | 2,377,781 | 2,387,231 |
Other current liabilities | 4,631 | 20,830 |
Total current liabilities | 13,923,606 | 15,430,393 |
Long-term lease obligations | 202,103 | 203,227 |
Long-term debt, net | 6,526,105 | 6,286,109 |
Total liabilities | 20,651,814 | 21,919,729 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value, 150,000,000 shares authorized at March 31, 2023 and December 31, 2022; 71,338,938 and 71,110,713 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 71,339 | 71,111 |
Additional paid-in capital | 385,585,097 | 385,388,684 |
Accumulated other comprehensive loss | (512,348) | (516,775) |
Accumulated deficit | (199,508,045) | (193,021,977) |
Total stockholders’ equity | 185,636,043 | 191,921,043 |
Total liabilities and stockholders’ equity | $ 206,287,857 | $ 213,840,772 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares outstanding (in shares) | 71,338,938 | 71,110,713 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenues | |||
Product revenues | $ 397,846 | $ 962,881 | |
Costs and expenses | |||
Product costs | 3,559,240 | 3,275,690 | |
Sales and marketing | 198,285 | 247,572 | |
Research and development | 122,917 | 167,189 | |
General and administrative | 3,000,482 | 2,376,236 | |
Total costs and expenses | 6,880,924 | 6,066,687 | |
Operating loss | (6,483,078) | (5,103,806) | |
Other expense | |||
Interest expense | (66,274) | (75,288) | |
Other income, net | 63,284 | 67,368 | |
Total other expense | (2,990) | (7,920) | |
Net loss | (6,486,068) | (5,111,726) | |
Other comprehensive income (loss): | |||
Foreign currency translation gain | 4,427 | 82,905 | |
Unrealized loss on marketable securities | (114,065) | ||
Total other comprehensive income (loss) | 4,427 | (31,160) | |
Comprehensive loss | $ (6,481,641) | $ (5,142,886) | |
Net Loss Per Share, Basic | $ (0.09) | $ (0.07) | |
Net Loss Per Share, Diluted | $ (0.09) | $ (0.07) | |
Weighted average number of Common Shares - | |||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 71,169,277 | 71,004,454 | |
Weighted Average Number of Shares Outstanding, Diluted | 71,169,277 | 71,004,454 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Total |
Beginning balance (in shares) at Dec. 31, 2021 | 71,025,738 | ||||
Beginning balance at Dec. 31, 2021 | $ 71,026 | $ 384,852,107 | $ (255,588) | $ (170,864,782) | $ 213,802,763 |
Net loss | (5,111,726) | (5,111,726) | |||
Other comprehensive income (loss) | (31,160) | (31,160) | |||
Share based compensation (in shares) | 83,963 | ||||
Share based compensation | $ 84 | 211,244 | 211,328 | ||
Ending balance (in shares) at Mar. 31, 2022 | 71,109,701 | ||||
Ending balance at Mar. 31, 2022 | $ 71,110 | 385,063,351 | (286,748) | (175,976,508) | 208,871,205 |
Beginning balance (in shares) at Dec. 31, 2022 | 71,110,713 | ||||
Beginning balance at Dec. 31, 2022 | $ 71,111 | 385,388,684 | (516,775) | (193,021,977) | 191,921,043 |
Net loss | (6,486,068) | (6,486,068) | |||
Other comprehensive income (loss) | 4,427 | 4,427 | |||
Share based compensation (in shares) | 228,225 | ||||
Share based compensation | $ 228 | 196,413 | 196,641 | ||
Ending balance (in shares) at Mar. 31, 2023 | 71,338,938 | ||||
Ending balance at Mar. 31, 2023 | $ 71,339 | $ 385,585,097 | $ (512,348) | $ (199,508,045) | $ 185,636,043 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net loss | $ (6,486,068) | $ (5,111,726) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 531,726 | 490,563 |
Share-based compensation | 196,641 | 211,328 |
Other non-cash charge | 3,834 | 4,251 |
Changes in operating assets and liabilities: | ||
Inventory | (99,936) | (411,794) |
Prepaid expenses and other assets | (155,167) | (139,671) |
Accounts payable and accrued liabilities | 184,232 | (6,949) |
Accrued employee compensation | (316,815) | (362,416) |
Net cash used in operating activities | (6,141,553) | (5,326,414) |
Investing activities | ||
Purchases of and deposits on property, plant and equipment | (22,931,293) | (5,762,143) |
Maturities of marketable securities | 45,915,851 | |
Purchases of marketable securities | (47,621,291) | |
Other investing activities | (3,959) | |
Net cash used in investing activities | (22,935,252) | (7,467,583) |
Financing activities | ||
Proceeds from issuance of debt | 394,156 | |
Repayment of term debt | (179,392) | (159,304) |
Net cash provided by (used in) financing activities | 214,764 | (159,304) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 27 | 8,106 |
Net change in cash, cash equivalents and restricted cash | (28,862,014) | (12,945,195) |
Cash, cash equivalents and restricted cash at beginning of period | 102,638,557 | 89,454,988 |
Cash, cash equivalents and restricted cash at end of period | 73,776,543 | 76,509,793 |
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet: | ||
Cash and cash equivalents | 72,776,543 | 75,509,793 |
Restricted cash | 1,000,000 | 1,000,000 |
Cash, cash equivalents and restricted cash at end of period | 73,776,543 | 76,509,793 |
Supplemental disclosure of cash flow information and non-cash transactions: | ||
Interest paid in cash | 62,439 | 71,037 |
Property and equipment included in accounts payable and accrued liabilities | $ 9,216,027 | $ 1,507,514 |
Nature of Business and Organiza
Nature of Business and Organization | 3 Months Ended |
Mar. 31, 2023 | |
Nature of Business and Organization [Abstract] | |
Nature of Business and Organization | 1. Nature of business and organization AquaBounty Technologies, Inc. (the “Parent” and, together with its wholly owned 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 conventional Atlantic salmon. In 2015, the Parent obtained regulatory approval from the U.S. Food and Drug Administration for the production and sale of its genetically engineered AquAdvantage salmon product (“GE Atlantic salmon”) in the United States and in 2016, the Parent obtained regulatory approval from Health Canada for the production and sale of its GE Atlantic salmon product in Canada. In 2021, the Parent obtained regulatory approval from the National Biosafety Technical Commission for the sale of its GE Atlantic salmon product in Brazil. In 2021, the Company began harvesting and selling its GE Atlantic salmon in the United States and Canada. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of presentation The unaudited interim condensed consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. The unaudited interim condensed 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 notes for the year ended December 31, 2022. The unaudited interim condensed 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 March 31, 2023, 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 condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, as allowed by the relevant U.S. Securities and Exchange Commission (“SEC”) rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. Liquidity The Company had $ 73.8 million in cash and cash equivalents, and restricted cash as of March 31, 2023. The Company’s plans include the continued construction of a 10,000 metric ton salmon farm in Ohio at a total project cost that is estimated to be between $ 375 million and $ 395 million, of which $ 99 million has been expended as of March 31, 2023. The Company plans to use cash-on-hand and debt financing to fund the remaining construction cost of the Ohio farm. While the Company has committed a significant amount of its current cash to fund a portion of the project, if necessary, management can utilize that cash for working capital purposes and therefore, management believes that it has sufficient cash to meet the Company's requirements beyond the next twelve months from the filing date of these condensed consolidated financial statements. However, until such time as the Company reaches profitability, it will require additional financing to fund its operations and execute its business plan. Inventories Inventories are mainly comprised of feed, eggs, fry, fish in process and fish for sale. 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. The Company measures inventory at the lower of cost or net realizable value (“NRV”), where NRV is defined as the estimated market price, less the estimated costs of processing, packaging and transportation. The Company considers fish that has been harvested and transported from its farm to be fish for sale. Revenue recognition The Company is comprised of one reporting segment and generates revenue from the sale of its products. Revenue is recognized when the customer takes physical control of the goods, in an amount that reflects the transaction price consideration that the Company expects to receive in exchange for the goods. Revenue excludes any sales tax collected and includes any estimate of future credits. During the period ended March 31, 2023 and 2022, the Company recognized the following product revenue: Three Months Ended March 31, 2023 U.S. Canada Total GE Atlantic salmon $ 392,428 $ - $ 392,428 Non-GE Atlantic salmon eggs - 730 730 Non-GE Atlantic salmon fry 730 730 Other revenue - 3,958 3,958 Total Revenue $ 392,428 $ 5,418 $ 397,846 Three Months Ended March 31, 2022 U.S. Canada Total GE Atlantic salmon $ 788,977 $ 131,860 $ 920,837 Non-GE Atlantic salmon eggs - - - Non-GE Atlantic salmon fry - 41,807 41,807 Other revenue - 237 237 Total Revenue $ 788,977 $ 173,904 $ 962,881 During the period ended March 31, 2023 and 2022, the Company had the following customer concentration of revenue: Three Months Ended March 31 2023 2022 Customer A 54 % 34 % Customer B 24 % 21 % Customer C 15 % 14 % All other 7 % 31 % Total of all customers 100 % 100 % 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 shares of common stock outstanding during the year. Basic net loss per share is based solely on the number of shares of common stock outstanding during the year. Fully diluted net loss per share includes the number of shares of common stock issuable upon the exercise or vesting of equity instruments with an exercise price less than the fair value of the common stock. Since the Company is reporting a net loss for all periods presented, all potential shares of common stock are considered anti-dilutive and are excluded from the calculation of diluted net loss per share. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: Three Months Ended March 31, Weighted Average Outstanding 2023 2022 Stock options 840,110 768,303 Warrants 209,221 418,441 Unvested stock awards 301,474 124,873 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 | 3 Months Ended |
Mar. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | 3. Risks and uncertainties The Company is subject to risks and uncertainties common in the biotechnology and aquaculture industries. Such risks and uncertainties include, but are not limited to: (i) results from current and planned product development studies and trials; (ii) decisions made by the FDA or similar regulatory bodies in other countries with respect to approval and commercial sale of any of the Company’s proposed products; (iii) the commercial acceptance of any products approved for sale and the Company’s ability to produce, distribute, and sell for a profit any products approved for sale; (iv) the Company’s ability to obtain the necessary patents and proprietary rights to effectively protect its technologies; and (v) the outcome of any collaborations or alliances entered into by the Company. Concentration of credit risk Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents. This risk is mitigated by the Company’s policy of maintaining all balances with highly rated financial institutions and investing cash equivalents with maturities of less than 90 days. 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 minimized by the Company’s policy to limit the balances held in these accounts. Balances in Canadian bank accounts totaled $ 488 thousand and $ 518 thousand as of March 31, 2023 and December 31, 2022, respectively. The Company also holds cash equivalent investments in a highly liquid investment account at a major financial institution. As of March 31, 2023 and December 31, 2022 the cash equivalent investment balance was $ 651 thousand and $ 10.6 million, respectively. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2023 | |
Inventory [Abstract] | |
Inventory | 4. Inventory Major classifications of inventory are summarized as follows: March 31, 2023 December 31, 2022 Feed $ 282,620 366,957 Eggs and fry 106,250 22,140 Fish in process 1,932,745 1,869,387 Fish for sale 54,592 18,108 Inventory $ 2,376,207 2,276,592 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 5. Property, plant and equipment Major classifications of property, plant and equipment are summarized as follows: March 31, 2023 December 31, 2022 Land $ 2,968,937 $ 2,968,561 Building and improvements 15,605,291 15,535,904 Construction in process 100,226,546 78,806,762 Equipment 17,358,133 17,259,301 Office furniture and equipment 271,449 258,972 Vehicles 106,200 106,074 Total property and equipment $ 136,536,556 $ 114,935,574 Less accumulated depreciation and amortization ( 9,178,894 ) ( 8,649,388 ) Property, plant and equipment, net $ 127,357,662 $ 106,286,186 Depreciation expense was $ 525 thousand and $ 484 thousand, for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, construction in process included $ 95.6 million, $ 3.4 million, and $ 1.2 million for construction related to the Ohio, Rollo Bay and Indiana farm sites, respectively. An additional $ 36.5 million has been contractually committed for these farm sites as of March 31, 2023. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2023 | |
Debt [Abstract] | |
Debt | 6. Debt The current material terms and conditions of debt outstanding are as follows: Interest rate Monthly repayment Maturity date March 31, 2023 December 31, 2022 ACOA AIF Grant 0 % Royalties - $ 2,122,348 $ 2,119,476 ACOA term loan #1 0 % C$ 3,120 Feb 2027 108,397 115,158 ACOA term loan #2 0 % C$ 4,630 Sep 2029 266,853 276,743 ACOA term loan #3 0 % C$ 6,945 Dec 2025 169,353 184,500 Kubota Canada Ltd 0 % C$ 1,142 Jan 2025 18,573 21,077 DFO term loan 0 % C$ 16,865 Jan 2034 1,254,896 854,885 Finance PEI term loan 4 % C$ 16,313 Nov 2023 1,736,008 1,752,547 First Farmers Bank & Trust term loan 5.375 % $ 56,832 Oct 2028 3,275,690 3,401,019 Total debt $ 8,952,118 $ 8,725,405 less: debt issuance costs ( 48,232 ) ( 52,065 ) less: current portion ( 2,377,781 ) ( 2,387,231 ) Long-term debt, net $ 6,526,105 $ 6,286,109 Estimated principal payments remaining on debt outstanding are as follows: Total 2023 remaining $ 2,225,269 2024 732,763 2025 830,977 2026 800,284 2027 810,753 Thereafter 3,552,072 Total $ 8,952,118 In September 2020, the Canadian Subsidiary entered into a Contribution Agreement with the Department of Fisheries and Ocean's Atlantic Fisheries Fund, whereby it is eligible to receive up to C$ 1.9 million ($ 1.4 million) to finance new equipment for its Rollo Bay farm (the “DFO Term Loan”). O n March 28, 2023, the Canadian Subsidiary borrowed an additional C$ 539,718 ($ 394,156 ) under the DFO Term Loan . Borrowings are interest free and monthly repayments commence in August 2024, with maturity in January 2034. In August 2020, the Indiana Subsidiary entered into a term loan agreement with First Farmers Bank and Trust (“FFBT”) in the amount of $ 4 million, which is secured by the assets of the Indiana subsidiary and a corporate guarantee. The agreement contains certain financial and non-financial covenants, which if not met, could result in an event of default pursuant to the terms of the loan. At March 31, 2023, the Indiana subsidiary was in compliance with its loan covenants. The Company recognized interest expense of $ 66 thousand and $ 75 thousand for the three months ended March 31, 2023 and 2022, respectively, on its interest-bearing debt. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 7. Leases Lease expense for the three months ended March 31, 2023 and 2022, amounted to $ 22 thousand and $ 21 thousand, respectively. The weighted average remaining lease term of the Company’s operating leases was 26 years. Lease payments included in operating cash flows totaled $ 26 thousand and $ 25 thousand for the three months ended March 31, 2023 and 2022, respectively. The table below summarizes the outstanding lease liabilities at March 31, 2023 and December 31, 2022: Lease Liability March 31, 2023 December 31, 2022 Total leases $ 206,734 $ 224,058 Less: current portion ( 4,631 ) ( 20,831 ) Long-term leases $ 202,103 $ 203,227 Remaining payments under leases are as follows: Year Amount 2023 remaining $ 12,729 2024 17,481 2025 18,006 2026 18,546 2027 19,103 Thereafter 564,225 Total lease payments 650,090 Less: imputed interest ( 443,356 ) Total operational lease liabilities $ 206,734 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ equity Warrants At March 31, 2023 and December 31, 2022, there were zero and 418,441 warrants outstanding, respectively, which were issued in conjunction with a public equity offering in January 2018. All outstanding warrants expired on January 17, 2023 . Share-based compensation At March 31, 2023, the Company has reserved 840,110 and 403,232 shares of common stock issuable upon the exercise of outstanding stock options and unvested stock awards, respectively under its 2006 and 2016 Equity Incentive Plans. An additional 533 shares of common stock are reserved for future equity awards under the 2016 Equity Incentive Plan. Unvested Stock Awards A summary of the Company’s unvested stock awards for the three months ended March 31, 2023, is as follows: Shares Weighted average grant date fair value Unvested at December 31, 2022 199,454 $ 1.86 Granted 452,087 0.65 Vested ( 248,047 ) 1.28 Forfeited — — Unvested at March 31, 2023 403,494 $ 0.87 During the three months ended March 31, 2023 and 2022, the Company expensed $ 155 thousand and $ 168 thousand, respectively, related to the stock awards. At March 31, 2023, the balance of unearned share-based compensation to be expensed in future periods related to the stock awards is $ 130 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 2 years. Stock options The Company’s option activity is summarized as follows: Number of options Weighted average exercise price Outstanding at December 31, 2022 840,110 $ 3.58 Issued — — Exercised — — Outstanding at March 31, 2023 840,110 $ 3.58 Exercisable at March 31, 2023 705,942 $ 3.90 Unless otherwise indicated, options issued to employees, members of the Board of Directors, and non-employees are vested daily over one to three years and are exercisable for a term of ten years from the date of issuance. There were no stock options granted during the three months ended March 31, 2023. The total intrinsic value of all options outstanding was $ 0 at March 31, 2023 and December 31, 2022. The total intrinsic value of exercisable options was $ 0 at March 31, 2023 and December 31, 2022. The following table summarizes information about options outstanding and exercisable at March 31, 2023: Weighted average exercise price of outstanding options Number of options outstanding Weighted average remaining estimated life (in years) Number of options exercisable $ 1.49 - $ 2.50 715,985 6.9 591,820 $ 5.44 - $ 6.72 45,235 7.3 35,232 $ 7.50 - $ 10.80 12,303 0.7 12,303 $ 14.20 - $ 23.40 66,587 3.0 66,587 840,110 705,942 Total share-based compensation on stock options amounted to $ 41 thousand and $ 43 thousand for the three months ended March 31, 2023 and 2022, respectively. At March 31, 2023, the balance of unearned share-based compensation to be expensed in future periods related to unvested share-based awards was $ 192 thousand. The period over which the unearned share-based compensation is expected to be earned is approximately 2.2 years. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 9. 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. The Company is subject to legal proceedings and claims arising in the normal course of business. Management believes that final disposition of any such matters existing at March 31, 2023, will not have a material adverse effect on the Company’s financial position or results of operations. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Income Taxes The Company estimates an annual effective tax rate of 0 % for the year ending December 31, 2023 as the Company incurred losses for the three months ended March 31, 2023 and is forecasting additional losses through the remainder of the year ending December 31, 2023, resulting in an estimated net loss for both financial statement and tax purposes for the year ending December 31, 2023. Therefore, no federal or state income taxes are expected and none have been recorded at this time. Income taxes have been accounted for using the liability method. Due to the Company’s history of losses since inception, there is not enough evidence at this time to support that the Company will generate future income of a sufficient amount and nature to utilize the benefits of its net deferred tax assets. Accordingly, the deferred tax assets have been reduced by a full valuation allowance, since the Company does not currently believe that realization of its deferred tax assets is more likely than not. As of March 31, 2023, the Company had no unrecognized income tax benefits that would reduce the Company’s effective tax rate if recognized. |
Nature of Business and Organi_2
Nature of Business and Organization (Policy) | 3 Months Ended |
Mar. 31, 2023 | |
Nature of Business and Organization [Abstract] | |
Nature of Business and Organization | 1. Nature of business and organization AquaBounty Technologies, Inc. (the “Parent” and, together with its wholly owned 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 conventional Atlantic salmon. In 2015, the Parent obtained regulatory approval from the U.S. Food and Drug Administration for the production and sale of its genetically engineered AquAdvantage salmon product (“GE Atlantic salmon”) in the United States and in 2016, the Parent obtained regulatory approval from Health Canada for the production and sale of its GE Atlantic salmon product in Canada. In 2021, the Parent obtained regulatory approval from the National Biosafety Technical Commission for the sale of its GE Atlantic salmon product in Brazil. In 2021, the Company began harvesting and selling its GE Atlantic salmon in the United States and Canada. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation [Abstract] | |
Consolidation | The unaudited interim condensed consolidated financial statements include the accounts of AquaBounty Technologies, Inc. and its wholly owned direct subsidiaries. All intercompany transactions and balances have been eliminated upon consolidation. |
Basis of Presentation | The unaudited interim condensed 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 notes for the year ended December 31, 2022. The unaudited interim condensed 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 March 31, 2023, 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 condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, as allowed by the relevant U.S. Securities and Exchange Commission (“SEC”) rules and regulations; however, the Company believes that its disclosures are adequate to ensure that the information presented is not misleading. |
Liquidity | Liquidity The Company had $ 73.8 million in cash and cash equivalents, and restricted cash as of March 31, 2023. The Company’s plans include the continued construction of a 10,000 metric ton salmon farm in Ohio at a total project cost that is estimated to be between $ 375 million and $ 395 million, of which $ 99 million has been expended as of March 31, 2023. The Company plans to use cash-on-hand and debt financing to fund the remaining construction cost of the Ohio farm. While the Company has committed a significant amount of its current cash to fund a portion of the project, if necessary, management can utilize that cash for working capital purposes and therefore, management believes that it has sufficient cash to meet the Company's requirements beyond the next twelve months from the filing date of these condensed consolidated financial statements. However, until such time as the Company reaches profitability, it will require additional financing to fund its operations and execute its business plan. |
Inventories | Inventories Inventories are mainly comprised of feed, eggs, fry, fish in process and fish for sale. 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. The Company measures inventory at the lower of cost or net realizable value (“NRV”), where NRV is defined as the estimated market price, less the estimated costs of processing, packaging and transportation. The Company considers fish that has been harvested and transported from its farm to be fish for sale. |
Revenue Recognition | Revenue recognition The Company is comprised of one reporting segment and generates revenue from the sale of its products. Revenue is recognized when the customer takes physical control of the goods, in an amount that reflects the transaction price consideration that the Company expects to receive in exchange for the goods. Revenue excludes any sales tax collected and includes any estimate of future credits. During the period ended March 31, 2023 and 2022, the Company recognized the following product revenue: Three Months Ended March 31, 2023 U.S. Canada Total GE Atlantic salmon $ 392,428 $ - $ 392,428 Non-GE Atlantic salmon eggs - 730 730 Non-GE Atlantic salmon fry 730 730 Other revenue - 3,958 3,958 Total Revenue $ 392,428 $ 5,418 $ 397,846 Three Months Ended March 31, 2022 U.S. Canada Total GE Atlantic salmon $ 788,977 $ 131,860 $ 920,837 Non-GE Atlantic salmon eggs - - - Non-GE Atlantic salmon fry - 41,807 41,807 Other revenue - 237 237 Total Revenue $ 788,977 $ 173,904 $ 962,881 During the period ended March 31, 2023 and 2022, the Company had the following customer concentration of revenue: Three Months Ended March 31 2023 2022 Customer A 54 % 34 % Customer B 24 % 21 % Customer C 15 % 14 % All other 7 % 31 % Total of all customers 100 % 100 % |
Net Loss Per Share | 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 shares of common stock outstanding during the year. Basic net loss per share is based solely on the number of shares of common stock outstanding during the year. Fully diluted net loss per share includes the number of shares of common stock issuable upon the exercise or vesting of equity instruments with an exercise price less than the fair value of the common stock. Since the Company is reporting a net loss for all periods presented, all potential shares of common stock are considered anti-dilutive and are excluded from the calculation of diluted net loss per share. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: Three Months Ended March 31, Weighted Average Outstanding 2023 2022 Stock options 840,110 768,303 Warrants 209,221 418,441 Unvested stock awards 301,474 124,873 |
Accounting Pronouncements | 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. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation [Abstract] | |
Schedule of Product Information | Three Months Ended March 31, 2023 U.S. Canada Total GE Atlantic salmon $ 392,428 $ - $ 392,428 Non-GE Atlantic salmon eggs - 730 730 Non-GE Atlantic salmon fry 730 730 Other revenue - 3,958 3,958 Total Revenue $ 392,428 $ 5,418 $ 397,846 Three Months Ended March 31, 2022 U.S. Canada Total GE Atlantic salmon $ 788,977 $ 131,860 $ 920,837 Non-GE Atlantic salmon eggs - - - Non-GE Atlantic salmon fry - 41,807 41,807 Other revenue - 237 237 Total Revenue $ 788,977 $ 173,904 $ 962,881 |
Schedule of Customer Concentration of Revenue | Three Months Ended March 31 2023 2022 Customer A 54 % 34 % Customer B 24 % 21 % Customer C 15 % 14 % All other 7 % 31 % Total of all customers 100 % 100 % |
Schedule of Impact of Potentially Dilutive Securities Outstanding | Three Months Ended March 31, Weighted Average Outstanding 2023 2022 Stock options 840,110 768,303 Warrants 209,221 418,441 Unvested stock awards 301,474 124,873 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory [Abstract] | |
Schedule of Inventory | March 31, 2023 December 31, 2022 Feed $ 282,620 366,957 Eggs and fry 106,250 22,140 Fish in process 1,932,745 1,869,387 Fish for sale 54,592 18,108 Inventory $ 2,376,207 2,276,592 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | March 31, 2023 December 31, 2022 Land $ 2,968,937 $ 2,968,561 Building and improvements 15,605,291 15,535,904 Construction in process 100,226,546 78,806,762 Equipment 17,358,133 17,259,301 Office furniture and equipment 271,449 258,972 Vehicles 106,200 106,074 Total property and equipment $ 136,536,556 $ 114,935,574 Less accumulated depreciation and amortization ( 9,178,894 ) ( 8,649,388 ) Property, plant and equipment, net $ 127,357,662 $ 106,286,186 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt [Abstract] | |
Terms and Conditions of Long-term Debt Outstanding | Interest rate Monthly repayment Maturity date March 31, 2023 December 31, 2022 ACOA AIF Grant 0 % Royalties - $ 2,122,348 $ 2,119,476 ACOA term loan #1 0 % C$ 3,120 Feb 2027 108,397 115,158 ACOA term loan #2 0 % C$ 4,630 Sep 2029 266,853 276,743 ACOA term loan #3 0 % C$ 6,945 Dec 2025 169,353 184,500 Kubota Canada Ltd 0 % C$ 1,142 Jan 2025 18,573 21,077 DFO term loan 0 % C$ 16,865 Jan 2034 1,254,896 854,885 Finance PEI term loan 4 % C$ 16,313 Nov 2023 1,736,008 1,752,547 First Farmers Bank & Trust term loan 5.375 % $ 56,832 Oct 2028 3,275,690 3,401,019 Total debt $ 8,952,118 $ 8,725,405 less: debt issuance costs ( 48,232 ) ( 52,065 ) less: current portion ( 2,377,781 ) ( 2,387,231 ) Long-term debt, net $ 6,526,105 $ 6,286,109 |
Principal Payments Due on Long-term Debt | Total 2023 remaining $ 2,225,269 2024 732,763 2025 830,977 2026 800,284 2027 810,753 Thereafter 3,552,072 Total $ 8,952,118 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Operating Lease Obligations And Remaining Payments | Lease Liability March 31, 2023 December 31, 2022 Total leases $ 206,734 $ 224,058 Less: current portion ( 4,631 ) ( 20,831 ) Long-term leases $ 202,103 $ 203,227 |
Remaining Payments Under Leases | Year Amount 2023 remaining $ 12,729 2024 17,481 2025 18,006 2026 18,546 2027 19,103 Thereafter 564,225 Total lease payments 650,090 Less: imputed interest ( 443,356 ) Total operational lease liabilities $ 206,734 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity [Abstract] | |
Restricted Stock Activity | Shares Weighted average grant date fair value Unvested at December 31, 2022 199,454 $ 1.86 Granted 452,087 0.65 Vested ( 248,047 ) 1.28 Forfeited — — Unvested at March 31, 2023 403,494 $ 0.87 |
Stock Option Activity | Number of options Weighted average exercise price Outstanding at December 31, 2022 840,110 $ 3.58 Issued — — Exercised — — Outstanding at March 31, 2023 840,110 $ 3.58 Exercisable at March 31, 2023 705,942 $ 3.90 |
Information About Options Outstanding and Exercisable | Weighted average exercise price of outstanding options Number of options outstanding Weighted average remaining estimated life (in years) Number of options exercisable $ 1.49 - $ 2.50 715,985 6.9 591,820 $ 5.44 - $ 6.72 45,235 7.3 35,232 $ 7.50 - $ 10.80 12,303 0.7 12,303 $ 14.20 - $ 23.40 66,587 3.0 66,587 840,110 705,942 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) kg in Thousands | 3 Months Ended | |||
Mar. 31, 2023 USD ($) kg | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 73,776,543 | $ 102,638,557 | $ 76,509,793 | $ 89,454,988 |
Construction In Process [Member] | 10,000 metric ton salmon farm, Ohio [Member] | ||||
Capacity of fish farm | kg | 10 | |||
Construction expense | $ 99,000,000 | |||
Construction In Process [Member] | 10,000 metric ton salmon farm, Ohio [Member] | Maximum [Member] | ||||
Expected construction cost | 395,000,000 | |||
Construction In Process [Member] | 10,000 metric ton salmon farm, Ohio [Member] | Minimum [Member] | ||||
Expected construction cost | $ 375,000,000 |
Basis of Presentation (Schedule
Basis of Presentation (Schedule of Product Information) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 397,846 | $ 962,881 |
U.S. [Member] | ||
Revenues | 392,428 | 788,977 |
Canada [Member] | ||
Revenues | 5,418 | 173,904 |
GE Atlantic salmon [Member] | ||
Revenues | 392,428 | 920,837 |
GE Atlantic salmon [Member] | U.S. [Member] | ||
Revenues | 392,428 | 788,977 |
GE Atlantic salmon [Member] | Canada [Member] | ||
Revenues | 131,860 | |
Non-GE Atlantic salmon eggs [Member] | ||
Revenues | 730 | |
Non-GE Atlantic salmon eggs [Member] | Canada [Member] | ||
Revenues | 730 | |
Non-GE Atlantic salmon fry [Member] | ||
Revenues | 730 | 41,807 |
Non-GE Atlantic salmon fry [Member] | Canada [Member] | ||
Revenues | 730 | 41,807 |
Other Revenue [Member] | ||
Revenues | 3,958 | 237 |
Other Revenue [Member] | Canada [Member] | ||
Revenues | $ 3,958 | $ 237 |
Basis of Presentation (Schedu_2
Basis of Presentation (Schedule of Customer Concentration of Revenue) (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Concentration Risk, Percentage | 100% | 100% |
Customer A [Member] | ||
Concentration Risk, Percentage | 54% | 34% |
Customer B [Member] | ||
Concentration Risk, Percentage | 24% | 21% |
Customer C [Member] | ||
Concentration Risk, Percentage | 15% | 14% |
All other customers [Member] | ||
Concentration Risk, Percentage | 7% | 31% |
Basis of Presentation (Schedu_3
Basis of Presentation (Schedule of Impact of Potentially Dilutive Securities) (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock Options [Member] | ||
Potentially dilutive securities | 840,110 | 768,303 |
Warrants [Member] | ||
Potentially dilutive securities | 209,221 | 418,441 |
Unvested Restricted Shares [Member] | ||
Potentially dilutive securities | 301,474 | 124,873 |
Risks and Uncertainties (Narrat
Risks and Uncertainties (Narrative) (Details) - Credit Concentration Risk [Member] - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Concentration Risk [Line Items] | ||
Cash equivalent investment balance | $ 651 | $ 10,600 |
Canada [Member] | ||
Concentration Risk [Line Items] | ||
Cash in Canadian bank accounts | $ 488 | $ 518 |
Inventory (Schedule of Inventor
Inventory (Schedule of Inventory) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Inventory, net | $ 2,376,207 | $ 2,276,592 |
Feed, net [Member] | ||
Inventory [Line Items] | ||
Inventory, net | 282,620 | 366,957 |
Eggs And Fry [Member] | ||
Inventory [Line Items] | ||
Inventory, net | 106,250 | 22,140 |
Fish In process [Member] | ||
Inventory [Line Items] | ||
Inventory, net | 1,932,745 | 1,869,387 |
Fish For Sale [Member] | ||
Inventory [Line Items] | ||
Inventory, net | $ 54,592 | $ 18,108 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 525,000,000 | $ 484,000,000 | |
Gross property, plant, and equipment | 136,536,556 | $ 114,935,574 | |
Commitments to purchase property, plant, and equipment | 36,500,000 | ||
Construction In Process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant, and equipment | 100,226,546 | $ 78,806,762 | |
Rollo Bay Farm And Fortune Bay Hatchery [Member] | Construction In Process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant, and equipment | 3,400,000 | ||
Indiana Farm [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant, and equipment | 1,200,000 | ||
10,000 metric ton salmon farm, Ohio [Member] | Construction In Process [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant, and equipment | $ 95,600,000 |
Property, Plant and Equipment_3
Property, Plant and Equipment (Schedule of Property, Plant and Equipment) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 136,536,556 | $ 114,935,574 |
Less accumulated depreciation and amortization | (9,178,894) | (8,649,388) |
Property, plant and equipment, net | 127,357,662 | 106,286,186 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 2,968,937 | 2,968,561 |
Building And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 15,605,291 | 15,535,904 |
Construction In Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 100,226,546 | 78,806,762 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 17,358,133 | 17,259,301 |
Office Furniture And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 271,449 | 258,972 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 106,200 | $ 106,074 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | 1 Months Ended | 3 Months Ended | |||||
Sep. 30, 2020 USD ($) | Sep. 30, 2020 CAD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 28, 2023 USD ($) | Mar. 28, 2023 CAD ($) | Aug. 31, 2020 USD ($) | |
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of debt | $ 394,156 | ||||||
DFO Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount borrowed | $ 394,156 | $ 539,718 | |||||
Maturity date | Jan 2034 | ||||||
Interest rate | 0% | ||||||
Interest expense | $ 66,000 | $ 75,000 | |||||
ACOA Term Loan #3 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity date | Dec 2025 | ||||||
Interest rate | 0% | ||||||
First Farmers Bank & Trust Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity date | Oct 2028 | ||||||
Interest rate | 5.375% | ||||||
Secured Debt [Member] | First Farmers Bank & Trust Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Amount borrowed | $ 4,000,000 | ||||||
Canadian Subsidiary [Member] | Secured Debt [Member] | DFO Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of debt | $ 1,400,000 | $ 1,900,000 |
Debt (Terms and Conditions of L
Debt (Terms and Conditions of Long-term Debt Outstanding) (Details) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Total | $ 8,952,118 | $ 8,725,405 | |
less: debt issuance costs | (48,232) | (52,065) | |
less: current portion | (2,377,781) | (2,387,231) | |
Long-term debt, net | $ 6,526,105 | 6,286,109 | |
ACOA AIF Grant [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0% | ||
Maturity date | - | - | |
Total | $ 2,122,348 | 2,119,476 | |
ACOA Term Loan #1 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0% | ||
Monthly repayment | $ 3,120 | ||
Maturity date | Feb 2027 | Feb 2027 | |
Total | $ 108,397 | 115,158 | |
ACOA Term Loan #2 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0% | ||
Monthly repayment | $ 4,630 | ||
Maturity date | Sep 2029 | Sep 2029 | |
Total | $ 266,853 | 276,743 | |
ACOA Term Loan #3 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0% | ||
Monthly repayment | $ 6,945 | ||
Maturity date | Dec 2025 | Dec 2025 | |
Total | $ 169,353 | 184,500 | |
Kubota Canada Ltd [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0% | ||
Monthly repayment | $ 1,142 | ||
Maturity date | Jan 2025 | Jan 2025 | |
Total | $ 18,573 | 21,077 | |
DFO Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 0% | ||
Monthly repayment | $ 16,865 | ||
Maturity date | Jan 2034 | Jan 2034 | |
Total | $ 1,254,896 | 854,885 | |
PEI Finance Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 4% | ||
Monthly repayment | $ 16,313 | ||
Maturity date | Nov 2023 | Nov 2023 | |
Total | $ 1,736,008 | 1,752,547 | |
First Farmers Bank & Trust Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 5.375% | ||
Monthly repayment | $ 56,832 | ||
Maturity date | Oct 2028 | Oct 2028 | |
Total | $ 3,275,690 | $ 3,401,019 |
Debt (Principal Payments Due on
Debt (Principal Payments Due on Long-term Debt) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Estimated principal payments remaining on debt outstanding | ||
2023 remaining | $ 2,225,269 | |
2024 | 732,763 | |
2025 | 830,977 | |
2026 | 800,284 | |
2027 | 810,753 | |
Thereafter | 3,552,072 | |
Total | $ 8,952,118 | $ 8,725,405 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Lease expense | $ 22 | $ 21 |
Weighted average remaining lease term | 26 years | |
Lease payment | $ 26 | $ 25 |
Leases (Operating Lease Obligat
Leases (Operating Lease Obligations And Remaining Payments) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Lease Obligations [Abstract] | ||
Lease Liability | $ 206,734 | $ 224,058 |
Lease Liability - Less: current portion | (4,631) | (20,831) |
Lease Liability - Long-term leases | $ 202,103 | $ 203,227 |
Leases (Remaining Payments Unde
Leases (Remaining Payments Under Leases) (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 remaining | $ 12,729 | |
2024 | 17,481 | |
2025 | 18,006 | |
2026 | 18,546 | |
2027 | 19,103 | |
Thereafter | 564,225 | |
Total lease payments | 650,090 | |
Less: imputed interest | (443,356) | |
Total operating lease liabilities | $ 206,734 | $ 224,058 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Stockholders' Equity | |||
Intrinsic value of exercisable options | $ 0 | $ 0 | |
Share-based compensation | $ 196,641 | $ 211,328 | |
Class of Warrant or Right, Outstanding | 0 | 418,441 | |
Restricted Stock [Member] | |||
Stockholders' Equity | |||
Granted | 452,087 | ||
Share-based compensation expense | $ 155,000 | 168,000 | |
Unearned share-based compensation expense in future periods | $ 130,000 | ||
Unearned share-based compensation earn period | 2 years | ||
Stock Options [Member] | |||
Stockholders' Equity | |||
Unearned share-based compensation expense in future periods | $ 192,000 | ||
Unearned share-based compensation earn period | 2 years 2 months 12 days | ||
Intrinsic value of options outstanding | $ 0 | $ 0 | |
Share-based compensation | $ 41,000 | $ 43,000 | |
Share-based Compensation | |||
Exercisable term | 10 years | ||
Employees, members of the Board of Directors, and non-employees [Member] | |||
Stockholders' Equity | |||
Granted | 0 | ||
Minimum [Member] | Stock Options [Member] | |||
Share-based Compensation | |||
Award vesting period | 1 year | ||
Maximum [Member] | Stock Options [Member] | |||
Share-based Compensation | |||
Award vesting period | 3 years | ||
2006 Equity Incentive Plan [Member] | |||
Stockholders' Equity | |||
Common stock reserved for future issuances (in shares) | 840,110 | ||
2016 Equity Incentive Plan, Additional Grants [Member] | |||
Stockholders' Equity | |||
Common stock reserved for future issuances (in shares) | 533 | ||
2016 Equity Incentive Plan [Member] | |||
Stockholders' Equity | |||
Common stock reserved for future issuances (in shares) | 403,232 | ||
Common Stock [Member] | Warrants [Member] | |||
Stockholders' Equity | |||
Expiration date | Jan. 17, 2023 |
Stockholders' Equity (Restricte
Stockholders' Equity (Restricted Stock Activity) (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Shares | |
Beginning balance | shares | 199,454 |
Granted | shares | 452,087 |
Vested | shares | (248,047) |
Ending balance | shares | 403,494 |
Weighted average grant date fair value | |
Beginning balance | $ / shares | $ 1.86 |
Granted | $ / shares | 0.65 |
Vested | $ / shares | 1.28 |
Ending balance | $ / shares | $ 0.87 |
Stockholders' Equity (Stock Opt
Stockholders' Equity (Stock Option Activity) (Details) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Number of options | |
Outstanding, beginning balance | shares | 840,110 |
Issued | shares | |
Exercised | shares | |
Outstanding, ending balance | shares | 840,110 |
Exercisable | shares | 705,942 |
Weighted average exercise price | |
Outstanding, beginning balance | $ / shares | $ 3.58 |
Issued | $ / shares | |
Exercised | $ / shares | |
Outstanding, ending balance | $ / shares | 3.58 |
Exercisable | $ / shares | $ 3.90 |
Stockholders' Equity (Informati
Stockholders' Equity (Information About Options Outstanding and Exercisable) (Details) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding | 840,110 |
Number of options exercisable | 705,942 |
$1.49 - $2.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding | 715,985 |
Weighted average remaining estimated life (in years) | 6 years 10 months 24 days |
Number of options exercisable | 591,820 |
$5.44 - $6.72 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding | 45,235 |
Weighted average remaining estimated life (in years) | 7 years 3 months 18 days |
Number of options exercisable | 35,232 |
$7.50 - $10.80 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding | 12,303 |
Weighted average remaining estimated life (in years) | 8 months 12 days |
Number of options exercisable | 12,303 |
$14.20 - $23.40 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of options outstanding | 66,587 |
Weighted average remaining estimated life (in years) | 3 years |
Number of options exercisable | 66,587 |
Minimum [Member] | $1.49 - $2.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | $ 1.49 |
Minimum [Member] | $5.44 - $6.72 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 5.44 |
Minimum [Member] | $7.50 - $10.80 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 7.50 |
Minimum [Member] | $14.20 - $23.40 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 14.20 |
Maximum [Member] | $1.49 - $2.50 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 2.50 |
Maximum [Member] | $5.44 - $6.72 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 6.72 |
Maximum [Member] | $7.50 - $10.80 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | 10.80 |
Maximum [Member] | $14.20 - $23.40 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Weighted average exercise price of outstanding options | $ / shares | $ 23.40 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2023 | |
Tax Credit Carryforward [Line Items] | ||
Unrecognized income tax benefits | $ 0 | |
Income Tax Expense (Benefit) | $ 0 | |
Forecast [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Effective tax rate | 0% |