Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
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 | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 $0.0001 per share | |
Trading Symbol | WRAP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 40,970,322 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 5,014 | $ 4,937 |
Short-term investments | 24,956 | 29,983 |
Accounts receivable, net | 4,239 | 3,859 |
Inventories, net | 1,870 | 1,566 |
Prepaid expenses and other current assets | 735 | 868 |
Total current assets | 36,814 | 41,213 |
Property and equipment, net | 944 | 976 |
Operating lease right-of-use asset, net | 362 | 51 |
Intangible assets, net | 1,981 | 1,982 |
Other assets | 11 | 9 |
Total assets | 40,112 | 44,231 |
Current liabilities: | ||
Accounts payable | 1,727 | 1,779 |
Accrued liabilities | 819 | 824 |
Customer deposits | 0 | 43 |
Deferred revenue- short term | 121 | 155 |
Operating lease liability- short term | 96 | 56 |
Total current liabilities | 2,763 | 2,857 |
Long-term liabilities: | ||
Deferred revenue- long term | 161 | 110 |
Operating lease liability - long term | 275 | 0 |
Total long-term liabilities | 436 | 110 |
Total liabilities | 3,199 | 2,967 |
Commitments and contingencies (Note 12) | ||
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; 40,951,197 and 40,851,945 shares issued and outstanding each period, respectively | 4 | 4 |
Additional paid-in capital | 92,129 | 91,025 |
Accumulated deficit | (55,191) | (49,759) |
Accumulated other comprehensive income | (29) | (6) |
Total stockholders' equity | 36,913 | 41,264 |
Total liabilities and stockholders' equity | $ 40,112 | $ 44,231 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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) | 40,951,197 | 40,851,945 |
Common stock, shares outstanding (in shares) | 40,951,197 | 40,851,945 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Product sales | $ 1,462 | $ 1,427 |
Other revenue | 137 | 115 |
Total revenues | 1,599 | 1,542 |
Cost of revenues | 932 | 937 |
Gross profit | 667 | 605 |
Operating expenses: | ||
Selling, general and administrative | 4,606 | 4,978 |
Research and development | 1,495 | 1,065 |
Total operating expenses | 6,101 | 6,043 |
Loss from operations | (5,434) | (5,438) |
Other income (expense): | ||
Interest income | 2 | 2 |
Other | 0 | 7 |
Nonoperating Income (Expense), Total | 2 | 9 |
Net loss | $ (5,432) | $ (5,429) |
Net loss per basic and diluted common share (in dollars per share) | $ (0.13) | $ (0.14) |
Weighted average common shares used to compute net loss per basic and diluted common share (in shares) | 40,907,266 | 37,618,629 |
Comprehensive loss: | ||
Net loss | $ (5,432) | $ (5,429) |
Net unrealized gain (loss) on short-term investments | (23) | 2 |
Comprehensive loss | $ (5,455) | $ (5,427) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
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) | 75,000 | ||||
Common shares issued upon exercise of stock options | 113 | 113 | |||
Share-based compensation expense | 859 | 859 | |||
Common shares issued upon vesting of restricted stock units (in shares) | 64,660 | ||||
Net unrealized gain on short-term investments | $ 0 | 0 | 0 | 2 | 2 |
Net loss for the period | (5,429) | (5,429) | |||
Common shares issued for services (in shares) | 17,876 | ||||
Common shares issued for services | 100 | 100 | |||
Net loss | (5,429) | (5,429) | |||
Balance (in shares) at Mar. 31, 2021 | 37,711,698 | ||||
Balance at Mar. 31, 2021 | $ 4 | 72,777 | (30,739) | 17 | 42,059 |
Balance (in shares) at Dec. 31, 2021 | 40,851,945 | ||||
Balance at Dec. 31, 2021 | $ 4 | 91,025 | (49,759) | (6) | $ 41,264 |
Common shares issued upon exercise of stock options (in shares) | 50,000 | 50,000 | |||
Common shares issued upon exercise of stock options | 75 | $ 75 | |||
Share-based compensation expense | 1,029 | 1,029 | |||
Common shares issued upon vesting of restricted stock units (in shares) | 49,252 | ||||
Net unrealized gain on short-term investments | (23) | (23) | |||
Net loss for the period | (5,432) | (5,432) | |||
Net loss | (5,432) | (5,432) | |||
Balance (in shares) at Mar. 31, 2022 | 40,951,197 | ||||
Balance at Mar. 31, 2022 | $ 4 | $ 92,129 | $ (55,191) | $ (29) | $ 36,913 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (5,432) | $ (5,429) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 183 | 104 |
Gain on sale of assets | 0 | (1) |
Warranty provision | 12 | (2) |
Non-cash lease expense | 24 | 25 |
Share-based compensation | 1,029 | 859 |
Common shares issued for services | 0 | 100 |
Provision for doubtful accounts | 18 | 0 |
Changes in assets and liabilities: | ||
Accounts receivable | (398) | (341) |
Inventories | (304) | (924) |
Prepaid expenses and other current assets | 133 | (9) |
Accounts payable | (51) | 1,168 |
Operating lease liability | (21) | (26) |
Customer deposits | (43) | 3 |
Accrued liabilities and other | 37 | (136) |
Warranty settlement | (54) | 9 |
Deferred revenue | 17 | 156 |
Net cash used in operating activities | (4,850) | (4,444) |
Cash Flows From Investing Activities: | ||
Purchase of short-term investments | (4,996) | (25,003) |
Proceeds from maturities of short-term investments | 10,000 | 15,000 |
Capital expenditures for property and equipment | (81) | (160) |
Investment in long-term deposits | (2) | 0 |
Proceeds from long-term deposits | 0 | 3 |
Net cash used in investing activities | 4,852 | (10,216) |
Cash Flows From Financing Activities: | ||
Proceeds from exercise of stock options | 75 | 113 |
Repayment of debt | 0 | (100) |
Net cash provided by financing activities | 75 | 13 |
Net decrease in cash and cash equivalents | 77 | (14,647) |
Cash and cash equivalents, beginning of period | 4,937 | 16,647 |
Cash and cash equivalents, end of period | 5,014 | 2,000 |
Supplemental Disclosure of Non-Cash Investing | ||
Change in unrealized gain on short-term investments | (23) | 2 |
Right-of-use asset and liability recorded during period | 335 | 0 |
Patents and Trademarks [Member] | ||
Cash Flows From Investing Activities: | ||
Payments for intangible assets | $ (69) | $ (56) |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Organization and Business Description Wrap Technologies, Inc., a Delaware corporation (the “ Company we us our Common Stock Nasdaq Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements included herein have been prepared in accordance with the instructions to Form 10 8 X SEC ( U.S. GAAP not December 31, 2021, 10 March 10, 2022. December 31, 2021, December 31, 2021, 10 not Where necessary, the prior year’s information has been reclassified to conform to the current year presentation. Principles of Consolidation The Company has one wholly-owned subsidiary, Wrap Reality, Inc. formed in December 2020 Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions (e.g., stock-based compensation valuation, allowance for doubtful accounts, valuation of inventory and intangible assets, warranty reserve, accrued expense and recognition and measurement of contingencies) that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and affect the reported amounts of revenue and expense during the reporting period. Actual results could materially differ from those estimates. 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 5,350,111 shares of Common Stock were outstanding at March 31, 2022. not Recent Issued Accounting Guidance 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 Topic 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 may may three March 31, 2022. Customer Deferred Deposits Revenue Balance at January 1, 2022 $ 43 $ 265 Additions, net - 56 Transfer to revenue (43 ) (39 ) Balance at March 31, 2022 $ - $ 282 Current portion $ - $ 121 Long-term portion $ - $ 161 At March 31, 2022, December 31, 2021, 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 March 31, 2022, December 31, 2021 . one Estimated costs for the Company’s standard warranty, generally one |
Note 3 - Fair Value Measurement
Note 3 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. FAIR VALUE MEASUREMENTS Assets and liabilities recorded at fair value on a recurring basis in the Condensed 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 I because they are valued using quoted market prices. The following table shows the Company’s cash and cash equivalents, Money Market Funds and short-term investments by significant investment category as of March 31, 2022, December 31, 2021. As of March 31, 2022 Adjusted Unrealized Unrealized Market Cost Gains Losses Value Level 1: Money Market Funds $ 3,277 $ - $ - $ 3,277 U.S. Treasury securities in short-term investments 24,985 - (29 ) 24,956 Total Financial Assets $ 28,262 $ - $ (29 ) $ 28,233 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 in short-term investments 29,989 - (6 ) 29,983 Total Financial Assets $ 31,659 $ - $ (6 ) $ 31,653 Unrealized gains or losses resulting from our short-term investments are recorded in accumulated other comprehensive gain or loss. During the three March 31, 2022, 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 sheet. |
Note 4 - Inventories, Net
Note 4 - Inventories, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. 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: March 31, December 31, 2022 2021 Finished goods $ 971 $ 1,027 Work in process - 2 Raw materials 899 537 Inventories, net $ 1,870 $ 1,566 |
Note 5 - Property and Equipment
Note 5 - Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. PROPERTY AND EQUIPMENT, NET Property and equipment consisted of the following: March 31, December 31, 2022 2021 Production and lab equipment $ 500 $ 500 Tooling 335 273 Computer equipment 485 467 Furniture, fixtures and improvements 177 176 1,497 1,416 Accumulated depreciation (553 ) (440 ) Property and equipment, net $ 944 $ 976 Depreciation expense was $113 and $56 for the three March 31, 2022, 2021, |
Note 6 - Intangible Assets, Net
Note 6 - Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 6. INTANGIBLE ASSETS, NET Intangible assets consisted of the following: March 31, December 31, 2022 2021 Amortizable intangible assets: Patents $ 482 $ 416 Trademarks 137 134 Purchased software 1,212 1,212 Other 50 50 1,881 1,812 Accumulated amortization (244 ) (174 ) Total amortizable 1,637 1,638 Indefinite life assets (non-amortizable) 344 344 Total intangible assets, net $ 1,981 $ 1,982 Amortization expense was $70 and $48 for the three March 31, 2022, 2021, At March 31, 2022, 2022 (9 months) $ 210 2023 275 2024 276 2025 271 2026 183 Thereafter 422 Total estimated amortization expense $ 1,637 |
Note 7 - Accounts Payable and A
Note 7 - Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable includes $208 and $228 due to related party Syzygy Licensing, LLC (“ Syzygy March 31, 2022, December 31, 2021, 10, 11, 12 14 Accrued liabilities consist of the following: March 31, December 31, 2022 2021 Patent and legal costs $ 77 $ 28 Accrued compensation 667 628 Warranty costs 54 96 Consulting costs - 2 Taxes and other 21 70 Accrued liabilities $ 819 $ 824 Accrued compensation includes $317 of future severance payments including a balance of $278 for the Company’s former CEO payable through October 2022. Changes in our estimated product warranty costs were as follows: Three Months Ended March 31, 2022 2021 Balance, beginning of period $ 96 $ 48 Warranty settlements (54 ) (9 ) Warranty provision 12 19 Balance, end of period $ 54 $ 58 |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 8. LEASE The Company determines if an arrangement is a lease at inception. The guidance in Topic 842 ( ROU not For leases beginning on or after January 1, 2019 , January 21, 2022, July 31, 2025. not Amortization of ROU operating lease assets was $24 and $25 for the three March 31, 2022, 2021, Operating lease expense for capitalized operating leases included in operating activities was $28 and $28 for the three March 31, 2022, 2021, Operating lease obligations recorded on the balance sheet at March 31, 2022, Operating lease liability- short term $ 96 Operating lease liability - long term 275 Total Operating Lease Liability $ 371 Future lease payments included in the measurement of lease liabilities on the balance sheet at March 31, 2022, 2022 (9 months) $ 82 2023 121 2024 126 2025 75 Total future minimum lease payments 404 Less imputed interest (33 ) Total $ 371 The weighted average remaining lease term is 3.3 years, and the weighted average discount rate is 5.0%. The Company did not three March 31, 2022, 2021 . not |
Note 9 - Stockholders' Equity
Note 9 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. 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 Summary of Stock Purchase Warrants The Company has outstanding Common Stock purchase warrants as of March 31, 2022, Number of Exercise Price Description Common Shares Per Share Expiration Date Purchase Warrants 1,391,667 $ 6.00 June 1, 2022 There was no three March 31, 2022. |
Note 10 - Share-based Compensat
Note 10 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. SHARE-BASED COMPENSATION On March 31, 2017 , 2017 Plan May 2019 , June 2020 June 2021 , March 31, 2022, 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. In January 2022 Stock Options The following table summarizes stock option activity for the three March 31, 2022: Weighted Average Options on Remaining Aggregate Common Exercise Contractual Intrinsic Shares Price Term Value Outstanding January 1, 2022 3,935,883 $ 5.24 4.79 Granted 104,000 $ 3.55 Exercised (50,000 ) $ 1.50 Forfeited, cancelled, expired (388,912 ) $ 5.01 Outstanding March 31, 2022 3,600,971 $ 5.27 3.58 $ 774 Exercisable March 31, 2022 2,549,388 $ 2.86 2.03 $ 761 All outstanding options at March 31, 2022, 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 Three Months Ended March 31, 2022 2021 Expected stock price volatility 49 % 50 % Risk-free interest rate 1.57 % 0.89 % Forfeiture rate 0 % 0 % Expected dividend yield 0 % 0 % Expected life of options - years 1.39 5.70 Weighted-average fair value of options granted $ 1.72 $ 2.42 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 Restricted Stock Units The Plan provides for the grant of restricted stock units (“ RSUs three March 31, 2022: Weighted Average Weighted Average Service-Based Grant Date Vesting RSU's Fair Value Period (Years) Unvested at January 1, 2022 269,303 $ 6.47 Granted - service based 160,779 $ 2.41 Vested (49,252 ) $ 4.72 Forfeited and cancelled (23,357 ) $ 4.19 Unvested at March 31, 2022 357,473 $ 5.03 2.05 Share-Based Compensation Expense The Company recorded share-based compensation for options and RSUs in its statements of operations for the relevant periods as follows: Three Months Ended March 31, 2022 2021 Selling, general and administrative $ 894 $ 602 Research and development 135 257 Total share-based expense $ 1,029 $ 859 As of March 31, 2022, not March 31, 2022, not Subsequent Equity Awards On April 19, 2022, ● An RSU award on 17,301 shares of Common Stock vesting in one ● An RSU award on 233,564 shares of Common Stock vesting in annual installments over three ● A non-qualified stock option with a ten three ● A non-qualified performance-based stock option with a ten On April 19, 2022, ● An RSU award on 175,173 shares of Common Stock vesting in annual installments over three ● A non-qualified stock option with a ten three ● A non-qualified performance-based stock option with a ten |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. COMMITMENTS AND CONTINGENCIES Facility Lease See Note 8. 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 , three March 31, 2022, 2021 , Purchase Commitments At March 31, 2022, Shareholder Derivative Litigation On November 13, 2020 , 1934 , No. 2:20 10444 January 20, 2021 , second 1934 , No. 2:21 00550 January 22, 2021 , third 1934 , No. 2:21 00597 On February 16, 2021 , three In re Wrap Technologies, Inc. Shareholder Derivative Litigation No. 2:20 10444 Derivative Action In re Wrap Technologies, Inc. Securities Exchange Act Litigation No. 2:20 08760 Securities Action December 20, 2021, April 29, 2022 the Stipulation |
Note 12 - Related Party Transac
Note 12 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 12. RELATED PARTY TRANSACTIONS Commencing in October 2017 three March 31, 2022, 2021, See Notes 7, 10, 11 14 |
Note 13 - Major Customers and R
Note 13 - Major Customers and Related Information | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 13. MAJOR CUSTOMERS AND RELATED INFORMATION For the three March 31, 2022, no 10% three March 31, 2021, no 10% At March 31, 2022, two no 10% December 31, 2021 . The following table summarizes revenues by geographic region. Revenues are attributed to countries based on customer’s delivery location. For the Three Months Ended March 31, 2022 2021 Americas $ 1,194 $ 626 Europe, Middle East and Africa 174 877 Asia Pacific 231 39 $ 1,599 $ 1,542 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 14. SUBSEQUENT EVENTS In connection with the Company’s management transition plan announced in January 2022, April 18, 2022, 10 In April 2022, 2017 The Company evaluated other subsequent events for their potential impact on the financial statements and disclosures through the date the financial statements were available to be issued, and determined that, except as disclosed herein, no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements included herein have been prepared in accordance with the instructions to Form 10 8 X SEC ( U.S. GAAP not December 31, 2021, 10 March 10, 2022. December 31, 2021, December 31, 2021, 10 not Where necessary, the prior year’s information has been reclassified to conform to the current year presentation. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company has one wholly-owned subsidiary, Wrap Reality, Inc. formed in December 2020 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions (e.g., stock-based compensation valuation, allowance for doubtful accounts, valuation of inventory and intangible assets, warranty reserve, accrued expense and recognition and measurement of contingencies) that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and affect the reported amounts of revenue and expense during the reporting period. Actual results could materially differ from those estimates. |
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 5,350,111 shares of Common Stock were outstanding at March 31, 2022. not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Issued Accounting Guidance 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 _2
Note 2 - Revenue and Product Costs (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Customer Deferred Deposits Revenue Balance at January 1, 2022 $ 43 $ 265 Additions, net - 56 Transfer to revenue (43 ) (39 ) Balance at March 31, 2022 $ - $ 282 Current portion $ - $ 121 Long-term portion $ - $ 161 |
Note 3 - Fair Value Measureme_2
Note 3 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | As of March 31, 2022 Adjusted Unrealized Unrealized Market Cost Gains Losses Value Level 1: Money Market Funds $ 3,277 $ - $ - $ 3,277 U.S. Treasury securities in short-term investments 24,985 - (29 ) 24,956 Total Financial Assets $ 28,262 $ - $ (29 ) $ 28,233 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 in short-term investments 29,989 - (6 ) 29,983 Total Financial Assets $ 31,659 $ - $ (6 ) $ 31,653 |
Note 4 - Inventories, Net (Tabl
Note 4 - Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2022 2021 Finished goods $ 971 $ 1,027 Work in process - 2 Raw materials 899 537 Inventories, net $ 1,870 $ 1,566 |
Note 5 - Property and Equipme_2
Note 5 - Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2022 2021 Production and lab equipment $ 500 $ 500 Tooling 335 273 Computer equipment 485 467 Furniture, fixtures and improvements 177 176 1,497 1,416 Accumulated depreciation (553 ) (440 ) Property and equipment, net $ 944 $ 976 |
Note 6 - Intangible Assets, N_2
Note 6 - Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, December 31, 2022 2021 Amortizable intangible assets: Patents $ 482 $ 416 Trademarks 137 134 Purchased software 1,212 1,212 Other 50 50 1,881 1,812 Accumulated amortization (244 ) (174 ) Total amortizable 1,637 1,638 Indefinite life assets (non-amortizable) 344 344 Total intangible assets, net $ 1,981 $ 1,982 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2022 (9 months) $ 210 2023 275 2024 276 2025 271 2026 183 Thereafter 422 Total estimated amortization expense $ 1,637 |
Note 7 - Accounts Payable and_2
Note 7 - Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2022 2021 Patent and legal costs $ 77 $ 28 Accrued compensation 667 628 Warranty costs 54 96 Consulting costs - 2 Taxes and other 21 70 Accrued liabilities $ 819 $ 824 |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2022 2021 Balance, beginning of period $ 96 $ 48 Warranty settlements (54 ) (9 ) Warranty provision 12 19 Balance, end of period $ 54 $ 58 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lessee, Operating Lease, Disclosure [Table Text Block] | Operating lease liability- short term $ 96 Operating lease liability - long term 275 Total Operating Lease Liability $ 371 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 (9 months) $ 82 2023 121 2024 126 2025 75 Total future minimum lease payments 404 Less imputed interest (33 ) Total $ 371 |
Note 9 - Stockholders' Equity (
Note 9 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
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 10 - Share-based Compens_2
Note 10 - Share-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 3,935,883 $ 5.24 4.79 Granted 104,000 $ 3.55 Exercised (50,000 ) $ 1.50 Forfeited, cancelled, expired (388,912 ) $ 5.01 Outstanding March 31, 2022 3,600,971 $ 5.27 3.58 $ 774 Exercisable March 31, 2022 2,549,388 $ 2.86 2.03 $ 761 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the Three Months Ended March 31, 2022 2021 Expected stock price volatility 49 % 50 % Risk-free interest rate 1.57 % 0.89 % Forfeiture rate 0 % 0 % Expected dividend yield 0 % 0 % Expected life of options - years 1.39 5.70 Weighted-average fair value of options granted $ 1.72 $ 2.42 |
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, 2022 269,303 $ 6.47 Granted - service based 160,779 $ 2.41 Vested (49,252 ) $ 4.72 Forfeited and cancelled (23,357 ) $ 4.19 Unvested at March 31, 2022 357,473 $ 5.03 2.05 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award [Table Text Block] | Three Months Ended March 31, 2022 2021 Selling, general and administrative $ 894 $ 602 Research and development 135 257 Total share-based expense $ 1,029 $ 859 |
Note 13 - Major Customers and_2
Note 13 - Major Customers and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | For the Three Months Ended March 31, 2022 2021 Americas $ 1,194 $ 626 Europe, Middle East and Africa 174 877 Asia Pacific 231 39 $ 1,599 $ 1,542 |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | |
Mar. 31, 2022$ / sharesshares | Dec. 31, 2021$ / shares | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 |
Number of Wholly-owned Subsidiaries | 1 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 5,350,111 |
Note 2 - Revenue and Product _3
Note 2 - Revenue and Product Costs (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Contract with Customer, Liability, Total | $ 282 | $ 265 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | 0 |
Virtual Reality Training [Member] | ||
Contract with Customer, Liability, Total | 170 | 172 |
Extended Product Warranties [Member] | ||
Contract with Customer, Liability, Total | $ 112 | $ 67 |
Note 2 - Revenue and Product _4
Note 2 - Revenue and Product Costs - Contract Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Balance at January 1, 2022 | $ 265 | |
Balance at March 31, 2022 | 282 | |
Current portion | 121 | $ 155 |
Long-term portion | 161 | $ 110 |
Customer Deposits [Member] | ||
Balance at January 1, 2022 | 43 | |
Additions, net | 0 | |
Transfer to revenue | (43) | |
Balance at March 31, 2022 | 0 | |
Current portion | 0 | |
Long-term portion | 0 | |
Deferred Revenue [Member] | ||
Balance at January 1, 2022 | 265 | |
Additions, net | 56 | |
Transfer to revenue | (39) | |
Balance at March 31, 2022 | 282 | |
Current portion | 121 | |
Long-term portion | $ 161 |
Note 3 - Fair Value Measureme_3
Note 3 - Fair Value Measurements (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Marketable Securities, Unrealized Gain (Loss) | $ 23 |
Note 3 - Fair Value Measureme_4
Note 3 - Fair Value Measurements - Instruments by Significant Investment Category (Details) - Fair Value, Inputs, Level 1 [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Adjusted Cost | $ 28,262 | $ 31,659 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (29) | (6) |
Market Value | 28,233 | 31,653 |
Money Market Fund [Member] | ||
Adjusted Cost | 3,277 | 1,670 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Market Value | 3,277 | 1,670 |
US Treasury Securities in Short-term Investments [Member] | ||
Adjusted Cost | 24,985 | 29,989 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (29) | (6) |
Market Value | $ 24,956 | $ 29,983 |
Note 4 - Inventories, Net - Sum
Note 4 - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finished goods | $ 971 | $ 1,027 |
Work in process | 0 | 2 |
Raw materials | 899 | 537 |
Inventories, net | $ 1,870 | $ 1,566 |
Note 5 - Property and Equipme_3
Note 5 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation, Total | $ 113 | $ 56 |
Note 5 - Property and Equipme_4
Note 5 - Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 1,497 | $ 1,416 |
Accumulated depreciation | (553) | (440) |
Property and equipment, net | 944 | 976 |
Production and Lab Equipment [Member] | ||
Property and equipment, gross | 500 | 500 |
Tooling [Member] | ||
Property and equipment, gross | 335 | 273 |
Computer Equipment [Member] | ||
Property and equipment, gross | 485 | 467 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | $ 177 | $ 176 |
Note 6 - Intangible Assets, N_3
Note 6 - Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of Intangible Assets | $ 70 | $ 48 |
Note 6 - Intangible Assets, N_4
Note 6 - Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortizable intangible assets, gross | $ 1,881 | $ 1,812 |
Accumulated amortization | (244) | (174) |
Total estimated amortization expense | 1,637 | 1,638 |
Indefinite life assets (non-amortizable) | 344 | 344 |
Total intangible assets, net | 1,981 | 1,982 |
Patents [Member] | ||
Amortizable intangible assets, gross | 482 | 416 |
Trademarks [Member] | ||
Amortizable intangible assets, gross | 137 | 134 |
Computer Software, Intangible Asset [Member] | ||
Amortizable intangible assets, gross | 1,212 | 1,212 |
Other Intangible Assets [Member] | ||
Amortizable intangible assets, gross | $ 50 | $ 50 |
Note 6 - Intangible Assets, N_5
Note 6 - Intangible Assets, Net - Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
2022 (9 months) | $ 210 | |
2023 | 275 | |
2024 | 276 | |
2025 | 271 | |
2026 | 183 | |
Thereafter | 422 | |
Total estimated amortization expense | $ 1,637 | $ 1,638 |
Note 7 - Accounts Payable and_3
Note 7 - Accounts Payable and Accrued Liabilities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Future Severance Payments [Member] | ||
Employee-related Liabilities, Total | $ 317 | |
Former CEO Payable [Member] | ||
Employee-related Liabilities, Total | 278 | |
Syzygy Licensing LLC [Member] | ||
Accounts Payable, Total | $ 208 | $ 228 |
Note 7 - Accounts Payable and_4
Note 7 - Accounts Payable and Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Patent and legal costs | $ 77 | $ 28 |
Accrued compensation | 667 | 628 |
Warranty costs | 54 | 96 |
Consulting costs | 0 | 2 |
Taxes and other | 21 | 70 |
Accrued liabilities | $ 819 | $ 824 |
Note 7 - Accounts Payable and_5
Note 7 - Accounts Payable and Accrued Liabilities - Changes in Product Warranty Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Balance, beginning of period | $ 96 | $ 48 |
Warranty settlements | (54) | (9) |
Warranty provision | 12 | 19 |
Balance, end of period | $ 54 | $ 58 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Lease, Right-of-Use Asset, Amortization Expense | $ 24 | $ 25 |
Operating Lease, Expense | $ 28 | 28 |
Finance Lease, Weighted Average Remaining Lease Term (Year) | 3 years 3 months 18 days | |
Finance Lease, Weighted Average Discount Rate, Percent | 5.00% | |
Short-Term Lease, Cost | $ 0 | $ 0 |
Note 8 - Leases - Summary of Op
Note 8 - Leases - Summary of Operating Lease Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating lease liability- short term | $ 96 | $ 56 |
Operating lease liability - long term | 275 | $ 0 |
Total Operating Lease Liability | $ 371 |
Note 8 - Leases - Future Lease
Note 8 - Leases - Future Lease Payments (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022 (9 months) | $ 82 |
2023 | 121 |
2024 | 126 |
2025 | 75 |
Total future minimum lease payments | 404 |
Less imputed interest | (33) |
Total | $ 371 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity (Details Textual) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 |
Note 9 - Stockholders' Equity -
Note 9 - Stockholders' Equity - Outstanding Common Stock Purchase Warrants (Details) - Purchase Warrants Expiring June 18, 2021 [Member] | Mar. 31, 2022$ / sharesshares |
Warrants, number of common shares (in shares) | shares | 1,391,667 |
Warrants, exercise price per share (in dollars per share) | $ / shares | $ 6 |
Note 10 - Share-based Compens_3
Note 10 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, Pure in Thousands, $ in Thousands | Apr. 19, 2022 | Apr. 30, 2022 | Jan. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | May 31, 2019 | Jan. 31, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Mar. 31, 2017 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 104,000 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 3.55 | ||||||||||
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% | 0.00% | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years 18 days | ||||||||||
The 2017 Stock Incentive Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 7,500,000 | 6,000,000 | 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) | 1,528,306 | ||||||||||
Share-Based Payment Arrangement, Accelerated Cost | $ 242 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 1,826 | ||||||||||
The 2017 Stock Incentive Plan [Member] | Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 9,000,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,500,000 | ||||||||||
The 2017 Stock Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | ||||||||||
The 2017 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 18 days | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 1,422 | ||||||||||
The 2017 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Officers and Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
The 2017 Stock Incentive Plan [Member] | RSU Award Vesting in One Year [Member] | Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 17,301 | ||||||||||
The 2017 Stock Incentive Plan [Member] | RSU Award Vesting Over Three Year [Member] | Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 233,564 | ||||||||||
The 2017 Stock Incentive Plan [Member] | RSU Award Vesting Over Three Year [Member] | President [Member] | Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted (in shares) | 175,173 | ||||||||||
The 2017 Stock Incentive Plan [Member] | Non-qualified Stock Options [Member] | Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 475,662 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.89 | ||||||||||
The 2017 Stock Incentive Plan [Member] | Non-qualified Stock Options [Member] | President [Member] | Subsequent Event [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 356,747 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.89 | ||||||||||
The 2017 Stock Incentive Plan [Member] | Non-qualified Performance-based Stock Option [Member] | Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 921,832 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.89 | ||||||||||
The 2017 Stock Incentive Plan [Member] | Non-qualified Performance-based Stock Option [Member] | President [Member] | Subsequent Event [Member] | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 692,398 | ||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 2.89 |
Note 10 - Share-based Compens_4
Note 10 - Share-based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Options on Common Shares, Outstanding (in shares) | 3,935,883 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.24 | |
Outstanding, remaining contractual term (Year) | 3 years 6 months 29 days | 4 years 9 months 14 days |
Options on Common Shares, Granted (in shares) | 104,000 | |
Granted, weighted average exercise price (in dollars per share) | $ 3.55 | |
Options on Common Shares, Exercised (in shares) | (50,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 1.50 | |
Options on Common Shares, Forfeited, cancelled, expired (in shares) | (388,912) | |
Forfeited, cancelled, expired, weighted average exercise price (in dollars per share) | $ 5.01 | |
Options on Common Shares, Outstanding (in shares) | 3,600,971 | 3,935,883 |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.27 | $ 5.24 |
Outstanding March 31, 2022 | $ 774 | |
Exercisable March 31, 2022 (in shares) | 2,549,388 | |
Exercisable weighted average exercise price (in dollars per share) | $ 2.86 | |
Exercisable, remaining contractual term (Year) | 2 years 10 days | |
Exercisable March 31, 2022 | $ 761 |
Note 10 - Share-based Compens_5
Note 10 - Share-based Compensation - Summary of Stock Option Valuation Assumptions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Forfeiture rate | 0.00% | 0.00% | |
Weighted-average fair value of options granted (in dollars per share) | $ 1.72 | $ 2.42 | |
Share-Based Payment Arrangement, Option [Member] | |||
Expected stock price volatility | 49.00% | 50.00% | |
Risk-free interest rate | 1.57% | 0.89% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected life of options (Year) | 1 year 4 months 20 days | 5 years 8 months 12 days |
Note 10 - Share-based Compens_6
Note 10 - Share-based Compensation - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Awards other than options, unvested, beginning balance (in shares) | shares | 269,303 |
Awards other than options, unvested, weighted average grant date fair value, beginning balance (in dollars per share) | $ / shares | $ 6.47 |
Awards other than options, Granted (in shares) | shares | 160,779 |
Awards other than options, granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.41 |
Awards other than options, Vested (in shares) | shares | (49,252) |
Awards other than options, vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.72 |
Awards other than options, Forfeited and cancelled (in shares) | shares | (23,357) |
Awards other than options, forfeited and cancelled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 4.19 |
Awards other than options, unvested, ending balance (in shares) | shares | 357,473 |
Awards other than options, unvested, weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 5.03 |
Weighted average vesting period (Year) | 2 years 18 days |
Note 10 - Share-based Compens_7
Note 10 - Share-based Compensation - Allocation of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based expense | $ 1,029 | $ 859 |
Selling, General and Administrative Expenses [Member] | ||
Share-based expense | 894 | 602 |
Research and Development Expense [Member] | ||
Share-based expense | $ 135 | $ 257 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2016 | |
Contractual Obligation, Total | $ 2,300,000 | ||
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 | $ 49,000 | $ 51,000 |
Note 12 - Related Party Trans_2
Note 12 - Related Party Transactions (Details Textual) - Mr. Elwood Norris [Member] - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Reimbursement of Expenses to Related Party, Monthly Amount | $ 1,500 | ||
Related Party Transaction, Amounts of Transaction | $ 4,500 | $ 4,500 |
Note 13 - Major Customers and_3
Note 13 - Major Customers and Related Information (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue Benchmark [Member] | |||
Number of Major Customers | 2 | 3 | |
Revenue Benchmark [Member] | Distributor One [Member] | |||
Concentration Risk, Percentage | 25.00% | 28.00% | |
Revenue Benchmark [Member] | Distributor Two [Member] | |||
Concentration Risk, Percentage | 14.00% | 22.00% | |
Revenue Benchmark [Member] | Distributor Three [Member] | |||
Concentration Risk, Percentage | 10.00% | ||
Accounts Receivable [Member] | |||
Number of Major Customers | 2 | 3 | |
Accounts Receivable [Member] | Distributor One [Member] | |||
Concentration Risk, Percentage | 50.00% | 48.00% | |
Accounts Receivable [Member] | Distributor Two [Member] | |||
Concentration Risk, Percentage | 13.00% | 16.00% | |
Accounts Receivable [Member] | Distributor Three [Member] | |||
Concentration Risk, Percentage | 15.00% |
Note 13 - Major Customers and_4
Note 13 - Major Customers and Related Information - Disaggregation of Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 1,599 | $ 1,542 |
Americas [Member] | ||
Revenues | 1,194 | 626 |
Europe, Middle East and Africa [Member] | ||
Revenues | 174 | 877 |
Asia Pacific [Member] | ||
Revenues | $ 231 | $ 39 |
Note 14 - Subsequent Events (De
Note 14 - Subsequent Events (Details Textual) - The 2017 Stock Incentive Plan [Member] - shares | 1 Months Ended | ||||
Apr. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | May 31, 2019 | Mar. 31, 2017 | |
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 Authorized (in shares) | 7,500,000 | 6,000,000 | 2,000,000 | ||
Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,500,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 9,000,000 |