Co-Diagnostics (CODX) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 09, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	001-38148
Entity Registrant Name	CO-DIAGNOSTICS, INC.
Entity Central Index Key	0001692415
Entity Tax Identification Number	46-2609396
Entity Incorporation, State or Country Code	UT
Entity Address, Address Line One	2401 S. Foothill Drive
Entity Address, Address Line Two	Suite D
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84109
City Area Code	(801)
Local Phone Number	438-1036
Title of 12(b) Security	Common Stock
Trading Symbol	CODX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,894,890

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 82,658,248	$ 42,976,713
Marketable investment securities	1,251,285	4,335,446
Accounts receivable, net	14,589,599	12,136,833
Inventory	3,302,925	7,995,189
Prepaid expenses	485,095	369,028
Total current assets	102,287,152	67,813,209
Property and equipment, net	1,524,806	949,639
Investment in joint venture	1,034,098	1,927,125
Deferred tax asset	512,552	547,224
Total assets	105,358,608	71,237,197
Current liabilities
Accounts payable	800,003	598,318
Accrued expenses, current	2,055,698	2,849,503
Accrued expenses (related party), current	30,000	120,000
Income taxes payable	1,044,640	637,560
Deferred revenue	189,556	305,307
Total current liabilities	4,119,897	4,510,688
Long-term liabilities
Accrued expenses, noncurrent	1,080,358
Accrued expenses (related party), noncurrent		30,000
Total long-term liabilities	1,080,358	30,000
Total liabilities	5,200,255	4,540,688
Commitments and contingencies (Note 9)
Stockholders’ equity
Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2021 and December 31, 2020
Common stock, $0.001 par value; 100,000,000 shares authorized; 28,894,890 and 28,558,033 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	28,895	28,558
Additional paid-in capital	53,458,589	49,157,236
Accumulated earnings	46,670,869	17,510,715
Total stockholders’ equity	100,158,353	66,696,509
Total liabilities and stockholders’ equity	$ 105,358,608	$ 71,237,197

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock , shares authorized	5,000,000	5,000,000
Convertible preferred stock, shares issued	0	0
Convertible preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	28,894,890	28,558,033
Common stock, shares outstanding	28,894,890	28,558,033

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 30,101,353	$ 21,818,753	$ 77,484,262	$ 47,407,555
Cost of revenue	3,311,255	5,821,281	9,088,175	12,278,326
Gross profit	26,790,098	15,997,472	68,396,087	35,129,229
Operating expenses
Sales and marketing	4,253,091	798,474	11,303,950	1,457,148
General and administrative	2,919,498	2,203,417	8,323,620	5,853,935
Research and development	5,893,350	921,889	12,779,573	2,072,160
Depreciation and amortization	94,038	35,490	232,757	81,456
Total operating expenses	13,159,977	3,959,270	32,639,900	9,464,699
Income from operations	13,630,121	12,038,202	35,756,187	25,664,530
Other income (expense)
Interest income	11,379	29,992	36,565	75,740
Gain (loss) on equity method investment in joint venture	(64,940)	748,557	(401,288)	1,016,297
Total other income (expense)	(53,561)	778,549	(364,723)	1,092,037
Income before income taxes	13,576,560	12,816,751	35,391,464	26,756,567
Income tax provision (benefit)	2,100,594	(2,914,781)	6,231,310	(2,914,781)
Net income	$ 11,475,966	$ 15,731,532	$ 29,160,154	$ 29,671,348
Earnings per common share:
Basic	$ 0.40	$ 0.56	$ 1.01	$ 1.13
Diluted	$ 0.38	$ 0.53	$ 0.98	$ 1.07
Weighted average shares outstanding:
Basic	28,941,357	28,084,267	28,800,450	26,172,439
Diluted	29,952,690	29,597,792	29,872,415	27,621,531

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 29,160,154	$ 29,671,348
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization	232,757	81,456
Stock-based compensation expense	3,851,293	2,167,376
Loss (gain) from equity method investment	401,288	(1,016,297)
Deferred income taxes	34,672	(2,914,781)
Bad debt expense	156,011
Changes in assets and liabilities:
Accounts receivable	(2,608,777)	(10,509,035)
Prepaid expenses	(116,068)	(22,076)
Inventory	4,432,048	(10,647,034)
Deferred revenue	(115,751)	739,781
Income taxes payable	692,823
Accounts payable and accrued expenses	82,495	656,602
Net cash provided by operating activities	36,202,945	8,207,340
Cash flows from investing activities
Purchases of property and equipment	(547,708)	(305,683)
Purchases of marketable investment securities		(9,310,000)
Proceeds from maturities of marketable investment securities	3,084,161	3,260,000
Investment in joint venture	491,739	(714,500)
Net cash provided by (used in) investing activities	3,028,192	(7,070,183)
Cash flows from financing activities
Proceeds from sale of common stock		19,470,005
Proceeds from exercise of options and warrants	450,398	1,187,984
Payment of offering costs		(1,457,922)
Net cash provided by financing activities	450,398	19,200,067
Net increase in cash and cash equivalents	39,681,535	20,337,224
Cash and cash equivalents at beginning of period	42,976,713	893,138
Cash and cash equivalents at end of period	82,658,248	21,230,362
Supplemental disclosure of cash flow information
Interest paid
Income taxes paid	4,733,200
Supplemental disclosure of non-cash investing and financing transactions
Inventory moved to property, plant and equipment	$ 260,216	$ 117,220

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Convertible Preferred Stock [Member]Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2019	$ 26	$ 17,343	$ 26,687,701	$ (24,967,814)	$ 1,737,256
Beginning balance, shares at Dec. 31, 2019	25,600	17,342,922
Public offering, net of offering costs of $1,457,922		$ 7,243	18,004,840		18,012,083
Public offering, net of offering costs of $1,457,922, shares		7,242,954
Common stock issued for warrant exercises		$ 720	49,280		50,000
Common stock issued for warrant exercises, shares		719,492
Stock-based compensation expense		$ 12	432,811		432,823
Stock-based compensation expense, shares		12,363
Conversion of preferred stock to common	$ (26)	$ 2,133	(2,107)
Conversion of preferred stock to common, shares	(25,600)	2,133,333
Net income (loss)				(1,065,193)	(1,065,193)
Ending balance, value at Mar. 31, 2020		$ 27,451	45,172,525	(26,033,007)	19,166,969
Ending balance, shares at Mar. 31, 2020		27,451,064
Beginning balance, value at Dec. 31, 2019	$ 26	$ 17,343	26,687,701	(24,967,814)	1,737,256
Beginning balance, shares at Dec. 31, 2019	25,600	17,342,922
Net income (loss)					29,671,348
Ending balance, value at Sep. 30, 2020		$ 28,161	48,044,352	4,703,534	52,776,047
Ending balance, shares at Sep. 30, 2020		28,161,259
Beginning balance, value at Mar. 31, 2020		$ 27,451	45,172,525	(26,033,007)	19,166,969
Beginning balance, shares at Mar. 31, 2020		27,451,064
Common stock issued for option and warrant exercises		$ 530	862,935		863,465
Common stock issued for option and warrant exercises, shares		530,289
Stock-based compensation expense		$ 10	691,409		691,419
Stock-based compensation expense, shares		9,689
Net income (loss)				15,005,009	15,005,009
Ending balance, value at Jun. 30, 2020		$ 27,991	46,726,869	(11,027,998)	35,726,862
Ending balance, shares at Jun. 30, 2020		27,991,042
Common stock issued for option exercises		$ 108	274,410		274,518
Common stock issued for option exercises, shares		108,334
Stock-based compensation expense		$ 62	1,043,073		1,043,135
Stock-based compensation expense, shares		61,883
Net income (loss)				15,731,532	15,731,532
Ending balance, value at Sep. 30, 2020		$ 28,161	48,044,352	4,703,534	52,776,047
Ending balance, shares at Sep. 30, 2020		28,161,259
Beginning balance, value at Dec. 31, 2020		$ 28,558	49,157,236	17,510,715	66,696,509
Beginning balance, shares at Dec. 31, 2020		28,558,033
Common stock issued for option exercises		$ 66	148,914		148,980
Common stock issued for option exercises, shares		65,891
Stock-based compensation expense		$ 42	1,512,970		1,513,012
Stock-based compensation expense, shares		41,790
Net income (loss)				7,898,975	7,898,975
Ending balance, value at Mar. 31, 2021		$ 28,666	50,819,120	25,409,690	76,257,476
Ending balance, shares at Mar. 31, 2021		28,665,714
Beginning balance, value at Dec. 31, 2020		$ 28,558	49,157,236	17,510,715	$ 66,696,509
Beginning balance, shares at Dec. 31, 2020		28,558,033
Common stock issued for option exercises, shares					189,225
Net income (loss)					$ 29,160,154
Ending balance, value at Sep. 30, 2021		$ 28,895	53,458,589	46,670,869	100,158,353
Ending balance, shares at Sep. 30, 2021		28,894,890
Beginning balance, value at Mar. 31, 2021		$ 28,666	50,819,120	25,409,690	76,257,476
Beginning balance, shares at Mar. 31, 2021		28,665,714
Common stock issued for option exercises		$ 118	295,799		295,917
Common stock issued for option exercises, shares		118,334
Stock-based compensation expense		$ 106	927,231		927,337
Stock-based compensation expense, shares		105,842
Net income (loss)				9,785,213	9,785,213
Ending balance, value at Jun. 30, 2021		$ 28,890	52,042,150	35,194,903	87,265,943
Ending balance, shares at Jun. 30, 2021		28,889,890
Common stock issued for option exercises		$ 5	5,495		5,500
Common stock issued for option exercises, shares		5,000
Stock-based compensation expense			1,410,944		1,410,944
Net income (loss)				11,475,966	11,475,966
Ending balance, value at Sep. 30, 2021		$ 28,895	$ 53,458,589	$ 46,670,869	$ 100,158,353
Ending balance, shares at Sep. 30, 2021		28,894,890

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]
Public offering costs	$ 1,457,922		$ 1,457,922

Overview and Basis of Presentat

Overview and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Overview and Basis of Presentation	Note 1 – Overview and Basis of Presentation Description of Business Co-Diagnostics, Inc., a Utah corporation (the “Company” or “Co-Dx”), is developing robust and innovative molecular tools for detection of infectious diseases, liquid biopsy for cancer screening, and agricultural applications. The Company develops, manufactures, and sells reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules (DNA or RNA). In connection with the sale of these tests, the Company may sell diagnostic equipment and supplies from other manufacturers. Unaudited Condensed Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q as they are prescribed for smaller reporting companies and emerging growth companies. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. Operating results for the three months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These statements should be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed on March 25, 2021. Certain 2020 financial statement amounts have been reclassified to conform to 2021 presentations. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Such estimates include receivables and other long-lived assets, legal and regulatory contingencies, income taxes, share based arrangements, and others. These estimates and assumptions are based on management’s best estimates and judgments. Actual amounts and results could differ from those estimates.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, money market funds and highly liquid investments with an original maturity date of 90 days or less from the date of purchase. The fair value of cash equivalents approximated their carrying value as of September 30, 2021 and December 31, 2020. The Company has its cash and cash equivalents with large creditworthy financial institutions and the balance exceeded federally insured limits. The Company has not experienced any losses in such accounts, and management believes the Company is not exposed to any significant credit risk on cash and cash equivalents. Marketable Investment Securities The Company’s marketable investment securities are comprised of investments in certificates of deposit. The Company determines the appropriate classification of its marketable investment securities at the time of purchase and re-evaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable investment securities as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its marketable investment securities, including securities with stated maturities beyond twelve months, within current assets in the condensed consolidated balance sheets. Any unrealized gains or losses are immaterial. Accounts Receivable Trade accounts receivable are recorded at the invoiced amount (net of allowance) and do not bear interest. The Company maintains an allowance for doubtful accounts for amounts the Company does not expect to collect. In establishing the required allowance, management considers historical losses, current market condition, customers’ financial condition, the age of receivables, and current payment patterns. Account balances are written off against the allowance once the receivable is deemed uncollectible. Recoveries of trade receivables previously written off are recorded when collected. At September 30, 2021, total accounts receivable was $ 15,347,499 757,900 14,589,599 12,928,633 791,800 12,136,833 Equity-Method Investments Our equity method investments are initially recorded at cost and are included in other long-term assets in the accompanying condensed consolidated balance sheet. We adjust the carrying value of our investment based on our share of the earnings or losses in the periods which they are reported by the investee until the carrying amount is zero. The earnings or losses are included in other income (expense) in the accompanying condensed consolidated statements of operations. Inventory Inventory is stated at the lower of cost or net-realizable value. Inventory cost is determined on a first-in first-out basis that approximates average cost in accordance with ASC 330-10-30-12. At September 30, 2021, the Company had $ 3,302,925 925,620 2,377,305 7,995,189 598,881 7,396,308 Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the property, generally from three five years The Company reviews its long-lived assets, including property and equipment, for impairment whenever an event or change in facts and circumstances indicates that their carrying amounts may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated. If the carrying amount exceeds the undiscounted cash flows, the assets are determined to be impaired and an impairment charge is recognized as the amount by which the carrying amount exceeds fair value. Revenue Recognition The Company generates revenue from product sales and license sales. The Company recognizes revenue when all of the following criteria are satisfied: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when, or as the Company satisfies each performance obligation. The Company constrains revenue by giving consideration to factors that could otherwise lead to a probable reversal of revenue. The Company records any payments received from customers prior to the Company fulfilling its performance obligation(s) as deferred revenue. Deferred Revenue Deferred revenue primarily consists of payments received from customers prior to the Company fulfilling its performance obligation of providing the product. When this occurs, the Company records a contract liability as deferred revenue. Deferred revenue is recognized as revenue as the related performance obligations are satisfied. Research and Development Research and development costs are expensed when incurred. For the three and nine months ended September 30, 2021, the Company expensed $ 5,893,350 12,779,573 921,889 2,072,160 Stock-based Compensation The Company has granted stock-based awards, including restricted stock, stock options, stock warrants and restricted stock units (“RSUs”), to its employees, certain consultants and members of its board of directors. The Company records stock-based compensation based on the grant date fair value of the awards and recognizes the fair value of those awards as expense using the straight-line method over the requisite service period of the award. The Company estimates the grant date fair value of stock options using the Black-Scholes option-pricing model. When an award is forfeited prior to the vesting date, the Company recognizes an adjustment for the previously recognized expense in the period of the forfeiture. Income Taxes The Company accounts for income taxes in accordance with the liability method of accounting for income taxes. Under this method, deferred income tax assets and deferred income tax liabilities represent the tax effect of temporary differences between financial reporting and tax reporting measured at enacted tax rates in effect for the year in which the differences are expected to reverse. The Company recognizes only the impact of tax positions that, based on their technical merits, are more likely than not to be sustained upon an audit by the taxing authority. Valuation allowances are provided when it is more-likely-than-not that some or all of the deferred income tax assets may not be realized. In assessing the need for a valuation allowance, the Company has considered its historical levels of income, expectations of future taxable income and ongoing tax planning strategies. Developing the provision for income taxes, including the effective tax rate and analysis of potential tax exposure items, if any, requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred income tax assets and liabilities and any estimated valuation allowances deemed necessary to value deferred income tax assets. Judgments and tax strategies are subject to audit by various taxing authorities. While the Company believes it has no significant uncertain income tax positions in the consolidated financial statements, adverse determinations by these taxing authorities could have a material adverse effect on the consolidated financial positions, result of operations, or cash flows. Concentrations Risk and Significant Customers The Company had certain customers which are each responsible for generating 10% or more of the total revenue for the three and nine months ended September 30, 2021. Two customers together accounted for approximately 55 49 Two customers each accounted for more than 10% of accounts receivable at September 30, 2021 and December 31, 2020. These two customers together accounted for approximately 52 48 Net Income per Share Basic net income or loss per common share is computed by dividing net income or loss applicable to common shareholders by the weighted average number of shares outstanding during each period. Diluted net income or loss per share is computed by dividing net income or loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period increased by common shares that could be issued upon conversion or exercise of other outstanding securities to the extent those additional common shares would be dilutive. The dilutive effect of potentially dilutive securities is reflected in diluted net income or loss per share by application of the treasury stock method. During periods when the Company is in a net loss position, basic net loss per share is the same as diluted net loss per share as the effects of potentially dilutive securities are anti-dilutive. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption. As an emerging growth company (“EGC”), the Company has elected to take advantage of the benefits of the extended transition period provided for in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards which allows the Company to defer adoption of certain accounting standards until those standards would otherwise apply to private companies. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires recognition of leased assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual periods and interim periods with those periods beginning after December 15, 2021, for public EGC companies like us. The Company expects to use the modified retrospective transition method with the option to recognize a cumulative-effect adjustment at the date of adoption. The Company expects its balance sheet will be impacted as it records right-of-use assets and lease liabilities on its consolidated balance sheet but does not expect the adoption of this standard will have a material impact on its consolidated statements of operations and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for certain financial instruments, which includes the Company’s accounts receivable. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The update is effective for annual periods and interim periods with those periods beginning after December 15, 2021, for public EGC companies like us. The standard requires a cumulative effect adjustment to the balance sheet as of the beginning of the first early reporting period in which the guidance is effective. The Company is evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3 – Fair Value Measurements The Company measures and records certain financial assets at fair value on a recurring basis. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s financial instruments that are measured at fair value on a recurring basis consist of money market funds. The following three levels of inputs are used to measure the fair value of financial instruments: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The Company’s financial instruments that are measured at fair value on a recurring basis consist of certificates of deposit. The following table summarizes the assets measured at fair value on a recurring basis as of September 30, 2021, and December 31, 2020, by level within the fair value hierarchy: Summary of Assets Measured at Fair Value on Recurring Basis September 30, 2021 (Level 1) (Level 2) (Level 3) Total Marketable investment securities: Certificates of deposit $ - $ 1,251,285 $ - $ 1,251,285 December 31, 2020 (Level 1) (Level 2) (Level 3) Total Marketable investment securities: Certificates of deposit $ - $ 4,335,446 $ - $ 4,335,446

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Note 4 – Revenue The following table sets forth revenue by geographic area: Summary of Revenue by Geographic Area Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 16,907,574 $ 14,054,316 $ 34,701,035 $ 28,151,446 Rest of World 13,193,779 7,764,437 42,783,227 19,256,109 Total $ 30,101,353 $ 21,818,753 $ 77,484,262 $ 47,407,555 Percentage of revenue by area: United States 56 % 64 % 45 % 59 % Rest of World 44 % 36 % 55 % 41 % Deferred Revenue Changes in the Company’s deferred revenue balance for the nine months ended September 30, 2021 were as follows: Schedule of Deferred Revenue Balance as of December 31, 2020 $ 305,307 Revenue recognized included in deferred revenue balance at the beginning of the period (194,964 ) Increase due to prepayments from customers 79,213 Balance as of September 30, 2021 $ 189,556 The Company expects to perform its performance obligation and recognize the deferred revenue as revenue during the year ended December 31, 2021.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Note 5 – Earnings Per Share The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share for three and nine months ended September 30, 2021 and 2020: Schedule of Basic and Diluted Earnings Per Share Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net income (loss), as reported $ 11,475,966 $ 15,731,532 $ 29,160,154 $ 29,671,348 Denominator Weighted average shares, basic 28,941,357 28,084,267 28,800,450 26,172,439 Dilutive effect of stock options, warrants and RSUs 1,011,333 1,513,525 1,071,965 1,449,092 Shares used to compute diluted earnings per share 29,952,690 29,597,792 29,872,415 27,621,531 Basic earnings per share $ 0.40 $ 0.56 $ 1.01 $ 1.13 Diluted earnings per share $ 0.38 $ 0.53 $ 0.98 $ 1.07 For the three and nine months ended September 30, 2021, potentially dilutive securities of 50,000 147,436 50,000

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 6 – Stock-Based Compensation Stock Incentive Plans The Co-Diagnostics, Inc. 2015 Long Term Incentive Plan (the “Incentive Plan”) reserves an aggregate of 6,000,000 2,064,933 Stock Options The following table summarizes option activity during the nine months ended September 30, 2021: Schedule of Option Activity Number of Options Weighted Average Exercise Price Weighted Average Fair Value Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2020 1,300,588 $ 2.44 $ 1.24 Granted - - - Expired - - - Forfeited/Cancelled - - - Exercised (189,225 ) 2.38 1.12 Outstanding at September 30, 2021 1,111,363 $ 2.12 $ 1.31 7.18 Exercisable at September 30, 2021 1,094,697 $ 2.01 $ 1.18 7.16 The total intrinsic value of options exercised during the nine months ended September 30, 2021 was approximately $ 1.3 8.5 Stock-based compensation cost is measured at the grant date based on the fair value of the award granted and recognized as expense over the vesting period using the straight-line method. The Company uses the Black-Scholes model to value options granted. In January 2021, the Company modified the exercise price of 100,000 16.49 9.30 65,000 50,000 As of September 30, 2021, there were 16,666 of unvested options and $ 119,897 0.7 Restricted Stock Units The grant date fair value of RSUs granted is determined using the closing market price of the Company’s common stock on the grant date with the associated compensation expense amortized over the vesting period of the awards. The following table sets forth the outstanding RSUs and related activity for the nine months ended September 30, 2021: Schedule of Outstanding Restricted Stock Units and Related Activity Number of RSUs Weighted Average Grant Date Fair Value Unvested at December 31, 2020 522,500 $ 10.49 Granted 1,217,500 9.76 Vested (210,834 ) 10.24 Forfeited/Cancelled (3,750 ) 10.49 Unvested at September 30, 2021 1,525,416 $ 9.94 As of September 30, 2021, there was approximately $ 13.5 2.5 Warrants The Company has issued warrants related to past financings and as compensation to third parties for services provided. The Company estimates the fair value of issued warrants on the date of issuance as determined using a Black-Scholes pricing model. The Company amortizes the fair value of issued warrants using a vesting schedule based on the terms and conditions of each warrant if granted for services. The following table summarizes warrant activity during the nine months ended September 30, 2021: Schedule of Warrant Activity Number of Warrants Weighted Average Exercise Price Weighted Average Fair Value Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2020 70,000 $ 1.83 $ 5.21 Granted - - - Forfeited/Cancelled - - - Exercised - - - Outstanding at September 30, 2021 70,000 $ 1.83 $ 5.21 2.5 The aggregate intrinsic value of outstanding warrants at September 30, 2021 was approximately $ 553,000 Stock Issued for Services The Company has issued restricted stock to third parties for services provided. The grant date fair value of the restricted stock granted is determined using the closing market price of the Company’s common stock on the grant date with the associated compensation expense amortized over the vesting period of the stock awards. The Company has issued 5,548 Stock-Based Compensation Expense The Company recognized stock-based compensation expense related to the types of awards discussed above as follows: Schedule of Recognized Stock-based Compensation Expenses Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options $ 66,247 $ 128,344 $ 219,033 $ 831,542 Restricted stock units 1,344,697 - 3,580,360 - Warrants - - - 303,802 Stock - 914,790 51,900 1,032,032 Total stock-based compensation expense $ 1,410,944 $ 1,043,134 $ 3,851,293 $ 2,167,376

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 – Income Taxes For the three months ended September 30, 2021, the Company recognized an expense from income taxes of $ 2,100,594 15.5 6,231,310 17.6 21.0 2,914,781

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 8 – Related Party Transactions The Company acquired the exclusive rights to the CoPrimer technology pursuant to an exclusive license agreement, dated April 2014 (the “Exclusive License Agreement”), between the Company and DNA Logix, Inc., which was assigned to Dr. Brent Satterfield, a former executive officer, prior to the Company’s acquisition of DNA Logix, Inc. On March 1, 2017, the Company entered into an amendment to its Exclusive License Agreement for its Cooperative Primers (“License”) technology with Dr. Satterfield. The amendment provides in part that all accrued royalties under the License cease as of January 1, 2017, and the Company began in January 2017 to pay to Dr. Satterfield $ 700,000 10,000 30,000 120,000

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 – Commitments and Contingencies Lease Obligations The Company’s offices are located at 2401 S. Foothill Dr., Suite D, Salt Lake City, Utah 84109-1479. In February 2020, the Company entered into a 4 -year lease agreement for its office space and in March 2020, the Company entered into an addendum with our landlord for additional space. The new aggregate space consists of approximately 13,687 square feet at a monthly rate of $ 28,825 February 2024 86,588 259,763 86,588 225,374 Schedule of Future Minimum Lease Payments Year Ending December 31, 2021 (remainder) $ 71,475 2022 293,595 2023 303,059 2024 50,774 Total lease payments $ 718,903 Litigation Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. In July and September 2020, securities class action complaints were filed by certain stockholders of the Company against the Company claiming that the Company promulgated false and misleading press releases to increase the price of our stock to improperly benefit the officers and directors of the Company. The plaintiffs demand compensatory damages sustained as a result of the Company’s alleged wrongdoing in an amount to be proven at trial. The Company believes these lawsuits are without merit and intends to defend the cases vigorously. The Company is unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in these cases. As of the date of this report, the Company does not believe it is probable that these cases will result in an unfavorable outcome; however, if an unfavorable outcome were to occur in these cases, it is possible that the impact could be material to the Company’s results of operations in the period(s) in which any such outcome becomes probable and estimable.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 10 – Subsequent Events The Company evaluated subsequent events pursuant to ASC Topic 855 and has determined that there are no events that need to be reported.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, money market funds and highly liquid investments with an original maturity date of 90 days or less from the date of purchase. The fair value of cash equivalents approximated their carrying value as of September 30, 2021 and December 31, 2020. The Company has its cash and cash equivalents with large creditworthy financial institutions and the balance exceeded federally insured limits. The Company has not experienced any losses in such accounts, and management believes the Company is not exposed to any significant credit risk on cash and cash equivalents.
Marketable Investment Securities	Marketable Investment Securities The Company’s marketable investment securities are comprised of investments in certificates of deposit. The Company determines the appropriate classification of its marketable investment securities at the time of purchase and re-evaluates such designation at each balance sheet date. The Company has classified and accounted for its marketable investment securities as available-for-sale securities as the Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. As a result, the Company classifies its marketable investment securities, including securities with stated maturities beyond twelve months, within current assets in the condensed consolidated balance sheets. Any unrealized gains or losses are immaterial.
Accounts Receivable	Accounts Receivable Trade accounts receivable are recorded at the invoiced amount (net of allowance) and do not bear interest. The Company maintains an allowance for doubtful accounts for amounts the Company does not expect to collect. In establishing the required allowance, management considers historical losses, current market condition, customers’ financial condition, the age of receivables, and current payment patterns. Account balances are written off against the allowance once the receivable is deemed uncollectible. Recoveries of trade receivables previously written off are recorded when collected. At September 30, 2021, total accounts receivable was $ 15,347,499 757,900 14,589,599 12,928,633 791,800 12,136,833
Equity-Method Investments	Equity-Method Investments Our equity method investments are initially recorded at cost and are included in other long-term assets in the accompanying condensed consolidated balance sheet. We adjust the carrying value of our investment based on our share of the earnings or losses in the periods which they are reported by the investee until the carrying amount is zero. The earnings or losses are included in other income (expense) in the accompanying condensed consolidated statements of operations.
Inventory	Inventory Inventory is stated at the lower of cost or net-realizable value. Inventory cost is determined on a first-in first-out basis that approximates average cost in accordance with ASC 330-10-30-12. At September 30, 2021, the Company had $ 3,302,925 925,620 2,377,305 7,995,189 598,881 7,396,308
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided using the straight-line method over the estimated useful lives of the property, generally from three five years The Company reviews its long-lived assets, including property and equipment, for impairment whenever an event or change in facts and circumstances indicates that their carrying amounts may not be recoverable. Recoverability of these assets is measured by comparing the carrying amount to the estimated undiscounted future cash flows expected to be generated. If the carrying amount exceeds the undiscounted cash flows, the assets are determined to be impaired and an impairment charge is recognized as the amount by which the carrying amount exceeds fair value.
Revenue Recognition	Revenue Recognition The Company generates revenue from product sales and license sales. The Company recognizes revenue when all of the following criteria are satisfied: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when, or as the Company satisfies each performance obligation. The Company constrains revenue by giving consideration to factors that could otherwise lead to a probable reversal of revenue. The Company records any payments received from customers prior to the Company fulfilling its performance obligation(s) as deferred revenue.
Deferred Revenue	Deferred Revenue Deferred revenue primarily consists of payments received from customers prior to the Company fulfilling its performance obligation of providing the product. When this occurs, the Company records a contract liability as deferred revenue. Deferred revenue is recognized as revenue as the related performance obligations are satisfied.
Research and Development	Research and Development Research and development costs are expensed when incurred. For the three and nine months ended September 30, 2021, the Company expensed $ 5,893,350 12,779,573 921,889 2,072,160
Stock-based Compensation	Stock-based Compensation The Company has granted stock-based awards, including restricted stock, stock options, stock warrants and restricted stock units (“RSUs”), to its employees, certain consultants and members of its board of directors. The Company records stock-based compensation based on the grant date fair value of the awards and recognizes the fair value of those awards as expense using the straight-line method over the requisite service period of the award. The Company estimates the grant date fair value of stock options using the Black-Scholes option-pricing model. When an award is forfeited prior to the vesting date, the Company recognizes an adjustment for the previously recognized expense in the period of the forfeiture.
Income Taxes	Income Taxes The Company accounts for income taxes in accordance with the liability method of accounting for income taxes. Under this method, deferred income tax assets and deferred income tax liabilities represent the tax effect of temporary differences between financial reporting and tax reporting measured at enacted tax rates in effect for the year in which the differences are expected to reverse. The Company recognizes only the impact of tax positions that, based on their technical merits, are more likely than not to be sustained upon an audit by the taxing authority. Valuation allowances are provided when it is more-likely-than-not that some or all of the deferred income tax assets may not be realized. In assessing the need for a valuation allowance, the Company has considered its historical levels of income, expectations of future taxable income and ongoing tax planning strategies. Developing the provision for income taxes, including the effective tax rate and analysis of potential tax exposure items, if any, requires significant judgment and expertise in federal and state income tax laws, regulations and strategies, including the determination of deferred income tax assets and liabilities and any estimated valuation allowances deemed necessary to value deferred income tax assets. Judgments and tax strategies are subject to audit by various taxing authorities. While the Company believes it has no significant uncertain income tax positions in the consolidated financial statements, adverse determinations by these taxing authorities could have a material adverse effect on the consolidated financial positions, result of operations, or cash flows.
Concentrations Risk and Significant Customers	Concentrations Risk and Significant Customers The Company had certain customers which are each responsible for generating 10% or more of the total revenue for the three and nine months ended September 30, 2021. Two customers together accounted for approximately 55 49 Two customers each accounted for more than 10% of accounts receivable at September 30, 2021 and December 31, 2020. These two customers together accounted for approximately 52 48
Net Income per Share	Net Income per Share Basic net income or loss per common share is computed by dividing net income or loss applicable to common shareholders by the weighted average number of shares outstanding during each period. Diluted net income or loss per share is computed by dividing net income or loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period increased by common shares that could be issued upon conversion or exercise of other outstanding securities to the extent those additional common shares would be dilutive. The dilutive effect of potentially dilutive securities is reflected in diluted net income or loss per share by application of the treasury stock method. During periods when the Company is in a net loss position, basic net loss per share is the same as diluted net loss per share as the effects of potentially dilutive securities are anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) that are adopted by the Company as of the specified effective date. If not discussed, management believes that the impact of recently issued standards, which are not yet effective, will not have a material impact on the Company’s financial statements upon adoption. As an emerging growth company (“EGC”), the Company has elected to take advantage of the benefits of the extended transition period provided for in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, for complying with new or revised accounting standards which allows the Company to defer adoption of certain accounting standards until those standards would otherwise apply to private companies. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which requires recognition of leased assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual periods and interim periods with those periods beginning after December 15, 2021, for public EGC companies like us. The Company expects to use the modified retrospective transition method with the option to recognize a cumulative-effect adjustment at the date of adoption. The Company expects its balance sheet will be impacted as it records right-of-use assets and lease liabilities on its consolidated balance sheet but does not expect the adoption of this standard will have a material impact on its consolidated statements of operations and cash flows. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for certain financial instruments, which includes the Company’s accounts receivable. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. The update is effective for annual periods and interim periods with those periods beginning after December 15, 2021, for public EGC companies like us. The standard requires a cumulative effect adjustment to the balance sheet as of the beginning of the first early reporting period in which the guidance is effective. The Company is evaluating the impact of the adoption of ASU 2016-13 on its consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Assets Measured at Fair Value on Recurring Basis	The Company’s financial instruments that are measured at fair value on a recurring basis consist of certificates of deposit. The following table summarizes the assets measured at fair value on a recurring basis as of September 30, 2021, and December 31, 2020, by level within the fair value hierarchy: Summary of Assets Measured at Fair Value on Recurring Basis September 30, 2021 (Level 1) (Level 2) (Level 3) Total Marketable investment securities: Certificates of deposit $ - $ 1,251,285 $ - $ 1,251,285 December 31, 2020 (Level 1) (Level 2) (Level 3) Total Marketable investment securities: Certificates of deposit $ - $ 4,335,446 $ - $ 4,335,446

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue from Contract with Customer [Abstract]
Summary of Revenue by Geographic Area	The following table sets forth revenue by geographic area: Summary of Revenue by Geographic Area Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 United States $ 16,907,574 $ 14,054,316 $ 34,701,035 $ 28,151,446 Rest of World 13,193,779 7,764,437 42,783,227 19,256,109 Total $ 30,101,353 $ 21,818,753 $ 77,484,262 $ 47,407,555 Percentage of revenue by area: United States 56 % 64 % 45 % 59 % Rest of World 44 % 36 % 55 % 41 %
Schedule of Deferred Revenue	Changes in the Company’s deferred revenue balance for the nine months ended September 30, 2021 were as follows: Schedule of Deferred Revenue Balance as of December 31, 2020 $ 305,307 Revenue recognized included in deferred revenue balance at the beginning of the period (194,964 ) Increase due to prepayments from customers 79,213 Balance as of September 30, 2021 $ 189,556

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share for three and nine months ended September 30, 2021 and 2020: Schedule of Basic and Diluted Earnings Per Share Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerator Net income (loss), as reported $ 11,475,966 $ 15,731,532 $ 29,160,154 $ 29,671,348 Denominator Weighted average shares, basic 28,941,357 28,084,267 28,800,450 26,172,439 Dilutive effect of stock options, warrants and RSUs 1,011,333 1,513,525 1,071,965 1,449,092 Shares used to compute diluted earnings per share 29,952,690 29,597,792 29,872,415 27,621,531 Basic earnings per share $ 0.40 $ 0.56 $ 1.01 $ 1.13 Diluted earnings per share $ 0.38 $ 0.53 $ 0.98 $ 1.07

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Option Activity	The following table summarizes option activity during the nine months ended September 30, 2021: Schedule of Option Activity Number of Options Weighted Average Exercise Price Weighted Average Fair Value Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2020 1,300,588 $ 2.44 $ 1.24 Granted - - - Expired - - - Forfeited/Cancelled - - - Exercised (189,225 ) 2.38 1.12 Outstanding at September 30, 2021 1,111,363 $ 2.12 $ 1.31 7.18 Exercisable at September 30, 2021 1,094,697 $ 2.01 $ 1.18 7.16
Schedule of Outstanding Restricted Stock Units and Related Activity	The grant date fair value of RSUs granted is determined using the closing market price of the Company’s common stock on the grant date with the associated compensation expense amortized over the vesting period of the awards. The following table sets forth the outstanding RSUs and related activity for the nine months ended September 30, 2021: Schedule of Outstanding Restricted Stock Units and Related Activity Number of RSUs Weighted Average Grant Date Fair Value Unvested at December 31, 2020 522,500 $ 10.49 Granted 1,217,500 9.76 Vested (210,834 ) 10.24 Forfeited/Cancelled (3,750 ) 10.49 Unvested at September 30, 2021 1,525,416 $ 9.94
Schedule of Warrant Activity	The following table summarizes warrant activity during the nine months ended September 30, 2021: Schedule of Warrant Activity Number of Warrants Weighted Average Exercise Price Weighted Average Fair Value Weighted Average Remaining Contractual Life (Years) Outstanding at December 31, 2020 70,000 $ 1.83 $ 5.21 Granted - - - Forfeited/Cancelled - - - Exercised - - - Outstanding at September 30, 2021 70,000 $ 1.83 $ 5.21 2.5
Schedule of Recognized Stock-based Compensation Expenses	The Company recognized stock-based compensation expense related to the types of awards discussed above as follows: Schedule of Recognized Stock-based Compensation Expenses Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Options $ 66,247 $ 128,344 $ 219,033 $ 831,542 Restricted stock units 1,344,697 - 3,580,360 - Warrants - - - 303,802 Stock - 914,790 51,900 1,032,032 Total stock-based compensation expense $ 1,410,944 $ 1,043,134 $ 3,851,293 $ 2,167,376

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments	Schedule of Future Minimum Lease Payments Year Ending December 31, 2021 (remainder) $ 71,475 2022 293,595 2023 303,059 2024 50,774 Total lease payments $ 718,903

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Product Information [Line Items]
Accounts receivable	$ 15,347,499		$ 15,347,499		$ 12,928,633
Doubtful accounts	757,900		757,900		791,800
Accounts receivable, net	14,589,599		14,589,599		12,136,833
Inventory	3,302,925		3,302,925		7,995,189
Inventory finished goods	925,620		925,620		598,881
Inventory raw materials	2,377,305		2,377,305		$ 7,396,308
Research and development costs	$ 5,893,350	$ 921,889	$ 12,779,573	$ 2,072,160
Two Customers Together [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Product Information [Line Items]
Concentration risk percentage	55.00%		49.00%
Two Customers Together [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Product Information [Line Items]
Concentration risk percentage			52.00%		48.00%
Minimum [Member]
Product Information [Line Items]
Estimated useful life of property			3 years
Maximum [Member]
Product Information [Line Items]
Estimated useful life of property			5 years

Summary of Assets Measured at F

Summary of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 1,251,285	$ 4,335,446
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	1,251,285	4,335,446
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets

Summary of Revenue by Geographi

Summary of Revenue by Geographic Area (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 30,101,353	$ 21,818,753	$ 77,484,262	$ 47,407,555
Americas [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 16,907,574	$ 14,054,316	$ 34,701,035	$ 28,151,446
Americas [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Percentage of revenue	56.00%	64.00%	45.00%	59.00%
Rest Of World [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 13,193,779	$ 7,764,437	$ 42,783,227	$ 19,256,109
Rest Of World [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Percentage of revenue	44.00%	36.00%	55.00%	41.00%

Schedule of Deferred Revenue (D

Schedule of Deferred Revenue (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning balance	$ 305,307
Revenue recognized included in deferred revenue balance at the beginning of the period	(194,964)
Increase due to prepayments from customers	79,213
Deferred revenue, ending balance	$ 189,556

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income (loss), as reported	$ 11,475,966	$ 9,785,213	$ 7,898,975	$ 15,731,532	$ 15,005,009	$ (1,065,193)	$ 29,160,154	$ 29,671,348
Weighted average shares, basic	28,941,357			28,084,267			28,800,450	26,172,439
Dilutive effect of stock options, warrants and RSUs	1,011,333			1,513,525			1,071,965	1,449,092
Shares used to compute diluted earnings per share	29,952,690			29,597,792			29,872,415	27,621,531
Basic earnings per share	$ 0.40			$ 0.56			$ 1.01	$ 1.13
Diluted earnings per share	$ 0.38			$ 0.53			$ 0.98	$ 1.07

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Securities excluded from computation of diluted earnings per share	50,000	50,000	147,436	50,000

Schedule of Option Activity (De

Schedule of Option Activity (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share-based Payment Arrangement [Abstract]
Number of Options Outstanding, Beginning | shares	1,300,588
Weighted Average Exercise Price Outstanding, Beginning	$ 2.44
Weighted Average Fair Value Outstanding, Beginning	$ 1.24
Number of Options Outstanding, Granted | shares
Weighted Average Exercise Price Granted
Weighted Average Fair Value Granted
Number of Options Outstanding, Expired | shares
Weighted Average Exercise Price Expired
Weighted Average Fair Value Expired
Number of Options Outstanding, Forfeited/Cancelled | shares
Weighted Average Exercise Price Forfeited/Cancelled
Weighted Average Fair Value Forfeited/Cancelled
Number of Options Outstanding, Exercised | shares	(189,225)
Weighted Average Exercise Price Exercised	$ 2.38
Weighted Average Fair Value Exercised	$ 1.12
Number of Options Outstanding, Ending | shares	1,111,363
Weighted Average Exercise Price Outstanding, Ending	$ 2.12
Weighted Average Fair Value Outstanding, Ending	$ 1.31
Weighted-average Remaining Contractual Life (years) Outstanding, Ending	7 years 2 months 4 days
Number of Options Exercisable Ending | shares	1,094,697
Weighted Average Exercise Price, Exercisable Ending	$ 2.01
Weighted Average Fair Value, Exercisable Ending	$ 1.18
Weighted-average Remaining Contractual Life (years), Exercisable Ending	7 years 1 month 28 days

Schedule of Outstanding Restric

Schedule of Outstanding Restricted Stock Units and Related Activity (Details) - Restricted Stock Units (RSUs) [Member]	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Restricted Stock Units, Outstanding Beginning | shares	522,500
Weighted Average Grant Date Fair Value, Outstanding Beginning | $ / shares	$ 10.49
Number of Restricted Stock Units, Granted | shares	1,217,500
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 9.76
Number of Restricted Stock Units, Vested | shares	(210,834)
Weighted Average Grant Date Fair Value, Vested | $ / shares	$ 10.24
Number of Restricted Stock Units, Forfeited/Cancelled | shares	(3,750)
Weighted Average Grant Date Fair Value, Forfeited/Cancelled | $ / shares	$ 10.49
Number of Restricted Stock Units, Outstanding Ending | shares	1,525,416
Weighted Average Grant Date Fair Value, Outstanding Ending | $ / shares	$ 9.94

Schedule of Warrant Activity (D

Schedule of Warrant Activity (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share-based Payment Arrangement [Abstract]
Number of Warrants Outstanding, Beginning | shares	70,000
Weighted Average Exercise Price, Beginning	$ 1.83
Weighted Average Fair Value, Beginning	$ 5.21
Number of Warrants Outstanding, Granted | shares
Weighted Average Exercise Price, Granted
Weighted Average Fair Value, Forfeited/Cancelled
Number of Warrants Outstanding, Forfeited/Cancelled | shares
Weighted Average Exercise Price, Forfeited/Cancelled
Number of Warrants Outstanding, Exercised | shares
Weighted Average Exercise Price, Exercised
Weighted Average Fair Value, Exercised
Number of Warrants Outstanding, Ending | shares	70,000
Weighted Average Exercise Price, Ending	$ 1.83
Weighted Average Fair Value, Ending	$ 5.21
Weighted-average Remaining Contractual Life (Years) Outstanding, Ending	2 years 6 months

Schedule of Recognized Stock-ba

Schedule of Recognized Stock-based Compensation Expenses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 1,410,944	$ 1,043,134	$ 3,851,293	$ 2,167,376
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense				303,802
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	66,247	128,344	219,033	831,542
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	1,344,697		3,580,360
Share-based Payment Arrangement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ 914,790	$ 51,900	$ 1,032,032

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Jan. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options outstanding		$ 8,500,000
Number of options		1,111,363		1,300,588
Stock-based compensation		$ 3,851,293	$ 2,167,376
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options outstanding		553,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options execised		1,300,000
Number of options	100,000
Stock-based compensation	$ 65,000
Recognized share based compensation		$ 50,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares		16,666
Unrecognized stock-based compensation		$ 119,897
Unrecognized stock-based compensation recognition period		8 months 12 days
Stock Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price	$ 16.49
Stock Options [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option exercise price	$ 9.30
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation		$ 13,500,000
Unrecognized stock-based compensation recognition period		2 years 6 months
Restricted Stock [Member] | Third Parties [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued for services		5,548
Two thousand fifteen long term incentive plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of common shares reserved		6,000,000
Number of common shares availalble for issuance		2,064,933

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expenses	$ 2,100,594	$ (2,914,781)	$ 6,231,310	$ (2,914,781)
Effective income tax rate	15.50%		17.60%
Effective income tax u.s. federal statutory rate			21.00%
Benefit from income taxes	$ (2,100,594)	$ 2,914,781	$ (6,231,310)	$ 2,914,781

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - Exclusive License Agreement[Member] - USD ($)	Jan. 01, 2017	Sep. 30, 2021	Sep. 30, 2020
Dr Satterfield [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accrued royalties	$ 700,000
Dr Satterfield [Member] | Per Month[Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment for royalties	$ 10,000
Dr Brent Satterfield [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Due to related party		$ 30,000	$ 120,000

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details)	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021 (remainder)	$ 71,475
2022	293,595
2023	303,059
2024	50,774
Total lease payments	$ 718,903

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)a	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Sep. 30, 2021USD ($)a	Sep. 30, 2020USD ($)	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Lessee, Operating Lease, Term of Contract						4 years
Area of Land | a	13,687			13,687
Payments for rent			$ 28,825
Lease expiration date				Feb. 29, 2024
Rent expenses	$ 86,588	$ 86,588		$ 259,763	$ 225,374