Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 10, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Entity Current Reporting Status | Yes | |
Entity Registrant Name | UQM TECHNOLOGIES INC | |
Entity Central Index Key | 0000315449 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | uqm | |
Entity Common Stock, Shares Outstanding | 56,566,586 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 2,910,507 | $ 1,918,570 |
Restricted cash | 222,392 | 296,314 |
Accounts receivable | 1,541,178 | 1,681,289 |
Inventories, net | 4,815,599 | 4,783,887 |
Prepaid expenses and other current assets | 282,403 | 377,762 |
Total current assets | 9,772,079 | 9,057,822 |
Property and equipment, at cost: | ||
Land | 896,388 | 896,388 |
Building | 4,516,301 | 4,516,301 |
Machinery and equipment | 7,719,597 | 7,479,790 |
Property, plant and equipment, gross | 13,132,286 | 12,892,479 |
Less accumulated depreciation | (8,381,913) | (8,282,269) |
Net property and equipment | 4,750,373 | 4,610,210 |
Patent costs, net of accumulated amortization of $976,215 and $958,543, respectively | 271,328 | 260,021 |
Trademark costs, net of accumulated amortization of $91,001 and $86,505, respectively | 84,840 | 85,964 |
Other assets | 94,899 | |
Total assets | 14,973,519 | 14,014,017 |
Current liabilities: | ||
Accounts payable | 2,679,319 | 2,995,632 |
Unearned revenue | 1,308,664 | 736,819 |
Other current liabilities | 1,788,979 | 1,394,150 |
Deferred contract liability | 230,116 | 110,727 |
Current debt, net of deferred financing costs of $26,933 and $7,772, respectively | 4,637,596 | 4,656,757 |
Total current liabilities | 10,644,674 | 9,894,085 |
Other long-term liabilities | 168,282 | 106,159 |
Total long-term liabilities | 168,282 | 106,159 |
Total liabilities | 10,812,956 | 10,000,244 |
Stockholders’ equity: | ||
Common stock, $0.01 par value, 175,000,000 shares authorized; 56,222,188 and 54,267,440 shares issued and outstanding, respectively | 562,222 | 542,674 |
Additional paid-in capital | 137,323,841 | 134,645,911 |
Accumulated deficit | (133,725,500) | (131,174,812) |
Total stockholders’ equity | 4,160,563 | 4,013,773 |
Total liabilities and stockholders’ equity | $ 14,973,519 | $ 14,014,017 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheets | ||
Patent costs, accumulated amortization | $ 976,215 | $ 958,543 |
Trademark costs, accumulated amortization | 91,001 | 86,505 |
Deferred financing costs | 26,933 | $ 7,772 |
Deferred financing costs | $ 32,320 | |
Common stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 56,222,189 | 54,267,440 |
Common stock, shares outstanding | 56,222,189 | 54,267,440 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue: | ||
Revenue | $ 3,683,736 | |
Total revenue | 3,683,736 | $ 1,611,574 |
Operating costs and expenses: | ||
Research and development | 502,184 | 678,505 |
Selling, general and administrative | 2,692,207 | 1,519,917 |
Total operating costs and expenses | 6,157,561 | 3,503,325 |
Loss from operations | (2,473,825) | (1,891,751) |
Loss from operations | ||
Interest income | 129 | 3,131 |
Interest expense | (75,005) | (43,768) |
Amortization of deferred financing costs | (13,159) | (9,327) |
Other | 11,172 | 8,917 |
Total other income | (76,863) | (41,047) |
Net loss | $ (2,550,688) | $ (1,932,798) |
Net loss per common share - basic and diluted | $ (0.05) | $ (0.04) |
Weighted average number of shares of common stock outstanding - basic and diluted | 55,349,670 | 54,124,230 |
Product [Member] | ||
Revenue: | ||
Revenue | $ 2,991,409 | $ 1,405,364 |
Operating costs and expenses: | ||
Operating costs | 2,593,264 | 1,176,138 |
Contract Service [Member] | ||
Revenue: | ||
Revenue | 692,327 | 206,210 |
Operating costs and expenses: | ||
Operating costs | $ 369,906 | $ 128,765 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (2,550,688) | $ (1,932,798) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 85,269 | 99,125 |
Non-cash equity based compensation | 139,519 | 73,361 |
Change in operating assets and liabilities: | ||
Accounts receivable | 140,111 | (522,799) |
Inventories | (31,712) | (539,312) |
Prepaid expenses and other current assets | 95,359 | (106,925) |
Other assets | (94,899) | |
Accounts payable and other current liabilities | 78,516 | 224,776 |
Unearned revenue | 571,845 | 1,672,926 |
Deferred contract liability | 119,389 | 165,790 |
Other long-term liabilities | 62,123 | (5,000) |
Net cash used in operating activities | (1,385,168) | (870,856) |
Cash flows from investing activities: | ||
Acquisition of property and equipment, net | (239,807) | (32,220) |
Cash paid for patent and trademark fees | (14,969) | (13,823) |
Net cash used in investing activities | (254,776) | (46,043) |
Cash flows from financing activities: | ||
Cash received for shares exercised under employee stock purchase plan | 615 | 17,957 |
Cash received for issuance of common stock upon exercise of warrants | 2,554,651 | |
Cash received for issuance of common stock upon exercise of employee and directors options | 2,693 | |
Net cash provided by financing activities | 2,557,959 | 17,957 |
Increase (decrease) in cash, cash equivalents, and restricted cash | 918,015 | (898,942) |
Cash, cash equivalents, and restricted cash at beginning of period | 2,214,884 | 6,809,325 |
Cash, cash equivalents, and restricted cash at end of period | $ 3,132,899 | $ 5,910,383 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2019 | |
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 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 | 3 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements | |
New Accounting Pronouncements | (3) New Accounting Pronouncements In February 2016, the FASB issued its new lease accounting guidance in ASU 2016-02, Leases (Topic 842) in which the lessee should recognize an asset and liability that arise from leases no matter the type of lease the company enters into. A lessee should recognize in the statement of financial position a liability allocated on a straight-line basis over the lease term to make lease payments and a right-of-use asset measured at the present value of the lease payments representing its right to use the underlying asset for the lease term. All cash payments should be classified in the operating activities section of the statement of cash flows. Another requirement under the new standard is that a company must separate the lease components from the nonlease components in a contract. Only the lease components are subject to ASU 2016-02 recognition and measurement. Lessees may make an accounting policy election to not separate lease components from nonlease components. Both qualitative and quantitative disclosures are required. Recognition and measurement is required at the beginning of the earliest period presented using a modified retrospective or cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The new standard, ASC Topic 842, is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted this standard effective January 1, 2019 using the modified retrospective method with the cumulative effect recorded as of January 1, 2019 and additional disclosures. See Note 17 for current disclosures. In |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2019 | |
Basis Of Presentation | |
Going Concern | (4) Going Concern These Consolidated Condensed Financial Statements are presented on the basis 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 March 31, 2019, the Company has sustained recurring losses from continuing operations, had a working capital deficit of $872,595 and accumulated deficit of $133,725,500. The Company’s cash and cash equivalents balance at March 31, 2019 was $2,910,507. On March 15, 2017, the Company entered into a non-revolving line of credit for $5.6 million. The interest rate is variable based upon the one month LIBOR rate plus 4.0% per annum on the outstanding balance. The non-revolving line of credit will expire on September 15, 2019 and the amounts repaid during the term of the loan may not be reborrowed. At the expiry date, all outstanding principal and interest are due. As of March 31, 2019, $4,664,529 was drawn on the line of credit. For additional information, see Note 10. On January 21, 2019, the Company announced it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Danfoss Power Solutions (US) Company (“Danfoss”) . Under the terms of the Merger Agreement a wholly owned subsidiary of Danfoss will merge with and into the Company, and the Company will continue as the surviving corporation and a wholly-owned subsidiary of Danfoss (the “Merger”). The board of directors of the Company unanimously approved and declared advisable the Merger. If the transactions contemplated by the Merger Agreement are consummated, the Company’s common stock will be delisted from the NYSE American stock exchange and deregistered under the Securities Exchange Act of 1934, as amended (the “1934 Act”). Our existing cash resources and cash generated from our revenues are not expected to be sufficient to complete our business plan for the next twelve months. Given this expectation, we may need to renegotiate existing debt, secure additional debt or equity funding, which may not be available on terms acceptable to us, if at all. Therefore, management believes there is substantial doubt about the entity’s ability to continue as a going concern. Management believes completion of the Merger with Danfoss described above mitigates the substantial doubt raised by our historical operating result and fulfilling our estimated liquidity needs twelve months from the issuance of the financial statements. The Merger is subject to approval by our shareholders, which was obtained on April 23, 2019 at a Special Meeting of the Shareholders. The closing of the Merger is also subject to approval by the Committee on Foreign Investment in the United States (“CFIUS”) and therefore we are unable to predict with certainty the completion of the Merger. |
Revenue and Cost Recognition
Revenue and Cost Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition | |
Revenue and Cost Recognition | (5) Revenue and Cost 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 control has 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 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. 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): Three months ended March 31, 2019 United States & Canada $ 2,035,656 Asia Pacific 1,509,080 Europe 139,000 Total Revenues $ 3,683,736 |
Cash, cash equivalents, and res
Cash, cash equivalents, and restricted cash | 3 Months Ended |
Mar. 31, 2019 | |
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. March 31, March 31, 2019 2018 Cash and cash equivalents $ 2,910,507 $ 5,454,159 Restricted cash, current 222,392 456,224 Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statements of Cash Flows $ 3,132,899 $ 5,910,383 Restricted cash 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. The restrictions will lapse when the related debt is paid back in full. |
Contracts in Process
Contracts in Process | 3 Months Ended |
Mar. 31, 2019 | |
Contracts In Process [Abstract] | |
Contracts In Process | (7) Contracts in Process At March 31, 2019 and December 31, 2018, the estimated period to complete contracts in process ranged from one to five and one to three months, respectively. We expect to collect all accounts receivable arising from these contracts within ninety days of billing. The following summarizes contracts in process: March 31, December 31, 2019 2018 Costs incurred on engineering services contracts $ 369,906 $ 1,008,715 Estimated earnings 92,305 688,227 462,211 1,696,942 Less billings to date (692,327) (1,807,669) Contracts in process $ (230,116) $ (110,727) Included in the accompanying Consolidated Condensed Balance Sheets is as follows: Deferred contract liability (230,116) (110,727) Contracts in process $ (230,116) $ (110,727) |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventories | |
Inventories | (8) Inventories Inventories at March 31, 2019 and December 31, 2018 consisted of: March 31, December 31, 2019 2018 Raw materials $ 8,594,795 $ 7,836,381 Work-in-process 367,647 351,402 Finished products 2,964,943 3,719,404 Reserve for excess and obsolete inventory (7,111,786) (7,123,300) $ 4,815,599 $ 4,783,887 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 ended March 31, 2019, no additional reserve was required. |
Other Current Liabilities
Other Current Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Other Current Liabilities [Abstract] | |
Other Current Liabilities | (9) Other Current Liabilities Other current liabilities at March 31, 2019 and December 31, 2018 consisted of: March 31, December 31, 2019 2018 Accrued warranty costs $ 659,236 $ 598,415 Accrued professional fees 523,325 72,731 Accrued payroll and employee benefits 225,028 159,966 Accrued fees to Sinotruk 160,000 160,000 Accrued import duties 87,100 87,100 Accrued personal property and real estate taxes 57,490 235,133 Accrued royalties 48,336 48,336 Other 28,464 32,469 $ 1,788,979 $ 1,394,150 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
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 headquarters facility. The interest rate is variable based upon the one month LIBOR rate plus 4.0% per annum on the outstanding balance which was 6.48% as of March 31, 2019. 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 Balance Sheets as of March 31, 2019 and December 31, 2018. The covenants under the debt agreement require the Company to have liquid assets with a minimum balance of $1.5 million held 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 March 31, 2019, the Company was in compliance with its covenants. The non-revolving line of credit will expire on September 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 become due and payable in full. As of March 31, 2019, $4,664,529 was drawn on the line of credit. The Company incurred deferred financing costs of $73,060 upon securing the line of credit, and $32,320 during the quarter ended March 31, 2019 upon extending the maturity date. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
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 ended March 31, 2019 and 2018, and the classification of these expenses: Three Months Ended March 31, 2019 2018 Costs of product sales $ 8,694 $ 6,435 Costs of contract services - 2,923 Research and development 22,750 13,461 Selling, general and administrative 108,075 50,542 $ 139,519 $ 73,361 Stock Option Plans Activity Additional information with respect to stock option activity during the three months ended March 31, 2019 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, 2018 4,190,470 $ 1.16 6.5 years $ 170,233 Granted - $ - - Exercised (4,080) $ 0.66 - Forfeited (6,042) $ 0.73 - Outstanding at March 31, 2019 4,180,348 $ 1.16 6.3 years $ 2,310,509 Exercisable at March 31, 2019 2,706,347 $ 1.20 5.0 years $ 1,500,208 Vested and expected to vest at March 31, 2019 3,479,842 $ 1.25 6.0 years $ 1,677,160 As of March 31, 2019, there was $738,843 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-four months. The total fair value of stock options that vested during the three months ended March 31, 2019 and 2018 was $0. Stock Bonus Plan Activity Activity with respect to non-vested shares under the Stock Bonus Plan as of March 31, 2019 and 2018 are presented below: Three Months Ended March 31, 2019 2018 Weighted-Average Weighted-Average Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Unvested at beginning of period 169,872 $ 1.15 57,760 $ 0.68 Granted - $ - - $ - Vested - $ - - $ - Forfeited - $ - - $ - Unvested at end of period 169,872 $ 1.15 57,760 $ 0.68 As of March 31, 2019, there was $118,113 of total unrecognized compensation cost related to common stock granted under our Stock Bonus Plan. The unrecognized compensation cost at March 31, 2019 is expected to be recognized over a weighted-average period of fourteen months. Employee Stock Purchase Plan Activity During the three months ended March 31, 2019 and 2018, we issued 554 and 18,138 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 three months ended March 31, 2019 and 2018 was $615 and $17,957, respectively. As of March 31, 2019, 31,922 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 | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders’ Equity | |
Stockholders' Equity | (12) Stockholders’ Equity Changes in the components of stockholders’ equity during the three months ended March 31, 2019 and 2018 were as follows: Number of common Additional Total shares Common paid-in Accumulated stockholders’ issued stock capital deficit equity Balances at December 31, 2018 54,267,440 $ 542,674 $ 134,645,911 $ (131,174,812) $ 4,013,773 Issuance of common stock under employee stock purchase plan 554 6 609 - 615 Issuance of common stock upon exercise of warrants 1,950,115 19,501 2,535,150 - 2,554,651 Issuance of common stock upon exercise of employee, directors and consultants options 4,080 41 2,652 - 2,693 Compensation expense from employee and director stock option and common stock grants - - 139,519 - 139,519 Net loss - - - (2,550,688) (2,550,688) Balances at March 31, 2019 56,222,189 $ 562,222 $ 137,323,841 $ (133,725,500) $ 4,160,563 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 The Company had issued warrants 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 Warrant activity during the quarter ended March 31, 2019 was as follows: Weighted- Weighted- Average Warrants Average Remaining Under Exercise Contractual Option Price Life Outstanding at December 31, 2018 4,000,000 $ 1.31 1.8 years Granted - $ - Exercised (1,950,115) $ 1.31 1.8 years Forfeited - $ - Outstanding at March 31, 2019 2,049,885 $ 1.31 1.6 years Exercisable at March 31, 2019 2,049,885 $ 1.31 1.6 years |
Significant Customers
Significant Customers | 3 Months Ended |
Mar. 31, 2019 | |
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 ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 Customer A $ 958,455 26 % $ - - % Customer B $ 471,750 13 % $ 499,758 31 % Customer C $ 362,499 10 % $ 297,210 18 % Customer D $ 211,588 6 % $ 216,159 13 % The following table summarizes accounts receivable from significant customers as of March 31, 2019 and December 31, 2018: March 31, December 31, 2019 2018 Customer A 2 % - % Customer B 21 % 30 % Customer C 10 % 4 % Customer D 9 % 17 % |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 and 2018, 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. |
Loss Per Common Share
Loss Per Common Share | 3 Months Ended |
Mar. 31, 2019 | |
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 ended March 31, 2019 and 2018: Three Months Ended March 31, 2019 2018 Numerator: Net loss $ (2,550,688) $ (1,932,798) Denominator for basic and diluted net loss per common share: Weighted average number of shares of common stock outstanding - basic and diluted 55,349,670 54,124,230 Net loss per common share - basic and diluted $ (0.05) $ (0.04) 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: March 31, 2019 2018 Non-vested stock bonus plan shares 169,872 57,760 Stock options outstanding 4,180,348 3,317,560 Warrants to purchase common stock 2,049,885 5,489,733 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
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 $4,637,596 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 | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies | |
Commitments And Contingencies | (17) Commitments and Contingencies Employment Agreements Effective July 1, 2017, the Company entered into employment agreements with each of its four officers, which have terms through December 31, 2019. The aggregate future base salary payable to the executive officers over the remaining terms of their employment agreements is $823,503. Lease Commitments The Company currently leases a facility in Shanghai, China. The facility is used as a product service center and general office. The lease duration runs from the initiation date of July 30, 2018 to the expiration on August 31, 2022. At the time of expiration, UQM is eligible to negotiate a renewal to the lease. In the normal course of business, it is expected that this lease will be renewed or replaced by a similar lease on another property. This lease is the Company’s only operating lease and it has no financing leases. This lease provides for a 10% increase in annual rental payments after two years, and in increments of two years thereafter. Further, a quarterly service fee of $558 is assessed with the last rental payment of each period and included in the rent amounts shown below. During the quarter ended March 31, 2019, the Company’s lease cost was $6,777 compared to $0 for the same quarter ended March 31, 2018. Lease costs are classified on the Statements of Operations as selling, general and administrative expenses. The depreciable life of lease assets is limited by the expected lease term and once terminated, there is no transfer of title. The current lease agreement does not establish requirements for UQM to comply with covenants or to maintain certain financial ratios nor does it contain any variable lease payments. The Company recognized a right of use asset of $113,416, and current and long term lease liabilities of $27,775 and $74,642, respectively. The following is a maturity analysis of the payments discounted at our bank borrowing rate of 6.48% of the operating lease liabilities, inclusive of the quarterly service fees, as of March 31, 2019, assuming the ¥/$ exchange rate as of the same date: 2019 $ 20,331 2020 27,939 2021 29,600 2022 19,733 $ 97,603 Litigation During the quarter ended March 31, 2019, seven legal complaints, including five putative class actions, were filed by purported stockholders of UQM challenging the Merger and/or the Company’s disclosures in the proxy statements filed with the SEC related to the Merger. These lawsuits are generally described in Item 1 of Part II of this Quarterly Report on Form 10-Q. The dismissals are subject to the plaintiffs requests for fees, which fees are not estimable at this time. Therefore, no provision has been made in the financial statements for the ultimate resolution of the Lawsuits. Management believes that the final resolution of the Lawsuits will not have a material adverse effect on the Company’s financial position. |
Revenue and Cost Recognition (P
Revenue and Cost Recognition (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 control has 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 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 and Cost Recognition (T
Revenue and Cost Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue | Three months ended March 31, 2019 United States & Canada $ 2,035,656 Asia Pacific 1,509,080 Europe 139,000 Total Revenues $ 3,683,736 |
Cash, cash equivalents, and r_2
Cash, cash equivalents, and restricted cash (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash, cash equivalents, and restricted cash | March 31, March 31, 2019 2018 Cash and cash equivalents $ 2,910,507 $ 5,454,159 Restricted cash, current 222,392 456,224 Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statements of Cash Flows $ 3,132,899 $ 5,910,383 |
Contracts in Process (Tables)
Contracts in Process (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Contracts In Process [Abstract] | |
Summary Of Contract In Process | March 31, December 31, 2019 2018 Costs incurred on engineering services contracts $ 369,906 $ 1,008,715 Estimated earnings 92,305 688,227 462,211 1,696,942 Less billings to date (692,327) (1,807,669) Contracts in process $ (230,116) $ (110,727) Included in the accompanying Consolidated Condensed Balance Sheets is as follows: Deferred contract liability (230,116) (110,727) Contracts in process $ (230,116) $ (110,727) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventories | |
Schedule Of Inventories | March 31, December 31, 2019 2018 Raw materials $ 8,594,795 $ 7,836,381 Work-in-process 367,647 351,402 Finished products 2,964,943 3,719,404 Reserve for excess and obsolete inventory (7,111,786) (7,123,300) $ 4,815,599 $ 4,783,887 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Current Liabilities [Abstract] | |
Schedule Of Other Current Liabilities | March 31, December 31, 2019 2018 Accrued warranty costs $ 659,236 $ 598,415 Accrued professional fees 523,325 72,731 Accrued payroll and employee benefits 225,028 159,966 Accrued fees to Sinotruk 160,000 160,000 Accrued import duties 87,100 87,100 Accrued personal property and real estate taxes 57,490 235,133 Accrued royalties 48,336 48,336 Other 28,464 32,469 $ 1,788,979 $ 1,394,150 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Share-Based Compensation Expense | Three Months Ended March 31, 2019 2018 Costs of product sales $ 8,694 $ 6,435 Costs of contract services - 2,923 Research and development 22,750 13,461 Selling, general and administrative 108,075 50,542 $ 139,519 $ 73,361 |
Summary Of Stock Option Activity | Weighted- Weighted- Average Shares Average Remaining Aggregate Under Exercise Contractual Intrinsic Option Price Life Value Outstanding at December 31, 2018 4,190,470 $ 1.16 6.5 years $ 170,233 Granted - $ - - Exercised (4,080) $ 0.66 - Forfeited (6,042) $ 0.73 - Outstanding at March 31, 2019 4,180,348 $ 1.16 6.3 years $ 2,310,509 Exercisable at March 31, 2019 2,706,347 $ 1.20 5.0 years $ 1,500,208 Vested and expected to vest at March 31, 2019 3,479,842 $ 1.25 6.0 years $ 1,677,160 |
Schedule Of Nonvested Share Activity | Three Months Ended March 31, 2019 2018 Weighted-Average Weighted-Average Shares Under Grant Date Shares Under Grant Date Contract Fair Value Contract Fair Value Unvested at beginning of period 169,872 $ 1.15 57,760 $ 0.68 Granted - $ - - $ - Vested - $ - - $ - Forfeited - $ - - $ - Unvested at end of period 169,872 $ 1.15 57,760 $ 0.68 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2018 54,267,440 $ 542,674 $ 134,645,911 $ (131,174,812) $ 4,013,773 Issuance of common stock under employee stock purchase plan 554 6 609 - 615 Issuance of common stock upon exercise of warrants 1,950,115 19,501 2,535,150 - 2,554,651 Issuance of common stock upon exercise of employee, directors and consultants options 4,080 41 2,652 - 2,693 Compensation expense from employee and director stock option and common stock grants - - 139,519 - 139,519 Net loss - - - (2,550,688) (2,550,688) Balances at March 31, 2019 56,222,189 $ 562,222 $ 137,323,841 $ (133,725,500) $ 4,160,563 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 |
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 Warrant activity during the quarter ended March 31, 2019 was as follows: Weighted- Weighted- Average Warrants Average Remaining Under Exercise Contractual Option Price Life Outstanding at December 31, 2018 4,000,000 $ 1.31 1.8 years Granted - $ - Exercised (1,950,115) $ 1.31 1.8 years Forfeited - $ - Outstanding at March 31, 2019 2,049,885 $ 1.31 1.6 years Exercisable at March 31, 2019 2,049,885 $ 1.31 1.6 years |
Significant Customers (Tables)
Significant Customers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Sales Revenue, Goods, Net [Member] | |
Concentration Risk [Line Items] | |
Schedule of significant customers | Three Months Ended March 31, 2019 2018 Customer A $ 958,455 26 % $ - - % Customer B $ 471,750 13 % $ 499,758 31 % Customer C $ 362,499 10 % $ 297,210 18 % Customer D $ 211,588 6 % $ 216,159 13 % |
Accounts Receivable [Member] | |
Concentration Risk [Line Items] | |
Schedule of significant customers | March 31, December 31, 2019 2018 Customer A 2 % - % Customer B 21 % 30 % Customer C 10 % 4 % Customer D 9 % 17 % |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Loss Per Common Share [Abstract] | |
Basic and Diluted Net Loss Per Share | Three Months Ended March 31, 2019 2018 Numerator: Net loss $ (2,550,688) $ (1,932,798) Denominator for basic and diluted net loss per common share: Weighted average number of shares of common stock outstanding - basic and diluted 55,349,670 54,124,230 Net loss per common share - basic and diluted $ (0.05) $ (0.04) |
Shares Not Included In Diluted Net Loss Per Share | March 31, 2019 2018 Non-vested stock bonus plan shares 169,872 57,760 Stock options outstanding 4,180,348 3,317,560 Warrants to purchase common stock 2,049,885 5,489,733 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies | |
Schedule of operating lease liabilities | 2019 $ 20,331 2020 27,939 2021 29,600 2022 19,733 $ 97,603 |
Segment Reporting (Details)
Segment Reporting (Details) | 3 Months Ended |
Mar. 31, 2019segment | |
Segment Reporting | |
Number of Operating Segments | 1 |
Going Concern (Details)
Going Concern (Details) - USD ($) | Mar. 15, 2017 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Basis Of Presentation | ||||
Working Capital Deficit | $ 872,595 | |||
Accumulated deficit | (133,725,500) | $ (131,174,812) | ||
Cash and cash equivalents | 2,910,507 | $ 1,918,570 | $ 5,454,159 | |
Line of credit | $ 5,600,000 | |||
Line of credit rate plus one month LIBOR rate | 4.00% | |||
Drawn on the line of credit | $ 4,664,529 |
Revenue and Cost Recognition (D
Revenue and Cost Recognition (Details) | 3 Months Ended |
Mar. 31, 2019 | |
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 and Cost Recognition _2
Revenue and Cost Recognition (Disaggregation of Revenue) (Details) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Disaggregation of Revenue [Line Items] | |
Revenue | $ 3,683,736 |
United States & Canada [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 2,035,656 |
Asia Pacific [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | 1,509,080 |
Europe [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue | $ 139,000 |
Cash, cash equivalents, and r_3
Cash, cash equivalents, and restricted cash (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 2,910,507 | $ 1,918,570 | $ 5,454,159 | |
Restricted cash, current | 222,392 | 296,314 | 456,224 | |
Total cash, cash equivalents, and restricted cash shown in the Consolidated Condensed Statements of Cash Flows | $ 3,132,899 | $ 2,214,884 | $ 5,910,383 | $ 6,809,325 |
Contracts in Process (Narrative
Contracts in Process (Narrative) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Contracts In Process [Abstract] | ||
Estimated Period To Complete Contracts In Process, Minimum | 1 month | 1 month |
Estimated Period To Complete Contracts In Process, Maximum | 5 months | 3 months |
Expected collection period of accounts receivable | 90 days |
Contracts in Process (Summary O
Contracts in Process (Summary Of Contract In Process) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Contracts In Process [Abstract] | ||
Costs incurred on engineering services contracts | $ 369,906 | $ 1,008,715 |
Estimated earnings | 92,305 | 688,227 |
Contracts in process, gross | 462,211 | 1,696,942 |
Less billings to date | (692,327) | (1,807,669) |
Contracts in progress, total | (230,116) | (110,727) |
Deferred contract liability | $ (230,116) | $ (110,727) |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Inventories | ||
Raw materials | $ 8,594,795 | $ 7,836,381 |
Work-in-process | 367,647 | 351,402 |
Finished products | 2,964,943 | 3,719,404 |
Reserve for excess and obsolete inventory | (7,111,786) | (7,123,300) |
Inventories, total | $ 4,815,599 | $ 4,783,887 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Reserve for excess and obsolete inventory | $ 7,111,786 | $ 7,123,300 |
Other obsolete inventory | ||
Reserve for excess and obsolete inventory | $ 0 |
Other Current Liabilities (Sche
Other Current Liabilities (Schedule Of Other Current Liabilities) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Other Current Liabilities [Abstract] | ||
Accrued warranty costs | $ 659,236 | $ 598,415 |
Accrued professional fees | 523,325 | 72,731 |
Accrued payroll and employee benefits | 225,028 | 159,966 |
Accrued fees to Sinotruk | 160,000 | 160,000 |
Accrued import duties | 87,100 | 87,100 |
Accrued personal property and real estate taxes | 57,490 | 235,133 |
Accrued royalties | 48,336 | 48,336 |
Other | 28,464 | 32,469 |
Other current liabilities, Total | $ 1,788,979 | $ 1,394,150 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Mar. 15, 2017 | Mar. 31, 2019 |
Debt | ||
Line of credit | $ 5,600,000 | |
Line of credit rate plus one month LIBOR rate | 4.00% | |
Interest rate at end of period | 6.48% | |
Minimum Liquid Assets | $ 1,500,000 | |
Amount drawn on line of credit | 600,000 | $ 4,664,529 |
Deferred financing costs | $ 73,060 | $ 32,320 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Share-Based Compensation Expense) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 139,519 | $ 73,361 |
Costs of product sales | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 8,694 | 6,435 |
Costs of contract services | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 2,923 | |
Research and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 22,750 | 13,461 |
Selling, general and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 108,075 | $ 50,542 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at period end, options | 4,180,348 | |
Stock Option Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding at period start, options | 4,190,470 | |
Exercised, options | (4,080) | |
Forfeited, options | (6,042) | |
Outstanding at period end, options | 4,180,348 | 4,190,470 |
Exercisable, options | 2,706,347 | |
Vested and expected to vest, options | 3,479,842 | |
Outstanding at period start, weighted-average exercise price | $ 1.16 | |
Exercised, weighted-average exercise price | 0.66 | |
Forfeited, weighted-average exercise price | 0.73 | |
Outstanding at period end, weighted-average exercise price | 1.16 | $ 1.16 |
Exercisable, weighted-average exercise price | 1.20 | |
Vested and expected to vest, weighted-average exercise price | $ 1.25 | |
Outstanding, weighted-average remaining contractual life | 6 years 3 months 18 days | 6 years 6 months |
Exercisable, weighted-average remaining contractual life | 5 years | |
Vested and expected to vest, weighted-average remaining contractual life | 6 years | |
Outstanding at period start, aggregate intrinsic value | $ 170,233 | |
Outstanding at period end, aggregate intrinsic value | 2,310,509 | $ 170,233 |
Exercisable, aggregate intrinsic value | 1,500,208 | |
Vested and expected to vest, aggregate intrinsic value | $ 1,677,160 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Cash received from settlement of share-based awards | $ 2,693 | |
Stock Option Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 738,843 | |
Unrecognized compensation costs, period for recognition | 24 months | |
Fair value of options vested in period | $ 0 | $ 0 |
Stock Bonus Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation costs | $ 118,113 | |
Unrecognized compensation costs, period for recognition | 14 months | |
Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued in period for share-based awards | 554 | 18,138 |
Cash received from settlement of share-based awards | $ 615 | $ 17,957 |
Options purchased under this plan | 31,922 |
Stock-Based Compensation (Sch_2
Stock-Based Compensation (Schedule Of Nonvested Share Activity) (Details) - Stock Bonus Plan [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested beginning balance, shares | 169,872 | 57,760 |
Granted, shares | ||
Vested, shares | ||
Forfeited, shares | ||
Unvested ending balance, shares | 169,872 | 57,760 |
Unvested beginning balance, weighted-average grant date fair value | $ 1.15 | $ 0.68 |
Granted, weighted-average grant date fair value | ||
Vested, weighted-average grant date fair value | ||
Forfeited, weighted-average grant date fair value | ||
Unvested ending balance, weighted-average grant date fair value | $ 1.15 | $ 0.68 |
Stockholders' Equity (Component
Stockholders' Equity (Components Of Stockholders' Equity) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Class of Stock [Line Items] | ||
Beginning balance, value | $ 4,013,773 | $ 9,771,241 |
Beginning balance, shares | 54,267,440 | |
Issuance of common stock under employee stock purchase plan, value | $ 615 | 17,957 |
Issuance of common stock upon exercise of warrants, value | 2,554,651 | |
Issuance of common stock upon exercise of employee, directors and consultants options, value | 2,693 | |
Compensation expense from employee and director stock option and common stock grants | 139,519 | 73,361 |
Net loss | (2,550,688) | (1,932,798) |
Ending balance, value | $ 4,160,563 | 7,929,761 |
Ending balance, shares | 56,222,189 | |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance, value | $ 542,674 | $ 541,085 |
Beginning balance, shares | 54,267,440 | 54,108,510 |
Issuance of common stock under employee stock purchase plan, value | $ 6 | $ 181 |
Issuance of common stock under employee stock purchase plan, shares | 554 | 18,138 |
Issuance of common stock upon exercise of warrants, value | $ 19,501 | |
Issuance of common stock upon exercise of warrants, shares | 1,950,115 | |
Issuance of common stock upon exercise of employee, directors and consultants options, value | $ 41 | |
Issuance of common stock upon exercise of employee, directors and consultants options, shares | 4,080 | |
Ending balance, value | $ 562,222 | $ 541,266 |
Ending balance, shares | 56,222,189 | 54,126,648 |
Additional Paid-in Capital [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance, value | $ 134,645,911 | $ 133,901,406 |
Issuance of common stock under employee stock purchase plan, value | 609 | 17,776 |
Issuance of common stock upon exercise of warrants, value | 2,535,150 | |
Issuance of common stock upon exercise of employee, directors and consultants options, value | 2,652 | |
Compensation expense from employee and director stock option and common stock grants | 139,519 | 73,361 |
Ending balance, value | 137,323,841 | 133,992,543 |
Accumulated Deficit [Member] | ||
Class of Stock [Line Items] | ||
Beginning balance, value | (131,174,812) | (124,671,250) |
Net loss | (2,550,688) | (1,932,798) |
Ending balance, value | $ (133,725,500) | $ (126,604,048) |
Stockholders' Equity (Outstandi
Stockholders' Equity (Outstanding Warrants) (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Class of Warrant or Right [Line Items] | ||
Warrants under option, outstanding beginning balance | 4,000,000 | |
Warrants under option, exercised | (1,950,115) | |
Warrants under option, outstanding ending balance | 2,049,885 | 4,000,000 |
Warrants under option, exercisable | 2,049,885 | |
Weighted-average exercise price, beginning balance | $ 1.31 | |
Weighted-average exercise price, exercised | 1.31 | |
Weighted-average exercise price, ending balance | 1.31 | $ 1.31 |
Weighted-average exercise price, exercisable | $ 1.31 | |
Weighted-average remaining contractual life, outstanding | 1 year 7 months 6 days | 1 year 9 months 18 days |
Weighted-average remaining contractual life, exercised | 1 year 9 months 18 days | |
Weighted-average remaining contractual life, exercisable | 1 year 7 months 6 days | |
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 | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||
Revenue | $ 3,683,736 | ||
Customer A | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 958,455 | ||
Customer A | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 2.00% | ||
Customer A | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 26.00% | ||
Customer B | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 471,750 | $ 499,758 | |
Customer B | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 21.00% | 30.00% | |
Customer B | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 13.00% | 31.00% | |
Customer C | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 362,499 | $ 297,210 | |
Customer C | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 10.00% | 4.00% | |
Customer C | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 10.00% | 18.00% | |
Customer D | Sales Revenue, Goods, Net [Member] | |||
Concentration Risk [Line Items] | |||
Revenue | $ 211,588 | $ 216,159 | |
Customer D | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 9.00% | 17.00% | |
Customer D | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Revenue from major customer, percentage | 6.00% | 13.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Loss Per Common Share [Abstract] | ||
Net loss | $ (2,550,688) | $ (1,932,798) |
Weighted average number of shares of common stock outstanding - basic and diluted | 55,349,670 | 54,124,230 |
Net loss per common share - basic and diluted | $ (0.05) | $ (0.04) |
Loss Per Common Share (Number S
Loss Per Common Share (Number Shares) (Details) - shares | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Stock options outstanding | 4,180,348 | 3,317,560 | ||
Warrants to purchase common stock | 2,049,885 | 4,000,000 | 5,489,733 | |
Stock Bonus Plan [Member] | ||||
Non-vested stock bonus plan shares | 169,872 | 169,872 | 57,760 | 57,760 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) | Mar. 31, 2019USD ($) |
Recurring | Carrying value | |
Fair Value of Financial Instruments | |
Long-term debt | $ 4,637,596 |
Commitments And Contingencies_2
Commitments And Contingencies (Details) | Jul. 01, 2017item | Mar. 31, 2019USD ($)item | Mar. 31, 2018USD ($) |
Commitments and Contingencies | |||
Number of officers | item | 4 | ||
Aggregate future base salary payable | $ 823,503 | ||
Operating lease percentage | 10.00% | ||
Annual rental payment period | 2 years | ||
Annual rental payment period thereafter | 2 years | ||
Quarterly service fee | $ 558 | ||
Lease cost | 6,777 | ||
Lease expense | $ 0 | ||
Right-of-use asset | 113,416 | ||
Operating lease liability current | 27,775 | ||
Long term lease liabilities | $ 74,642 | ||
Discount rate | 6.48% | ||
Operating lease liabilities | |||
2019 | $ 20,331 | ||
2020 | 27,939 | ||
2021 | 29,600 | ||
2022 | 19,733 | ||
Total operating lease liabilities | $ 97,603 | ||
Number of legal complaints | item | 7 | ||
Number of putative class actions, | item | 5 | ||
Voluntarily dismiss period | 5 days | ||
Ultimate resolution of the Lawsuits | $ 0 |