Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 09, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001702924 | ||
Entity Registrant Name | WRAP TECHNOLOGIES, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 000-55838 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 98-0551945 | ||
Entity Address, Address Line One | 1817 W 4th Street | ||
Entity Address, City or Town | Tempe | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85281 | ||
City Area Code | 800 | ||
Local Phone Number | 583-2652 | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Trading Symbol | WRAP | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
Entity Ex Transition Period | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 206,057,335 | ||
Entity Common Stock, Shares Outstanding | 40,939,371 | ||
Auditor Name | Rosenberg Rich Baker Berman, P.A. | ||
Auditor Location | Somerset, New Jersey | ||
Auditor Firm ID | 89 | ||
ICFR Auditor Attestation Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 4,937 | $ 16,647 |
Short-term investments | 29,983 | 24,994 |
Accounts receivable, net | 3,859 | 1,871 |
Inventories, net | 1,566 | 2,655 |
Prepaid expenses and other current assets | 868 | 760 |
Total current assets | 41,213 | 46,927 |
Property and equipment, net | 976 | 357 |
Operating lease right-of-use asset, net | 51 | 139 |
Intangible assets, net | 1,982 | 1,397 |
Other assets | 9 | 13 |
Total assets | 44,231 | 48,833 |
Current liabilities: | ||
Accounts payable | 1,779 | 1,232 |
Accrued liabilities | 824 | 721 |
Customer deposits | 43 | 2 |
Deferred revenue- short term | 155 | 16 |
Operating lease liability- short term | 56 | 94 |
Business acquisition liability - short term | 0 | 275 |
Total current liabilities | 2,857 | 2,340 |
Long-term liabilities: | ||
Deferred revenue- long term | 110 | 0 |
Operating lease liability - long term | 0 | 56 |
Business acquisition liability - long term | 0 | 23 |
Total long-term liabilities | 110 | 79 |
Total liabilities | 2,967 | 2,419 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Preferred stock - 5,000,000 authorized; par value $0.0001 per share; none issued and outstanding | 0 | 0 |
Common stock - 150,000,000 authorized; par value $0.0001 per share; 40,851,945 and 37,554,162 shares issued and outstanding each period, respectively | 4 | 4 |
Additional paid-in capital | 91,025 | 71,705 |
Accumulated deficit | (49,759) | (25,310) |
Accumulated other comprehensive income (loss) | (6) | 15 |
Total stockholders' equity | 41,264 | 46,414 |
Total liabilities and stockholders' equity | $ 44,231 | $ 48,833 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares issued (in shares) | 40,851,945 | 37,554,162 |
Common stock, shares outstanding (in shares) | 40,851,945 | 37,554,162 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | ||
Product sales | $ 7,381 | $ 3,868 |
Other revenue | 348 | 76 |
Total revenues | 7,729 | 3,944 |
Cost of revenues | ||
Products and services | 4,987 | 2,601 |
Product line exit expense | 747 | 0 |
Total cost of revenues | 5,734 | 2,601 |
Gross profit | 1,995 | 1,343 |
Operating expenses: | ||
Selling, general and administrative | 20,276 | 11,631 |
Research and development | 6,214 | 2,789 |
Total operating expenses | 26,490 | 14,420 |
Loss from operations | (24,495) | (13,077) |
Other income (expense): | ||
Investment income | 31 | 83 |
Debt forgiveness income | 0 | 417 |
Other | 15 | (3) |
Nonoperating Income (Expense), Total | 46 | 497 |
Net loss | $ (24,449) | $ (12,580) |
Net loss per basic and diluted common share (in dollars per share) | $ (0.62) | $ (0.37) |
Weighted average common shares used to compute net loss per basic and diluted common share (in shares) | 39,281,620 | 33,846,338 |
Comprehensive loss: | ||
Net loss | $ (24,449) | $ (12,580) |
Net unrealized gain (loss) on short-term investments | (21) | 15 |
Comprehensive loss | $ (24,470) | $ (12,565) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Warrants at $3.00 Per Share [Member]Common Stock [Member] | Warrants at $3.00 Per Share [Member]Additional Paid-in Capital [Member] | Warrants at $3.00 Per Share [Member] | Warrants at $5.00 Per Share [Member]Common Stock [Member] | Warrants at $5.00 Per Share [Member]Additional Paid-in Capital [Member] | Warrants at $5.00 Per Share [Member] | Warrants at $6.00 Per Share [Member]Common Stock [Member] | Warrants at $6.00 Per Share [Member]Additional Paid-in Capital [Member] | Warrants at $6.00 Per Share [Member] | Warrants at $6.50 Per Share [Member]Common Stock [Member] | Warrants at $6.50 Per Share [Member]Additional Paid-in Capital [Member] | Warrants at $6.50 Per Share [Member] | Warrants at $8.125 Per Share [Member]Common Stock [Member] | Warrants at $8.125 Per Share [Member]Additional Paid-in Capital [Member] | Warrants at $8.125 Per Share [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 29,829,916 | |||||||||||||||||||
Balance at Dec. 31, 2019 | $ 3 | $ 31,923 | $ (12,730) | $ 19,196 | ||||||||||||||||
Sale of Common Stock and warrant in public offering, net of issuance costs (in shares) | 2,066,667 | |||||||||||||||||||
Sale of Common Stock and warrant in public offering, net of issuance costs | 11,667 | $ 11,667 | ||||||||||||||||||
Common shares issued upon exercise of warrants, net of issuance costs (in shares) | 328,458 | 3,890,839 | 675,000 | 261,679 | ||||||||||||||||
Common shares issued upon exercise of warrants, net of issuance costs | $ 961 | $ 961 | $ 1 | $ 18,718 | $ 18,719 | $ 3,848 | $ 3,848 | $ 1,646 | $ 1,646 | |||||||||||
Common shares issued upon exercise of stock options (in shares) | 371,000 | 371,000 | ||||||||||||||||||
Common shares issued upon exercise of stock options | 705 | $ 705 | ||||||||||||||||||
Common shares issued upon vesting of restricted stock units (in shares) | 130,603 | |||||||||||||||||||
Share-based compensation expense | 2,237 | 2,237 | ||||||||||||||||||
Net unrealized gain on short-term investments | $ 15 | 15 | ||||||||||||||||||
Net loss for the period | (12,580) | (12,580) | ||||||||||||||||||
Net loss | (12,580) | (12,580) | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2020 | 37,554,162 | |||||||||||||||||||
Balance at Dec. 31, 2020 | $ 4 | 71,705 | (25,310) | 15 | $ 46,414 | |||||||||||||||
Common shares issued upon exercise of stock options (in shares) | 915,404 | 915,404 | ||||||||||||||||||
Common shares issued upon exercise of stock options | 1,678 | $ 1,678 | ||||||||||||||||||
Common shares issued upon vesting of restricted stock units (in shares) | 524,491 | |||||||||||||||||||
Share-based compensation expense | 5,356 | 5,356 | ||||||||||||||||||
Net unrealized gain on short-term investments | (21) | |||||||||||||||||||
Net loss for the period | (24,449) | (24,449) | ||||||||||||||||||
Common shares issued upon exercise of warrants (in shares) | 1,661,320 | 153,692 | ||||||||||||||||||
Common shares issued upon exercise of warrants | $ 10,798 | $ 10,798 | $ 1,249 | $ 1,249 | ||||||||||||||||
Common shares issued for services (in shares) | 42,876 | |||||||||||||||||||
Common shares issued for services | 239 | 239 | ||||||||||||||||||
Net unrealized loss on short-term investments | (21) | (21) | ||||||||||||||||||
Net loss | (24,449) | (24,449) | ||||||||||||||||||
Balance (in shares) at Dec. 31, 2021 | 40,851,945 | |||||||||||||||||||
Balance at Dec. 31, 2021 | $ 4 | $ 91,025 | $ (49,759) | $ (6) | $ 41,264 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Warrants at $3.00 Per Share [Member] | ||
Warrants, exercise price (in dollars per share) | $ 3 | |
Warrants at $5.00 Per Share [Member] | ||
Warrants, exercise price (in dollars per share) | 5 | |
Warrants at $6.00 Per Share [Member] | ||
Warrants, exercise price (in dollars per share) | 6 | |
Warrants at $6.50 Per Share [Member] | ||
Warrants, exercise price (in dollars per share) | $ 6.50 | 6.50 |
Warrants at $8.125 Per Share [Member] | ||
Warrants, exercise price (in dollars per share) | $ 8.125 | |
Common stock and warrants, price per share (in dollars per share) | $ 6 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (24,449) | $ (12,580) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 478 | 163 |
Share-based compensation | 5,356 | 2,237 |
Common shares issued for services | 239 | 0 |
Product line exit expense | 747 | 0 |
Debt forgiveness income | 0 | (417) |
Gain on sale of assets | (27) | 0 |
Warranty provision | 10 | 30 |
Inventory write-offs | 0 | (68) |
Software impairment charge | 170 | 0 |
Change in contingent liability | (23) | 0 |
Non-cash lease expense | 88 | 122 |
Non-cash interest expense | 0 | 2 |
Provision for doubtful accounts | 123 | 10 |
Changes in assets and liabilities: | ||
Accounts receivable | (2,111) | (1,686) |
Inventories | 559 | (343) |
Prepaid expenses and other current assets | (109) | (508) |
Accounts payable | 546 | 825 |
Operating lease liability | (94) | (128) |
Customer deposits | 41 | (342) |
Accrued liabilities and other | (54) | 493 |
Warranty settlement | 38 | 4 |
Deferred revenue | 249 | (1) |
Net cash used in operating activities | (18,223) | (12,187) |
Cash Flows From Investing Activities: | ||
Purchase of short-term investments | (55,014) | (34,980) |
Proceeds from maturities of short-term investments | 50,005 | 10,000 |
Capital expenditures for property and equipment | (995) | (249) |
Business acquisition | 0 | (210) |
Proceeds from long-term deposits | 4 | 0 |
Net cash used in investing activities | (6,937) | (26,111) |
Cash Flows From Financing Activities: | ||
Sale of common stock and warrants | 0 | 12,400 |
Offering costs paid on sale of common stock and warrants | 0 | (733) |
Proceeds from exercise of warrants | 12,047 | 26,191 |
Offering costs paid on exercise of warrants | 0 | (1,016) |
Proceeds from exercise of stock options | 1,678 | 705 |
Proceeds from bank note | 0 | 414 |
Repayment of debt | (275) | 0 |
Net cash provided by financing activities | 13,450 | 37,961 |
Net decrease in cash and cash equivalents | (11,710) | (337) |
Cash and cash equivalents, beginning of period | 16,647 | 16,984 |
Cash and cash equivalents, end of period | 4,937 | 16,647 |
Supplemental Disclosure of Non-Cash Investing | ||
Business acquisition liability | 0 | 298 |
Business acquisition cost in deferred revenue | 0 | 15 |
Change in unrealized gain on short-term investments | (21) | 15 |
Patents and Trademarks [Member] | ||
Cash Flows From Investing Activities: | ||
Payments for intangible assets | (187) | (129) |
Intangibles Other than Patents and Trademarks [Member] | ||
Cash Flows From Investing Activities: | ||
Payments for intangible assets | $ (750) | $ (543) |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Business Description Wrap Technologies, Inc., a Delaware corporation (the “ Company we us our Common Stock Nasdaq Principles of Consolidation The Company has one wholly-owned subsidiary, Wrap Reality, Inc. formed in December 2020 ( 3 Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“ U.S. GAAP . Concentrations of Risk Credit Risk two not Concentrations of Accounts Receivable and Revenue may 16 Concentration of Suppliers Impact of COVID- 19 December 2019, ( COVID- 19 March 2020, may may Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three U.S. Short-Term Investments The Company’s short-term investments consist of U.S. Treasury bills with original maturities beyond three one December 31, 2021, We adopted Accounting Standards Codification (“ ASC 326 FASB January 1, 2020, no not not December 31, 2021 2020. Share-Based Compensation The Company follows the fair value recognition provisions issued by the FASB in ASC Topic 718, ASC 718 ASU 2018 07 2021 2020 Loss per Share Basic loss per common share is computed by dividing net loss for the period by the weighted-average number of shares of Common Stock outstanding during the period. Diluted net loss per common share reflects the potential dilution of securities that could share in the earnings of an entity. The Company’s losses for the periods presented cause the inclusion of potential Common Stock instruments outstanding to be antidilutive. Stock options, restricted stock units and warrants exercisable or issuable for a total of 5,596,853 and 7,566,502 shares of Common Stock were outstanding at December 31, 2021 2020, not Accounts Receivable and Allowance for Credit Losses ASU No. 2016 13, Financial Instruments - Credit Losses (Topic 326 may not At December 31, 2021 2020, Inventories Inventories are valued at the lower of cost or net realizable value. The cost of substantially all the Company’s inventory is determined by the FIFO cost method. Inventory is comprised of raw materials, assemblies and finished products intended for sale to customers . At December 31, 2021 2020 no Property, Equipment and Depreciation Property and equipment is stated at cost. Depreciation on property and equipment is computed over the estimated useful lives of three Business Combinations Transactions in which the Company obtains control of a business are accounted for according to the acquisition method as described in ASC 805, Intangible Assets Intangible assets consisted of (a) capitalized legal fees and filing costs related to obtaining patents and trademarks, (b) customer agreements, tradenames, software, non-solicitation and non-compete agreements acquired in business combinations and valued at fair value at the acquisition date, (c) purchased software, and (d) the purchase cost of indefinite-lived website domains. The estimated useful lives of identifiable intangible assets with definite useful lives have been estimated to be between one twenty not no The carrying value of intangibles is periodically reviewed and impairments, if any, are recognized when the future undiscounted cash flows realized from the assets is less than its carrying value. Impairment of Long-Lived Assets Long-lived assets and identifiable intangibles held for use are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not 2021. not December 31, 2021 2020. Classification and Valuation of Warrants The Company accounts for warrants as either equity or liabilities based upon the characteristics and provisions of each particular instrument. Warrants valued and classified as equity are recorded as additional paid-in capital based on the issue date fair value and no December 31, 2021, no Advertising and Promotion Costs Advertising costs are charged to expense as incurred and were $145 and $287 for the years ended December 31, 2021 2020, December 31, 2021 2020, Demonstration and Training Costs The Company maintains a demonstration and training department as a part of its sales and marketing activities and does not not no may Research and Development Costs Research and development costs are expensed as incurred. Contract Manufacturers The Company employs contract manufacturers for production of certain components and sub-assemblies. The Company may no Leases The Company adopted ASC Topic 842, 842” January 1, 2019. 842, 12 12 842. 9, Revenue Recognition In May 2014, 2014 09, ASU 2014 09 340 40, ASC 340 40 Topic 606 January 1, 2018, 606 no no 2014 09 five 2 Shipping and Handling Costs Shipping and handling costs are included in cost of revenues. Shipping and handling costs invoiced to customers are included in revenue. Actual shipping and handling costs were $167 and $75 for the years ended December 31, 2021 2020, December 31, 2021 2020, Exit Activity Expense During 2021 100 150 The $747 of exit costs were recorded as a component of cost of revenues. There was no such expense recorded during the prior year. Development and start-up expense of new products are expensed as incurred except for capitalized equipment and tooling. Warranty Reserves The Company warrants its products and accessories to be free from defects in materials and workmanship for a period of one The Company establishes a warranty reserve based on anticipated warranty claims at the time product revenues are recognized. Factors affecting warranty reserve levels include the number of units sold, anticipated cost of warranty repairs and anticipated rates of warranty claims. The Company evaluates the adequacy of the provision for warranty costs each reporting period. The warranty reserve was $96 and $48 at December 31, 2021 2020. Segment Information ASC Topic 280, Income Taxes No December 31, 2021 2020 The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimates. Recently Issued Accounting Guidance Adopted First Quarter of 2021: In December 2019, 2019 12, Income Taxes (Topic 740 ): Simplifying the Accounting for Income Taxes ASU 2019 12 2019 12 740 2019 12 first March 31, 2021 not Other Pronouncements: In August 2020, 2020 06, Debt Debt with Conversion and Other Options ( Subtopic 470 20 ) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815 40 ): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity December 15, 2021, In May 2021, No. 2021 05, 842 1 not 2 December 15, 2021. not In October 2021, 2021 08 No. 2021 08” 805 606, 606 December 15, 2022, not The Company has reviewed other recently issued, but not not |
Note 2 - Revenue and Product Co
Note 2 - Revenue and Product Costs | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. REVENUE AND PRODUCT COSTS On January 1, 2018, 606, ( Topic 606 ) no no 606 five The Company enters into contracts that include various combinations of products, accessories, software and services, each of which are generally distinct and are accounted for as separate performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to a customer, and is the unit of account in Topic 606. SSP SSPs not Most of the Company’s products and accessories are sold through domestic and international distributors. Performance obligations to deliver products and accessories are generally satisfied at the point in time the Company ships the product, as this is when the customer obtains control of the asset under our standard terms and conditions. Periodically, certain customers request bill and hold transactions for future delivery as scheduled and designated by them. In such cases, revenue is not none The Company has elected to recognize shipping costs as an expense in cost of revenue when control has transferred to the customer. Time-based virtual reality system contracts generally include setup, training and the use of software and hardware for a fixed term, generally one five not not The timing of revenue recognition may December 31, 2021 December 31, 2020 The Company may The Company recognizes an asset if there are incremental costs of obtaining a contract with a customer such as commissions. These costs are ascribed to or allocated to the underlying performance obligations in the contract and amortized consistent with the recognition timing of the revenue for any such underlying performance obligations. The Company had no such assets at December 31, 2021 December 31, 2020. one Estimated costs for the Company’s standard one |
Note 3 - Acquisition
Note 3 - Acquisition | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. ACQUISITION On December 14, 2020, The Company paid to NSENA cash consideration of $210 and recorded a short-term business acquisition liability of $275. The liability was paid $100 by March 15, 2021, June 15, 2021 September 15, 2021. September 30, 2021. third 2021 The acquisition was accounted for under the acquisition method of accounting. Under acquisition accounting, the acquired tangible and intangible assets and liabilities of NSENA were recorded at their respective fair values. The following table summarizes the estimates of fair value of the assets acquired and liabilities assumed on December 14, 2020: Equipment $ 10 Software 460 Customer contracts 40 Tradenames 2 Noncompete agreements 10 Deferred revenue (15 ) Total consideration $ 507 A portion of the fair value of the consideration transferred was assigned to identifiable intangible assets as follows: Description Useful life in years Fair Value Software 5 $ 460 Customer contracts 1 40 Tradenames 1 2 Noncompete agreements 2 10 Total acquired intangible assets $ 512 All assets acquired were determined to be finite-lived intangible assets and are being amortized on a straight-line basis over their estimated useful life with no residual value. |
Note 4 - Financial Instruments
Note 4 - Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 4. FINANCIAL INSTRUMENTS Assets and liabilities recorded at fair value on a recurring basis in the Consolidated Balance Sheets and assets and liabilities measured at fair value on a non-recurring basis or disclosed at fair value, are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The accounting guidance also establishes a three three Level 1 Level 2 not Level 3 no The Company’s cash equivalent Money Market Funds and short-term investments consisting of U.S. Treasury bill securities are classified as Level 1 The following table shows the Company’s cash and cash equivalents, Money Market Funds and short-term investments by significant investment category as of December 31, 2021 2020. As of December 31, 2021 Adjusted Unrealized Unrealized Market Cost Gains Losses Value Level 1: Money Market Funds $ 1,670 $ - $ - $ 1,670 U.S. Treasury securities considered cash equivalents - - - - U.S. Treasury securities in short-term investments 29,989 - (6 ) 29,983 Total Financial Assets $ 31,659 $ - $ (6 ) $ 31,653 As of December 31, 2020 Adjusted Unrealized Unrealized Market Cost Gains Losses Value Level 1: Money Market Funds $ 6,035 $ - $ - $ 6,035 U.S. Treasury securities considered cash equivalents 9,998 - - 9,998 U.S. Treasury securities in short-term investments 24,979 15 - 24,994 Total Financial Assets $ 41,012 $ 15 $ - $ 41,027 Unrealized gains or losses resulting from our short-term investments are recorded in accumulated other comprehensive gain or loss. During the year ended December 31, 2021 2020, Our financial instruments also include accounts receivable, accounts payable, accrued liabilities and business acquisition liabilities. Due to the short-term nature of these instruments, their fair values approximate their carrying values on the balance sheets. |
Note 5 - Inventories, Net
Note 5 - Inventories, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. INVENTORIES, NET Inventory is recorded at the lower of cost or net realizable value. The cost of substantially all the Company’s inventory is determined by the FIFO cost method. Inventories consisted of the following: December 31, 2021 2020 Finished goods $ 1,027 $ 1,249 Work in process 2 64 Raw materials 537 1,342 Inventories - net $ 1,566 $ 2,655 As part of product line exit costs (see Note 1 December 31, 2021. December 31, 2020 $68 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: December 31, 2021 2020 Production and lab equipment $ 500 $ 148 Tooling 273 81 Computer equipment 467 180 Furniture, fixtures and improvements 176 165 1,416 574 Accumulated depreciation (440 ) (217 ) Property and equipment, net $ 976 $ 357 Depreciation expense was $297 and $144 for the years ended December 31, 2021 2020, 1 second 2021. |
Note 7 - Intangible Assets, Net
Note 7 - Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7. INTANGIBLE ASSETS, NET Intangible assets consisted of the following: December 31, 2021 2020 Amortizable intangible assets: Patents $ 416 $ 280 Trademarks 134 84 Software 1,212 662 Other 50 50 1,812 1,076 Accumulated amortization (174 ) (23 ) Total amortizable 1,638 1,053 Indefinite life assets (non-amortizable) 344 344 Total intangible assets, net $ 1,982 $ 1,397 Amortization expense was $182 and $18 for the years ended December 31, 2021 2020, second 2021. At December 31, 2021, 2022 $ 261 2023 256 2024 256 2025 251 2026 164 Thereafter 450 Total estimated amortization expense $ 1,638 |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable includes $228 and $53 due to related party Syzygy Licensing, LLC (“ Syzygy December 31, 2021 2020, December 31, 2020 V3 Accrued liabilities consist of the following: December 31, 2021 2020 Patent and legal costs $ 28 $ 65 Accrued compensation 628 563 Warranty costs 96 48 Taxes and other 72 45 $ 824 $ 721 Accrued compensation includes $305 and $563 in employee bonuses and commissions payable at December 31, 2021 2020, |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. LEASES The Company determines if an arrangement is a lease at inception. The guidance in Topic 842 not For leases beginning on or after January 1, 2019, may not At December 31, 2021 one July 2022. one twelve not Amortization of ROU operating lease assets was $88 and $122 for the years ended December 31, 2021 2020, Operating lease expense for capitalized operating leases included in operating activities was $95 and $137 for the years ended December 31, 2021 2020, December 31, 2021 Operating lease liability- short term $ 56 Operating lease liability - long term - Total Operating Lease Liability $ 56 Future lease payments included in the measurement of lease liabilities on the balance sheet at December 31, 2021 2022 $ 57 Total future minimum lease payments 57 Less imputed interest (1 ) Total $ 56 The weighted average remaining lease term is 0.6 years and the weighted average discount rate is 7%. Variable lease payments totaled $29 and are comprised of taxes and other miscellaneous costs. The Company did not December 31, 2021 December 31, 2020. not |
Note 10 - Debt
Note 10 - Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. DEBT The Company’s debt at December 31, 2021 2020 9 December 31, 2020 3 On May 1, 2020, Lender PPP Loan PPP 1 15 636 36 CARES Act March 27, 2020. two May 1, 2020 PPP Note Under the terms of the CARES Act, the Company subsequently applied for and in December 2020 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. STOCKHOLDERS EQUITY The Company’s authorized capital consists of 150,000,000 shares of Common Stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share (“ Preferred Stock 2020 On June 2, 2020, Unit Offering two one Summary of Stock Purchase Warrants The following table summarizes warrant activity during the years ended December 31, 2020 2021: Number Average Price Per Share Shares purchasable under outstanding warrants at January 1, 2020 6,620,620 $ 5.41 Stock purchase warrants issued 2,066,667 $ 6.00 Stock purchase warrants exercised (5,155,976 ) $ 5.08 Stock purchase warrants expired (324,401 ) $ 5.00 Shares purchasable under outstanding warrants at December 31, 2020 3,206,910 $ 6.36 Stock purchase warrants issued - - Stock purchase warrants exercised (1,815,012 ) $ 6.64 Stock purchase warrants expired (231 ) $ 7.58 Shares purchasable under outstanding warrants at December 31, 2021 1,391,667 $ 6.00 During the year ended December 31, 2020 During the year ended December 31, 2021 The Company has outstanding Common Stock purchase warrants as of December 31, 2021 Number of Exercise Price Description Common Shares Per Share Expiration Date Purchase Warrants 1,391,667 $ 6.00 June 1, 2022 |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. SHARE-BASED COMPENSATION On March 31, 2017, 2017 Plan May 2019, June 2020 June 2021, 2017 December 31, 2021 The Company generally recognizes share-based compensation expense on the grant date and over the period of vesting or period that services will be provided. Stock Options The following table summarizes stock option activity for the years ended December 31, 2020 2021: Weighted Average Options on Remaining Aggregate Common Exercise Contractual Intrinsic Shares Price Term Value Outstanding January 1, 2020 2,928,750 $ 2.96 3.71 Granted 1,423,836 $ 6.66 - Exercised (371,000 ) $ 1.90 - Forfeited, cancelled, expired (50,000 ) $ 3.00 - Outstanding December 31, 2020 3,931,586 $ 4.41 4.80 Granted 1,254,500 $ 5.33 Exercised (915,404 ) $ 1.83 Forfeited, cancelled, expired (334,799 ) $ 5.14 Outstanding December 31, 2021 3,935,883 $ 5.24 4.79 $ 1,608 Exercisable December 31, 2021 2,415,063 $ 5.19 2.44 $ 1,608 All outstanding options at December 31, 2021 The Company uses the Black-Scholes option pricing model to determine the fair value of the options granted. The following table summarizes the assumptions used to compute the fair value of options granted to employees and non-employees: For the Year Ended December 31, 2021 2020 Expected stock price volatility 50 % 47 % Risk-free interest rate 0.90 % 0.38 % Expected dividend yield 0 % 0 % Expected life of options - years 5.74 5.64 Weighted-average fair value of options granted $ 2.57 $ 2.90 Estimated volatility is a measure of the amount by which the Company’s stock price is expected to fluctuate each year during the expected life of awards. The Company’s estimated volatility was based on an average of the historical volatility of peer entities whose stock prices were publicly available. The Company’s calculation of estimated volatility is based on historical stock prices of these peer entities over a period equal to the expected life of the awards. The Company uses the historical volatility of peer entities due to the lack of sufficient historical data of its stock price. The risk-free interest rate assumption is based upon observed interest rates on zero no not The following table summarizes information about stock options outstanding at December 31, 2021: Weighted Average Weighted Weighted Remaining Average Average Range of Number Contractual Exercise Number Exercise Exercise Prices Outstanding Life (Years) Price Exercisable Price $ 1.50 - 3.61 652,750 1.32 $ 1.61 652,750 $ 1.61 $ 3.85 - 5.775 2,638,133 5.83 $ 5.20 1,373,564 $ 5.33 $ 5.88 - 8.82 295,000 8.45 $ 6.58 38,749 $ 6.34 $ 11.22 350,000 0.33 $ 11.22 350,000 $ 11.22 Restricted Stock Units The Plan provides for the grant of restricted stock units (“ RSUs January 2019 three August September 2019, three January 2020 three April 2020 three April 2020 July 2020 December 2020 three four The following table summarizes RSU activity under the Plan for the years ended December 31, 2020 2021: Weighted Average Weighted Average Service-Based Grant Date Vesting RSU's Fair Value Period (Years) Unvested at January 1, 2020 308,087 $ 6.77 3.0 Granted - service based 310,874 $ 6.02 Granted - performance based 35,211 $ 4.26 Vested (144,687 ) $ 5.17 Forfeited and cancelled (81,479 ) $ 6.47 Unvested at December 31, 2020 428,006 $ 6.13 2.3 Granted - service based 398,662 $ 5.59 Vested (524,491 ) $ 5.55 Forfeited and cancelled (32,874 ) $ 6.10 Unvested at December 31, 2021 269,303 $ 6.47 2.0 Share-Based Compensation Expense The Company recorded share-based compensation in its statements of operations for the relevant periods for options and RSUs as follows: For the Year Ended December 31, 2021 2020 Selling, general and administrative $ 4,558 $ 1,957 Research and development 798 280 Total share-based expense $ 5,356 $ 2,237 As of December 31, 2021, not December 31, 2021, not |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. COMMITMENTS AND CONTINGENCIES Facility Leases See Note 9. Related Party Technology License Agreement The Company is obligated to pay royalties and development and patent costs pursuant to an exclusive Amended and Restated Intellectual Property License Agreement dated as of September 30, 2016 September 30, 2026, December 31, 2021 2020, Purchase Commitments At December 31, 2021 Indemnifications and Guarantees Our officers and directors are indemnified as to personal liability as provided by the Delaware law and the Company’s articles and bylaws. The Company may may no Regulatory Agencies The Company is subject to oversight from regulatory agencies regarding firearms that arises in the ordinary course of its business. Litigation Securities Litigation On November 15, 2021, In re Wrap Technologies, Inc. Securities Exchange Act Litigation second December 6, 2021, second December 20, 2021, second Shareholder Derivative Litigation On November 13, 2020, 1934, No. 2:20 10444 Rammohan Complaint January 20, 2021, second 1934, No. 2:21 00550 Westerman Complaint January 22, 2021, third 1934, No. 2:21 00597 Lowe Complaint On January 27, 2021, not February 16, 2021, In re Wrap Technologies, Inc. Shareholder Derivative Litigation No. 2:20 10444 Derivative Action |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. RELATED PARTY TRANSACTIONS Commencing in October 2017 December 31, 2021 2020, June 30, 2021 July 1 10% six December 31, 2021. From April 2020 December 2020 V3 V3 V3 December 31, 2020. V3 July 2020. See Notes 8, 11 13 |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. INCOME TAXES Until its reverse recapitalization on March 31, 2017, not 740. not" not The Company did not December 31, 2021, 2037 December 31, 2021, not The Company provided a full valuation allowance on the net deferred tax asset, consisting primarily of net operating loss carry forwards, because management has determined that it is more likely than not not 2017, 21%. The Company has not December 31, 2021 2020 740. not not The provision for(benefit from) income taxes consist of the following: Year Ended December 31, 2021 2020 Current tax benefit $ - $ - Deferred tax benefit 6,409 3,158 Change in valuation allowance (6,409 ) (3,158 ) Income tax benefit (provision) $ - $ - A reconciliation of the provision for income taxes at the federal statutory rate of 21% to the Company’s provision for income tax is as follows: Year Ended December 31, 2021 2020 Income taxes benefit computed at federal statutory rate $ 5,139 $ 2,642 State income taxes, net of federal effect 480 216 Permanent differences and other 790 300 Change in valuation allowance (6,409 ) (3,158 ) Income tax benefit (provision) $ - $ - Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents the significant components of the Company’s deferred tax assets and liabilities for the periods presented: December 31, 2021 2020 Deferred tax assets: Net operating losses $ 11,773 $ 5,444 Research tax credits 60 45 Stock compensation 847 542 Accruals and other 211 169 12,891 6,200 Deferred tax liabilities: Depreciation and other 678 396 678 396 Net deferred tax assets 12,213 5,804 Less valuation allowance (12,213 ) (5,804 ) Net deferred taxes after valuation allowance $ - $ - In accordance with ASU 2016 09, Compensation-Stock Compensation (Topic 718 December 31, 2021 2020, |
Note 16 - Major Customers and R
Note 16 - Major Customers and Related Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 16. MAJOR CUSTOMERS AND RELATED INFORMATION Major Customers For the year ended December 31, 2021, three no 10% three December 31, 2021. December 31, 2020, two no 10% December 31, 2020. The following table summarizes revenues by geographic region. Revenues are attributed to countries based on customer’s delivery location. For the Year Ended December 31, 2021 2020 Americas $ 3,357 $ 1,443 Europe, Middle East and Africa 2,385 1,046 Asia Pacific 1,987 1,455 $ 7,729 $ 3,944 See Note 1 Concentrations of Risks |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. SUBSEQUENT EVENTS In January 2022 July 31, 2022 July 31, 2025. August 1, 2022 The Company has evaluated other events subsequent to December 31, 2021 no December 31, 2021. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Business Description [Policy Text Block] | Organization and Business Description Wrap Technologies, Inc., a Delaware corporation (the “ Company we us our Common Stock Nasdaq |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company has one wholly-owned subsidiary, Wrap Reality, Inc. formed in December 2020 ( 3 |
Use of Estimates, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“ U.S. GAAP |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk Credit Risk two not Concentrations of Accounts Receivable and Revenue may 16 Concentration of Suppliers Impact of COVID- 19 December 2019, ( COVID- 19 March 2020, may may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three U.S. |
Investment, Policy [Policy Text Block] | Short-Term Investments The Company’s short-term investments consist of U.S. Treasury bills with original maturities beyond three one December 31, 2021, We adopted Accounting Standards Codification (“ ASC 326 FASB January 1, 2020, no not not December 31, 2021 2020. |
Share-based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company follows the fair value recognition provisions issued by the FASB in ASC Topic 718, ASC 718 ASU 2018 07 2021 2020 |
Earnings Per Share, Policy [Policy Text Block] | Loss per Share Basic loss per common share is computed by dividing net loss for the period by the weighted-average number of shares of Common Stock outstanding during the period. Diluted net loss per common share reflects the potential dilution of securities that could share in the earnings of an entity. The Company’s losses for the periods presented cause the inclusion of potential Common Stock instruments outstanding to be antidilutive. Stock options, restricted stock units and warrants exercisable or issuable for a total of 5,596,853 and 7,566,502 shares of Common Stock were outstanding at December 31, 2021 2020, not |
Accounts Receivable [Policy Text Block] | Accounts Receivable and Allowance for Credit Losses ASU No. 2016 13, Financial Instruments - Credit Losses (Topic 326 may not At December 31, 2021 2020, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost or net realizable value. The cost of substantially all the Company’s inventory is determined by the FIFO cost method. Inventory is comprised of raw materials, assemblies and finished products intended for sale to customers . At December 31, 2021 2020 no |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Equipment and Depreciation Property and equipment is stated at cost. Depreciation on property and equipment is computed over the estimated useful lives of three |
Business Combinations Policy [Policy Text Block] | Business Combinations Transactions in which the Company obtains control of a business are accounted for according to the acquisition method as described in ASC 805, |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets consisted of (a) capitalized legal fees and filing costs related to obtaining patents and trademarks, (b) customer agreements, tradenames, software, non-solicitation and non-compete agreements acquired in business combinations and valued at fair value at the acquisition date, (c) purchased software, and (d) the purchase cost of indefinite-lived website domains. The estimated useful lives of identifiable intangible assets with definite useful lives have been estimated to be between one twenty not no The carrying value of intangibles is periodically reviewed and impairments, if any, are recognized when the future undiscounted cash flows realized from the assets is less than its carrying value. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Long-lived assets and identifiable intangibles held for use are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not 2021. not December 31, 2021 2020. |
Classification and Valuation of Warrants [Policy Text Block] | Classification and Valuation of Warrants The Company accounts for warrants as either equity or liabilities based upon the characteristics and provisions of each particular instrument. Warrants valued and classified as equity are recorded as additional paid-in capital based on the issue date fair value and no December 31, 2021, no |
Advertising Cost [Policy Text Block] | Advertising and Promotion Costs Advertising costs are charged to expense as incurred and were $145 and $287 for the years ended December 31, 2021 2020, December 31, 2021 2020, |
Demonstration and Training Costs [Policy Text Block] | Demonstration and Training Costs The Company maintains a demonstration and training department as a part of its sales and marketing activities and does not not no may |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are expensed as incurred. |
Contract Manufacturers Policy [Policy Text Block] | Contract Manufacturers The Company employs contract manufacturers for production of certain components and sub-assemblies. The Company may no |
Lessee, Leases [Policy Text Block] | Leases The Company adopted ASC Topic 842, 842” January 1, 2019. 842, 12 12 842. 9, |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition In May 2014, 2014 09, ASU 2014 09 340 40, ASC 340 40 Topic 606 January 1, 2018, 606 no no 2014 09 five 2 |
Shipping and Handling Costs [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs are included in cost of revenues. Shipping and handling costs invoiced to customers are included in revenue. Actual shipping and handling costs were $167 and $75 for the years ended December 31, 2021 2020, December 31, 2021 2020, |
Exit Activity Expenses [Policy Text Block] | Exit Activity Expense During 2021 100 150 The $747 of exit costs were recorded as a component of cost of revenues. There was no such expense recorded during the prior year. Development and start-up expense of new products are expensed as incurred except for capitalized equipment and tooling. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Reserves The Company warrants its products and accessories to be free from defects in materials and workmanship for a period of one The Company establishes a warranty reserve based on anticipated warranty claims at the time product revenues are recognized. Factors affecting warranty reserve levels include the number of units sold, anticipated cost of warranty repairs and anticipated rates of warranty claims. The Company evaluates the adequacy of the provision for warranty costs each reporting period. The warranty reserve was $96 and $48 at December 31, 2021 2020. |
Segment Reporting, Policy [Policy Text Block] | Segment Information ASC Topic 280, |
Income Tax, Policy [Policy Text Block] | Income Taxes No December 31, 2021 2020 The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimates. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Guidance Adopted First Quarter of 2021: In December 2019, 2019 12, Income Taxes (Topic 740 ): Simplifying the Accounting for Income Taxes ASU 2019 12 2019 12 740 2019 12 first March 31, 2021 not Other Pronouncements: In August 2020, 2020 06, Debt Debt with Conversion and Other Options ( Subtopic 470 20 ) and Derivatives and Hedging Contracts in Entity s Own Equity (Subtopic 815 40 ): Accounting for Convertible Instruments and Contracts in an Entity s Own Equity December 15, 2021, In May 2021, No. 2021 05, 842 1 not 2 December 15, 2021. not In October 2021, 2021 08 No. 2021 08” 805 606, 606 December 15, 2022, not The Company has reviewed other recently issued, but not not |
Note 3 - Acquisition (Tables)
Note 3 - Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Equipment $ 10 Software 460 Customer contracts 40 Tradenames 2 Noncompete agreements 10 Deferred revenue (15 ) Total consideration $ 507 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Description Useful life in years Fair Value Software 5 $ 460 Customer contracts 1 40 Tradenames 1 2 Noncompete agreements 2 10 Total acquired intangible assets $ 512 |
Note 4 - Financial Instruments
Note 4 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of December 31, 2021 Adjusted Unrealized Unrealized Market Cost Gains Losses Value Level 1: Money Market Funds $ 1,670 $ - $ - $ 1,670 U.S. Treasury securities considered cash equivalents - - - - U.S. Treasury securities in short-term investments 29,989 - (6 ) 29,983 Total Financial Assets $ 31,659 $ - $ (6 ) $ 31,653 As of December 31, 2020 Adjusted Unrealized Unrealized Market Cost Gains Losses Value Level 1: Money Market Funds $ 6,035 $ - $ - $ 6,035 U.S. Treasury securities considered cash equivalents 9,998 - - 9,998 U.S. Treasury securities in short-term investments 24,979 15 - 24,994 Total Financial Assets $ 41,012 $ 15 $ - $ 41,027 |
Note 5 - Inventories, Net (Tabl
Note 5 - Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 2020 Finished goods $ 1,027 $ 1,249 Work in process 2 64 Raw materials 537 1,342 Inventories - net $ 1,566 $ 2,655 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2021 2020 Production and lab equipment $ 500 $ 148 Tooling 273 81 Computer equipment 467 180 Furniture, fixtures and improvements 176 165 1,416 574 Accumulated depreciation (440 ) (217 ) Property and equipment, net $ 976 $ 357 |
Note 7 - Intangible Assets, N_2
Note 7 - Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2021 2020 Amortizable intangible assets: Patents $ 416 $ 280 Trademarks 134 84 Software 1,212 662 Other 50 50 1,812 1,076 Accumulated amortization (174 ) (23 ) Total amortizable 1,638 1,053 Indefinite life assets (non-amortizable) 344 344 Total intangible assets, net $ 1,982 $ 1,397 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2022 $ 261 2023 256 2024 256 2025 251 2026 164 Thereafter 450 Total estimated amortization expense $ 1,638 |
Note 8 - Accounts Payable and_2
Note 8 - Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2021 2020 Patent and legal costs $ 28 $ 65 Accrued compensation 628 563 Warranty costs 96 48 Taxes and other 72 45 $ 824 $ 721 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | Operating lease liability- short term $ 56 Operating lease liability - long term - Total Operating Lease Liability $ 56 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 57 Total future minimum lease payments 57 Less imputed interest (1 ) Total $ 56 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Warrant Activity [Table Text Block] | Number Average Price Per Share Shares purchasable under outstanding warrants at January 1, 2020 6,620,620 $ 5.41 Stock purchase warrants issued 2,066,667 $ 6.00 Stock purchase warrants exercised (5,155,976 ) $ 5.08 Stock purchase warrants expired (324,401 ) $ 5.00 Shares purchasable under outstanding warrants at December 31, 2020 3,206,910 $ 6.36 Stock purchase warrants issued - - Stock purchase warrants exercised (1,815,012 ) $ 6.64 Stock purchase warrants expired (231 ) $ 7.58 Shares purchasable under outstanding warrants at December 31, 2021 1,391,667 $ 6.00 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Number of Exercise Price Description Common Shares Per Share Expiration Date Purchase Warrants 1,391,667 $ 6.00 June 1, 2022 |
Note 12 - Share-based Compens_2
Note 12 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Options on Remaining Aggregate Common Exercise Contractual Intrinsic Shares Price Term Value Outstanding January 1, 2020 2,928,750 $ 2.96 3.71 Granted 1,423,836 $ 6.66 - Exercised (371,000 ) $ 1.90 - Forfeited, cancelled, expired (50,000 ) $ 3.00 - Outstanding December 31, 2020 3,931,586 $ 4.41 4.80 Granted 1,254,500 $ 5.33 Exercised (915,404 ) $ 1.83 Forfeited, cancelled, expired (334,799 ) $ 5.14 Outstanding December 31, 2021 3,935,883 $ 5.24 4.79 $ 1,608 Exercisable December 31, 2021 2,415,063 $ 5.19 2.44 $ 1,608 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Year Ended December 31, 2021 2020 Expected stock price volatility 50 % 47 % Risk-free interest rate 0.90 % 0.38 % Expected dividend yield 0 % 0 % Expected life of options - years 5.74 5.64 Weighted-average fair value of options granted $ 2.57 $ 2.90 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Weighted Average Weighted Weighted Remaining Average Average Range of Number Contractual Exercise Number Exercise Exercise Prices Outstanding Life (Years) Price Exercisable Price $ 1.50 - 3.61 652,750 1.32 $ 1.61 652,750 $ 1.61 $ 3.85 - 5.775 2,638,133 5.83 $ 5.20 1,373,564 $ 5.33 $ 5.88 - 8.82 295,000 8.45 $ 6.58 38,749 $ 6.34 $ 11.22 350,000 0.33 $ 11.22 350,000 $ 11.22 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Weighted Average Service-Based Grant Date Vesting RSU's Fair Value Period (Years) Unvested at January 1, 2020 308,087 $ 6.77 3.0 Granted - service based 310,874 $ 6.02 Granted - performance based 35,211 $ 4.26 Vested (144,687 ) $ 5.17 Forfeited and cancelled (81,479 ) $ 6.47 Unvested at December 31, 2020 428,006 $ 6.13 2.3 Granted - service based 398,662 $ 5.59 Vested (524,491 ) $ 5.55 Forfeited and cancelled (32,874 ) $ 6.10 Unvested at December 31, 2021 269,303 $ 6.47 2.0 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | For the Year Ended December 31, 2021 2020 Selling, general and administrative $ 4,558 $ 1,957 Research and development 798 280 Total share-based expense $ 5,356 $ 2,237 |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2021 2020 Current tax benefit $ - $ - Deferred tax benefit 6,409 3,158 Change in valuation allowance (6,409 ) (3,158 ) Income tax benefit (provision) $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2021 2020 Income taxes benefit computed at federal statutory rate $ 5,139 $ 2,642 State income taxes, net of federal effect 480 216 Permanent differences and other 790 300 Change in valuation allowance (6,409 ) (3,158 ) Income tax benefit (provision) $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Deferred tax assets: Net operating losses $ 11,773 $ 5,444 Research tax credits 60 45 Stock compensation 847 542 Accruals and other 211 169 12,891 6,200 Deferred tax liabilities: Depreciation and other 678 396 678 396 Net deferred tax assets 12,213 5,804 Less valuation allowance (12,213 ) (5,804 ) Net deferred taxes after valuation allowance $ - $ - |
Note 16 - Major Customers and_2
Note 16 - Major Customers and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Year Ended December 31, 2021 2020 Americas $ 3,357 $ 1,443 Europe, Middle East and Africa 2,385 1,046 Asia Pacific 1,987 1,455 $ 7,729 $ 3,944 |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |
Number of Wholly-owned Subsidiaries | 1 | ||
Short-term Investment, Allowance for Credit Loss | $ 0 | $ 0 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 5,596,853 | 7,566,502 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 134 | $ 10 | |
Inventory Valuation Reserves, Ending Balance | $ 0 | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 0 | 0 | |
Advertising Expense | 145 | 287 | |
Marketing Expense | 924 | 747 | |
Cost of Revenue, Total | 5,734 | 2,601 | |
Revenue from Contract with Customer, Including Assessed Tax | 7,381 | 3,868 | |
Product Line Exit Expense | 747 | 0 | |
Write-off, Inventory Cost | 641 | ||
Retiring Cost | 106 | ||
Standard Product Warranty Accrual, Ending Balance | 96 | 48 | |
Shipping and Handling [Member] | |||
Cost of Revenue, Total | 167 | 75 | |
Revenue from Contract with Customer, Including Assessed Tax | 88 | $ 63 | |
Computer Software, Intangible Asset [Member] | |||
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 170 | $ 170 | |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 20 years |
Note 2 - Revenue and Product _2
Note 2 - Revenue and Product Costs (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Contract with Customer, Liability, Total | $ 265 | $ 16 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | 0 |
Virtual Reality Training [Member] | ||
Contract with Customer, Liability, Total | 172 | 14 |
Extended Product Warranties [Member] | ||
Contract with Customer, Liability, Total | $ 67 | $ 2 |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) - USD ($) $ in Thousands | Dec. 14, 2020 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Payments to Acquire Businesses, Gross | $ 0 | $ 210 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | $ 15 | ||||
Other Nonoperating Income (Expense), Total | $ 15 | $ (3) | |||
NSENA Inc. [Member] | |||||
Payments to Acquire Businesses, Gross | 210 | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 0 | $ 23 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 15 | ||||
Other Nonoperating Income (Expense), Total | $ 23 | ||||
Acquired Finite-lived Intangible Asset, Residual Value | 0 | ||||
NSENA Inc. [Member] | Short-term Note Payable [Member] | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 275 | ||||
NSENA Inc. [Member] | Note Payale on March 15, 2021 [Member] | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 100 | ||||
NSENA Inc. [Member] | Note Payble on June 15, 2021 [Member] | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 100 | ||||
NSENA Inc. [Member] | Note Payable on September 15, 2021 [Member] | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 75 |
Note 3 - Acquisition - Estimate
Note 3 - Acquisition - Estimates of Fair Value of Assets Acquired and Liabilities Assumed (Details) $ in Thousands | Dec. 14, 2020USD ($) |
Equipment | $ 10 |
Finite-lived Intangibles | 512 |
Deferred revenue | (15) |
Total consideration | 507 |
Computer Software, Intangible Asset [Member] | |
Finite-lived Intangibles | 460 |
Customer Contracts [Member] | |
Finite-lived Intangibles | 40 |
Trade Names [Member] | |
Finite-lived Intangibles | 2 |
Noncompete Agreements [Member] | |
Finite-lived Intangibles | $ 10 |
Note 3 - Acquisition - Fair Val
Note 3 - Acquisition - Fair Value of Intangible Assets Acquired (Details) $ in Thousands | Dec. 14, 2020USD ($) |
Finite-lived Intangibles | $ 512 |
Computer Software, Intangible Asset [Member] | |
Finite-lived Intangibles, useful life (Year) | 5 years |
Finite-lived Intangibles | $ 460 |
Customer Contracts [Member] | |
Finite-lived Intangibles, useful life (Year) | 1 year |
Finite-lived Intangibles | $ 40 |
Trade Names [Member] | |
Finite-lived Intangibles, useful life (Year) | 1 year |
Finite-lived Intangibles | $ 2 |
Noncompete Agreements [Member] | |
Finite-lived Intangibles, useful life (Year) | 2 years |
Finite-lived Intangibles | $ 10 |
Note 4 - Financial Instrument_2
Note 4 - Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, after Tax | $ (21) | $ 15 |
Note 4 - Financial Instrument_3
Note 4 - Financial Instruments - Instruments by Significant Investment Category (Details) - Fair Value, Inputs, Level 1 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Adjusted cost | $ 31,659 | $ 41,012 |
Unrealized Gains | 0 | 15 |
Unrealized Losses | (6) | 0 |
Market Value | 31,653 | 41,027 |
Money Market Funds [Member] | ||
Adjusted cost | 1,670 | 6,035 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 1,670 | 6,035 |
US Treasury Securities Considered Cash Equivalents [Member] | ||
Adjusted cost | 0 | 9,998 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 0 | 9,998 |
US Treasury Securities in Short-term Investments [Member] | ||
Adjusted cost | 29,989 | 24,979 |
Unrealized Gains | 0 | 15 |
Unrealized Losses | (6) | 0 |
Market Value | $ 29,983 | $ 24,994 |
Note 5 - Inventories, Net (Deta
Note 5 - Inventories, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory Write-down | $ 0 | $ (68) |
Product Line Exit Costs [Member] | ||
Inventory Write-down | $ 621 | |
Raw Materials and Scrap Parts [Member] | ||
Inventory Write-down | $ (68) |
Note 5 - Inventories, Net - Sum
Note 5 - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finished goods | $ 1,027 | $ 1,249 |
Work in process | 2 | 64 |
Raw materials | 537 | 1,342 |
Inventories - net | $ 1,566 | $ 2,655 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 297 | $ 144 | |
Production Costs, Period Cost | $ 106 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property and equipment, gross | $ 1,416 | $ 574 |
Accumulated depreciation | (440) | (217) |
Property and equipment, net | 976 | 357 |
Production and Lab Equipment [Member] | ||
Property and equipment, gross | 500 | 148 |
Tooling [Member] | ||
Property and equipment, gross | 273 | 81 |
Computer Equipment [Member] | ||
Property and equipment, gross | 467 | 180 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 176 | $ 165 |
Note 7 - Intangible Assets, N_3
Note 7 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of Intangible Assets, Total | $ 182 | $ 18 | |
Impairment, Long-Lived Asset, Held-for-Use, Total | 0 | $ 0 | |
Computer Software, Intangible Asset [Member] | |||
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 170 | $ 170 |
Note 7 - Intangible Assets, N_4
Note 7 - Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortizable intangible assets, gross | $ 1,812 | $ 1,076 |
Accumulated amortization | (174) | (23) |
Total estimated amortization expense | 1,638 | 1,053 |
Indefinite life assets (non-amortizable) | 344 | 344 |
Total intangible assets, net | 1,982 | 1,397 |
Patents [Member] | ||
Amortizable intangible assets, gross | 416 | 280 |
Trademarks [Member] | ||
Amortizable intangible assets, gross | 134 | 84 |
Computer Software, Intangible Asset [Member] | ||
Amortizable intangible assets, gross | 1,212 | 662 |
Other Intangible Assets [Member] | ||
Amortizable intangible assets, gross | $ 50 | $ 50 |
Note 7 - Intangible Assets, N_5
Note 7 - Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 261 | |
2023 | 256 | |
2024 | 256 | |
2025 | 251 | |
2026 | 164 | |
Thereafter | 450 | |
Total estimated amortization expense | $ 1,638 | $ 1,053 |
Note 8 - Accounts Payable and_3
Note 8 - Accounts Payable and Accrued Liabilities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commissions Payable [Member] | ||
Employee-related Liabilities, Total | $ 305 | $ 563 |
Syzygy Licensing LLC [Member] | ||
Accounts Payable, Total | $ 228 | 53 |
V3 Capital Partners, LLC [Member] | ||
Accounts Payable, Total | $ 10 |
Note 8 - Accounts Payable and_4
Note 8 - Accounts Payable and Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Patent and legal costs | $ 28 | $ 65 |
Accrued compensation | 628 | 563 |
Warranty costs | 96 | 48 |
Taxes and other | 72 | 45 |
Accrued Liabilities, Current, Total | $ 824 | $ 721 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 7 months 6 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 7.00% | |
Variable Lease, Payment | $ 29 | |
Short-term Lease, Cost | 0 | $ 0 |
Improved Office and Warehouse in Tempe, Arizona [Member] | ||
Operating Lease, Right-of-Use Asset, Amortization Expense | 88 | 122 |
Operating Lease, Expense | $ 95 | $ 137 |
Note 9 - Leases - Summary of Op
Note 9 - Leases - Summary of Operating Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating lease liability- short term | $ 56 | $ 94 |
Operating lease liability - long term | 0 | $ 56 |
Total Operating Lease Liability | $ 56 |
Note 9 - Leases - Future Lease
Note 9 - Leases - Future Lease Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
2022 | $ 57 |
Total future minimum lease payments | 57 |
Less imputed interest | (1) |
Total | $ 56 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) $ in Thousands | May 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Gain (Loss) on Extinguishment of Debt, Total | $ 0 | $ 417 | |
Paycheck Protection Program CARES Act [Member] | |||
Proceeds from Issuance of Unsecured Debt | $ 414 | ||
Debt Instrument, Term (Year) | 2 years | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||
Long-term Debt, Gross | 414 | ||
Gain (Loss) on Extinguishment of Debt, Total | $ 417 |
Note 11 - Stockholders' Equit_2
Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 02, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Common Stock, Shares Authorized (in shares) | 150,000,000 | 150,000,000 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 | |
Proceeds from issuance of Common Stock and Warrants | $ 0 | $ 12,400 | |
Proceeds from Warrant Exercises | $ 12,047 | $ 26,191 | |
Class of Warrant or Right, Exercised During Period (in shares) | 1,815,012,000 | 5,155,976 | |
Payments of Facilitating Exercise of Warrants | $ 1,017 | ||
Proceeds from Warrant Exercises, Net of Exercise Costs | 25,174 | ||
Officer [Member] | |||
Proceeds from Warrant Exercises | $ 1,667 | ||
Class of Warrant or Right, Exercised During Period (in shares) | 333,334 | ||
Class of Warrant or Right, Exercised During Period, Exercise Price (in dollars per share) | $ 5 | ||
Warrants Issued with June 2019 Follow-On Offering [Member] | |||
Warrants and Rights Outstanding, Term (Year) | 2 years | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 6 | ||
June 2020 Follow-on Public Offering [Member] | |||
Number of Shares Per Unit Issued (in shares) | 1 | ||
Number of Warrants Per Unit (in shares) | 1 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 6 | ||
Equity Offering, Units Issued (in shares) | 2,066,667 | ||
Proceeds from issuance of Common Stock and Warrants | $ 12,400 | ||
Proceeds From Issuance of Common Stock and Warrants, Net of Issuance Costs | $ 11,670 |
Note 11 - Stockholders' Equit_3
Note 11 - Stockholders' Equity - Summary of Warrant Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Stock purchase warrants exercised, number (in shares) | (1,815,012,000) | (5,155,976) |
Purchase Warrants [Member] | ||
Stock purchase warrants outstanding, number (in shares) | 3,206,910 | 6,620,620 |
Shares purchasable under outstanding warrants, exercise price (in dollars per share) | $ 6.36 | $ 5.41 |
Stock purchase warrants issued, number (in shares) | 2,066,667 | |
Stock purchase warrants issued, exercise price (in dollars per share) | $ 6 | |
Stock purchase warrants exercised, number (in shares) | (1,815,012) | (5,155,976) |
Stock purchase warrants exercised, exercise price (in dollars per share) | $ 6.64 | $ 5.08 |
Stock purchase warrants expired (in shares) | (231) | (324,401) |
Stock purchase warrants expired (in dollars per share) | $ 7.58 | $ 5 |
Stock purchase warrants outstanding, number (in shares) | 1,391,667 | 3,206,910 |
Shares purchasable under outstanding warrants, exercise price (in dollars per share) | $ 6 | $ 6.36 |
Note 11 - Stockholders' Equit_4
Note 11 - Stockholders' Equity - Outstanding Common Stock Purchase Warrants (Details) - Purchase Warrants Expiring June 18, 2021 [Member] | Dec. 31, 2021$ / sharesshares |
Warrants, number of common shares (in shares) | shares | 1,391,667 |
Warrants, exercise price (in dollars per share) | $ / shares | $ 6 |
Note 12 - Share-based Compens_3
Note 12 - Share-based Compensation (Details Textual) - USD ($) Pure in Thousands | 1 Months Ended | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2021 | Jun. 30, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | May 31, 2019 | Jan. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2017 | |
Share-based Payment Arrangement, Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 0.00% | ||||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 3,000 | |||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | 2 years | ||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | 2 years 3 months 18 days | 3 years | |||||||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,400 | |||||||||||
The 2017 Stock Incentive Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 6,000,000 | 7,500,000 | 2,000,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,500,000 | 1,900,000 | 2,100,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,380,816 | |||||||||||
The 2017 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 122,222 | 45,000 | 114,660 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | 3 years | ||||||||||
The 2017 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||
The 2017 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||
The 2017 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Officers and Employees [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 263,087 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||
The 2017 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Officers and Directors [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 73,992 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||
The 2017 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Officer [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 35,211 |
Note 12 - Share-based Compens_4
Note 12 - Share-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Options on Common Shares, Outstanding (in shares) | 3,931,586 | 2,928,750 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.41 | $ 2.96 | |
Outstanding, remaining contractual term (Year) | 4 years 9 months 14 days | 4 years 9 months 18 days | 3 years 8 months 15 days |
Options on Common Shares, Granted (in shares) | 1,254,500 | 1,423,836 | |
Granted, weighted average exercise price (in dollars per share) | $ 5.33 | $ 6.66 | |
Options on Common Shares, Exercised (in shares) | (915,404) | (371,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 1.83 | $ 1.90 | |
Options on Common Shares, Forfeited, cancelled, expired (in shares) | (334,799) | (50,000) | |
Forfeited, cancelled, expired, weighted average exercise price (in dollars per share) | $ 5.14 | $ 3 | |
Options on Common Shares, Outstanding (in shares) | 3,935,883 | 3,931,586 | 2,928,750 |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.24 | $ 4.41 | $ 2.96 |
Outstanding, aggregate intrinsic value | $ 1,608 | ||
Exercisable December 31, 2021 (in shares) | 2,415,063 | ||
Exercisable weighted average exercise price (in dollars per share) | $ 5.19 | ||
Exercisable, remaining contractual term (Year) | 2 years 5 months 8 days | ||
Exercisable December 31, 2021 | $ 1,608 |
Note 12 - Share-based Compens_5
Note 12 - Share-based Compensation - Summary of Stock Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted-average fair value of options granted (in dollars per share) | $ 2.57 | $ 2.90 |
Share-based Payment Arrangement, Option [Member] | ||
Expected stock price volatility | 50.00% | 47.00% |
Risk-free interest rate | 0.90% | 0.38% |
Expected dividend yield | 0.00% | 0.00% |
Expected life of options (Year) | 5 years 8 months 26 days | 5 years 7 months 20 days |
Note 12 - Share-based Compens_6
Note 12 - Share-based Compensation - Information Regarding Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Exercise Price Range One [Member] | |
Lower range (in dollars per share) | $ 1.50 |
Number outstanding (in shares) | shares | 652,750 |
Options outstanding, weighted average remaining contractual term (Year) | 1 year 3 months 25 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 1.61 |
Options exercisable, number of shares (in shares) | shares | 652,750 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 1.61 |
Exercise Price Range Two [Member] | |
Lower range (in dollars per share) | $ 3.85 |
Number outstanding (in shares) | shares | 2,638,133 |
Options outstanding, weighted average remaining contractual term (Year) | 5 years 9 months 29 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 5.20 |
Options exercisable, number of shares (in shares) | shares | 1,373,564 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 5.33 |
Exercise Price Range Three [Member] | |
Lower range (in dollars per share) | $ 5.88 |
Number outstanding (in shares) | shares | 295,000 |
Options outstanding, weighted average remaining contractual term (Year) | 8 years 5 months 12 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 6.58 |
Options exercisable, number of shares (in shares) | shares | 38,749 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 6.34 |
Exercise Price Range Four [Member] | |
Upper range (in dollars per share) | $ 11.22 |
Number outstanding (in shares) | shares | 350,000 |
Options outstanding, weighted average remaining contractual term (Year) | 3 months 29 days |
Options outstanding, weighted average exercise price (in dollars per share) | $ 11.22 |
Options exercisable, number of shares (in shares) | shares | 350,000 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 11.22 |
Note 12 - Share-based Compens_7
Note 12 - Share-based Compensation - Summary of RSU Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Units (RSUs) [Member] | |||
Awards other than options, unvested, beginning balance (in shares) | 428,006 | 308,087 | |
Awards other than options, unvested, weighted average grant date fair value, beginning balance (in dollars per share) | $ 6.13 | $ 6.77 | |
Unvested, vesting period (Year) | 2 years | 2 years 3 months 18 days | 3 years |
Awards other than options, Vested (in shares) | (524,491) | (144,687) | |
Awards other than options, vested, weighted average grant date fair value (in dollars per share) | $ 5.55 | $ 5.17 | |
Awards other than options, Forfeited and cancelled (in shares) | (32,874) | (81,479) | |
Awards other than options, forfeited and cancelled, weighted average grant date fair value (in dollars per share) | $ 6.10 | $ 6.47 | |
Awards other than options, unvested, ending balance (in shares) | 269,303 | 428,006 | 308,087 |
Awards other than options, unvested, weighted average grant date fair value, ending balance (in dollars per share) | $ 6.47 | $ 6.13 | $ 6.77 |
Service-based RSU [Member] | |||
Awards other than options, Granted (in shares) | 398,662 | 310,874 | |
Awards other than options, granted, weighted average grant date fair value (in dollars per share) | $ 5.59 | $ 6.02 | |
Performance-based RSU [Member] | |||
Awards other than options, Granted (in shares) | 35,211 | ||
Awards other than options, granted, weighted average grant date fair value (in dollars per share) | $ 4.26 |
Note 12 - Share-based Compens_8
Note 12 - Share-based Compensation - Allocation of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based expense | $ 5,356 | $ 2,237 |
Selling, General and Administrative Expenses [Member] | ||
Share-based expense | 4,558 | 1,957 |
Research and Development Expense [Member] | ||
Share-based expense | $ 798 | $ 280 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2016 | |
Future Component Deliveries and Contract Services [Member] | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 1,466,000 | ||
Related Party Technology License Agreement [Member] | Syzygy Licensing LLC [Member] | |||
Royalty Payments, Percentage of Product Revenue | 4.00% | ||
Maximum Royalties to Be Paid Under Agreement | $ 1,000,000 | ||
Royalty Expense | $ 278,000 | $ 143,000 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) | 6 Months Ended | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Jul. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Mr. Elwood Norris [Member] | ||||
Reimbursement of Expenses to Related Party, Monthly Amount | $ 1,500 | |||
Related Party Transaction, Amounts of Transaction | $ 18,000 | $ 18,000 | ||
Consulting Fees to Related Party, Monthly Amount | $ 7,500 | |||
Mr. Elwood Norris [Member] | Consultant [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 45,000 | |||
V3 Capital Partners, LLC [Member] | ||||
Related Party Transaction, Amounts of Transaction | 90,000 | |||
Payment to Related Party, Monthly Amount | $ 10,000 | |||
V3 Capital Partners, LLC [Member] | Bonus for Assistance in a Financing [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 175,000 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforward Subject to Expiration | $ 703 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | $ 52,004 | |
Operating Loss Carryforwards, Tax Deductions From Stock Options Exercises and RSU Vesting | 3,168 | $ 720 |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Tax Deductions From Stock Options Exercises and RSU Vesting | $ 3,168 | $ 720 |
Note 15 - Income Taxes - Income
Note 15 - Income Taxes - Income Tax Expense (Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax benefit | $ 0 | $ 0 |
Deferred tax benefit | 6,409 | 3,158 |
Change in valuation allowance | (6,409) | (3,158) |
Income tax benefit (provision) | $ 0 | $ 0 |
Note 15 - Reconciliations of Fe
Note 15 - Reconciliations of Federal Statutory Rate to Effective Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income taxes benefit computed at federal statutory rate | $ 5,139 | $ 2,642 |
State income taxes, net of federal effect | 480 | 216 |
Permanent differences and other | 790 | 300 |
Change in valuation allowance | (6,409) | (3,158) |
Income tax benefit (provision) | $ 0 | $ 0 |
Note 15 - Income Taxes - Deferr
Note 15 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Net operating losses | $ 11,773 | $ 5,444 |
Research tax credits | 60 | 45 |
Stock compensation | 847 | 542 |
Accruals and other | 211 | 169 |
Deferred Tax Assets, Gross, Total | 12,891 | 6,200 |
Depreciation and other | 678 | 396 |
Deferred Tax Liabilities, Gross, Total | 678 | 396 |
Net deferred tax assets | 12,213 | 5,804 |
Less valuation allowance | (12,213) | (5,804) |
Net deferred taxes after valuation allowance | $ 0 | $ 0 |
Note 16 - Major Customers and_3
Note 16 - Major Customers and Related Information (Details Textual) - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue Benchmark [Member] | ||
Number of Major Customers | 3 | 2 |
Revenue Benchmark [Member] | Distributor One [Member] | ||
Concentration Risk, Percentage | 26.00% | 17.00% |
Revenue Benchmark [Member] | Distributor Two [Member] | ||
Concentration Risk, Percentage | 19.00% | 16.00% |
Revenue Benchmark [Member] | Distributor Three [Member] | ||
Concentration Risk, Percentage | 17.00% | |
Accounts Receivable [Member] | ||
Number of Major Customers | 3 | |
Accounts Receivable [Member] | Distributor One [Member] | ||
Concentration Risk, Percentage | 48.00% | 28.00% |
Accounts Receivable [Member] | Distributor Two [Member] | ||
Concentration Risk, Percentage | 16.00% | 26.00% |
Accounts Receivable [Member] | Distributor Three [Member] | ||
Concentration Risk, Percentage | 15.00% |
Note 16 - Major Customers and_4
Note 16 - Major Customers and Related Information - Disaggregation of Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | $ 7,729 | $ 3,944 |
Americas [Member] | ||
Revenues | 3,357 | 1,443 |
Europe, Middle East and Africa [Member] | ||
Revenues | 2,385 | 1,046 |
Asia Pacific [Member] | ||
Revenues | $ 1,987 | $ 1,455 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Improved Office and Warehouse in Tempe, Arizona [Member] $ in Thousands | 1 Months Ended |
Jan. 31, 2022USD ($) | |
Operating Lease, Monthly Expense | $ 10 |
Operating Lease, Annual Increase, Percent | 4.00% |