Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | SeqLL, Inc. | |
Trading Symbol | SQL | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 11,886,379 | |
Amendment Flag | false | |
Entity Central Index Key | 0001605888 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-150332 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-5319744 | |
Entity Address, Address Line One | 317 New Boston Street | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Boston | |
Entity Address, Country | MA | |
Entity Address, Postal Zip Code | 01801 | |
City Area Code | 781 | |
Local Phone Number | 460-6016 | |
Title of 12(b) Security | Common Stock, par value $.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 11,306,685 | |
Accounts receivable, net | 30,739 | 30,714 |
Other receivables | 34,964 | 108,815 |
Inventory | 208,715 | 203,011 |
Prepaid expenses | 270,150 | |
Total current assets | 11,851,253 | 342,540 |
Other assets | ||
Property and equipment, net | 277,948 | 337,241 |
Other assets | 14,262 | 14,262 |
Total assets | 12,143,463 | 694,043 |
Current liabilities | ||
Accounts payable | 836,155 | 861,840 |
Accrued expenses | 197,836 | 123,639 |
Loan payable – related party | 26,000 | |
Total current liabilities | 1,033,991 | 1,011,479 |
Non-current liabilities | ||
Non-convertible promissory notes | 1,645,000 | 2,431,730 |
Convertible notes | 1,105,000 | |
Total non-current liabilities | 1,645,000 | 3,536,730 |
Total liabilities | 2,678,991 | 4,548,209 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity (deficit) | ||
Preferred stock, $0.00001 par value; 20,000,000 shares authorized; 0 and 5,791,665 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 58 | |
Common stock, $0.00001 par value; 80,000,000 shares authorized; 11,886,379 and 4,864,862 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 119 | 49 |
Additional paid-in capital | 22,481,066 | 6,856,020 |
Accumulated deficit | (13,016,713) | (10,710,293) |
Total stockholders’ equity (deficit) | 9,464,472 | (3,854,166) |
Total liabilities and stockholders’ equity (deficit) | $ 12,143,463 | $ 694,043 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 5,791,665 |
Preferred stock, shares outstanding | 0 | 5,791,665 |
Common stock, par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 11,886,379 | 4,864,862 |
Common stock, shares outstanding | 11,886,379 | 4,864,862 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Sales | $ 15,937 | $ 48,021 | $ 41,838 | |
Grant revenue | 34,964 | 85,577 | 127,009 | 170,092 |
Total revenue | 50,901 | 85,577 | 175,030 | 211,930 |
Cost of sales | 4,049 | 44,792 | 97,000 | |
Gross profit | 46,852 | 85,577 | 130,238 | 114,930 |
Operating expenses | ||||
Research and development | 90,658 | 30,368 | 133,074 | 279,308 |
General and administrative | 360,944 | 171,484 | 1,173,565 | 706,337 |
Total operating expenses | 451,602 | 201,852 | 1,306,639 | 985,645 |
Operating loss | (404,750) | (116,275) | (1,176,401) | (870,715) |
Other (income) and expenses | ||||
Other income | (93) | (190,193) | (191,566) | |
Change in fair value of convertible notes | 193,776 | 195,962 | ||
Loss on extinguishment of convertible notes | 934,257 | |||
Interest expense, net | 41,066 | 72,768 | 189,993 | 211,927 |
Net loss | $ (639,499) | $ (189,043) | $ (2,306,420) | $ (891,076) |
Net loss per share – basic and diluted (in Dollars per share) | $ (0.09) | $ (0.04) | $ (0.41) | $ (0.18) |
Weighted average common shares – basic and diluted (in Shares) | 7,171,232 | 4,864,862 | 5,642,100 | 4,864,862 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders’ Equity Deficit (Unaudited) - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2019 | $ 58 | $ 49 | $ 6,835,810 | $ (9,664,940) | $ (2,829,023) |
Balance (in Shares) at Dec. 31, 2019 | 5,791,665 | 4,864,862 | |||
Balance at Mar. 31, 2020 | $ 58 | $ 49 | 6,842,701 | (10,211,811) | (3,369,003) |
Balance (in Shares) at Mar. 31, 2020 | 5,791,665 | 4,864,862 | |||
Stock-based compensation expense | 6,891 | 6,891 | |||
Net loss | (546,871) | (546,871) | |||
Balance at Jun. 30, 2020 | $ 58 | $ 49 | 6,847,660 | (10,366,973) | (3,519,206) |
Balance (in Shares) at Jun. 30, 2020 | 5,791,665 | 4,864,862 | |||
Stock-based compensation expense | 4,959 | 4,959 | |||
Net loss | (155,162) | (155,162) | |||
Balance at Sep. 30, 2020 | $ 58 | $ 49 | 6,854,733 | (10,556,016) | (3,701,176) |
Balance (in Shares) at Sep. 30, 2020 | 5,791,665 | 4,864,862 | |||
Stock-based compensation expense | 7,073 | 7,073 | |||
Net loss | (189,043) | (189,043) | |||
Balance at Dec. 31, 2020 | $ 58 | $ 49 | 6,856,020 | (10,710,293) | (3,854,166) |
Balance (in Shares) at Dec. 31, 2020 | 5,791,665 | 4,864,862 | |||
Balance at Mar. 31, 2021 | $ 58 | $ 49 | 6,857,027 | (12,124,911) | (5,267,777) |
Balance (in Shares) at Mar. 31, 2021 | 5,791,665 | 4,864,862 | |||
Stock-based compensation expense | 1,007 | 1,007 | |||
Net loss | (1,414,618) | (1,414,618) | |||
Balance at Jun. 30, 2021 | $ 58 | $ 49 | 6,860,219 | (12,377,214) | (5,516,888) |
Balance (in Shares) at Jun. 30, 2021 | 5,791,665 | 4,864,862 | |||
Stock-based compensation expense | 3,192 | 3,192 | |||
Net loss | (252,303) | (252,303) | |||
Balance at Sep. 30, 2021 | $ 119 | 22,481,066 | (13,016,713) | 9,464,472 | |
Balance (in Shares) at Sep. 30, 2021 | 11,886,379 | ||||
Stock-based compensation expense | 214,745 | 214,745 | |||
Conversion of preferred stock into common stock | $ (58) | $ 31 | 27 | ||
Conversion of preferred stock into common stock (in Shares) | (5,791,665) | 3,130,622 | |||
Conversion of convertible notes into common stock | $ 6 | 3,222,300 | 3,222,306 | ||
Conversion of convertible notes into common stock (in Shares) | 641,895 | ||||
Issuance of Units in initial public offering, net of issuance costs of $3,198,462 | $ 31 | 11,453,614 | 11,453,645 | ||
Issuance of Units in initial public offering, net of issuance costs of $3,198,462 (in Shares) | 3,060,000 | ||||
Issuance of common stock to underwriters in initial public offering, net of issuance costs of $71,199 | $ 2 | $ 730,161 | 730,163 | ||
Issuance of common stock to underwriters in initial public offering, net of issuance costs of $71,199 (in Shares) | 189,000 | ||||
Net loss | $ (639,499) | $ (639,499) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders’ Equity Deficit (Unaudited) (Parentheticals) | 3 Months Ended |
Sep. 30, 2021USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Initial public offering net of issuance costs | $ 1,555,976 |
Underwriters initial public offering net of issuance costs | $ 71,199 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net loss | $ (2,306,420) | $ (891,076) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 64,543 | 83,598 |
Loss on extinguishment of convertible notes | 934,257 | |
Stock-based compensation | 218,944 | 18,923 |
Change in fair value of convertible notes | 195,962 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (25) | (5,653) |
Other receivables | 73,851 | 80,969 |
Prepaid expenses | (270,150) | 2,354 |
Inventory | (5,704) | 81,178 |
Accounts payable | (94,674) | 9,448 |
Accrued expenses | 166,445 | 234,396 |
Deferred revenue | (25,000) | |
Net cash used in operating activities | (1,022,971) | (410,863) |
Cash Flows from Investing Activities | ||
Purchase of equipment | (5,250) | |
Cash Flows from Financing Activities | ||
Proceeds from issuance of units, gross | 13,009,621 | |
Proceeds from issuance of common stock to underwriters, gross | 801,362 | |
Payment for issuance costs of units and common stock | (1,558,193) | |
Proceeds from issuance of non-convertible promissory notes | 415,000 | |
Proceeds from issuance of convertible notes | 250,000 | |
Settlement of convertible notes | (141,884) | |
Proceeds from loan payable – related party | 140,000 | |
Payment of loan payable – related party | (166,000) | (10,000) |
Net cash provided by financing activities | 12,334,906 | 405,000 |
Net change in cash and cash equivalents | 11,306,685 | (5,863) |
Cash and cash equivalents, beginning of period | 5,863 | |
Cash and cash equivalents, end of period | 11,306,685 | |
Supplemental disclosure of cash flow information and non-cash financing transactions | ||
Conversion of notes at initial public offering into common stock | 3,222,206 | |
Issuance costs in accounts payable | 68,982 | |
Fair value of warrants for common stock issued to underwriters | 1,647,076 | |
Conversion of preferred stock par value to common stock and additional paid-in capital | $ 58 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations and Basis of Presentation | Note 1 — Nature of Operations and Basis of Presentation SeqLL Inc. (the “Company” or “SeqLL”) was incorporated as a Delaware corporation on April 3, 2014. On April 8, 2014, SeqLL acquired a 100% ownership interest in SeqLL, LLC (“Subsidiary”), a domestic limited liability company formed on March 11, 2013 in the State of Massachusetts. SeqLL is a holding company of the Subsidiary and is a life sciences company focused on the development and application of innovative genetic analysis technologies and the monetization of that technology and related intellectual property. The Subsidiary purchased technology to enable the rapid analysis of large volumes of genetic material by directly sequencing single molecules of DNA or RNA. The Subsidiary’s principal office is located in Woburn, Massachusetts. Initial Public Offering On August 31, 2021, the Company completed its initial public offering (“IPO”) whereby it sold 3,060,000 units, each unit consisting of one share of the Company’s common stock and a warrant to purchase one share of common stock at an exercise price of $4.25 per share (the “Warrants”),at a price to the public of $4.25 per share. The gross proceeds from the IPO were approximately $13 million and were offset by $3.2 million in offering costs, of which $1.6 million was paid in cash and $1.6 million was issued in warrants issued to Maxim Group LLC (“Underwriter”) (see Note 9). In connection with the IPO, all of the outstanding shares of the Company’s convertible preferred stock automatically converted into 3,130,622 shares of common stock (see Note 8). Additionally, the outstanding convertible notes converted into 641,895 shares of common stock (see Note 7). Pursuant to the Underwriting Agreement, the Company granted the Underwriter a 45-day option to purchase up to 459,000 additional shares of common stock, and/or 459,000 additional Warrants, to cover over-allotments in connection with the Offering. The Underwriter partially exercised this option and purchased 459,000 Warrants on August 31, 2021 at $0.01 per Warrant. On September 29, 2021, the Company issued 189,000 shares of common stock to the underwriters at a price of $4.24 per share from the partial exercise of the overallotment option, raising the net proceeds of approximately $730,000, net of offering costs. On August 31, 2021 and September 29, 2021, the Company also issued to the Underwriter warrants to purchase up to a total of 162,450 shares of common stock at an exercise price of $4.675 per share (“Underwriter Warrants”). Risks and Uncertainties The Company is subject to a number of risks similar to other companies in its industries, including rapid technological change, competition from larger pharmaceutical and biotechnology companies and dependence on key personnel. The extent of the impact of the COVID-19 pandemic on the Company’s business continues to be highly uncertain and difficult to predict, as the responses that the Company, other businesses and governments are taking continue to evolve. Furthermore, capital markets and economies worldwide have also been negatively impacted by the COVID-19 pandemic, and it is possible that it could cause a lasting national and/or global economic recession. Policymakers around the globe have responded with fiscal policy actions to support the healthcare industry and economy as a whole. The magnitude and overall effectiveness of these actions remain uncertain. The severity of the impact of the COVID-19 pandemic on the Company’s business will depend on a number of factors, including, but not limited to, the duration and severity of the pandemic and the extent and severity of the impact on the Company’s service providers, suppliers, contract research organizations and the Company’s clinical trials, all of which are uncertain and cannot be predicted. During the past year, the COVID-19 pandemic has adversely affected the Company’s sales and results of operations and may continue to adversely affect its business. The extent to which the COVID-19 pandemic may in the future materially impact the Company’s financial condition, liquidity or results of operations is uncertain. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, SeqLL, LLC. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s condensed consolidated financial position as of September 30, 2021 and its results of operations and cash flows for the three- and nine-month periods ended September 30, 2021, and are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 filed with the Securities and Exchange Commission. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 — Significant Accounting Policies During the nine months ended September 30, 2021, there were no changes to the significant accounting policies as described in the Company’s audited consolidated financial statements for the year ended December 31, 2020. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates include, but are not limited to stock-based compensation expense, research and development accruals, fair value of common stock and warrants and loss on extinguishment of notes. Actual results could differ from those estimates and changes in estimates may occur. Inventory Inventory consists of finished goods, work-in-process and raw materials and is valued at the lower of cost or net realizable value, determined by the first-in, first-out (“FIFO”) method. As the Company manufactures the finished goods and work-in-process materials, overhead costs are included in inventory. The Company evaluates the carrying cost of finished goods, work-in-process and raw materials items. To the extent that such costs exceed future demand estimates and/or exhibit historical turnover at rates less than current inventory levels, the Company reduces the carrying value of the applicable inventories. Inventory consisted of the following: September 30, December 31, Raw materials $ 65,053 $ 59,416 Work in process 143,662 143,595 Total inventory $ 208,715 $ 203,011 Revenue Recognition The Company’s revenue is generated primarily from the sale of products and research services. Product revenue primarily consists of sales of genetic sequencing equipment and sequencing reagent kits. Research service revenue primarily consists of revenue generated from gene sequencing services and grants. The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes revenue when control of its products and services is transferred to its customers in an amount that reflects the consideration the Company expects to receive from its customers in exchange for those products and services. To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of ASC 606, the Company performs a five-step process. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when (or as) the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. The Company only applies the five-step process to contracts when it is probable that the entity will collect consideration it expects to be entitled to in exchange for the goods or services it transfers to the customer. The Company evaluates contingent payments to estimate the amount which is not probable of a material reversal to include in the transaction price using the most likely amount method. Future payments that are not within the Company’s control are not considered probable of being achieved until the contingencies are resolved. Revenue from product sales, including customized sequencing instruments, sequencing reagent kits and off-the-shelf consumables, is recognized generally upon delivery, which is when control of the product is deemed to be transferred. Revenue from gene sequencing services, using the tSMS platform, is recognized generally as the services are provided to the customer. The components of the sequencing process, including reagent kits and off-the-shelf consumables, sample loader and sequencer, are not distinct within the context of the gene sequencing service contract. This is because in a gene sequencing service contract the reagent kits and other components, such as off-the-shelf consumables, used in the sequencing process, become required inputs to achieve the specified gene sequencing analysis, and the components in the sequencing process are sequential in nature and highly-interrelated as they work together to generate sample-specific data. The Company has elected to exclude sales tax from revenue. The Company generally has no obligations for returns, refunds and other similar obligations and does not provide separate equipment warranties. For the three months ended September 30, 2021 and 2020, the Company did not recognize any revenue from gene sequencing services. The Company recognized $15,937 and $0 in revenue from product sales for the three months ended September 30, 2021 and 2020, respectively. The Company recognized $16,484 and $41,838 in revenue from gene sequencing services for the nine months ended September 30, 2021 and 2020, respectively. The Company recognized $31,537, and $0 in revenue from product sales for the nine months ended September 30, 2021 and 2020, respectively. Grant Revenue The Company’s grant revenues are derived from research programs by various departments of the National Institute of Health (NIH Grants). The Company recognizes NIH Grants revenue as reimbursable grant costs are incurred up to pre-approved award limits within the budget period. The costs associated with these reimbursements are reflected as a component of research and development expense in the accompanying consolidated statements of operations. In the three months ended September 30, 2021, the Company earned grant revenue of $34,964 and $85,577, respectively. In the nine months ended September 30, 2021 and 2020, the Company earned grant revenue of $127,009 and $170,092, respectively. Research and Development Expenses The Company expenses all research and development costs as incurred. Included in research and development costs are wages, stock-based compensation and benefits of employees and other operational costs related to the Company’s research and development activities, including facility-related expenses and external costs of outside contractors engaged by the Company. Segments The Company operates in a single business segment that includes the design, development and manufacturing of genetic analysis technologies. Derivative Instruments The Company issued warrants to its investors and accounts for warrant instruments as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and applicable authoritative guidance in ASC 480 and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification under ASC 718 and ASC 815-40, including whether the warrants are indexed to the Company’s own stock and whether the holders of the warrants could potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions for equity classification. At the IPO Date, the Warrants and Underwriter Warrants (see Note 9) were accounted for as equity as these instruments meet all of the requirements for equity classification under ASC 815-40 and ASC 718. Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, convertible promissory notes, stock options outstanding under the Company’s stock option plan and warrants. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive. The following potential common shares were not considered in the computation of diluted net loss per share as their effect would have been antidilutive: Nine Months Ended September 30, 2021 2020 Convertible preferred stock - 5,791,665 Convertible promissory notes - 408,291 Stock options for common stock 818,915 832,428 Warrants for common stock 4,393,396 596,396 Recently Issued Accounting Pronouncements There have been no new accounting pronouncements or changes to accounting pronouncements that could be expected to materially impact the Company’s unaudited condensed consolidated financial statements during the nine months ended September 30, 2021, as compared to the recent accounting pronouncements described in Note 2 of the Company’s audited financial statements as of and for the year ended December 31, 2020, which are included in the Prospectus. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities And Other Liabilities [Abstract] | |
Accrued Expenses | Note 3 — Accrued Expenses Accrued expenses consist of the following: September 30, December 31, 2020 Accrued interest $ 197,836 $ 100,031 Other - 23,608 $ 197,836 $ 123,639 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4 – Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and requires disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. There were no assets or liabilities measured at fair value at September 30, 2021 and December 31, 2020. The table below presents the changes in Level 3 liabilities measured at fair value on a recurring basis (See Note 7). Convertible Notes Balance at December 31, 2020 $ - Issuance of Amended Notes (Note 7) 3,168,236 Change in fair value of convertible notes 195,962 Fair value of convertible notes at IPO date (3,364,198 ) Balance at September 30, 2021 $ - At the IPO date, the Amended Notes were converted into 641,895 shares of common stock (see Note 7). The interest expense of $89,239 for the period between the date of the Conversion Agreements related to the Amended Notes (see Note 7) and September 30, 2021 is included in the change in fair value of the Amended Notes. There are no assets measured at fair value on a recurring basis, nor are there assets or liabilities measured at fair value on a non-recurring basis during the nine months ended September 30, 2021 and 2020. |
Stock Option Plan
Stock Option Plan | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Plan | Note 5 — Stock Option Plan The Company’s 2014 Equity Incentive Plan (the “2014 Plan”) permits the grant of options for its common stock and shares of common stock to its employees, board members and consultants for up to 3,500,000 shares. As of September 30, 2021, there were 2,681,085 shares available for future issuance under the 2014 Plan. Generally, option awards are granted with an exercise price equal to the fair value of the Company’s stock at the date of grant and vest over a period of four years. No option may have a term in excess of ten years from the option grant date. Share awards generally vest over a period of four years. Certain option and share awards provide for accelerated vesting if there is a change in control (as defined by the 2014 Plan). No option awards were granted during the nine months ended September 30, 2021. The stock option activity for the nine months ended September 30, 2021 is as follows: Number of Options Weighted- Average Exercise Price per Share Weighted Average Remaining Contractual Term (in Years) Outstanding as of December 31, 2020 818,915 $ 1.77 6.52 Granted - - - Exercised - - - Cancelled/Forfeited - - - Outstanding and expected to vest as of September 30, 2021 818,915 $ 1.77 5.77 Exercisable at September 30, 2021 818,080 $ 1.77 5.77 During the three months ended September 30, 2021 and 2020, the Company recorded $214,745 and $7,073 of stock-based compensation, respectively. During the nine months ended September 30, 2021 and 2020, the Company recorded $218,944 and $18,923 of stock-based compensation, respectively. As of September 30, 2021, there was approximately $3,300 of unrecognized compensation expense related to unvested share-based compensation awards, which will be recognized over a weighted average period of approximately one year. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 — Related Party Transactions As of September 30, 2021 and December 31, 2020, the outstanding amount due to Daniel Jones, the Company’s Chief Executive Officer, was $0 and $26,000 relating to a series of non-interest-bearing demand loans to us. The loans totaling $26,000 were repaid during the nine months ended September 30, 2021 with a portion of the net proceeds from the IPO. Daniel Jones also made non-interest bearing demand loans to the Company in the amounts of $90,000 and $50,000 on July 30, 2021 and August 20, 2021, respectively. Both loans were repaid in full with proceeds from the IPO. At September 30, 2021 and December 31, 2020, the Company had the following outstanding payables to its preferred shareholders for past services: September 30, December 31, Floral Finance $ 9,849 $ 9,849 Genomic Diagnostic Technologies 16,675 16,675 St. Laurent Institute 107,049 113,954 St. Laurent Realty, Inc. 27,913 27,913 Stonemill Center 16,627 16,627 William St. Laurent 15,415 15,415 Total related party payables $ 193,528 $ 200,433 William C. St. Laurent, a former member of the Company’s board of directors, relatives of Mr. St. Laurent and entities controlled by the St. Laurent family are controlling shareholders of the Company. These entities are all St. Laurent family-owned entities and are therefore related parties: Genomic Diagnostic Technologies assisted the Company by providing corporate accounting support and preparation of its audited financial statements of 2018 and 2017; St. Laurent Institute, a 501C-3 company, has a bioinformatics team that did work for the Company when it needed bioinformatics specialist support in providing certain sequencing services; St. Realty, Inc. assisted the Company by providing corporate accounting support and preparation of its audited financial statements of 2018 and 2017 before Genomic Diagnostic Technologies took over this role; Stonemill Center assisted the Company by paying for certain out of pocket expenses incurred by William C. St. Laurent in his former role as Chairman of the Board for the Company; and William C. St. Laurent as the former Chairman of the Board accrued Director’s compensation that has not been paid by the Company. The Company issued the convertible notes and promissory notes to the related parties (see Note 7). |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 7 — Notes Payable During the nine months ended September 30, 2021, the Company issued senior secured convertible promissory notes to investors (“Convertible Notes”, hereafter “Amended Notes” after the amendment in March 2021), for total proceeds of $250,000. The Convertible Notes accrued interest at 10% per annum, matured at the earlier of 24 months from issuance or the Company’s next qualified equity offering of a minimum of $7.5 million, and were convertible at $3.75 per share. In connection with these Convertible Notes, the Company issued warrants to purchase the number of common shares equal to 100% of the total amount of shares issuable to the noteholders upon conversion of these Convertible Notes (77,330 shares) at the exercise price equal to $4.10 per share and additional common stock purchase warrants as a placement fee to purchase a number of shares of common stock equal to 8% of the total amount of potential new shares issued to investors (800 shares). The grant-date fair values of these warrants were immaterial. On February 3, 2021, the preferred stockholder and the holder of $2,910,710 in the Convertible Notes and Promissory Notes of the Company granted the Company an extension on all their notes to be repaid on or before July 31, 2022. This amendment was accounted for on a prospective basis under the troubled debt restructuring guidance. During March 2021, the Company entered into a series of agreements with the noteholders to automatically convert $786,730 in outstanding Promissory Notes and $1,305,000 in Convertible Notes (“Amended Notes”), to common stock upon the closing of the IPO (“Conversion Agreements”), of which $1,552,683 is held by St. Laurent Investments, LLC and its affiliates. Under the terms of the Conversion Agreements, $826,020 and $1,265,710 in Amended Notes were converted at the closing of the IPO based on the $3.75 and $3.10 conversion prices, respectively. Since the automatic conversion may result in a material benefit to the noteholders, this amendment was deemed substantive and was accounted for as an extinguishment of debt. Accordingly, the Company recognized a loss on extinguishment of debt totaling $934,257 in the consolidated statement of operations in March 2021, which represents the excess of the fair value of the Amended Notes totaling $3,118,235 over their carrying value of $2,183,978. The fair value of the Amended Notes was estimated using probability weighted expected payouts under various settlement scenarios, discounted to their present value based on the estimated effective rate of return. On April 29, 2021, the Company entered into an agreement with a noteholder to automatically convert an additional $50,000 in outstanding Amended Notes, including any accrued interest, to common stock upon the closing of the IPO at the conversion price of $3.75 per share. The Company elected the option to account for the Amended Notes at fair value, with the changes in fair value recognized in the statement of operations. At the IPO date, the Amended Notes automatically converted based on their original terms into 641,895 shares of common stock. The fair value of the Amended Notes of $3,364,198 immediately prior to the conversion, less $141,884 cash payment related to the accrued interest, was reclassified into the additional paid in capital on the condensed consolidated balance sheet. The fair value of the Amended Notes at the conversion date was estimated based on the fair value of the common stock issued upon the conversion. The Company recognized a loss from the change in fair value of the Amended Notes between the end of the preceding quarterly period and their conversion at the IPO date of $193,776 during the three-month period ended September 30, 2021. The Company recognized $195,962 in the accounting loss due to the change in fair value of the Amended Notes between the amendment date and their conversion at the IPO date. For the three months ended September 30, 2021 and 2020, interest expense was $41,066 and $72,768, respectively. For the nine months ended September 30, 2021 and 2020, interest expense was $189,993 and $211,927, respectively. |
Preferred Stock
Preferred Stock | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Preferred Stock | Note 8 — Preferred Stock The Company had outstanding preferred stock as of December 31, 2020, as follows: Shares Shares Issuance Series A-1 Convertible Preferred Stock 3,125,000 $ 0.32 Series A-2 Convertible Preferred Stock 2,666,665 $ 1.68 Series A Preferred stock 20,000,000 5,791,665 The Series A-1 Preferred Stock (“Series A-1”) and Series A-2 Preferred Stock (“Series A-2”) collectively the “Preferred Stock”, could be converted at any time at the election of the holder into common stock at an initial conversion price determined by dividing the Series A-1 original issue price of $0.59, as amended, by the Series A-1 conversion price of $0.59; and the Series A-2 original issue price of $3.10, as amended, by the Series A-2 conversion price of $3.10; both were subject to adjustment for stock splits, stock combinations and the like, and to a weighted-average adjustment for future issuances of common stock, warrants or rights to purchase common stock or securities convertible into common stock for a consideration per share that is less than the then-applicable conversion price, subject to certain exceptions listed in the Charter. The Preferred Stock was subject to automatic conversion upon (i) the closing of an initial public offering of the common stock at a price per share equal to at least $9.25 (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalization or the like) in an underwritten public offering in which the Company raised gross proceeds of at least $10 million or (ii) the consent of holders of at least a majority of the then-outstanding shares of Preferred Stock voting together as a single class. In connection with the IPO, all of the outstanding shares of the Company’s convertible preferred stock automatically converted into 3,130,622 shares of common stock. |
Common Stock Warrants
Common Stock Warrants | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Common Stock Warrants | Note 9 — Common Stock Warrants On March 16, 2021 the Company made a down payment to ShareIntel-Shareholder Intelligence Services, LLC for anticipated services connected to the Company’s planned offering, which was in the form of issuing 9,865 warrants to purchase common stock at $4.10 per share, with an expiration date of June 30, 2024. The warrants are exercisable starting at their issuance dates. As of September 30, 2021, the weighted average exercise price of warrants outstanding was $2.65 per share. The warrants were accounted as equity based on the US GAAP guidance applicable to the instruments indexed to an entity’s own stock. On August 31, 2021, the Company sold an aggregate of 3,060,000 units at a price to the public of $4.25 per unit, each unit consisting of one share of the Company’s common stock and a Warrant to purchase one share of common stock at an exercise price of $4.25 per share. In addition, pursuant to the Underwriting Agreement, the Company granted the Underwriter a 45-day option to purchase up to 459,000 additional shares of common stock, and/or 459,000 additional Warrants, to cover over-allotments in connection with the Offering. The Underwriter partially exercised this option and purchased 459,000 Warrants on the closing date at $0.01 per Warrant, for the total proceeds of $4,590. The Warrants are exercisable at any time from the issuance date at $4.25 for common stock shares and have a five year term. The Warrants may be exercised for cash or through cashless exercise. The Company may redeem the outstanding Warrants, in whole and not in part, at $0.001 per warrant if, after thirteen months from the issuance date, (i) the daily volume weighted average price of the Common Stock for each of 10 consecutive trading days (Measurement Period) exceeds $12.75 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the issuance date), (ii) the average daily volume for such Measurement Period exceeds $1,000,000 per Trading Day and (iii) the holders of Warrants are not in possession of any information that constitutes, or might constitute, material non-public information which was provided by the Company, any of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates. Pursuant to the Underwriting Agreement, on August 31, 2021 and September 29, 2021, the Company also issued to the Underwriter warrants to purchase up to a total of 162,450 shares of common stock. The Underwriter warrants are exercisable at any time from the issuance date at $4.675 per share of common stock and have a term of five years through August 26, 2026. The total fair value of the Underwriter Warrants was $1,642,486 at the issuance date. The Company estimated the fair value of the warrants using the Black-Scholes option pricing model based on the following assumptions: Risk-free interest rate 0.77%-1.01% Expected life 5 years Dividend yield 0% Volatility 67% The following table summarizes information with regard to outstanding warrants to purchase common stock as of September 30, 2021. Issuance Date Number of Shares Issuable Upon Exercise of Outstanding Warrants Exercise Price Expiration Date 5/4/2017 3,860 $ 3.10 5/3/2022 6/14/2017 1,351 $ 3.10 6/13/2022 8/30/2018 3,088 $ 3.10 8/29/2023 9/30/2018 60,506 $ 3.10 9/29/2023 9/30/2018 486,486 $ 2.16 9/29/2023 10/17/2018 1,157 $ 3.10 10/16/2023 11/2/2018 964 $ 3.10 11/1/2023 11/9/2018 964 $ 3.10 11/8/2023 11/16/2018 964 $ 3.10 11/15/2023 11/29/2018 964 $ 3.10 11/28/2023 12/21/2018 964 $ 3.10 12/20/2023 12/27/2018 964 $ 3.10 12/26/2023 1/31/2019 1,930 $ 3.10 1/30/2024 2/7/2019 1,640 $ 3.10 2/6/2024 2/21/2019 1,640 $ 3.10 2/20/2024 3/20/2019 3,378 $ 3.10 3/18/2024 4/8/2019 1,930 $ 3.10 4/6/2024 11/19/2020 53,333 $ 4.10 11/19/2023 11/19/2020 8,533 $ 4.10 11/19/2023 1/8/2021 13,333 $ 4.10 6/30/2024 1/11/2021 26,666 $ 4.10 6/30/2024 2/13/2021 13,333 $ 4.10 6/30/2024 3/16/2021 10,665 $ 4.10 6/30/2024 3/16/2021 13,333 $ 4.10 6/30/2024 8/31/2021 3,519,000 $ 4.25 8/30/2026 8/31/2021 153,000 $ 4.675 8/30/2026 9/29/2021 9,450 $ 4.675 8/30/2026 4,393,396 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 — Commitments and Contingencies In November 2014, the Company entered an office space lease in Woburn, Massachusetts (the “Lease”), which is considered the Company’s corporate headquarters, which was extended through November 30, 2020, and then subsequently further on a month-to-month basis until a notice by either of the parties. This lease was accounted for as a short-term lease with the expense recognized on a straight-line basis over the lease term. The rent expense for this lease was $52,004 and $32,234 for the three months ended September 30, 2021 and 2020, respectively, and $143,970 and $140,257 for the nine months ended September 30, 2021 and 2020, respectively. |
Paycheck Protection Program
Paycheck Protection Program | 9 Months Ended |
Sep. 30, 2021 | |
Paycheck Protection Program [Abstract] | |
Paycheck Protection Program | Note 11 — Paycheck Protection Program On May 5, 2021, the Company applied for and received a loan for $190,100 in connection with the Paycheck Protection Program (“PPP”) pursuant to the CARES Act that was signed into law on March 27, 2020. The loan has a term of 5 years, is unsecured, and is guaranteed by the Small Business Administration. The loan bears interest at one percent per annum. Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (between 8 and 24 weeks). Some or all of the loan may be forgiven if at least 75% of the loan proceeds are used by the Company to cover payroll costs, including benefits, and if the Company maintains it. Employment and compensation within certain parameters during the period following the loan origination date and complies with other relevant conditions. The Company elected to account for the PPP loan as an in-substance government grant by applying the guidance in International Accounting Standard (IAS) 20, Accounting for Government Grants and Disclosure of Government Assistance, by analogy based on the assessment that it is probable that it will meet both (a) the eligibility criteria for a PPP loan, and (b) the loan forgiveness criteria for all or substantially all of the PPP loan. The other income for the nine months ended September 30, 2020 is related to the PPP loan received in 2020. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates include, but are not limited to stock-based compensation expense, research and development accruals, fair value of common stock and warrants and loss on extinguishment of notes. Actual results could differ from those estimates and changes in estimates may occur. |
Inventory | Inventory Inventory consists of finished goods, work-in-process and raw materials and is valued at the lower of cost or net realizable value, determined by the first-in, first-out (“FIFO”) method. As the Company manufactures the finished goods and work-in-process materials, overhead costs are included in inventory. The Company evaluates the carrying cost of finished goods, work-in-process and raw materials items. To the extent that such costs exceed future demand estimates and/or exhibit historical turnover at rates less than current inventory levels, the Company reduces the carrying value of the applicable inventories. Inventory consisted of the following: September 30, December 31, Raw materials $ 65,053 $ 59,416 Work in process 143,662 143,595 Total inventory $ 208,715 $ 203,011 |
Revenue Recognition | Revenue Recognition The Company’s revenue is generated primarily from the sale of products and research services. Product revenue primarily consists of sales of genetic sequencing equipment and sequencing reagent kits. Research service revenue primarily consists of revenue generated from gene sequencing services and grants. The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes revenue when control of its products and services is transferred to its customers in an amount that reflects the consideration the Company expects to receive from its customers in exchange for those products and services. To determine the appropriate amount of revenue to be recognized for arrangements determined to be within the scope of ASC 606, the Company performs a five-step process. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when (or as) the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. The Company only applies the five-step process to contracts when it is probable that the entity will collect consideration it expects to be entitled to in exchange for the goods or services it transfers to the customer. The Company evaluates contingent payments to estimate the amount which is not probable of a material reversal to include in the transaction price using the most likely amount method. Future payments that are not within the Company’s control are not considered probable of being achieved until the contingencies are resolved. Revenue from product sales, including customized sequencing instruments, sequencing reagent kits and off-the-shelf consumables, is recognized generally upon delivery, which is when control of the product is deemed to be transferred. Revenue from gene sequencing services, using the tSMS platform, is recognized generally as the services are provided to the customer. The components of the sequencing process, including reagent kits and off-the-shelf consumables, sample loader and sequencer, are not distinct within the context of the gene sequencing service contract. This is because in a gene sequencing service contract the reagent kits and other components, such as off-the-shelf consumables, used in the sequencing process, become required inputs to achieve the specified gene sequencing analysis, and the components in the sequencing process are sequential in nature and highly-interrelated as they work together to generate sample-specific data. The Company has elected to exclude sales tax from revenue. The Company generally has no obligations for returns, refunds and other similar obligations and does not provide separate equipment warranties. For the three months ended September 30, 2021 and 2020, the Company did not recognize any revenue from gene sequencing services. The Company recognized $15,937 and $0 in revenue from product sales for the three months ended September 30, 2021 and 2020, respectively. The Company recognized $16,484 and $41,838 in revenue from gene sequencing services for the nine months ended September 30, 2021 and 2020, respectively. The Company recognized $31,537, and $0 in revenue from product sales for the nine months ended September 30, 2021 and 2020, respectively. |
Grant Revenue | Grant Revenue The Company’s grant revenues are derived from research programs by various departments of the National Institute of Health (NIH Grants). The Company recognizes NIH Grants revenue as reimbursable grant costs are incurred up to pre-approved award limits within the budget period. The costs associated with these reimbursements are reflected as a component of research and development expense in the accompanying consolidated statements of operations. In the three months ended September 30, 2021, the Company earned grant revenue of $34,964 and $85,577, respectively. In the nine months ended September 30, 2021 and 2020, the Company earned grant revenue of $127,009 and $170,092, respectively. |
Research and Development Expenses | Research and Development Expenses The Company expenses all research and development costs as incurred. Included in research and development costs are wages, stock-based compensation and benefits of employees and other operational costs related to the Company’s research and development activities, including facility-related expenses and external costs of outside contractors engaged by the Company. |
Segments | Segments The Company operates in a single business segment that includes the design, development and manufacturing of genetic analysis technologies. |
Derivative Instruments | Derivative Instruments The Company issued warrants to its investors and accounts for warrant instruments as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and applicable authoritative guidance in ASC 480 and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification under ASC 718 and ASC 815-40, including whether the warrants are indexed to the Company’s own stock and whether the holders of the warrants could potentially require net cash settlement in a circumstance outside of the Company’s control, among other conditions for equity classification. At the IPO Date, the Warrants and Underwriter Warrants (see Note 9) were accounted for as equity as these instruments meet all of the requirements for equity classification under ASC 815-40 and ASC 718. |
Net Loss per Share | Net Loss per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, convertible promissory notes, stock options outstanding under the Company’s stock option plan and warrants. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive. The following potential common shares were not considered in the computation of diluted net loss per share as their effect would have been antidilutive: Nine Months Ended September 30, 2021 2020 Convertible preferred stock - 5,791,665 Convertible promissory notes - 408,291 Stock options for common stock 818,915 832,428 Warrants for common stock 4,393,396 596,396 |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Inventory | September 30, December 31, Raw materials $ 65,053 $ 59,416 Work in process 143,662 143,595 Total inventory $ 208,715 $ 203,011 |
Schedule of net loss per share | Nine Months Ended September 30, 2021 2020 Convertible preferred stock - 5,791,665 Convertible promissory notes - 408,291 Stock options for common stock 818,915 832,428 Warrants for common stock 4,393,396 596,396 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accrued Liabilities And Other Liabilities [Abstract] | |
Schedule of accrued expenses consist | September 30, December 31, 2020 Accrued interest $ 197,836 $ 100,031 Other - 23,608 $ 197,836 $ 123,639 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of changes in Level 3 liabilities measured at fair value | Convertible Notes Balance at December 31, 2020 $ - Issuance of Amended Notes (Note 7) 3,168,236 Change in fair value of convertible notes 195,962 Fair value of convertible notes at IPO date (3,364,198 ) Balance at September 30, 2021 $ - |
Stock Option Plan (Tables)
Stock Option Plan (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock option | Number of Options Weighted- Average Exercise Price per Share Weighted Average Remaining Contractual Term (in Years) Outstanding as of December 31, 2020 818,915 $ 1.77 6.52 Granted - - - Exercised - - - Cancelled/Forfeited - - - Outstanding and expected to vest as of September 30, 2021 818,915 $ 1.77 5.77 Exercisable at September 30, 2021 818,080 $ 1.77 5.77 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of outstanding payables | September 30, December 31, Floral Finance $ 9,849 $ 9,849 Genomic Diagnostic Technologies 16,675 16,675 St. Laurent Institute 107,049 113,954 St. Laurent Realty, Inc. 27,913 27,913 Stonemill Center 16,627 16,627 William St. Laurent 15,415 15,415 Total related party payables $ 193,528 $ 200,433 |
Preferred Stock (Tables)
Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of outstanding preferred stock | Shares Shares Issuance Series A-1 Convertible Preferred Stock 3,125,000 $ 0.32 Series A-2 Convertible Preferred Stock 2,666,665 $ 1.68 Series A Preferred stock 20,000,000 5,791,665 |
Common Stock Warrants (Tables)
Common Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of fair value of the warrants | Risk-free interest rate 0.77%-1.01% Expected life 5 years Dividend yield 0% Volatility 67% |
Schedule of outstanding warrants to purchase common stock | Issuance Date Number of Shares Issuable Upon Exercise of Outstanding Warrants Exercise Price Expiration Date 5/4/2017 3,860 $ 3.10 5/3/2022 6/14/2017 1,351 $ 3.10 6/13/2022 8/30/2018 3,088 $ 3.10 8/29/2023 9/30/2018 60,506 $ 3.10 9/29/2023 9/30/2018 486,486 $ 2.16 9/29/2023 10/17/2018 1,157 $ 3.10 10/16/2023 11/2/2018 964 $ 3.10 11/1/2023 11/9/2018 964 $ 3.10 11/8/2023 11/16/2018 964 $ 3.10 11/15/2023 11/29/2018 964 $ 3.10 11/28/2023 12/21/2018 964 $ 3.10 12/20/2023 12/27/2018 964 $ 3.10 12/26/2023 1/31/2019 1,930 $ 3.10 1/30/2024 2/7/2019 1,640 $ 3.10 2/6/2024 2/21/2019 1,640 $ 3.10 2/20/2024 3/20/2019 3,378 $ 3.10 3/18/2024 4/8/2019 1,930 $ 3.10 4/6/2024 11/19/2020 53,333 $ 4.10 11/19/2023 11/19/2020 8,533 $ 4.10 11/19/2023 1/8/2021 13,333 $ 4.10 6/30/2024 1/11/2021 26,666 $ 4.10 6/30/2024 2/13/2021 13,333 $ 4.10 6/30/2024 3/16/2021 10,665 $ 4.10 6/30/2024 3/16/2021 13,333 $ 4.10 6/30/2024 8/31/2021 3,519,000 $ 4.25 8/30/2026 8/31/2021 153,000 $ 4.675 8/30/2026 9/29/2021 9,450 $ 4.675 8/30/2026 4,393,396 |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Sep. 29, 2021 | Aug. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Apr. 08, 2014 | |
Nature of Operations and Basis of Presentation (Details) [Line Items] | |||||
Sale of stock | 3,060,000 | ||||
Common stock exercise price (in Dollars per share) | $ 4.25 | ||||
Public price per share (in Dollars per share) | $ 4.25 | ||||
Gross proceeds (in Dollars) | $ 13,000,000 | $ 1,552,683 | |||
Offering costs (in Dollars) | 3,200,000 | ||||
Cash (in Dollars) | 1,600,000 | ||||
Warrants issued (in Dollars) | $ 1,600,000 | ||||
Convertible preferred common stock | 3,130,622 | ||||
Outstanding convertible preferred common stock | 641,895 | ||||
Purchase of additional shares | 459,000 | ||||
Additional warrants | 459,000 | ||||
Purchase of warrants | 459,000 | ||||
Warrant price per share (in Dollars per share) | $ 0.01 | ||||
Company issued of shares | 189,000 | ||||
Underwriters price per share (in Dollars per share) | $ 4.24 | ||||
Net proceeds (in Dollars) | $ 730,000 | ||||
Purchase underwriters warrants | 162,450 | 162,450 | |||
Exercise price per share (in Dollars per share) | $ 4.675 | ||||
IPO [Member] | |||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | |||||
Sale of stock | 3,060,000 | ||||
SeqLL, LLC [Member] | |||||
Nature of Operations and Basis of Presentation (Details) [Line Items] | |||||
Ownership interest percentage | 100.00% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Significant Accounting Policies (Details) [Line Items] | ||||
sale of revenue | $ 15,937 | $ 0 | $ 16,484 | $ 41,838 |
Grant revenue | $ 34,964 | $ 85,577 | 127,009 | 170,092 |
Product Sales [Member] | ||||
Significant Accounting Policies (Details) [Line Items] | ||||
sale of revenue | $ 31,537 | $ 0 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of Inventory - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Inventory [Abstract] | ||
Raw materials | $ 65,053 | $ 59,416 |
Work in process | 143,662 | 143,595 |
Total inventory | $ 208,715 | $ 203,011 |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of net loss per share - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Convertible preferred stock [Member] | ||
Significant Accounting Policies (Details) - Schedule of net loss per share [Line Items] | ||
Diluted net loss per share | 5,791,665 | |
Convertible promissory notes [Member] | ||
Significant Accounting Policies (Details) - Schedule of net loss per share [Line Items] | ||
Diluted net loss per share | 408,291 | |
Stock options [Member] | ||
Significant Accounting Policies (Details) - Schedule of net loss per share [Line Items] | ||
Diluted net loss per share | 818,915 | 832,428 |
Warrants for common stock [Member] | ||
Significant Accounting Policies (Details) - Schedule of net loss per share [Line Items] | ||
Diluted net loss per share | 4,393,396 | 596,396 |
Accrued Expenses (Details) - Sc
Accrued Expenses (Details) - Schedule of accrued expenses consist - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of accrued expenses consist [Abstract] | ||
Accrued interest | $ 197,836 | $ 100,031 |
Other | 23,608 | |
Total accrued expenses | $ 197,836 | $ 123,639 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | 9 Months Ended |
Sep. 30, 2021USD ($)shares | |
Fair Value Disclosures [Abstract] | |
Shares of common stock | shares | 641,895 |
Fair value of the amended notes | $ | $ 89,239 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of changes in Level 3 liabilities measured at fair value | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Schedule of changes in Level 3 liabilities measured at fair value [Abstract] | |
Balance at December 31, 2020 | |
Issuance of Amended Notes | 3,168,236 |
Change in fair value of convertible notes | 195,962 |
Fair value of convertible notes at IPO date | (3,364,198) |
Balance at September 30, 2021 |
Stock Option Plan (Details)
Stock Option Plan (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock Option Plan (Details) [Line Items] | ||||
Future issuance of shares (in Shares) | 2,681,085 | 2,681,085 | ||
Stock-based compensation | $ 214,745 | $ 7,073 | $ 218,944 | $ 18,923 |
Unrecognized compensation expense related to unvested share-based compensation awards | $ 3,300 | |||
2014 Equity Incentive Plan [Member] | ||||
Stock Option Plan (Details) [Line Items] | ||||
Grant of options (in Shares) | 3,500,000 |
Stock Option Plan (Details) - S
Stock Option Plan (Details) - Schedule of stock option | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Schedule of stock option [Abstract] | |
Outstanding, Number of Options, beginning (in Dollars) | $ | $ 818,915 |
Outstanding, Weighted-Average Exercise Price per Share, beginning | $ 1.77 |
Outstanding, Weighted Average Remaining Contractual Term (in Years), beginning | 6 years 6 months 7 days |
Granted, Number of Options (in Shares) | shares | |
Granted, Weighted-Average Exercise Price per Share | |
Exercised, Number of Options (in Shares) | shares | |
Exercised, Weighted-Average Exercise Price per Share | |
Cancelled/Forfeited, Number of Options (in Shares) | shares | |
Cancelled/Forfeited, Weighted-Average Exercise Price per Share | |
Outstanding and expected to vest, Number of Options, ending (in Shares) | shares | 818,915 |
Outstanding and expected to vest, Weighted-Average Exercise Price per Share, ending | $ 1.77 |
Outstanding and expected to vest, Weighted Average Remaining Contractual Term (in Years), ending | 5 years 9 months 7 days |
Exercisable, Number of Options (in Shares) | shares | 818,080 |
Exercisable, Weighted-Average Exercise Price per Share | $ 1.77 |
Exercisable, Weighted Average Remaining Contractual Term (in Years) | 5 years 9 months 7 days |
Related Party Transactions (Det
Related Party Transactions (Details) - Daniel Jones [Member] - USD ($) | 1 Months Ended | 9 Months Ended | ||
Aug. 20, 2021 | Jul. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Related Party Transactions (Details) [Line Items] | ||||
Outstanding amount due | $ 0 | $ 26,000 | ||
Repayment of related party debt | $ 26,000 | |||
Loans | $ 50,000 | $ 90,000 |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of outstanding payables - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Total related party payables | $ 193,528 | $ 200,433 |
Floral Finance [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party payables | 9,849 | 9,849 |
Genomic Diagnostic Technologies [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party payables | 16,675 | 16,675 |
St. Laurent Institute [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party payables | 107,049 | 113,954 |
St. Laurent Realty, Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party payables | 27,913 | 27,913 |
Stonemill Center [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party payables | 16,627 | 16,627 |
William St. Laurent [Member] | ||
Related Party Transaction [Line Items] | ||
Total related party payables | $ 15,415 | $ 15,415 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | Feb. 03, 2021 | Aug. 31, 2021 | Apr. 29, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Notes Payable (Details) [Line Items] | ||||||||
Secured convertible promissory notes | $ 250,000 | $ 250,000 | ||||||
Promissory notes accrue interest | 10.00% | 10.00% | ||||||
Issuance of equity offering | $ 7,500,000 | |||||||
Convertible per share (in Dollars per share) | $ 3.75 | $ 3.75 | ||||||
Number of common shares percentage | 100.00% | |||||||
Issuable to conversion shares (in Shares) | 77,330 | |||||||
convertible exercise price per share (in Dollars per share) | $ 4.1 | |||||||
Placement fee percentage | 8.00% | |||||||
Issued to investors shares (in Shares) | 800 | |||||||
Convertible promissory note granted | $ 2,910,710 | |||||||
Outstanding promissory value | $ 50,000 | $ 786,730 | ||||||
Closing of IPO | $ 13,000,000 | $ 1,552,683 | ||||||
Conversion prices increase (in Dollars per share) | $ 3.75 | |||||||
Conversion prices decrease (in Dollars per share) | $ 3.1 | |||||||
Extinguishment of debt | $ 934,257 | |||||||
Fair value | 3,118,235 | $ 3,364,198 | $ 3,364,198 | |||||
Carrying value | 2,183,978 | |||||||
Convertible original terms shares (in Shares) | 641,895 | |||||||
Cash payments | $ 141,884 | |||||||
Convertible notes | 193,776 | |||||||
Accounting loss | 195,962 | |||||||
interest expense | $ 41,066 | $ 72,768 | $ 189,993 | $ 211,927 | ||||
Minimum [Member] | ||||||||
Notes Payable (Details) [Line Items] | ||||||||
Conversion agreements | 826,020 | |||||||
Maximum [Member] | ||||||||
Notes Payable (Details) [Line Items] | ||||||||
Conversion agreements | 1,265,710 | |||||||
Convertible Notes Payable [Member] | ||||||||
Notes Payable (Details) [Line Items] | ||||||||
Outstanding promissory value | $ 1,305,000 | |||||||
IPO [Member] | ||||||||
Notes Payable (Details) [Line Items] | ||||||||
Conversion price (in Dollars per share) | $ 3.75 |
Preferred Stock (Details)
Preferred Stock (Details) | 9 Months Ended |
Sep. 30, 2021$ / shares | |
Preferred Stock (Details) [Line Items] | |
Conversion of preferred stock, description | The Preferred Stock was subject to automatic conversion upon (i) the closing of an initial public offering of the common stock at a price per share equal to at least $9.25 (as adjusted for any stock splits, stock dividends, combinations, subdivisions, recapitalization or the like) in an underwritten public offering in which the Company raised gross proceeds of at least $10 million or (ii) the consent of holders of at least a majority of the then-outstanding shares of Preferred Stock voting together as a single class. In connection with the IPO, all of the outstanding shares of the Company’s convertible preferred stock automatically converted into 3,130,622 shares of common stock. |
Series A-1 [Member] | |
Preferred Stock (Details) [Line Items] | |
Conversion price per share | $ 0.59 |
Original issue price per share | 0.59 |
Series A-2 [Member] | |
Preferred Stock (Details) [Line Items] | |
Conversion price per share | 3.1 |
Original issue price per share | $ 3.1 |
Preferred Stock (Details) - Sch
Preferred Stock (Details) - Schedule of outstanding preferred stock | Dec. 31, 2020$ / sharesshares |
Series A-1 Convertible Preferred Stock [Member] | |
Conversion of Stock [Line Items] | |
Shares issued | 3,125,000 |
Issuance price per share (in Dollars per share) | $ / shares | $ 0.32 |
Series A-2 Convertible Preferred Stock [Member] | |
Conversion of Stock [Line Items] | |
Shares issued | 2,666,665 |
Issuance price per share (in Dollars per share) | $ / shares | $ 1.68 |
Series A Preferred Stock [Member] | |
Conversion of Stock [Line Items] | |
Shares authorized | 20,000,000 |
Shares issued | 5,791,665 |
Common Stock Warrants (Details)
Common Stock Warrants (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||
Aug. 31, 2021 | Sep. 30, 2021 | Sep. 29, 2021 | Mar. 16, 2021 | |
Common Stock Warrants (Details) [Line Items] | ||||
Warrants to purchase common stock (in Shares) | 9,865 | |||
Warrants to purchase common stock, per share | $ 4.1 | |||
Weighted average exercise price of warrants, per share | $ 2.65 | |||
Sale of aggregate units (in Shares) | 3,060,000 | |||
Sale of aggregate units, per share | $ 4.25 | |||
Purchase of additional shares, description | In addition, pursuant to the Underwriting Agreement, the Company granted the Underwriter a 45-day option to purchase up to 459,000 additional shares of common stock, and/or 459,000 additional Warrants, to cover over-allotments in connection with the Offering. The Underwriter partially exercised this option and purchased 459,000 Warrants on the closing date at $0.01 per Warrant, for the total proceeds of $4,590. | |||
Warrants exercisable | $ 4.25 | |||
Common stock shares term | 5 years | |||
Warrants, description | The Company may redeem the outstanding Warrants, in whole and not in part, at $0.001 per warrant if, after thirteen months from the issuance date, (i) the daily volume weighted average price of the Common Stock for each of 10 consecutive trading days (Measurement Period) exceeds $12.75 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends and the like after the issuance date), (ii) the average daily volume for such Measurement Period exceeds $1,000,000 per Trading Day and (iii) the holders of Warrants are not in possession of any information that constitutes, or might constitute, material non-public information which was provided by the Company, any of its Subsidiaries, or any of their officers, directors, employees, agents or Affiliates. | |||
Total shares of common stock (in Shares) | 162,450 | |||
Equity (in Dollars) | $ 1,642,486 | |||
Warrants [Member] | ||||
Common Stock Warrants (Details) [Line Items] | ||||
Exercise price of warrants | 4.25 | |||
Underwriter [Member] | ||||
Common Stock Warrants (Details) [Line Items] | ||||
Warrants exercisable | $ 4.675 | |||
Common stock shares term | 5 years | |||
Total shares of common stock (in Shares) | 162,450 |
Common Stock Warrants (Detail_2
Common Stock Warrants (Details) - Schedule of fair value of the warrants - Minimum [Member] | 9 Months Ended |
Sep. 30, 2021 | |
Common Stock Warrants (Details) - Schedule of fair value of the warrants [Line Items] | |
Dividend yield | 0.00% |
Volatility | 67.00% |
Common Stock Warrants (Detail_3
Common Stock Warrants (Details) - Schedule of outstanding warrants to purchase common stock | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Total | 4,393,396 |
5/4/2017 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | May 4, 2017 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 3,860 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | May 3, 2022 |
6/14/2017 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Jun. 14, 2017 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 1,351 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Jun. 13, 2022 |
8/30/2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Aug. 30, 2018 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 3,088 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Aug. 29, 2023 |
9/30/2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Sep. 30, 2018 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 60,506 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Sep. 29, 2023 |
9/30/2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Sep. 30, 2018 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 486,486 |
Exercise Price | $ / shares | $ 2.16 |
Expiration Date | Sep. 29, 2023 |
10/17/2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Oct. 17, 2018 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 1,157 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Oct. 16, 2023 |
11/2/2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Nov. 2, 2018 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 964 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Nov. 1, 2023 |
11/9/2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Nov. 9, 2018 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 964 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Nov. 8, 2023 |
11/16/2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Nov. 16, 2018 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 964 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Nov. 15, 2023 |
11/29/2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Nov. 29, 2018 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 964 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Nov. 28, 2023 |
12/21/2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Dec. 21, 2018 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 964 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Dec. 20, 2023 |
12/27/2018 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Dec. 27, 2018 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 964 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Dec. 26, 2023 |
1/31/2019 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Jan. 31, 2019 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 1,930 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Jan. 30, 2024 |
2/7/2019 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Feb. 7, 2019 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 1,640 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Feb. 6, 2024 |
2/21/2019 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Feb. 21, 2019 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 1,640 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Feb. 20, 2024 |
3/20/2019 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Mar. 20, 2019 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 3,378 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Mar. 18, 2024 |
4/8/2019 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Apr. 8, 2019 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 1,930 |
Exercise Price | $ / shares | $ 3.1 |
Expiration Date | Apr. 6, 2024 |
11/19/2020 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Nov. 19, 2020 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 53,333 |
Exercise Price | $ / shares | $ 4.1 |
Expiration Date | Nov. 19, 2023 |
11/19/2020 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Nov. 19, 2020 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 8,533 |
Exercise Price | $ / shares | $ 4.1 |
Expiration Date | Nov. 19, 2023 |
1/8/2021 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Jan. 8, 2021 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 13,333 |
Exercise Price | $ / shares | $ 4.1 |
Expiration Date | Jun. 30, 2024 |
1/11/2021 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Jan. 11, 2021 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 26,666 |
Exercise Price | $ / shares | $ 4.1 |
Expiration Date | Jun. 30, 2024 |
2/13/2021 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Feb. 13, 2021 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 13,333 |
Exercise Price | $ / shares | $ 4.1 |
Expiration Date | Jun. 30, 2024 |
3/16/2021 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Mar. 16, 2021 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 10,665 |
Exercise Price | $ / shares | $ 4.1 |
Expiration Date | Jun. 30, 2024 |
3/16/2021 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Mar. 16, 2021 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 13,333 |
Exercise Price | $ / shares | $ 4.1 |
Expiration Date | Jun. 30, 2024 |
8/31/2021 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Aug. 31, 2021 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 3,519,000 |
Exercise Price | $ / shares | $ 4.25 |
Expiration Date | Aug. 30, 2026 |
8/31/2021 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Aug. 31, 2021 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 153,000 |
Exercise Price | $ / shares | $ 4.675 |
Expiration Date | Aug. 30, 2026 |
9/29/2021 [Member] | |
Class of Warrant or Right [Line Items] | |
Issuance Date | Sep. 29, 2021 |
Number of Shares Issuable Upon Exercise of Outstanding Warrants | 9,450 |
Exercise Price | $ / shares | $ 4.675 |
Expiration Date | Aug. 30, 2026 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rent expense for lease | $ 52,004 | $ 32,234 | $ 143,970 | $ 140,257 |
Paycheck Protection Program (De
Paycheck Protection Program (Details) - Paycheck Protection Program [Member] - USD ($) | May 05, 2021 | Sep. 30, 2021 |
Paycheck Protection Program (Details) [Line Items] | ||
Received loan (in Dollars) | $ 190,100 | |
Debt Instrument, Term | 5 years | |
Bears interest percentage | 1.00% | |
Loan proceeds | 75.00% |