Co-Diagnostics (CODX) 10-Q 11 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 10, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,263,536

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 6,359,380	$ 22,973,803
Marketable investment securities	68,920,535	58,289,066
Accounts receivable, net	2,702,196	3,453,723
Inventory, net	5,294,653	5,310,473
Income taxes receivable	1,695,480	1,870,419
Prepaid expenses and other current assets	913,175	761,187
Note receivable	37,500	75,000
Total current assets	85,922,919	92,733,671
Property and equipment, net	2,510,083	2,539,483
Operating lease right-of-use asset	952,176	372,115
Intangible assets, net	26,661,667	26,768,333
Investment in joint venture	950,001	672,679
Total assets	116,996,846	123,086,281
Current liabilities
Accounts payable	829,819	952,296
Accrued expenses, current	1,492,611	934,447
Operating lease liability, current	277,290	297,209
Contingent consideration liabilities, current	992,229	1,689,471
Deferred revenue	18,120
Total current liabilities	3,610,069	3,873,423
Long-term liabilities
Income taxes payable	1,193,080	1,181,284
Deferred tax liability	203,335	2,417,987
Operating lease liability	658,137	50,708
Contingent consideration liabilities	702,455	1,042,885
Total long-term liabilities	2,757,007	4,692,864
Total liabilities	6,367,076	8,566,287
Commitments and contingencies (Note 10)
Stockholders’ equity
Convertible preferred stock, $0.001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively
Common stock, $0.001 par value; 100,000,000 shares authorized; 34,823,015 shares issued and 30,632,345 shares outstanding as of March 31, 2023 and 34,754,265 shares issued and 30,872,607 shares outstanding as of December 31, 2022	34,823	34,754
Treasury stock, at cost; 4,190,670 and 3,881,658 shares held as of March 31, 2023 and December 31, 2022, respectively	(14,694,062)	(14,211,866)
Additional paid-in capital	90,641,608	88,472,935
Accumulated other comprehensive income	471,761	293,140
Accumulated earnings	34,175,640	39,931,031
Total stockholders’ equity	110,629,770	114,519,994
Total liabilities and stockholders’ equity	$ 116,996,846	$ 123,086,281

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	34,823,015	34,754,265
Common stock, shares outstanding	30,632,345	30,872,607
Treasury stock, shares	4,190,670	3,881,658

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 601,957	$ 22,699,044
Cost of revenue	502,241	3,281,951
Gross profit	99,716	19,417,093
Operating expenses
Sales and marketing	1,706,331	2,652,148
General and administrative	3,013,965	2,922,195
Research and development	5,014,060	3,771,327
Depreciation and amortization	316,010	247,264
Total operating expenses	10,050,366	9,592,934
Income (loss) from operations	(9,950,650)	9,824,159
Other income
Interest income	202,372	11,393
Realized gain on investments	418,082
(Loss) on disposition of assets		(93,421)
Gain on remeasurement of acquisition contingencies	1,037,672	3,379,890
Gain (loss) on equity method investment in joint venture	277,322	(21,339)
Total other income	1,935,448	3,276,523
Income (loss) before income taxes	(8,015,202)	13,100,682
Income tax provision (benefit)	(2,259,811)	1,386,087
Net income (loss)	(5,755,391)	11,714,595
Other comprehensive income
Change in net unrealized gains on marketable securities, net of tax	178,621
Total other comprehensive income	178,621
Comprehensive income (loss)	$ (5,576,770)	$ 11,714,595
Earnings per common share:
Basic	$ (0.20)	$ 0.35
Diluted	$ (0.20)	$ 0.34
Weighted average shares outstanding:
Basic	29,483,540	33,935,570
Diluted	29,483,540	34,711,476

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net (loss) income	$ (5,755,391)	$ 11,714,595
Adjustments to reconcile net income to cash (used in) provided by operating activities:
Depreciation and amortization	316,010	247,264
Stock-based compensation expense	2,168,742	1,375,097
Change in fair value of acquisition contingencies	(1,037,672)	(3,379,890)
Non-cash lease expense	7,449	8,762
(Gain) loss from equity method investment	(277,322)	21,339
Loss on disposition of assets		93,421
Deferred income taxes	(2,214,652)	(1,359,716)
Bad debt expense	(114,133)	47,862
Changes in assets and liabilities:
Accounts receivable	865,660	(871,083)
Prepaid expenses	60,451	1,042,932
Inventory	15,821	(3,088,944)
Deferred revenue	18,120	(150,000)
Income taxes payable	11,796	2,745,803
Accounts payable, accrued expenses and other liabilities	435,686	(641,604)
Net cash (used in) provided by operating activities	(5,499,435)	7,805,838
Cash flows from investing activities
Purchases of property and equipment	(179,944)	(396,600)
Proceeds from maturities of marketable investment securities	30,539,621	1,255,266
Purchases of marketable securities	(40,992,469)
Net cash (used in) provided by investing activities	(10,632,792)	858,666
Cash flows from financing activities
Proceeds from exercise of options and warrants		150,001
Repurchases of common stock	(482,196)
Net cash (used in) provided by financing activities	(482,196)	150,001
Net (decrease) increase in cash and cash equivalents	(16,614,423)	8,814,505
Cash and cash equivalents at beginning of period	22,973,803	88,607,234
Cash and cash equivalents at end of period	6,359,380	97,421,739
Supplemental disclosure of cash flow information
Interest paid
Income taxes paid	29,500
Supplemental disclosure of non-cash investing and financing transactions
Inventory moved to property, plant and equipment		192,056
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 657,150	$ 681,327

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)	Preferred Stock [Member] Convertible Preferred Stock [Member]	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021		$ 33,820		$ 80,271,999		$ 54,169,279	$ 134,475,100
Balance, shares at Dec. 31, 2021		33,819,862
Stock-based compensation		$ 69		1,375,028			1,375,097
Stock-based compensation expense, shares		68,750
Net income (loss)						11,714,595	11,714,595
Common stock issued for option exercises		$ 45		49,956			50,001
Common stock issued for option exercises, shares		45,456
Common stock issued for warrant exercises		$ 50		99,950			100,000
Common stock issued for warrant exercises, shares		50,000
Balance at Mar. 31, 2022		$ 33,984		81,796,933		65,883,874	147,714,793
Balance, shares at Mar. 31, 2022		33,984,068
Balance at Dec. 31, 2022		$ 34,754	(14,211,866)	88,472,935	293,140	39,931,031	114,519,994
Balance, shares at Dec. 31, 2022		34,754,265
Stock-based compensation		$ 69		2,168,673			2,168,742
Stock-based compensation expense, shares		68,750
Repurchases of common stock			(482,196)				(482,196)
Other comprehensive income, net of tax					178,621		178,621
Net income (loss)						(5,755,391)	$ (5,755,391)
Common stock issued for option exercises, shares
Balance at Mar. 31, 2023		$ 34,823	$ (14,694,062)	$ 90,641,608	$ 471,761	$ 34,175,640	$ 110,629,770
Balance, shares at Mar. 31, 2023		34,823,015

Overview and Basis of Presentat

Overview and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
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 “CODX”), develops, manufactures and sells reagents used for diagnostic tests that function via the detection and/or analysis of nucleic acid molecules (DNA or RNA), including robust and innovative molecular tools for detection of infectious diseases and agricultural applications. In connection with the sale of our tests we may sell diagnostic equipment from other manufacturers as self-contained lab systems (which we refer to as the “MDx Device”). We are also developing a unique, groundbreaking portable PCR device and proprietary test cups (the “Co-Dx PCR Home™ platform”) that have been designed to bring affordable, reliable polymerase chain reaction (“PCR”) to patients in point-of-care and even at-home settings. This platform is subject to U.S. Food and Drug Administration (“FDA”) review and is not available for sale at the time of this filing. There is no guarantee the Co-Dx PCR Home platform will receive the necessary regulatory approvals for commercialization, or that, if regulatory approval is received, we will be able to successfully commercialize this platform. Unaudited Consolidated Financial Statements The accompanying unaudited 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. 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 March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These statements should be read in conjunction with the Company’s audited financial statements and related notes for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed on March 16, 2023. 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	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Reclassifications Certain prior year amounts have been reclassified to conform with the current year’s presentation. These reclassifications have no impact on the previously reported results. 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 March 31, 2023 and December 31, 2022. The Company has its cash and cash equivalents with a large creditworthy financial institution 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 and U.S. Treasury bills and notes. The Company designates investments in debt securities as available-for-sale. Available-for-sale debt securities with original maturities of three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt securities with original maturities longer than three months are available to fund current operations and are classified as marketable investment securities, within current assets on the consolidated balance sheets. The Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. Available-for-sale debt securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of marketable securities are determined using the average cost method on a first-in, first-out basis and recorded in total other income (expense), net in the condensed consolidated statements of operations and comprehensive income. The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. For investments not likely to be sold before recovery of the amortized cost basis, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses up to the amount of the unrealized loss when appropriate. Allowances for credit losses and write-downs are recognized in total other income (expense), net, and unrealized losses not related to credit losses are recognized in accumulated other comprehensive income (loss). There are no allowances for credit losses recorded for the periods presented. 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 March 31, 2023, total accounts receivable was $ 5,686,589 2,984,393 2,702,196 6,552,249 3,098,526 3,453,723 Equity-Method Investments Our equity method investments are initially recorded at cost and are included in other long-term assets in the accompanying 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 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 March 31, 2023, the Company had $ 5,294,653 1,081,540 4,213,113 5,310,473 1,327,264 3,983,209 Intangible Assets Indefinite-lived intangible assets are not amortized, but rather tested for impairment at least annually on December 31, or more often if and when circumstances indicate that the carrying value may not be recoverable. Finite-lived intangible assets are amortized over their useful lives. Long-lived Assets Long-lived assets, such as 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 to five years. Repairs and maintenance costs are expensed as incurred except when such repairs significantly add to the useful life or productive capacity of the asset, in which case the repairs are capitalized. The Company reviews its long-lived assets, including property and equipment, finite-lived intangible assets, and ROU assets, 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. Business Combinations We estimate the fair value of assets acquired and liabilities assumed in a business combination. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates. Leases The Company adopted ASC 842, Leases (“ASC 842”) effective January 1, 2022. Under ASC 842, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. As the implicit rate in the Company’s leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company considers its credit risk, term of the lease, total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The Company evaluates renewal options at lease inception and on an ongoing basis and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease costs for the Company’s operating leases are recognized on a straight-line basis within operating expenses and cost of revenue over the reasonably assured lease term. The Company has elected to not separate lease and non-lease components for leases of office space and, as a result, accounts for any lease and non-lease components for office space as a single lease component, to the extent they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company’s office leases typically include non-lease components such as common-area maintenance costs. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less. 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 months ended March 31, 2023, the Company expensed $ 5,014,060 3,771,327 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, d eferred 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. The Company has uncertain income tax positions in the consolidated financial statements, and adverse determinations by these taxing authorities could have a material adverse effect on the consolidated financial positions, result of operations, or cash flows. 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. Comprehensive Income Comprehensive income is comprised of unrealized gains and losses on marketable securities, net of income taxes. Concentrations Risk and Significant Customers The Company had certain customers which are each responsible for generating 10 44 54 Four customers accounted for more than 10 10 82 37 Recently Issued Accounting Standards 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.

Cash, Cash Equivalents, and Fin

Cash, Cash Equivalents, and Financial Instruments	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Financial Instruments	Note 3 - Cash, Cash Equivalents, and Financial Instruments The following table shows the Company’s cash, cash equivalents, and marketable investment securities by significant investment category: Schedule of Cash,Cash Equivalents and Marketable Investment Securities March 31, 2023 Adjusted Cost Allowance for Credit Losses Total Unrealized Gains / (Losses) Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 6,089,090 $ - $ - $ 6,089,090 $ 6,089,090 $ - Level 1: Money market funds 270,290 - - 270,290 270,290 - Subtotal 270,290 - - 270,290 270,290 - Level 2: U.S. treasury securities 68,294,247 - 626,288 68,920,535 - 68,920,535 Subtotal 68,294,247 - 626,288 68,920,535 - 68,920,535 Total $ 74,653,627 $ - $ 626,288 $ 75,279,915 $ 6,359,380 $ 68,920,535 December 31, 2022 Adjusted Cost Allowance for Credit Losses Total Unrealized Gains / (Losses) Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 12,834,444 $ - $ - $ 12,834,444 $ 12,834,444 $ - Level 1: Money market funds 146,359 - - 146,359 146,359 - Subtotal 146,359 - - 146,359 146,359 - Level 2: U.S. treasury securities 67,892,825 - 389,241 68,282,066 9,993,000 58,289,066 Subtotal 67,892,825 - 389,241 68,282,066 9,993,000 58,289,066 Total $ 80,873,628 $ - $ 389,241 $ 81,262,869 $ 22,973,803 $ 58,289,066 Marketable investment securities held as of March 31, 2023 mature over the next 12 months.

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets, Net	Note 4 – Intangible Assets, Net Intangible assets, net consisted of the following: Schedule of Intangible Assets, Net March 31, 2023 Weighted-Average Gross Net Useful Life (1) Carrying Accumulated Carrying (in Years) Amount Amortization Amount In-process research and development Indefinite $ 26,101,000 $ - $ 26,101,000 Non-competition agreements 2.7 1,094,000 (533,333 ) 560,667 Total intangible assets $ 27,195,000 $ (533,333 ) $ 26,661,667 December 31, 2022 Weighted-Average Gross Net Useful Life (1) Carrying Accumulated Carrying (in Years) Amount Amortization Amount In-process research and development Indefinite $ 26,101,000 $ - $ 26,101,000 Non-competition agreements 2.7 1,094,000 (426,667 ) 667,333 Total intangible assets $ 27,195,000 $ (426,667 ) $ 26,768,333 (1) Based on weighted-average useful life established as of the acquisition date. The expected future annual amortization expense of the Company’s intangible assets held as of March 31, 2023 is as follows: Schedule of Future Amortization Expense Year Ending December 31, Amortization Expense 2023 258,003 2024 302,664 Total $ 560,667

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 5 – Fair Value Measurements The Company measures and records certain financial assets and liabilities 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 following three levels of inputs are used to measure the fair value of financial assets and liabilities: 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 following table summarizes the assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, by level within the fair value hierarchy: Schedule of Fair Value Assets and Liabilities March 31, 2023 (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ - $ 298,605 $ - $ 298,605 Marketable securities (U.S. treasury bills and notes) - 68,920,535 - 68,920,535 Total assets measured at fair value $ - $ 69,219,140 $ - $ 69,219,140 Liabilities: Contingent consideration - common stock $ - $ - $ 1,467,753 $ 1,467,753 Contingent consideration - warrants - - 226,931 226,931 Total liabilities measured at fair value $ - $ - $ 1,694,684 $ 1,694,684 December 31, 2022 (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ - $ 10,179,667 $ - $ 10,179,667 Marketable securities (U.S. treasury bills and notes) - 58,289,066 - 58,289,066 Total assets measured at fair value $ - $ 68,468,733 $ - $ 68,468,733 Liabilities: Contingent consideration - common stock $ - $ - $ 2,499,147 $ 2,499,147 Contingent consideration - warrants - - 233,209 233,209 Total liabilities measured at fair value $ - $ - $ 2,732,356 $ 2,732,356 The Company’s financial instruments that are measured at fair value on a recurring basis consist of U.S. treasury bills and notes as of March 31, 2023 and December 31, 2022. In connection with the acquisitions of IdMo and ACI on December 31, 2021, the Company recorded a liability for contingent consideration in the form of shares of common stock and warrants to purchase common stock. The fair value of contingent consideration is calculated using a discounted probability weighted valuation model. Discount rates used in such calculations are a significant assumption that are not observed in the market, and therefore, the resulting fair value represents a Level 3 measurement. The changes for Level 3 items measured at fair value on a recurring basis are as follows: Schedule of Changes in the Fair Value Measurement Fair value as of December 31, 2022 $ 2,732,356 Change in fair value of contingent consideration issued for business acquisitions (1,037,672 ) Fair value as of March 31, 2023 $ 1,694,684 The fair value of the contingent consideration is based on the fair value of the contingent consideration-common stock and contingent consideration-warrants. The fair value of the contingent consideration-common stock is equal to the probability-adjusted value of the Company’s common stock as of the valuation date. The fair value of the contingent consideration-warrants is equal to the probability adjusted value of a call option with terms consistent with the terms of the warrants as of the valuation date. Prior to the probability adjustments, the warrants were valued based on the following inputs: Schedule of Contingent Consideration Common Stock and Warrants March 31, 2023 December 31, 2022 Stock price $ 1.48 $ 2.52 Strike price $ 9.13 $ 9.13 Volatility 117.00 % 75.00 % Risk-free rate 3.70 % 4.10 % Expected term 3.8 4.0 Fair Value of Other Financial Instruments The carrying amounts of certain financial instruments, including cash held in banks, accounts receivable, notes receivable, accounts payable, accrued liabilities, and other liabilities approximate fair value due to their short-term maturities and are excluded from the fair value tables above.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Note 6 – Revenue The following table sets forth revenue by geographic area: Summary of Revenue by Geographic Area Three Months Ended March 31, 2023 2022 United States $ 393,154 $ 14,218,398 Rest of World 208,803 8,480,646 Total $ 601,957 $ 22,699,044 Percentage of revenue by area: United States 65 % 63 % Rest of World 35 % 37 % Deferred Revenue Changes in the Company’s deferred revenue balance for the three months ended March 31, 2023 were as follows: Schedule of Deferred Revenue Balance as of December 31, 2022 $ - Increase due to prepayments from customers 18,120 Balance as of March 31, 2023 $ 18,120

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 7 – Earnings Per Share The following table reconciles the numerator and the denominator used to calculate basic and diluted earnings per share for three months ended March 31, 2023 and 2022, respectively: Schedule of Basic and Diluted Earnings Per Share 2023 2022 Three Months Ended March 31, 2023 2022 Numerator Net income, as reported $ (5,755,391 ) $ 11,714,595 Denominator Weighted average shares, basic 29,483,540 33,935,570 Dilutive effect of stock options, warrants and RSUs - 775,906 Shares used to compute diluted earnings per share 29,483,540 34,711,476 Basic earnings per share $ (0.20 ) $ 0.35 Diluted earnings per share $ (0.20 ) $ 0.34 For the three months ended March 31, 2022, potentially dilutive securities of 1,271,304 1.4 465,000 As a result of incurring a net loss for the three months ended March 31, 2023, no 2,732,517 120,445

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8 – Stock-Based Compensation Stock Incentive Plans The Company’s board of directors adopted, and shareholders approved, the Co-Diagnostics, Inc. Amended and Restated 2015 Long Term Incentive Plan (the “Incentive Plan”) providing for the issuance of stock-based incentive awards to employees, officers, consultants, directors and independent contractors. On August 31, 2022, the shareholders approved an increase in the number of awards available for issuance under the Incentive Plan to an aggregate of 12,000,000 5,518,290 Stock Options The following table summarizes option activity during the three months ended March 31, 2023: 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, 2022 1,040,572 $ 2.19 $ 1.37 5.88 Granted - - - Expired - - - Forfeited/Cancelled - - - Exercised - - - Outstanding at March 31, 2023 1,040,572 $ 2.19 $ 1.37 5.64 Exercisable at March 31, 2023 1,040,572 $ 2.19 $ 1.37 5.64 The aggregate intrinsic value of outstanding options at March 31, 2023 was approximately $ 0.3 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. As of March 31, 2023, there were no unvested options and no unrecognized stock-based compensation expense related to options. 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 three months ended March 31, 2023: Schedule of Outstanding Restricted Stock Units and Related Activity Number of RSUs Weighted Average Grant Date Fair Value Unvested at December 31, 2022 2,426,725 $ 6.95 Granted 692,500 2.82 Vested (68,750 ) 10.23 Forfeited/Cancelled - - Unvested at March 31, 2023 3,050,475 $ 5.94 As of March 31, 2023, there was approximately $ 14.5 2.1 Warrants The Company has issued warrants related to financings, acquisitions 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 three months ended March 31, 2023: 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, 2022 485,000 $ 8.81 $ 2.43 4.0 Granted - - - Expired - - - Forfeited/Cancelled - - - Exercised - - - Outstanding at March 31, 2023 485,000 $ 8.81 $ 1.09 3.8 There were no warrants exercised during the three months ended March 31, 2023. The intrinsic value of warrants exercised during the three months ended March 31, 2022 was approximately $ 0.3 0.1 The total number of warrants exercisable at March 31, 2023 is 20,000 465,000 Stock-Based Compensation Expense The Company recognized stock-based compensation expense as follows: Schedule of Recognized Stock-based Compensation Expense Three Months Ended March 31, 2023 2022 Cost of sales $ 12,008 $ 12,327 Sales and marketing 529,117 388,017 General and administrative 1,192,214 765,199 Research and development 435,403 209,554 Total stock-based compensation expense $ 2,168,742 $ 1,375,097

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 – Income Taxes For the three months ended March 31, 2023, the Company recognized a benefit from income taxes of $ 2,259,811 28.2 21.0 1,386,087

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 – Commitments and Contingencies Lease Obligations The Company leases office space under a non-cancellable operating lease and leases cancellable with one month notice. The Company expenses the cancelable leases in the period incurred in accordance with the practical expedient elected. As such, one lease makes up the entirety of the right-of-use asset and lease liability disclosed. During the three months ended March 31, 2023, this lease was amended to extend the lease term. As a result of this amendment, the Company recognized an additional operating lease liability and corresponding operating right-of-use asset of $ 657,150 For the three months ended March 31, 2023, components of lease expense are summarized as follows: Schedule of Lease Expense Three Months Ended March 31, 2023 Operating lease costs $ 87,607 Short-term lease costs 108,678 Total lease costs $ 196,285 Short-term lease costs under month-to-month lease agreements are paid to related parties. As of March 31, 2023, the maturities of the Company’s lease liabilities are as follows: Schedule of Maturities on Company Lease Liabilities Year Ending December 31, 2023 $ 245,226 2024 353,919 2025 368,291 2026 61,680 2027 - Thereafter - Total lease payments 1,029,116 Less: imputed interest 93,689 Present value of operating lease liabilities 935,427 Less: current portion 277,290 Long-term portion $ 658,137 Other information related to operating leases was as follows: Schedule of Other Information Related to Operating Lease Three Months Ended March 31, 2023 Cash paid for operating leases included in operating cash flows $ 188,835 Remaining lease term of operating leases 3 Discount rate of operating leases 6.7 % 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. The Company is a defendant in two class action claims and three derivative actions 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 is also a party to two commercial litigation lawsuits in which plaintiffs are claiming they are owned certain remuneration based on alleged agreements with the Company. 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.

Share Repurchase Program

Share Repurchase Program	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Share Repurchase Program	Note 11 – Share Repurchase Program In March 2022, the Company’s Board of Directors authorized a share repurchase program that would allow the Company to repurchase up to $ 30.0 For accounting purposes, common stock repurchased under the stock repurchase program is recorded based upon the transaction date of the applicable trade. Such repurchased shares are held in treasury and are presented using the cost method. These shares are not retired and are considered issued but not outstanding. The following table shows the changes in treasury stock for the periods presented: Schedule of Treasury Stock Three Months Ended March 31, 2023 Balance, beginning of period 3,881,658 Repurchases of common stock 309,012 Balance, end of period 4,190,670

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 12 – Subsequent Events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform with the current year’s presentation. These reclassifications have no impact on the previously reported results.
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 March 31, 2023 and December 31, 2022. The Company has its cash and cash equivalents with a large creditworthy financial institution 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 and U.S. Treasury bills and notes. The Company designates investments in debt securities as available-for-sale. Available-for-sale debt securities with original maturities of three months or less from the date of purchase are classified within cash and cash equivalents. Available-for-sale debt securities with original maturities longer than three months are available to fund current operations and are classified as marketable investment securities, within current assets on the consolidated balance sheets. The Company may sell these securities at any time for use in its current operations or for other purposes, even prior to maturity. Available-for-sale debt securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity, net of tax. Realized gains and losses on the sale of marketable securities are determined using the average cost method on a first-in, first-out basis and recorded in total other income (expense), net in the condensed consolidated statements of operations and comprehensive income. The available-for-sale debt securities are subject to a periodic impairment review. For investments in an unrealized loss position, the Company writes down the amortized cost basis of the investment if it is more likely than not that the Company will be required or will intend to sell the investment before recovery of its amortized cost basis. For investments not likely to be sold before recovery of the amortized cost basis, the Company determines whether a credit loss exists by considering information about the collectability of the instrument, current market conditions, and reasonable and supportable forecasts of economic conditions. The Company recognizes an allowance for credit losses up to the amount of the unrealized loss when appropriate. Allowances for credit losses and write-downs are recognized in total other income (expense), net, and unrealized losses not related to credit losses are recognized in accumulated other comprehensive income (loss). There are no allowances for credit losses recorded for the periods presented.
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 March 31, 2023, total accounts receivable was $ 5,686,589 2,984,393 2,702,196 6,552,249 3,098,526 3,453,723
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 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 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 March 31, 2023, the Company had $ 5,294,653 1,081,540 4,213,113 5,310,473 1,327,264 3,983,209
Intangible Assets	Intangible Assets Indefinite-lived intangible assets are not amortized, but rather tested for impairment at least annually on December 31, or more often if and when circumstances indicate that the carrying value may not be recoverable. Finite-lived intangible assets are amortized over their useful lives.
Long-lived Assets	Long-lived Assets Long-lived assets, such as 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 to five years. Repairs and maintenance costs are expensed as incurred except when such repairs significantly add to the useful life or productive capacity of the asset, in which case the repairs are capitalized. The Company reviews its long-lived assets, including property and equipment, finite-lived intangible assets, and ROU assets, 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.
Business Combinations	Business Combinations We estimate the fair value of assets acquired and liabilities assumed in a business combination. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable, and as a result, actual results may differ from estimates.
Leases	Leases The Company adopted ASC 842, Leases (“ASC 842”) effective January 1, 2022. Under ASC 842, the Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. ROU assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable. As the implicit rate in the Company’s leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Company considers its credit risk, term of the lease, total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The Company evaluates renewal options at lease inception and on an ongoing basis and includes renewal options that it is reasonably certain to exercise in its expected lease terms when classifying leases and measuring lease liabilities. Lease costs for the Company’s operating leases are recognized on a straight-line basis within operating expenses and cost of revenue over the reasonably assured lease term. The Company has elected to not separate lease and non-lease components for leases of office space and, as a result, accounts for any lease and non-lease components for office space as a single lease component, to the extent they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company’s office leases typically include non-lease components such as common-area maintenance costs. The Company has also elected to not apply the recognition requirement to any leases within its existing classes of assets with a term of 12 months or less.
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 months ended March 31, 2023, the Company expensed $ 5,014,060 3,771,327
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, d eferred 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. The Company has uncertain income tax positions in the consolidated financial statements, and adverse determinations by these taxing authorities could have a material adverse effect on the consolidated financial positions, result of operations, or cash flows.
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.
Comprehensive Income	Comprehensive Income Comprehensive income is comprised of unrealized gains and losses on marketable securities, net of income taxes.
Concentrations Risk and Significant Customers	Concentrations Risk and Significant Customers The Company had certain customers which are each responsible for generating 10 44 54 Four customers accounted for more than 10 10 82 37
Recently Issued Accounting Standards	Recently Issued Accounting Standards 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.

Cash, Cash Equivalents, and F_2

Cash, Cash Equivalents, and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash,Cash Equivalents and Marketable Investment Securities	The following table shows the Company’s cash, cash equivalents, and marketable investment securities by significant investment category: Schedule of Cash,Cash Equivalents and Marketable Investment Securities March 31, 2023 Adjusted Cost Allowance for Credit Losses Total Unrealized Gains / (Losses) Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 6,089,090 $ - $ - $ 6,089,090 $ 6,089,090 $ - Level 1: Money market funds 270,290 - - 270,290 270,290 - Subtotal 270,290 - - 270,290 270,290 - Level 2: U.S. treasury securities 68,294,247 - 626,288 68,920,535 - 68,920,535 Subtotal 68,294,247 - 626,288 68,920,535 - 68,920,535 Total $ 74,653,627 $ - $ 626,288 $ 75,279,915 $ 6,359,380 $ 68,920,535 December 31, 2022 Adjusted Cost Allowance for Credit Losses Total Unrealized Gains / (Losses) Fair Value Cash and Cash Equivalents Marketable Securities Cash $ 12,834,444 $ - $ - $ 12,834,444 $ 12,834,444 $ - Level 1: Money market funds 146,359 - - 146,359 146,359 - Subtotal 146,359 - - 146,359 146,359 - Level 2: U.S. treasury securities 67,892,825 - 389,241 68,282,066 9,993,000 58,289,066 Subtotal 67,892,825 - 389,241 68,282,066 9,993,000 58,289,066 Total $ 80,873,628 $ - $ 389,241 $ 81,262,869 $ 22,973,803 $ 58,289,066 Marketable investment securities held as of March 31, 2023 mature over the next 12 months.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible assets, net consisted of the following: Schedule of Intangible Assets, Net March 31, 2023 Weighted-Average Gross Net Useful Life (1) Carrying Accumulated Carrying (in Years) Amount Amortization Amount In-process research and development Indefinite $ 26,101,000 $ - $ 26,101,000 Non-competition agreements 2.7 1,094,000 (533,333 ) 560,667 Total intangible assets $ 27,195,000 $ (533,333 ) $ 26,661,667 December 31, 2022 Weighted-Average Gross Net Useful Life (1) Carrying Accumulated Carrying (in Years) Amount Amortization Amount In-process research and development Indefinite $ 26,101,000 $ - $ 26,101,000 Non-competition agreements 2.7 1,094,000 (426,667 ) 667,333 Total intangible assets $ 27,195,000 $ (426,667 ) $ 26,768,333 (1) Based on weighted-average useful life established as of the acquisition date.
Schedule of Future Amortization Expense	The expected future annual amortization expense of the Company’s intangible assets held as of March 31, 2023 is as follows: Schedule of Future Amortization Expense Year Ending December 31, Amortization Expense 2023 258,003 2024 302,664 Total $ 560,667

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities	The following table summarizes the assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, by level within the fair value hierarchy: Schedule of Fair Value Assets and Liabilities March 31, 2023 (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ - $ 298,605 $ - $ 298,605 Marketable securities (U.S. treasury bills and notes) - 68,920,535 - 68,920,535 Total assets measured at fair value $ - $ 69,219,140 $ - $ 69,219,140 Liabilities: Contingent consideration - common stock $ - $ - $ 1,467,753 $ 1,467,753 Contingent consideration - warrants - - 226,931 226,931 Total liabilities measured at fair value $ - $ - $ 1,694,684 $ 1,694,684 December 31, 2022 (Level 1) (Level 2) (Level 3) Total Assets: Cash equivalents $ - $ 10,179,667 $ - $ 10,179,667 Marketable securities (U.S. treasury bills and notes) - 58,289,066 - 58,289,066 Total assets measured at fair value $ - $ 68,468,733 $ - $ 68,468,733 Liabilities: Contingent consideration - common stock $ - $ - $ 2,499,147 $ 2,499,147 Contingent consideration - warrants - - 233,209 233,209 Total liabilities measured at fair value $ - $ - $ 2,732,356 $ 2,732,356
Schedule of Changes in the Fair Value Measurement	The changes for Level 3 items measured at fair value on a recurring basis are as follows: Schedule of Changes in the Fair Value Measurement Fair value as of December 31, 2022 $ 2,732,356 Change in fair value of contingent consideration issued for business acquisitions (1,037,672 ) Fair value as of March 31, 2023 $ 1,694,684
Schedule of Contingent Consideration Common Stock and Warrants	Schedule of Contingent Consideration Common Stock and Warrants March 31, 2023 December 31, 2022 Stock price $ 1.48 $ 2.52 Strike price $ 9.13 $ 9.13 Volatility 117.00 % 75.00 % Risk-free rate 3.70 % 4.10 % Expected term 3.8 4.0

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 United States $ 393,154 $ 14,218,398 Rest of World 208,803 8,480,646 Total $ 601,957 $ 22,699,044 Percentage of revenue by area: United States 65 % 63 % Rest of World 35 % 37 %
Schedule of Deferred Revenue	Changes in the Company’s deferred revenue balance for the three months ended March 31, 2023 were as follows: Schedule of Deferred Revenue Balance as of December 31, 2022 $ - Increase due to prepayments from customers 18,120 Balance as of March 31, 2023 $ 18,120

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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 months ended March 31, 2023 and 2022, respectively: Schedule of Basic and Diluted Earnings Per Share 2023 2022 Three Months Ended March 31, 2023 2022 Numerator Net income, as reported $ (5,755,391 ) $ 11,714,595 Denominator Weighted average shares, basic 29,483,540 33,935,570 Dilutive effect of stock options, warrants and RSUs - 775,906 Shares used to compute diluted earnings per share 29,483,540 34,711,476 Basic earnings per share $ (0.20 ) $ 0.35 Diluted earnings per share $ (0.20 ) $ 0.34

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Option Activity	The following table summarizes option activity during the three months ended March 31, 2023: 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, 2022 1,040,572 $ 2.19 $ 1.37 5.88 Granted - - - Expired - - - Forfeited/Cancelled - - - Exercised - - - Outstanding at March 31, 2023 1,040,572 $ 2.19 $ 1.37 5.64 Exercisable at March 31, 2023 1,040,572 $ 2.19 $ 1.37 5.64
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 three months ended March 31, 2023: Schedule of Outstanding Restricted Stock Units and Related Activity Number of RSUs Weighted Average Grant Date Fair Value Unvested at December 31, 2022 2,426,725 $ 6.95 Granted 692,500 2.82 Vested (68,750 ) 10.23 Forfeited/Cancelled - - Unvested at March 31, 2023 3,050,475 $ 5.94
Schedule of Warrant Activity	The following table summarizes warrant activity during the three months ended March 31, 2023: 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, 2022 485,000 $ 8.81 $ 2.43 4.0 Granted - - - Expired - - - Forfeited/Cancelled - - - Exercised - - - Outstanding at March 31, 2023 485,000 $ 8.81 $ 1.09 3.8
Schedule of Recognized Stock-based Compensation Expense	The Company recognized stock-based compensation expense as follows: Schedule of Recognized Stock-based Compensation Expense Three Months Ended March 31, 2023 2022 Cost of sales $ 12,008 $ 12,327 Sales and marketing 529,117 388,017 General and administrative 1,192,214 765,199 Research and development 435,403 209,554 Total stock-based compensation expense $ 2,168,742 $ 1,375,097

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Expense	For the three months ended March 31, 2023, components of lease expense are summarized as follows: Schedule of Lease Expense Three Months Ended March 31, 2023 Operating lease costs $ 87,607 Short-term lease costs 108,678 Total lease costs $ 196,285
Schedule of Maturities on Company Lease Liabilities	As of March 31, 2023, the maturities of the Company’s lease liabilities are as follows: Schedule of Maturities on Company Lease Liabilities Year Ending December 31, 2023 $ 245,226 2024 353,919 2025 368,291 2026 61,680 2027 - Thereafter - Total lease payments 1,029,116 Less: imputed interest 93,689 Present value of operating lease liabilities 935,427 Less: current portion 277,290 Long-term portion $ 658,137
Schedule of Other Information Related to Operating Lease	Other information related to operating leases was as follows: Schedule of Other Information Related to Operating Lease Three Months Ended March 31, 2023 Cash paid for operating leases included in operating cash flows $ 188,835 Remaining lease term of operating leases 3 Discount rate of operating leases 6.7 %

Share Repurchase Program (Table

Share Repurchase Program (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Treasury Stock	Schedule of Treasury Stock Three Months Ended March 31, 2023 Balance, beginning of period 3,881,658 Repurchases of common stock 309,012 Balance, end of period 4,190,670

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Product Information [Line Items]
Accounts receivable, before allowance for credit loss, current	$ 5,686,589		$ 6,552,249
Uncollectable accounts	2,984,393		3,098,526
Accounts receivable, after allowance for credit loss, current	2,702,196		3,453,723
Inventory, net	5,294,653		5,310,473
Inventory, finished goods, gross	1,081,540		1,327,264
Inventory, raw materials, gross	4,213,113		$ 3,983,209
Research and development expense	$ 5,014,060	$ 3,771,327
Customers [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Product Information [Line Items]
Concentration risk percentage	10%
Two Customers Together [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Product Information [Line Items]
Concentration risk percentage	44%
Three Customers Together [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member]
Product Information [Line Items]
Concentration risk percentage	54%
Four Customers [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Product Information [Line Items]
Concentration risk percentage	10%
One Customers [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Product Information [Line Items]
Concentration risk percentage			10%
Customers Together [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Product Information [Line Items]
Concentration risk percentage	82%		37%

Schedule of Cash,Cash Equivalen

Schedule of Cash,Cash Equivalents and Marketable Investment Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Adjusted Cost	$ 74,653,627	$ 80,873,628
Allowance for Credit Losses
Total Unrealized Gains / (Losses)	626,288	389,241
Fair Value	75,279,915	81,262,869
Cash and Cash Equivalents	6,359,380	22,973,803
Marketable Securities	68,920,535	58,289,066
Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Adjusted Cost	270,290	146,359
Allowance for Credit Losses
Total Unrealized Gains / (Losses)
Fair Value	270,290	146,359
Cash and Cash Equivalents	270,290	146,359
Marketable Securities
Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Adjusted Cost	68,294,247	67,892,825
Allowance for Credit Losses
Total Unrealized Gains / (Losses)	626,288	389,241
Fair Value	68,920,535	68,282,066
Cash and Cash Equivalents		9,993,000
Marketable Securities	68,920,535	58,289,066
Cash [Member]
Cash and Cash Equivalents [Line Items]
Adjusted Cost	6,089,090	12,834,444
Allowance for Credit Losses
Total Unrealized Gains / (Losses)
Fair Value	6,089,090	12,834,444
Cash and Cash Equivalents	6,089,090	12,834,444
Marketable Securities
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Adjusted Cost	270,290	146,359
Allowance for Credit Losses
Total Unrealized Gains / (Losses)
Fair Value	270,290	146,359
Cash and Cash Equivalents	270,290	146,359
Marketable Securities
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Adjusted Cost	68,294,247	67,892,825
Allowance for Credit Losses
Total Unrealized Gains / (Losses)	626,288	389,241
Fair Value	68,920,535	68,282,066
Cash and Cash Equivalents		9,993,000
Marketable Securities	$ 68,920,535	$ 58,289,066

Schedule of Intangible Assets,

Schedule of Intangible Assets, Net (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross		$ 27,195,000	$ 27,195,000
Less accumulated amortization		(533,333)	(426,667)
Intangible assets, net		$ 26,661,667	$ 26,768,333
In Process Research and Development [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful lives in years, term	[1]	Indefinite	Indefinite
Intangible assets, gross		$ 26,101,000	$ 26,101,000
Less accumulated amortization
Intangible assets, net		26,101,000	26,101,000
Noncompete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross		1,094,000	1,094,000
Less accumulated amortization		(533,333)	(426,667)
Intangible assets, net		$ 560,667	$ 667,333
Estimated useful lives in years	[1]	2 years 8 months 12 days	2 years 8 months 12 days
[1]Based on weighted-average useful life established as of the acquisition date.

Schedule of Future Amortization

Schedule of Future Amortization Expense (Details)	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 258,003
2024	302,664
Total	$ 560,667

Schedule of Fair Value Assets a

Schedule of Fair Value Assets and Liabilities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities (U.S. treasury bills and notes)	$ 68,920,535	$ 58,289,066
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities (U.S. treasury bills and notes)
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities (U.S. treasury bills and notes)	68,920,535	58,289,066
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	298,605	10,179,667
Marketable securities (U.S. treasury bills and notes)	68,920,535	58,289,066
Total assets measured at fair value	69,219,140	68,468,733
Contingent consideration - common stock	1,467,753	2,499,147
Contingent consideration - warrants	226,931	233,209
Total liabilities measured at fair value	1,694,684	2,732,356
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Marketable securities (U.S. treasury bills and notes)
Total assets measured at fair value
Contingent consideration - common stock
Contingent consideration - warrants
Total liabilities measured at fair value
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	298,605	10,179,667
Marketable securities (U.S. treasury bills and notes)	68,920,535	58,289,066
Total assets measured at fair value	69,219,140	68,468,733
Contingent consideration - common stock
Contingent consideration - warrants
Total liabilities measured at fair value
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents
Marketable securities (U.S. treasury bills and notes)
Total assets measured at fair value
Contingent consideration - common stock	1,467,753	2,499,147
Contingent consideration - warrants	226,931	233,209
Total liabilities measured at fair value	$ 1,694,684	$ 2,732,356

Schedule of Changes in the Fair

Schedule of Changes in the Fair Value Measurement (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Fair value as of December 31, 2022	$ 2,732,356
Change in fair value of contingent consideration issued for business acquisitions	(1,037,672)
Fair value as of March 31, 2023	$ 1,694,684

Schedule of Contingent Consider

Schedule of Contingent Consideration Common Stock and Warrants (Details)	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term	3 years 9 months 18 days	4 years
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	1.48	2.52
Measurement Input Strike Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	9.13	9.13
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	1.1700	0.7500
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0.0370	0.0410

Summary of Revenue by Geographi

Summary of Revenue by Geographic Area (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 601,957	$ 22,699,044
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue	$ 393,154	$ 14,218,398
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Percentage of revenue	65%	63%
Rest of World [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 208,803	$ 8,480,646
Rest of World [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Percentage of revenue	35%	37%

Schedule of Deferred Revenue (D

Schedule of Deferred Revenue (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning balance
Increase due to prepayments from customers	18,120
Deferred revenue, ending balance	$ 18,120

Schedule of Basic and Diluted E

Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income, as reported	$ (5,755,391)	$ 11,714,595
Weighted average shares, basic	29,483,540	33,935,570
Dilutive effect of stock options, warrants and RSUs		775,906
Shares used to compute diluted earnings per share	29,483,540	34,711,476
Basic earnings per share	$ (0.20)	$ 0.35
Diluted earnings per share	$ (0.20)	$ 0.34

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share	0	1,271,304
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share	2,732,517
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share	120,445
Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share	1,400,000	1,400,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from computation of diluted earnings per share	465,000

Schedule of Option Activity (De

Schedule of Option Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Options Outstanding, Beginning | shares	1,040,572
Weighted Average Exercise Price Outstanding, Beginning	$ 2.19
Weighted Average Fair Value Outstanding, Beginning	$ 1.37
Weighted-average Remaining Contractual Life (years) Outstanding, Beginning	5 years 10 months 17 days
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
Weighted Average Exercise Price Exercised
Weighted Average Fair Value Exercised
Number of Options Outstanding, Ending | shares	1,040,572
Weighted Average Exercise Price Outstanding, Ending	$ 2.19
Weighted Average Fair Value Outstanding, Ending	$ 1.37
Weighted-average Remaining Contractual Life (years) Outstanding, Ending	5 years 7 months 20 days
Number of Options Exercisable Ending | shares	1,040,572
Weighted Average Exercise Price, Exercisable Ending	$ 2.19
Weighted Average Fair Value, Exercisable Ending	$ 1.37
Weighted-average Remaining Contractual Life (years), Exercisable Ending	5 years 7 months 20 days

Schedule of Outstanding Restric

Schedule of Outstanding Restricted Stock Units and Related Activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Restricted Stock Units, Outstanding Beginning | shares	2,426,725
Weighted Average Grant Date Fair Value, Outstanding Beginning | $ / shares	$ 6.95
Number of Restricted Stock Units, Granted | shares	692,500
Weighted Average Grant Date Fair Value, Granted | $ / shares	$ 2.82
Number of Restricted Stock Units, Vested | shares	(68,750)
Weighted Average Grant Date Fair Value, Vested | $ / shares	$ 10.23
Number of Restricted Stock Units, Forfeited/Cancelled | shares
Weighted Average Grant Date Fair Value, Forfeited/Cancelled | $ / shares
Number of Restricted Stock Units, Outstanding Ending | shares	3,050,475
Weighted Average Grant Date Fair Value, Outstanding Ending | $ / shares	$ 5.94

Schedule of Warrant Activity (D

Schedule of Warrant Activity (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Number of Warrants Outstanding, Beginning | shares	485,000
Weighted Average Exercise Price, Beginning	$ 8.81
Weighted Average fair value, Beginning	$ 2.43
Weighted-average Remaining Contractual Life (Years) Outstanding	4 years
Number of Warrants Outstanding, Granted | shares
Weighted Average Exercise Price, Granted
Weighted Average Fair Value, Granted
Number of Warrants Outstanding, Expired | shares
Weighted Average Exercise Price, Expired
Weighted Average Fair Value, Expired
Number of Warrants Outstanding, Forfeited/Cancelled | shares
Weighted Average Exercise Price, Forfeited/Cancelled
Weighted Average Fair Value, Forfeited/Cancelled
Number of Warrants Outstanding, Exercised | shares
Weighted Average Exercise Price, Exercised
Weighted Average Fair Value, Exercised
Number of Warrants Outstanding, Ending | shares	485,000
Weighted Average Exercise Price, Ending	$ 8.81
Weighted Average Fair Value, Ending	$ 1.09
Weighted-average Remaining Contractual Life (Years) Outstanding	3 years 9 months 18 days

Schedule of Recognized Stock-ba

Schedule of Recognized Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,168,742	$ 1,375,097
Cost Of Sale [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	12,008	12,327
Sales And Marketing [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	529,117	388,017
General And Administrative [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	1,192,214	765,199
Research And Development [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation expense	$ 435,403	$ 209,554

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Aug. 31, 2022
Warrant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value of options outstanding	$ 0.1
Intrinsic value of warrants exercised	$ 0.3
Warrants exercisable	20,000
Warrants to purchase a common stock	465,000
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate intrinsic value of options outstanding	$ 0.3
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation	$ 14.5
Unrecognized stock-based compensation recognition period	2 years 1 month 6 days
2015 Long Term Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares availalble for issuance	5,518,290	12,000,000

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,259,811	$ (1,386,087)
Effective income tax rate reconciliation, percent	28.20%
Effective income tax rate reconciliation, percent	21%
Income tax expense (benefit)	$ (2,259,811)	$ 1,386,087

Schedule of Lease Expense (Deta

Schedule of Lease Expense (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 87,607
Short-term lease costs	108,678
Total lease costs	$ 196,285

Schedule of Maturities on Compa

Schedule of Maturities on Company Lease Liabilities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023	$ 245,226
2024	353,919
2025	368,291
2026	61,680
2027
Thereafter
Total lease payments	1,029,116
Less: imputed interest	93,689
Present value of operating lease liabilities	935,427
Less: current portion	277,290	$ 297,209
Long-term portion	$ 658,137	$ 50,708

Schedule of Other Information R

Schedule of Other Information Related to Operating Lease (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Cash paid for operating leases included in operating cash flows	$ 188,835
Remaining lease term of operating leases	3 years
Discount rate of operating leases	6.70%

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease right-of-use asset	$ 952,176	$ 372,115
Operating lease liabilities	935,427
Lease Amendment [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease right-of-use asset	657,150
Operating lease liabilities	$ 657,150

Schedule of Treasury Stock (Det

Schedule of Treasury Stock (Details)	3 Months Ended
	Mar. 31, 2023 shares
Equity [Abstract]
Treasury stock, Beginning Balance	3,881,658
Repurchases of common stock	309,012
Treasury stock, Ending Balance	4,190,670

Share Repurchase Program (Detai

Share Repurchase Program (Details Narrative) $ in Millions	Mar. 31, 2022 USD ($)
Equity [Abstract]
Stock repurchase program authorized amount	$ 30