Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 20, 2021 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38015 | |
Entity Registrant Name | Sigma Labs, Inc. | |
Entity Central Index Key | 0000788611 | |
Entity Tax Identification Number | 27-1865814 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 3900 Paseo del Sol | |
Entity Address, City or Town | Santa Fe | |
Entity Address, State or Province | NM | |
Entity Address, Postal Zip Code | 87507 | |
City Area Code | (505) | |
Local Phone Number | 438-2576 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,498,802 | |
Common Stock, par value $0.001 per share | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | SGLB | |
Security Exchange Name | NASDAQ | |
Warrants to Purchase Common Stock, | ||
Title of 12(b) Security | Warrants to Purchase Common Stock, | |
Trading Symbol | SGLBW | |
Security Exchange Name | NASDAQ |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash | $ 13,064,394 | $ 3,700,814 |
Accounts Receivable, net | 666,740 | 331,562 |
Inventory | 856,547 | 659,651 |
Prepaid Assets | 130,675 | 90,735 |
Total Current Assets | 14,718,356 | 4,782,762 |
Other Assets: | ||
Property and Equipment, net | 201,752 | 138,626 |
Intangible Assets, net | 868,265 | 753,122 |
Long-Term Prepaid Asset | 26,000 | |
Total Other Assets | 1,070,017 | 917,748 |
TOTAL ASSETS | 15,788,373 | 5,700,510 |
Current Liabilities: | ||
Accounts Payable | 223,157 | 128,937 |
Deferred Revenue | 85,480 | 77,957 |
Accrued Expenses | 432,615 | 243,815 |
Total Current Liabilities | 741,252 | 450,709 |
Long-Term Liabilities: | ||
Stock Appreciation Rights | 93,525 | 48,341 |
CARES Act Deferred Payroll Tax Liability | 37,728 | 37,728 |
Total Long-Term Liabilities | 131,253 | 86,069 |
TOTAL LIABILITIES | 872,505 | 536,778 |
Stockholders’ Equity | ||
Preferred Stock, $0.001 par; 10,000,000 shares authorized; 465 and 715 issued and outstanding, respectively | 1 | 1 |
Common Stock, $0.001 par; 24,000,000 shares authorized; 10,498,802 and 5,995,320 issued and outstanding, respectively | 10,499 | 5,995 |
Additional Paid-In Capital | 53,086,908 | 38,262,744 |
Accumulated Deficit | (38,181,540) | (33,105,008) |
Total Stockholders’ Equity | 14,915,868 | 5,163,732 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 15,788,373 | $ 5,700,510 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 465 | 715 |
Preferred stock, shares outstanding | 465 | 715 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 24,000,000 | 24,000,000 |
Common stock, shares issued | 10,498,802 | 5,995,320 |
Common stock, shares outstanding | 10,498,802 | 5,995,320 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
REVENUES | $ 700,237 | $ 248,526 | $ 1,302,525 | $ 637,944 |
COST OF REVENUE | 164,766 | 97,785 | 409,493 | 400,172 |
GROSS PROFIT | 535,471 | 150,741 | 893,032 | 237,772 |
OPERATING EXPENSES: | ||||
Salaries & Benefits | 1,222,760 | 657,889 | 3,055,279 | 1,915,381 |
Stock-Based Compensation | 659,512 | 58,219 | 893,431 | 483,208 |
Operating R&D Costs | 131,772 | 79,673 | 608,812 | 245,008 |
Investor, Public Relations & Marketing | 119,622 | 66,794 | 342,725 | 353,802 |
Organization Costs | 342,112 | 173,041 | 578,256 | 328,716 |
Legal & Professional Service Fees | 261,075 | 133,273 | 681,941 | 530,660 |
Office Expenses | 172,238 | 84,357 | 472,335 | 310,947 |
Depreciation & Amortization | 27,689 | 50,167 | 76,502 | 86,150 |
Other Operating Expenses | 90,108 | 59,100 | 267,663 | 194,836 |
Total Operating Expenses | 3,026,888 | 1,362,513 | 6,976,944 | 4,448,708 |
LOSS FROM OPERATIONS | (2,491,417) | (1,211,772) | (6,083,912) | (4,210,936) |
OTHER INCOME (EXPENSE) | ||||
Interest Income | 2,981 | 77 | 10,053 | 959 |
State Incentives | 151,657 | |||
Exchange Rate Gain (Loss) | (490) | (252) | (333) | (1,674) |
Interest Expense | (2,052) | (6,066) | (5,434) | (12,741) |
Loss on Dissolution of Joint Venture | (201) | |||
Other Income | 1,092,441 | 361,700 | ||
Total Other Income (Expense) | 439 | (6,241) | 1,096,727 | 499,700 |
LOSS BEFORE PROVISION FOR INCOME TAXES | (2,490,978) | (1,218,013) | (4,987,185) | (3,711,236) |
Provision for income Taxes | ||||
Net Loss | (2,490,978) | (1,218,013) | (4,987,185) | (3,711,236) |
Preferred Dividends | (14,220) | (737,344) | (89,347) | (1,744,471) |
Net Loss Applicable to Common Stockholders | $ (2,505,198) | $ (1,955,357) | $ (5,076,532) | $ (5,455,707) |
Net Loss per Common Share – Basic and Diluted | $ (0.24) | $ (0.42) | $ (0.53) | $ (1.74) |
Weighted Average Number of Shares Outstanding – Basic and Diluted | 10,494,560 | 4,675,749 | 9,602,666 | 3,137,459 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balances, December 31, 2019 at Dec. 31, 2019 | $ 1,404 | $ 26,746,439 | $ (26,095,594) | $ 652,249 | |
Balance, shares at Dec. 31, 2019 | 1,403,759 | ||||
Preferred Stock Dividends | $ 750 | 1,743,721 | (1,744,471) | ||
Securities Issued to Directors for Services, shares | 8,334 | ||||
Securities Issued for Third Party Services | $ 6 | 113,837 | 113,843 | ||
Securities Issued for Third Party Services, shares | 6,000 | ||||
Securities Awarded to Employees | $ 12 | 483,196 | 483,208 | ||
Securities Awarded to Employees, shares | 11,517 | ||||
Preferred Shares issued for Exercise of Preferred Warrants | $ 5 | 5,619,895 | 5,619,900 | ||
Preferred Shares issued for Exercise of Preferred Warrants, shares | 5,764 | ||||
Common Shares issued for Conversion of Preferred Shares | $ (7) | $ 3,157 | (3,150) | ||
Common Shares Issued for Conversion of Preferred Shares,shares | (7,154) | 3,157,427 | |||
Common Shares Sold in Public Offering | $ 493 | 1,499,507 | 1,500,000 | ||
Common Shares Sold in Public Offerings, shares | 493,027 | ||||
Preferred Shares Sold in Private Offering | $ 3 | 2,099,997 | 2,100,000 | ||
Preferred Shares Sold in Private Offering, shares | 1,973 | ||||
Offering Costs | (820,224) | (820,224) | |||
Issuance of Fractional Shares from Reverse Split | $ 3 | (3) | |||
Issuance of Fractional Shares from Reverse Split, shares | 3,257 | ||||
Securities Issued to Directors for Services | $ 8 | 131,142 | 131,150 | ||
Net Loss | (3,711,236) | (3,711,236) | |||
Balances, September 30, 2020 at Sep. 30, 2020 | $ 1 | $ 5,833 | 37,614,357 | (31,551,301) | 6,068,890 |
Balance, shares at Sep. 30, 2020 | 583 | 5,833,245 | |||
Preferred Stock Dividends, shares | 749,924 | ||||
Balances, December 31, 2019 at Jun. 30, 2020 | $ 1 | $ 3,926 | 33,151,829 | (29,595,944) | 3,559,812 |
Balance, shares at Jun. 30, 2020 | 333 | 3,926,362 | |||
Preferred Stock Dividends | $ 339 | 737,005 | (737,344) | ||
Securities Issued to Directors for Services, shares | 8,334 | ||||
Securities Issued for Third Party Services | $ 4 | 58,918 | 58,922 | ||
Securities Issued for Third Party Services, shares | 3,500 | ||||
Securities Awarded to Employees | 58,220 | 58,220 | |||
Preferred Shares issued for Exercise of Preferred Warrants | $ 3 | 3,478,796 | 3,478,799 | ||
Preferred Shares issued for Exercise of Preferred Warrants, shares | 3,568 | ||||
Common Shares issued for Conversion of Preferred Shares | $ (3) | $ 1,556 | (1,553) | ||
Common Shares Issued for Conversion of Preferred Shares,shares | (3,318) | 1,555,550 | |||
Securities Issued to Directors for Services | $ 8 | 131,142 | 131,150 | ||
Net Loss | (1,218,013) | (1,218,013) | |||
Balances, September 30, 2020 at Sep. 30, 2020 | $ 1 | $ 5,833 | 37,614,357 | (31,551,301) | 6,068,890 |
Balance, shares at Sep. 30, 2020 | 583 | 5,833,245 | |||
Preferred Stock Dividends, shares | 339,499 | ||||
Balances, December 31, 2019 at Dec. 31, 2020 | $ 1 | $ 5,995 | 38,262,744 | (33,105,008) | 5,163,732 |
Balance, shares at Dec. 31, 2020 | 715 | 5,995,320 | |||
Preferred Stock Dividends | $ 19 | 89,328 | (89,347) | ||
Securities Issued for Third Party Services | $ 2 | 128,807 | 128,809 | ||
Securities Issued for Third Party Services, shares | 1,500 | ||||
Securities Awarded to Employees | $ 5 | 893,426 | 893,431 | ||
Securities Awarded to Employees, shares | 5,204 | ||||
Common Shares issued for Conversion of Preferred Shares | $ 100 | (100) | |||
Common Shares Issued for Conversion of Preferred Shares,shares | (250) | 100,000 | |||
Common Shares Sold in Public Offering | $ 3,902 | 14,865,997 | 14,869,899 | ||
Common Shares Sold in Public Offerings, shares | 3,901,783 | ||||
Extinguishment of Derivative Liability | (1,092,441) | (1,092,441) | |||
Common Shares issued for Exercise of Common Warrants | $ 476 | 1,135,534 | 1,136,010 | ||
Common Shares issued for Exercise of Common Warrants, shares | 475,995 | ||||
Offering Costs | (1,600,967) | (1,600,967) | |||
Securities Issued to Directors for Services | 404,580 | 404,580 | |||
Net Loss | (4,987,185) | (4,987,185) | |||
Balances, September 30, 2020 at Sep. 30, 2021 | $ 1 | $ 10,499 | 53,086,908 | (38,181,540) | 14,915,868 |
Balance, shares at Sep. 30, 2021 | 465 | 10,498,802 | |||
Preferred Stock Dividends, shares | 19,000 | ||||
Balances, December 31, 2019 at Jun. 30, 2021 | $ 1 | $ 10,494 | 52,058,003 | (35,676,342) | 16,392,156 |
Balance, shares at Jun. 30, 2021 | 465 | 10,493,598 | |||
Preferred Stock Dividends | 14,220 | (14,220) | |||
Shares Securities Issued to Directors for Services | 282,306 | 282,306 | |||
Securities Issued for Third Party Services | 72,872 | 72,872 | |||
Securities Awarded to Employees | $ 5 | 659,507 | 659,512 | ||
Securities Awarded to Employees, shares | 5,204 | ||||
Net Loss | (2,490,978) | (2,490,978) | |||
Balances, September 30, 2020 at Sep. 30, 2021 | $ 1 | $ 10,499 | $ 53,086,908 | $ (38,181,540) | $ 14,915,868 |
Balance, shares at Sep. 30, 2021 | 465 | 10,498,802 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net Loss | $ (4,987,185) | $ (3,711,236) |
Noncash Expenses: | ||
Depreciation and Amortization | 76,502 | 86,150 |
Gain on Derivative Liability | (1,092,441) | |
Stock Based Compensation - Employees | 893,431 | 483,208 |
Stock Based Compensation – Third Party Services | 128,809 | 113,843 |
Stock Based Compensation - Directors | 404,580 | 131,150 |
Change in assets and liabilities: | ||
Accounts Receivable | (335,178) | (429,527) |
Inventory | (196,896) | 24,178 |
Prepaid Assets | (13,940) | 55,669 |
Accounts Payable | 94,220 | (544,991) |
Deferred Revenue | 7,523 | (46,606) |
Accrued Expenses | 233,985 | 108,022 |
Deferral of Payroll Taxes under the CARES Act | 53,545 | |
NET CASH USED IN OPERATING ACTIVITIES | (4,786,590) | (3,676,595) |
INVESTING ACTIVITIES | ||
Purchase of Property and Equipment | (116,631) | (88,074) |
Purchase of Intangible Assets | (138,141) | (161,878) |
Dissolution of Joint Venture | 500 | |
NET CASH USED IN INVESTING ACTIVITIES | (254,772) | (249,452) |
FINANCING ACTIVITIES | ||
Gross Proceeds from Public and Private Issuances of Securities | 14,869,899 | 3,600,000 |
Less Offering Costs | (1,600,967) | (820,224) |
Payment of Note Payable | (50,000) | |
Proceeds from Exercise of Warrants | 1,136,010 | 5,619,900 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 14,404,942 | 8,349,676 |
NET CHANGE IN CASH FOR PERIOD | 9,363,580 | 4,423,629 |
CASH AT BEGINNING OF PERIOD | 3,700,814 | 86,919 |
CASH AT END OF PERIOD | 13,064,394 | 4,510,548 |
Noncash investing and financing activities disclosure: | ||
Issuance of Common Shares for Preferred Dividends | 89,347 | 1,744,471 |
Issuance of Securities for Services | 533,387 | 244,993 |
Disclosure of cash paid for: | ||
Interest | 5,434 | 12,741 |
Income Taxes |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - Summary of Significant Accounting Policies Nature of Business Basis of Presentation Reclassification Fair Value of Financial Instruments . ● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 - inputs to valuation methodology are unobservable and significant to the fair measurement. The carrying amounts reported in the balance sheets for the cash and cash equivalents, receivables, accounts payable, and accrued liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The Company does not use derivative instruments for hedging of market risk or for trading or speculative purposes. On March 26, 2021, the Company closed an offering in which it issued warrants to purchase an aggregate of 2,190,000 May 24, 2021 12,000,000 24,000,000 Pursuant to ASC 815-40-25-10, because the Company did not have sufficient authorized and unissued shares of common stock available to settle the warrants at the issue date, such warrants were accounted for as a derivative liability. On May 24, 2021, upon receiving shareholder approval to increase its authorized common shares, the Company reclassified the warrant liability to equity pursuant to ASC 815.40.35.8. The fair value of the warrant liability measured on a recurring basis is as follows: Schedule of Warrant Liability Measured on Recurring Basis September 30, 2021 Date of Issuance March 26, 2021 Fair Value Input Level Fair Value Input Level Derivative Liability - Warrants $ - - $ 5,708,212 Level 3 The following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable input (Level 3): Schedule of Derivative Liability Measured on a Recurring Basis Using Significant Unobservable Input (Level 3) Warrants Fair Value on Issuance Date $ 5,708,212 Change in Fair Value (1,092,441 ) Fair Value on May 24, 2021 4,615,771 Extinguishment of Derivative Liability (4,615,771 ) Fair Value on September 30, 2021 $ - Loss Per Share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share September 30, 2021 2020 Warrants 3,987,931 1,845,722 Preferred Stock Warrants - 260,089 Stock Options 1,400,407 610,229 Preferred Stock 124,483 227,695 Total Underlying Common Shares 5,512,821 2,943,735 The following data shows the amounts used in computing loss per share and the effect on income and the weighted average number of shares of dilutive potential common stock for the periods ended September 30, 2021 and 2020: Schedule of Earnings Per Share, Basic and Diluted 2021 2020 2021 2020 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net Loss per Common Share - Basic and Diluted $ (0.24 ) $ (0.42 ) $ (0.53 ) $ (1.74 ) Loss from continuing Operations available to Common stockholders (numerator) $ (2,505,198 ) $ (1,955,357 ) $ (5,076,532 ) $ (5,455,707 ) Loss from continuing Operations available to Common stockholders (numerator) $ (2,505,198 ) $ (1,955,357 ) $ (5,076,532 ) $ (5,455,707 ) Weighted average number of common shares Outstanding used in loss per share during the Period (denominator) 10,494,560 4,675,749 9,602,666 3,137,459 Recently Enacted Accounting Standards Accounting Estimates |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 2 – Inventory At September 30, 2021 and December 31, 2020, the Company’s inventory was comprised of: Schedule of Inventory September 30, 2021 December 31, 2020 Raw Materials $ 312,181 $ 309,305 Work in Process 260,380 175,884 Finished Goods 283,986 174,462 Total Inventory $ 856,547 $ 659,651 |
CARES Act Deferred Payroll Tax
CARES Act Deferred Payroll Tax Liability | 9 Months Ended |
Sep. 30, 2021 | |
Cares Act Deferred Payroll Tax Liability | |
CARES Act Deferred Payroll Tax Liability | NOTE 3 – CARES Act Deferred Payroll Tax Liability Pursuant to sections 2302(a)(1) and (a)(2) of the CARES Act, the Company has elected to defer payments of its share of Social Security tax due during the “payroll tax deferral period”. The payroll tax deferral period began on March 27, 2020 and ended on December 31, 2020. At September 30, 2021 the total amount of such deferral was $ 75,455 50 50 |
Derivative Liability
Derivative Liability | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liability | NOTE 4 - Derivative Liability On March 26, 2021 (the “Issuance Date”), the Company issued warrants to purchase an aggregate of 2,190,000 2,190,000 4.32 May 24, 2021 two years “Derivative Instruments and Hedging” At a Special Stockholders Meeting held on May 24, 2021, the Company received approval to increase its authorized common shares from 12,000,000 24,000,000 The fair value of the derivative liability presented below was measured using the Black Scholes valuation model. Significant inputs into the model for the nine months ended September 30, 2021 are as follows: Schedule of Fair Value of Derivative Liability Using Black Scholes Valuation Model September 30, 2021 Dividend yield 0.00 % Risk-free interest rate 0.6 0.7 % Expected volatility 121.2 124.0 % Expected life (in years) 2 The warrants outstanding and fair values at each of the respective valuation dates are summarized below: Schedule of Fair Value of Warrant Liability Warrant Liability Warrants Outstanding Fair Value Per Share Fair Value Fair Value at initial measurement date of March 26, 2021 2,190,000 $ 2.61 $ 5,708,212 (Gain) on change in Fair Value of Warrant Liability - $ - (1,092,441 ) Fair Value as of May 24, 2021 2,190,000 $ 2.11 4,615,771 Extinguishment of Derivative Liability (2,190,000 ) $ 2.11 (4,615,771 ) Fair Value as of September 30, 2021 - $ - - The Company has presented the fair value measurement as a Level 3 measurement, relying on unobservable inputs reflecting management’s assumptions. Level 3 measurements, which are not based on quoted prices in active markets, introduce a higher degree of subjectivity and may be more sensitive to fluctuations in stock prices, volatility rates and U.S. Treasury Bond rates and could have a material impact on future fair value measurements. The Company uses the Black Scholes model, based on the adjusted historical volatility rates for fair value measurements through the date of stockholder approval (i.e., May 24, 2021). Management has determined the Black Scholes model to be the most reliable and least volatile determinate of the current fair value of the warrants. It is the Company’s expectation to maximize on all observable market inputs for the warrants and calibrate the model to incorporate relevant observable market data into the fair value measurement at each future measurement date, if applicable. During the nine months ended September 30, 2021, the Company recognized a gain of $ 1,092,441 |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders’ Equity | NOTE 5 - Stockholders’ Equity Common Stock On May 24, 2021, at a Special Stockholders Meeting, our authorized shares of common stock were increased from 12,000,000 24,000,000 In January 2021, the Company closed a public offering of its securities in which it issued 1,711,783 3.00 4,532,445 136,943 five years 3.75 In February 2021, the Company issued 263,200 In March 2021, the Company issued 119,000 250 19,000 191,204 21,591 In March 2021, the Company closed a public offering of its securities in which it issued 2,190,000 shares of common stock at $ 4.445 per share, resulting in net proceeds to the Company of approximately $ 8,736,487 after deducting placement agent commissions and other offering costs payable by the Company. In a concurrent private placement under the Purchase Agreement, the Company issued to the purchasers warrants to purchase an aggregate of 2,190,000 shares of Common Stock at an exercise price of $ 4.32 per share. Each Warrant became exercisable on May 24, 2021 , the date the Company obtained stockholder approval of an increase in the authorized shares of the Company’s Common Stock and will expire two years 175,200 8 125 5.55625 8.0 In March 2021, Company issued 1,500 4.99 In September 2021, the Company granted 5,204 On April 6, 2020, the Company closed a public offering of equity securities in which it issued 493,027 22,438 515,465 41,237 3.64 1,230,000 In the nine months ended September 30, 2020, the Company issued 3,157,427 6,109 749,924 In the nine months ended September 30, 2020, the Company issued 25,851 Preferred Stock The Company is authorized to issue 10,000,000 shares of preferred stock, $ 0.001 par value. 465 583 shares of preferred stock were issued and outstanding at September 30, 2021 and 2020, respectively. In January 2020, the Company entered into a Securities Purchase Agreement (the “SPA”) with certain institutional investors (the “Institutional Private Placement”). Pursuant to the SPA, the Company issued and sold 1,640 1,000 9 2.50 In addition, a holder may at any time, alternatively, convert all, or any part, of its Series D Preferred Shares at an alternative conversion price, which equals the lower of the applicable conversion price then in effect, and the greater of (x) $1.80 and (y) 85% of the average volume weighted average price (“VWAP”) of the Common Stock for a five (5) trading day period prior to such conversion. Upon the occurrence of certain triggering events, described in the Certificate of Designations, including, but not limited to payment defaults, breaches of transaction documents, failure to maintain listing on the Nasdaq Capital Market, and other defaults set forth therein, the Series D Preferred Shares would become subject to redemption, at the option of a holder, at a 125% premium to the underlying value of the Series D Preferred Shares being redeemed At September 30, 2021 there were 132 2.50 62,832 Concurrent with the Institutional Private Placement, the Company entered into a Securities Purchase Agreement (the “SPA”) with certain of its directors and the Company’s previously largest shareholder (the “Other Private Placement”). Pursuant to the SPA, the Company issued and sold 333 shares of the Company’s newly created Series E Convertible Preferred Stock (the “Series E Preferred Stock”). Dividends accrue at a dividend rate of 9 % per annum and, on a monthly basis, shall be payable in kind by the increase of the Stated Value of the Series E Preferred Shares by said amount. The Series E Preferred Stock is initially convertible into 48,544 shares of Common Stock. At September 30, 2021, all of the issued Series E Convertible Preferred Stock were outstanding, which if converted as of September 30, 2021, including the make-whole dividends, would have resulted in the issuance of 61,651 Deferred Compensation In previous years and in the nine months ended September 30, 2021, the Company issued to various employees, directors, and contractors shares of the Company’s common stock, subject to restrictions, pursuant to the 2013 Equity Incentive Plan (the “2013 Plan”). Such shares are valued at the fair value at the date of issue. The fair value is expensed as compensation over the vesting period and recorded as an increase to stockholders’ equity. During the nine months ended September 30, 2021 and September 30, 2020, $ 0 15,740 At September 30, 2021, there was no Stock Options On July 15, 2021, at the Annual Meeting of Stockholders of the Company, the Company’s stockholders approved an amendment to the 2013 Equity Incentive Plan to increase the number of shares of the Company’s common stock reserved for issuance under the 2013 Plan by 875,000 1,765,000 As of September 30, 2021, an aggregate of 335,152 During the nine months ended September 30, 2021, the Company granted options to purchase a total of 697,831 During the nine months ended September 30, 2020, the Company granted options to purchase a total of 472,183 The Company generally grants stock options to employees and directors at exercise prices equal to the fair market value of the Company’s stock on the dates of grant. Stock options are typically granted throughout the year and generally vest over four years of service and expire five years from the date of the award, unless otherwise specified. The Company recognizes compensation expense for the fair value of the stock options over the requisite service period for each stock option award. Total share-based compensation expense included in the statements of operations for the nine months ended September 30, 2021 and 2020 is $ 893,431 483,208 of which $ 874,176 467,468 is related to stock options, respectively. The fair value of share-based awards was estimated using the Black-Scholes model with the following weighted-average assumptions for the nine months ended September 30, 2021 and 2020: Assumptions: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions 2021 2020 Dividend yield 0.00 % 0.00 % Risk-free interest rate 0.19 0.70 % 0.22 1.52 % Expected volatility 116.8 123.8 % 114.0 117.0 % Expected life (in years) 5 5 Option activity for the nine months ended September 30, 2021 and the year ended December 31, 2020 was as follows: Schedule of Stock Option Activity Weighted Average Weighted Average Exercise Remaining Aggregate Price Contractual Intrinsic Options ($) Life (Yrs.) Value ($) Options outstanding at December 31, 2019 180,912 18.11 5.09 25,988 Granted 579,998 2.55 4.57 - Exercised - - - - Forfeited or cancelled (47,900 ) 22.62 - - Options outstanding at December 31, 2020 713,010 5.15 4.40 477,802 Granted 697,831 3.29 4.64 46,800 Exercised (5,204 ) 2.50 - - Forfeited or cancelled (5,230 ) 4.41 - - Options outstanding September 30, 2021 1,400,407 4.24 4.14 267,577 Options expected to vest in the future as of September 30, 2021 574,146 3.59 4.29 110,275 Options exercisable at September 30, 2021 826,261 4.68 4.04 157,302 Options vested, exercisable, and options expected to vest at September 30, 2021 1,400,407 4.24 4.14 267,577 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of our common stock for those awards that have an exercise price currently below the $ 3.02 3.02 At September 30, 2021, there was $ 1,544,383 3.0 Stock Appreciation Rights On June 23, 2020, the board of directors (the “Board”) of the Company adopted the Sigma Labs, Inc. 2020 Stock Appreciation Rights Plan (the “Plan”). The purposes of the Plan are to: (i) enable the Company to attract and retain the types of employees, consultants and directors (collectively, “Service Providers”) who will contribute to the Company’s long range success; (ii) provide incentives that align the interests of Service Providers with those of the shareholders of the Company; and (iii) promote the success of the Company’s business. The Plan provides for incentive awards that are only made in the form of stock appreciation rights payable in cash (“SARs”). No shares of common stock were reserved in connection with the adoption of the Plan since no shares will be issued pursuant to the Plan. SARs may be granted to any Service Provider. A SAR is the right to receive an amount equal to the Spread with respect to a share of the Company’s common stock (“Share”) upon the exercise of the SAR. The “Spread” is the difference between the exercise price per share specified in a SAR agreement on the date of grant and the fair market value per share on the date of exercise of the SAR. The exercise price per share will not be less than 100% of the fair market value of a Share on the date of grant of the SAR. The administrator of the Plan will have the authority to, among other things, prescribe the terms and conditions of each SAR, including, without limitation, the exercise price and medium of payment and vesting provisions, and to specify the provisions of the SAR Agreement relating to such grant. On August 11, 2021, the Company granted, pursuant to the Plan, (i) 77,748 30,313 76,304 48,580 3.42 On June 23, 2020, the Company granted, pursuant to the Plan, (i) 60,094 12,019 24,038 18,028 2.63 SARs expire on the fifth anniversary of the grant date and may be settled only in cash. Additionally, each such SAR will vest and become exercisable in three equal (as closely as possible) installments on each of the first, second and third anniversaries of the grant date, subject, in each case, to the applicable SAR holder being in the continuous employ of the Company on the applicable vesting date, and, in the event of a Change in Control (as defined in the Plan), will become immediately vested and exercisable as long as the applicable holder is in the Company’s employ immediately prior to the Change in Control, and will otherwise be on such other terms set forth in the form of Stock Appreciation Rights Agreement. The Company recognizes compensation expense and a corresponding liability for the fair value of the SARs over the requisite service period for each SAR award. The SAR’s are revalued at each reporting date in accordance with ASC 718 “Compensation-Stock Compensation”, and any changes in fair value are reflected in income as of the applicable reporting date. The fair value of SAR awards was estimated using the Black-Scholes model with the following weighted-average assumptions for the nine months ended September 30, 2021 and 2020: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions Assumptions: 2021 2020 Dividend yield 0.00 % 0.00 % Risk-free interest rate 0.4 % 0.22 % Expected volatility 122.8 % 116.8 % Expected life (in years) 5 5 SARs activity for the nine months ended September 30, 2021 was as follows: Schedule of Stock Option Activity Weighted Average Weighted Average Exercise Remaining Aggregate Price Contractual Intrinsic SARs ($) Life (Yrs.) Value ($) SARs outstanding at December 31, 2020 127,679 2.61 4.52 97,919 Granted 242,945 3.43 4.86 - Exercised - - - - Forfeited or cancelled - - - - SARs outstanding September 30, 2021 370,624 3.15 4.49 51,955 SARs expected to vest in the future as of September 30, 2021 250,975 3.19 4.52 29,687 SARs exercisable at September 30, 2021 119,649 3.08 4.42 22,268 SARs vested, exercisable, and options expected to vest at September 30, 2021 370,624 3.15 4.49 51,955 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of our common stock for those awards that have an exercise price currently below the $ 3.02 3.02 At September 30, 2021, there was $ 614,947 2.87 Warrants Warrant activity for the nine months ended September 30, 2021 and 2020 was as follows: Summary of Warrant Activity Weighted Average Weighted Average Exercise Remaining Price Contractual Warrants ($) Life (Yrs.) Warrants outstanding at December 31, 2019 363,727 25.60 3.12 Granted 1,481,995 3.22 4.89 Exercised - - - Forfeited or cancelled - - - Warrants outstanding at September 30, 2020 1,845,722 7.64 4.39 Warrants outstanding at December 31, 2020 1,881,429 7.57 4.16 Granted 2,602,143 4.36 1.89 Exercised (495,641 ) 2.59 - Forfeited or cancelled - - - Warrants outstanding at September 30, 2021 3,987,931 6.10 2.36 In connection with its March 2021 private placement, the Company issued warrants to purchase 2,190,000 4.32 May 24, 2021 two years 175,200 8 125 5.55625 8.0 In connection with its January 2021 public offering, the Company issued to the Underwriter or its designee warrants to purchase 136,943 five years 3.75 On January 8, 2021, the Company obtained a waiver (“Waiver”) from certain investors (“Investors”) with respect to certain anti-dilution adjustment provisions of a January 2020 warrant and an April 2020 warrant issued to the Investors. As consideration for the Waiver, the Company issued an additional warrant (“Warrant”) to the Investors to purchase an aggregate of 100,000 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 6 - Subsequent Events The Company performed an evaluation of subsequent events through the date of filing of these condensed financial statements with the SEC. There were no material subsequent events which affected, or could affect, the amounts or disclosures in the condensed financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business |
Basis of Presentation | Basis of Presentation |
Reclassification | Reclassification |
Fair Value of Financial Instruments | Fair Value of Financial Instruments . ● Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 - inputs to valuation methodology are unobservable and significant to the fair measurement. The carrying amounts reported in the balance sheets for the cash and cash equivalents, receivables, accounts payable, and accrued liabilities each qualify as financial instruments and are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The Company does not use derivative instruments for hedging of market risk or for trading or speculative purposes. On March 26, 2021, the Company closed an offering in which it issued warrants to purchase an aggregate of 2,190,000 May 24, 2021 12,000,000 24,000,000 Pursuant to ASC 815-40-25-10, because the Company did not have sufficient authorized and unissued shares of common stock available to settle the warrants at the issue date, such warrants were accounted for as a derivative liability. On May 24, 2021, upon receiving shareholder approval to increase its authorized common shares, the Company reclassified the warrant liability to equity pursuant to ASC 815.40.35.8. The fair value of the warrant liability measured on a recurring basis is as follows: Schedule of Warrant Liability Measured on Recurring Basis September 30, 2021 Date of Issuance March 26, 2021 Fair Value Input Level Fair Value Input Level Derivative Liability - Warrants $ - - $ 5,708,212 Level 3 The following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable input (Level 3): Schedule of Derivative Liability Measured on a Recurring Basis Using Significant Unobservable Input (Level 3) Warrants Fair Value on Issuance Date $ 5,708,212 Change in Fair Value (1,092,441 ) Fair Value on May 24, 2021 4,615,771 Extinguishment of Derivative Liability (4,615,771 ) Fair Value on September 30, 2021 $ - |
Loss Per Share | Loss Per Share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share September 30, 2021 2020 Warrants 3,987,931 1,845,722 Preferred Stock Warrants - 260,089 Stock Options 1,400,407 610,229 Preferred Stock 124,483 227,695 Total Underlying Common Shares 5,512,821 2,943,735 The following data shows the amounts used in computing loss per share and the effect on income and the weighted average number of shares of dilutive potential common stock for the periods ended September 30, 2021 and 2020: Schedule of Earnings Per Share, Basic and Diluted 2021 2020 2021 2020 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net Loss per Common Share - Basic and Diluted $ (0.24 ) $ (0.42 ) $ (0.53 ) $ (1.74 ) Loss from continuing Operations available to Common stockholders (numerator) $ (2,505,198 ) $ (1,955,357 ) $ (5,076,532 ) $ (5,455,707 ) Loss from continuing Operations available to Common stockholders (numerator) $ (2,505,198 ) $ (1,955,357 ) $ (5,076,532 ) $ (5,455,707 ) Weighted average number of common shares Outstanding used in loss per share during the Period (denominator) 10,494,560 4,675,749 9,602,666 3,137,459 |
Recently Enacted Accounting Standards | Recently Enacted Accounting Standards |
Accounting Estimates | Accounting Estimates |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Warrant Liability Measured on Recurring Basis | The fair value of the warrant liability measured on a recurring basis is as follows: Schedule of Warrant Liability Measured on Recurring Basis September 30, 2021 Date of Issuance March 26, 2021 Fair Value Input Level Fair Value Input Level Derivative Liability - Warrants $ - - $ 5,708,212 Level 3 |
Schedule of Derivative Liability Measured on a Recurring Basis Using Significant Unobservable Input (Level 3) | The following table presents a reconciliation of the derivative liability measured at fair value on a recurring basis using significant unobservable input (Level 3): Schedule of Derivative Liability Measured on a Recurring Basis Using Significant Unobservable Input (Level 3) Warrants Fair Value on Issuance Date $ 5,708,212 Change in Fair Value (1,092,441 ) Fair Value on May 24, 2021 4,615,771 Extinguishment of Derivative Liability (4,615,771 ) Fair Value on September 30, 2021 $ - |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share September 30, 2021 2020 Warrants 3,987,931 1,845,722 Preferred Stock Warrants - 260,089 Stock Options 1,400,407 610,229 Preferred Stock 124,483 227,695 Total Underlying Common Shares 5,512,821 2,943,735 |
Schedule of Earnings Per Share, Basic and Diluted | The following data shows the amounts used in computing loss per share and the effect on income and the weighted average number of shares of dilutive potential common stock for the periods ended September 30, 2021 and 2020: Schedule of Earnings Per Share, Basic and Diluted 2021 2020 2021 2020 Three Months Ended Nine Months Ended 2021 2020 2021 2020 Net Loss per Common Share - Basic and Diluted $ (0.24 ) $ (0.42 ) $ (0.53 ) $ (1.74 ) Loss from continuing Operations available to Common stockholders (numerator) $ (2,505,198 ) $ (1,955,357 ) $ (5,076,532 ) $ (5,455,707 ) Loss from continuing Operations available to Common stockholders (numerator) $ (2,505,198 ) $ (1,955,357 ) $ (5,076,532 ) $ (5,455,707 ) Weighted average number of common shares Outstanding used in loss per share during the Period (denominator) 10,494,560 4,675,749 9,602,666 3,137,459 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | At September 30, 2021 and December 31, 2020, the Company’s inventory was comprised of: Schedule of Inventory September 30, 2021 December 31, 2020 Raw Materials $ 312,181 $ 309,305 Work in Process 260,380 175,884 Finished Goods 283,986 174,462 Total Inventory $ 856,547 $ 659,651 |
Derivative Liability (Tables)
Derivative Liability (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Liability Using Black Scholes Valuation Model | The fair value of the derivative liability presented below was measured using the Black Scholes valuation model. Significant inputs into the model for the nine months ended September 30, 2021 are as follows: Schedule of Fair Value of Derivative Liability Using Black Scholes Valuation Model September 30, 2021 Dividend yield 0.00 % Risk-free interest rate 0.6 0.7 % Expected volatility 121.2 124.0 % Expected life (in years) 2 |
Schedule of Fair Value of Warrant Liability | The warrants outstanding and fair values at each of the respective valuation dates are summarized below: Schedule of Fair Value of Warrant Liability Warrant Liability Warrants Outstanding Fair Value Per Share Fair Value Fair Value at initial measurement date of March 26, 2021 2,190,000 $ 2.61 $ 5,708,212 (Gain) on change in Fair Value of Warrant Liability - $ - (1,092,441 ) Fair Value as of May 24, 2021 2,190,000 $ 2.11 4,615,771 Extinguishment of Derivative Liability (2,190,000 ) $ 2.11 (4,615,771 ) Fair Value as of September 30, 2021 - $ - - |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of share-based awards was estimated using the Black-Scholes model with the following weighted-average assumptions for the nine months ended September 30, 2021 and 2020: Assumptions: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions 2021 2020 Dividend yield 0.00 % 0.00 % Risk-free interest rate 0.19 0.70 % 0.22 1.52 % Expected volatility 116.8 123.8 % 114.0 117.0 % Expected life (in years) 5 5 |
Schedule of Stock Option Activity | Option activity for the nine months ended September 30, 2021 and the year ended December 31, 2020 was as follows: Schedule of Stock Option Activity Weighted Average Weighted Average Exercise Remaining Aggregate Price Contractual Intrinsic Options ($) Life (Yrs.) Value ($) Options outstanding at December 31, 2019 180,912 18.11 5.09 25,988 Granted 579,998 2.55 4.57 - Exercised - - - - Forfeited or cancelled (47,900 ) 22.62 - - Options outstanding at December 31, 2020 713,010 5.15 4.40 477,802 Granted 697,831 3.29 4.64 46,800 Exercised (5,204 ) 2.50 - - Forfeited or cancelled (5,230 ) 4.41 - - Options outstanding September 30, 2021 1,400,407 4.24 4.14 267,577 Options expected to vest in the future as of September 30, 2021 574,146 3.59 4.29 110,275 Options exercisable at September 30, 2021 826,261 4.68 4.04 157,302 Options vested, exercisable, and options expected to vest at September 30, 2021 1,400,407 4.24 4.14 267,577 |
Summary of Warrant Activity | Warrant activity for the nine months ended September 30, 2021 and 2020 was as follows: Summary of Warrant Activity Weighted Average Weighted Average Exercise Remaining Price Contractual Warrants ($) Life (Yrs.) Warrants outstanding at December 31, 2019 363,727 25.60 3.12 Granted 1,481,995 3.22 4.89 Exercised - - - Forfeited or cancelled - - - Warrants outstanding at September 30, 2020 1,845,722 7.64 4.39 Warrants outstanding at December 31, 2020 1,881,429 7.57 4.16 Granted 2,602,143 4.36 1.89 Exercised (495,641 ) 2.59 - Forfeited or cancelled - - - Warrants outstanding at September 30, 2021 3,987,931 6.10 2.36 |
Stock Appreciation Rights [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of SAR awards was estimated using the Black-Scholes model with the following weighted-average assumptions for the nine months ended September 30, 2021 and 2020: Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions Assumptions: 2021 2020 Dividend yield 0.00 % 0.00 % Risk-free interest rate 0.4 % 0.22 % Expected volatility 122.8 % 116.8 % Expected life (in years) 5 5 |
Schedule of Stock Option Activity | SARs activity for the nine months ended September 30, 2021 was as follows: Schedule of Stock Option Activity Weighted Average Weighted Average Exercise Remaining Aggregate Price Contractual Intrinsic SARs ($) Life (Yrs.) Value ($) SARs outstanding at December 31, 2020 127,679 2.61 4.52 97,919 Granted 242,945 3.43 4.86 - Exercised - - - - Forfeited or cancelled - - - - SARs outstanding September 30, 2021 370,624 3.15 4.49 51,955 SARs expected to vest in the future as of September 30, 2021 250,975 3.19 4.52 29,687 SARs exercisable at September 30, 2021 119,649 3.08 4.42 22,268 SARs vested, exercisable, and options expected to vest at September 30, 2021 370,624 3.15 4.49 51,955 |
Schedule of Warrant Liability M
Schedule of Warrant Liability Measured on Recurring Basis (Details) - Warrant [Member] - USD ($) | Sep. 30, 2021 | May 24, 2021 | Mar. 26, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Derivative liability - Warrants | $ 4,615,771 | $ 5,708,212 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Derivative liability - Warrants | $ 4,615,771 | $ 5,708,212 |
Schedule of Derivative Liabilit
Schedule of Derivative Liability Measured on a Recurring Basis Using Significant Unobservable Input (Level 3) (Details) - Warrant [Member] - USD ($) | 2 Months Ended | 4 Months Ended |
May 24, 2021 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value | $ 5,708,212 | $ 4,615,771 |
Change in fair value | (1,092,441) | |
Extinguishment of Derivative Liability | (4,615,771) | |
Fair Value | 4,615,771 | |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value | 5,708,212 | 4,615,771 |
Change in fair value | (1,092,441) | |
Extinguishment of Derivative Liability | (4,615,771) | |
Fair Value | $ 4,615,771 |
Schedule of Antidilutive Securi
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,512,821 | 2,943,735 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 3,987,931 | 1,845,722 |
Preferred Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 260,089 | |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 1,400,407 | 610,229 |
Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 124,483 | 227,695 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounting Policies [Abstract] | ||||
Net Loss per Common Share - Basic and Diluted | $ (0.24) | $ (0.42) | $ (0.53) | $ (1.74) |
Loss from continuing Operations available to Common stockholders (numerator) | $ (2,505,198) | $ (1,955,357) | $ (5,076,532) | $ (5,455,707) |
Weighted average number of common shares Outstanding used in loss per share during the Period (denominator) | 10,494,560 | 4,675,749 | 9,602,666 | 3,137,459 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - shares | Mar. 26, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | May 24, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | |||||
Aggregate warrant purchase of shares | 2,190,000 | ||||
Warrant exercisable date | May 24, 2021 | ||||
Common shares authorized | 24,000,000 | 24,000,000 | 12,000,000 | 24,000,000 |
Schedule of Inventory (Details)
Schedule of Inventory (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw Materials | $ 312,181 | $ 309,305 |
Work in Process | 260,380 | 175,884 |
Finished Goods | 283,986 | 174,462 |
Total Inventory | $ 856,547 | $ 659,651 |
CARES Act Deferred Payroll Ta_2
CARES Act Deferred Payroll Tax Liability (Details Narrative) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Deferral payments, description | Pursuant to sections 2302(a)(1) and (a)(2) of the CARES Act, the Company has elected to defer payments of its share of Social Security tax due during the “payroll tax deferral period”. The payroll tax deferral period began on March 27, 2020 and ended on December 31, 2020. At September 30, 2021 the total amount of such deferral was $75,455. Per the terms of the deferral program, 50% of the deferred amount is due on December 31, 2021, and the remaining 50% is due on December 31, 2022 at 0% interest. |
Deferral amount | $ 75,455 |
December 31, 2021 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Deferral program, percentage | 50.00% |
December 31, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Deferral program, percentage | 50.00% |
Schedule of Fair Value of Deriv
Schedule of Fair Value of Derivative Liability Using Black Scholes Valuation Model (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Measurement Input, Expected Dividend Rate [Member] | |
Derivative [Line Items] | |
Derivative liability, measurement input | 0 |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative liability, measurement input | 0.006 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative liability, measurement input | 0.007 |
Measurement Input, Price Volatility [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative liability, measurement input | 1.212 |
Measurement Input, Price Volatility [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative liability, measurement input | 1.240 |
Measurement Input, Expected Term [Member] | |
Derivative [Line Items] | |
Derivative liability, Expected life (in years) | 2 years |
Schedule of Fair Value of Warra
Schedule of Fair Value of Warrant Liability (Details) - Warrant [Member] - USD ($) | 2 Months Ended | 4 Months Ended |
May 24, 2021 | Sep. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Fair Value Warrants Outstanding Beginning Balance | $ 2,190,000 | $ 2,190,000 |
Fair Value Per Share Beginning Balance | $ 2.61 | $ 2.11 |
Fair Value | $ 5,708,212 | $ 4,615,771 |
(Gain) on change in Fair Value of warrant outstanding | ||
(Gain) on change in Fair Value of Warrant Liability, Per Share | ||
(Gain) on change in Fair Value of Warrant Liability, Fair value | $ (1,092,441) | |
Extinguishment of Derivative Liability Outstanding | $ (2,190,000) | |
Extinguishment of Derivative Liability, Per Share | $ 2.11 | |
Extinguishment of Derivative Liability, Fair Value | $ (4,615,771) | |
Fair Value Warrants Outstanding Ending Balance | $ 2,190,000 | |
Fair Value Per Share Ending Balance | $ 2.11 | |
Fair Value | $ 4,615,771 |
Derivative Liability (Details N
Derivative Liability (Details Narrative) - USD ($) | Mar. 26, 2021 | Jan. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | May 24, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||
Warrants to purchase shares of common stock | 2,190,000 | ||||||
Number of common shares issued | 2,190,000 | 1,711,783 | |||||
Share price per share | $ 4.32 | $ 3 | |||||
Warrant exercisable date | May 24, 2021 | ||||||
Warrant term | 2 years | 5 years | |||||
Common stock, shares authorized | 24,000,000 | 24,000,000 | 12,000,000 | 24,000,000 | |||
Derivative, gain on derivative | $ 1,092,441 |
Schedule of Share-based Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate, minimum | 0.19% | 0.22% |
Risk-free interest rate, maximum | 0.70% | 1.52% |
Expected volatility, minimum | 116.80% | 114.00% |
Expected volatility, maximum | 123.80% | 117.00% |
Expected life (in years) | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected life (in years) | 5 years | 5 years |
2020 Stock Appreciation Rights Plan [Member] | ||
Equity [Abstract] | ||
Dividend yield | 0.00% | 0.00% |
Expected life (in years) | 5 years | 5 years |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 0.40% | 0.22% |
Expected volatility | 122.80% | 116.80% |
Expected life (in years) | 5 years | 5 years |
Schedule of Stock Option Activi
Schedule of Stock Option Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstanding, Beginning Balance | 713,010 | 180,912 | 180,912 |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 4.24 | $ 5.15 | |
Weighted Average Remaining Contractual Life, Outstanding Beginning | 5 years 1 month 2 days | ||
Aggregate Intrinsic Value, Outstanding Beginning Balance | $ 477,802 | $ 25,988 | $ 25,988 |
Number of Options, Granted | 697,831 | 472,183 | 579,998 |
Weighted Average Exercise Price, Granted | $ 3.29 | $ 2.55 | |
Weighted Average Remaining Contractual Life, Granted | 4 years 7 months 20 days | 4 years 6 months 25 days | |
Aggregate Intrinsic Value, Granted | $ 46,800 | ||
Number of Options, Exercised | (5,204) | ||
Weighted Average Exercise Price, Exercised | $ 2.50 | ||
Weighted Average Remaining Contractual Life, Exercised | |||
Aggregate Intrinsic Value, Exercised | |||
Number of Options, Forfeited or cancelled | (5,230) | (47,900) | |
Weighted Average Exercise Price, Forfeited or cancelled | $ 4.41 | $ 22.62 | |
Weighted Average Remaining Contractual Life, Forfeited or cancelled | |||
Aggregate Intrinsic Value, Forfeited or cancelled | |||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 5.15 | $ 18.11 | $ 18.11 |
Weighted Average Remaining Contractual Life, Outstanding | 4 years 1 month 20 days | 4 years 4 months 24 days | |
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedorCancelledInPeriodTotalIntrinsicValue] | |||
Number of Options, Outstanding Ending Balance | 1,400,407 | 713,010 | |
Weighted Average Exercise Price, Outstanding | $ 4.24 | $ 5.15 | |
Aggregate Intrinsic Value, Outstanding Ending Balance | $ 267,577 | $ 477,802 | |
Number of Options, Expected to vest in the future Ending Balance | 574,146 | ||
Weighted Average Exercise Price, Expected to Vest | $ 3.59 | ||
Weighted Average Remaining Contractual Life, Expected to Vest | 4 years 3 months 14 days | ||
Aggregate Intrinsic Value, Options expected to vest in the future | $ 110,275 | ||
Number of Options, Exercisable | 826,261 | ||
Weighted Average Exercise Price, Exercisable | $ 4.68 | ||
Weighted Average Remaining Contractual Life, Exercisable | 4 years 14 days | ||
Aggregate Intrinsic Value, Options exercisable | $ 157,302 | ||
Number of Options, Vested, Exercisable and Options Expected to Vest Ending Balance | 1,400,407 | ||
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest | $ 4.24 | ||
Weighted Average Remaining Contractual Life, Vested, Exercisable and Options Expected to Vest | 4 years 1 month 20 days | ||
Aggregate Intrinsic Value, Options vested, exercisable and options expected to vest | $ 267,577 | ||
Number of Options, Forfeited or cancelled | 5,230 | 47,900 | |
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest | $ 4.24 | ||
Stock Appreciation Rights [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Outstanding, Beginning Balance | 127,679 | ||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 3.15 | $ 2.61 | |
Weighted Average Remaining Contractual Life, Outstanding Beginning | 4 years 6 months 7 days | ||
Aggregate Intrinsic Value, Outstanding Beginning Balance | $ 97,919 | ||
Number of Options, Granted | 242,945 | ||
Weighted Average Exercise Price, Granted | $ 3.43 | ||
Weighted Average Remaining Contractual Life, Granted | 4 years 10 months 9 days | ||
Aggregate Intrinsic Value, Granted | |||
Number of Options, Exercised | |||
Weighted Average Exercise Price, Exercised | |||
Weighted Average Remaining Contractual Life, Exercised | |||
Aggregate Intrinsic Value, Exercised | |||
Number of Options, Forfeited or cancelled | |||
Weighted Average Remaining Contractual Life, Forfeited or cancelled | |||
Aggregate Intrinsic Value, Forfeited or cancelled | |||
Weighted Average Exercise Price, Outstanding Beginning Balance | $ 2.61 | ||
Weighted Average Remaining Contractual Life, Outstanding | 4 years 5 months 26 days | ||
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeitedorCancelledInPeriodTotalIntrinsicValue] | |||
Number of Options, Outstanding Ending Balance | 370,624 | 127,679 | |
Weighted Average Exercise Price, Outstanding | $ 3.15 | $ 2.61 | |
Aggregate Intrinsic Value, Outstanding Ending Balance | $ 51,955 | $ 97,919 | |
Number of Options, Expected to vest in the future Ending Balance | 250,975 | ||
Weighted Average Exercise Price, Expected to Vest | $ 3.19 | ||
Weighted Average Remaining Contractual Life, Expected to Vest | 4 years 6 months 7 days | ||
Aggregate Intrinsic Value, Options expected to vest in the future | $ 29,687 | ||
Number of Options, Exercisable | 119,649 | ||
Weighted Average Exercise Price, Exercisable | $ 3.08 | ||
Weighted Average Remaining Contractual Life, Exercisable | 4 years 5 months 1 day | ||
Aggregate Intrinsic Value, Options exercisable | $ 22,268 | ||
Number of Options, Vested, Exercisable and Options Expected to Vest Ending Balance | 370,624 | ||
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest | $ 3.15 | ||
Weighted Average Remaining Contractual Life, Vested, Exercisable and Options Expected to Vest | 4 years 5 months 26 days | ||
Aggregate Intrinsic Value, Options vested, exercisable and options expected to vest | $ 51,955 | ||
Number of Options, Forfeited or cancelled | |||
Weighted Average Exercise Price, Vested, Exercisable and Options Expected to Vest | $ 3.15 |
Summary of Warrant Activity (De
Summary of Warrant Activity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Equity [Abstract] | ||
Number of Shares, Warrants Outstanding, Beginning balance | 1,881,429 | 363,727 |
Weighted Average Exercise Price, Warrants outstanding, Beginning balance | $ 7.57 | $ 25.60 |
Weighted Average Remaining Contractual Life (Years), Warrants outstanding, Beginning balance | 4 years 1 month 28 days | 3 years 1 month 13 days |
Number of Shares, Warrants Granted | 2,602,143 | 1,481,995 |
Weighted Average Exercise Price, Warrants Granted | $ 4.36 | $ 3.22 |
Weighted Average Remaining Contractual Life (Years), Warrants Granted | 1 year 10 months 20 days | 4 years 10 months 20 days |
Number of Shares, Warrants Exercised | (495,641) | |
Weighted Average Exercise Price, Warrants Exercised | $ 2.59 | |
Weighted Average Remaining Contractual Life (Years), Warrants Exercised | ||
Number of Shares, Warrants Forfeited or Cancelled | ||
Weighted Average Exercise Price, Warrants Forfeited or cancelled | ||
Weighted Average Remaining Contractual Life (Years), Warrants Forfeited or cancelled | ||
Number of Shares, Warrants Outstanding, Ending balance | 3,987,931 | 1,845,722 |
Weighted Average Exercise Price, Warrants outstanding, Ending balance | $ 6.10 | $ 7.64 |
Weighted Average Remaining Contractual Life (Years), Warrants outstanding, Ending balance | 2 years 4 months 9 days | 4 years 4 months 20 days |
Stockholders_ Equity (Details N
Stockholders’ Equity (Details Narrative) | Sep. 30, 2021USD ($)$ / sharesshares | Aug. 11, 2021$ / sharesshares | Jul. 15, 2021shares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 26, 2021$ / sharesshares | Feb. 28, 2021shares | Jan. 31, 2021USD ($)$ / sharesshares | Jan. 08, 2021shares | Jun. 23, 2020$ / sharesshares | Apr. 06, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Mar. 31, 2021$ / sharesshares | Jan. 31, 2020$ / sharesshares | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares | Jun. 30, 2021shares | May 24, 2021$ / sharesshares |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Common stock, shares authorized | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | 24,000,000 | 12,000,000 | ||||||||||||
Stock issued during the period | 2,190,000 | 1,711,783 | ||||||||||||||||
Share price per share | $ / shares | $ 4.32 | $ 3 | ||||||||||||||||
Proceeds from public offering | $ | $ 4,532,445 | |||||||||||||||||
Term of warrants | 2 years | 5 years | ||||||||||||||||
Warrants exercise price | $ / shares | $ 3.75 | |||||||||||||||||
Number of shares, warrants exercised | 495,641 | |||||||||||||||||
Warrants to purchase shares of common stock | 2,190,000 | |||||||||||||||||
Warrants exercisable date | May 24, 2021 | |||||||||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||
Preferred stock, shares outstanding | 465 | 465 | 465 | 583 | 715 | |||||||||||||
Preferred stock, shares issued | 465 | 465 | 465 | 583 | 715 | |||||||||||||
Unrecognized share based compensation cost | $ | $ 0 | $ 0 | $ 0 | $ 15,740 | ||||||||||||||
Unrecognized deferred compensation expense to be recognized over remainder of year | $ | 0 | 0 | $ 0 | $ 0 | ||||||||||||||
Number of shares granted, description | the Company granted options to purchase a total of 697,831 shares of common stock to 34 employees, 4 directors and 4 consultants with vesting periods ranging from immediately upon issuance to three years beginning January 4, 2021. | the Company granted options to purchase a total of 472,183 shares of common stock to 20 employees, 5 directors and 5 consultants with vesting periods ranging from immediately upon issuance to 3 years beginning July 31, 2020. | ||||||||||||||||
Number of shares granted | 697,831 | 472,183 | 579,998 | |||||||||||||||
Share-based Payment Arrangement, Expense | $ | $ 893,431 | $ 483,208 | ||||||||||||||||
Options exercise price | $ / shares | $ 3.02 | |||||||||||||||||
Stock options compensation cost | $ | $ 1,544,383 | $ 1,544,383 | $ 1,544,383 | |||||||||||||||
Weighted average remaining recognition period | 3 years | |||||||||||||||||
Investor [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Stock issued during the period | 100,000 | |||||||||||||||||
Warrants description | As consideration for the Waiver, the Company issued an additional warrant (“Warrant”) to the Investors to purchase an aggregate of 100,000 shares of common stock, each exercisable after six months for a five-year period with an exercise price equal to 115% of the closing price of the Company’s stock on the date of the waiver. | |||||||||||||||||
Dawson James Securities, Inc [Member] | Placement Agent [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Warrants to purchase shares of common stock | 41,237 | |||||||||||||||||
2013 Equity Incentive Plan [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Stock issued during the period | 1,765,000 | |||||||||||||||||
Common shares granted for the period | 5,204 | |||||||||||||||||
Common stock shares reserved for issuance | 875,000 | |||||||||||||||||
2013 Stock Option Plan [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Common stock shares reserved for issuance | 335,152 | 335,152 | 335,152 | |||||||||||||||
2020 Stock Appreciation Rights Plan [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Options exercise price | $ / shares | $ 3.42 | $ 2.63 | ||||||||||||||||
2020 Stock Appreciation Rights Plan [Member] | President And Chief Executive Officer [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Common shares granted for the period | 77,748 | 60,094 | ||||||||||||||||
2020 Stock Appreciation Rights Plan [Member] | Vice President [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Common shares granted for the period | 30,313 | 12,019 | ||||||||||||||||
2020 Stock Appreciation Rights Plan [Member] | Chief Technology Officer [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Common shares granted for the period | 76,304 | 24,038 | ||||||||||||||||
2020 Stock Appreciation Rights Plan [Member] | Chief Financial Officer [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Common shares granted for the period | 48,580 | 18,028 | ||||||||||||||||
2020 Stock Appreciation Rights Plan [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Unrecognized share based compensation cost | $ | $ 614,947 | $ 614,947 | $ 614,947 | |||||||||||||||
Options exercise price | $ / shares | $ 3.02 | |||||||||||||||||
Weighted average remaining recognition period | 2 years 10 months 13 days | |||||||||||||||||
2021 Stock Appreciated Rights Plan [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Options exercise price | $ / shares | $ 3.02 | |||||||||||||||||
CorProminence [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Stock issued during the period | 1,500 | |||||||||||||||||
Share price per share | $ / shares | $ 4.99 | $ 4.99 | ||||||||||||||||
April 2020 Offering [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Stock issued during the period | 21,591 | |||||||||||||||||
Number of shares, warrants exercised | 191,204 | |||||||||||||||||
Placement Agent Warrants [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Warrants exercise price | $ / shares | $ 5.55625 | $ 5.55625 | ||||||||||||||||
Warrants to purchase shares of common stock | 175,200 | 175,200 | ||||||||||||||||
Placement Agent Warrants [Member] | Measurement Input, Share Price [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Percentage of warrant exercise price | 1.25 | 1.25 | ||||||||||||||||
Series D Convertible Preferred Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Stock issued during the period | 62,832 | 3,157,427 | ||||||||||||||||
Conversion of stock, shares converted | 6,109 | |||||||||||||||||
Preferred stock dividend, shares | 749,924 | |||||||||||||||||
Preferred stock, shares outstanding | 132 | 132 | 132 | |||||||||||||||
Conversion price per share | $ / shares | $ 2.50 | $ 2.50 | $ 2.50 | |||||||||||||||
Series D Preferred Stock [Member] | Institutional Securities Purchase Agreement [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Share issued and sold during period, shares | 1,640 | |||||||||||||||||
Preferred stock, par value | $ / shares | $ 1,000 | |||||||||||||||||
Dividends percentage | 9.00% | |||||||||||||||||
Conversion price per share | $ / shares | $ 2.50 | |||||||||||||||||
Conversion description | In addition, a holder may at any time, alternatively, convert all, or any part, of its Series D Preferred Shares at an alternative conversion price, which equals the lower of the applicable conversion price then in effect, and the greater of (x) $1.80 and (y) 85% of the average volume weighted average price (“VWAP”) of the Common Stock for a five (5) trading day period prior to such conversion. Upon the occurrence of certain triggering events, described in the Certificate of Designations, including, but not limited to payment defaults, breaches of transaction documents, failure to maintain listing on the Nasdaq Capital Market, and other defaults set forth therein, the Series D Preferred Shares would become subject to redemption, at the option of a holder, at a 125% premium to the underlying value of the Series D Preferred Shares being redeemed | |||||||||||||||||
Series E Convertible Preferred Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Stock issued during the period | 61,651 | |||||||||||||||||
Series E Convertible Preferred Stock [Member] | Other Securities Purchase Agreement [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Conversion of stock, shares converted | 48,544 | |||||||||||||||||
Share issued and sold during period, shares | 333 | |||||||||||||||||
Dividends percentage | 9.00% | |||||||||||||||||
Private Placement [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Stock issued during the period | 119,000 | 263,200 | ||||||||||||||||
Private Placement [Member] | Purchase Agreement [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Term of warrants | 2 years | 2 years | ||||||||||||||||
Warrants exercise price | $ / shares | $ 4.32 | $ 4.32 | ||||||||||||||||
Warrants to purchase shares of common stock | 2,190,000 | 2,190,000 | ||||||||||||||||
Warrants exercisable date | May 24, 2021 | |||||||||||||||||
Public Offering [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Stock issued during the period | 2,190,000 | |||||||||||||||||
Share price per share | $ / shares | $ 4.445 | $ 4.445 | ||||||||||||||||
Proceeds from public offering | $ | $ 8,736,487 | $ 1,230,000 | ||||||||||||||||
Share issued and sold during period, shares | 493,027 | |||||||||||||||||
Warrant [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Stock issued during the period | 136,943 | |||||||||||||||||
Warrants exercise price | $ / shares | $ 2.61 | $ 2.11 | ||||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Stock issued during the period | 3,901,783 | 493,027 | ||||||||||||||||
Shares issued for services | 25,851 | |||||||||||||||||
Common Stock [Member] | Placement Agent Warrants [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Percentage of warrant exercise price | 0.08 | 0.08 | ||||||||||||||||
Common Stock [Member] | Placement Agent Warrants [Member] | Measurement Input, Share Price [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Percentage of warrant exercise price | 0.080 | 0.080 | ||||||||||||||||
Common Stock [Member] | Series D Convertible Preferred Stock [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Conversion of stock, shares converted | 250 | |||||||||||||||||
Number of shares as in-kind payment, shares | 19,000 | |||||||||||||||||
Pre-funded Warrants [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Warrants exercise price | $ / shares | $ 3.64 | |||||||||||||||||
Warrants to purchase shares of common stock | 22,438 | |||||||||||||||||
Pre-funded Warrants [Member] | Series A Warrants [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Warrants to purchase shares of common stock | 515,465 | |||||||||||||||||
Stock Options [Member] | ||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||
Share-based Payment Arrangement, Expense | $ | $ 874,176 | $ 467,468 |