KULR Technology (KULR) 10-Q 15 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 11, 2022
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity File Number	001-40454
Entity Registrant Name	KULR TECHNOLOGY GROUP, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-1004273
Entity Address, Address Line One	4863 Shawline Street
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92111
City Area Code	408
Local Phone Number	663-5247
Entity Current Reporting Status	Yes
Entity Central Index Key	0001662684
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Trading Symbol	KULR
Entity Common Stock, Shares Outstanding		107,252,860
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current Assets:
Cash	$ 12,991,732	$ 14,863,301
Accounts receivable	564,229	136,326
Inventory	284,572	191,311
Prepaid expenses and other current assets	1,786,145	570,360
Total Current Assets	15,626,678	15,761,298
Property and equipment, net	409,992	374,475
Vendor deposits	2,582,958	2,153,950
Security deposits	58,941	58,941
Intangible assets, net	210,663	216,952
Right of use asset	419,142	665,687
Deferred financing costs	72,800	0
Total Assets	19,381,174	19,231,303
Current Liabilities:
Accounts payable	301,480	454,507
Accrued expenses and other current liabilities	1,571,755	1,163,227
Accrued issuable equity	148,801	290,721
Lease liability, current portion	214,166	262,379
Loan payable, current portion	56,744	155,226
Deferred revenue	20,000	132,303
Notes payable, net of debt discount	4,836,019	0
Total Current Liabilities	7,148,965	2,458,363
Lease liability, non-current portion	212,852	407,898
Loan payable, non-current portion	98,482	0
Total Liabilities	7,460,299	2,866,261
Commitments and contingencies (Note 10)
Stockholders' Equity
Preferred stock
Common stock, $0.0001 par value, 500,000,000 shares authorized; 107,223,240 shares issued and 107,061,536 outstanding at June 30, 2022 respectively, and 104,792,072 shares issued and outstanding at December 31, 2021	10,722	10,479
Additional paid-in capital	44,824,151	39,512,122
Treasury stock, at cost; 161,704 and 0 shares held at June 30, 2022 and December 31, 2021	(365,199)	0
Accumulated deficit	(32,548,799)	(23,157,559)
Total Stockholders' Equity	11,920,875	16,365,042
Total Liabilities and Stockholders' Equity	19,381,174	19,231,303
Series A Preferred Stock
Stockholders' Equity
Preferred stock	0	0
Series B Convertible Preferred Stock
Stockholders' Equity
Preferred stock	0	0
Series C Preferred Stock
Stockholders' Equity
Preferred stock	0	0
Series D Preferred Stock
Stockholders' Equity
Preferred stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	107,223,240	104,792,072
Common Stock, Shares Outstanding	107,061,536	104,792,072
Treasury stock, shares held	161,704	0
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	0
Preferred Stock, Shares Outstanding	0	0
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
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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 587,546	$ 628,244	$ 788,045	$ 1,046,149
Cost of revenue	423,672	439,206	546,590	714,474
Gross Profit	163,874	189,038	241,455	331,675
Operating Expenses
Research and development	999,484	352,741	1,720,831	475,724
Selling, general, and administrative	4,326,162	2,723,303	7,861,085	4,216,114
Total Operating Expenses	5,325,646	3,076,044	9,581,916	4,691,838
Loss From Operations	(5,161,772)	(2,887,006)	(9,340,461)	(4,360,163)
Other (Expense) Income
Interest expense, net	(42,374)	(766)	(43,280)	(1,631)
Debt redemption costs		(140,000)		(140,000)
Amortization of debt discount	(103,219)	(20,074)	(103,219)	(128,198)
Change in fair value of accrued issuable equity	52,680	20,703	95,720	(111,874)
Total Other (Expense) Income, net	(92,913)	(140,137)	(50,779)	(381,703)
Net Loss	(5,254,685)	(3,027,143)	(9,391,240)	(4,741,866)
Net Loss Attributable to Common Stockholders	$ (5,254,685)	$ (5,651,469)	$ (9,391,240)	$ (7,366,192)
Net Loss Per Share - Basic (In dollars per share)	$ (0.05)	$ (0.06)	$ (0.09)	$ (0.08)
Net Loss Per Share - Diluted (In dollars per share)	$ (0.05)	$ (0.06)	$ (0.09)	$ (0.08)
Weighted Average Number of Common Shares Outstanding - Basic (In Shares)	104,545,799	92,513,238	103,537,473	91,302,814
Weighted Average Number of Common Shares Outstanding - Diluted (In Shares)	104,545,799	92,513,238	103,537,473	91,302,814
Series D Preferred Stock
Other (Expense) Income
Deemed dividend to preferred stockholders		$ (2,624,326)		$ (2,624,326)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)		Series B Convertible Preferred Stock Convertible Preferred Stock	Series D Convertible Preferred Stock Convertible Preferred Stock	Common stock Common stock	Common stock Stock options.	Common stock Amortization of market-based awards	Common stock	Additional Paid-in Capital Common stock	Additional Paid-in Capital Stock options.	Additional Paid-in Capital Amortization of market-based awards	Additional Paid-in Capital	Accumulated Deficit Common stock	Accumulated Deficit Stock options.	Accumulated Deficit Amortization of market-based awards	Accumulated Deficit	Treasury Stock	Common stock	Stock options.	Amortization of market-based awards	Total
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 Convertible Preferred Stock		$ (1)					$ 70				(69)
Common stock issued upon conversion of Convertible Preferred Stock (in shares)		(13,972)					698,600
Common stock issued for services							$ 2				49,798									49,800
Common stock issued for services (in shares)							20,000
Restricted common stock issued							$ 200				(200)
Restricted common stock issued (in shares)							2,000,000
Additional Paid in Capital, Amortization of Equity Options And Awards								$ 126,625	$ 9,112	$ 130,245							$ 126,625	$ 9,112	$ 130,245
Net loss															(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
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
Stock-based compensation							$ 6				109,994									110,000
Issuance of Series D Convertible Preferred Stock, Common Stock and warrants for cash	[1]						$ 130				6,134,870									6,135,000
Issuance of Series D Convertible Preferred Stock, Common Stock and warrants for cash (in shares)	[1]		650				1,300,000
Common stock issued upon conversion of Series D Convertible Preferred Stock							$ 317				(317)
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									3,712,500
Common stock issued upon the exercise of warrants (in shares)							3,000,000
Common stock issued for services (in shares)							55,000
Restricted common stock issued							$ 42				(42)
Restricted common stock issued (in shares)							415,000
Additional Paid in Capital, Amortization of Equity Options And Awards								433,689	15,779	489,774							433,689	15,779	489,774
Net loss															(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
Balance at Dec. 31, 2021							$ 10,479				39,512,122				(23,157,559)					16,365,042
Balance (shares) at Dec. 31, 2021							104,792,072
Treasury stock held upon the vesting of restricted common stock							$ 0				0				0	$ (439,728)				(439,728)
Treasury stock held upon the vesting of restricted common stock (in shares)																194,704
Common stock issued upon the exercise of warrants							$ 7				87,672				0					87,679
Common stock issued upon the exercise of warrants (in shares)							70,143
Common stock issued upon the exercise of options							$ 0				5,075				0					5,075
Common stock issued upon the exercise of options (in shares)							2,500
Common stock issued for services							$ 1				43,159				0					43,160
Common stock issued for services (in shares)							6,000
Additional Paid in Capital, Amortization of Equity Options And Awards				$ 0	$ 0	$ 0		519,231	15,883	730,048		$ 0	$ 0	$ 0			519,231	15,883	730,048
Net loss							$ 0				0				(4,136,555)					(4,136,555)
Balance at Mar. 31, 2022							$ 10,487				40,913,190				(27,294,114)	$ (439,728)				13,189,835
Balance (shares) at Mar. 31, 2022							104,870,715									194,704
Balance at Dec. 31, 2021							$ 10,479				39,512,122				(23,157,559)					$ 16,365,042
Balance (shares) at Dec. 31, 2021							104,792,072
Treasury stock issued upon the exercise of options																$ 28,224
Treasury stock issued upon the exercise of options (in shares)																33,000				35,500
Net loss																				$ (9,391,240)
Balance at Jun. 30, 2022							$ 10,722				44,824,151				(32,548,799)	$ (365,199)				11,920,875
Balance (shares) at Jun. 30, 2022							107,223,240									161,704
Balance at Mar. 31, 2022							$ 10,487				40,913,190				(27,294,114)	$ (439,728)				13,189,835
Balance (shares) at Mar. 31, 2022							104,870,715									194,704
Treasury stock issued upon the exercise of options							$ 0				46,305				0	$ (74,529)				(28,224)
Treasury stock issued upon the exercise of options (in shares)																(33,000)
Common stock issued upon the exercise of warrants							$ 234				2,932,922				0					2,933,156
Common stock issued upon the exercise of warrants (in shares)							2,346,525
Common stock issued for services							$ 1				10,260				0					10,261
Common stock issued for services (in shares)							6,000
Additional Paid in Capital, Amortization of Equity Options And Awards				$ 0	$ 0	$ 0		$ 422,128	$ 26,535	$ 565,421		$ 0	$ 0	$ 0			$ 422,128	$ 26,535	$ 565,421
Net loss							$ 0				0				(5,254,685)					(5,254,685)
Balance at Jun. 30, 2022							$ 10,722				$ 44,824,151				$ (32,548,799)	$ (365,199)				$ 11,920,875
Balance (shares) at Jun. 30, 2022							107,223,240									161,704
[1] (1)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2022 USD ($)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
Net of cash issuance costs	$ 365,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021
Cash Flows From Operating Activities:
Net loss		$ (9,391,240)	$ (4,741,866)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount		103,219	128,198
Non-cash lease expense		102,905	0
Depreciation and amortization expense		88,548	9,908
Change in fair value of accrued issuable equity		(95,720)	111,874
Stock-based compensation		2,286,467	1,473,863
Changes in operating assets and liabilities:
Accounts receivable		(427,903)	(559,292)
Inventory		(93,261)	(127,006)
Prepaid expenses and other current assets		(1,187,561)	(338,070)
Security deposits		0	(50,213)
Right of use asset		0	21,048
Accounts payable		(153,028)	53,140
Accrued expenses and other current liabilities		(31,199)	(51,986)
Lease liability		(99,619)	(20,392)
Deferred revenue		(112,303)	9,229
Total Adjustments		380,545	660,301
Net Cash Used In Operating Activities		(9,010,695)	(4,081,565)
Cash Flows From Investing Activities:
Vendor deposits for property and equipment		(429,008)	0
Purchases of property and equipment		(117,776)	(36,492)
Net Cash Used In Investing Activities		(546,784)	(36,492)
Cash Flows from Financing Activities:
Repayments of notes payable		0	(2,450,000)
Proceeds from notes payable	[1]	4,750,000	0
Payment of issuance costs		(17,200)	0
Payment of financing costs incurred in connection with the SEPA		(72,800)	0
Proceeds from sale of Series D Convertible Preferred Stock, common stock and warrants		0	6,500,000
Proceeds from the exercise of options		5,075	3,712,500
Proceeds from the exercise of warrants		3,020,835	0
Payment of financing costs		0	(365,000)
Net Cash Provided By Financing Activities		7,685,910	7,397,500
Net (Decrease) Increase In Cash		(1,871,569)	3,279,443
Cash - Beginning of Period		14,863,301	8,880,140
Cash - End of Period		12,991,732	12,159,583
Cash paid during the period for:
Interest		43,553	735
Non-cash investing and financing activities:
Right of use asset for lease liability		143,640	814,817
Common stock held in treasury upon the vesting of restricted common stock		(439,728)	0
Treasury stock issued upon the exercise of stock options		74,529	0
Receivable recorded for pending cash deposit of stock option exercise proceeds		$ 28,224	0
Series B Convertible Preferred Stock
Non-cash investing and financing activities:
Conversion of Stock, Amount Converted			70
Series D Convertible Preferred Stock
Non-cash investing and financing activities:
Beneficial conversion feature on Series D convertible preferred stock			2,624,326
Conversion of Stock, Amount Converted			$ 317
[1] (1)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - Promissory Note - USD ($)	6 Months Ended
	Jun. 30, 2022	May 13, 2022
Initial principal amount	$ 5,000,000	$ 5,000,000
Original issue discount	$ 250,000

ORGANIZATION, NATURE OF OPERATI

ORGANIZATION, NATURE OF OPERATIONS AND RISKS AND UNCERTANTIES	6 Months Ended
	Jun. 30, 2022
ORGANIZATION, NATURE OF OPERATIONS AND RISKS AND UNCERTANTIES
ORGANIZATION, NATURE OF OPERATIONS AND RISKS AND UNCERTANTIES	NOTE 1 ORGANIZATION, NATURE OF OPERATIONS AND RISKS AND UNCERTANTIES 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 both 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, electric vehicles, 5G communication, cloud computer infrastructure, 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, 2022 and for the three and six months ended June 30, 2022 and 2021. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the operating results for the full year ending December 31, 2022 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, 2021 and for the year then ended, which were filed with the Securities and Exchange Commission (“SEC”) on Form 10-K on March 28, 2022. Risks and Uncertainties In March 2020, the World Health Organization declared COVID-19, a novel strain coronavirus, a pandemic. During 2020 and continuing into 2022, 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. For example, in response to an outbreak of infection in Shanghai, beginning in March 2022, governmental authorities in China implemented a lockdown order in that city, significantly slowing economic and business activity in that region. We continue to monitor the rapidly evolving situation and guidance from international and domestic authorities and may take additional actions based on their recommendations and requirements or as we otherwise see fit to protect the health and safety of our employees, customers, partners and suppliers. 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 2022 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, 2022
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, 2021, there have been no material changes to the Company’s significant accounting policies, except as disclosed in this note. Liquidity During April 2022, the Company received an aggregate of $2,933,156 of gross proceeds upon the exercise of warrants. On May 13, 2022, the Company issued a $5,000,000 promissory note to an investor for gross proceeds of $4,750,000. On the same date, the Company entered into a Standby Equity Purchase Agreement, which gives the Company the right, but not the obligation, to sell up to $50,000,000 of its shares of common stock to the same investor during the commitment period. See Note 9 – Stockholders’ Equity for additional information on the aforementioned transactions. As of June 30, 2022, the Company had cash of $12,991,732 and working capital of $8,477,713. During the six months ended June 30, 2022, the Company incurred a net loss of $9,391,240 and used cash in operations of $9,010,695. 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, combined with the cash availability pursuant to the Standby Equity Purchase Agreement, is sufficient in comparison to its anticipated cash usage for a period of at least twelve months after the filing date of these financial statements. Use of Estimates Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the financial statements. The Company’s significant estimates used in these unaudited condensed consolidated financial statements include, but are not limited to, fair value calculations for equity securities, stock-based compensation and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consisted 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 were uninsured balances of $12,491,732 and $14,363,301 as of June 30, 2022 and December 31, 2021, 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 ​ 2022 2021 2022 2021 June 30, 2022 ​ December 31, 2021 Customer A * ​ 69 % 12 % 62 % * ​ 42 % Customer B 56 % * ​ 42 % * ​ 59 % * ​ Customer C 28 % * ​ 21 % * ​ 30 % 34 % Customer D * ​ 20 % * ​ 14 % * ​ * ​ Customer E * ​ * ​ * ​ 12 % * ​ * ​ Customer F * ​ * ​ 11 % * * ​ * ​ Customer G ​ * ​ * ​ * ​ * ​ * ​ 21 % Total 84 % 89 % 86 % 88 % 89 % 97 % * 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, 2022 and 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, June 30, ​ ​ 2022 2021 2022 2021 ​ Vendor A 65 % * ​ 51 % * ​ Vendor B * ​ 85 % * 43 % Vendor C * ​ * ​ * ​ 48 % Vendor D * ​ * ​ 17 % * ​ ​ 65 % 85 % 68 % 91 % * 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. Inventory at June 30, 2022 and December 31, 2021 was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2022 ​ 2021 Work-in-process ​ $ 91,188 ​ $ 5,500 Finished goods ​ 193,384 ​ 185,811 Total inventory ​ $ 284,572 ​ $ 191,311 ​ 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 that core principle: ● 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 in its consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Product sales ​ $ 557,664 ​ $ 577,360 ​ $ 730,263 ​ $ 755,609 Contract services ​ 29,882 ​ 50,884 ​ 57,782 ​ 290,540 Total revenue ​ $ 587,546 ​ $ 628,244 ​ $ 788,045 ​ $ 1,046,149 ​ As of June 30, 2022 and December 31, 2021, respectively, the Company had $20,000 and $132,303 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, 2022, the Company recognized $0 and $112,303, respectively, that was included in deferred revenue in a previous period. During the three and six months ended June 30, 2021, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. As of June 30, 2022 and December 31, 2021, the Company had $29,887 and $84,324, respectively, of deferred labor costs, which is included in prepaid expenses and other current assets in the Company’s unaudited 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. 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. ​ The following table presents the computation of basic and diluted net loss per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 ​ 2022 2021 Numerator: ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ (5,254,685) ​ $ (5,651,469) ​ $ (9,391,240) ​ $ (7,366,192) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 106,348,239 ​ 94,513,238 ​ 105,578,313 ​ 92,639,830 Less: weighted-average unvested restricted shares ​ (2,019,011) ​ (2,000,000) ​ (2,187,514) ​ (1,337,017) Add: weighted average accrued issuable equity ​ 216,571 ​ — ​ 146,674 ​ — Denominator for basic and diluted net loss per share ​ ​ 104,545,799 ​ ​ 92,513,238 ​ ​ 103,537,473 ​ ​ 91,302,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share: ​ ​ ​ ​ Basic and diluted ​ $ (0.05) ​ $ (0.06) ​ $ (0.09) ​ $ (0.08) ​ The following shares were excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2022 2021 Unvested restricted stock ​ 1,957,500 ​ 2,475,000 Unvested market -based equity awards ​ 3,000,000 ​ 3,000,000 Options 482,216 540,000 Warrants ​ 2,524,410 ​ 6,387,911 Total 7,964,126 12,402,911 ​ Recently Adopted Accounting Pronouncements In October 2020, the FASB issued ASU 2020-10 “Codification Improvements”, which improves consistency by amending the Codification to include all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the Codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company adopted ASU 2020-10 effective January 1, 2022 and its adoption did not have a material impact on its condensed consolidated financial statements. In May 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 adopted ASU 2021-04 effective January 1, 2022 and its adoption did not have a material impact on its condensed consolidated financial statements.

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3 PREPAID EXPENSES AND OTHER CURRENT ASSETS As of June 30, 2022 and December 31, 2021, prepaid expenses and other current assets consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2022 2021 Marketing ​ $ 726,422 ​ $ 10,231 Inventory deposits ​ ​ 691,006 ​ ​ 309,688 Professional fees ​ ​ 164,558 ​ ​ 65,118 Subscriptions ​ ​ 71,774 ​ ​ — Insurance ​ ​ 40,733 ​ ​ 69,925 Other ​ ​ 33,541 ​ ​ 31,074 Deferred labor costs ​ ​ 29,887 ​ ​ 84,324 Receivable for option exercise ​ ​ 28,224 ​ ​ — Total prepaid expenses ​ $ 1,786,145 ​ $ 570,360 ​ Prepaid marketing costs consist of two sponsorship agreements with a marketing partner whereby the Company is required to make upfront payments. These agreements expire in September 2022 and December 2022. As of June 30, 2022, total prepayments made towards such contracts were $2,000,000, of which $722,321 remains unamortized and is included in prepaid marketing costs. See Note 10 – Commitments and Contingencies for additional information.

VENDOR DEPOSITS

VENDOR DEPOSITS	6 Months Ended
	Jun. 30, 2022
VENDOR DEPOSITS
VENDOR DEPOSITS	NOTE 4 VENDOR DEPOSITS The Company entered into agreements with third party contractors for facility improvements, the design and build of a battery packaging and inspection automation system, and automated robotic tending system. As of June 30, 2022, the Company had outstanding deposits of $2,582,958 in connection with these agreements.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 5 ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of June 30, 2022 and December 31, 2021, accrued expenses and other current liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Legal and professional fees ​ $ 862,047 ​ $ 418,154 Payroll and vacation ​ ​ 397,809 ​ ​ 302,101 Research and development ​ 194,444 ​ 146,158 Board compensation ​ ​ 56,541 ​ ​ 45,680 Other ​ 38,160 ​ 84,824 Marketing and advertising fees ​ ​ 20,563 ​ ​ 37,810 Accrued cost of sales ​ ​ 2,191 ​ ​ 128,500 Total accrued expenses and other current liabilities ​ $ 1,571,755 ​ $ 1,163,227 ​

ACCRUED ISSUABLE EQUITY

ACCRUED ISSUABLE EQUITY	6 Months Ended
	Jun. 30, 2022
ACCRUED ISSUABLE EQUITY.
ACCRUED ISSUABLE EQUITY	NOTE 6 ACCRUED ISSUABLE EQUITY A summary of the accrued issuable equity activity during the six months ended June 30, 2022 is presented below: ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ June 30, 2022 Beginning Balance ​ $ 290,721 Additions ​ ​ 45,800 Cancelled accrued issuable equity obligations ​ ​ (92,000) Mark-to market ​ ​ (95,720) Ending Balance ​ $ 148,801 ​ Accrued Issuable Equity for Services During the six months ended June 30, 2022, the Company entered into certain contractual arrangements for services in exchange for a fixed number of shares of common stock of the Company. On the respective dates the contracts were entered into, the estimated fair value of the shares to be issued was an aggregate of $45,800. During the six months ended June 30, 2022, the Company cancelled certain of its accrued issuable equity obligations of an aggregate of 33,333 of its shares, respectively, with an aggregate fair value of $92,000, respectively, due to a reduction in investor relation services. ​ During the six months ended June 30, 2022, the Company recorded an aggregate of $95,720 of gains related to the reduction in fair value of accrued issuable equity (see Note 9 – Stockholders’ Equity, Stock-Based Compensation

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
LEASES
LEASES	NOTE 7 LEASES The Company leases office space in San Diego, California. During the three and six months ended June 30, 2022, operating lease expense was $57,849 and $131,930, respectively. During the three and six months ended June 30, 2021, operating lease expense was $39,805 and $55,207, respectively. As of June 30, 2022, the Company did not have any financing leases. ​ Maturities of lease liabilities as of June 30, 2022 were as follows: ​ ​ ​ ​ ​ Maturity Date ​ July 1 through December 31, 2022 ​ $ 114,999 2023 ​ 234,694 2024 ​ 99,187 Total lease payments ​ 448,880 Less: Imputed interest ​ (21,862) Present value of lease liabilities ​ 427,018 Less: current portion ​ (214,166) Lease liabilities, non-current portion ​ $ 212,852 ​ Supplemental cash flow information related to the lease was as follows: ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Operating cash flows from operating lease ​ $ 99,619 ​

NOTES AND LOANS PAYABLE

NOTES AND LOANS PAYABLE	6 Months Ended
	Jun. 30, 2022
NOTES AND LOANS PAYABLE
NOTES AND LOANS PAYABLE	NOTE 8 NOTES AND LOANS PAYABLE Note Purchase Agreement On May 13, 2022, the Company entered into a Note Purchase Agreement (the “Note Purchase Agreement”) with YAII PN, Ltd., a Cayman Island exempt limited partnership (the “Investor”), pursuant to which the Investor purchased a full recourse promissory note with an initial principal amount equal to $5,000,000 (the “Promissory Note”) for cash proceeds of $4,750,000. The Promissory Note included an original issue discount of $250,000, a structuring fee of $10,000, and legal fees of $7,200, which represents the difference between the principal and proceeds received. The original issue discount, along with structuring fees were recorded as a debt discount which is being amortized over the term of the Note using the effective interest rate method. The Promissory Note carries an interest rate of 10% per annum. The Company is required to repay the principal and interest in monthly installments by the maturity date of November 13, 2022. A summary of notes payable activity during the six months ended June 30, 2022 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes Debt ​ ​ ​ Payable ​ Discount ​ Total Balance, January 1, 2022 ​ $ — ​ $ — ​ $ — Proceeds from promissory note ​ 5,000,000 ​ — ​ 5,000,000 Debt discount ​ — ​ (267,200) ​ (267,200) Amortization of debt discount ​ — ​ 103,219 ​ 103,219 Outstanding, June 30, 2022 ​ $ 5,000,000 ​ $ (163,981) ​ $ 4,836,019 ​ Paycheck Protection Program Loan On April 27, 2020, the Company received approximately $155,000 of cash proceeds pursuant to an unsecured loan provided in connection with the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act and applicable regulations (“CARES Act”). Under the terms of the CARES Act, as amended by the Paycheck Protection Program Flexibility Act of 2020, the Company is eligible to apply for and receive forgiveness for all or a portion of their respective PPP Loans. Such forgiveness will be determined, subject to limitations, based on the use of the loan proceeds for certain permissible purposes as set forth in the PPP, including, but not limited to, payroll costs (as defined under the PPP) and mortgage interest, rent or utility costs (collectively, “Qualifying Expenses”) incurred during the 24 weeks subsequent to funding, and on the maintenance of employee and compensation levels, as defined, following the funding of the PPP Loan. The initial term of the loan was two years and has been extended to five years with a maturity date of April 27, 2025. The Company has applied for forgiveness of the PPP loan, which was approved by the Small Business Administration and the PPP loan was fully forgiven effective July 18, 2022. During the three and six months ended June 30, 2022, the Company recognized interest expense of $387 and $651, respectively, related to the PPP loan. As of June 30, 2022 and December 31, 2021, the Company’s accrued expense related to the loan was $2,352 and $1,701, respectively.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2022
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE 9 STOCKHOLDERS’ EQUITY Standby Equity Purchase Agreement On May 13, 2022, KULR Technology Group, Inc. (the “Company”) entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd. (“Yorkville”). Pursuant to the SEPA, the Company shall have the right, but not the obligation, to sell to Yorkville up to $50,000,000 of its shares of common stock, par value $0.0001 per share, at the Company’s request any time during the commitment period commencing on May 13, 2022 and terminating on the earliest of (i) the first day of the month following the 24-month anniversary of the SEPA and (ii) the date on which Yorkville shall have made payment of any advances requested pursuant to the SEPA for shares of the Company’s common stock equal to the commitment amount of $50,000,000. Each sale the Company requests under the SEPA (an “Advance”) may be for a number of shares of common stock with an aggregate value of up to $5,000,000. The shares would be purchased at 98.0% of the Market Price (as defined below) and would be subject to certain limitations, including that Yorkville could not purchase any shares that would result in it owning more than 4.99% of the Company’s outstanding common stock at the time of an Advance (the “Ownership Limitation”) or a cumulative aggregate of 19.9% of the Company’s outstanding common stock as of the date of the SEPA (the “Exchange Cap”). The Exchange Cap will not apply under certain circumstances, including to any sales of common stock under the SEPA that equal or exceed the Minimum Price (as defined in Section 312.03 of the NYSE Listed Company Manual). “Market Price” is defined in the SEPA as the average of the VWAPs (as defined below) during each of the three Common Stock ​ During March 2022, the Company issued an aggregate of 70,143 shares of common stock upon the exercise of warrants pursuant to which the Company received an aggregate of $87,679 of gross proceeds. During April 2022, the Company issued an aggregate of 2,346,525 shares of common stock upon the exercise of warrants pursuant to which the Company received an aggregate of $2,933,156 of gross proceeds. In connection with an inducement offer from the Company, the Company issued new warrants to purchase an aggregate of 2,346,525 shares of common stock at an exercise price of $1.00 per share (the “New Warrants”). The New Warrants expire on December 31, 2025. The value of the New Warrants provided to the exercising warrant holders was deemed to be an offering cost associated with an equity financing to raise capital, pursuant to ASU 2021-04. Because the New Warrants were determined to be classified as equity, the credit to additional paid-in capital associated with the issuance of the New Warrants is offset by the debit to additional paid-in capital related to the offering cost. The warrants had a grant date value of $3,657,763, calculated using the Black Scholes pricing model with the following assumptions used: risk free rate – 2.88%, expected term – 3.69, expected volatility – 100%, expected dividends – 0%. ​ During the three and six months ended June 30, 2022, the Company issued an aggregate of 6,000 and 12,000 shares of immediately vested common stock with a grant date value of $10,261 and $53,421, respectively, for legal services. ​ During the six months ended June 30, 2022, the Company issued an aggregate of 35,500 shares of common stock upon the exercise of stock options, of which 33,000 shares were issued from treasury stock. Treasury Stock ​ The 2018 KULR Technology Group Equity Incentive Plan (the “Plan”) allows for the grant of non-vested stock options, RSUs and RSAs to the Company’s employees pursuant to the terms of the Plan. Under the provision of the Plan, unless otherwise elected, participants fulfill their related income tax withholding obligation by having shares withheld at the time of vesting. The shares withheld are then transferred to the Company’s treasury stock at cost. During the six months ended June 30, 2022, the Company withheld 194,704 shares valued at $439,728 in connection with the vesting of restricted common stock awards during the period. Pursuant to the exercise of options, the Company transferred 33,000 shares that were held in treasury for an aggregate of $28,224 gross proceeds. As of June 30, 2022, the Company has 161,704 shares of held in treasury valued at $365,199. Warrants A summary of warrants activity during the six months ended June 30, 2022 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ ​ Number of ​ Exercise ​ Remaining ​ Intrinsic ​ Warrants Price Term (Yrs) Value Outstanding, January 1, 2022 2,594,553 ​ $ 1.25 ​ Issued 2,346,525 ​ 1.00 ​ Exercised (2,416,668) ​ (1.25) ​ Expired — ​ — ​ Forfeited — ​ — ​ Outstanding, June 30, 2022 2,524,410 ​ $ 1.02 3.5 ​ $ 1,343,954 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, June 30, 2022 2,524,410 ​ $ 1.25 3.5 ​ $ 1,343,954 ​ See the Common Stock discussion above for additional information. ​ A summary of outstanding and exercisable warrants as of June 30, 2022 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants Outstanding ​ Warrants Exercisable ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Outstanding ​ Average ​ Exercisable Exercise ​ Number of ​ Remaining Life ​ Number of Price Warrants In Years Warrants $ 1.25 177,885 3.5 177,885 $ 1.00 2,346,525 3.5 2,346,525 ​ ​ 2,524,410 3.5 2,524,410 ​ Stock Options ​ 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, ​ 2022 2021 Risk free interest rate ​ 1.18% -2.94 % 1.58 % Expected term (years) ​ 3.5 - 3.9 ​ 2.5 - 3.5 ​ Expected volatility ​ 116 % 93% - 109 % Expected dividends ​ 0 % 0 % ​ For the six months ended June 30, 2022 and 2021, the weighted average grant date fair value per share of options was $1.47 and $0.66, respectively. A summary of options activity (excluding Market-Based Awards) during the six months ended June 30, 2022 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ ​ Number of ​ Exercise ​ Remaining ​ Intrinsic ​ Options Price Term (Yrs) Value Outstanding, January 1, 2022 405,216 ​ $ 2.29 ​ Granted 130,000 ​ 2.03 ​ Exercised (35,500) ​ 0.76 ​ Expired — ​ — ​ Forfeited (17,500) ​ 2.03 ​ Outstanding, June 30, 2022 482,216 ​ $ 1.65 3.5 ​ $ 167,783 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, June 30, 2022 207,355 ​ $ 1.19 2.4 ​ $ 125,267 ​ The following table presents information related to stock options (excluding market-based option awards) as of June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Exercisable ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Outstanding ​ Average ​ Exercisable Exercise ​ Number of ​ Remaining Life ​ Number of Price Options In Years Options $ 0.66 152,486 1.7 140,750 $ 1.28 ​ 10,000 ​ — ​ — $ 1.55 ​ 20,000 ​ — ​ — $ 1.99 ​ 10,000 ​ 3.9 ​ 3,958 $ 2.05 ​ 50,000 ​ 4.1 ​ 3,333 $ 2.08 10,000 3.9 3,958 $ 2.13 ​ 20,000 ​ 4.2 ​ 6,250 $ 2.25 ​ 10,000 ​ 4.6 ​ 625 $ 2.27 ​ 29,730 ​ 4.0 ​ 10,980 $ 2.31 ​ 50,000 ​ — ​ — $ 2.43 ​ 20,000 ​ 4.2 ​ 6,250 $ 2.44 100,000 3.7 31,250 ​ ​ ​ 482,216 ​ 2.4 ​ 207,355 ​ As of June 30, 2022, there was $292,920 of unrecognized stock-based compensation expense related to the above stock options, which will be recognized over the weighted average remaining vesting period of 3.2 years. Restricted Common Stock ​ The following table presents information related to restricted common stock (excluding Market-Based Awards) as of June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ Shares of Restricted ​ Fair Value ​ Common Stock Per Share Non-vested balance, January 1, 2022 2,590,000 ​ $ 2.52 Granted 150,000 ​ 2.08 Vested (782,500) ​ 2.48 Non-vested shares, June 30, 2022 1,957,500 ​ $ 2.50 ​ As of June 30, 2022, there was $4,365,706 of unrecognized stock-based compensation expense related to restricted stock that will be recognized over the weighted average remaining vesting period of 2.7 years. ​ Market-Based Awards ​ The following table presents information related to market-based awards outstanding as of June 30, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Grant Date Award Shares Fair Value Restricted stock units 1,500,000 ​ $ 2,911,420 Stock options 1,500,000 ​ ​ 2,579,000 Total 3,000,000 ​ $ 5,490,420 ​ The grant date value for the market-based awards is being amortized over the derived service periods of the awards. As of June 30, 2022, there was $2,083,108 of unrecognized stock-based compensation expense related to market-based awards which will be amortized over the remaining weighted average vesting period of 1.4 years. ​ As of June 30, 2022, none of the market-based awards have vested. ​ Stock-Based Compensation ​ During the three and six months ended June 30, 2022, the Company recognized stock-based compensation expense of $1,043,545 and $2,286,467, respectively, related to restricted common stock, warrants and stock options, of which $1,033,851 and $2,268,665, respectively are included within selling, general and administrative expenses, and $9,694 and $17,802, respectively are included within research and development expenses in the unaudited condensed consolidated statements of operations. During the three and six months ended June 30, 2021, the Company recognized stock-based compensation expense of $1,085,891 and $1,473,863, respectively, related to restricted common stock, warrants and stock options, of which $1,078,106 and $1,458,673, respectively are included within selling, general and administrative expenses, and $7,785 and $15,190, respectively are included within research and development expenses on the unaudited condensed consolidated statements of operations. The following table presents information related to stock-based compensation for the three months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Three Months Ended ​ For The Six Months Ended ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Common stock for services ​ $ 10,261 ​ $ 110,000 ​ $ 53,421 ​ $ 159,800 Amortization of restricted common stock ​ 422,128 ​ 433,689 ​ 941,359 ​ 560,314 Amortization of market-based awards ​ 565,421 ​ 489,774 ​ 1,295,469 ​ 620,019 Stock options ​ 26,535 ​ 15,779 ​ 42,418 ​ 24,891 Accrued issuable equity (common stock) ​ ​ 19,200 ​ ​ 36,649 ​ ​ (46,200) ​ ​ 108,839 Total ​ $ 1,043,545 ​ $ 1,085,891 ​ $ 2,286,467 ​ $ 1,473,863 ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES.
COMMITMENTS AND CONTINGENCIES	NOTE 10 COMMITMENTS AND CONTINGENCIES Sponsorship Agreement On June 15, 2022, the Company amended the Second Sponsorship Agreement (see Note 3 - Prepaid Expenses and Other Current Assets) to extend the term through December 31, 2023. The agreement provides the Company with the right to publicize and highlight the sponsorship and display its name and logo during certain events and use digital marketing and social media platforms throughout the 2023 calendar year. The Company has committed to pay an aggregate of $1,450,000 in sponsorship fees in three installments, which are due July 2022, January 2023, and April 2023. On July 8, 2022, the Company paid $500,000 which will be recorded as a prepaid expense and amortized over the performance period of January 1, 2023 to December 31, 2023 using the straight-line method. The total remaining commitment amount to be paid for sponsorship agreements is $950,000.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Liquidity	Liquidity During April 2022, the Company received an aggregate of $2,933,156 of gross proceeds upon the exercise of warrants. On May 13, 2022, the Company issued a $5,000,000 promissory note to an investor for gross proceeds of $4,750,000. On the same date, the Company entered into a Standby Equity Purchase Agreement, which gives the Company the right, but not the obligation, to sell up to $50,000,000 of its shares of common stock to the same investor during the commitment period. See Note 9 – Stockholders’ Equity for additional information on the aforementioned transactions. As of June 30, 2022, the Company had cash of $12,991,732 and working capital of $8,477,713. During the six months ended June 30, 2022, the Company incurred a net loss of $9,391,240 and used cash in operations of $9,010,695. 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, combined with the cash availability pursuant to the Standby Equity Purchase Agreement, is sufficient in comparison to its anticipated cash usage for a period of at least twelve months after the filing date of these financial statements.
Use of Estimates	Use of Estimates Preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the financial statements. The Company’s significant estimates used in these unaudited condensed consolidated financial statements include, but are not limited to, fair value calculations for equity securities, stock-based compensation and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consisted 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 were uninsured balances of $12,491,732 and $14,363,301 as of June 30, 2022 and December 31, 2021, 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 ​ 2022 2021 2022 2021 June 30, 2022 ​ December 31, 2021 Customer A * ​ 69 % 12 % 62 % * ​ 42 % Customer B 56 % * ​ 42 % * ​ 59 % * ​ Customer C 28 % * ​ 21 % * ​ 30 % 34 % Customer D * ​ 20 % * ​ 14 % * ​ * ​ Customer E * ​ * ​ * ​ 12 % * ​ * ​ Customer F * ​ * ​ 11 % * * ​ * ​ Customer G ​ * ​ * ​ * ​ * ​ * ​ 21 % Total 84 % 89 % 86 % 88 % 89 % 97 % * 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, 2022 and 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, June 30, ​ ​ 2022 2021 2022 2021 ​ Vendor A 65 % * ​ 51 % * ​ Vendor B * ​ 85 % * 43 % Vendor C * ​ * ​ * ​ 48 % Vendor D * ​ * ​ 17 % * ​ ​ 65 % 85 % 68 % 91 % * 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. Inventory at June 30, 2022 and December 31, 2021 was comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2022 ​ 2021 Work-in-process ​ $ 91,188 ​ $ 5,500 Finished goods ​ 193,384 ​ 185,811 Total inventory ​ $ 284,572 ​ $ 191,311 ​
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 that core principle: ● 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 in its consolidated statements of operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Product sales ​ $ 557,664 ​ $ 577,360 ​ $ 730,263 ​ $ 755,609 Contract services ​ 29,882 ​ 50,884 ​ 57,782 ​ 290,540 Total revenue ​ $ 587,546 ​ $ 628,244 ​ $ 788,045 ​ $ 1,046,149 ​ As of June 30, 2022 and December 31, 2021, respectively, the Company had $20,000 and $132,303 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, 2022, the Company recognized $0 and $112,303, respectively, that was included in deferred revenue in a previous period. During the three and six months ended June 30, 2021, there was no revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods. As of June 30, 2022 and December 31, 2021, the Company had $29,887 and $84,324, respectively, of deferred labor costs, which is included in prepaid expenses and other current assets in the Company’s unaudited 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.
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. ​ The following table presents the computation of basic and diluted net loss per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 ​ 2022 2021 Numerator: ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ (5,254,685) ​ $ (5,651,469) ​ $ (9,391,240) ​ $ (7,366,192) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 106,348,239 ​ 94,513,238 ​ 105,578,313 ​ 92,639,830 Less: weighted-average unvested restricted shares ​ (2,019,011) ​ (2,000,000) ​ (2,187,514) ​ (1,337,017) Add: weighted average accrued issuable equity ​ 216,571 ​ — ​ 146,674 ​ — Denominator for basic and diluted net loss per share ​ ​ 104,545,799 ​ ​ 92,513,238 ​ ​ 103,537,473 ​ ​ 91,302,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share: ​ ​ ​ ​ Basic and diluted ​ $ (0.05) ​ $ (0.06) ​ $ (0.09) ​ $ (0.08) ​ The following shares were excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2022 2021 Unvested restricted stock ​ 1,957,500 ​ 2,475,000 Unvested market -based equity awards ​ 3,000,000 ​ 3,000,000 Options 482,216 540,000 Warrants ​ 2,524,410 ​ 6,387,911 Total 7,964,126 12,402,911
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In October 2020, the FASB issued ASU 2020-10 “Codification Improvements”, which improves consistency by amending the Codification to include all disclosure guidance in the appropriate disclosure sections and clarifies application of various provisions in the Codification by amending and adding new headings, cross referencing to other guidance, and refining or correcting terminology. The guidance is effective for the Company beginning in the first quarter of fiscal year 2022 with early adoption permitted. The Company adopted ASU 2020-10 effective January 1, 2022 and its adoption did not have a material impact on its condensed consolidated financial statements. In May 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 adopted ASU 2021-04 effective January 1, 2022 and its adoption did not have a material impact on its condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2022
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 ​ 2022 2021 2022 2021 June 30, 2022 ​ December 31, 2021 Customer A * ​ 69 % 12 % 62 % * ​ 42 % Customer B 56 % * ​ 42 % * ​ 59 % * ​ Customer C 28 % * ​ 21 % * ​ 30 % 34 % Customer D * ​ 20 % * ​ 14 % * ​ * ​ Customer E * ​ * ​ * ​ 12 % * ​ * ​ Customer F * ​ * ​ 11 % * * ​ * ​ Customer G ​ * ​ * ​ * ​ * ​ * ​ 21 % Total 84 % 89 % 86 % 88 % 89 % 97 % * Less than 10% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, June 30, ​ ​ 2022 2021 2022 2021 ​ Vendor A 65 % * ​ 51 % * ​ Vendor B * ​ 85 % * 43 % Vendor C * ​ * ​ * ​ 48 % Vendor D * ​ * ​ 17 % * ​ ​ 65 % 85 % 68 % 91 % * Less than 10%
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2022 ​ 2021 Work-in-process ​ $ 91,188 ​ $ 5,500 Finished goods ​ 193,384 ​ 185,811 Total inventory ​ $ 284,572 ​ $ 191,311
Schedule of revenue recognized	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Product sales ​ $ 557,664 ​ $ 577,360 ​ $ 730,263 ​ $ 755,609 Contract services ​ 29,882 ​ 50,884 ​ 57,782 ​ 290,540 Total revenue ​ $ 587,546 ​ $ 628,244 ​ $ 788,045 ​ $ 1,046,149
Schedule of of basic and diluted net loss per common share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 ​ 2022 2021 Numerator: ​ ​ ​ ​ Net loss attributable to common stockholders ​ $ (5,254,685) ​ $ (5,651,469) ​ $ (9,391,240) ​ $ (7,366,192) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 106,348,239 ​ 94,513,238 ​ 105,578,313 ​ 92,639,830 Less: weighted-average unvested restricted shares ​ (2,019,011) ​ (2,000,000) ​ (2,187,514) ​ (1,337,017) Add: weighted average accrued issuable equity ​ 216,571 ​ — ​ 146,674 ​ — Denominator for basic and diluted net loss per share ​ ​ 104,545,799 ​ ​ 92,513,238 ​ ​ 103,537,473 ​ ​ 91,302,814 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share: ​ ​ ​ ​ Basic and diluted ​ $ (0.05) ​ $ (0.06) ​ $ (0.09) ​ $ (0.08)
Schedule of weighted average dilutive common shares because their inclusion would have been anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ 2022 2021 Unvested restricted stock ​ 1,957,500 ​ 2,475,000 Unvested market -based equity awards ​ 3,000,000 ​ 3,000,000 Options 482,216 540,000 Warrants ​ 2,524,410 ​ 6,387,911 Total 7,964,126 12,402,911

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2022 2021 Marketing ​ $ 726,422 ​ $ 10,231 Inventory deposits ​ ​ 691,006 ​ ​ 309,688 Professional fees ​ ​ 164,558 ​ ​ 65,118 Subscriptions ​ ​ 71,774 ​ ​ — Insurance ​ ​ 40,733 ​ ​ 69,925 Other ​ ​ 33,541 ​ ​ 31,074 Deferred labor costs ​ ​ 29,887 ​ ​ 84,324 Receivable for option exercise ​ ​ 28,224 ​ ​ — Total prepaid expenses ​ $ 1,786,145 ​ $ 570,360

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Legal and professional fees ​ $ 862,047 ​ $ 418,154 Payroll and vacation ​ ​ 397,809 ​ ​ 302,101 Research and development ​ 194,444 ​ 146,158 Board compensation ​ ​ 56,541 ​ ​ 45,680 Other ​ 38,160 ​ 84,824 Marketing and advertising fees ​ ​ 20,563 ​ ​ 37,810 Accrued cost of sales ​ ​ 2,191 ​ ​ 128,500 Total accrued expenses and other current liabilities ​ $ 1,571,755 ​ $ 1,163,227

ACCRUED ISSUABLE EQUITY (Tables

ACCRUED ISSUABLE EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
ACCRUED ISSUABLE EQUITY.
Schedule of accrued issuable equity	​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ June 30, 2022 Beginning Balance ​ $ 290,721 Additions ​ ​ 45,800 Cancelled accrued issuable equity obligations ​ ​ (92,000) Mark-to market ​ ​ (95,720) Ending Balance ​ $ 148,801

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
LEASES
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ Maturity Date ​ July 1 through December 31, 2022 ​ $ 114,999 2023 ​ 234,694 2024 ​ 99,187 Total lease payments ​ 448,880 Less: Imputed interest ​ (21,862) Present value of lease liabilities ​ 427,018 Less: current portion ​ (214,166) Lease liabilities, non-current portion ​ $ 212,852
Schedule of supplemental cash flow information related to the lease	​ ​ ​ ​ ​ ​ For the Six Months Ended ​ June 30, 2022 Cash paid for amounts included in the measurement of lease liabilities ​ ​ ​ Operating cash flows from operating lease ​ $ 99,619

NOTES AND LOANS PAYABLE (Tables

NOTES AND LOANS PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2022
NOTES AND LOANS PAYABLE
Summary of notes payable activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes Debt ​ ​ ​ Payable ​ Discount ​ Total Balance, January 1, 2022 ​ $ — ​ $ — ​ $ — Proceeds from promissory note ​ 5,000,000 ​ — ​ 5,000,000 Debt discount ​ — ​ (267,200) ​ (267,200) Amortization of debt discount ​ — ​ 103,219 ​ 103,219 Outstanding, June 30, 2022 ​ $ 5,000,000 ​ $ (163,981) ​ $ 4,836,019

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of warrants activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ ​ Number of ​ Exercise ​ Remaining ​ Intrinsic ​ Warrants Price Term (Yrs) Value Outstanding, January 1, 2022 2,594,553 ​ $ 1.25 ​ Issued 2,346,525 ​ 1.00 ​ Exercised (2,416,668) ​ (1.25) ​ Expired — ​ — ​ Forfeited — ​ — ​ Outstanding, June 30, 2022 2,524,410 ​ $ 1.02 3.5 ​ $ 1,343,954 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, June 30, 2022 2,524,410 ​ $ 1.25 3.5 ​ $ 1,343,954
Schedule of outstanding and exercisable warrants	A summary of outstanding and exercisable warrants as of June 30, 2022 is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants Outstanding ​ Warrants Exercisable ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Outstanding ​ Average ​ Exercisable Exercise ​ Number of ​ Remaining Life ​ Number of Price Warrants In Years Warrants $ 1.25 177,885 3.5 177,885 $ 1.00 2,346,525 3.5 2,346,525 ​ ​ 2,524,410 3.5 2,524,410
Schedule of stock option activity outstanding and exercisable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ ​ Number of ​ Exercise ​ Remaining ​ Intrinsic ​ Options Price Term (Yrs) Value Outstanding, January 1, 2022 405,216 ​ $ 2.29 ​ Granted 130,000 ​ 2.03 ​ Exercised (35,500) ​ 0.76 ​ Expired — ​ — ​ Forfeited (17,500) ​ 2.03 ​ Outstanding, June 30, 2022 482,216 ​ $ 1.65 3.5 ​ $ 167,783 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable, June 30, 2022 207,355 ​ $ 1.19 2.4 ​ $ 125,267 ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Exercisable ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Outstanding ​ Average ​ Exercisable Exercise ​ Number of ​ Remaining Life ​ Number of Price Options In Years Options $ 0.66 152,486 1.7 140,750 $ 1.28 ​ 10,000 ​ — ​ — $ 1.55 ​ 20,000 ​ — ​ — $ 1.99 ​ 10,000 ​ 3.9 ​ 3,958 $ 2.05 ​ 50,000 ​ 4.1 ​ 3,333 $ 2.08 10,000 3.9 3,958 $ 2.13 ​ 20,000 ​ 4.2 ​ 6,250 $ 2.25 ​ 10,000 ​ 4.6 ​ 625 $ 2.27 ​ 29,730 ​ 4.0 ​ 10,980 $ 2.31 ​ 50,000 ​ — ​ — $ 2.43 ​ 20,000 ​ 4.2 ​ 6,250 $ 2.44 100,000 3.7 31,250 ​ ​ ​ 482,216 ​ 2.4 ​ 207,355
Summary of restricted common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ Shares of Restricted ​ Fair Value ​ Common Stock Per Share Non-vested balance, January 1, 2022 2,590,000 ​ $ 2.52 Granted 150,000 ​ 2.08 Vested (782,500) ​ 2.48 Non-vested shares, June 30, 2022 1,957,500 ​ $ 2.50
Schedule of Information relating to stock based compensation	The following table presents information related to stock-based compensation for the three months ended June 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For The Three Months Ended ​ For The Six Months Ended ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Common stock for services ​ $ 10,261 ​ $ 110,000 ​ $ 53,421 ​ $ 159,800 Amortization of restricted common stock ​ 422,128 ​ 433,689 ​ 941,359 ​ 560,314 Amortization of market-based awards ​ 565,421 ​ 489,774 ​ 1,295,469 ​ 620,019 Stock options ​ 26,535 ​ 15,779 ​ 42,418 ​ 24,891 Accrued issuable equity (common stock) ​ ​ 19,200 ​ ​ 36,649 ​ ​ (46,200) ​ ​ 108,839 Total ​ $ 1,043,545 ​ $ 1,085,891 ​ $ 2,286,467 ​ $ 1,473,863
Stock options.
Schedule of stock options granted	​ ​ ​ ​ ​ ​ ​ ​ ​ For The Six Months Ended ​ ​ June 30, ​ 2022 2021 Risk free interest rate ​ 1.18% -2.94 % 1.58 % Expected term (years) ​ 3.5 - 3.9 ​ 2.5 - 3.5 ​ Expected volatility ​ 116 % 93% - 109 % Expected dividends ​ 0 % 0 %
Amortization of market-based awards
Summary of restricted common stock	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Grant Date Award Shares Fair Value Restricted stock units 1,500,000 ​ $ 2,911,420 Stock options 1,500,000 ​ ​ 2,579,000 Total 3,000,000 ​ $ 5,490,420

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Customer concentrations (Details) - Customer Concentration Risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenues | Customer
Concentration Risk, Percentage	84%	89%	86%	88%
Revenues | Customer A
Concentration Risk, Percentage		69%	12%	62%
Revenues | Customer B
Concentration Risk, Percentage	56%		42%
Revenues | Customer C
Concentration Risk, Percentage	28%		21%
Revenues | Customer D
Concentration Risk, Percentage		20%		14%
Revenues | Customer E
Concentration Risk, Percentage				12%
Revenues | Customer F
Concentration Risk, Percentage			11%
Revenues | Customer G
Concentration Risk, Percentage					21%
Accounts Receivable | Customer
Concentration Risk, Percentage			89%		97%
Accounts Receivable | Customer A
Concentration Risk, Percentage					42%
Accounts Receivable | Customer B
Concentration Risk, Percentage			59%
Accounts Receivable | Customer C
Concentration Risk, Percentage			30%		34%
Accounts Payable | Vendor
Concentration Risk, Percentage	65%	85%	68%	91%
Accounts Payable | Vendor A
Concentration Risk, Percentage	65%		51%
Accounts Payable | Vendor B
Concentration Risk, Percentage		85%		43%
Accounts Payable | Vendor C
Concentration Risk, Percentage				48%
Accounts Payable | Vendor D
Concentration Risk, Percentage			17%

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Inventory (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Work-in-process	$ 91,188	$ 5,500
Finished goods	193,384	185,811
Total inventory	$ 284,572	$ 191,311

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - consolidated statements of operations: (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 587,546	$ 628,244	$ 788,045	$ 1,046,149
Product sales
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	557,664	577,360	730,263	755,609
Contract services
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 29,882	$ 50,884	$ 57,782	$ 290,540

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of basic and diluted net loss per common share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net Loss Attributable to Common Stockholders	$ (5,254,685)	$ (5,651,469)	$ (9,391,240)	$ (7,366,192)
Denominator:
Weighted-average common shares outstanding	106,348,239	94,513,238	105,578,313	92,639,830
Less: weighted-average unvested restricted shares	(2,019,011)	(2,000,000)	(2,187,514)	(1,337,017)
Add: weighted average accrued issuable equity	216,571		146,674
Denominator for basic net loss per share	104,545,799	92,513,238	103,537,473	91,302,814
Denominator for diluted net loss per share	104,545,799	92,513,238	103,537,473	91,302,814
Net loss per share:
Net Loss Per Share - Basic (In dollars per share)	$ (0.05)	$ (0.06)	$ (0.09)	$ (0.08)
Net Loss Per Share - Diluted (In dollars per share)	$ (0.05)	$ (0.06)	$ (0.09)	$ (0.08)

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - weighted average dilutive common shares (Details) - shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	7,964,126	12,402,911
Unvested Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,957,500	2,475,000
Unvested Market-based equity award
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,000,000	3,000,000
Stock options.
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	482,216	540,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,524,410	6,387,911

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($)			1 Months Ended	3 Months Ended				6 Months Ended
		May 13, 2022	Apr. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Gross proceeds			$ 2,933,156
Repayments of note payable								$ 0	$ 2,450,000
Cash				$ 12,991,732				12,991,732		$ 14,863,301
Net loss				(5,254,685)	$ (4,136,555)	$ (3,027,143)	$ (1,714,723)	(9,391,240)	(4,741,866)
Cash used in operations								9,010,695	4,081,565
Working capital				8,477,713				8,477,713
Cash, FDIC Insured Amount				250,000				250,000
Uninsured cash				12,491,732				12,491,732		14,363,301
Deferred revenue				20,000				20,000		132,303
Cost of Goods and Services Sold				423,672		439,206		546,590	714,474
Revenue Recognized				0		$ 0		112,303	0
Deferred labor costs				29,887				29,887		84,324
Finished goods				193,384				193,384		185,811
Work-in-process				91,188				91,188		$ 5,500
Proceeds from Notes Payable	[1]							4,750,000	$ 0
Common stock
Net loss				0	$ 0
Promissory Note
Debt principal amount		$ 5,000,000		$ 5,000,000				$ 5,000,000
Investor
Proceeds from Notes Payable		4,750,000
Investor | Common stock
Stock Issued		$ 50,000,000
[1] (1)

PREPAID EXPENSES AND OTHER CU_3

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Marketing	$ 726,422	$ 10,231
Inventory deposits	691,006	309,688
Professional fees	164,558	65,118
Subscriptions	71,774	0
Insurance	40,733	69,925
Other	33,541	31,074
Deferred labor costs	29,887	84,324
Receivable for option exercise	28,224	0
Total prepaid expenses	1,786,145	$ 570,360
Sponsorship Agreement Commitments	2,000,000
Unamortized prepaid marketing costs	$ 722,321

VENDOR DEPOSITS (Details)

VENDOR DEPOSITS (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
VENDOR DEPOSITS
Vendor deposits	$ 2,582,958	$ 2,153,950

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Legal and professional fees	$ 862,047	$ 418,154
Payroll and vacation	397,809	302,101
Research and development	194,444	146,158
Board compensation	56,541	45,680
Other	38,160	84,824
Marketing and advertising fees	20,563	37,810
Accrued cost of sales	2,191	128,500
Total accrued expenses and other current liabilities	$ 1,571,755	$ 1,163,227

ACCRUED ISSUABLE EQUITY (Detail

ACCRUED ISSUABLE EQUITY (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Movements In Accrued Issuable Equity For Services, Current [Roll Forward]
Beginning balance	$ 290,721
Additions	45,800
Cancelled accrued issuable equity obligations	(92,000)
Mark-to-market	(95,720)
Ending balance	$ 148,801

ACCRUED ISSUABLE EQUITY - Addit

ACCRUED ISSUABLE EQUITY - Additional information (Details)	6 Months Ended
	Jun. 30, 2022 USD ($) shares
ACCRUED ISSUABLE EQUITY.
Value of services	$ 45,800
Shares issued in exchange for certain services, number | shares	33,333
Shares issued in exchange for services, aggregate fair value	$ 92,000
Fair value of unissued equity	148,801
Gains (losses) related to the change in fair value	$ 95,720

LEASES - Maturity (Details)

LEASES - Maturity (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
LEASES
April 1 through December 31, 2022	$ 114,999
2023	234,694
2024	99,187
Total lease payments	448,880
Less: Imputed interest	(21,862)
Present value of lease liabilities	427,018
Less: current portion	(214,166)	$ (262,379)
Lease liability, non-current portion	$ 212,852	$ 407,898

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information Related to Lease (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating lease	$ 99,619

LEASES - Additional Information

LEASES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
New lease agreement for office space in San Diego, California
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 57,849	$ 39,805	$ 131,930	$ 55,207

NOTES AND LOANS PAYABLE (Detail

NOTES AND LOANS PAYABLE (Details) - USD ($)			6 Months Ended
		May 13, 2022	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Cash proceeds	[1]		$ 4,750,000	$ 0
Promissory Note
Debt Instrument [Line Items]
Initial principal amount		$ 5,000,000	5,000,000
Original issue discount			$ 250,000
Promissory Note | Note Purchase Agreement
Debt Instrument [Line Items]
Initial principal amount		5,000,000
Cash proceeds		4,750,000
Original issue discount		250,000
Structuring fee		10,000
Legal fees		$ 7,200
Interest rate (in percent)		10%
[1] (1)

NOTES AND LOANS PAYABLE - Summa

NOTES AND LOANS PAYABLE - Summary Of Notes Payable activity (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Total
Beginning balance	$ 0
Ending balance	4,836,019
Promissory Note
Notes Payable
Beginning balance	0
Proceeds from promissory note	5,000,000
Ending balance	5,000,000
Debt discount
Beginning balance	0
Debt discount	(267,200)
Amortization of debt discount	103,219
Ending balance	(163,981)
Total
Beginning balance	0
Proceeds from promissory note	5,000,000
Debt discount	(267,200)
Amortization of debt discount	103,219
Ending balance	$ 4,836,019

NOTES AND LOANS PAYABLE - Paych

NOTES AND LOANS PAYABLE - Paycheck Protection Program Loan (Details) - Payment Protection Loans - USD ($)		3 Months Ended	6 Months Ended
	Apr. 27, 2020	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Cash proceeds from unsecured loan	$ 155,000
Loan maturity term			2 years
Extended maturity term			5 years
Interest expense of loan		$ 387	$ 651
Accrued interest related to the loan		$ 2,352	$ 2,352	$ 1,701

STOCKHOLDERS' EQUITY - Summary

STOCKHOLDERS' EQUITY - Summary of warrants activity (Details) - Warrants	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Outstanding at the beginning	2,594,553
Issued	2,346,525
Exercised	(2,416,668)
Outstanding at the end	2,524,410
Exercisable at the end	2,524,410
Weighted Average Exercise Price, Outstanding | $ / shares	$ 1.25
Issued (in dollars per share) | $ / shares	1
Exercised (in dollars per share) | $ / shares	(1.25)
Weighted Average Exercise Price, Outstanding | $ / shares	$ 1.02
Exercisable at the end (in dollars per share)	1.25
Outstanding at the end (in years)	3 years 6 months
Exercisable at the end (in years)	3 years 6 months
Outstanding at the end (in dollars) | $	$ 1,343,954
Exercisable at the end (in dollars) | $	$ 1,343,954

STOCKHOLDERS' EQUITY - Outstand

STOCKHOLDERS' EQUITY - Outstanding and exercisable warrants (Details)	Jun. 30, 2022 $ / shares shares	Apr. 30, 2022 $ / shares shares	Dec. 31, 2021 shares
Exercise price of warrants | $ / shares		$ 1
Warrants Outstanding		2,346,525
Warrants
Warrants Outstanding	2,524,410		2,594,553
Weighted average remaining life (in years)	3 years 6 months
Exercisable, Number of Warrants	2,524,410
Warrants
Warrant measurement input		3,657,763
Measurement Input, Risk Free Interest Rate [Member]
Warrant measurement input		2.88
Measurement Input, Expected Term [Member]
Warrant measurement input		3.69
Measurement Input, Price Volatility [Member]
Warrant measurement input		100
Measurement Input, Dividend Rate [Member]
Warrant measurement input		0
Exercise price, 1.25 | Warrants
Exercise price of warrants | $ / shares	$ 1.25
Warrants Outstanding	177,885
Weighted average remaining life (in years)	3 years 6 months
Exercisable, Number of Warrants	177,885
Exercise price, 1.00 | Warrants
Exercise price of warrants | $ / shares	$ 1
Warrants Outstanding	2,346,525
Weighted average remaining life (in years)	3 years 6 months
Exercisable, Number of Warrants	2,346,525

STOCKHOLDERS' EQUITY - Option p

STOCKHOLDERS' EQUITY - Option pricing model (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Risk free interest rate		1.58%
Expected volatility	116%
Expected dividends	0%	0%
Minimum
Risk free interest rate	1.18%
Expected volatility		93%
Expected term	3 years 6 months	2 years 6 months
Maximum
Risk free interest rate	2.94%
Expected volatility		109%
Expected term	3 years 10 months 24 days	3 years 6 months

STOCKHOLDERS' EQUITY - Stock ac

STOCKHOLDERS' EQUITY - Stock activity (Details)	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
STOCKHOLDERS' EQUITY
Number of Options, Outstanding | shares	405,216
Number of Options, Granted | shares	130,000
Number of Options, Exercised | shares	(35,500)
Number of Options, Forfeited | shares	(17,500)
Number of Options, Outstanding | shares	482,216
Number of Options, Exercisable | shares	207,355
Weighted Average Exercise Price, Outstanding | $ / shares	$ 2.29
Weighted Average Exercise Price, Granted | $ / shares	2.03
Weighted Average Exercise Price, Exercised | $ / shares	0.76
Weighted Average Exercise Price, Forfeited | $ / shares	2.03
Weighted Average Exercise Price Outstanding | $ / shares	1.65
Weighted Average Exercise Price Exercisable | $ / shares	$ 1.19
Weighted Average Remaining Term, Outstanding	3 years 6 months
Weighted Average Remaining Term, Exercisable	2 years 4 months 24 days
Number of Options Intrinsic Value, Outstanding | $	$ 167,783
Number of Options Intrinsic Value, Exercisable | $	$ 125,267

STOCKHOLDERS' EQUITY - Stock op

STOCKHOLDERS' EQUITY - Stock options (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Options Outstanding, Exercise Price	$ 1.19
Options Outstanding, Number of Options	482,216	405,216
Options Exercisable, Weighted Average Remaining Life	2 years 4 months 24 days
Options Exercisable Number of Options	207,355
0.66 Exercise Price
Options Outstanding, Exercise Price	$ 0.66
Options Outstanding, Number of Options	152,486
Options Exercisable, Weighted Average Remaining Life	1 year 8 months 12 days
Options Exercisable Number of Options	140,750
1.28 Exercise price
Options Outstanding, Exercise Price	$ 1.28
Options Outstanding, Number of Options	10,000
1.55 Exercise price
Options Outstanding, Exercise Price	$ 1.55
Options Outstanding, Number of Options	20,000
1.99 Exercise Price
Options Outstanding, Exercise Price	$ 1.99
Options Outstanding, Number of Options	10,000
Options Exercisable, Weighted Average Remaining Life	3 years 10 months 24 days
Options Exercisable Number of Options	3,958
2.05 exercise price
Options Outstanding, Exercise Price	$ 2.05
Options Outstanding, Number of Options	50,000
Options Exercisable, Weighted Average Remaining Life	4 years 1 month 6 days
Options Exercisable Number of Options	3,333
2.08 Exercise Price
Options Outstanding, Exercise Price	$ 2.08
Options Outstanding, Number of Options	10,000
Options Exercisable, Weighted Average Remaining Life	3 years 10 months 24 days
Options Exercisable Number of Options	3,958
2.13 Exercise Price
Options Outstanding, Exercise Price	$ 2.13
Options Outstanding, Number of Options	20,000
Options Exercisable, Weighted Average Remaining Life	4 years 2 months 12 days
Options Exercisable Number of Options	6,250
2.25 Exercise Price
Options Outstanding, Exercise Price	$ 2.25
Options Outstanding, Number of Options	10,000
Options Exercisable, Weighted Average Remaining Life	4 years 7 months 6 days
Options Exercisable Number of Options	625
2.27 Exercise Price
Options Outstanding, Exercise Price	$ 2.27
Options Outstanding, Number of Options	29,730
Options Exercisable, Weighted Average Remaining Life	4 years
Options Exercisable Number of Options	10,980
2.31 Exercise Price
Options Outstanding, Exercise Price	$ 2.31
Options Outstanding, Number of Options	50,000
2.43 Exercise Price
Options Outstanding, Exercise Price	$ 2.43
Options Outstanding, Number of Options	20,000
Options Exercisable, Weighted Average Remaining Life	4 years 2 months 12 days
Options Exercisable Number of Options	6,250
2.44 Exercise Price
Options Outstanding, Exercise Price	$ 2.44
Options Outstanding, Number of Options	100,000
Options Exercisable, Weighted Average Remaining Life	3 years 8 months 12 days
Options Exercisable Number of Options	31,250

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted Common Stock (Details) - Restricted common stock	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Shares of Restricted Common Stock
Non-vested balance, January 1, 2022 | shares	2,590,000
Granted | shares	150,000
Vested | shares	(782,500)
Non-vested shares, June 30, 2022 | shares	1,957,500
Weighted Average Grant Date Fair Value
Non-vested balance, January 1, 2021 (in dollars per share) | $ / shares	$ 2.52
Granted (in dollars per share) | $ / shares	2.08
Vested (in dollars per share) | $ / shares	2.48
Non-vested balance at the end (in dollars per share) | $ / shares	$ 2.50

STOCKHOLDERS' EQUITY - Market-B

STOCKHOLDERS' EQUITY - Market-Based Awards (Details) - Amortization of market-based awards	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares | shares	3,000,000
Grant Date Fair Value | $	$ 5,490,420
Stock options.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares | shares	1,500,000
Grant Date Fair Value | $	$ 2,579,000
Restricted common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares | shares	1,500,000
Grant Date Fair Value | $	$ 2,911,420

STOCKHOLDERS' EQUITY - Stock-Ba

STOCKHOLDERS' EQUITY - Stock-Based Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Allocated Share-based Compensation Expense	$ 1,043,545	$ 1,085,891	$ 2,286,467	$ 1,473,863
Selling, general and administrative expenses
Allocated Share-based Compensation Expense	1,033,851	1,078,106	2,268,665	1,458,673
Research and development expenses
Allocated Share-based Compensation Expense	9,694	7,785	17,802	15,190
Common stock for services
Allocated Share-based Compensation Expense	10,261	110,000	53,421	159,800
Common stock
Allocated Share-based Compensation Expense	422,128	433,689	941,359	560,314
Amortization of market-based awards
Allocated Share-based Compensation Expense	565,421	489,774	1,295,469	620,019
Stock options
Allocated Share-based Compensation Expense	26,535	15,779	42,418	24,891
Accrued issuable equity (common stock)
Allocated Share-based Compensation Expense	$ 19,200	$ 36,649	$ (46,200)	$ 108,839

STOCKHOLDERS' EQUITY - Addition

STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended				6 Months Ended
	May 13, 2022	Apr. 30, 2022	Mar. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2021
Common Stock, Par Value (in dollars per share)				$ 0.0001				$ 0.0001	$ 0.0001
Common stock shares issued upon exercise of warrants (in shares)		2,346,525	70,143
Gross proceeds from exercise of warrants		$ 2,933,156	$ 87,679
Grant date value of common stock issued related to consulting services provided				$ 10,261	$ 43,160		$ 49,800
Company held shares with Restricted common stock awards								194,704
Company held with restricted common stock awards								$ 439,728
Gross proceeds from exercise of options, transferred from treasury				(28,224)
Treasury stock, value				$ 365,199				$ 365,199	$ 0
Share-based compensation arrangement by share-based payment award, option, non vested, weighted average exercise price				$ 1.47		$ 0.66		$ 1.47
Treasury stock, shares held				161,704				161,704	0
Common stock issued upon exercise of options (in shares)								35,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares								0
Standby Equity Purchase Agreement
Value of shares to be issued	$ 50,000,000
Common Stock, Par Value (in dollars per share)	$ 0.0001
Commitment period (in months)	24 months
Maximum advance value of shares to be issued	$ 5,000,000
Price per share to be issued on Market Price (in percent)	98%
Ownership Limitation (in percent)	4.99%
Exchange Cap (in percent)	19.90%
Number of consecutive days	3 days
Shares, Issued				0				0
Legal and consulting services
Shares of common stock issued related to consulting services provided				6,000				12,000
Grant date value of common stock issued related to consulting services provided				$ 10,261				$ 53,421
Stock options.
Unrecognized stock-based compensation expense				292,920				$ 292,920
Unrecognized stock-based compensation expense that will be recognized over the weighted average remaining vesting period								3 years 2 months 12 days
Amortization of market-based awards
Unrecognized stock-based compensation expense				2,083,108				$ 2,083,108
Unrecognized stock-based compensation expense that will be recognized over the weighted average remaining vesting period								1 year 4 months 24 days
Restricted common stock
Unrecognized stock-based compensation expense				4,365,706				$ 4,365,706
Unrecognized stock-based compensation expense that will be recognized over the weighted average remaining vesting period								2 years 8 months 12 days
Treasury Stock
Gross proceeds from exercise of options, transferred from treasury				$ (74,529)				$ 28,224
Common stock issued upon exercise of options (in shares)				(33,000)				33,000
Common stock
Shares of common stock issued related to consulting services provided				6,000	6,000	55,000	20,000
Grant date value of common stock issued related to consulting services provided				$ 1	$ 1		$ 2
Gross proceeds from exercise of options, transferred from treasury				$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Second Sponsorship Agreement - USD ($)		6 Months Ended
	Jun. 15, 2022	Jun. 30, 2022	Jul. 08, 2022
Committed sponsorship fees	$ 1,450,000	$ 950,000
Subsequent event
Aggregate amount spend on agreement			$ 500,000