KULR Technology (KULR) 10-Q 14 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 10, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Registrant Name	KT High-Tech Marketing Inc.
Entity Central Index Key	1,662,684
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		77,718,788

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Assets:
Cash	$ 108,031	$ 895,761
Accounts receivable	118,940	151,802
Inventory	13,767	13,767
Prepaid expenses	41,665	106,466
Other current assets	8,727	8,727
Total Current Assets	291,130	1,176,523
Property and equipment, net	43,319	43,493
Deferred offering costs	30,000	0
Total Assets	364,449	1,220,016
Current Liabilities:
Accrued expenses and other current liabilities	434,950	197,713
Accrued expenses and other current liabilities - related parties	190,559	282,597
Deferred revenue	161,909	0
Total Current Liabilities	787,418	480,310
Commitments and contingencies
Stockholders' (Deficiency) Equity:
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; Series A Preferred Stock, 1,000,000 shares designated; None issued and outstanding at June 30, 2018 and December 31, 2017	0	0
Common stock, $0.0001 par value, 100,000,000 shares authorized; 77,440,000 shares issued and outstanding at June 30, 2018 and December 31, 2017	7,744	7,744
Additional paid-in capital	5,398,074	5,090,282
Accumulated deficit	(5,828,787)	(4,358,320)
Total Stockholders' (Deficiency) Equity	(422,969)	739,706
Total Liabilities and Stockholders' (Deficiency) Equity	$ 364,449	$ 1,220,016

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Preferred Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	77,440,000	77,440,000
Common Stock, Shares, Outstanding	77,440,000	77,440,000
Series A Preferred Stock [Member]
Preferred Stock, Shares Authorized	1,000,000	1,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue	$ 171,091	$ 10,900	$ 399,131	$ 10,900
Cost of revenue	33,470	56,195	183,417	56,195
Gross Profit (Loss)	137,621	(45,295)	215,714	(45,295)
Operating Expenses:
Research and development	119,006	36,448	238,690	49,628
Research and development - related parties	0	269,942	0	401,057
Selling, general and administrative	663,018	332,418	1,447,258	414,362
Total Operating Expenses	782,024	638,808	1,685,948	865,047
Loss From Operations	(644,403)	(684,103)	(1,470,234)	(910,342)
Other expense, net	(219)	(6,671)	(233)	(8,256)
Net Loss	$ (644,622)	$ (690,774)	$ (1,470,467)	$ (918,598)
Net Loss Per Share - Basic and Diluted	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.02)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	77,385,972	52,570,582	77,303,030	50,791,128

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY) - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2017	$ 739,706	$ 7,744	$ 5,090,282	$ (4,358,320)
Balance (shares) at Dec. 31, 2017		77,440,000
Balance at Dec. 31, 2017	739,706	$ 7,744	5,090,282	(4,358,320)
Balance (shares) at Dec. 31, 2017		77,440,000
Stock-based compensation	307,792	$ 0	307,792	0
Net loss	(1,470,467)	0	0	(1,470,467)
Balance at Jun. 30, 2018	(422,969)	$ 7,744	5,398,074	(5,828,787)
Balance (shares) at Jun. 30, 2018		77,440,000
Net loss	(644,622)
Balance at Jun. 30, 2018	$ (422,969)	$ 7,744	$ 5,398,074	$ (5,828,787)
Balance (shares) at Jun. 30, 2018		77,440,000

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash Flows From Operating Activities:
Net loss	$ (1,470,467)	$ (918,598)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	8,524	882
Stock-based compensation	307,792	224,158
Changes in operating assets and liabilities:
Accounts receivable	32,862	(4,000)
Other current receivable	0	30,000
Other current receivable - related parties	0	2,000
Interest receivable - related party	0	2,152
Prepaid expenses	64,801	(183,370)
Other current assets	0	861,377
Accrued expenses and other current liabilities	207,237	152,476
Accrued expenses and other current liabilities - related parties	(92,038)	114,679
Deferred revenue	161,909	0
Total Adjustments	691,087	1,200,354
Net Cash (Used In) Provided By Operating Activities	(779,380)	281,756
Cash Flows From Investing Activities:
Proceeds from loan from related party	0	85,000
Cash acquired in reverse recapitalization	0	1,859,261
Purchases of property and equipment	(8,350)	(22,045)
Net Cash (Used in) Provided By Investing Activities	(8,350)	1,922,216
Net (Decrease) Increase In Cash	(787,730)	2,203,972
Cash - Beginning of Period	895,761	9,087
Cash - End of Period	108,031	2,213,059
Supplemental Disclosures of Cash Flow Information:
Cash paid during the year for: Interest	294	0
Cash paid during the year for: Income taxes	2,400	1,600
Non-cash investing and financing activities:
Accrual of deferred offering costs	$ 30,000	$ 0

Business Organization, Nature o

Business Organization, Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 Business Organization, Nature of Operations and Basis of Presentation Organization and Operations KT High-Tech Marketing, Inc. ("KT High-Tech"), through its wholly-owned subsidiary, KULR Technology Corporation (“KULR”) (collectively, the “Company”), is primarily focused on developing and commercializing its thermal management technologies, which it acquired through assignment from and license with KULR’s co-founder Dr. Timothy Knowles, in the high value, high-performance consumer electronic and energy storage applications. KULR owns proprietary carbon fiber based (Carbon Fiber Velvet or “CFV”) thermal management solutions that it believes are more effective at conducting, dissipating and storing heat generated by an electronic system’s internal components (i.e. semiconductor, integrated circuits “chips”) in comparison to traditional materials, such as copper and aluminum. KULR’s technologies can be applied inside a wide array of electronic applications where heat is often a problem, such as mobile devices, cloud computing, virtual reality platforms, satellites, internet of things, drones, and connected cars. 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 condensed consolidated financial statements of the Company as of June 30, 2018 and for the three and six months then ended. The results of operations for the three and six months ended June 30, 2018 are not necessarily indicative of the operating results for the full year ending December 31, 2018 or any other period. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and related disclosures as of December 31, 2017 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on Form 10-K on April 17, 2018.

Going Concern and Management's

Going Concern and Management's Plans	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Substantial Doubt about Going Concern [Text Block]	Note 2 Going Concern and Management’s Plans Subsequent to June 30, 2018, the Company sold common stock for aggregate net proceeds of $159,000. See Note 9 – Subsequent Events – Private Placement for details. The Company has not yet achieved profitability and expects to continue to incur cash outflows from operations. It is expected that its research and development and general and administrative expenses will continue to increase and, as a result, the Company will eventually need to generate significant product revenues to achieve profitability. These conditions indicate that there is substantial doubt about the Company’s ability to continue as a going concern within one year after the financial statement issuance date. Based upon the Company’s forecast for continued operating losses, it expects that the cash it currently has available will fund its operations into the fourth quarter of 2018 while it continues to apply efforts to raise additional capital. Thereafter, the Company will require external funding to sustain operations and to follow through on the execution of its business plan. Although the Company’s management believes that it has access to capital resources, there are currently no commitments in place for new financing at this time and there is no assurance that the Company will be able to obtain funds on commercially acceptable terms, if at all. If the Company is unable to obtain adequate funds on reasonable terms, it may be required to significantly curtail or discontinue operations or obtain funds by entering into financing agreements on unattractive terms. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 3 Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in Note 2 – Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Since the date of the Annual Report, there have been no material changes to the Company’s significant accounting policies, except as disclosed below. Concentrations of Credit Risk The Company maintains cash with major financial institutions. Cash held in US bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 at each institution. There were aggregate uninsured cash balances of $0 and $611,450 at June 30, 2018 and December 31, 2017, respectively. Customer concentrations are as follows: Revenues Accounts Receivable For the Three Months Ended For the Six Months Ended As of As of June 30, June 30, June 30, 2018 December 31, 2017 2018 2017 2018 2017 Customer A 21 % * 37 % * 31 % 15 % Customer B * * 27 % * 51 % * Customer C 70 % * 30 % * * 43 % Customer D * 100 % * 100 % * 16 % Total 91.00 % 100.00 % 94.00 % 100.00 % 82 % 74 % * Less than 10% Revenue Recognition On January 1, 2018, the Company adopted 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 than required under existing accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 Company adopted ASC 606 for all applicable contracts using the modified retrospective method, which would have required a cumulative-effect adjustment, if any, as of the date of adoption. The adoption of ASC 606 did not have a material impact on the Company's condensed consolidated financial statements as of the date of adoption. As a result, a cumulative-effect adjustment was not required. The Company recognizes revenue primarily from the following different types of contracts: · Product sales · Contract services The following table summarizes our revenue recognized in our condensed consolidated statements of operations: For the Three Months Ended For the Six Months Ended June 30, June 30, 2018 2017 2018 2017 Product sales $ 134,791 $ 10,900 $ 253,143 $ 10,900 Contract services 36,300 - 145,988 - Total revenue $ 171,091 $ 10,900 $ 399,131 $ 10,900 As of June 30, 2018, the Company had $0 and $161,909 contract assets and contract liabilities, 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. As of December 31, 2017, the Company did not have any contract assets or contract liabilities from contracts with customers. During the three and six months ended June 30, 2018 and 2017, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. Reclassifications Certain prior year balance sheet amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results 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. The following shares were excluded from basic weighted average common stock outstanding: For the Three Months Ended For the Six Months Ended June 30, June 30, 2018 2017 2018 2017 Non-vested restricted stock 54,028 789,196 136,970 876,496 Total 54,028 789,196 136,970 876,496 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, 2018 2017 Non-vested restricted stock - 687,500 Total - 687,500 Recently Issued and Adopted Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, “Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting,” (“ASU 2017-09”). ASU 2017-09 provides clarity on the accounting for modifications of stock-based awards. ASU 2017-09 requires adoption on a prospective basis in the annual and interim periods for fiscal years beginning after December 15, 2017 for share-based payment awards modified on or after the adoption date. The Company adopted ASU 2017-09 effective January 1, 2018 and its adoption did not have a material impact on the Company’s condensed consolidated financial statements. In June 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-07, “Compensation — Stock Compensation (Topic 718),” (“ASU 2018-07”). ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. Currently, the accounting requirements for nonemployee and employee share-based payment transactions are significantly different. ASU 2018-07 expands the scope of Topic 718, Compensation — Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. This ASU supersedes Subtopic 505-50, Equity — Equity-Based Payments to Nonemployees. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within that fiscal year. Early adoption is permitted, but no earlier than a company’s adoption date of Topic 606, Revenue from Contracts with Customers. The Company early adopted ASU 2018-07 effective April 1, 2018. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements.

Prepaid Expenses

Prepaid Expenses	6 Months Ended
	Jun. 30, 2018
Prepaid Expense, Current [Abstract]
Prepaid Expenses Disclosure [Text Block]	Note 4 Prepaid Expenses As of June 30, 2018 and December 31, 2017, prepaid expenses consisted of the following: June 30, 2018 December 31, 2017 (unaudited) Business development services $ - $ 40,000 Research and development services 25,669 25,000 Professional fees - 10,000 Other 15,996 31,466 Total prepaid expenses $ 41,665 $ 106,466

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2018
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block]	Note 5 Accrued Expenses and Other Current Liabilities As of June 30, 2018 and December 31, 2017, accrued expenses and other current liabilities consisted of the following: June 30, 2018 December 31, 2017 (unaudited) Accrued legal and professional fees $ 222,345 $ 71,241 Accrued payroll and vacation 66,793 69,425 Payroll and income tax payable 8,224 14,223 Accrued research and development expenses 7,635 14,611 Credit card payable 8,381 110 Other 121,572 28,103 Total accrued expenses and other current liabilities $ 434,950 $ 197,713

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 6 Related Party Transactions Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities – related parties consist of: (i) a liability of $154,269 and $254,344 as of June 30, 2018 and December 31, 2017, 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; and (ii) a liability of $36,290 and $28,253 as of June 30, 2018 and December 31, 2017, respectively, to the Company’s Chief Executive Officer (“CEO”) in connection with Company-related travel and entertain expenses incurred by the CEO. Consulting Agreements During the three and six months ended June 30, 2017, the Company recorded aggregate expense of $26,000 (of which, $13,000 and $13,000 was included within research and development expenses and selling, general and administrative expenses, respectively) and $65,000 (of which, $32,500 and $32,500 was included within research and development expenses and selling, general and administrative expenses, respectively), respectively, related to consulting agreements with its CEO and CTO, which were terminated in connection with the closing of the Share Exchange Agreement on June 19, 2017. During the three and six months ended June 30, 2017, the Company recorded research and development expense of $256,942 and $368,557, respectively, related to consulting services provided to the Company by ESLI associated with the development of the Company’s CFV thermal management solutions. There were no such costs recorded in the three and six months ended June 30, 2018. ESLI is controlled by the Company’s CTO.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 7 Stockholders' Equity Stock-Based Compensation During the three and six months ended June 30, 2018, the Company recognized stock-based compensation expense of $124,835 and $307,792, respectively, and during the three and six months ended June 30, 2017, the Company recognized stock-based compensation expense of $212,147 and $224,158, respectively, related to restricted common stock awards issued during 2014 which is included within general and administrative expenses on the condensed consolidated statements of operations. As of June 30, 2018, there was no unrecognized stock-based compensation expense.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 8 Commitments and Contingencies Patent License Agreement On March 21, 2018, the Company entered into an agreement with the National Renewable Energy Laboratory (“NREL”) granting the Company an exclusive license to commercialize its patented Internal Short Circuit technology. The agreement shall be effective for as long as the licensed patents are enforceable, subject to certain early termination provisions specified in the agreement. In consideration, the Company agreed to pay to NREL the following: (i) a cash payment of $12,000 payable over one year, (ii) royalties ranging from 1.5% to 3.75% on the net sales price of the licensed products, as defined in the agreement, with minimum annual royalty payments ranging from $0 to $7,500. In addition, the Company shall use commercially reasonable efforts to bring the licensed products to market through a commercialization program that requires that certain milestones be met, as specified in the agreement. As of the date of filing, there had been no sales of the licensed products, such that no royalties had been earned.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 9 Subsequent Events Private Placement Subsequent to June 30, 2018, the Company sold an aggregate of 278,788 shares of common stock to investors for aggregate gross and net cash proceeds of $184,000 and $159,000, respectively. Of the $25,000 of cash offering costs withheld from the proceeds, $20,000 June 30, 2018.

Revision of Financial Statement

Revision of Financial Statements	6 Months Ended
	Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract]
Accounting Changes and Error Corrections [Text Block]	Note 10 Revision of Financial Statements for the Quarter Ended March 31, 2018 During the course of preparing the quarterly report on Form 10-Q for the quarter ended June 30, 2018, the Company identified certain errors related to cost of revenue not being recorded in connection with a product sale to a customer, which resulted in the understatement of its net loss for the three months ended March 31, 2018. The reason for the error was related to certain information not being provided to the Company’s accounting staff as a result of the Company’s transition of certain accounting duties from its then-Interim Chief Financial Officer, who left the Company in the first quarter of 2018. The following tables reconcile the prior period as reported balances to the as revised balances: March 31, 2018 As Reported Adjustment As Revised Condensed Consolidated Balance Sheet: Total Current Assets $ 698,092 $ (27,957 ) $ 670,135 Total Assets $ 735,964 $ (27,957 ) $ 708,007 Total Current Liabilities $ 560,545 $ 50,644 $ 611,189 Total Liabilities $ 560,545 $ 50,644 $ 611,189 Total Stockholders' Equity $ 175,419 $ (78,601 ) $ 96,818 For The Three Months Ended March 31, 2018 As Reported Adjustment As Revised Condensed Consolidated Statement of Operations: Revenue $ 228,040 $ - $ 228,040 Cost of Revenue $ 49,346 $ 100,601 $ 149,947 Operating Expenses $ 925,924 $ (22,000 ) $ 903,924 Loss From Operations $ (747,230 ) $ (78,601 ) $ (825,831 ) Net Loss $ (747,244 ) $ (78,601 ) $ (825,845 ) Net Loss Per Share - Basic and Diluted $ (0.01 ) $ - $ (0.01 ) Weighted Average Number of Common Shares Outstanding - Basic and Diluted 77,219,168 - 77,219,168 For The Three Months Ended March 31, 2018 As Reported Adjustment As Revised Condensed Consolidated Statement of Cash Flows: Cash Flows From Operating Activities: Net Loss $ (747,244 ) $ (78,601 ) $ (825,845 ) Adjustments to reconcile net loss to net cash used in operating activities $ 276,874 $ 78,601 $ 355,475 Net Cash Used In Operating Activities $ (470,370 ) $ - $ (470,370 ) In accordance with SEC Staff Accounting Bulletin No 108, the Company has evaluated this error, based on an analysis of quantitative and qualitative factors, as to whether it was material to the condensed consolidated statement of operations for the three months ended March 31, 2018 and if amendments of previously filed financial statements with the SEC are required. The Company has determined that quantitatively and qualitatively, the error has no material impact to the condensed consolidated statement of operations for the three months ended March 31, 2018 or other prior periods.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations of Credit Risk The Company maintains cash with major financial institutions. Cash held in US bank institutions is currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 at each institution. There were aggregate uninsured cash balances of $0 and $611,450 at June 30, 2018 and December 31, 2017, respectively. Customer concentrations are as follows: Revenues Accounts Receivable For the Three Months Ended For the Six Months Ended As of As of June 30, June 30, June 30, 2018 December 31, 2017 2018 2017 2018 2017 Customer A 21 % * 37 % * 31 % 15 % Customer B * * 27 % * 51 % * Customer C 70 % * 30 % * * 43 % Customer D * 100 % * 100 % * 16 % Total 91.00 % 100.00 % 94.00 % 100.00 % 82 % 74 % * Less than 10%
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition On January 1, 2018, the Company adopted 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 than required under existing accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 Company adopted ASC 606 for all applicable contracts using the modified retrospective method, which would have required a cumulative-effect adjustment, if any, as of the date of adoption. The adoption of ASC 606 did not have a material impact on the Company's condensed consolidated financial statements as of the date of adoption. As a result, a cumulative-effect adjustment was not required. The Company recognizes revenue primarily from the following different types of contracts:  Product sales  Contract services The following table summarizes our revenue recognized in our condensed consolidated statements of operations: For the Three Months Ended For the Six Months Ended June 30, June 30, 2018 2017 2018 2017 Product sales $ 134,791 $ 10,900 $ 253,143 $ 10,900 Contract services 36,300 - 145,988 - Total revenue $ 171,091 $ 10,900 $ 399,131 $ 10,900 As of June 30, 2018, the Company had $0 and $161,909 contract assets and contract liabilities, 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. As of December 31, 2017, the Company did not have any contract assets or contract liabilities from contracts with customers. During the three and six months ended June 30, 2018 and 2017, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods.
Reclassification, Policy [Policy Text Block]	Reclassifications Certain prior year balance sheet amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.
Earnings Per Share, Policy [Policy Text Block]	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. The following shares were excluded from basic weighted average common stock outstanding: For the Three Months Ended For the Six Months Ended June 30, June 30, 2018 2017 2018 2017 Non-vested restricted stock 54,028 789,196 136,970 876,496 Total 54,028 789,196 136,970 876,496 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, 2018 2017 Non-vested restricted stock - 687,500 Total - 687,500
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued and Adopted Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09, “Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting,” (“ASU 2017-09”). ASU 2017-09 provides clarity on the accounting for modifications of stock-based awards. ASU 2017-09 requires adoption on a prospective basis in the annual and interim periods for fiscal years beginning after December 15, 2017 for share-based payment awards modified on or after the adoption date. The Company adopted ASU 2017-09 effective January 1, 2018 and its adoption did not have a material impact on the Company’s condensed consolidated financial statements. In June 2018, the FASB issued Accounting Standards Update (“ASU”) No. 2018-07, “Compensation — Stock Compensation (Topic 718),” (“ASU 2018-07”). ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for nonemployee share-based payments. Currently, the accounting requirements for nonemployee and employee share-based payment transactions are significantly different. ASU 2018-07 expands the scope of Topic 718, Compensation — Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. This ASU supersedes Subtopic 505-50, Equity — Equity-Based Payments to Nonemployees. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, and interim periods within that fiscal year. Early adoption is permitted, but no earlier than a company’s adoption date of Topic 606, Revenue from Contracts with Customers. The Company early adopted ASU 2018-07 effective April 1, 2018. The adoption of this ASU did not have a material impact on the Company’s condensed consolidated financial statements.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Customer concentrations are as follows: Revenues Accounts Receivable For the Three Months Ended For the Six Months Ended As of As of June 30, June 30, June 30, 2018 December 31, 2017 2018 2017 2018 2017 Customer A 21 % * 37 % * 31 % 15 % Customer B * * 27 % * 51 % * Customer C 70 % * 30 % * * 43 % Customer D * 100 % * 100 % * 16 % Total 91.00 % 100.00 % 94.00 % 100.00 % 82 % 74 % * Less than 10%
Revenue from External Customers by Products and Services [Table Text Block]	The following table summarizes our revenue recognized in our condensed consolidated statements of operations: For the Three Months Ended For the Six Months Ended June 30, June 30, 2018 2017 2018 2017 Product sales $ 134,791 $ 10,900 $ 253,143 $ 10,900 Contract services 36,300 - 145,988 - Total revenue $ 171,091 $ 10,900 $ 399,131 $ 10,900
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	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. The following shares were excluded from basic weighted average common stock outstanding: For the Three Months Ended For the Six Months Ended June 30, June 30, 2018 2017 2018 2017 Non-vested restricted stock 54,028 789,196 136,970 876,496 Total 54,028 789,196 136,970 876,496 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, 2018 2017 Non-vested restricted stock - 687,500 Total - 687,500

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	6 Months Ended
	Jun. 30, 2018
Prepaid Expense, Current [Abstract]
Schedule of Prepaid Expenses [Table Text Block]	As of June 30, 2018 and December 31, 2017, prepaid expenses consisted of the following: June 30, 2018 December 31, 2017 (unaudited) Business development services $ - $ 40,000 Research and development services 25,669 25,000 Professional fees - 10,000 Other 15,996 31,466 Total prepaid expenses $ 41,665 $ 106,466

Accrued Expenses and Other Cu20

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Accounts Payable and Accrued Liabilities, Current [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	As of June 30, 2018 and December 31, 2017, accrued expenses and other current liabilities consisted of the following: June 30, 2018 December 31, 2017 (unaudited) Accrued legal and professional fees $ 222,345 $ 71,241 Accrued payroll and vacation 66,793 69,425 Payroll and income tax payable 8,224 14,223 Accrued research and development expenses 7,635 14,611 Credit card payable 8,381 110 Other 121,572 28,103 Total accrued expenses and other current liabilities $ 434,950 $ 197,713

Revision of Financial Stateme21

Revision of Financial Statements (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	The following tables reconcile the prior period as reported balances to the as revised balances: March 31, 2018 As Reported Adjustment As Revised Condensed Consolidated Balance Sheet: Total Current Assets $ 698,092 $ (27,957 ) $ 670,135 Total Assets $ 735,964 $ (27,957 ) $ 708,007 Total Current Liabilities $ 560,545 $ 50,644 $ 611,189 Total Liabilities $ 560,545 $ 50,644 $ 611,189 Total Stockholders' Equity $ 175,419 $ (78,601 ) $ 96,818 For The Three Months Ended March 31, 2018 As Reported Adjustment As Revised Condensed Consolidated Statement of Operations: Revenue $ 228,040 $ - $ 228,040 Cost of Revenue $ 49,346 $ 100,601 $ 149,947 Operating Expenses $ 925,924 $ (22,000 ) $ 903,924 Loss From Operations $ (747,230 ) $ (78,601 ) $ (825,831 ) Net Loss $ (747,244 ) $ (78,601 ) $ (825,845 ) Net Loss Per Share - Basic and Diluted $ (0.01 ) $ - $ (0.01 ) Weighted Average Number of Common Shares Outstanding - Basic and Diluted 77,219,168 - 77,219,168 For The Three Months Ended March 31, 2018 As Reported Adjustment As Revised Condensed Consolidated Statement of Cash Flows: Cash Flows From Operating Activities: Net Loss $ (747,244 ) $ (78,601 ) $ (825,845 ) Adjustments to reconcile net loss to net cash used in operating activities $ 276,874 $ 78,601 $ 355,475 Net Cash Used In Operating Activities $ (470,370 ) $ - $ (470,370 )

Going Concern and Management'22

Going Concern and Management's Plans (Details Textual)	Aug. 14, 2018USD ($)
Subsequent Event [Member]
Proceeds from Issuance of Private Placement	$ 159,000

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017		Jun. 30, 2018		Jun. 30, 2017		Dec. 31, 2017
Revenues [Member]
Concentration Risk, Percentage	91.00%		100.00%		94.00%		100.00%
Accounts Receivable [Member]
Concentration Risk	82.00%				82.00%				74.00%
Customer A [Member] | Revenues [Member]
Concentration Risk, Percentage	21.00%			[1]	37.00%			[1]
Customer A [Member] | Accounts Receivable [Member]
Concentration Risk	31.00%				31.00%				15.00%
Customer B [Member] | Revenues [Member]
Concentration Risk, Percentage		[1]		[1]	27.00%			[1]
Customer B [Member] | Accounts Receivable [Member]
Concentration Risk	51.00%				51.00%					[1]
Customer C [Member] | Revenues [Member]
Concentration Risk, Percentage	70.00%			[1]	30.00%			[1]
Customer C [Member] | Accounts Receivable [Member]
Concentration Risk		[1]				[1]			43.00%
Customer D [Member] | Revenues [Member]
Concentration Risk, Percentage		[1]	100.00%			[1]	100.00%
Customer D [Member] | Accounts Receivable [Member]
Concentration Risk		[1]				[1]			16.00%
[1]	Less than 10%

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total revenue	$ 171,091	$ 10,900	$ 399,131	$ 10,900
Product sales [Member]
Total revenue	134,791	10,900	253,143	10,900
Contract services [Member]
Total revenue	$ 36,300	$ 0	$ 145,988	$ 0

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Details 2) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings per share basic [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	54,028	789,196	136,970	876,496
Earnings per share diluted [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			0	687,500
Restricted Stock [Member] | Earnings per share basic [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	54,028	789,196	136,970	876,496
Restricted Stock [Member] | Earnings per share diluted [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			0	687,500

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details Textual) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Cash, FDIC Insured Amount	$ 250,000
Cash, Uninsured Amount	0	$ 611,450
Contract with Customer, Asset, Net	0
Contract with Customer, Liability	$ 161,909

Prepaid Expenses (Details)

Prepaid Expenses (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Total prepaid expenses	$ 41,665	$ 106,466
Business development services [Member]
Business development services	0	40,000
Research and development services	25,669	25,000
Professional fees	0	10,000
Other	15,996	31,466
Total prepaid expenses	$ 41,665	$ 106,466

Accrued Expenses and Other Cu28

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Accrued legal and professional fees	$ 222,345	$ 71,241
Accrued payroll and vacation	66,793	69,425
Payroll and income tax payable	8,224	14,223
Accrued research and development expenses	7,635	14,611
Credit card payable	8,381	110
Other	121,572	28,103
Total accrued expenses and other current liabilities	$ 434,950	$ 197,713

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Due to Other Related Parties, Current	$ 190,559		$ 190,559		$ 282,597
Other Research and Development Expense	0	$ 269,942	0	$ 401,057
Consulting Agreements [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		26,000		65,000
Consulting Agreements [Member] | Research and Development Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		13,000		32,500
Consulting Agreements [Member] | Selling, General and Administrative Expenses [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party		13,000		32,500
Chief Technology Officer CTO [Member]
Related Party Transaction [Line Items]
Due to Other Related Parties, Current	154,269		154,269		254,344
Energy Science Laboratories, Inc ESLI [Member]
Related Party Transaction [Line Items]
Other Research and Development Expense		$ 256,942		$ 368,557
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Due to Other Related Parties, Current	$ 36,290		$ 36,290		$ 28,253

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 0		$ 0
General and Administrative Expense [Member]
Allocated Share-based Compensation Expense	$ 124,835	$ 212,147	$ 307,792	$ 224,158

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	6 Months Ended
	Jun. 30, 2018USD ($)
License [Member]
License Costs	$ 12,000
Minimum [Member]
Royalty Rate	1.50%
Royalty Expense	$ 0
Maximum [Member]
Royalty Rate	3.75%
Royalty Expense	$ 7,500

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)	Aug. 14, 2018	Jun. 30, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Deferred Offering Costs		$ 30,000	$ 0
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Issued During Period, Shares, New Issues	278,788
Proceeds From Issuance Of Private Placement Gross	$ 184,000
Proceeds from Issuance of Private Placement Net	159,000
Payments of Stock Issuance Costs	25,000
Deferred Offering Costs	$ 20,000

Revision of Financial Stateme33

Revision of Financial Statements (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Condensed Consolidated Balance Sheet:
Total Current Assets	$ 291,130			$ 291,130		$ 1,176,523
Total Assets	364,449			364,449		1,220,016
Total Current Liabilities	787,418			787,418		480,310
Total Stockholders' Equity	(422,969)			(422,969)		$ 739,706
Income Statement [Abstract]
Revenue	171,091		$ 10,900	399,131	$ 10,900
Cost of Revenue	33,470		56,195	183,417	56,195
Operating Expenses	782,024		638,808	1,685,948	865,047
Loss From Operations	(644,403)		(684,103)	(1,470,234)	(910,342)
Net loss	$ (644,622)		$ (690,774)	$ (1,470,467)	$ (918,598)
Net Loss Per Share - Basic and Diluted	$ (0.01)		$ (0.01)	$ (0.02)	$ (0.02)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted	77,385,972		52,570,582	77,303,030	50,791,128
Cash Flows From Operating Activities:
Net loss	$ (644,622)		$ (690,774)	$ (1,470,467)	$ (918,598)
Adjustments to reconcile net loss to net cash used in operating activities				691,087	1,200,354
Net Cash Used In Operating Activities				$ (779,380)	$ 281,756
Previously Reported [Member]
Condensed Consolidated Balance Sheet:
Total Current Assets		$ 698,092
Total Assets		735,964
Total Current Liabilities		560,545
Total Liabilities		560,545
Total Stockholders' Equity		175,419
Income Statement [Abstract]
Revenue		228,040
Cost of Revenue		49,346
Operating Expenses		925,924
Loss From Operations		(747,230)
Net loss		$ (747,244)
Net Loss Per Share - Basic and Diluted		$ (0.01)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted		77,219,168
Cash Flows From Operating Activities:
Net loss		$ (747,244)
Adjustments to reconcile net loss to net cash used in operating activities		276,874
Net Cash Used In Operating Activities		(470,370)
Restatement Adjustment [Member]
Condensed Consolidated Balance Sheet:
Total Current Assets		(27,957)
Total Assets		(27,957)
Total Current Liabilities		50,644
Total Liabilities		50,644
Total Stockholders' Equity		(78,601)
Income Statement [Abstract]
Revenue		0
Cost of Revenue		100,601
Operating Expenses		(22,000)
Loss From Operations		(78,601)
Net loss		$ (78,601)
Net Loss Per Share - Basic and Diluted		$ 0
Weighted Average Number of Common Shares Outstanding - Basic and Diluted		0
Cash Flows From Operating Activities:
Net loss		$ (78,601)
Adjustments to reconcile net loss to net cash used in operating activities		78,601
Net Cash Used In Operating Activities		0
Restatement AS Revised [Member]
Condensed Consolidated Balance Sheet:
Total Current Assets		670,135
Total Assets		708,007
Total Current Liabilities		611,189
Total Liabilities		611,189
Total Stockholders' Equity		96,818
Income Statement [Abstract]
Revenue		228,040
Cost of Revenue		149,947
Operating Expenses		903,924
Loss From Operations		(825,831)
Net loss		$ (825,845)
Net Loss Per Share - Basic and Diluted		$ (0.01)
Weighted Average Number of Common Shares Outstanding - Basic and Diluted		77,219,168
Cash Flows From Operating Activities:
Net loss		$ (825,845)
Adjustments to reconcile net loss to net cash used in operating activities		355,475
Net Cash Used In Operating Activities		$ (470,370)