Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 01, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001832487 | ||
Entity Registrant Name | Guerrilla RF, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-56238 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 85-3837067 | ||
Entity Address, Address Line One | 2000 Pisgah Church Road | ||
Entity Address, City or Town | Greensboro | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 27455 | ||
City Area Code | 336 | ||
Local Phone Number | 510-7840 | ||
Title of 12(g) Security | Common Stock, $0.0001 par value per share | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 37,713,020 | ||
Entity Common Stock, Shares Outstanding | 40,550,624 | ||
Auditor Name | FORVIS, LLP | ||
Auditor Firm ID | 57 | ||
Auditor Location | Raleigh, NC |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash | $ 4,340,407 | $ 5,313,985 |
Accounts receivable, net | 1,124,971 | 1,667,006 |
Inventories, net | 1,672,925 | 1,439,014 |
Prepaid expenses | 643,401 | 1,187,418 |
Total Current Assets | 7,781,704 | 9,607,423 |
Prepaid expenses and other | 3,574,746 | 0 |
Operating lease right-of-use assets | 209,669 | 0 |
Property, plant, and equipment, net | 5,098,097 | 1,027,312 |
Total Assets | 16,664,216 | 10,634,735 |
Liabilities and Stockholders' Equity | ||
Short-term debt | 959,803 | 5,117 |
Operating lease, current portion | 139,794 | 0 |
Finance lease, current portion | 1,078,506 | 118,420 |
Accounts payable and accrued expenses | 4,466,045 | 1,186,443 |
Total Current Liabilities | 6,644,148 | 1,309,980 |
Long-term debt | 44,279 | 0 |
Operating lease | 71,714 | 0 |
Finance lease | 2,984,618 | 264,347 |
Notes payable | 4,564,564 | 144,783 |
Total Liabilities | 14,309,323 | 1,719,110 |
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and 2021 | 0 | 0 |
Common stock, $0.0001 par value, 300,000,000 shares authorized, 37,267,237 and 33,222,192 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 3,727 | 3,322 |
Additional paid-in-capital | 29,424,334 | 23,958,705 |
Accumulated deficit | (27,073,168) | (15,046,402) |
Total Stockholders' Equity | 2,354,893 | 8,915,625 |
Total Liabilities and Stockholders' Equity | $ 16,664,216 | $ 10,634,735 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issed (in shares) | 37,267,237 | 33,222,192 |
Common stock, shares outstanding (in shares) | 37,267,237 | 33,222,192 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 11,600,904 | $ 10,479,899 |
Direct product costs | (4,835,632) | (4,340,292) |
Gross Profit | 6,765,272 | 6,139,607 |
Operating Expenses: | ||
Research and development | 8,114,377 | 4,592,879 |
Sales and marketing | 4,634,012 | 2,752,153 |
General and administrative | 5,138,410 | 2,464,295 |
Total Operating Expenses | 17,886,799 | 9,809,327 |
Operating Loss | (11,121,527) | (3,669,720) |
Interest expense | (874,713) | (551,495) |
Other income (expenses) | (30,526) | 1,384,060 |
Total Other Income (Expenses), net | (905,239) | 832,565 |
Net Loss | $ (12,026,766) | $ (2,837,155) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.36) | $ (0.24) |
Weighted average common shares outstanding - basic and diluted (in shares) | 33,302,237 | 11,704,201 |
Product [Member] | ||
Revenues | $ 10,558,570 | $ 9,827,817 |
Royalty and Non-recurring Engineering [Member] | ||
Revenues | $ 1,042,334 | $ 652,082 |
Consolidated Statements of Chan
Consolidated Statements of Change in Stockholders' Equity (Deficit) - USD ($) | Conversion of Convertible Preferred Stock to Common Stock [Member] Preferred Stock [Member] | Conversion of Convertible Preferred Stock to Common Stock [Member] Common Stock [Member] | Conversion of Convertible Preferred Stock to Common Stock [Member] Additional Paid-in Capital [Member] | Conversion of Convertible Preferred Stock to Common Stock [Member] Retained Earnings, Appropriated [Member] | Conversion of Convertible Preferred Stock to Common Stock [Member] | Conversion of Convertible Promissory Note To Common Stock [Member] Preferred Stock [Member] | Conversion of Convertible Promissory Note To Common Stock [Member] Common Stock [Member] | Conversion of Convertible Promissory Note To Common Stock [Member] Additional Paid-in Capital [Member] | Conversion of Convertible Promissory Note To Common Stock [Member] Retained Earnings, Appropriated [Member] | Conversion of Convertible Promissory Note To Common Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings, Appropriated [Member] | Total |
Balance at Dec. 31, 2020 | $ 4,852 | $ 2,261 | $ 9,076,840 | $ (12,209,247) | $ (3,125,294) | ||||||||||
Net loss | 0 | 0 | 0 | (2,837,155) | (2,837,155) | ||||||||||
Stock options exercised | 247 | 36,748 | 0 | 36,995 | |||||||||||
Conversion to common stock | $ (4,852) | $ 1,432 | $ 300,000 | $ 0 | $ 296,580 | $ 0 | $ 340 | $ 5,988,262 | $ 0 | $ 5,988,602 | |||||
Change in par value of common stock | 0 | (1,767) | 0 | (1,767) | |||||||||||
Issuance of common stock to former stockholders of Laffin Corporation | 0 | 270 | 0 | 0 | 270 | ||||||||||
Sale of common stock in private placement, net of issuance costs | 0 | 532 | 8,382,294 | 0 | 8,382,826 | ||||||||||
Repurchase of common stock from an unaccredited investor upon consummation of the merger | 0 | 0 | (1,477) | 0 | (1,477) | ||||||||||
Share-based compensation | 0 | 7 | 176,038 | 0 | 176,045 | ||||||||||
Balance at Dec. 31, 2021 | 0 | 3,322 | 23,958,705 | (15,046,402) | 8,915,625 | ||||||||||
Net loss | 0 | 0 | 0 | (12,026,766) | (12,026,766) | ||||||||||
Stock options exercised | 0 | 1 | 5,231 | 0 | 5,232 | ||||||||||
Conversion to common stock | $ 0 | $ 4 | $ 51,996 | $ 0 | $ 52,000 | ||||||||||
Sale of common stock in private placement, net of issuance costs | 0 | 400 | 4,764,832 | 0 | 4,765,232 | ||||||||||
Share-based compensation | 0 | 0 | 643,570 | 0 | 643,570 | ||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 3,727 | $ 29,424,334 | $ (27,073,168) | $ 2,354,893 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net loss | $ (12,026,766) | $ (2,837,155) |
Adjustment to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 1,357,571 | 371,435 |
Share-based compensation | 643,570 | 176,045 |
Accretion of notes payables | 48,070 | 0 |
Warrant amortization | 0 | 45,527 |
PPP loan forgiveness | 0 | (1,369,100) |
Gain on extinguishment of debt | 0 | (14,960) |
Inventory allowance | 0 | 12,794 |
Changes in assets and liabilities: | ||
Accounts receivable | 542,035 | (13,201) |
Inventories | (233,911) | (458,175) |
Prepaid expenses | 862,375 | (1,086,971) |
Accounts payable and accrued expenses | 761,948 | 354,385 |
Operating leases | (1,203,295) | 0 |
Net cash used in operating activities | (9,248,403) | (4,819,376) |
Cash flows from investing activities | ||
Purchases of property, plant, and equipment | (549,850) | (393,359) |
Net cash used in investing activities | (549,850) | (393,359) |
Cash flows from financing activities | ||
Proceeds from notes payable and factoring agreement | 9,070,726 | 5,097,870 |
Proceeds from equity financing | 4,765,232 | 0 |
Proceeds from exercise of stock options | 5,232 | 36,995 |
Principal payment of notes payable and recourse factoring agreement | (3,977,778) | (4,150,701) |
Principal payment on finance lease | (985,622) | (100,839) |
Repayment of finance insurance premiums | (53,115) | |
Proceeds from the APO | 0 | 8,382,826 |
Proceeds from PPP loan | 0 | 833,300 |
Net cash provided by financing activities | 8,824,675 | 10,099,451 |
Net decrease in cash | (973,578) | 4,886,716 |
Cash, beginning of period | 5,313,985 | 427,269 |
Cash, end of period | 4,340,407 | 5,313,985 |
Noncash transactions: | ||
Property and equipment financed through finance leases | 4,745,311 | 144,177 |
Other long-term asset additions included in accounts payable | 2,369,612 | 0 |
Financing of insurance premiums and software | 382,843 | 0 |
Right-of-use assets obtained through operating lease | 327,400 | 0 |
Conversion of promissory notes to common stock | 52,000 | 5,988,602 |
Property and equipment additions included in accounts payable | $ 15,873 | $ 50,625 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Guerrilla RF, Inc. (formerly known as Laffin Acquisition Corp., the “Company”) was incorporated in the State of Delaware on November 9, 2020. October 22, 2021, October 20, 2021 October 22, 2021 Prior to the Merger, Laffin Acquisition Corp. was a “shell” company registered under the Exchange Act, with no All references in these Consolidated Financial Statements to “Guerrilla RF” refer to Guerrilla RF Operating Corporation, our direct, wholly-owned subsidiary. Unless otherwise stated or the context otherwise indicates, references to the “Company”, “we”, “our”, “us” or similar terms refer to Guerrilla RF, Inc. (formerly known as Laffin Acquisition Corp.) together with its wholly-owned subsidiary, Guerrilla RF. Guerrilla RF holds all material assets and conducts all business activities and operations of the Company. Accordingly, throughout these Consolidated Financial Statements, there are frequent references to Guerrilla RF. Guerrilla RF designs and manufactures high‐performance Monolithic Microwave Integrated Circuits (MMICs) for the wireless infrastructure market. Guerrilla RF primarily focuses on researching and developing its existing products and building an infrastructure to handle a global distribution network; therefore, it has incurred significant start‐up losses. The Merger was accounted for as a “reverse acquisition” since, immediately following the consummation of the Merger, Guerrilla RF effectively controlled the Company. For accounting purposes, Guerrilla RF was deemed to be the accounting acquirer in the Merger and, consequently, the Merger is treated as a recapitalization of Guerrilla RF (i.e., a capital transaction involving the issuance of shares by the Company for the shares of Guerrilla RF). Accordingly, the assets, liabilities, and results of operations of Guerrilla RF became the historical consolidated financial statements of the Company, and the Company’s assets, liabilities, and results of operations were consolidated with Guerrilla RF beginning at the Closing Date. No Liquidity and Going Concern Per Accounting Standards Update (“ASU”) No. 2014 15 , Disclosure of Uncertainties about an Entity s Ability to Continue as a Going Concern (Subtopic 205 40 one The accompanying consolidated financial statements have been presented on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the ordinary course of business. The Company has historically financed its activities principally from common and preferred equity securities and debt issuance. The Company has incurred substantial negative cash flows from operations in nearly every fiscal period since inception. For the year ended December 31, 2022, $12.0 million and used $9.2 million in of $27.1 million December 31, 2022. December 31, 2022 s $4.3 million. 2023. no Our primary source of liquidity is cash raised from private placements and debt financing. We also have two one 5 $8.0 5 December 31, 2022, $0.72 $5.0 February 28, 2023, December 31, 2022, second 2023. may, second 2023 may second 2023. The Company will require additional funds to respond to business challenges, including developing new solutions or enhancing existing solutions, enhancing our operating infrastructure, expanding our sales and marketing capabilities, and acquiring complementary businesses, technologies, or assets. We plan to engage in additional equity or debt financing to secure the necessary funds; however, equity and debt financing might not not may may may Risks and Uncertainties The Company is subject to several risks associated with companies at a similar stage, including dependence on key individuals, competition from similar products and larger companies, volatility of the industry, ability to obtain adequate financing to support growth, the ability to attract and retain additional qualified personnel to manage the anticipated growth of the Company, and general economic conditions. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with GAAP and with the rules and regulations for reporting the Annual Report on Form 10 10 not Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2 1933, 2012 may not not not 404 not Further, Section 102 1 not not not may Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and reported amounts of revenue and expenses during the reporting period. In addition, the Company’s significant estimates and judgments involve the identification of performance obligations in revenue recognition and the valuation of share-based compensation, including the underlying fair value of the common stock. According Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one Concentrations of Credit Risk and Major Customers Financial instruments at December 31, 2022 2021 The Company’s cash is deposited with major financial institutions in the U.S. At times, deposits in financial institutions located in the U.S. may not The Company’s accounts receivable are derived from revenue earned from customers located in and outside of the U.S. Major customers are defined as those generating revenue in excess of 10% ad one December 31, 2022 2021 or 81% o December 31, 2022 2021 76% December 31, 2022, nd 78% December 31, 2021 Accounts Receivable Accounts receivable primarily relate to amounts due from customers, which are typically due within 30 45 one not The Company had a factoring agreement that provided advance payments on up to 85% of invoices issued to RFPD, its largest distributor, with receivables less than 90 days outstanding secured by the remaining 15%. As of December 31, 2021, $0 second 2022. On June 1, 2022, December 31, 2022, December 31, 2022, 5 Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. The Company depreciates computer hardware, software, production and computer equipment, and lab equipment using the straight-line method over their estimated useful lives, ranging from three five seven Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not h flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets, less costs to sell. The Company evaluated its long-lived assets for impairment in the year ended December 31, 2022 one 4 not 2021 . Deferred Offering Costs The Company has not nd other third in Note 1, 6 December 31, 2022 2021. Convertible Preferred Stock Warrants Accounting standards require that freestanding warrants and similar instruments, with certain settlement features of the financial instruments, should be accounted for as a preferred stock warrant liability even though the underlying shares of capital stock may 1 not December 31, 2022 2021. Revenue Recognition The Company recognizes product revenue when it satisfies a performance obligation by transferring a product or service to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products and services. Sales and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Shipping and handling fees charged to customers are reported within revenue. The Company does not not not not not As of December 31, 2022 2021, $250 $0, uring the year ended December 31, 2022, $0 December 31, 2021. December 31, 2022 2021, not not December 31, 2022 2021, The costs incurred by the Company for shipping and handling are classified as cost of revenue in the consolidated statements of operations. Any incidental items that are immaterial in the context of a sale to a customer are recognized as expense. Direct Product Costs The Company’s direct product costs consist primarily of salaries and related expenses, overhead, third Share-Based Compensation The Company measures and recognizes compensation expense for all stock options awarded to employees and nonemployees based on the estimated fair market value of the award on the grant date. The Company uses the Black-Scholes option pricing model to value its stock option awards. The Company recognizes compensation expense on a straight-line basis over the requisite service period, which is generally the award's vesting period. In addition, the Company accounts for forfeitures of stock options as they occur. Estimating the fair market value of options requires the input of subjective assumptions, including the estimated fair value of the Company’s common stock, the expected life of the options, stock price volatility, the risk-free interest rate, and expected dividends. Therefore, the assumptions used in the Company’s Black-Scholes option-pricing model represent management’s best estimates and involve many variables, uncertainties, and assumptions, and the application of management’s judgment, as they are inherently subjective. Research and Development Costs Research and development costs are expensed as incurred and consist primarily of personnel-related engineering and technical staff wages and benefits, prototype costs, and other direct expenses. Advertising Costs All advertising costs are expensed as incurred and included in sales and marketing expenses. Advertising expenses for the years ended December 31, 2022 2021 $18,108, Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined by the first‐in, first‐out (FIFO) method. The Company analyzes its product portfolio and inventory aging in determining whether an inventory allowance is needed. Historically, such allowances have been immaterial and within management's expectations. Income Taxes Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes 740” 740, not not FASB ASC Subtopic 740 10, Accounting for Uncertainty of Income Taxes 740 10” may not 50% 740 10, Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of common stock outstanding during each period. Diluted net loss per common stock includes the effect, if any, from the potential exercise or conversion of securities, such as options and warrants, which would result in the issuance of incremental common stock. For periods prior to the Merger mentioned in Note 1, December 31, 2022 2021 December 31, 2022 2021 The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: 2022 2021 Common stock warrants 2,855,101 331,580 Restricted stock units 873,820 - Stock options 3,607,318 3,180,882 7,336,239 3,512,462 Recent Accounting Pronouncements In February 2016, 842, Leases 12 June 2020, 2020 05, 842 January 1, 2022. 842 March 31, 2022. 8 842. In June 2016, 2016 13, Financial Instruments - Credit Losses December 15, 2022, not In August 2020, No. 2020 06, Debt - Debt with Conversion and Other Options 470 20 and Derivatives and Hedging - Contracts in Entity s Own Equity 815 40 Accounting for Convertible Instruments and Contracts in an Entity s Own Equity December 15, 2021, no December 15, 2020, March 31, 2022 , not Effective January 1, 2022 , No. 2019 12, Income Taxes 740 Simplifying the Accounting for Income Taxes 2019 12 2019 12 2019 12 2022 2019 12 not In September 2022 , No. 2022 04, Liabilities - Supplier Finance Programs 405 50 Disclosure of Supplier Finance Program Obligations December 15, 2022 , December 15, 2023. |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories are summarized as follows: 2022 2021 Raw materials $ 696,409 $ 629,090 Work-in-process 44,037 339,746 Finished goods 932,479 482,972 Inventory allowance - (12,794 ) Inventory, net $ 1,672,925 $ 1,439,014 A December 31, 2021, |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. Property and equipment is summarized as follows: 2022 2021 Production assets $ 1,849,808 $ 1,616,308 Computer equipment and software 809,038 647,852 Lab equipment 3,965,189 103,427 Office furniture and fixtures 1,044,858 51,354 Leasehold improvements 123,109 123,109 Construction work in progress 207,027 63,750 7,999,029 2,605,800 Less accumulated depreciation (2,900,932 ) (1,578,488 ) $ 5,098,097 $ 1,027,312 Depreciation expense wa s $1,357,571 and $371,435 f December 31, 2022 2021 Impairment of Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not 360 10, Property, Plant, and Equipment 360 10 not In fiscal 2022, not 3 820, Fair Value Measurement At December 31, 2022, not |
Note 5 - Debt
Note 5 - Debt | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. Factoring Arrangement The Company previously had an accounts receivable factoring arrangement with a financial institution (the “Factor”), which ended in the second 2022. first 30 As stated previously, the Company factored the accounts receivable on a recourse basis. Therefore, if the Factor could not June 1, 2022. December 31, 2022, 2021 The cost of factoring was as follows: Year Ended December 31, 2022 Year Ended December 31, 2021 Factoring Fees $ - $ 87,122 Spectrum Loan Facility The Company entered into the Spectrum Loan Facility with Spectrum pursuant to the terms of the General Credit and Security Agreement (the "Credit Agreement"), the Company may $500,000; 1/48 th Under the terms of the AR Agreement, Spectrum has agreed to advance funds equal to approximately 85% of eligible accounts receivable that are collected by Spectrum under a “lock box” arrangement. The maximum amount that may The scheduled term of the Spectrum Loan Facility is 24 60 The Company’s obligations under the Spectrum Loan Facility are secured by first third In addition to annual facility fees of $30,000 and other quarterly and transaction fees payable to Spectrum, interest accrues on amounts owed under the Spectrum Loan Facility at the prime rate as quoted by the Wall Street Journal plus 3.5%, but in no The Spectrum Loan Facility contains various covenants and restrictions on the Company's financial and business operations including restrictions on the purchase or redemption of any Company shares and the declaration or payment of any dividends on the Company's stock. For the year ended December 31, 2022, The Company has borrowed $0.7 million under the Spectrum Loan Facility as of December 31, 2022. December 31, 2022. Salem Loan Facility On August 11, 2022 The Salem Loan Facility provided for an initial advance of $5.0 million, and additional advances over the next twelve five second August 2027. The Salem Loan Facility contains various covenants and restrictions on the Company's financial and business operations including restrictions on the purchase or redemption of any Company shares and the declaration or payment of any dividends on the Company's stock. For the year ended December 31, 2022, Should the Company repay the Salem loan during the first three five may 1, 2, 3. On August 11, 2022, The Company has borrowed $5.0 million under the Salem Loan Facility as of December 31, 2022. December 31, 2022, Loans Payable EIDL In response to COVID- 19, March 2020. 19 not not six $150,000. June 24, 2020, 3.75% December 2022 30 2050 August 11, 2022, $149,900 Loans Payable PPP On April 30, 2020, 24 December 31, 2020, February 17, 2021, On February 19, 2021, “2021 2021 August 18, 2021, 2021 The Company recorded the forgiveness of both PPP loans and the related accrued interest as a gain in other income (expense) on the consolidated statements of operations. Accordingly, as of December 31, 2022, Notes Payable Since its founding, the Company has utilized privately placed funding through equity and unsecured debt instruments. See Note 6 The Company entered into several debt arrangements from capital raise events and bridge loans from existing investors. These debt arrangements were characterized by interest-only quarterly payments paid in arrears. Per the terms of the debt arrangements, the principal was paid in its entirety at the respective maturity date. In addition, all such debt agreements could be prepaid by the Company without any penalty. From March 2017 July 2020, March 2022 December 31, 2023. On June 1, 2018, May 31, 2020. two April 15, 2020, $1,000,000 $1,000,000 May 31, 2022. Convertible Promissory Notes As further described in Note 1, October 22, 2021. October 22, 2021, 2021 2021 Per the terms of several debt arrangements entered into with new and existing investors prior to the Merger, the principal was to be paid in its entirety at the respective maturity date or upon conversion as a result of the Merger without any penalty. Upon successful closing of the aforementioned Merger and related financing, all of the outstanding principal amounts of the new notes payable issued just prior to the Merger ( $1,488,600 $4.5 fifteen 15 Warrants In connection with some of the debt described above, certain lenders were issued warrants to purchase up to 116,733 pre-Merger shares of Series D and E preferred stock at $2.57 per share. In April 2018, June 1, 2018, October 22, 2021 1 Long‐term debt is summarized as follows: 2022 2021 Note payable with monthly interest-only payments at 11 August 2027 4,408,187 - Note payable with monthly payments beginning in June 2022 at 3.75 June 2050 - 149,900 Finance agreement for directors and officers insurance premium with monthly payments at 4.95 August 2023 216,886 Finance agreement for software, with monthly payments at various interest rates, and maturity dates 216,217 Recourse factoring 727,356 - Total notes payable 5,568,646 149,900 Less current portion (959,803 ) 5,117 $ 4,608,843 $ 144,783 Debt Maturity Debt is expected to mature as follows: 2023 $ 959,803 2024 18,360 2025 18,861 2026 6,092 2027 4,565,530 Thereafter - $ 5,568,646 |
Note 6 - Common Stock and Conve
Note 6 - Common Stock and Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Common Stock and Convertible Preferred Stock Common Stock The Company is authorized to issue 300,000,000 shares of common stock with a par value of $ 0.0001 as of December 31, 2022 2021. one may may December 31, 2022. Following the Effective Time of the Merger, the Company sold 33,147,192 shares of common stock pursuant to a private placement offering at a purchase price of $2.00 per share for aggregate gross proceeds of $11.5 million. The Company incurred issuance costs of $2.1 million, which were offset against the proceeds from this offering and are recorded in the accompanying consolidated financial statements for the year ended December 31, 2021. On December 30, 2022, one February 28, 2023. Each full Warrant has an exercise price of $2.00 per whole share of common stock, subject to adjustment, and is exercisable for a period of five six 6 In connection with the Offering, the Company also entered into a registration rights agreement (the “Registration Rights Agreement”) with the Purchasers, pursuant to which the Company is required to prepare and file a registration statement with the Securities and Exchange Commission (the “SEC”) covering the resale of (i) the shares of common stock issued to the Purchasers in the Offering, and (ii) the shares of common stock issuable upon exercise of the Warrants (the “Warrant Shares”) within 30 no 120 Laidlaw & Company (UK), Ltd. served as the exclusive placement agent and GP Nurmenkari, Inc. served as a selected dealer for the Offering (collectively, the “Placement Agents”). In addition to an aggregate cash fee of approximately $504,704, representing 10% of the gross proceeds from the initial closing, the Placement Agents will receive warrants (the “Placement Agent Warrants”) to purchase 582,351 shares of Common Stock (the “Placement Agent Warrant Shares”). The Placement Agent Warrants are exercisable for a period of five The aforementioned Units and Warrants have not 1933, 4 2 506 Common Stock Warrants In October November 2021, October November 2026, 1 n December 30, 2022, one one December 31, 2022, five six Preferred Stock The Company’s Board of Directors is authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one Prior to the Merger Guerrilla RF had utilized convertible preferred share issuances, convertible debt issuances, and convertible warrants from private investors to fund its business operations and growth. No dividend was payable on shares of Guerrilla RF common stock or its classes of preferred stock. At the closing of the Merger, all Guerrilla RF preferred stock was converted into common shares of the Company. There is no issued or outstanding preferred stock as of December 31, 2022 2021. |
Note 7 - Share-based Compensati
Note 7 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 7. In 2014, “2014 2014 2014 No may 2014 In 2021, “2021 not 2014 2021 2021 2021 January 1 2031 December 31, may The general purpose of the 2014 2021 Stock Awards On January 1, 2022, 2021. Stock Option Awards The Company measures the fair value of each option award on the date of grant using the Black‐Scholes option-pricing model, which takes into account inputs such as the exercise price, the value of the underlying ordinary shares at the grant date, expected term, expected volatility, risk-free interest rate, and dividend yield. The fair value of each grant of options was determined using the methods and assumptions discussed below: ● The expected term of employee options is determined using the “simplified” method, as prescribed in the SEC’s Staff Accounting Bulletin (SAB) No. 107, ● The expected volatility is based on the historical volatility of the publicly traded common stock of a peer group of companies. ● The risk-free interest rate is based on the interest rate payable on U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected term. ● The expected dividend yield is zero because the Company has not not For the years ended December 31, 2022 2021 2022 2021 Expected term (in years) 6.25 6.25 Expected volatility 52 % 67 % Risk-free rate 3.96 % 0.11 % Dividend rate — — The weighted average grant date fair value of stock option awards granted was $1.30 and $0.97 dur December 31, 2022, 2021, The value of stock options is recognized as compensation expense by the straight-line method over the vesting period. Unrecognized compensation costs related to non‐vested options at December 31, 2022 $496,659 three Stock option activity by share is summarized as follows for the years ended December 31, 2022 2021: Number of Shares Weighted-Average Exercise Price Per Option Weighted- Average Remaining Contractual Life (in years) Shares underlying outstanding awards at December 31, 2020 3,209,141 $ 0.67 3.65 Granted 82,716 0.97 Exercised (110,975 ) 0.36 Shares underlying outstanding awards at December 31, 2021 3,180,882 0.38 5.30 Granted 472,000 1.30 Exercised (12,702 ) 0.41 Forfeited (32,862 ) 0.95 Shares underlying outstanding awards at December 31, 2022 3,607,318 $ 0.59 4.85 Exercisable options at December 31, 2022 2,905,460 $ 0.37 4.32 Each outstanding unexercised stock option at the closing date of the Merger ( October 22, 2021) 2014 In April 2022, four In September 2022, four The number of options exercised during the year ended December 31, 2022 December 31, 2022, $3.3 December 31, 2022, 2.3 years. Restricted Stock Unit ("RSU") Awards In the year ended December 31, 2022, 100% June 2, 2023, three not December 31, 2022 The employee stock option and RSU grants during the year ended December 31, 2022 2021 not 2021. The following table summarizes RSU activity: 2022 Number of RSUs Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 - $ - Granted 903,120 1.79 Vested - - Cancelled/Forfeited (29,300 ) 2.00 Outstanding at December 31, 2022 873,820 $ 1.78 Pursuant to awards made under the 2014 2021 December 31, 2022 2021: 2022 2021 Direct product costs $ 21,088 $ - Research and development $ 181,792 $ - Sales and marketing $ 108,318 $ - General and administrative $ 332,372 $ 176,046 $ 643,570 $ 176,046 No income tax benefits have been recognized in the consolidated statements of operations for stock-based compensation arrangements, and no stock-based compensation costs have been capitalized as property and equipment through December 31, 2022. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Lease Commitments As of January 1, 2022, 842 no no no no January 1, 2022, The Company determines whether an arrangement is an operating lease or financing lease at inception. Lease assets and obligations are recognized at the lease commencement date based on the present value of lease payments over the term of the lease. The Company generally uses its incremental borrowing rate, which is based on information available at the lease commencement date, to determine the present value of lease payments. The Company has entered into leases primarily for real estate and equipment used in research and development. Operating lease expense is recognized in continuing operations by amortizing the amount recorded as an asset on a straight-line basis over the lease term. Financing lease expense is comprised of both interest expense, which will be recognized using the effective interest method, and amortization of the right-of-use assets. These expenses are presented consistently with other interest expense and amortization or depreciation of similar assets. In determining lease asset values, the Company considers fixed and variable payment terms, prepayments, incentives, and options to extend, terminate or purchase. Renewal, termination, or purchase options affect the lease term used for determining lease asset value only if the option is reasonably certain to be exercised. Balance sheet information related to right-of-use assets and liabilities is as follows: Balance Sheet Location December 31, 2022 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 209,669 Current portion of operating lease liabilities Operating lease, current portion 139,794 Noncurrent portion of operating lease liabilities Operating lease 71,714 Total operating lease liabilities $ 211,508 Finance Leases: Finance lease right-of-use assets Property, plant, and equipment $ 4,124,093 Current portion of finance lease liabilities Finance lease, current portion 1,078,506 Noncurrent portion of finance lease liabilities Finance lease 2,984,618 Total finance lease liabilities $ 4,063,124 Lease cost recognized in the consolidated financial statements is summarized as follows: For the Year Ended December 31, 2022 For the Year Ended December 31, 2022(1) Operating lease cost $ 135,842 $ 131,191 Finance lease cost: Amortization of lease assets 977,771 79,495 Interest on lease liabilities 251,228 21,108 Total finance lease costs $ 1,228,999 $ 100,603 ( 1 840. Other supplemental information related to leases is summarized as follows: December 31, 2022 Weighted average remaining lease term (in years): Operating leases 1.48 Finance leases 3.73 Weighted average discount rate: Operating leases 7.35 % Finance leases 7.05 % Cash paid for amounts included in the measurement of lease liabilities for the year ended December 31, 2022: Operating cash flows from operating leases $ 133,637 Operating cash flows from finance leases $ 251,228 Financing cash flows from finance leases $ 985,622 The following table summarizes our future minimum payments under contractual obligations for operating and financing liabilities as of December 31, 2022: Payments Due by Period 2023 2024 2025 2026 Thereafter Total Finance leases $ 1,329,924 $ 1,305,620 $ 984,853 $ 902,927 $ 116,018 $ 4,639,342 Less interest 251,418 176,040 104,265 42,185 2310 576,218 Finance lease liabilities $ 1,078,506 $ 1,129,580 $ 880,588 $ 860,742 $ 113,708 $ 4,063,124 Operating leases $ 150,687 $ 73,193 $ - $ - $ - $ 223,880 Less present value adjustment 10,893 1,479 - - - 12,372 Operating lease liabilities $ 139,794 $ 71,714 $ - $ - $ - $ 211,508 The Company leases its former headquarters office facilities in Greensboro, North Carolina under a lease agreement, which expires in June 2024. New Headquarters Capital Addition Financing In July 2021, ten 10 two first 2023. not second 2023. first 2023. second 2023. In conjunction with the Company's planned move into expanded office facilities in early 2023, April 2022. April 2022 first August 2022 ( August 2022 August 2022 December 31, 2022, December 31, 2022 The Company entered into a lease agreement in July 2021 first 2023 September 2022; August 2022, As part of the aforementioned August 2022 August 2022 2% 18% $1.3 first not no December 15, 2022 December 31, 2022 December 30, 2022. December 31, 2022. first 2023. January 3, 2023 $2.5 million Legal In the ordinary course of business, the Company may not December 31, 2022 2021. Indemnification Agreements From time to time, in the ordinary course of business, the Company may may third may not not December 31, 2022 2021. Employment Agreement The Company has entered into an employment agreement with one January 1, 2020. may twelve |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. The Company did not December 31, 2022 2021. The provision for income taxes for the years ended December 31, 2022 2021 may In assessing the need for a valuation allowance, management must determine that there will be sufficient taxable income to realize deferred tax assets. Based upon the historical and anticipated future losses, management has determined that the deferred tax assets do not not December 31, 2022 December 31, 2021. On August 9, 2022, 25% December 31, 2022, 2023. August 16, 2022, 15% 1% January 1, 2023. not two Deferred tax assets and liabilities are determined based on the differences between the consolidated financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for years in which differences are expected to reverse. Guerrilla RF, Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2022 2021 Significant components of the Company's deferred tax assets for federal income taxes consisted of the following: 2022 2021 Noncurrent deferred income tax asset arising from: Accounts payable $ 461,253 $ 272,585 Property, plant, and equipment 39,598 11,090 Equity-based compensation 112,336 65,127 Contribution carryforward 5,856 4,860 NOL carryforward 3,994,815 3,452,349 NEL carryforward 239,315 324,685 R&D credit 626,347 365,668 Operating lease liability 48,594 - Capitalized research and development expense 1,639,623 - Total deferred tax assets 7,167,737 4,496,364 Noncurrent deferred income tax liability arising from: Trade receivables and prepaid expenses (374,517 ) (655,804 ) Operating lease ROU asset (48,171 ) - Total deferred income tax liabilities (422,688 ) (655,804 ) Net noncurrent deferred income tax asset 6,745,049 3,840,560 Valuation allowance (6,745,049 ) (3,840,560 ) Net $ - $ - In assessing the need for a valuation allowance, management must determine that there will be sufficient taxable income to realize deferred tax assets. Based upon the historical and anticipated future losses, management has determined that the deferred tax assets do not not December 31, 2022, 2021. The Company does not December 31, 2022, 2021. The Company had net operating loss carryforwards (“NOL”) for federal and state income tax purposes at December 31, 2022, December 31, 2021 December 31, Combined NOL Carryforwards: 2022 2021 Federal $ 19,022,927 $ 16,439,757 State $ 9,836,072 $ 16,439,757 The net operating loss carryforwards generated before 2018 2033 2030 2018 December 31, Combined Credit Carryforwards: 2022 2021 Federal $ 626,347 $ 365,668 The credit carryforwards begin expiring in 2038 Guerrilla RF, Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2022 2021 The NOL and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. NOL and tax credit carryforwards may three 50%, 382 383 1986, may not not A reconciliation of income tax benefit at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements is as follows: December 31, Rate reconciliation: 2022 2021 Federal tax benefit at the statutory rate (21.0 )% (21.0 )% State tax, net of federal benefit (2.0 )% (2.0 )% Nondeductible expenses 0.8 % 1.0 % Other 0.7 % — % Life insurance — % 5.0 % Provision to return true up (0.6 )% 1.0 % Research & development credits (2.2 )% (4.0 )% Change in the valuation allowance 24.2 % 30.0 % PPP loan forgiveness — % (10.0 )% Income Tax Expense (Benefit) — % — % The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company’s tax returns remain subject to examination; carryforward amounts from all tax years remain subject to adjustment. Potential 382 The Company’s ability to utilize its net operating loss ("NOL") and research and development ("R&D") credit carryforwards may 382 may 382 three 50 If the Company experiences an ownership change, utilization of the NOL or R&D credit carryforwards would be subject to an annual limitation, which is determined by first 382 may In the third 2022, one 382. not 2014. may 382 no 740. December 31, 2022. At December 31, 2022, $19,022,927 and $626,347, Guerrilla RF, Inc. Notes to Consolidated Financial Statements For the Years Ended December 31, 2022 2021 |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 10. We describe below transactions since January 1, 2019, not s. The following description is historical and has not 2019 In March 2019, “2019 “2019 2019 2019 2019 2019 Principal Number of Shares of Common Stock Issued Upon Mandatory Name of Stockholder Amount Conversion AMB Investments, LLC $ 575,000 338,235 Jeanne Pratt $ 250,000 147,059 Samuel W. Funchess $ 100,000 58,824 William H. Pratt $ 50,000 29,412 AMB Notes Guerrilla RF previously issued several promissory notes (the “AMB Notes”) to AMB Investments LLC (“AMB Investments”), which holds more than 5% of our outstanding capital stock. Certain of the AMB Notes were originally issued to Al Bodford, and each AMB Note originally issued to Al Bodford was assigned by him to AMB Investments in September 2021. March 27, 2017 March 12, 2018 March 31, 2019 2019 April 15, 2020 April 2, 2019 October 15, 2021 ( 2019 Thompson Note In July 2020, In July 2021, not September 30, 2021, 2021 Between July 15, 2021 October 1, 2021, ten The following table sets forth the principal amount of the Convertible Notes, and the number of shares of our common stock into which they were converted upon the closing of the Merger, sold to our directors, executive officers or holders of more than 5% of Guerrilla RF’s pre-Merger capital stock, or an affiliate or immediate family member thereof. Name of Stockholder Principal Amount Number of Shares of Common Stock issued upon Mandatory Conversion William J. Pratt $ 100,000 50,000 Jeanne Pratt $ 100,000 50,000 William H. Pratt $ 100,000 50,000 2021 In August 2021, “2021 2021 November 30, 2021 2021 2021 Name of Stockholder Principal Amount AMB Investments LLC $ 233,332.87 David Reich $ 50,000 Jason Bodford $ 16,666 Participation in the Offerings Certain privately held Guerrilla RF, Inc.'s shareholders, including investors affiliated with certain of our directors and officers, purchased an aggregate of 1,294,000 shares of our common stock in the private placement offering in the fourth 2021, not Certain existing Guerrilla RF, Inc. shareholders, including investors affiliated with certain of our directors and officers, purchased an aggregate of 80,000 Units in the fourth 2022 December 30, 2022. Policies and Procedures for Related Party Transactions The Audit Committee of our Board of Directors adopted a charter in the fourth 2021, |
Note 11 - Employee Benefit Plan
Note 11 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11. The Company has a 401 may 2022 2021 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. Subsequent events have been evaluated through the date that the Company approved the consolidated financial statements. The following subsequent events have occurred during the period. Private Placement Offering Completion As described in Note 6, February 28, 2023, $1.1 December 2022 January February 2023. December 31, 2022 January February 2023. New Facility Occupancy The Company took occupancy of its new headquarters office building in February 2023. December 31, 2022, January 2023. first 2023. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with GAAP and with the rules and regulations for reporting the Annual Report on Form 10 10 not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and reported amounts of revenue and expenses during the reporting period. In addition, the Company’s significant estimates and judgments involve the identification of performance obligations in revenue recognition and the valuation of share-based compensation, including the underlying fair value of the common stock. According |
Segment Reporting, Policy [Policy Text Block] | Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision-maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk and Major Customers Financial instruments at December 31, 2022 2021 The Company’s cash is deposited with major financial institutions in the U.S. At times, deposits in financial institutions located in the U.S. may not The Company’s accounts receivable are derived from revenue earned from customers located in and outside of the U.S. Major customers are defined as those generating revenue in excess of 10% ad one December 31, 2022 2021 or 81% o December 31, 2022 2021 76% December 31, 2022, nd 78% December 31, 2021 |
Accounts Receivable [Policy Text Block] | Accounts Receivable Accounts receivable primarily relate to amounts due from customers, which are typically due within 30 45 one not The Company had a factoring agreement that provided advance payments on up to 85% of invoices issued to RFPD, its largest distributor, with receivables less than 90 days outstanding secured by the remaining 15%. As of December 31, 2021, $0 second 2022. On June 1, 2022, December 31, 2022, December 31, 2022, 5 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. The Company depreciates computer hardware, software, production and computer equipment, and lab equipment using the straight-line method over their estimated useful lives, ranging from three five seven |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not h flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets, less costs to sell. The Company evaluated its long-lived assets for impairment in the year ended December 31, 2022 one 4 not 2021 . |
Deferred Charges, Policy [Policy Text Block] | Deferred Offering Costs The Company has not nd other third in Note 1, 6 December 31, 2022 2021. |
Stockholders' Equity, Policy [Policy Text Block] | Convertible Preferred Stock Warrants Accounting standards require that freestanding warrants and similar instruments, with certain settlement features of the financial instruments, should be accounted for as a preferred stock warrant liability even though the underlying shares of capital stock may 1 not December 31, 2022 2021. |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes product revenue when it satisfies a performance obligation by transferring a product or service to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products and services. Sales and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Shipping and handling fees charged to customers are reported within revenue. The Company does not not not not not As of December 31, 2022 2021, $250 $0, uring the year ended December 31, 2022, $0 December 31, 2021. December 31, 2022 2021, not not December 31, 2022 2021, The costs incurred by the Company for shipping and handling are classified as cost of revenue in the consolidated statements of operations. Any incidental items that are immaterial in the context of a sale to a customer are recognized as expense. |
Cost of Goods and Service [Policy Text Block] | Direct Product Costs The Company’s direct product costs consist primarily of salaries and related expenses, overhead, third |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company measures and recognizes compensation expense for all stock options awarded to employees and nonemployees based on the estimated fair market value of the award on the grant date. The Company uses the Black-Scholes option pricing model to value its stock option awards. The Company recognizes compensation expense on a straight-line basis over the requisite service period, which is generally the award's vesting period. In addition, the Company accounts for forfeitures of stock options as they occur. Estimating the fair market value of options requires the input of subjective assumptions, including the estimated fair value of the Company’s common stock, the expected life of the options, stock price volatility, the risk-free interest rate, and expected dividends. Therefore, the assumptions used in the Company’s Black-Scholes option-pricing model represent management’s best estimates and involve many variables, uncertainties, and assumptions, and the application of management’s judgment, as they are inherently subjective. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs Research and development costs are expensed as incurred and consist primarily of personnel-related engineering and technical staff wages and benefits, prototype costs, and other direct expenses. |
Advertising Cost [Policy Text Block] | Advertising Costs All advertising costs are expensed as incurred and included in sales and marketing expenses. Advertising expenses for the years ended December 31, 2022 2021 $18,108, |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost and net realizable value. Cost is determined by the first‐in, first‐out (FIFO) method. The Company analyzes its product portfolio and inventory aging in determining whether an inventory allowance is needed. Historically, such allowances have been immaterial and within management's expectations. |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the asset and liability method as required by FASB ASC Topic 740, Income Taxes 740” 740, not not FASB ASC Subtopic 740 10, Accounting for Uncertainty of Income Taxes 740 10” may not 50% 740 10, |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of common stock outstanding during each period. Diluted net loss per common stock includes the effect, if any, from the potential exercise or conversion of securities, such as options and warrants, which would result in the issuance of incremental common stock. For periods prior to the Merger mentioned in Note 1, December 31, 2022 2021 December 31, 2022 2021 The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares of common stock outstanding, as they would be anti-dilutive: 2022 2021 Common stock warrants 2,855,101 331,580 Restricted stock units 873,820 - Stock options 3,607,318 3,180,882 7,336,239 3,512,462 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In February 2016, 842, Leases 12 June 2020, 2020 05, 842 January 1, 2022. 842 March 31, 2022. 8 842. In June 2016, 2016 13, Financial Instruments - Credit Losses December 15, 2022, not In August 2020, No. 2020 06, Debt - Debt with Conversion and Other Options 470 20 and Derivatives and Hedging - Contracts in Entity s Own Equity 815 40 Accounting for Convertible Instruments and Contracts in an Entity s Own Equity December 15, 2021, no December 15, 2020, March 31, 2022 , not Effective January 1, 2022 , No. 2019 12, Income Taxes 740 Simplifying the Accounting for Income Taxes 2019 12 2019 12 2019 12 2022 2019 12 not In September 2022 , No. 2022 04, Liabilities - Supplier Finance Programs 405 50 Disclosure of Supplier Finance Program Obligations December 15, 2022 , December 15, 2023. |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | 2022 2021 Common stock warrants 2,855,101 331,580 Restricted stock units 873,820 - Stock options 3,607,318 3,180,882 7,336,239 3,512,462 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2022 2021 Raw materials $ 696,409 $ 629,090 Work-in-process 44,037 339,746 Finished goods 932,479 482,972 Inventory allowance - (12,794 ) Inventory, net $ 1,672,925 $ 1,439,014 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2022 2021 Production assets $ 1,849,808 $ 1,616,308 Computer equipment and software 809,038 647,852 Lab equipment 3,965,189 103,427 Office furniture and fixtures 1,044,858 51,354 Leasehold improvements 123,109 123,109 Construction work in progress 207,027 63,750 7,999,029 2,605,800 Less accumulated depreciation (2,900,932 ) (1,578,488 ) $ 5,098,097 $ 1,027,312 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Cost of Factoring [Table Text Block] | Year Ended December 31, 2022 Year Ended December 31, 2021 Factoring Fees $ - $ 87,122 |
Schedule of Long-Term Debt Instruments [Table Text Block] | 2022 2021 Note payable with monthly interest-only payments at 11 August 2027 4,408,187 - Note payable with monthly payments beginning in June 2022 at 3.75 June 2050 - 149,900 Finance agreement for directors and officers insurance premium with monthly payments at 4.95 August 2023 216,886 Finance agreement for software, with monthly payments at various interest rates, and maturity dates 216,217 Recourse factoring 727,356 - Total notes payable 5,568,646 149,900 Less current portion (959,803 ) 5,117 $ 4,608,843 $ 144,783 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2023 $ 959,803 2024 18,360 2025 18,861 2026 6,092 2027 4,565,530 Thereafter - $ 5,568,646 |
Note 7 - Share-based Compensa_2
Note 7 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2022 2021 Expected term (in years) 6.25 6.25 Expected volatility 52 % 67 % Risk-free rate 3.96 % 0.11 % Dividend rate — — |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted-Average Exercise Price Per Option Weighted- Average Remaining Contractual Life (in years) Shares underlying outstanding awards at December 31, 2020 3,209,141 $ 0.67 3.65 Granted 82,716 0.97 Exercised (110,975 ) 0.36 Shares underlying outstanding awards at December 31, 2021 3,180,882 0.38 5.30 Granted 472,000 1.30 Exercised (12,702 ) 0.41 Forfeited (32,862 ) 0.95 Shares underlying outstanding awards at December 31, 2022 3,607,318 $ 0.59 4.85 Exercisable options at December 31, 2022 2,905,460 $ 0.37 4.32 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | 2022 Number of RSUs Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 - $ - Granted 903,120 1.79 Vested - - Cancelled/Forfeited (29,300 ) 2.00 Outstanding at December 31, 2022 873,820 $ 1.78 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | 2022 2021 Direct product costs $ 21,088 $ - Research and development $ 181,792 $ - Sales and marketing $ 108,318 $ - General and administrative $ 332,372 $ 176,046 $ 643,570 $ 176,046 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | Balance Sheet Location December 31, 2022 Operating Leases: Operating lease right-of-use assets Operating lease right-of-use assets $ 209,669 Current portion of operating lease liabilities Operating lease, current portion 139,794 Noncurrent portion of operating lease liabilities Operating lease 71,714 Total operating lease liabilities $ 211,508 Finance Leases: Finance lease right-of-use assets Property, plant, and equipment $ 4,124,093 Current portion of finance lease liabilities Finance lease, current portion 1,078,506 Noncurrent portion of finance lease liabilities Finance lease 2,984,618 Total finance lease liabilities $ 4,063,124 |
Lease, Cost [Table Text Block] | For the Year Ended December 31, 2022 For the Year Ended December 31, 2022(1) Operating lease cost $ 135,842 $ 131,191 Finance lease cost: Amortization of lease assets 977,771 79,495 Interest on lease liabilities 251,228 21,108 Total finance lease costs $ 1,228,999 $ 100,603 |
Other Supplemental Lease Information [Table Text Block] | December 31, 2022 Weighted average remaining lease term (in years): Operating leases 1.48 Finance leases 3.73 Weighted average discount rate: Operating leases 7.35 % Finance leases 7.05 % Cash paid for amounts included in the measurement of lease liabilities for the year ended December 31, 2022: Operating cash flows from operating leases $ 133,637 Operating cash flows from finance leases $ 251,228 Financing cash flows from finance leases $ 985,622 |
Lease, Liability, Fiscal Year Maturity [Table Text Block] | Payments Due by Period 2023 2024 2025 2026 Thereafter Total Finance leases $ 1,329,924 $ 1,305,620 $ 984,853 $ 902,927 $ 116,018 $ 4,639,342 Less interest 251,418 176,040 104,265 42,185 2310 576,218 Finance lease liabilities $ 1,078,506 $ 1,129,580 $ 880,588 $ 860,742 $ 113,708 $ 4,063,124 Operating leases $ 150,687 $ 73,193 $ - $ - $ - $ 223,880 Less present value adjustment 10,893 1,479 - - - 12,372 Operating lease liabilities $ 139,794 $ 71,714 $ - $ - $ - $ 211,508 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Noncurrent deferred income tax asset arising from: Accounts payable $ 461,253 $ 272,585 Property, plant, and equipment 39,598 11,090 Equity-based compensation 112,336 65,127 Contribution carryforward 5,856 4,860 NOL carryforward 3,994,815 3,452,349 NEL carryforward 239,315 324,685 R&D credit 626,347 365,668 Operating lease liability 48,594 - Capitalized research and development expense 1,639,623 - Total deferred tax assets 7,167,737 4,496,364 Noncurrent deferred income tax liability arising from: Trade receivables and prepaid expenses (374,517 ) (655,804 ) Operating lease ROU asset (48,171 ) - Total deferred income tax liabilities (422,688 ) (655,804 ) Net noncurrent deferred income tax asset 6,745,049 3,840,560 Valuation allowance (6,745,049 ) (3,840,560 ) Net $ - $ - |
Summary of Operating Loss Carryforwards [Table Text Block] | December 31, Combined NOL Carryforwards: 2022 2021 Federal $ 19,022,927 $ 16,439,757 State $ 9,836,072 $ 16,439,757 |
Summary of Tax Credit Carryforwards [Table Text Block] | December 31, Combined Credit Carryforwards: 2022 2021 Federal $ 626,347 $ 365,668 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, Rate reconciliation: 2022 2021 Federal tax benefit at the statutory rate (21.0 )% (21.0 )% State tax, net of federal benefit (2.0 )% (2.0 )% Nondeductible expenses 0.8 % 1.0 % Other 0.7 % — % Life insurance — % 5.0 % Provision to return true up (0.6 )% 1.0 % Research & development credits (2.2 )% (4.0 )% Change in the valuation allowance 24.2 % 30.0 % PPP loan forgiveness — % (10.0 )% Income Tax Expense (Benefit) — % — % |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Debt Conversions [Table Text Block] | Principal Number of Shares of Common Stock Issued Upon Mandatory Name of Stockholder Amount Conversion AMB Investments, LLC $ 575,000 338,235 Jeanne Pratt $ 250,000 147,059 Samuel W. Funchess $ 100,000 58,824 William H. Pratt $ 50,000 29,412 Name of Stockholder Principal Amount Number of Shares of Common Stock issued upon Mandatory Conversion William J. Pratt $ 100,000 50,000 Jeanne Pratt $ 100,000 50,000 William H. Pratt $ 100,000 50,000 |
Schedule of Debt [Table Text Block] | Name of Stockholder Principal Amount AMB Investments LLC $ 233,332.87 David Reich $ 50,000 Jason Bodford $ 16,666 |
Note 1 - Organization and Nat_2
Note 1 - Organization and Nature of Business (Details Textual) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 28, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Income (Loss) Attributable to Parent, Total | $ (12,026,766) | $ (2,837,155) | ||
Net Cash Provided by (Used in) Operating Activities, Total | (9,248,403) | (4,819,376) | ||
Retained Earnings (Accumulated Deficit), Total | $ (15,046,402) | (27,073,168) | (15,046,402) | |
Cash | 5,313,985 | 4,340,407 | $ 5,313,985 | |
Proceeds from Issuance of Private Placement | $ 2,588,000 | 9,200,000 | ||
Subsequent Event [Member] | ||||
Proceeds from Issuance of Private Placement | $ 4,200,000 | |||
Spectrum Loan Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000 | |||
Proceeds from Issuance of Long-Term Debt, Total | 720,000 | |||
Line of Credit Facility, Additional Maximum Borrowing Capacity | 3,000,000 | |||
Salem Loan Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 8,000,000 | |||
Proceeds from Issuance of Long-Term Debt, Total | 5,000,000 | |||
Line of Credit Facility, Additional Maximum Borrowing Capacity | $ 8,000,000 |
Note 2 - Basis of Presentatio_3
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Jun. 01, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 22, 2021 | |
Factoring Agreement, Advance Amount, Percentage of Accounts Receivable | 85% | |||
Factoring Agreement, Receivables Term Oustanding (Day) | 90 days | |||
Factoring Agreement, Percentage of Receivables, Collateral | 15% | |||
Accounts Receivable Secured Debt Facility | $ 3,000,000 | |||
Accounts Receivable Secured Debt Facility, Receivables Assigned | $ 700,000 | |||
Accounts Receivable Secured Debt Facility, Amount Due | 100,000 | |||
Asset Impairment Charges, Total | $ 0 | |||
Contract with Customer, Liability, Revenue To Be Recognized | 250,000 | 0 | ||
Contract with Customer, Liability, Total | 0 | 0 | ||
Advertising Expense | 39,219 | 18,108 | ||
Merger Agreement [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Per Acquiree Share | 2.95 | |||
Convertible Preferred Stock Warrants [Member] | ||||
Warrants and Rights Outstanding | $ 0 | $ 0 | ||
Computer Hardware, Software, Production and Computer Equipment and Lab Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Computer Hardware, Software, Production and Computer Equipment and Lab Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 1 | 1 | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | ||||
Concentration Risk, Percentage | 81% | 81% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | ||||
Concentration Risk, Percentage | 76% | 78% |
Note 2 - Basis of Presentatio_4
Note 2 - Basis of Presentation and Significant Accounting Policies - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 7,336,239 | 3,512,462 |
Common Stock Warrants [Member] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2,855,101 | 331,580 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 873,820 | 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 3,607,318 | 3,180,882 |
Note 3 - Inventories (Details T
Note 3 - Inventories (Details Textual) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Valuation Reserves | $ 0 | $ 12,794 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 696,409 | $ 629,090 |
Work-in-process | 44,037 | 339,746 |
Finished goods | 932,479 | 482,972 |
Inventory allowance | 0 | (12,794) |
Inventory, net | $ 1,672,925 | $ 1,439,014 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Total | $ 1,357,571 | $ 371,435 |
Impairment, Long-Lived Asset, Held-for-Use, Total | $ 20,000 |
Note 4 - Property and Equipme_4
Note 4 - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Property and equipment, gross | $ 7,999,029 | $ 2,605,800 |
Less accumulated depreciation | (2,900,932) | (1,578,488) |
Property, Plant and Equipment, Net, Total | 5,098,097 | 1,027,312 |
Production Assets [Member] | ||
Property and equipment, gross | 1,849,808 | 1,616,308 |
Computer Equipment and Software [Member] | ||
Property and equipment, gross | 809,038 | 647,852 |
Lab Equipment [Member] | ||
Property and equipment, gross | 3,965,189 | 103,427 |
Furniture and Fixtures [Member] | ||
Property and equipment, gross | 1,044,858 | 51,354 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 123,109 | 123,109 |
Construction in Progress [Member] | ||
Property and equipment, gross | $ 207,027 | $ 63,750 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||
Aug. 11, 2022 | Jun. 01, 2022 | Oct. 22, 2021 | Feb. 17, 2021 | Apr. 15, 2020 | Jun. 01, 2018 | Apr. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 19, 2021 | Dec. 31, 2020 | Jun. 24, 2020 | Apr. 30, 2020 | Mar. 14, 2018 | |
Factoring Agreement, Advance Amount, Percentage of Accounts Receivable | 85% | |||||||||||||
Factoring Agreement, Factoring Fee, First Thirty Days, Percentage of Invoice Face Value | 0.98% | |||||||||||||
Factoring Agreement, Factoring Fee, After Thirty Days, Percentage of Invoice Face Value | 0.0327% | |||||||||||||
Factoring Agreement, Minimum Invoice Fee | $ 1.50 | |||||||||||||
Accounts Receivable Secured Debt Facility | $ 3,000,000 | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,523,521 | |||||||||||||
Series E Preferred Stock Convertible Note Private Offering [Member] | Series E Preferred Stock [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 898,542 | |||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 2.57 | |||||||||||||
Series E Warrants Issued With Note Payable Maturing May 2022 [Member] | ||||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 2 | |||||||||||||
Series E Preferred Stock Warrants [Member] | ||||||||||||||
Class of Warrant or Right, Issued During Period (in shares) | 38,911 | 77,821 | ||||||||||||
Proceeds from Warrant Exercises | $ 500,001 | |||||||||||||
Class of Warrant or Right, Issued During Period, Exercise Price (in dollars per share) | $ 2.57 | |||||||||||||
Series D and Series E Preferred Stock Warrants [Member] | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 116,733 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 2.57 | |||||||||||||
Salem Loan Facility [Member] | ||||||||||||||
Long-Term Line of Credit, Total | $ 5,000,000 | $ 5,000,000 | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 8,000,000 | |||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 3,000,000 | |||||||||||||
Line of Credit Facility, Term (Year) | 5 years | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 13% | |||||||||||||
Line of Credit Facility, Interest Rate During Period, Paid in Cash | 11% | |||||||||||||
Line of Credit Facility, Interest Rate During Period, Paid-in-Kind | 2% | |||||||||||||
Line of Credit Facility, Fee, Percentage | 2% | |||||||||||||
Common Stock, Shares, Issued as Consideration (in shares) | 150,000 | 150,000 | ||||||||||||
Common Stock, Shares, Issuable as Consideration (in shares) | 150,000 | |||||||||||||
Extinguishment of Debt, Prepaid Premium Year 1, Percentage | 3% | |||||||||||||
Extinguishment of Debt, Prepaid Premium Year 2, Percentage | 2% | |||||||||||||
Extinguishment of Debt, Prepaid Premium Year 3, Percentage | 1% | |||||||||||||
Interest Expense, Debt, Total | $ 172,000 | |||||||||||||
Line of Credit, Net of Discount, Total | 4,600,000 | |||||||||||||
Common Stock, Value, Issued as Consideration | 500,000 | |||||||||||||
Paycheck Protection Program CARES Act [Member] | ||||||||||||||
Long-Term Debt, Gross | 0 | $ 0 | $ 535,800 | |||||||||||
Debt Instrument, Face Amount | $ 535,800 | |||||||||||||
Interest Payable | 0 | 3,611 | ||||||||||||
Long-Term Debt, Excluding Current Maturities, Total | $ 90,000 | |||||||||||||
Debt Instrument, Decrease, Forgiveness | $ 535,800 | |||||||||||||
Spectrum Loan Facility [Member] | ||||||||||||||
Percent, Cost of Eligible Equipment | 75% | |||||||||||||
Monthly Reduction of Maximum Funds Available to Purchase Eligible Equipment, Percentage | 0.021% | |||||||||||||
Percent, Net Amount of Eligible Inventory | 50% | |||||||||||||
Additional Amount Allowed to be Borrowed | $ 350,000 | |||||||||||||
Percent of Purchased Accounts Receivable Outstanding | 50% | |||||||||||||
Percent of Eligible Accounts Receivable | 85% | |||||||||||||
Accounts Receivable Secured Debt Facility | $ 3,000,000 | |||||||||||||
Annual Facility Fees | $ 30,000 | |||||||||||||
Debt Instrument, Base Floor | 7% | |||||||||||||
Long-Term Line of Credit, Total | 700,000 | |||||||||||||
Interest Expense, Total | 66,000 | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000 | |||||||||||||
Spectrum Loan Facility [Member] | Prime Rate [Member] | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||
SBA, Economic Injury Disaster Loan (EIDL) [Member] | ||||||||||||||
Long-Term Debt, Gross | 149,900 | |||||||||||||
Debt Instrument, Face Amount | $ 150,000 | |||||||||||||
Interest Payable | 12,000 | |||||||||||||
The 2021 Paycheck Protection Program Cares Act [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 833,300 | |||||||||||||
Note Payable Maturing From March 2022 to December 31, 2023 [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 4,000,000 | |||||||||||||
Note Payable Maturing From March 2022 to December 31, 2023 [Member] | Minimum [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||||||||||
Note Payable Maturing From March 2022 to December 31, 2023 [Member] | Maximum [Member] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | |||||||||||||
Note Payable Maturing May 2022 [Member] | ||||||||||||||
Long-Term Debt, Gross | 500,000 | |||||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | |||||||||||||
Repayments of Long-term Debt, Total | $ 500,000 | |||||||||||||
Pre 2021 Convertible Notes [Member] | ||||||||||||||
Conversion of Stock, Amount Converted | $ 4,500,000 | |||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 2,647,059 | |||||||||||||
Preferred Stock, Convertible, Conversion Price (in dollars per share) | $ 1.70 | |||||||||||||
Convertible Promissory Notes [Member] | ||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 24,130,642 | |||||||||||||
Debt in Connection with Merger [Member] | ||||||||||||||
Interest Payable | $ 51,627 | |||||||||||||
Conversion of Stock, Amount Converted | $ 1,488,600 | |||||||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | 744,300 | |||||||||||||
Note Payable Maturing December 2023 [Member] | ||||||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% |
Note 5 - Debt - Cost of Factori
Note 5 - Debt - Cost of Factoring (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Factoring Fees | $ 0 | $ 87,122 |
Note 5 - Debt - Summary of Long
Note 5 - Debt - Summary of Long-term Debt (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Notes payable | $ 5,568,646 | $ 149,900 |
Less current portion | (959,803) | 5,117 |
Notes Payable, Current, Total | 4,608,843 | 144,783 |
Note Payable Maturing in August 2027 [Member] | ||
Notes payable | 4,408,187 | 0 |
Note Payable Maturing in June 2050 [Member] | ||
Notes payable | 0 | $ 149,900 |
Finance Agreement for Directors and Officers [Member] | ||
Notes payable | 216,886 | |
Finance Agreement for Directors and Officers Insurance Premium [Member] | ||
Notes payable | 216,217 | |
Recourse Factoring [Member] | ||
Notes payable | $ 727,356 |
Note 5 - Debt - Summary of Lo_2
Note 5 - Debt - Summary of Long-term Debt (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2022 | |
Note Payable Maturing in August 2027 [Member] | |
Interest rate | 11% |
Maturity date | Aug. 31, 2027 |
Note Payable Maturing in June 2050 [Member] | |
Interest rate | 3.75% |
Maturity date | Jun. 30, 2050 |
Finance Agreement for Directors and Officers [Member] | |
Interest rate | 4.95% |
Maturity date | Aug. 31, 2023 |
Note 5 - Debt - Long-term Debt
Note 5 - Debt - Long-term Debt Expected to Mature (Details) | Dec. 31, 2022 USD ($) |
2023 | $ 959,803 |
2024 | 18,360 |
2025 | 18,861 |
2026 | 6,092 |
2027 | 4,565,530 |
Thereafter | 0 |
Debt, Long-Term and Short-Term, Combined Amount, Total | $ 5,568,646 |
Note 6 - Common Stock and Con_2
Note 6 - Common Stock and Convertible Preferred Stock (Details Textual) | 12 Months Ended | |||||
Dec. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Nov. 30, 2022 USD ($) | Nov. 30, 2021 shares | Oct. 31, 2021 shares | |
Common Stock, Shares Authorized (in shares) | 300,000,000 | 300,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Common Stock, Voting Rights, Vote Per Share | 1 | |||||
Dividends, Common Stock, Total | $ | $ 0 | |||||
Proceeds from Issuance of Common Stock | $ | $ 0 | $ 8,382,826 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,523,521 | |||||
Dividends Payable | $ | $ 0 | |||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | ||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||||
Nonemployees [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 148,480 | 183,100 | ||||
Warrants in Connection With Unit Purchase Agreement [Member] | ||||||
Number of Warrant Per Unit (in shares) | 1 | |||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 0.5 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2 | |||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||
Placement Agent Warrants [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 1.30 | |||||
Warrants and Rights Outstanding, Term (Year) | 5 years | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 582,351 | 582,351 | ||||
Purchaser Warrant [Member] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 1,941,170 | |||||
Private Placement Offering [Member] | ||||||
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 33,147,192 | |||||
Sale of Stock, Price Per Share (in dollars per share) | $ / shares | $ 2 | |||||
Proceeds from Issuance of Common Stock | $ | $ 11,500,000 | |||||
Payments of Stock Issuance Costs | $ | $ 2,100,000 | |||||
Unit Purchase Agreement in Private Placement Offering [Member] | ||||||
Payments of Stock Issuance Costs | $ | $ 700,200 | |||||
Stock Offering, Maximum Value | $ | $ 10,000,000 | $ 9,200,000 | ||||
Stock Issued During the Period, Units, New Issues (in shares) | 3,882,340 | |||||
Number of Common Stock Per Unit (in shares) | 1 | |||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.30 | |||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 5,000,000 | |||||
Placement Agents Fee | $ | $ 504,704 | |||||
Percent of Gross Proceeds From Issuance of Equity | 10% |
Note 7 - Share-based Compensa_3
Note 7 - Share-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Apr. 04, 2022 $ / shares shares | Jan. 01, 2022 $ / shares shares | Oct. 22, 2021 shares | Sep. 30, 2022 $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 shares | Dec. 31, 2014 shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,260,000 | 568,000 | ||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ / shares | $ 0.70 | |||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ / shares | $ 1.57 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 1.30 | $ 0.97 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 3,607,318 | 3,180,882 | 3,209,141 | |||||
Factor of Change in Exercise Price of Options | 2.95 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 472,000 | 82,716 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 1.30 | $ 0.97 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 12,702 | 110,975 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 3,300 | |||||||
Share-Based Payment Arrangement, Granted Award, Option, Cost Not yet Recognized, Amount | $ | $ 500 | |||||||
Share-Based Payment Arrangement, Granted Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | |||||||
Share-Based Payment Arrangement, Expense | $ | $ 643,570 | $ 176,046 | ||||||
Share-Based Payment Arrangement, Expense, Tax Benefit | $ | 0 | |||||||
Share-Based Payment Arrangement, Amount Capitalized | $ | $ 0 | |||||||
Share-Based Payment Arrangement, Employee [Member] | ||||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ / shares | $ 2 | |||||||
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ / shares | $ 4.15 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 248,500 | 93,500 | ||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 2 | |||||||
Merger Agreement [Member] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Per Acquiree Share | 2.95 | |||||||
Merger Agreement [Member] | Share-based Payment Arrangement, Option 1 [Member] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 3,146,366 | |||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years | |||||||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | 4 years | ||||||
Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Employee [Member] | Vesting Each Year [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | 25% | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 903,120 | 0 | ||||||
Share-Based Payment Arrangement, Expense | $ | $ 1,100 | |||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Employee [Member] | Vest Over Three Equal Annual Installments [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 873,820 | |||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Vest Over One Year [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 150,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Nonemployee [Member] | Vest Over Three Equal Annual Installments [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 723,820 | |||||||
Director [Member] | Performance Shares [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 75,000 | |||||||
Share Price (in dollars per share) | $ / shares | $ 2 | |||||||
The 2021 Plan [Member] | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 222,991 | |||||||
Common Stock, Capital Shares Reserved for Future Issuance, Increase as Percentage of Total Share Outstanding | 5% | |||||||
The 2014 Long Term Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 1,065,067 |
Note 7 - Share-based Compensa_4
Note 7 - Share-based Compensation - Weighted-average Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Expected term (in years) (Year) | 6 years 3 months | 6 years 3 months |
Expected volatility | 52% | 67% |
Risk-free rate | 3.96% | 0.11% |
Dividend rate | 0% | 0% |
Note 7 -Share-based Compensatio
Note 7 -Share-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Shares underlying outstanding awards (in shares) | 3,180,882 | 3,209,141 | |
Shares underlying outstanding awards, weighted average exercise price (in dollars per share) | $ 0.38 | $ 0.67 | |
Shares underlying outstanding awards, weighted average remaining contractual term (Year) | 4 years 10 months 6 days | 5 years 3 months 18 days | 3 years 7 months 24 days |
Granted (in shares) | 472,000 | 82,716 | |
Granted, weighted average exercise price (in dollars per share) | $ 1.30 | $ 0.97 | |
Exercised (in shares) | (12,702) | (110,975) | |
Exercised, weighted average exercise price (in dollars per share) | $ 0.41 | $ 0.36 | |
Forfeited (in shares) | (32,862) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 0.95 | ||
Shares underlying outstanding awards (in shares) | 3,607,318 | 3,180,882 | 3,209,141 |
Shares underlying outstanding awards, weighted average exercise price (in dollars per share) | $ 0.59 | $ 0.38 | $ 0.67 |
Exercisable options (in shares) | 2,905,460 | ||
Exercisable options, weighted average exercise price (in dollars per share) | $ 0.37 | ||
Exercisable options, weighted average remaining contractual term (Year) | 4 years 3 months 25 days |
Note 7 - Share-based Compensa_5
Note 7 - Share-based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding, shares (in shares) | 0 | |
Outstanding, weighted average fair value (in dollars per share) | $ 0 | |
Granted, shares (in shares) | 903,120 | 0 |
Granted, weighted average fair value (in dollars per share) | $ 1.79 | |
Vested, shares (in shares) | 0 | |
Forfeited, shares (in shares) | (29,300) | |
Forfeited, weighted average fair value (in dollars per share) | $ 2 | |
Outstanding, shares (in shares) | 873,820 | 0 |
Outstanding, weighted average fair value (in dollars per share) | $ 1.78 | $ 0 |
Note 7 - Share-based Compensa_6
Note 7 - Share-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Stock-based compensation expense | $ 643,570 | $ 176,046 |
Cost of Sales [Member] | ||
Stock-based compensation expense | 21,088 | 0 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 181,792 | 0 |
Selling and Marketing Expense [Member] | ||
Stock-based compensation expense | 108,318 | 0 |
General and Administrative Expense [Member] | ||
Stock-based compensation expense | $ 332,372 | $ 176,046 |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingencies (Details Textual) - USD ($) | 1 Months Ended | 4 Months Ended | 12 Months Ended | |||||||
Jan. 03, 2023 | Jan. 31, 2023 | Aug. 31, 2022 | Aug. 30, 2022 | Apr. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2022 | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 4,124,093 | $ 4,124,093 | $ 2,600,000 | |||||||
Operating Lease, Liability, Total | 211,508 | 211,508 | 300,000 | |||||||
Lessee, Operating Lease, Lease Not yet Commenced, Annual Lease Expense | 1,100,000 | 1,100,000 | ||||||||
Finance Lease, Liability, to be Paid, Total | 4,639,342 | 4,639,342 | ||||||||
Finance Lease, Interest Expense | 251,228 | $ 21,108 | [1] | |||||||
Finance Lease, Principal Payments | 985,622 | 100,839 | ||||||||
Finance Lease, Interest Payment on Liability | 251,228 | |||||||||
Finance Lease, Liability, Total | 4,063,124 | 4,063,124 | 2,600,000 | |||||||
Operating Lease, Right-of-Use Asset | 209,669 | 209,669 | 0 | $ 300,000 | ||||||
Legal Claims [Member] | ||||||||||
Loss Contingency Accrual, Ending Balance | 0 | 0 | 0 | |||||||
Indemnification Agreement [Member] | ||||||||||
Loss Contingency Accrual, Ending Balance | 0 | 0 | $ 0 | |||||||
Headquarters Office Building [Member] | ||||||||||
Construction Cost, Estimated Amount | $ 7,500,000 | |||||||||
Construction Cost, Estimate Attributable to Company | 3,500,000 | |||||||||
Payments for Construction Payable | $ 1,300,000 | |||||||||
Excess Construction Costs, Deferral Fee | 2% | |||||||||
Excess Construction Costs, Interest | 18% | |||||||||
Headquarters Office Building [Member] | Subsequent Event [Member] | ||||||||||
Payments for Construction Payable | $ 2,500,000 | $ 2,500,000 | ||||||||
Furniture for Headquarters Office Building [Member] | ||||||||||
Finance Lease, Liability, to be Paid, Total | $ 1,100,000 | 692,000 | $ 692,000 | |||||||
Finance Lease, Interest Expense | $ 496,000 | |||||||||
Finance Lease, Principal Payments | $ 246,000 | 96,000 | ||||||||
Finance Lease, Interest Payment on Liability | $ 17,000 | $ 14,000 | ||||||||
[1]Represent amounts under ASC 840. |
Note 8 - Commitments and Cont_4
Note 8 - Commitments and Contingencies - Balance Sheet Information Related to Right-of-use Assets and Liabilities (Details) - USD ($) | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Operating Lease, Right-of-Use Asset | $ 209,669 | $ 300,000 | $ 0 |
Current portion of operating lease liabilities | 139,794 | 0 | |
Noncurrent portion of operating lease liabilities | 71,714 | 0 | |
Total operating lease liabilities | 211,508 | 300,000 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 4,124,093 | 2,600,000 | |
Current portion of finance lease liabilities | 1,078,506 | 118,420 | |
Noncurrent portion of finance lease liabilities | 2,984,618 | $ 264,347 | |
Total finance lease liabilities | $ 4,063,124 | $ 2,600,000 |
Note 8 - Commitments and Cont_5
Note 8 - Commitments and Contingencies - Lease Cost (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | [1] | |
Operating lease cost | $ 135,842 | $ 131,191 | |
Amortization of lease assets | 977,771 | 79,495 | |
Interest on lease liabilities | 251,228 | 21,108 | |
Total finance lease costs | $ 1,228,999 | $ 100,603 | |
[1]Represent amounts under ASC 840. |
Note 8 - Commitments and Cont_6
Note 8 - Commitments and Contingencies - Other Supplemental Information Related to Leases (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating leases (Year) | 1 year 5 months 23 days | |
Finance leases (Year) | 3 years 8 months 23 days | |
Operating leases | 7.35% | |
Finance leases | 7.05% | |
Operating cash flows from operating leases | $ 133,637 | |
Finance Lease, Interest Payment on Liability | 251,228 | |
Finance Lease, Principal Payments | $ 985,622 | $ 100,839 |
Note 8 - Commitments and Cont_7
Note 8 - Commitments and Contingencies - Future Minimum Payments (Details) - USD ($) | Dec. 31, 2022 | Jan. 01, 2022 |
Finance leases, 2023 | $ 1,329,924 | |
Finance leases, 2024 | 1,305,620 | |
Finance leases, 2025 | 984,853 | |
Finance leases, 2026 | 902,927 | |
Finance leases, thereafter | 116,018 | |
Finance leases, total | 4,639,342 | |
Less interest, 2023 | 251,418 | |
Less interest, 2024 | 176,040 | |
Less interest, 2025 | 104,265 | |
Less interest, 2026 | 42,185 | |
Less interest, thereafter | 2,310 | |
Less interest, total | 576,218 | |
Finance lease liabilities, 2023 | 1,078,506 | |
Finance lease liabilities, 2024 | 1,129,580 | |
Finance lease liabilities, 2025 | 880,588 | |
Finance lease liabilities, 2026 | 860,742 | |
Finance lease liabilities, thereafter | 113,708 | |
Finance lease liabilities, total | 4,063,124 | $ 2,600,000 |
Operating leases, 2023 | 150,687 | |
Operating leases, 2024 | 73,193 | |
Operating leases, total | 223,880 | |
Less present value adjustment, 2023 | 10,893 | |
Less present value adjustment, 2024 | 1,479 | |
Less present value adjustment, total | 12,372 | |
Operating lease liabilities, 2023 | 139,794 | |
Operating lease liabilities, 2024 | 71,714 | |
Operating lease liabilities, total | $ 211,508 | $ 300,000 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 0 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Unrecognized Tax Benefits, Ending Balance | $ 0 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 19,022,927 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | R&D Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Subject to Expiration | $ 626,347 |
Note 9 - Income Taxes - Signifi
Note 9 - Income Taxes - Significant Components of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts payable | $ 461,253 | $ 272,585 |
Property, plant, and equipment | 39,598 | 11,090 |
Equity-based compensation | 112,336 | 65,127 |
Contribution carryforward | 5,856 | 4,860 |
NOL carryforward | 3,994,815 | 3,452,349 |
NEL carryforward | 239,315 | 324,685 |
R&D credit | 626,347 | 365,668 |
Operating lease liability | 48,594 | 0 |
Capitalized research and development expense | 1,639,623 | 0 |
Total deferred tax assets | 7,167,737 | 4,496,364 |
Trade receivables and prepaid expenses | (374,517) | (655,804) |
Operating lease ROU asset | (48,171) | 0 |
Total deferred income tax liabilities | (422,688) | (655,804) |
Net noncurrent deferred income tax asset | 6,745,049 | 3,840,560 |
Valuation allowance | (6,745,049) | (3,840,560) |
Net | $ 0 | $ 0 |
Note 9 - Income Taxes - Net Ope
Note 9 - Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Domestic Tax Authority [Member] | ||
NOL carryforward | $ 19,022,927 | $ 16,439,757 |
State and Local Jurisdiction [Member] | ||
NOL carryforward | $ 9,836,072 | $ 16,439,757 |
Note 9 - Income Taxes - Credit
Note 9 - Income Taxes - Credit Carryforwards (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Domestic Tax Authority [Member] | ||
Credit carryforward | $ 626,347 | $ 365,668 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Income Tax Benefit (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Federal tax benefit at the statutory rate | (21.00%) | (21.00%) |
State tax, net of federal benefit | (2.00%) | (2.00%) |
Nondeductible expenses | 0.80% | 1% |
Other | 0.70% | 0% |
Life insurance | 0% | 5% |
Provision to return true up | (0.60%) | 1% |
Research & development credits | (2.20%) | (4.00%) |
Change in the valuation allowance | 24.20% | 30% |
PPP loan forgiveness | 0% | (10.00%) |
Income Tax Expense (Benefit) | 0% | 0% |
Note 10 - Related Party Trans_3
Note 10 - Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 48 Months Ended | |||||||||||||
Sep. 30, 2021 | Jul. 15, 2021 | Jul. 31, 2021 | Mar. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 01, 2021 | Nov. 30, 2021 | Oct. 15, 2021 | Aug. 31, 2021 | Jul. 31, 2020 | Apr. 15, 2020 | Jan. 01, 2019 | Mar. 12, 2018 | Mar. 27, 2017 | |
Related Party Transaction, Amounts of Transaction | $ 120,000 | ||||||||||||||||
Proceeds from Issuance of Private Placement | $ 2,588,000 | $ 9,200,000 | |||||||||||||||
Private Placement Offering [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 80,000 | 1,294,000 | |||||||||||||||
Transmit Principle of Promissory Note [Member] | Greg Thompson [Member] | |||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 300,000 | $ 300,000 | |||||||||||||||
Conversion 2019 Notes To Common Stock [Member] | |||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.70 | ||||||||||||||||
Conversion AMB Notes To Common Stock [Member] | |||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.70 | ||||||||||||||||
Conversion of Thomson Note To Common Stock [Member] | |||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 1.70 | ||||||||||||||||
Notes 2019 [Member] | |||||||||||||||||
Proceeds from Issuance of Private Placement | $ 1,750,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | ||||||||||||||||
Notes 2019 [Member] | Al Bodford [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | ||||||||||||||||
Debt Instrument, Face Amount | $ 175,000 | ||||||||||||||||
Notes 2019 [Member] | AMB Investments LLC [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 400,000 | ||||||||||||||||
Non-negotiable AMB Notes [Member] | Al Bodford [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | 8% | |||||||||||||||
Debt Instrument, Face Amount | $ 1,000,000 | $ 333,333 | |||||||||||||||
Term Loan [Member] | Al Bodford [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | ||||||||||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||||||||||
Thompson Note [Member] | Greg Thompson [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | ||||||||||||||||
Debt Instrument, Face Amount | $ 250,000 | ||||||||||||||||
Thompson Promissory Note [Member] | Greg Thompson [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | ||||||||||||||||
Debt Instrument, Face Amount | $ 300,000 | ||||||||||||||||
Interest Paid, Excluding Capitalized Interest, Operating Activities | $ 4,842 | ||||||||||||||||
Convertible Promissory Notes [Member] | Ten Accredited Investors [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | ||||||||||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ 2 | ||||||||||||||||
Proceeds from Convertible Debt | $ 1,488,600 | ||||||||||||||||
Promissory Notes 2021 [Member] | AMB Investments LLC [Member] | |||||||||||||||||
Debt Instrument, Face Amount | $ 233,332.87 | ||||||||||||||||
Promissory Notes 2021 [Member] | Warrant Holders [Member] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12% | 6% | |||||||||||||||
Debt Instrument, Face Amount | $ 300,000 | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Percentage of Pre-merger Capital Stock | 5% | 5% | 5% | 5% |
Note 10 - Related Party Trans_4
Note 10 - Related Party Transactions - Convertible Debt (Details) - USD ($) | 1 Months Ended | |
Jul. 15, 2021 | Mar. 31, 2019 | |
Conversion 2019 Notes To Common Stock [Member] | AMB Investments LLC [Member] | ||
Principal Amount | $ 575,000 | |
Number of shares of common stock issued (in shares) | 338,235 | |
Conversion 2019 Notes To Common Stock [Member] | Jeanne Pratt [Member] | ||
Principal Amount | $ 100,000 | $ 250,000 |
Number of shares of common stock issued (in shares) | 50,000 | 147,059 |
Conversion 2019 Notes To Common Stock [Member] | Samuel W. Funchess [Member] | ||
Principal Amount | $ 100,000 | |
Number of shares of common stock issued (in shares) | 58,824 | |
Conversion 2019 Notes To Common Stock [Member] | William H. Pratt [Member] | ||
Principal Amount | $ 100,000 | $ 50,000 |
Number of shares of common stock issued (in shares) | 50,000 | 29,412 |
Conversion of Convertible Promissory Note To Common Stock [Member] | William J. Pratt [Member] | ||
Principal Amount | $ 100,000 | |
Number of shares of common stock issued (in shares) | 50,000 |
Note 10 - Related Party Trans_5
Note 10 - Related Party Transactions - Promissory Notes (Details) - Promissory Notes 2021 [Member] | Aug. 31, 2021 USD ($) |
AMB Investments LLC [Member] | |
Debt Instrument, Face Amount | $ 233,332.87 |
David Reich [Member] | |
Debt Instrument, Face Amount | 50,000 |
Jason Bodford [Member] | |
Debt Instrument, Face Amount | $ 16,666 |
Note 11 - Employee Benefit Pl_2
Note 11 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan, Cost | $ 336,383 | $ 208,105 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 6 Months Ended | |||||
Jan. 03, 2023 | Dec. 30, 2022 | Jan. 31, 2023 | Aug. 31, 2022 | Feb. 28, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Nov. 30, 2022 | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 2,523,521 | |||||||
Headquarters Office Building [Member] | ||||||||
Payments for Construction Payable | $ 1,300,000 | |||||||
Headquarters Office Building [Member] | Forecast [Member] | ||||||||
Accrual of Construction Payable | $ 700,000 | |||||||
Placement Agent Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 582,351 | 582,351 | ||||||
Subsequent Event [Member] | Headquarters Office Building [Member] | ||||||||
Payments for Construction Payable | $ 2,500,000 | $ 2,500,000 | ||||||
Subsequent Event [Member] | Placement Agent Warrants [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 3,216,805 | |||||||
Class of Warrant or Right, Issued During Period (in shares) | 2,090,923 | |||||||
Unit Purchase Agreement in Private Placement Offering [Member] | ||||||||
Stock Offering, Maximum Value | $ 10,000,000 | $ 9,200,000 | ||||||
Proceeds from Issuance or Sale of Equity, Total | 5,000,000 | |||||||
Payments of Stock Issuance Costs | $ 700,200 | |||||||
Unit Purchase Agreement in Private Placement Offering [Member] | Subsequent Event [Member] | ||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 5,000,000 | |||||||
Payments of Stock Issuance Costs | $ 4,200,000 |