Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 | |
Entity Current Reporting Status | Yes | |
Entity Registrant Name | UQM TECHNOLOGIES INC | |
Entity Central Index Key | 315,449 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | uqm | |
Entity Common Stock, Shares Outstanding | 54,187,701 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 2,599,995 | $ 6,309,269 |
Restricted cash | 408,786 | 176,193 |
Accounts receivable | 1,196,733 | 823,793 |
Inventories, net | 3,910,030 | 2,341,360 |
Prepaid expenses and other current assets | 348,557 | 233,566 |
Total current assets | 8,464,101 | 9,884,181 |
Property and equipment, at cost: | ||
Land | 896,388 | 896,388 |
Building | 4,516,301 | 4,516,301 |
Machinery and equipment | 7,326,875 | 7,136,578 |
Property, plant and equipment, gross | 12,739,564 | 12,549,267 |
Less accumulated depreciation | (8,083,833) | (7,936,056) |
Net property and equipment | 4,655,731 | 4,613,211 |
Patent costs, net of accumulated amortization of $963,596 and $953,491, respectively | 235,059 | 222,461 |
Trademark costs, net of accumulated amortization of $87,629 and $85,381, respectively | 88,212 | 90,460 |
Restricted cash | 323,863 | |
Total assets | 13,443,103 | 15,134,176 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 1,742,713 | 948,875 |
Unearned revenue | 1,698,895 | 153,944 |
Other current liabilities | 881,735 | 819,839 |
Billings in excess of costs and estimated earnings on engineering services contracts | 92,294 | 199,160 |
Current portion of long-term debt, net of deferred financing costs of | 3,138,103 | |
Total current liabilities | 7,553,740 | 2,121,818 |
Long-term debt, net of deferred financing costs of $0 and $45,079, respectively | 3,119,450 | |
Other long-term liabilities | 111,667 | 121,667 |
Total long-term liabilities | 111,667 | 3,241,117 |
Total liabilities | 7,665,407 | 5,362,935 |
Stockholders' equity: | ||
Common stock, $0.01 par value, 175,000,000 shares authorized; 54,140,502 and 54,108,510 shares issued and outstanding, respectively | 541,405 | 541,085 |
Additional paid-in capital | 134,310,065 | 133,901,406 |
Accumulated deficit | (129,073,774) | (124,671,250) |
Total stockholders' equity | 5,777,696 | 9,771,241 |
Total liabilities and stockholders' equity | $ 13,443,103 | $ 15,134,176 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Consolidated Balance Sheets | ||
Patent costs, accumulated amortization | $ 963,596 | $ 953,491 |
Trademark costs, accumulated amortization | 87,629 | 85,381 |
Deferred financing costs | 26,426 | 0 |
Deferred financing costs | $ 0 | $ 45,079 |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 54,140,502 | 54,108,510 |
Common stock, shares outstanding | 54,140,502 | 54,108,510 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue: | ||||
Revenue | $ 4,313,229 | $ 2,804,000 | ||
Total revenue | $ 2,701,655 | $ 1,788,955 | 4,313,229 | 2,804,000 |
Operating costs and expenses: | ||||
Costs of product sales | 1,885,973 | 1,006,639 | 3,062,111 | 1,614,488 |
Costs of contract services | 95,198 | 80,552 | 223,963 | 161,616 |
Research and development | 827,129 | 555,465 | 1,505,634 | 1,188,247 |
Selling, general and administrative | 2,318,636 | 1,470,914 | 3,838,553 | 2,774,121 |
Total operating costs and expenses | 5,126,936 | 3,113,570 | 8,630,261 | 5,738,472 |
Loss from operations | (2,425,281) | (1,324,615) | (4,317,032) | (2,934,472) |
Other income (expense): | ||||
Interest income | 2,472 | 449 | 5,603 | 2,099 |
Interest expense | (47,578) | (21,363) | (91,346) | (22,731) |
Amortization of deferred financing costs | (9,327) | (9,327) | (18,654) | (10,881) |
Other | 9,988 | 6,635 | 18,905 | 11,738 |
Total other income | (44,445) | (23,606) | (85,492) | (19,775) |
Net loss | $ (2,469,726) | $ (1,348,221) | $ (4,402,524) | $ (2,954,247) |
Net loss per common share - basic and diluted | $ (0.05) | $ (0.03) | $ (0.08) | $ (0.06) |
Weighted average number of shares of common stock outstanding - basic and diluted | 54,139,596 | 48,563,209 | 54,131,955 | 48,543,093 |
Product [Member] | ||||
Revenue: | ||||
Revenue | $ 2,343,999 | $ 1,571,390 | $ 3,749,363 | $ 2,416,925 |
Contract Service [Member] | ||||
Revenue: | ||||
Revenue | $ 357,656 | $ 217,565 | $ 563,866 | $ 387,075 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (4,402,524) | $ (2,954,247) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 208,918 | 204,521 |
Non-cash equity based compensation | 376,127 | 128,548 |
Change in operating assets and liabilities: | ||
Accounts receivable | (372,940) | 371,398 |
Inventories | (1,568,670) | (606,778) |
Prepaid expenses and other current assets | (114,991) | 43,352 |
Accounts payable and other current liabilities | 855,734 | 190,411 |
Unearned revenue | 1,544,951 | 119,689 |
Billings in excess of costs and estimated earnings on engineering services contracts | (106,866) | |
Other long-term liabilities | (10,000) | (10,000) |
Net cash used in operating activities | (3,590,261) | (2,513,106) |
Cash flows from investing activities: | ||
Acquisition of property and equipment, net | (220,431) | (37,407) |
Cash paid for patent and trademark fees | (22,704) | (7,691) |
Net cash used in investing activities | (243,135) | (45,098) |
Cash flows from financing activities: | ||
Cash received for shares exercised under employee stock purchase plan | 31,360 | 18,447 |
Borrowings on line of credit | 3,100,000 | |
Issuance of common stock upon exercise of employee and directors options | 1,492 | |
Net cash provided by financing activities | 32,852 | 3,118,447 |
Decrease in cash, cash equivalents, and restricted cash | (3,800,544) | 560,243 |
Cash, cash equivalents, and restricted cash at beginning of period | 6,809,325 | 2,100,089 |
Cash, cash equivalents, and restricted cash at end of period | $ 3,008,781 | $ 2,660,332 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Basis Of Presentation | |
Basis Of Presentation | (1) Basis of Presentation The accompanying Consolidated Condensed Financial Statements are unaudited; however, in the opinion of management, all adjustments, which were solely of a normal recurring nature, necessary to a fair presentation of the results for the interim periods, have been made. The results for the interim periods are not necessarily indicative of the results to be expected for the year. The Notes contained herein should be read in conjunction with the Notes to our Consolidated Financial Statements filed with our Annual Report on Form 10-K for the year ended December 31, 2017. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting | |
Segment Reporting | (2) Segment Reporting UQM Technologies, Inc. (the “Company”, “UQM”, “we”, or “us”) has performed its quarterly assessment to determine if additional disclosures are required for segment reporting. Management has determined that the Company has one operating segment because the chief operating decision maker (CODM) and management make business decisions based on product and contract services revenues taken as a whole. Therefore, no further disclosure is required at this time. Management will perform an assessment quarterly to determine if additional disclosures around this standard are needed in the future. |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2018 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | (3) New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard, ASU 2014-09, to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us for the first fiscal year beginning after December 15, 2017. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application and providing additional disclosures. The Company has adopted this standard effective January 1, 2018 using the retrospective method with the cumulative effect and additional disclosures. See Note 5. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2018 | |
Basis Of Presentation | |
Going Concern | (4) Going Concern These Consolidated Condensed Financial Statements are presented assuming that the Company will continue as a going concern. The going concern concept contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of June 30, 2018, the Company had sustained recurring losses from continuing operations, had working capital surplus of $910,361, and accumulated deficit of $129,073,774. On May 9, 2018, the Company announced that the Committee on Foreign Investment in the United States (“CFIUS”) would likely not approve the second stage investment as anticipated in the Stock Purchase Agreement with China National Heavy Duty Truck Co., Ltd, which would have brought approximately $23 million of cash to the Company. Since that announcement, the Company has been investigating other favorable funding alternatives. As of the date of the filing of this Form 10-Q, management has assessed the liquidity position of the Company per the requirements of ASU No. 2014-15 “Presentation of the Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” Management’s cash flow forecast for the next twelve months, based on expectations of the receipt of new customer orders and revenues, indicates that the Company should be able to meet its obligations, but there can be no assurance that this will happen. Therefore, with the losses that the Company has sustained, and its working capital at June 30, 2018, substantial doubt exists about the Company’s ability to continue as a going concern without taking additional actions and/or finalizing orders that are currently in the negotiation stage. Management believes that additional funding may be necessary, and is evaluating numerous options, including but not limited to: · Renegotiation of the maturity date of Company’s line of credit with its bank; · Sale and leaseback transaction related to the Company’s facility; · Investments from strategic partners; · Capital market investment Management does not believe that there is an immediate need to raise capital given the recent improvements in revenues. Management believes that it is likely that additional funding will be available at the appropriate time given these options. The accompanying financial statements do not include any adjustments or classifications that may result from the possible inability of the Company to continue as a going concern . |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition | |
Revenue Recognition | (5) Revenue Recognition Accounting Policies Product Sales - Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The majority of the Company’s contracts have a single performance obligation to transfer products. Accordingly, the Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated fixed price. The Company sells its products directly to customers under agreements with payment terms of prepayment or generally net 30 days for credit qualified customers. Contract Services - The majority of the Company’s contracts have a single performance obligation to transfer products or an agreed-upon task(s) over time. Accordingly, revenue is recognized using cost input methods, which recognize revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract, as the performance obligations are satisfied. Costs incurred towards contract completion may include costs associated with direct materials, labor, subcontractors, and other indirect costs. Shipping and Handling Costs- We account for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer the associated products. Accordingly, we record customer payment of shipping and handling costs as a component of net sales, and classify such costs as a component of cost of sales. Product Warranties - Our standard product warranty is for one year and provides assurance to the customer that the purchased product will function as intended and complies with agreed-upon specifications. A customer can negotiate an extended warranty period from four months up to four years. The cost of the warranty can be included in the price of the unit or separately stated as a line item in the contract. A majority of our customers have the warranty to be included in the sales price of the product which is then accounted for as a guarantee. Warranties that are stated as a separate line item in the contract are considered a single performance obligation which is recognized by the time elapsed input method. Unearned Revenue - When we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract, we record unearned revenue, which represents a contract liability. We recognize unearned revenue as net sales after we have transferred control of the goods or services to the customer and all revenue recognition criteria are met. License Agreements - We account for our license agreements as multi-element arrangements. Each element in the arrangement is considered a single performance obligation and is treated accordingly. Revenue recognition for the licensing element in the agreement is recognized by the time elapsed input method. Revenue recognition for the product sales element follows the revenue recognition rules as noted above for product sales. The effect of the adoption of new revenue recognition standard (ASC 606) on our Consolidated Statement of Operations and Balance Sheet as of December 31, 2017 as reported in our Annual Report on Form 10-K was immaterial. Disaggregation of Revenue In the following table, revenue is disaggregated by geographic region (using the location of the client as the basis of attributing revenues to the individual regions): Six Months Ended June 30, 2018 2017 United States & Canada $ 3,025,923 $ 2,333,680 Asia Pacific 1,193,714 399,800 Europe 93,592 70,520 Total Revenues $ 4,313,229 $ 2,804,000 |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 6 Months Ended |
Jun. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash, cash equivalents, and restricted cash | (6) Cash, cash equivalents, and restricted cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Consolidated Condensed Statements of Cash Flows. June 30, June 30, 2018 2017 Cash and cash equivalents $ 2,599,995 $ 2,074,389 Restricted cash, current 408,786 165,312 Restricted cash, long-term - 420,631 Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statements of Cash Flows $ 3,008,781 $ 2,660,332 Restricted cash classified as a current asset on the Consolidated Condensed Balance Sheets represents the amount required to be set aside pursuant to a contractual agreement with the Company’s lender for the payment of interest on borrowings from the line of credit that is expected to be paid within the next twelve months. In addition, restricted cash included in other long-term assets on the Consolidated Condensed Balance Sheets represents interest due on the line of credit more than twelve months from the date of the financial statements as contractually required by the lender. The restrictions will lapse when the related debt is paid off. |
Contracts In Process
Contracts In Process | 6 Months Ended |
Jun. 30, 2018 | |
Contracts In Process [Abstract] | |
Contracts In Process | (7) Contracts in Process At June 30, 2018 and December 31, 2017, the estimated period to complete contracts in process ranged from one to two and one to three months, respectively. We expect to collect all accounts receivable arising from these contracts within sixty days of billing. The following summarizes contracts in process: June 30, December 31, 2018 2017 Costs incurred on engineering services contracts $ 173,569 $ 56,175 Estimated earnings 591,137 144,665 764,706 200,840 Less billings to date (857,000) (400,000) Contracts in process $ (92,294) $ (199,160) Included in the accompanying Consolidated Condensed Balance Sheets is as follows: Billings in excess of costs and estimated earnings on engineering services contracts $ (92,294) $ (199,160) Contracts in process $ (92,294) $ (199,160) |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2018 | |
Inventories | |
Inventories | (8) Inventories Inventories at June 30, 2018 and December 31, 2017 consisted of: June 30, December 31, 2018 2017 Raw materials $ 9,016,230 $ 7,679,922 Work-in-process 601,895 289,848 Finished products 1,280,540 1,390,200 Reserve for excess and obsolete inventory (6,988,635) (7,018,610) $ 3,910,030 $ 2,341,360 We maintain raw material inventories of electronic components, motor parts and other materials to meet our expected manufacturing needs for proprietary products and for products manufactured to the design specifications of our customers. Some of these components may become obsolete or impaired due to bulk purchases in excess of customer requirements. Accordingly, we periodically assess our raw material and finished product inventories for potential impairment of value based on then available information, expectations and estimates and establish impairment reserves as appropriate. During the quarter and six months ended June 30, 2018, no additional reserve was required. |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | (9) Other Current Liabilities Other current liabilities at June 30, 2018 and December 31, 2017 consisted of: June 30, December 31, 2018 2017 Accrued payroll and employee benefits $ 208,698 $ 94,680 Accrued personal property and real estate taxes 117,566 235,133 Accrued warranty costs 400,035 333,431 Accrued royalties 48,336 48,336 Accrued import duties 87,100 87,100 Other 20,000 21,159 $ 881,735 $ 819,839 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt | |
Debt | (10) Debt On March 15, 2017, the Company entered into a non-revolving line of credit for $5.6 million. The loan is collateralized by the Company’s headquarter facility. The interest rate is variable based upon the one month LIBOR rate plus 4.0% per annum on the outstanding balance, which was 6.09% as of June 30, 2018. As a condition of the loan, $600,000 was immediately drawn on the line of credit to be used for monthly interest payments on borrowings over the life of the loan. This is reported as restricted cash on the Consolidated Condensed Balance Sheets as of June 30, 2018 and December 31, 2017. For additional information, see Note 6 to the Consolidated Condensed Financial Statements. The covenants under the debt agreement require the Company to have liquid assets of a minimum of $1.5 million with the lender. In addition, financial statements are to be presented no later than 45 days after the end of each quarter and 90 days after the end of each fiscal year. These covenants took effect for the quarter ending June 30, 2017. As of June 30, 2018, the Company was in compliance with its covenants. The non-revolving line of credit will expire on March 15, 2019 and the amounts repaid during the term of the loan may not be re-borrowed. At the expiry date, all outstanding principal and interest are due. As of June 30, 2018, $3,164,529 was drawn on the line of credit. The Company incurred deferred financing costs of $73,060 upon securing the line of credit which are amortized over the term using the effective interest rate method. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | (11) Stock-Based Compensation Stock-Based Compensation Expense The table below shows total stock-based compensation expense for the quarters and six months ended June 30, 2018 and 2017, and the classification of these expenses: Quarters Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Costs of product sales $ 9,623 $ 4,391 $ 16,058 $ 7,327 Costs of contract services 2,284 1,280 5,207 2,097 Research and development 24,036 10,293 37,497 18,901 Selling, general and administrative 266,823 51,019 317,365 100,223 $ 302,766 $ 66,983 $ 376,127 $ 128,548 Stock Option Plans Activity Additional information with respect to stock option activity during the six months ended June 30, 2018 under our two separate stock option plans is as follows: Weighted- Weighted- Average Shares Average Remaining Aggregate Under Exercise Contractual Intrinsic Option Price Life Value Outstanding at December 31, 2017 3,295,502 $ 1.16 6.3 years $ 1,383,525 Granted 1,068,322 $ 1.25 - Exercised (2,200) $ 0.68 - Forfeited (25,583) $ 0.42 5,951 Outstanding at June 30, 2018 4,336,041 $ 1.19 6.8 years $ 1,176,545 Exercisable at June 30, 2018 2,430,072 $ 1.32 5.0 years $ 659,520 Vested and expected to vest at June 30, 2018 3,572,402 $ 1.28 6.5 years $ 766,878 As of June 30, 2018, there was $1,094,661 of total unrecognized compensation cost related to stock options granted under our stock option plans. The unrecognized compensation cost is expected to be recognized over a weighted-average period of twenty-five months. The total fair value of stock options that vested during the six months ended June 30, 2018 and 2017 was $0, respectively. Stock Bonus Plan Activity Activity with respect to non-vested shares under the Stock Bonus Plan as of June 30, 2018 and 2017 and changes during the six months ended June 30, 2018 and 2017 are presented below: Six months ended June 30, 2018 2017 Weighted-Average Weighted-Average Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Unvested at beginning of period 57,760 $ 0.68 102,048 $ 0.84 Granted 188,191 $ 1.25 - $ - Vested (47,200) $ 1.25 - $ - Forfeited - $ - - $ - Unvested at end of period 198,751 $ 1.08 102,048 $ 0.84 As of June 30, 2018, there was $175,193 of total unrecognized compensation cost related to common stock granted under our Stock Bonus Plan. The unrecognized compensation cost at June 30, 2018 is expected to be recognized over a weighted-average period of twenty-seven months. Employee Stock Purchase Plan Activity During the six months ended June 30, 2018 and 2017, we issued 29,792 and 47,235 shares of common stock, respectively, under the Employee Stock Purchase Plan. Cash received by us upon the purchase of shares under the Employee Stock Purchase Plan for the six months ended June 30, 2018 and 2017 was $31,360 and $18,447, respectively. As of June 30, 2018, 21,859 options had been purchased under this plan but the employee(s) had not exercised their right to acquire the common stock under the terms of the Employee Stock Purchase Plan. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2018 | |
Consolidated Statements of Stockholders’ Equity | |
Stockholders' Equity | (12) Stockholders’ Equity Changes in the components of stockholders’ equity during the six months ended June 30, 2018 were as follows: Number of common Additional Total shares Common paid-in Accumulated stockholders’ issued stock capital deficit equity Balances at December 31, 2017 54,108,510 $ 541,085 $ 133,901,406 $ (124,671,250) $ 9,771,241 Issuance of common stock under employee stock purchase plan 18,138 181 17,776 - 17,957 Compensation expense from employee and director stock option and common stock grants - - 73,361 - 73,361 Net loss - - - (1,932,798) (1,932,798) Balances at March 31, 2018 54,126,648 $ 541,266 $ 133,992,543 $ (126,604,048) $ 7,929,761 Issuance of common stock under employee stock purchase plan 11,654 117 13,286 - 13,403 Issuance of common stock upon exercise of employee and director options 2,200 22 1,470 - 1,492 Retirement of vested shares - - Compensation expense from employee and director stock option and common stock grants - - 302,766 - 302,766 Net loss - - - (2,469,726) (2,469,726) Balances at June 30, 2018 54,140,502 $ 541,405 $ 134,310,065 $ (129,073,774) $ 5,777,696 The Company has warrants outstanding as follows: Common Stock Warrants Follow-on Offering Under Option Earliest Offering Date (Shares) (Shares) Exercise Date Expiration Date February, 2014 2,864,872 1,489,733 August 6, 2014 August 5, 2018 October, 2015 8,000,000 4,000,000 April 30, 2016 October 30, 2020 10,864,872 5,489,733 Weighted- Weighted- Average Warrants Average Remaining Under Exercise Contractual Option Price Life Outstanding at December 31, 2017 5,489,733 $ 1.53 2.3 years Granted - $ - Exercised - $ - Forfeited - $ - Outstanding at June 30, 2018 5,489,733 $ 1.53 1.75 years Exercisable at June 30, 2018 5,489,733 $ 1.53 1.75 years |
Significant Customers
Significant Customers | 6 Months Ended |
Jun. 30, 2018 | |
Significant Customers [Abstract] | |
Significant Customers | (13) Significant Customers We have historically derived significant revenue from a few key customers. The following table summarizes revenue and percent of total revenue from significant customers for the quarters and six months ended June 30, 2018 and 2017: Quarters Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Customer A $ 53,998 2 % $ 224,730 13 % $ 109,709 3 % $ 224,730 8 % Customer B $ 136,026 5 % $ 32,270 2 % $ 238,513 6 % $ 34,282 1 % Customer C $ 296,002 11 % $ - - % $ 356,002 8 % $ - - % Customer D $ 393,481 15 % $ 142,334 8 % $ 609,639 14 % $ 175,138 6 % Customer E $ 394,520 15 % $ 211,000 12 % $ 691,730 16 % $ 300,000 11 % Customer F $ 425,275 16 % $ 60,000 3 % $ 425,275 10 % $ 60,000 2 % Customer G $ 437,149 16 % $ 847,601 47 % $ 936,908 22 % $ 1,406,535 50 % The following table summarizes accounts receivable from significant customers as of June 30, 2018 and December 31, 2017: June 30, December 31, 2018 2017 Customer A 5 % - % Customer B 10 % 2 % Customer C - % - % Customer D 19 % 4 % Customer E 11 % - % Customer F - % - % Customer G 36 % 80 % |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Taxes | |
Income Taxes | (14) Income Taxes The Company currently has a full valuation allowance against its deferred tax assets, as it is management’s judgment that it is more-likely-than-not that net deferred tax assets will not be realized to reduce future taxable income. As of June 30, 2018 and 2017, we had no provisions for interest or penalties related to uncertain tax positions. The Company is subject to taxation in the U.S. and various state jurisdictions. As of June 30, 2018, the Company’s tax years for 2012 to 2017 are subject to examination by the tax authorities. |
Loss Per Common Share
Loss Per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
Loss Per Common Share [Abstract] | |
Loss Per Common Share | (15) Loss Per Common Share The following table sets forth the computation of basic and diluted net loss per share for the quarters and six months ended June 30, 2018 and 2017: Quarters Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net loss $ (2,469,726) $ (1,348,221) $ (4,402,524) $ (2,954,247) Denominator for basic and diluted net loss per common share: Weighted average number of shares of common stock outstanding - basic and diluted 54,139,596 48,563,209 54,131,955 48,543,093 Net loss per common share - basic and diluted $ (0.05) $ (0.03) $ (0.08) $ (0.06) The following table sets forth the potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: June 30, 2018 2017 Non-vested stock bonus plan shares 198,751 102,048 Stock options outstanding 4,357,900 3,024,234 Warrants to purchase common stock 5,489,733 5,489,733 |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value of Financial Instruments | |
Fair Value Of Financial Instruments | (16) Fair Value of Financial Instruments The carrying amounts of cash, cash equivalents, restricted cash, accounts receivable, accounts payable, accrued and other current liabilities approximate fair value because of the short maturity of these instruments. The Company measures the fair value of outstanding debt for disclosure purposes on a recurring basis and its debt of $3,138,103 is reported at amortized cost. The Company’s debt is subject to variable rates of interest and accordingly its carrying value is considered to be representative of its fair market value. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (17) Commitments and Contingencies Employment Agreements Effective July 1, 2017, the Company entered into new employment agreement with each of its four officers, which will expire on December 31, 2019. The aggregate future base salary payable to the executive officers over their remaining terms is $1,647,006. Lease Commitments There were no operating leases or rental expense during the respective six months ended June 30, 2018 and 2017. Litigation We are involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, and based on current available information, the ultimate disposition of these matters is not expected to have a material adverse effect on our financial position, results of operations or cash flow. |
Revenue Recognition (Policies)
Revenue Recognition (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition | |
Product Sales | Product Sales - Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied. The majority of the Company’s contracts have a single performance obligation to transfer products. Accordingly, the Company recognizes revenue when title and risk of loss have been transferred to the customer, generally at the time of shipment of products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products and is generally based upon a negotiated fixed price. The Company sells its products directly to customers under agreements with payment terms of prepayment or generally net 30 days for credit qualified customers. |
Contract Services | Contract Services - The majority of the Company’s contracts have a single performance obligation to transfer products or an agreed-upon task(s) over time. Accordingly, revenue is recognized using cost input methods, which recognize revenue and gross profit as work is performed based on the relationship between actual costs incurred compared to the total estimated costs of the contract, as the performance obligations are satisfied. Costs incurred towards contract completion may include costs associated with direct materials, labor, subcontractors, and other indirect costs. |
Shipping and Handling Costs | Shipping and Handling Costs- We account for shipping and handling activities related to contracts with customers as costs to fulfill our promise to transfer the associated products. Accordingly, we record customer payment of shipping and handling costs as a component of net sales, and classify such costs as a component of cost of sales. |
Product Warranties | Product Warranties - Our standard product warranty is for one year and provides assurance to the customer that the purchased product will function as intended and complies with agreed-upon specifications. A customer can negotiate an extended warranty period from four months up to four years. The cost of the warranty can be included in the price of the unit or separately stated as a line item in the contract. A majority of our customers have the warranty to be included in the sales price of the product which is then accounted for as a guarantee. Warranties that are stated as a separate line item in the contract are considered a single performance obligation which is recognized by the time elapsed input method. |
Unearned Revenue | Unearned Revenue - When we receive consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract, we record unearned revenue, which represents a contract liability. We recognize unearned revenue as net sales after we have transferred control of the goods or services to the customer and all revenue recognition criteria are met. |
License Agreements | License Agreements - We account for our license agreements as multi-element arrangements. Each element in the arrangement is considered a single performance obligation and is treated accordingly. Revenue recognition for the licensing element in the agreement is recognized by the time elapsed input method. Revenue recognition for the product sales element follows the revenue recognition rules as noted above for product sales. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | Six Months Ended June 30, 2018 2017 United States & Canada $ 3,025,923 $ 2,333,680 Asia Pacific 1,193,714 399,800 Europe 93,592 70,520 Total Revenues $ 4,313,229 $ 2,804,000 |
Cash, Cash Equivalents, and R25
Cash, Cash Equivalents, and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash, cash equivalents, and restricted cash | June 30, June 30, 2018 2017 Cash and cash equivalents $ 2,599,995 $ 2,074,389 Restricted cash, current 408,786 165,312 Restricted cash, long-term - 420,631 Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statements of Cash Flows $ 3,008,781 $ 2,660,332 |
Contracts In Process (Tables)
Contracts In Process (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Contracts In Process [Abstract] | |
Summary Of Contract In Process | June 30, December 31, 2018 2017 Costs incurred on engineering services contracts $ 173,569 $ 56,175 Estimated earnings 591,137 144,665 764,706 200,840 Less billings to date (857,000) (400,000) Contracts in process $ (92,294) $ (199,160) Included in the accompanying Consolidated Condensed Balance Sheets is as follows: Billings in excess of costs and estimated earnings on engineering services contracts $ (92,294) $ (199,160) Contracts in process $ (92,294) $ (199,160) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Inventories | |
Schedule Of Inventories | June 30, December 31, 2018 2017 Raw materials $ 9,016,230 $ 7,679,922 Work-in-process 601,895 289,848 Finished products 1,280,540 1,390,200 Reserve for excess and obsolete inventory (6,988,635) (7,018,610) $ 3,910,030 $ 2,341,360 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Current Liabilities [Abstract] | |
Schedule Of Other Current Liabilities | June 30, December 31, 2018 2017 Accrued payroll and employee benefits $ 208,698 $ 94,680 Accrued personal property and real estate taxes 117,566 235,133 Accrued warranty costs 400,035 333,431 Accrued royalties 48,336 48,336 Accrued import duties 87,100 87,100 Other 20,000 21,159 $ 881,735 $ 819,839 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Share-Based Compensation Expense | Quarters Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Costs of product sales $ 9,623 $ 4,391 $ 16,058 $ 7,327 Costs of contract services 2,284 1,280 5,207 2,097 Research and development 24,036 10,293 37,497 18,901 Selling, general and administrative 266,823 51,019 317,365 100,223 $ 302,766 $ 66,983 $ 376,127 $ 128,548 |
Summary Of Stock Option Activity | Weighted- Weighted- Average Shares Average Remaining Aggregate Under Exercise Contractual Intrinsic Option Price Life Value Outstanding at December 31, 2017 3,295,502 $ 1.16 6.3 years $ 1,383,525 Granted 1,068,322 $ 1.25 - Exercised (2,200) $ 0.68 - Forfeited (25,583) $ 0.42 5,951 Outstanding at June 30, 2018 4,336,041 $ 1.19 6.8 years $ 1,176,545 Exercisable at June 30, 2018 2,430,072 $ 1.32 5.0 years $ 659,520 Vested and expected to vest at June 30, 2018 3,572,402 $ 1.28 6.5 years $ 766,878 |
Schedule Of Nonvested Share Activity | Six months ended June 30, 2018 2017 Weighted-Average Weighted-Average Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Unvested at beginning of period 57,760 $ 0.68 102,048 $ 0.84 Granted 188,191 $ 1.25 - $ - Vested (47,200) $ 1.25 - $ - Forfeited - $ - - $ - Unvested at end of period 198,751 $ 1.08 102,048 $ 0.84 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Consolidated Statements of Stockholders’ Equity | |
Changes In Components Of Stockholders' Equity | Number of common Additional Total shares Common paid-in Accumulated stockholders’ issued stock capital deficit equity Balances at December 31, 2017 54,108,510 $ 541,085 $ 133,901,406 $ (124,671,250) $ 9,771,241 Issuance of common stock under employee stock purchase plan 18,138 181 17,776 - 17,957 Compensation expense from employee and director stock option and common stock grants - - 73,361 - 73,361 Net loss - - - (1,932,798) (1,932,798) Balances at March 31, 2018 54,126,648 $ 541,266 $ 133,992,543 $ (126,604,048) $ 7,929,761 Issuance of common stock under employee stock purchase plan 11,654 117 13,286 - 13,403 Issuance of common stock upon exercise of employee and director options 2,200 22 1,470 - 1,492 Retirement of vested shares - - Compensation expense from employee and director stock option and common stock grants - - 302,766 - 302,766 Net loss - - - (2,469,726) (2,469,726) Balances at June 30, 2018 54,140,502 $ 541,405 $ 134,310,065 $ (129,073,774) $ 5,777,696 |
Warrants | Common Stock Warrants Follow-on Offering Under Option Earliest Offering Date (Shares) (Shares) Exercise Date Expiration Date February, 2014 2,864,872 1,489,733 August 6, 2014 August 5, 2018 October, 2015 8,000,000 4,000,000 April 30, 2016 October 30, 2020 10,864,872 5,489,733 Weighted- Weighted- Average Warrants Average Remaining Under Exercise Contractual Option Price Life Outstanding at December 31, 2017 5,489,733 $ 1.53 2.3 years Granted - $ - Exercised - $ - Forfeited - $ - Outstanding at June 30, 2018 5,489,733 $ 1.53 1.75 years Exercisable at June 30, 2018 5,489,733 $ 1.53 1.75 years |
Significant Customers (Tables)
Significant Customers (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Sales Revenue, Goods, Net [Member] | |
Concentration Risk [Line Items] | |
Schedule of significant customers | Quarters Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Customer A $ 53,998 2 % $ 224,730 13 % $ 109,709 3 % $ 224,730 8 % Customer B $ 136,026 5 % $ 32,270 2 % $ 238,513 6 % $ 34,282 1 % Customer C $ 296,002 11 % $ - - % $ 356,002 8 % $ - - % Customer D $ 393,481 15 % $ 142,334 8 % $ 609,639 14 % $ 175,138 6 % Customer E $ 394,520 15 % $ 211,000 12 % $ 691,730 16 % $ 300,000 11 % Customer F $ 425,275 16 % $ 60,000 3 % $ 425,275 10 % $ 60,000 2 % Customer G $ 437,149 16 % $ 847,601 47 % $ 936,908 22 % $ 1,406,535 50 % |
Accounts Receivable [Member] | |
Concentration Risk [Line Items] | |
Schedule of significant customers | June 30, December 31, 2018 2017 Customer A 5 % - % Customer B 10 % 2 % Customer C - % - % Customer D 19 % 4 % Customer E 11 % - % Customer F - % - % Customer G 36 % 80 % |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Loss Per Common Share [Abstract] | |
Basic and Diluted Net Loss Per Share | Quarters Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net loss $ (2,469,726) $ (1,348,221) $ (4,402,524) $ (2,954,247) Denominator for basic and diluted net loss per common share: Weighted average number of shares of common stock outstanding - basic and diluted 54,139,596 48,563,209 54,131,955 48,543,093 Net loss per common share - basic and diluted $ (0.05) $ (0.03) $ (0.08) $ (0.06) |
Shares Not Included In Diluted Net Loss Per Share | June 30, 2018 2017 Non-vested stock bonus plan shares 198,751 102,048 Stock options outstanding 4,357,900 3,024,234 Warrants to purchase common stock 5,489,733 5,489,733 |
Segment Reporting (Details)
Segment Reporting (Details) | 6 Months Ended |
Jun. 30, 2018segment | |
Segment Reporting | |
Number of Operating Segments | 1 |
Going Concern (Details)
Going Concern (Details) - USD ($) | Jun. 30, 2018 | May 09, 2018 | Dec. 31, 2017 |
Basis Of Presentation | |||
Working Capital Surplus | $ 910,361 | ||
Accumulated deficit | $ (129,073,774) | $ (124,671,250) | |
Proposed Second Stage Investment | $ 23,000,000 |
Revenue Recognition (Details)
Revenue Recognition (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Credit Qualified Customers, Payment Term | 30 days |
Standard product warranty | 1 year |
Minimum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Extended product warranty | 4 months |
Maximum | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |
Extended product warranty | 4 years |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 4,313,229 | $ 2,804,000 |
United States & Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 3,025,923 | 2,333,680 |
Asia Pacific [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,193,714 | 399,800 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 93,592 | $ 70,520 |
Cash, Cash Equivalents, and R37
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 2,599,995 | $ 6,309,269 | $ 2,074,389 | |
Restricted cash, current | 408,786 | 176,193 | 165,312 | |
Restricted cash, long-term | 323,863 | 420,631 | ||
Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statements of Cash Flows | $ 3,008,781 | $ 6,809,325 | $ 2,660,332 | $ 2,100,089 |
Contracts In Process (Narrative
Contracts In Process (Narrative) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Contracts In Process [Abstract] | ||
Estimated Period To Complete Contracts In Process, Minimum | 1 month | 1 month |
Estimated Period To Complete Contracts In Process, Maximum | 2 months | 3 months |
Expected collection period of accounts receivable | 60 days |
Contracts In Process (Summary O
Contracts In Process (Summary Of Contract In Process) (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Contracts In Process [Abstract] | ||
Costs incurred on engineering services contracts | $ 173,569 | $ 56,175 |
Estimated earnings | 591,137 | 144,665 |
Contracts in process, gross | 764,706 | 200,840 |
Less billings to date | (857,000) | (400,000) |
Contracts in progress, total | (92,294) | (199,160) |
Billings in excess of costs and estimated earnings on engineering services contracts | $ (92,294) | $ (199,160) |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Inventories | ||
Raw materials | $ 9,016,230 | $ 7,679,922 |
Work-in-process | 601,895 | 289,848 |
Finished products | 1,280,540 | 1,390,200 |
Reserve for excess and obsolete inventory | (6,988,635) | (7,018,610) |
Inventories, total | $ 3,910,030 | $ 2,341,360 |
Inventories (Details)
Inventories (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Reserve for excess and obsolete inventory | $ 6,988,635 | $ 7,018,610 |
Other obsolete inventory | ||
Reserve for excess and obsolete inventory | $ 0 |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Other Current Liabilities [Abstract] | ||
Accrued payroll and employee benefits | $ 208,698 | $ 94,680 |
Accrued personal property and real estate taxes | 117,566 | 235,133 |
Accrued warranty costs | 400,035 | 333,431 |
Accrued royalties | 48,336 | 48,336 |
Accrued import duties | 87,100 | 87,100 |
Other | 20,000 | 21,159 |
Other current liabilities, Total | $ 881,735 | $ 819,839 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Mar. 15, 2017 | Jun. 30, 2018 | Dec. 31, 2017 |
Debt | |||
Line of credit | $ 5,600,000 | ||
Line of credit rate plus one month LIBOR rate | 4.00% | ||
Interest rate at end of period | 6.09% | ||
Minimum Liquid Assets | $ 1,500,000 | ||
Amount drawn on line of credit | 600,000 | $ 3,164,529 | |
Deferred financing costs | $ 73,060 | $ 0 | $ 45,079 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Share-Based Compensation Expense) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 302,766 | $ 66,983 | $ 376,127 | $ 128,548 |
Costs of product sales | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 9,623 | 4,391 | 16,058 | 7,327 |
Costs of contract services | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 2,284 | 1,280 | 5,207 | 2,097 |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 24,036 | 10,293 | 37,497 | 18,901 |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 266,823 | $ 51,019 | $ 317,365 | $ 100,223 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at period end, options | 4,357,900 | |
Stock Option Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at period start, options | 3,295,502 | |
Granted, options | 1,068,322 | |
Exercised, options | (2,200) | |
Forfeited, options | (25,583) | |
Outstanding at period end, options | 4,336,041 | 3,295,502 |
Exercisable, options | 2,430,072 | |
Vested and expected to vest, options | 3,572,402 | |
Outstanding at period start, weighted-average exercise price | $ 1.16 | |
Granted, weighted-average exercise price | 1.25 | |
Exercised, weighted-average exercise price | 0.68 | |
Forfeited, weighted-average exercise price | 0.42 | |
Outstanding at period end, weighted-average exercise price | 1.19 | $ 1.16 |
Exercisable, weighted-average exercise price | 1.32 | |
Vested and expected to vest, weighted-average exercise price | $ 1.28 | |
Outstanding, weighted-average remaining contractual life | 6 years 9 months 18 days | 6 years 3 months 18 days |
Exercisable, weighted-average remaining contractual life | 5 years | |
Vested and expected to vest, weighted-average remaining contractual life | 6 years 6 months | |
Outstanding at period start, aggregate intrinsic value | $ 1,383,525 | |
Forfeited, aggregate intrinsic value | 5,951 | |
Outstanding at period end, aggregate intrinsic value | 1,176,545 | $ 1,383,525 |
Exercisable, aggregate intrinsic value | 659,520 | |
Vested and expected to vest, aggregate intrinsic value | $ 766,878 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of options vested in period | $ 0 | $ 0 |
Cash received from settlement of share-based awards | 1,492 | |
Stock Option Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 1,094,661 | |
Unrecognized compensation costs, period for recognition | 25 months | |
Stock Bonus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 175,193 | |
Unrecognized compensation costs, period for recognition | 27 months | |
Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued in period for share-based awards | 29,792 | 47,235 |
Cash received from settlement of share-based awards | $ 31,360 | $ 18,447 |
Options purchased under this plan | 21,859 |
Stock-Based Compensation (Sch47
Stock-Based Compensation (Schedule Of Nonvested Share Activity) (Details) - Stock Bonus Plan [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested beginning balance, shares | 57,760 | 102,048 |
Granted, shares | 188,191 | |
Vested, shares | (47,200) | |
Forfeited, shares | ||
Unvested ending balance, shares | 198,751 | 102,048 |
Unvested beginning balance, weighted-average grant date fair value | $ 0.68 | $ 0.84 |
Granted, weighted-average grant date fair value | 1.25 | |
Vested, weighted-average grant date fair value | 1.25 | |
Forfeited, weighted-average grant date fair value | ||
Unvested ending balance, weighted-average grant date fair value | $ 1.08 | $ 0.84 |
Stockholders' Equity (Component
Stockholders' Equity (Components Of Stockholders' Equity) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Class of Stock [Line Items] | |||||
Beginning balance, value | $ 7,929,761 | $ 9,771,241 | $ 9,771,241 | ||
Beginning balance, shares | 54,108,510 | 54,108,510 | |||
Issuance of common stock upon exercise of employee and director options, value | 1,492 | ||||
Issuance of common stock under employee stock purchase plan, value | 13,403 | $ 17,957 | |||
Compensation expense from employee and director stock option and common stock grants | 302,766 | 73,361 | |||
Net loss | (2,469,726) | (1,932,798) | $ (1,348,221) | $ (4,402,524) | $ (2,954,247) |
Ending balance, value | $ 5,777,696 | 7,929,761 | $ 5,777,696 | ||
Ending balance, shares | 54,140,502 | 54,140,502 | |||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Beginning balance, value | $ 541,266 | $ 541,085 | $ 541,085 | ||
Beginning balance, shares | 54,126,648 | 54,108,510 | 54,108,510 | ||
Issuance of common stock upon exercise of employee and director options, value | $ 22 | ||||
Issuance of common stock upon exercise of employee and director options, shares | 2,200 | ||||
Issuance of common stock under employee stock purchase plan, value | $ 117 | $ 181 | |||
Issuance of common stock under employee stock purchase plan, shares | 11,654 | 18,138 | |||
Ending balance, value | $ 541,405 | $ 541,266 | $ 541,405 | ||
Ending balance, shares | 54,140,502 | 54,126,648 | 54,140,502 | ||
Additional Paid-in Capital [Member] | |||||
Class of Stock [Line Items] | |||||
Beginning balance, value | $ 133,992,543 | $ 133,901,406 | $ 133,901,406 | ||
Issuance of common stock upon exercise of employee and director options, value | 1,470 | ||||
Issuance of common stock under employee stock purchase plan, value | 13,286 | 17,776 | |||
Compensation expense from employee and director stock option and common stock grants | 302,766 | 73,361 | |||
Ending balance, value | 134,310,065 | 133,992,543 | 134,310,065 | ||
Accumulated Deficit [Member] | |||||
Class of Stock [Line Items] | |||||
Beginning balance, value | (126,604,048) | (124,671,250) | (124,671,250) | ||
Net loss | (2,469,726) | (1,932,798) | |||
Ending balance, value | $ (129,073,774) | $ (126,604,048) | $ (129,073,774) |
Stockholders' Equity (Outstandi
Stockholders' Equity (Outstanding Warrants) (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Class of Warrant or Right [Line Items] | ||
Issuance of common stock under Follow-on Offering, shares | 10,864,872 | |
Warrants under option, outstanding beginning balance | 5,489,733 | |
Warrants under option, outstanding ending balance | 5,489,733 | 5,489,733 |
Warrants under option, exercisable | 5,489,733 | |
Weighted-average exercise price, beginning balance | $ 1.53 | |
Weighted-average exercise price, ending balance | 1.53 | $ 1.53 |
Weighted-average exercise price, exercisable | $ 1.53 | |
Weighted-average remaining contractual life, outstanding | 1 year 9 months | 2 years 3 months 18 days |
Weighted-average remaining contractual life, exercisable | 1 year 9 months | |
February 2014 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issuance of common stock under Follow-on Offering, shares | 2,864,872 | |
Warrants under option, outstanding ending balance | 1,489,733 | |
October 2015 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issuance of common stock under Follow-on Offering, shares | 8,000,000 | |
Warrants under option, outstanding ending balance | 4,000,000 |
Significant Customers (Details)
Significant Customers (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Customer A | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 53,998 | $ 224,730 | $ 109,709 | $ 224,730 | |
Revenue from major customer, percentage | 3.00% | 8.00% | |||
Customer A | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 5.00% | ||||
Customer A | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 2.00% | 13.00% | |||
Customer B | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 136,026 | $ 32,270 | $ 238,513 | $ 34,282 | |
Revenue from major customer, percentage | 6.00% | 1.00% | |||
Customer B | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 10.00% | 2.00% | |||
Customer B | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 5.00% | 2.00% | |||
Customer C | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 296,002 | $ 356,002 | |||
Revenue from major customer, percentage | 8.00% | ||||
Customer C | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 11.00% | ||||
Customer D | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 393,481 | $ 142,334 | $ 609,639 | $ 175,138 | |
Revenue from major customer, percentage | 14.00% | 6.00% | |||
Customer D | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 19.00% | 4.00% | |||
Customer D | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 15.00% | 8.00% | |||
Customer E [Member] | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 394,520 | $ 211,000 | $ 691,730 | $ 300,000 | |
Revenue from major customer, percentage | 16.00% | 11.00% | |||
Customer E [Member] | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 11.00% | ||||
Customer E [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 15.00% | 12.00% | |||
Customer F [Member] | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 425,275 | $ 60,000 | $ 425,275 | $ 60,000 | |
Revenue from major customer, percentage | 10.00% | 2.00% | |||
Customer F [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 16.00% | 3.00% | |||
Customer G [Member] | Sales Revenue, Goods, Net [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, amount | $ 437,149 | $ 847,601 | $ 936,908 | $ 1,406,535 | |
Revenue from major customer, percentage | 22.00% | 50.00% | |||
Customer G [Member] | Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 36.00% | 80.00% | |||
Customer G [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk [Line Items] | |||||
Revenue from major customer, percentage | 16.00% | 47.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Taxes | ||
Interest or penalties related to uncertain tax positions | $ 0 | $ 0 |
Loss Per Common Share (Basic an
Loss Per Common Share (Basic and Diluted Net Loss Per Share) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Loss Per Common Share [Abstract] | |||||
Net loss | $ (2,469,726) | $ (1,932,798) | $ (1,348,221) | $ (4,402,524) | $ (2,954,247) |
Weighted average number of shares of common stock outstanding - basic and diluted | 54,139,596 | 48,563,209 | 54,131,955 | 48,543,093 | |
Net loss per common share - basic and diluted | $ (0.05) | $ (0.03) | $ (0.08) | $ (0.06) |
Loss Per Common Share (Number S
Loss Per Common Share (Number Shares) (Details) - shares | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Stock options outstanding | 4,357,900 | 3,024,234 | ||
Warrants to purchase common stock | 5,489,733 | 5,489,733 | 5,489,733 | |
Stock Bonus Plan [Member] | ||||
Non-vested stock bonus plan shares | 198,751 | 57,760 | 102,048 | 102,048 |
Fair Value of Financial Instr54
Fair Value of Financial Instruments (Details) | Jun. 30, 2018USD ($) |
Recurring | Carrying value | |
Fair Value of Financial Instruments | |
Long-term debt | $ 3,138,103 |
Commitments And Contingencies (
Commitments And Contingencies (Details) | Jul. 01, 2017item | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Commitments And Contingencies [Abstract] | |||
Number of officers | item | 4 | ||
Aggregate future base salary payable | $ 1,647,006 | ||
Operating leases, rent expense | $ 0 | $ 0 |