KULR Technology (KULR) 10-Q 16 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 16, 2021
Document and Entity Information
Document Type	10-Q
Document Period End Date	Jun. 30, 2021
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-40454
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1004273
Entity Address, Postal Zip Code	92111
City Area Code	408
Local Phone Number	663-5247
Entity Address, Address Line One	4863 Shawline Street,
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Registrant Name	KULR Technology Group, Inc.
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		101,701,263
Title of 12(b) Security	Common Stock
Trading Symbol	KULR
Security Exchange Name	NYSE
Entity Central Index Key	0001662684
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current Assets:
Cash	$ 12,159,583	$ 8,880,140
Accounts receivable	614,784	55,492
Inventory	182,458	55,452
Prepaid expenses and other current assets	488,538	150,468
Total Current Assets	13,445,363	9,141,552
Property and equipment, net	84,441	57,857
Security deposits	58,941	8,728
Right of use asset	793,769	0
Total Assets	14,382,514	9,208,137
Current Liabilities:
Accounts payable	119,677	66,537
Accounts payable - related party	2,628	2,628
Accrued expenses and other current liabilities	343,026	395,012
Accrued issuable equity	349,093	128,380
Notes payable, net of debt discount of $0 and $128,198 at June 30, 2021 and December 31, 2020, respectively	0	2,321,802
Loan payable, current portion	155,226	12,936
Lease liability, current portion	252,081	0
Deferred revenue	29,229	20,000
Total Current Liabilities	1,250,960	2,947,295
Lease liability, non-current portion	542,344	0
Loan payable, non-current portion	0	142,290
Total Liabilities	1,793,304	3,089,585
Commitments and contingencies (Note 10)
Stockholders' Equity:
Common stock, $0.0001 par value, 500,000,000 shares authorized; 100,567,930 and 89,908,600 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	10,058	8,991
Additional paid-in capital	28,567,426	17,355,968
Accumulated deficit	(15,988,274)	(11,246,408)
Total Stockholders' Equity	12,589,210	6,118,552
Total Liabilities and Stockholders' Equity	14,382,514	9,208,137
Series A Preferred Stock
Stockholders' Equity:
Preferred stock	0	0
Series B Convertible Preferred Stock
Stockholders' Equity:
Preferred stock	0	1
Total Stockholders' Equity		1
Series C Preferred Stock
Stockholders' Equity:
Preferred stock	0	0
Series D Preferred Stock [Member]
Stockholders' Equity:
Preferred stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt discount, Current	$ 0	$ 128,198
Preferred Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares Issued	100,567,930	89,908,600
Common Stock, Shares Outstanding	100,567,930	89,908,600
Series A Preferred Stock
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Series B Convertible Preferred Stock
Preferred Stock, Shares Authorized	31,000	31,000
Preferred Stock, Shares Issued	0	13,972
Preferred Stock, Shares Outstanding	0	13,972
Preferred Stock Shares Liquidated Preference	$ 0	$ 13,972
Series C Preferred Stock
Preferred Stock, Shares Authorized	400	400
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Series D Preferred Stock [Member]
Preferred Stock, Shares Authorized	650	650
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 628,244	$ 201,128	$ 1,046,149	$ 278,628
Cost of revenue	439,206	44,734	714,474	74,777
Gross Profit	189,038	156,394	331,675	203,851
Operating Expenses:
Research and development	352,741	57,991	475,724	169,704
Selling, general, and administrative	2,723,303	421,544	4,216,114	886,954
Total Operating Expenses	3,076,044	479,535	4,691,838	1,056,658
Loss From Operations	(2,887,006)	(323,141)	(4,360,163)	(852,807)
Other (Expense) Income
Interest expense, net	(766)	(2,353)	(1,631)	(3,720)
Debt redemption costs	(140,000)	0	(140,000)
Amortization of debt discount	(20,074)	(77,691)	(128,198)	(96,911)
Change in fair value of accrued issuable equity	20,703	(25,800)	(111,874)	(25,800)
Total Other Expenses, net	(140,137)	(105,844)	(381,703)	(126,431)
Net Loss	(3,027,143)	(428,985)	(4,741,866)	(979,238)
Deemed dividend to Series D preferred stockholders	(2,624,326)	0	(2,624,326)
Net Loss Attributable to Common Stockholders	$ (5,651,469)	$ (428,985)	$ (7,366,192)	$ (979,238)
Net Loss Per Share - Basic and Diluted (In dollars per share)	$ (0.06)	$ (0.01)	$ (0.08)	$ (0.01)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted (In Shares)	92,513,238	81,234,608	91,302,814	81,166,393

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY) - USD ($)		Series B Convertible Preferred StockStock options	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Series D Convertible Preferred Stock	Common stockCommon stock	Common stockStock options	Common stockMarket-Based Awards	Common stock	Additional Paid-in CapitalCommon stock	Additional Paid-in CapitalStock options	Additional Paid-in CapitalMarket-Based Awards	Additional Paid-in Capital	Accumulated DeficitCommon stock	Accumulated DeficitStock options	Accumulated DeficitMarket-Based Awards	Accumulated Deficit	Common stock	Stock options	Market-Based Awards	Total
Balance at Dec. 31, 2019			$ 1						$ 8,107				$ 7,591,239				$ (8,396,312)				$ (796,965)
Balance (shares) at Dec. 31, 2019			14,487	24.01					81,071,831
Common stock issued for the commitment fee pursuant to the SEDA agreement			$ 0						$ 10				63,249				0				63,259
Common stock issued for the commitment fee pursuant to the SEDA agreement (in shares)			0						95,847
Additional Paid in Capital, Amortization of Equity Options And Awards		$ 0					$ 0				$ 10,528				$ 0				$ 10,528
Net loss			$ 0						$ 0				0				(550,253)				(550,253)
Balance at Mar. 31, 2020			$ 1						$ 8,117				7,665,016				(8,946,565)				(1,273,431)
Balance (shares) at Mar. 31, 2020			14,487	24.01					81,167,678
Balance at Dec. 31, 2019			$ 1						$ 8,107				7,591,239				(8,396,312)				(796,965)
Balance (shares) at Dec. 31, 2019			14,487	24.01					81,071,831
Net loss																					(979,238)
Balance at Jun. 30, 2020			$ 1						$ 8,176				8,383,982				(9,375,550)				(983,391)
Balance (shares) at Jun. 30, 2020			14,487	24.01					81,759,242
Balance at Mar. 31, 2020			$ 1						$ 8,117				7,665,016				(8,946,565)				(1,273,431)
Balance (shares) at Mar. 31, 2020			14,487	24.01					81,167,678
Common stock issued for the commitment fee pursuant to the SEDA agreement	[1]		$ 0						$ 56				679,381				0				679,437
Common stock issued for the commitment fee pursuant to the SEDA agreement (in shares)	[1]		0						561,564
Stock-based compensation			$ 0						$ 3				29,997				0				30,000
Stock-based compensation (in shares)			0						30,000
Additional Paid in Capital, Amortization of Equity Options And Awards		$ 0					0				9,588				0				9,588
Net loss			$ 0						$ 0				0				(428,985)				(428,985)
Balance at Jun. 30, 2020			$ 1						$ 8,176				8,383,982				(9,375,550)				(983,391)
Balance (shares) at Jun. 30, 2020			14,487	24.01					81,759,242
Balance at Dec. 31, 2020			$ 1						$ 8,991				17,355,968				(11,246,408)				6,118,552
Balance (shares) at Dec. 31, 2020			13,972						89,908,600
Common stock issued upon conversion of Series B Convertible Preferred Stock			$ (1)						$ 70				(69)				0				0
Common stock issued upon conversion of Series B Convertible Preferred Stock (in shares)			(13,972)						698,600
Common stock issued for services									$ 2				49,798				0				49,800
Common stock issued for services (in shares)									20,000
Restricted common stock issued									$ 200				(200)				0				0
Restricted common stock issued (in shares)									2,000,000
Additional Paid in Capital, Amortization of Equity Options And Awards						$ 0	0	$ 0		$ 126,625	9,112	$ 130,245		$ 0	0	$ 0		$ 126,625	9,112	$ 130,245
Net loss									$ 0				0				(1,714,723)				(1,714,723)
Balance at Mar. 31, 2021									$ 9,263				17,671,479				(12,961,131)				4,719,611
Balance (shares) at Mar. 31, 2021									92,627,200
Balance at Dec. 31, 2020			$ 1						$ 8,991				17,355,968				(11,246,408)				$ 6,118,552
Balance (shares) at Dec. 31, 2020			13,972						89,908,600
Common stock issued for services (in shares)																					40,000
Net loss																					$ (4,741,866)
Balance at Jun. 30, 2021									$ 10,058				28,567,426				(15,988,274)				12,589,210
Balance (shares) at Jun. 30, 2021									100,567,930
Balance at Mar. 31, 2021									$ 9,263				17,671,479				(12,961,131)				4,719,611
Balance (shares) at Mar. 31, 2021									92,627,200
Issuance of Series D Convertible Preferred Stock, Common Stock and warrants for cash	[2]								$ 130				6,134,870				0				6,135,000
Issuance of Series D Convertible Preferred Stock, Common Stock and warrants for cash (in shares)	[2]				650				1,300,000
Common stock issued upon conversion of Series D Convertible Preferred Stock									$ 317				(317)				0				0
Common stock issued upon conversion of Series D Convertible Preferred Stock (in shares)					(650)				3,170,730
Common stock issued upon the exercise of warrants									$ 300				3,712,200				0				3,712,500
Common stock issued upon the exercise of warrants (in shares)									3,000,000
Common stock issued for services									$ 6				109,994				0				110,000
Common stock issued for services (in shares)									55,000
Restricted common stock issued									$ 42				(42)				0				0
Restricted common stock issued (in shares)									415,000
Additional Paid in Capital, Amortization of Equity Options And Awards						$ 0	$ 0	$ 0		$ 433,689	$ 15,779	$ 489,774		$ 0	$ 0	$ 0		$ 433,689	$ 15,779	$ 489,774
Net loss									$ 0				0				(3,027,143)				(3,027,143)
Balance at Jun. 30, 2021									$ 10,058				$ 28,567,426				$ (15,988,274)				$ 12,589,210
Balance (shares) at Jun. 30, 2021									100,567,930
[1]	Amount represents gross proceeds of $757,695 less $78,258 of amortized deferred offering costs.
[2]	Represents relative fair value of preferred stock issued, net of cash issuance costs of $365,000.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY) (Parenthetical)	3 Months Ended
	Jun. 30, 2020USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
Proceeds from Issuance of Common Stock	$ 757,695
Amortized deferred offering costs	$ 78,258

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities:
Net loss	$ (4,741,866)	$ (979,238)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount	128,198	96,911
Depreciation expense	9,908	5,534
Bad debt expense	0	933
Change in fair value of accrued issuable equity	111,874	25,800
Stock-based compensation	1,473,863	94,816
Changes in operating assets and liabilities:
Accounts receivable	(559,292)	(43,513)
Inventory	(127,006)	(13,585)
Prepaid expenses and other current assets	(338,070)	(1,119)
Security deposits	(50,213)	0
Right of use asset	21,048	0
Accounts payable	53,140	(235,754)
Accrued expenses and other current liabilities	(51,986)	(203,212)
Lease liability	(20,392)	0
Deferred revenue	9,229	(15,000)
Total Adjustments	660,301	(288,189)
Net Cash Used In Operating Activities	(4,081,565)	(1,267,427)
Cash Flows From Investing Activities:
Purchase of property and equipment	(36,492)	(30,000)
Net Cash Used In Investing Activities	(36,492)	(30,000)
Cash Flows from Financing Activities:
Proceeds from sale of Series D convertible preferred stock, common stock and warrants	6,500,000	0
Proceeds from sale of common stock	0	757,695
Repayments of notes payable	(2,450,000)	(225,000)
Proceeds from the exercise of warrants	3,712,500	0
Proceeds from Paycheck Protection Program loan	0	155,226
Proceeds from note payable	0	1,410,000
Proceeds from line of credit, net	0	3,555
Payment of debt issuance costs	0	(130,000)
Payment of financing costs	(365,000)	(15,000)
Net Cash Provided By Financing Activities	7,397,500	1,956,476
Net Increase In Cash	3,279,443	659,049
Cash - Beginning of Period	8,880,140	108,857
Cash - End of Period	12,159,583	767,906
Cash paid during the period for:
Interest	735	2,824
Income taxes		0
Non-cash investing and financing activities:
Right of use asset for lease liability	814,817	0
Beneficial conversion feature on Series D convertible preferred stock	2,624,326
Common stock issued as a commitment fee for the SEDA agreement		63,259
Deferred offering costs reclassified to equity		13,042
Original issuance discount on note payable		90,000
Common stock issued for repayment of note payable		141,000
Subscriptions receivable for accrued issuable equity		220,000
Series B Convertible Preferred Stock
Non-cash investing and financing activities:
Common stock issued upon conversion	70	0
Series D Convertible Preferred Stock
Non-cash investing and financing activities:
Beneficial conversion feature on Series D convertible preferred stock	2,624,326	0
Common stock issued upon conversion	$ 317	$ 0

ORGANIZATION, NATURE OF OPERATI

ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION
ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION	NOTE 1 ORGANIZATION, NATURE OF OPERATIONS AND BASIS OF PRESENTATION Organization and Operations KULR Technology Group, Inc., through its wholly-owned subsidiary, KULR Technology Corporation (collectively referred to as “KULR” or the “Company”), develops and commercializes high-performance thermal management technologies for electronics, batteries, and other components across a range of applications. Currently, the Company is focused on targeting high performance aerospace and Department of Defense ("DOD") applications, such as satellite communications, directed energy systems and hypersonic vehicles, and applying them to mass market commercial applications, such as lithium-ion battery energy storage, electrical vehicles, 5G communication, cloud computer infrastructure, and consumer and industrial devices. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by U.S. GAAP for annual financial statements. In the opinion of management, such statements include all adjustments (consisting only of normal recurring items) which are considered necessary for a fair presentation of the unaudited condensed consolidated financial statements of the Company as of June 30, 2021 and for the three and six months ended June 30, 2021 and 2020. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results for the full year ending December 31, 2021 or any other period. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and related disclosures as of December 31, 2020 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on Form 10-K on March 19, 2021. ​ Risks and Uncertainties In March 2020, the World Health Organization declared COVID-19, a novel strain coronavirus, a pandemic. During 2020 and continuing into 2021, the global economy has been, and continues to be, affected by COVID-19. While the Company continues to see signs of economic recovery as certain governments begin to gradually ease restrictions, provide economic stimulus and accelerate vaccine distribution, the rate of recovery on a global basis has been affected by resurgence of the virus or its variants in certain jurisdictions. The Company continues to monitor the impact of COVID-19 on its business and operational assumptions and estimates and has determined there were no material adverse impacts on the Company’s results of operations and financial position at June 30, 2021. The full extent of the future impact of COVID-19 on the Company’s operations and financial condition is uncertain. Accordingly, COVID-19 could have a material adverse effect on the Company’s business, results of operations, financial condition and prospects during 2021 and beyond, including the demand for its products, interruptions to supply chains, ability to maintain regular research and development and manufacturing schedules as well as the capability to meet customer demands in a timely manner. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Since the date of the Annual Report on Form 10-K for the year ended December 31, 2020, there have been no material changes to the Company’s significant accounting policies, except as disclosed in this note. Liquidity During the six months ended June 30, 2021, the Company raised gross proceeds of $6,500,000 in connection with the sale of preferred stock and warrants, and raised proceeds of $3,712,500 in connection with the exercise of warrants to purchase common stock. During the six months ended June 30, 2021, the Company repaid outstanding notes payable in the amount of $2,450,000. As of June 30, 2021, the Company had cash of $12,159,583 and working capital of $12,194,403. While the Company anticipates it will continue to incur operating losses and use cash in operating activities for the foreseeable future, the Company believes that its current working capital is sufficient in comparison to its anticipated cash usage for a period of at least twelve months subsequent to the filing date of these financial statements. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, accounts receivable, revenue and accounts payable. Cash Concentrations A significant portion of the Company’s cash is held at one major financial institution. The Company has not experienced any losses in such accounts. Cash held in US bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 at each institution. There was an uninsured balance of $11,833,906 and $8,513,010 as of June 30, 2021 and December 31, 2020, respectively. Customer and Revenue Concentrations The Company had certain customers whose revenue individually represented 10% or more of the Company's total revenue, or whose accounts receivable balances individually represented 10% or more of the Company's total accounts receivable, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ Accounts Receivable ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ As of As of ​ 2021 2020 2021 2020 June 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer A 20 % * ​ 14 % * ​ 35 % * ​ Customer B * ​ * ​ * ​ * ​ * ​ 70 % Customer C * ​ 25 % * ​ 18 % * * ​ Customer D * ​ * * * ​ * ​ 19 % Customer E * ​ * ​ * ​ * ​ * ​ 10 % Customer F 69 % * 62 % * 56 % * ​ Customer G ​ * ​ * ​ 12 % * ​ * ​ * ​ Customer H ​ * ​ 44 % * ​ 48 % * ​ * ​ Total 89 % 69 % 88 % 66 % 91 % 99 % ​ * Less than 10% ​ There is no assurance the Company will continue to receive significant revenues from any of these customers. Any reduction or delay in operating activity from any of the Company’s significant customers, or a delay or default in payment by any significant customer, or termination of agreements with significant customers, could materially harm the Company’s business and prospects. As a result of the Company’s significant customer concentrations, its gross profit and results from operations could fluctuate significantly due to changes in political, environmental, or economic conditions, or the loss of, reduction of business from, or less favorable terms with any of the Company’s significant customers. Vendor Concentrations Vendor concentrations are as follows for the three and six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, June 30, ​ ​ 2021 2020 2021 2020 ​ ​ ​ ​ Vendor A 13 % * ​ 14 % * ​ Vendor B * ​ 20 % * 17 % Vendor C 11 % 17 % * ​ 19 % Vendor D 10 % * ​ * ​ * ​ ​ 34 % 37 % 14 % 36 % ​ * Less than 10% Inventory Inventory is comprised of carbon fiber velvet ("CFV") thermal interface solutions and internal short circuit batteries, which are available for sale. Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. The cost of inventory that is sold to third parties is included within cost of sales and the cost of inventory that is given as samples is included within operating expenses. The Company periodically reviews for slow-moving, excess or obsolete inventories. Products that are determined to be obsolete, if any, are written down to net realizable value. As of June 30, 2021 and December 31, 2020, the Company's inventory was comprised solely of finished goods. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The following five steps are applied to achieve the core principle of ASC 606: ● Step 1: Identify the contract with the customer; ● Step 2: Identify the performance obligations in the contract; ● Step 3: Determine the transaction price; ● Step 4: Allocate the transaction price to the performance obligations in the contract; and ● Step 5: Recognize revenue when the company satisfies a performance obligation. The Company recognizes revenue primarily from the following different types of contracts: ● Product sales – Revenue is recognized at the point in time the customer obtains control of the goods and the Company satisfies its performance obligation, which is generally at the time it ships the product to the customer. ● Contract services – Revenue is recognized at the point in time that the Company satisfies its performance obligation under the contract, which is generally at the time the services are fulfilled and/or accepted by the customer. The following table summarizes the Company's revenue recognized during the three and six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 577,360 ​ $ 67,130 ​ $ 755,609 ​ $ 99,130 Contract services ​ 50,884 ​ 133,998 ​ 290,540 ​ 179,498 Total revenue ​ $ 628,244 ​ $ 201,128 ​ $ 1,046,149 ​ $ 278,628 ​ As of June 30, 2021 and December 31, 2020, the Company had $29,229 and $20,000 of deferred revenue, respectively, from contracts with customers. The contract liabilities represent payments received from customers for which the Company had not yet satisfied its performance obligation under the contract., or the customers have not officially accepted the goods or services provided under the contract. During the three and six months ended June 30, 2021 and 2020, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. As of June 30, 2021 and December 2020, the Company had $109,735 and $31,212, respectively, of deferred labor costs, which is included in prepaid expenses and other current assets in the Company's condensed consolidated balance sheets. Deferred labor costs represent costs to fulfill the Company's contract service revenue. The Company will recognize the deferred labor costs as cost of revenues at the point in time that the Company satisfies its performance obligation under the respective contract, which is generally at the time the services are fulfilled and/or accepted by the customer. Shipping and Handling Costs Amounts billed to a customer in a sales transaction related to shipping and handling are recorded as revenue. Costs incurred for shipping and handling are included as cost of revenues on the accompanying condensed consolidated statements of operations. Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of common and dilutive common-equivalent shares outstanding during each period. Dilutive common-equivalent shares consist of shares of non-vested restricted stock, if not anti-dilutive. The following shares were excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2021 2020 ​ ​ ​ ​ ​ Series B Convertible Preferred Stock — 724,350 Series C Convertible Preferred Stock ​ — ​ 240,100 Unvested restricted stock ​ 2,475,000 ​ — Market-based equity awards ​ 3,000,000 ​ — Options 540,000 395,000 Warrants ​ 6,387,911 ​ 210,025 Total 12,402,911 1,569,475 ​ Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net loss. ​ Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (the "FASB") issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 effective January 1, 2021 and its adoption did not have a material impact on the Company's condensed consolidated financial statements and related disclosures. ​ Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Earnings per Share On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Issuers should apply the new standard prospectively to modifications or exchanges occurring after the effective date of the new standard. Early adoption is permitted, including adoption in an interim period. If an issuer elects to early adopt the new standard in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes that interim period. The Company is evaluating this new standard.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2021
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3 PREPAID EXPENSES AND OTHER CURRENT ASSETS As of June 30, 2021 and December 31, 2020, prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2021 2020 Deferred labor costs ​ $ 109,735 ​ $ 31,212 Deferred inventory costs ​ ​ 18,409 ​ ​ — Filing ​ ​ 4,139 ​ ​ 9,944 Insurance ​ ​ 88,292 ​ ​ 16,035 Marketing ​ ​ 187,599 ​ ​ 56,853 Other ​ ​ 16,271 ​ ​ 25,820 Professional fees ​ ​ 64,093 ​ ​ 10,604 Total prepaid expenses ​ $ 488,538 ​ $ 150,468 ​

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2021
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 4 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of June 30, 2021 and December 31, 2020, accrued expenses and other current liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ Payroll and vacation ​ $ 177,353 ​ $ 278,854 Legal and professional fees ​ 118,150 ​ 81,902 Other ​ 47,523 ​ 34,256 Total accrued expenses and other current liabilities ​ $ 343,026 ​ $ 395,012 ​

ACCRUED ISSUABLE EQUITY

ACCRUED ISSUABLE EQUITY	6 Months Ended
	Jun. 30, 2021
ACCRUED ISSUABLE EQUITY.
ACCRUED ISSUABLE EQUITY	NOTE 5 ACCRUED ISSUABLE EQUITY A summary of the accrued issuable equity activity during the six months ended June 30, 2021 is presented below. ​ ​ ​ ​ ​ Balance, January 1, 2021 $ 128,380 Additions ​ 183,639 Reclassifications to equity ​ ​ (74,800) Mark-to market ​ ​ 111,874 Balance, June 30, 2021 ​ $ 349,093 ​ During the six months ended June 30, 2021, the Company entered into certain contractual arrangements for services in exchange for a fixed number of shares of common stock of the Company, having an aggregate grant date value of $183,639, and settled certain of its accrued issuable equity obligations through the issuance of an aggregate of 40,000 shares with an aggregate fair value of $74,800. ​ During the three and six months ended June 30, 2021, the Company recorded income (loss) of $20,703 and ($111,874), respectively, related to the change in fair value of accrued issuable equity.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
LEASES
LEASES	NOTE 6 LEASES On April 5, 2021, the Company entered into a new lease agreement for office space in San Diego, California, effective June 1, 2021. The intital lease term is three years and there is an option ​ The Company determined that that value of the lease liability and the related right-of-use asset at inception was $814,817, using an estimated incremental borrowing rate of 5%. ​ The Company also rents office space in San Diego, California on a month-to-month basis, at monthly rent of $5,127, which is comprised of $4,572 of base rent plus $555 of association fees. ​ During the three and six months ended June 30, 2021, aggregate operating lease expense was $39,805 and $55,207, respectively. For the three and six months ended June 30, 2020, operating lease expense was $17,200 and $27,216, respectively. As of June 30, 2021, the Company did not have any financing leases. ​ Maturities of lease liabilities as of June 30, 2021 were as follows: ​ ​ ​ ​ ​ Maturity Date ​ Remaining six months ending December 31, 2021 ​ $ 142,722 2022 ​ 289,981 2023 ​ 297,917 2024 ​ 125,530 Total lease payments ​ 856,150 Less: Imputed interest ​ (61,725) Present value of lease liabilities ​ 794,425 Less: current portion ​ (252,081) Lease liabilities, non-current portion ​ $ 542,344 ​

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2021
NOTES PAYABLE
NOTES PAYABLE	NOTE 7 NOTES PAYABLE A summary of notes payable activity during the six months ended June 30, 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes ​ Debt ​ ​ ​ Payable Discount Total Balance, January 1, 2021 ​ $ 2,450,000 ​ $ (128,198) ​ $ 2,321,802 Repayments in cash ​ (2,450,000) ​ — ​ (2,450,000) Amortization of debt discount ​ — ​ 128,198 ​ 128,198 Outstanding, June 30, 2021 ​ $ — ​ $ — ​ $ — ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 8 RELATED PARTY TRANSACTIONS Accounts Payable – Related Party Accounts payable – related party consisted of a liability of $2,628 and $2,628, as of June 30, 2021 and December 31, 2020, respectively, to Energy Science Laboratories, Inc. (“ESLI”), a company controlled by the Company’s Chief Technology Officer (“CTO”), in connection with consulting services provided to the Company associated with the development of the Company’s CFV thermal management solutions in prior periods.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2021
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 9 STOCKHOLDERS’ EQUITY Series D Preferred Stock On May 19, 2021, the Company entered into a Securities Purchase Agreement (“SPA”) with an investor, pursuant to which the Company agreed to issue to the investor an aggregate of 650 shares of Series D convertible preferred stock (the “Series D Preferred”) pursuant to a new designation of preferred stock, and one-year warrants to purchase 2,600,000 shares of common stock (the “Warrants”) at a price of $2.50 per share, for aggregate gross proceeds of $6,500,000 (the “Offering”). The Company also agreed to pay the investor a commitment fee of 1,300,000 shares of common stock at the closing of the Offering. The closing of the Offering occurred on May 20, 2021. In connection with the closing of the financing, the Company repaid in full its aggregate remaining notes payable obligation of $1,400,000. The Series D Preferred have a fixed conversion price of $2.05, are convertible into an aggregate of 3,170,732 shares of common stock and have the right to vote on an as-converted basis. Holders of the Series D Preferred shall be entitled to receive cumulative dividends annually at an annual rate equal to ten percent (10%). Dividends shall be payable in cash or, at the option of the holder of the Series D Preferred, converted into shares of common stock as provided in the certificate of designation for the Series D Preferred. Provided that the shares of common stock issuable upon conversion of the Series D Preferred is registered pursuant to an effective registration statement, the Company shall have the option, but not the obligation, to redeem, in cash, all or part of the Series D Preferred. The Company determined that the Series D Preferred was permanent equity given that there was no redemption provision at the holder’s option and it was determined that the conversion option was clearly and closely related to the equity host, so it didn’t need to be bifurcated. The Company further determined that the $10,000 cash structuring fee paid to the investor, would be accounted for as a reduction of the $6,500,000 of gross proceeds. The remaining proceeds of $6,490,000 were allocated on a relative fair value basis to the Series D Preferred ($3,875,675), the commitment shares ($1,339,582) and the Warrant ($1,274,743). The Company used the Black-Scholes option pricing model to determine the fair value of the Warrant using the following assumptions: exercise price of $2.50 per share, market price of $2.05 per share, expected term of 1.0 year, volatility of 142% and a risk-free interest rate of 0.05%. Finally, the Company determined that the Series D Preferred had a beneficial conversion feature equal to $2,624,326 which is a deemed dividend and represents an adjustment to the numerator in the loss per share calculation. The cash issuance costs of $365,000 (inclusive of the $10,000 cash structuring fee) were charged to additional paid-in-capital. On June 17, 2021, all of the outstanding shares of Series D Preferred were converted into common stock. See “Common Stock”, below. Common Stock ​ On May 20, 2021, the Company issued 1,300,000 shares of common stock with an issuance date value of $2,665,000 as a commitment fee to the investor, for the purchase of Series D Preferred. The value of the shares of common stock issued was accounted for as a reduction of the proceeds from the sale of the Series D Preferred. ​ On June 17, 2021, the Company issued 3,170,730 shares of common stock upon the conversion of 650 shares of Series D Preferred, after which no Series D Preferred shares remained outstanding. ​ During the three months ended June 30, 2021, the Company issued 3,000,000 shares of common stock upon the exercise of warrants for proceeds of $3,712,500. ​ Stock-Based Compensation ​ During the three month and six months ended June 30, 2021, the Company recognized stock-based compensation expense of $1,085,891 and $1,473,863, respectively of which $7,785 and $15,190, respectively, is included in research and development expenses, and $1,078,106 and $1,458,673, respectively, is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. During the three and six months ended June 30, 2020, the Company recognized stock-based compensation expense of $82,088 and $94,816, respectively, of which $2,163 and $10,275, respectively was charged to research and development expense and $79,925 and $84,541, respectively is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations. ​ The following table presents information related to stock-based compensation for the three months and six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Common stock issued for services ​ $ 110,000 ​ $ 30,000 ​ $ 159,800 ​ $ 30,000 Amortization of restricted common stock ​ 433,689 ​ — ​ 560,314 ​ — Amortization of market-based awards ​ 489,774 ​ — ​ 620,019 ​ — Stock options ​ 15,779 ​ 9,588 ​ 24,891 ​ 20,116 Accrued issuable equity (1) ​ 36,649 ​ 42,500 ​ 108,839 ​ 44,700 Total ​ $ 1,085,891 ​ $ 82,088 ​ $ 1,473,863 ​ $ 94,816 ​ (1) See Note 5 - Accrued Issuable Equity, for additional details. ​ Common Stock Issued for Services ​ On February 26, 2021, the Company issued 20,000 shares of immediately vested common stock with an aggregate grant date value of $49,800 for consulting services provided during January 2021 and February 2021. ​ On April 7, 2021, the Company issued 20,000 shares of immediately vested common stock with an aggregate grant date value of $25,000 for consulting services. ​ On June 11, 2021, the Company issued 35,000 shares of immediately vested common stock with an aggregate grant date value of $85,000 for services rendered during May and June 2021. ​ Restricted Common Stock ​ On March 1, 2021, the Company issued 2,000,000 shares of restricted common stock (the “COO Shares”) with an aggregate grant date value of $5,220,000 in connection with the appointment of the Company’s Chief Operating Officer. The shares vest in four equal annual installments beginning on March 1, 2022. ​ During May 2021, the Company issued 80,000 shares of restricted common stock with an aggregate grant date value of $164,000 in connection with the appointment of the Company's Vice President of Operations and granted 50,000 shares of restricted common stock with an aggregate grant date value of $99,500 in connection with the appointment of the Company's Senior Director of Product Development. The shares vest in four equal annual installments beginning in May 2022. ​ On June 1, 2021, the Company issued 25,000 shares of restricted common stock with an aggregate grant date value of $51,750 for services rendered pursuant to a consulting agreement. The shares vest on the one year anniversary of the grant date. ​ On June 7, 2021, the Company issued an aggregate of 60,000 shares of restricted common stock with an aggregate grant date value of $156,000 as compensation to three recently elected board members. The shares vest in 15,000 share increments every three months beginning on September 7, 2021. ​ On June 10, 2021, the Company issued 200,000 shares of restricted common stock with an aggregate grant date value of $524,000 in connection with the appointment of the Company’s Vice President of Sales and Marketing. The shares vest in four equal annual installments beginning June 9, 2022. ​ The grant date value of the above awards is recognized ratably over the respective vesting periods. During the three and six months ended June 30, 2021, the Company recorded stock-based compensation of $433,689 and $560,314, respectively, in connection with the amortization of restricted stock. ​ As of June 30, 2021, there was $5,731,264 of unrecognized stock-based compensation related to restricted stock awards which will be amortized over the weighted average remaining vesting period of 3.6 years. ​ Stock Options ​ On March 12, 2021, in connection with the hire of its Senior Director of Product Development, the Company granted a five-year option to purchase 100,000 shares of common stock pursuant to the 2018 Plan. The option is exercisable at an exercise price of $2.44 per share. One-fourth of the options will vest on the first-year anniversary of the grant date and the remaining options vest monthly over three years. The options had an aggregate grant date value of $57,819 which is recognized over the vesting period. ​ On May 17, 2021, the Company granted five-year options to purchase a total of 10,000 shares of common stock at an exercise price of $2.08 per share to an employee pursuant to the 2018 Plan. One-fourth of the options will vest on the six-month anniversary of the grant date and the remaining options vest annually over three years. The options had an aggregate grant date value of $5,878 which is recognized over the vesting period. ​ On May 26, 2021, the Company granted five-year options to purchase a total of 10,000 shares of common stock at an exercise price of $1.99 per share to an employee pursuant to the 2018 Plan. One-fourth of the options will vest on the six-month anniversary of the grant date and the remaining options vest annually over three years. The options had an aggregate grant date value of $5,805 which is recognized over the vesting period. ​ On June 1, 2021, the Company granted two five-year options to purchase a total of 20,000 shares of common stock at an exercise price of $2.03 per share to certain employees pursuant to the 2018 Plan. One-fourth of the options will vest on the six-month anniversary of the grant date and the remaining options vest annually over three years. The options had an aggregate grant date value of $12,145 which is recognized over the vesting period. ​ On June 17, 2021, the Company granted five-year options to purchase a total of 30,000 shares of common stock at an exercise price of $2.27 per share to an employee pursuant to the 2018 Plan. One-fourth of the options will vest on the six-month anniversary of the grant date and the remaining options vest annually over three years. The options had an aggregate grant date value of $16,726 which is recognized over the vesting period. ​ As of June 30, 2021 there was $120,504 of unrecognized stock-based compensation expense related to stock options, which will be recognized over the weighted average remaining vesting period of 3.3 years. ​ The Company has computed the fair value of stock options granted using the Black-Scholes option pricing model. In applying the Black-Scholes option pricing model, the Company used the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, ​ ​ 2021 2020 ​ ​ ​ Risk free interest rate ​ 0.33% - 0.85 % 1.58 % Expected term (years) ​ 2.5 - 3.5 ​ 2.50 ​ Expected volatility ​ 93% - 109 % 93 % Expected dividends ​ 0 % 0 % ​ A summary of options activity during the six months ended June 30, 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ ​ Number of ​ Exercise ​ Remaining ​ Intrinsic ​ Options Price Term (Yrs) Value Outstanding, January 1, 2021 370,000 ​ $ 0.66 ​ Granted 170,000 ​ 2.31 ​ Exercised — ​ — ​ Expired — ​ — ​ Forfeited — ​ — ​ Outstanding, June 30, 2021 540,000 ​ $ 0.90 3.5 ​ $ 672,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, June 30, 2021 293,173 ​ $ 0.66 2.6 ​ $ 530,642 ​ The following table presents information related to stock options as of June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable Options ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Outstanding ​ Average ​ ​ Exercise ​ Number of ​ Remaining Life ​ Number of Price Options In Years Options $ 0.66 370,000 2.6 293,173 $ 1.99 ​ 10,000 ​ — ​ — $ 2.03 ​ 20,000 ​ — ​ — $ 2.08 ​ 10,000 ​ — ​ — $ 2.27 ​ 30,000 ​ — ​ — $ 2.44 100,000 — — ​ ​ 540,000 2.6 293,173 ​ See Market-Based Awards below for an additional option issuance. ​ Market-Based Awards ​ On March 1, 2021, in connection with the appointment of the Company’s Chief Operating Officer (the “COO”), the COO became eligible to receive of up to 1,500,000 shares of the Company’s common stock which will be earned based upon achieving certain market capitalization milestones up to $4 billion. The grant date value of this award of $2,911,420 was determined using a Monte Carlo valuation model for market-based vesting awards and will be amortized over each of the tranches’ prospective derived service period. ​ On June 10, 2021, the Chief Executive Officer (the “CEO”) received an option for the purchase of up to 1,500,000 shares of the Company’s common stock at an exercise price of $2.60, which will be earned based upon achieving certain market capitalization milestones up to $4 billion. The grant date value of this award of $2,579,000 was determined using a Monte Carlo valuation model for market-based vesting awards and will be amortized over each of the tranches’ prospective derived service period. ​ The following assumptions were used in applying the Monte Carlo valuation model to the Company’s market-based awards described above. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 1, ​ June 10, ​ ​ 2021 2021 ​ Risk free interest rate ​ 0.71 % ​ 0.73 % Expected volatility ​ 98.9 % ​ 98.5 % Expected dividend yield ​ 0 % ​ 0 % Expected term ​ 2.1 years ​ 2.2 years Fair value of common stock on date of grant ​ $ 2.61 ​ $ 2.62 ​ ​ As of June 30, 2021, there was $4,870,402 of unrecognized stock-based compensation expense related to market-based awards which will be amortized over the remaining weighted average vesting period of 2.1 years.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 10 COMMITMENTS AND CONTINGENCIES Technology Development and Sponsorship Agreement On March 31, 2021, the Company entered into a multi-year technology development and sponsorship agreement, pursuant to which the Company has committed to spend an aggregate of $1,650,000 in three installments which are due on April 1, 2021, January 1, 2022, and January 1, 2023. The Company paid $250,000 on April 1, 2021, which was recorded as a prepaid expense and will be amortized over the performance period. During the six months ended June 30, 2021, $83,333 of expense was recognized related to the agreement.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 11 SUBSEQUENT EVENTS Common Stock During July 2021, the Company issued an aggregate of 1,133,333 shares of common stock in connection with exercises of outstanding warrants pursuant to which we received an aggregate of $1,416,666 of gross proceeds. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Liquidity	Liquidity During the six months ended June 30, 2021, the Company raised gross proceeds of $6,500,000 in connection with the sale of preferred stock and warrants, and raised proceeds of $3,712,500 in connection with the exercise of warrants to purchase common stock. During the six months ended June 30, 2021, the Company repaid outstanding notes payable in the amount of $2,450,000. As of June 30, 2021, the Company had cash of $12,159,583 and working capital of $12,194,403. While the Company anticipates it will continue to incur operating losses and use cash in operating activities for the foreseeable future, the Company believes that its current working capital is sufficient in comparison to its anticipated cash usage for a period of at least twelve months subsequent to the filing date of these financial statements.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, accounts receivable, revenue and accounts payable. Cash Concentrations A significant portion of the Company’s cash is held at one major financial institution. The Company has not experienced any losses in such accounts. Cash held in US bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 at each institution. There was an uninsured balance of $11,833,906 and $8,513,010 as of June 30, 2021 and December 31, 2020, respectively. Customer and Revenue Concentrations The Company had certain customers whose revenue individually represented 10% or more of the Company's total revenue, or whose accounts receivable balances individually represented 10% or more of the Company's total accounts receivable, as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ Accounts Receivable ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ As of As of ​ 2021 2020 2021 2020 June 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer A 20 % * ​ 14 % * ​ 35 % * ​ Customer B * ​ * ​ * ​ * ​ * ​ 70 % Customer C * ​ 25 % * ​ 18 % * * ​ Customer D * ​ * * * ​ * ​ 19 % Customer E * ​ * ​ * ​ * ​ * ​ 10 % Customer F 69 % * 62 % * 56 % * ​ Customer G ​ * ​ * ​ 12 % * ​ * ​ * ​ Customer H ​ * ​ 44 % * ​ 48 % * ​ * ​ Total 89 % 69 % 88 % 66 % 91 % 99 % ​ * Less than 10% ​ There is no assurance the Company will continue to receive significant revenues from any of these customers. Any reduction or delay in operating activity from any of the Company’s significant customers, or a delay or default in payment by any significant customer, or termination of agreements with significant customers, could materially harm the Company’s business and prospects. As a result of the Company’s significant customer concentrations, its gross profit and results from operations could fluctuate significantly due to changes in political, environmental, or economic conditions, or the loss of, reduction of business from, or less favorable terms with any of the Company’s significant customers. Vendor Concentrations Vendor concentrations are as follows for the three and six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, June 30, ​ ​ 2021 2020 2021 2020 ​ ​ ​ ​ Vendor A 13 % * ​ 14 % * ​ Vendor B * ​ 20 % * 17 % Vendor C 11 % 17 % * ​ 19 % Vendor D 10 % * ​ * ​ * ​ ​ 34 % 37 % 14 % 36 % ​ * Less than 10%
Inventory	Inventory Inventory is comprised of carbon fiber velvet ("CFV") thermal interface solutions and internal short circuit batteries, which are available for sale. Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first-in, first-out method. The cost of inventory that is sold to third parties is included within cost of sales and the cost of inventory that is given as samples is included within operating expenses. The Company periodically reviews for slow-moving, excess or obsolete inventories. Products that are determined to be obsolete, if any, are written down to net realizable value. As of June 30, 2021 and December 31, 2020, the Company's inventory was comprised solely of finished goods.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers” (“ASC 606”). The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASC 606 defines a five-step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The following five steps are applied to achieve the core principle of ASC 606: ● Step 1: Identify the contract with the customer; ● Step 2: Identify the performance obligations in the contract; ● Step 3: Determine the transaction price; ● Step 4: Allocate the transaction price to the performance obligations in the contract; and ● Step 5: Recognize revenue when the company satisfies a performance obligation. The Company recognizes revenue primarily from the following different types of contracts: ● Product sales – Revenue is recognized at the point in time the customer obtains control of the goods and the Company satisfies its performance obligation, which is generally at the time it ships the product to the customer. ● Contract services – Revenue is recognized at the point in time that the Company satisfies its performance obligation under the contract, which is generally at the time the services are fulfilled and/or accepted by the customer. The following table summarizes the Company's revenue recognized during the three and six months ended June 30, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 577,360 ​ $ 67,130 ​ $ 755,609 ​ $ 99,130 Contract services ​ 50,884 ​ 133,998 ​ 290,540 ​ 179,498 Total revenue ​ $ 628,244 ​ $ 201,128 ​ $ 1,046,149 ​ $ 278,628 ​ As of June 30, 2021 and December 31, 2020, the Company had $29,229 and $20,000 of deferred revenue, respectively, from contracts with customers. The contract liabilities represent payments received from customers for which the Company had not yet satisfied its performance obligation under the contract., or the customers have not officially accepted the goods or services provided under the contract. During the three and six months ended June 30, 2021 and 2020, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. As of June 30, 2021 and December 2020, the Company had $109,735 and $31,212, respectively, of deferred labor costs, which is included in prepaid expenses and other current assets in the Company's condensed consolidated balance sheets. Deferred labor costs represent costs to fulfill the Company's contract service revenue. The Company will recognize the deferred labor costs as cost of revenues at the point in time that the Company satisfies its performance obligation under the respective contract, which is generally at the time the services are fulfilled and/or accepted by the customer.
Shipping and Handling Costs	Shipping and Handling Costs Amounts billed to a customer in a sales transaction related to shipping and handling are recorded as revenue. Costs incurred for shipping and handling are included as cost of revenues on the accompanying condensed consolidated statements of operations.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted net loss per common share is computed by dividing net loss by the weighted average number of common and dilutive common-equivalent shares outstanding during each period. Dilutive common-equivalent shares consist of shares of non-vested restricted stock, if not anti-dilutive. The following shares were excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2021 2020 ​ ​ ​ ​ ​ Series B Convertible Preferred Stock — 724,350 Series C Convertible Preferred Stock ​ — ​ 240,100 Unvested restricted stock ​ 2,475,000 ​ — Market-based equity awards ​ 3,000,000 ​ — Options 540,000 395,000 Warrants ​ 6,387,911 ​ 210,025 Total 12,402,911 1,569,475
Reclassifications	Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net loss. ​
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (the "FASB") issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The Company adopted ASU 2019-12 effective January 1, 2021 and its adoption did not have a material impact on the Company's condensed consolidated financial statements and related disclosures. ​ Recently Issued Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Earnings per Share On May 3, 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options. This new standard provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (such as warrants) that remain equity classified after modification or exchange. This standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Issuers should apply the new standard prospectively to modifications or exchanges occurring after the effective date of the new standard. Early adoption is permitted, including adoption in an interim period. If an issuer elects to early adopt the new standard in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes that interim period. The Company is evaluating this new standard.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of concentrations of credit risk	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ Accounts Receivable ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ ​ ​ ​ ​ June 30, ​ June 30, ​ As of As of ​ 2021 2020 2021 2020 June 30, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer A 20 % * ​ 14 % * ​ 35 % * ​ Customer B * ​ * ​ * ​ * ​ * ​ 70 % Customer C * ​ 25 % * ​ 18 % * * ​ Customer D * ​ * * * ​ * ​ 19 % Customer E * ​ * ​ * ​ * ​ * ​ 10 % Customer F 69 % * 62 % * 56 % * ​ Customer G ​ * ​ * ​ 12 % * ​ * ​ * ​ Customer H ​ * ​ 44 % * ​ 48 % * ​ * ​ Total 89 % 69 % 88 % 66 % 91 % 99 % ​ * Less than 10% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, June 30, ​ ​ 2021 2020 2021 2020 ​ ​ ​ ​ Vendor A 13 % * ​ 14 % * ​ Vendor B * ​ 20 % * 17 % Vendor C 11 % 17 % * ​ 19 % Vendor D 10 % * ​ * ​ * ​ ​ 34 % 37 % 14 % 36 % ​ * Less than 10%
Schedule of revenue recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product sales ​ $ 577,360 ​ $ 67,130 ​ $ 755,609 ​ $ 99,130 Contract services ​ 50,884 ​ 133,998 ​ 290,540 ​ 179,498 Total revenue ​ $ 628,244 ​ $ 201,128 ​ $ 1,046,149 ​ $ 278,628
Schedule of weighted average dilutive common shares because their inclusion would have been anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2021 2020 ​ ​ ​ ​ ​ Series B Convertible Preferred Stock — 724,350 Series C Convertible Preferred Stock ​ — ​ 240,100 Unvested restricted stock ​ 2,475,000 ​ — Market-based equity awards ​ 3,000,000 ​ — Options 540,000 395,000 Warrants ​ 6,387,911 ​ 210,025 Total 12,402,911 1,569,475

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2021 2020 Deferred labor costs ​ $ 109,735 ​ $ 31,212 Deferred inventory costs ​ ​ 18,409 ​ ​ — Filing ​ ​ 4,139 ​ ​ 9,944 Insurance ​ ​ 88,292 ​ ​ 16,035 Marketing ​ ​ 187,599 ​ ​ 56,853 Other ​ ​ 16,271 ​ ​ 25,820 Professional fees ​ ​ 64,093 ​ ​ 10,604 Total prepaid expenses ​ $ 488,538 ​ $ 150,468

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 ​ ​ ​ ​ ​ ​ Payroll and vacation ​ $ 177,353 ​ $ 278,854 Legal and professional fees ​ 118,150 ​ 81,902 Other ​ 47,523 ​ 34,256 Total accrued expenses and other current liabilities ​ $ 343,026 ​ $ 395,012

ACCRUED ISSUABLE EQUITY (Tables

ACCRUED ISSUABLE EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
ACCRUED ISSUABLE EQUITY.
Schedule of accrued issuable equity	​ ​ ​ ​ ​ Balance, January 1, 2021 $ 128,380 Additions ​ 183,639 Reclassifications to equity ​ ​ (74,800) Mark-to market ​ ​ 111,874 Balance, June 30, 2021 ​ $ 349,093

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
LEASES
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ Maturity Date ​ Remaining six months ending December 31, 2021 ​ $ 142,722 2022 ​ 289,981 2023 ​ 297,917 2024 ​ 125,530 Total lease payments ​ 856,150 Less: Imputed interest ​ (61,725) Present value of lease liabilities ​ 794,425 Less: current portion ​ (252,081) Lease liabilities, non-current portion ​ $ 542,344

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2021
NOTES PAYABLE
Summary of notes payable activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes ​ Debt ​ ​ ​ Payable Discount Total Balance, January 1, 2021 ​ $ 2,450,000 ​ $ (128,198) ​ $ 2,321,802 Repayments in cash ​ (2,450,000) ​ — ​ (2,450,000) Amortization of debt discount ​ — ​ 128,198 ​ 128,198 Outstanding, June 30, 2021 ​ $ — ​ $ — ​ $ —

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule of Information relating to stock based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Common stock issued for services ​ $ 110,000 ​ $ 30,000 ​ $ 159,800 ​ $ 30,000 Amortization of restricted common stock ​ 433,689 ​ — ​ 560,314 ​ — Amortization of market-based awards ​ 489,774 ​ — ​ 620,019 ​ — Stock options ​ 15,779 ​ 9,588 ​ 24,891 ​ 20,116 Accrued issuable equity (1) ​ 36,649 ​ 42,500 ​ 108,839 ​ 44,700 Total ​ $ 1,085,891 ​ $ 82,088 ​ $ 1,473,863 ​ $ 94,816 ​ (1) See Note 5 - Accrued Issuable Equity, for additional details.
Schedule of stock option activity outstanding and exercisable	A summary of options activity during the six months ended June 30, 2021 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ ​ Number of ​ Exercise ​ Remaining ​ Intrinsic ​ Options Price Term (Yrs) Value Outstanding, January 1, 2021 370,000 ​ $ 0.66 ​ Granted 170,000 ​ 2.31 ​ Exercised — ​ — ​ Expired — ​ — ​ Forfeited — ​ — ​ Outstanding, June 30, 2021 540,000 ​ $ 0.90 3.5 ​ $ 672,700 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, June 30, 2021 293,173 ​ $ 0.66 2.6 ​ $ 530,642 ​ The following table presents information related to stock options as of June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable Options ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Outstanding ​ Average ​ ​ Exercise ​ Number of ​ Remaining Life ​ Number of Price Options In Years Options $ 0.66 370,000 2.6 293,173 $ 1.99 ​ 10,000 ​ — ​ — $ 2.03 ​ 20,000 ​ — ​ — $ 2.08 ​ 10,000 ​ — ​ — $ 2.27 ​ 30,000 ​ — ​ — $ 2.44 100,000 — — ​ ​ 540,000 2.6 293,173
Stock options
Schedule of stock options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, ​ ​ 2021 2020 ​ ​ ​ Risk free interest rate ​ 0.33% - 0.85 % 1.58 % Expected term (years) ​ 2.5 - 3.5 ​ 2.50 ​ Expected volatility ​ 93% - 109 % 93 % Expected dividends ​ 0 % 0 %
Market-Based Awards
Schedule of stock options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 1, ​ June 10, ​ ​ 2021 2021 ​ Risk free interest rate ​ 0.71 % ​ 0.73 % Expected volatility ​ 98.9 % ​ 98.5 % Expected dividend yield ​ 0 % ​ 0 % Expected term ​ 2.1 years ​ 2.2 years Fair value of common stock on date of grant ​ $ 2.61 ​ $ 2.62 ​

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Customer concentrations (Details) - Customer Concentration Risk [Member]	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Revenues [Member] | Customer [Member]
Concentration Risk, Percentage		89.00%	69.00%	88.00%	66.00%
Revenues [Member] | Customer A [Member]
Concentration Risk, Percentage		20.00%		14.00%
Revenues [Member] | Customer C [Member]
Concentration Risk, Percentage			25.00%		18.00%
Revenues [Member] | Customer F [Member]
Concentration Risk, Percentage		69.00%		62.00%
Revenues [Member] | Customer G [Member]
Concentration Risk, Percentage				12.00%
Revenues [Member] | Customer H [Member]
Concentration Risk, Percentage			44.00%		48.00%
Accounts Receivable [Member] | Customer [Member]
Concentration Risk, Percentage	91.00%					99.00%
Accounts Receivable [Member] | Customer A [Member]
Concentration Risk, Percentage	35.00%
Accounts Receivable [Member] | Customer B [Member]
Concentration Risk, Percentage						70.00%
Accounts Receivable [Member] | Customer D [Member]
Concentration Risk, Percentage						19.00%
Accounts Receivable [Member] | Customer E [Member]
Concentration Risk, Percentage						10.00%
Accounts Receivable [Member] | Customer F [Member]
Concentration Risk, Percentage	56.00%
Accounts Payable [Member] | Vendor [Member]
Concentration Risk, Percentage		34.00%	37.00%	14.00%	36.00%
Accounts Payable [Member] | Vendor A [Member]
Concentration Risk, Percentage		13.00%		14.00%
Accounts Payable [Member] | Vendor B [Member]
Concentration Risk, Percentage			20.00%		17.00%
Accounts Payable [Member] | Vendor C [Member]
Concentration Risk, Percentage		11.00%	17.00%		19.00%
Accounts Payable [Member] | Vendor D [Member]
Concentration Risk, Percentage		10.00%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - consolidated statements of operations: (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 628,244	$ 201,128	$ 1,046,149	$ 278,628
Product sales [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	577,360	67,130	755,609	99,130
Contract services [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 50,884	$ 133,998	$ 290,540	$ 179,498

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - weighted average dilutive common shares (Details) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12,402,911	1,569,475
Series B Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		724,350
Series C Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		240,100
Unvested Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,475,000
Market-based equity award
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,000,000
options
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	540,000	395,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,387,911	210,025

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Gross proceeds			$ 6,500,000
Amount raised on convertible preferred financing agreement			3,712,500
Repayments of note payable			2,450,000	$ 225,000
Cash	$ 12,159,583		12,159,583		$ 8,880,140
Working capital	12,194,403		12,194,403
Cash, FDIC Insured Amount	250,000		250,000
Uninsured cash	11,833,906		11,833,906		8,513,010
Deferred revenue	29,229		29,229		20,000
Revenue Recognized	0	$ 0	0	$ 0
Deferred labor costs	$ 109,735		$ 109,735		$ 31,212

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Deferred labor costs	$ 109,735	$ 31,212
Deferred inventory costs	18,409
Filing	4,139	9,944
Insurance	88,292	16,035
Marketing	187,599	56,853
Other	16,271	25,820
Professional	64,093	10,604
Total prepaid expenses and other current assets	$ 488,538	$ 150,468

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Payroll and vacation	$ 177,353	$ 278,854
Legal and professional fees	118,150	81,902
Other	47,523	34,256
Total accrued expenses and other current liabilities	$ 343,026	$ 395,012

ACCRUED ISSUABLE EQUITY (Detail

ACCRUED ISSUABLE EQUITY (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Movements In Accrued Issuable Equity For Services, Current [Roll Forward]
Beginning balance	$ 128,380
Additions	183,639
Reclassifications to equity	(74,800)
Mark-to market	111,874
Ending balance	$ 349,093

ACCRUED ISSUABLE EQUITY - Addit

ACCRUED ISSUABLE EQUITY - Additional information (Details) - USD ($)	Jun. 11, 2021	Apr. 07, 2021	Feb. 26, 2021	Jun. 30, 2021	Jun. 30, 2021
ACCRUED ISSUABLE EQUITY.
Value of services					$ 183,639
Shares issued in exchange for services, number	35,000	20,000	20,000		40,000
Shares issued in exchange for services, aggregate fair value					$ 74,800
Gains (losses) related to the change in fair value				$ 20,703	$ (111,874)

LEASES - Maturity (Details)

LEASES - Maturity (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
LEASES
Remaining six months ending December 31, 2021	$ 142,722
2022	289,981
2023	297,917
2024	125,530
Total lease payments	856,150
Less: Imputed interest	(61,725)
Present value of lease liabilities	794,425
Less: current portion	(252,081)	$ 0
Lease liabilities, non-current portion	$ 542,344	$ 0

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($)	Jun. 01, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Right of use asset for lease liability				$ 814,817	$ 0
Estimated incremental borrowing rate		5.00%		5.00%
Operating lease expense		$ 39,805	$ 17,200	$ 55,207	$ 27,216
New lease agreement for office space in San Diego, California
Lessee, Lease, Description [Line Items]
Lease term (in years)	3 years
Option to extend	true
Renewal Term	5 years
Monthly lease rental	$ 23,787
Lease base rent	18,518
Common area maintenance fees included in monthly lease rental	$ 5,268
Lease annual escalation rate	3.50%
Security deposit	$ 50,213
Monthly rent	5,127
Monthly rent base	4,572
Association fees included in monthly lease rental	$ 555

NOTES PAYABLE (Details)

NOTES PAYABLE (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Movements In Notes Payable Current, Gross [Roll Forward]
Beginning balance	$ 2,450,000
Repayments in cash	(2,450,000)
Movements In Debt Instrument, Unamortized Discount, Current [Roll Forward]
Beginning balance	(128,198)
Amortization of debt discount	128,198
Ending balance	0
Movements In Notes Payable Current [Roll Forward]
Beginning balance	2,321,802
Repayments in cash	(2,450,000)
Amortization of debt discount	128,198
Ending balance	$ 0

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Accounts payable - related party	$ 2,628	$ 2,628
Chief Technology Officer CTO [Member]
Related Party Transaction [Line Items]
Accounts payable - related party	$ 2,628	$ 2,628

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional Information (Details)	Jun. 17, 2021USD ($)$ / sharesshares	Jun. 11, 2021USD ($)shares	Jun. 10, 2021USD ($)$ / sharesshares	Jun. 07, 2021USD ($)directorshares	Jun. 01, 2021USD ($)$ / sharesshares	May 26, 2021USD ($)$ / sharesshares	May 20, 2021USD ($)shares	May 19, 2021USD ($)$ / sharesshares	May 17, 2021USD ($)$ / sharesshares	Apr. 07, 2021USD ($)shares	Mar. 12, 2021USD ($)$ / sharesshares	Mar. 01, 2021USD ($)shares	Feb. 26, 2021USD ($)shares	May 31, 2021USD ($)itemshares	Jun. 30, 2021USD ($)itemRateY$ / sharesshares	Mar. 31, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)itemRateY$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2020shares
Common stock, shares issued | shares							1,300,000		3,170,730						100,567,930			100,567,930		89,908,600
Structuring fee paid to investor																		$ 10,000
Gross proceeds																		6,500,000
Remaining proceeds																		6,490,000
Relative fair value of Series D Preferred Stock															$ 3,875,675			3,875,675
Commitment shares issued in connection with sale of Series D Preferred Stock							$ 2,665,000											1,339,582
Relative fair value of warrants															1,274,743			1,274,743
Deemed dividend															2,624,326		$ 0	2,624,326
Beneficial conversion feature on Series D convertible preferred stock																		2,624,326
Cash issuance costs															$ 365,000			365,000
Aggregate gross proceeds																		3,712,500
Repayments of remaining note payable																		$ 2,450,000	$ 225,000
Convertible Preferred Stock, Shares Issued upon Conversion | shares															3,000,000			3,000,000
Common stock authorized | shares															500,000,000			500,000,000		500,000,000
Allocated Share-based Compensation Expense															$ 1,085,891		82,088	$ 1,473,863	94,816
Stock-based compensation																		1,473,863	94,816
Grant date value of stock				$ 156,000
Restricted common stock issued (in shares) | shares				60,000
Aggregate proceeds		$ 85,000								$ 25,000			$ 49,800				757,695	$ 0	757,695
Convertible Preferred Stock, Shares Issued upon Conversion | shares															3,000,000			3,000,000
Convertible Preferred Stock, Shares Reserved for Future Issuance | shares															3,712,500			3,712,500
Number of board members | director				3
Unrecognized stock-based compensation expense															$ 5,731,264			$ 5,731,264
Weighted average remaining vesting period																		3 years 7 months 6 days
Shares of common stock issued related to consulting services provided | shares		35,000								20,000			20,000					40,000
Grant date value of common stock issued related to consulting services provided															$ 110,000	$ 49,800
Options Outstanding, Exercise Price | $ / shares															$ 0.66			$ 0.66
Exercise price
Warrant measurement input | item															2.50			2.50
Market price per share
Warrant measurement input | item															2.05			2.05
Expected term
Warrant measurement input | Y															1			1
Volatility
Warrant measurement input | item															142			142
Risk-free interest rate
Warrant measurement input | Rate															0.05			0.05
Research and development expenses
Allocated Share-based Compensation Expense															$ 7,785		2,163	$ 15,190	10,275
Selling, general and administrative expenses
Allocated Share-based Compensation Expense															1,078,106		$ 79,925	1,458,673	84,541
Common stock
Stock-based compensation															433,689			560,314
Grant date value of stock			$ 524,000		$ 51,750
Restricted common stock issued (in shares) | shares			200,000		25,000
Number of annual vesting installments | item														4
Incremental shares vested				$ 15,000
Stock options
Unrecognized stock-based compensation expense															120,504			$ 120,504
Weighted average remaining vesting period																		3 years 3 months 18 days
Shares of common stock issued related to consulting services provided | shares	30,000				20,000	10,000			10,000		100,000
Options Outstanding, Exercise Price | $ / shares	$ 2.27				$ 2.03	$ 1.99			$ 2.08		$ 2.44
Share based Compensation Arrangement By Share based Payment Award Options Non vested Weighted Average Aggregate Grant Date Fair Value	$ 16,726				$ 12,145	$ 5,805			$ 5,878		$ 57,819
Market-Based Awards
Common stock authorized | shares			1,500,000									1,500,000
Grant date value of stock			$ 2,579,000									$ 2,911,420
Market Cap			$ 4,000,000,000									4,000,000,000
Unrecognized stock-based compensation expense															4,870,402			$ 4,870,402
Weighted average remaining vesting period																		2 years 1 month 6 days
Options Outstanding, Exercise Price | $ / shares			$ 2.60
Chief Operating Officer | Common stock
Grant date value of stock												$ 5,220,000
Restricted common stock issued (in shares) | shares												2,000,000
Vice President of Operations | Common stock
Grant date value of stock														$ 164,000
Restricted common stock issued (in shares) | shares														80,000
Senior Director of Product Development | Common stock
Grant date value of stock														$ 99,500
Restricted common stock issued (in shares) | shares														50,000
Common stock
Allocated Share-based Compensation Expense															$ 433,689			$ 560,314
Restricted common stock issued (in shares) | shares															415,000	2,000,000
Period for vesting of incremental shares (in months)				3 months
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares															3,170,730
Shares of common stock issued related to consulting services provided | shares															55,000	20,000
Grant date value of common stock issued related to consulting services provided															$ 6	$ 2
Series D Convertible Preferred Stock
Beneficial conversion feature on Series D convertible preferred stock																		$ 2,624,326	$ 0
Convertible Preferred Stock, Shares Issued upon Conversion | shares									650
Convertible Preferred Stock, Shares Issued upon Conversion | shares									650
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares															(650)
Series D Convertible Preferred Stock | Securities Purchase Agreement
Common stock issued for cash, net of issuance costs (in shares) | shares								650
Warrants to purchase common shares issued | shares								2,600,000
Term of warrants								1 year
Shares issued price (in dollars per share) | $ / shares								$ 2.50
Aggregate gross proceeds								$ 6,500,000
Commitment fee shares of common stock | shares								1,300,000
Repayments of remaining note payable								$ 1,400,000
Fixed conversion price | $ / shares								$ 2.05
Convertible Preferred Stock, Shares Issued upon Conversion | shares								3,170,732
Cumulative dividends annual rate percentage								10.00%
Convertible Preferred Stock, Shares Issued upon Conversion | shares								3,170,732

STOCKHOLDERS' EQUITY - Stock-Ba

STOCKHOLDERS' EQUITY - Stock-Based Compensation (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Allocated Share-based Compensation Expense		$ 1,085,891	$ 82,088	$ 1,473,863	$ 94,816
Common Stock Issued For Services
Allocated Share-based Compensation Expense		110,000	30,000	159,800	30,000
Common stock
Allocated Share-based Compensation Expense		433,689		560,314
Market-Based Awards
Allocated Share-based Compensation Expense		489,774		620,019
Stock options
Allocated Share-based Compensation Expense		15,779	9,588	24,891	20,116
Accrued Issuable Equity Common Stock
Allocated Share-based Compensation Expense	[1]	$ 36,649	$ 42,500	$ 108,839	$ 44,700
[1]	See Note 5 - Accrued Issuable Equity, for additional details.

STOCKHOLDERS' EQUITY - Option p

STOCKHOLDERS' EQUITY - Option pricing model (Details) - $ / shares	Jun. 10, 2021	Mar. 01, 2020	Jun. 30, 2021	Jun. 30, 2020
Risk free interest rate (as a percent)				1.58%
Expected term (years)				2 years 6 months
Expected volatility (as a percent)				93.00%
Expected dividends (as a percent)			0.00%	0.00%
Minimum
Risk free interest rate (as a percent)			0.33%
Expected term (years)			2 years 6 months
Expected volatility (as a percent)			93.00%
Maximum
Risk free interest rate (as a percent)			0.85%
Expected term (years)			3 years 6 months
Expected volatility (as a percent)			109.00%
Market-Based Awards
Risk free interest rate (as a percent)	0.73%	0.71%
Expected term (years)	2 years 2 months 12 days	2 years 1 month 6 days
Expected volatility (as a percent)	98.50%	98.90%
Expected dividends (as a percent)	0.00%	0.00%
Fair value of common stock on date of grant	2.62	2.61

STOCKHOLDERS' EQUITY - Stock ac

STOCKHOLDERS' EQUITY - Stock activity (Details)	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
STOCKHOLDERS' EQUITY
Number of Options, Outstanding | shares	370,000
Number of Options, Granted | shares	170,000
Number of Options, Outstanding | shares	540,000
Number of Options, Exercisable | shares	293,173
Weighted Average Exercise Price, Outstanding | $ / shares	$ 0.66
Weighted Average Exercise Price, Granted | $ / shares	2.31
Weighted Average Exercise Price Outstanding | $ / shares	0.90
Weighted Average Exercise Price Exercisable | $ / shares	$ 0.66
Weighted Average Remaining Term, Outstanding	3 years 6 months
Weighted Average Remaining Term, Exercisable	2 years 7 months 6 days
Number of Options Intrinsic Value, Outstanding | $	$ 672,700
Number of Options Intrinsic Value, Exercisable | $	$ 530,642

STOCKHOLDERS' EQUITY - Stock op

STOCKHOLDERS' EQUITY - Stock options (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Options Outstanding, Exercise Price	$ 0.66
Options Outstanding, Number of Options	540,000	370,000
Options Exercisable, Weighted Average Remaining Life	2 years 7 months 6 days
Options Exercisable Number of Options	293,173
0.66 Exercise Price
Options Outstanding, Exercise Price	$ 0.66
Options Outstanding, Number of Options	370,000
Options Exercisable, Weighted Average Remaining Life	2 years 7 months 6 days
Options Exercisable Number of Options	293,173
1.99 Exercise Price
Options Outstanding, Exercise Price	$ 1.99
Options Outstanding, Number of Options	10,000
Options Exercisable, Weighted Average Remaining Life	0 years
2.03 Exercise Price
Options Outstanding, Exercise Price	$ 2.03
Options Outstanding, Number of Options	20,000
Options Exercisable, Weighted Average Remaining Life	0 years
2.08 Exercise Price
Options Outstanding, Exercise Price	$ 2.08
Options Outstanding, Number of Options	10,000
Options Exercisable, Weighted Average Remaining Life	0 years
2.27 Exercise Price
Options Outstanding, Exercise Price	$ 2.27
Options Outstanding, Number of Options	30,000
Options Exercisable, Weighted Average Remaining Life	0 years
2.44 Exercise Price
Options Outstanding, Exercise Price	$ 2.44
Options Outstanding, Number of Options	100,000
Options Exercisable, Weighted Average Remaining Life	0 years

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Technology Development and Sponsorship Agreement	6 Months Ended
	Jun. 30, 2021USD ($)	Apr. 01, 2021USD ($)	Mar. 31, 2021USD ($)installment
Aggregate amount spend on agreement			$ 1,650,000
Number of installments. | installment			3
Prepaid expenses		$ 250,000
Expense recognized	$ 83,333

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Jun. 11, 2021	Apr. 07, 2021	Feb. 26, 2021	Jul. 31, 2021	Jun. 30, 2021
Subsequent Event [Line Items]
Shares issued in exchange for services, number	35,000	20,000	20,000		40,000
Subsequent Event
Subsequent Event [Line Items]
Shares issued in exchange for services, number				1,133,333
Legal Fees				$ 1,416,666